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UYT Main-Net pre-launching AMA successfully completed with a blast

7 pm, 29th September 2020 Beijing time the UYT Main-Net pre-launching AMA successfully completed with a blast!
Here is a full record of the AMA:
Host: Hello everyone, it’s a great honor to host the first AMA of UYT network in China. Today, we have invited the person in charge of UYT Dao.
Let’s ask Mr. Woo to introduce himself Woo: Hello, I’m Ben. I’ve met you in the previous global live broadcast. I’m the director of UYT Dao and the founder of IGNISVC. At present, I’m the CEO of the TKNT foundation and have been engaged in the blockchain industry.
Q1. At present, different types of blockchains have emerged, but cross-chain interaction is still suffering a lot. In your opinion, what is the necessity and significance of cross-chain?
Answer: The full name of UYT is to unite all your tokens, which is to integrate all public chains and increase the liquidity of the whole industry. Our purpose is not to create another public chain, but to become a platform for the exchange of value, technology, and resources of all public chains. What we need to solve is that each individual chain can circulate with each other.
The full name of UYT is to unite all your tokens, which is to integrate all public chains and increase the liquidity of the whole industry. Our purpose is not to create another public chain, but to become a platform for the exchange of value, technology, and resources of all public chains. What we need to solve is that each individual chain can circulate with each other.
Q2. The founder of Ethereum, V Shen, once wrote a cross-chain operation report for bank alliance chain R3, which mentioned three cross-chain methods. Which one does UYT belong to? Can you briefly introduce the cross-chain solution of UYT?
Answer: In Vitalik’s cross-chain report, there are three main cross-chain methods. The first is that both parties do not know that they are crossing the chain, or that they cannot “read” each other, such as the centralized exchange. The second way is that one of the links can read other chains, such as side-chain / relay chain. That is, a can read B, and B cannot read a; The third is that both a and B can read each other’s, which can achieve the value and information exchange between a, B, and the platform. UYT belongs to the third kind.
Our new official website will be online soon. Here are a few simple points: first of all, the architecture of UYT includes relay chain, parachain, parathreads, and bridges. In terms of ductility, it has exceeded almost all the public chains currently online.
In the UYT network, there are four kinds of consensus participants, namely collector, fisherman, nominator, and validator. The characteristics of this model are: first, all people can participate without loss. Secondly, as long as anyone makes more contribution to the ecology, he will get more rewards, otherwise, he will receive corresponding punishment.
The underlying layer of UYT is the substrate, which uses the rust programming language. Rust is committed to becoming a programming language that can solve the problems of high concurrency and high-security systems elegantly. This is also a great advantage that we are different from other blockchain projects in technology.
Q3. What are the roles in the UYT network? What are their respective functions?
Answer: After the main network of UYT is online, there will be four roles: collector, fisherman, nominator, and validator, which is totally different from the current system of the test network.
The collector, in short, is responsible for collecting all kinds of information in the parallel chain and packaging the information to the verifier.
Fishermen, to put it bluntly, is fishing law enforcement, which specifically checks out malicious acts and gets rewards after being checked out.
The nominator, in fact, is a group of rights and interests. The verifier is its representative, and they entrust the deposit to the verifier.
Verifier, package new blocks in the network. It must mortgage enough deposits and run a relay chain client on a highly available and high bandwidth machine. It can be understood as a mining pool. It can also be understood as the node in the current UYT DAPP.
Q4. What is the mining mechanism of the UYT network?
The only way to obtain UYT after its issuance is to participate in mining activities. In the initial stage, the daily constant output times of UYT are set to 1440000, and the cycle of bitcoin is halved. Mining rewards can be obtained in the following five ways:
1) Asset pledge mapping mining 2) Become the intermediate chain node of uyt network 3) Recommendation and reward mechanism 4) Voting reward 5) UYT network Dao will take out 10% of gas revenue from block packaging for community construction and reward of excellent community personnel
Q5. The rise and fall of the blockchain are very fast. In order to give investors confidence, is there a detailed development plan, implementation steps, and application direction of UYT network in the next few months?
Answer: UYT Network test network has been running stably for a year. After the main network is launched, all mechanisms will undergo major changes.
The relationship between the UYT test network and the main network can be understood as the relationship between KSM (dot test network) and dot the main network, and the feasibility of the technology can be reflected more quickly by the UYT test network because of its faster timeliness and all future technology updates Some will move to the main network after the stable operation of the test network.
In order to give users a better experience and give more rewards to excellent nodes, all Dao organizers are working hard for it.
The development team has completed the cross-chain of bitcoin and some high-quality Ethereum based tokens in the early stage, and now the code has all been open source. For other mainstream currencies, community members can apply for funds to develop. In order to develop the ecology and make a better technical reserve, we will set up a special ecological development fund when the main network goes online. The transfer bridge is our key funding direction. The maximum application amount of a team is as high as 100000 US dollars. In addition, if other public chains want to connect to UYT, they will get technical support. In order to encourage developers to participate in ecological construction, Dao also launched a series of grants to support development. Developers can directly pull the better applications on Eth and EOS directly, or develop new products according to their own advantages. These directions are now the focus of funding.
Due to the early online testing time of uyt network, it is based on the earlier version of substrate1.0. The on-chain governance mode can only be realized after the upgrade of 2.0 is completed.
At present, the upgrading work is going on steadily, and the on-chain governance will be implemented in the main network with the launch of the uyt main network.
As a heterogeneous cross-chain solution with high scalability and scalability, UYT network can perfectly bridge the parallel encryption system and its encryption assets in theory, and its wide applicability in the future can be expected. Therefore, we do not limit the areas where UYT network will play its advantages and roles. But in the general direction, there will be mainly DEFI and DEX ecological plates. From the industry, it can cover a wide range of fields, not only finance but also games, entertainment, shopping malls, real estate, and so on.
Q6、How can UYT help DEFI?
Answer: UYT network can not only link different public chains but also make parallel chains independent and interlinked. Just like the ACALA project some time ago, it has successfully obtained Pantera capital’s $7 million saft agreement. Although the concept of DEFI is very popular now, all DEFI products are still in the ecology of each public chain, and the cross-chain DEFI ecology has not been developed. UYT is to achieve cross-chain communication, value exchange, and develop truly decentralized financial services and products. For example, cross-chain decentralized flash cash, cross-chain asset support, cross-chain decentralized lending, Oracle machine, and other products. At present, our technical team is also speeding up the construction of infrastructure suitable for the landing of more DEFI products and services and is committed to creating a real cross-chain DEFI ecology, which is only a small step of UYT’s future plan.
Q7、TKNT should be one of the hottest projects in the UYT ecosystem recently. Please give us a brief introduction to the TKNT project and the value of TKNT in the UYT ecosystem. Why can TKNT increase 400 times in 7 days? And what is the cooperative relationship between UTC and TKNT?
Answer: I will answer each project from the technical and resource aspects. Let’s first introduce UTC. UTC is the token of Copernican network and the first project of UYT game entertainment ecology. In the future, it will be responsible for linking. Due to the high-quality public chain in the entertainment industry, because of the limited slots of UYT, each field will seek a high-quality partner and help the partner become the secondary relay chain of UYT. After the main network of UYT goes online, many chains will want to access UYT Greater value circulation, due to the limited external slots of UYT, the cost is also very high. At this time, you can choose to connect to UTC first, and then connect UTC to UYT. With more and more links with UYT, it will gradually evolve into a secondary relay chain of UYT network. UTC’s resources, online and offline, offline payment and offline entity applications, also have a very large community base.
The ecological partners have very good operation experience in the game industry. They will use blockchain technology to change the whole game entertainment industry to make it more transparent and fair. At the same time, there are enough entity consumption scenarios. This is also UYT Because of the reason why the network chose to cooperate with it, the UTC project has been supported by the UYT ecological fund. The support fund includes that after the main network is launched, it will also be the first ecological cooperation project supported by UYT. Because of the online time of the main network of UYT, UTC can’t directly form a chain at present and will give priority to issuing on Ethereum. TKNT is a new concept project TKN.com TKN is the largest online centralized guessing game platform in the world at present. TKNT mixes bet mining and DEFI, so it can carry out fixed mining through platform games, build a system that can realize game participation and in application payment in all Dapps based on ERC20, and combine with various financial services.
The reason why TKNT has created a myth of 400 times in 7 days is that the TkN platform has a buyback plan. As we all know, the online quiz game entertainment platform has an amazing profit. Every quarter, the profit will be used to buyback. The strong profit support has led to the huge increase of token. In the future, all users can use UTC to participate in TkN games. Therefore, the main network of UYT is that Line is also of great significance to TKNT. With the maturity of UYT ecology and technology, TKNT can have a more powerful performance. If TKNT wants to link more public chains, it needs to access UYT network, and realize a bigger vision with cross-chain interaction of UYT. After TKNT was launched on the exchange, the highest price has risen to $14, and now it has dropped to about $2.50. You will see that it will once again set a record high and create greater miracles. You will also see that $3 will be the best buying point for TKNT, because there will be several major moves in TKNT, and the global MLM plan will be launched on October 7 in Korea, China, and other countries There will be many marketing teams in Europe to promote TKNT, including DAPP.com As a shareholder of TkN, TKNT will also make every effort to promote TKNT. Secondly, TKNT will be launched next month on the largest digital currency exchange in South Korea, and Chinese users will see the shadow of TKNT on Binance in November. Of course, the decentralized trading platform of UYT will also be launched in the future.
Q8. What is the significance of the launch of UYT’s main network for the industry and ecology?
Answer: UYT is one of the few cross-chain platform projects in the industry at present.
There are many public chains and coin issuing projects. Why? Because of less work, more money. However, there are very high technical and capital requirements for cross-chain and platform. This barrier is very high, so almost no project side is willing to do this. But once this is done, it will be of great significance to the whole industry of digital currency and blockchain.
Because it will subvert the current situation of the whole currency circle and chain circle acting on their own, and the painting land is king. Let each independent ecosystem achieve a truly decentralized and trust-free cooperative relationship. This huge change will promote the whole industry to develop into a healthy and virtuous circle macro ecosystem.
Q9. The slogan of many project supporters is that UYT should surpass Ethereum. What is the difference in technology between UYT network and Ethereum?
Answer: Thank you so much for supporting UYT. In fact, the correct understanding is that UYT is the next era of Ethereum. First of all, UYT has a different vision from Ethereum.
Before the emergence of UYT, Ethereum, and EOS, no matter how well they developed, belonged to the era of a single chain. The popular metaphor is a LAN. However, UYT can realize the interoperability of each chain and bring the blockchain into the Internet era. Secondly, UYT is far superior to Ethereum in technology. It mainly includes three aspects: shared security, heterogeneous cross-chain, and no fork upgrade.
In the case that Ethereum 2.0 has not been implemented, UYT is the most friendly bottom layer for the DFI projects and other Dapps on Ethereum. Now, the hair chain architecture substrate of UYT is compatible with Ethereum smart contract language solidity, so eth developers can easily migrate their smart contracts to UYT.
Up to now, there is no good solution to the congestion problem of Ethereum, while UYT network not only solves the network congestion problem. What’s more, UYT can easily realize one-click online upgrade, instead of having to redeploy a set of contracts on Ethereum for each version upgraded and then require users to follow them to migrate the original assets from the old contract to the new contract. Developers can quickly and flexibly iterate their own protocols to change their application solutions according to the situation, so as to serve more users and solve more problems. At the same time, they can also repair the loopholes in the contract very quickly. In the case of hacker attacks, they can also solve the hacker stealing money and a series of other problems through parallel chain management. We can find that for Ethereum, UYT not only solves the congestion problem we see in front of us but also provides the most important infrastructure for the future applications such as DFI on Ethereum to truly mature into an open financial application that can serve all people. It also opens the Web 3.0 era of the blockchain industry. In terms of market value, Ethereum currently has a strong ecological construction, with a market value of US $40 billion. UYT will also focus on the development of this aspect after the main network goes online. No matter in terms of market value or ecological construction, I have enough confidence in UYT, after all, we are fully prepared.
Q10. What is the progress of the ecological construction of UYT? What opportunities do current ecological partners see in UYT or what changes may be brought about by UYT ecology?
Answer: After the main network of UYT goes online, there will be a series of ecological construction actions, and more attention will be paid to establishing contact with traditional partners. Cross-chain decentralized flash cash, cross-chain asset support, cross-chain decentralized lending, Oracle machine, and other products will also be the key cooperation direction of UYT.
UYT will give priority to the game and entertainment industry because this industry is most easily subverted by blockchain. As the ecological construction of UYT gets bigger and bigger, the future slots will become more and more expensive. The earlier you join UYT ecology, you will get more support from the ecological fund because the ecological fund is also limited. From the perspective of token value-added, all the project parties will cooperate with the project side in the future, and the project side needs to pledge a certain number of UYT to bid for slots, except for ecological rewards, others need to be purchased from market transactions.
The difference between the pledge here and the pledge we understand is that the UYT of the ecological partner participating in the auction pledge cannot enjoy the computing power for mining.
UYT main network has several opportunities for Eco partners to look forward to, the first point is bitcoin, bitcoin will be later than other assets late, but eventually, all the bubble and value will return to BTC, after the wave of DeFi bubble elimination, the focus will be very much in the bitcoin. UYT ecology can provide a more mature bottom layer for defi. In addition, now Ethereum’s DEFI is that of Ethereum and ERC 20 tokens, and the outbreak point of bitcoin has not yet arrived. Therefore, the DEFI of UYT ecology may be the next opportunity, which is a good opportunity for everyone.
The second opportunity is that after the main network goes online, the future UYT ecological projects will compete to bid for slots. In fact, the original intention of UYT is to realize the interconnection of all chains. The chain outside the UYT ecology also needs to communicate. The third is cross-fi. The BIFI is hatched on Ethereum, and the def on UYT can realize multi-chain operation. For example, TkN games or future UTC game platform users can call bitcoin on the UYT chain. This form only belongs to the decentralized finance in the cross-chain era of UYT, which can be called cross-fi.
Q11. Which exchanges will UYT go online next? What is the online strategy like?
Answer: As the founder of ignisvc and as UYT As the head of the Dao organization, we have always had good cooperative relations with major exchanges all over the world. TKNT will appear in several exchanges one after another. Hitbtc exchange in the United Kingdom, Upbit and Bithumb Exchange in South Korea, Bitfinex exchange in the United States, Binance exchange in China, BKEX exchange, and Kucoin exchange in China are all our partners, and they have been paying close attention to UYT Development, UYT is the public chain with the largest user base and the highest community participation in the cross-chain field, so the future value is immeasurable. If we have to go to the exchange, then we will choose one of the above exchanges to launch. But the vision of UYT is to create a fairer, safer, and transparent circulation in the field of digital currency, and users can master all the assets by themselves, Therefore, in the beginning, there is a simple DEX on the UYT wallet, which is a simple matchmaking transaction and is also an on-chain transaction. After the completion of the UYT DEX, more transactions may occur in the UYT DEX.
However, after the main network of UYT is online, centralized exchanges can directly access the block data synchronization of UYT, and it is not ruled out that some exchanges will directly go online for UYT trading. Such exchanges will not enjoy the support of the ecological support fund of UYT. The network project is a community-led project. Each cooperation plan of the exchange will be carried out in the way shared by the community in the future. Dao organization can only implement it according to the voting results.
Q12. What are the plans for the promotion of ecological development and market by the launch of UYT main network?
Answer: The launch of the main network will be completed around October 15.
On the offline side, due to the epidemic situation, we will jointly organize corresponding market activities with nodes in different countries. At present, there are three large-scale offline meetups that have been identified. We will also start a global roadshow when the epidemic is over.
On the online side, we have opened online Wechat, Kakao, Twitter, Reddit, and telegram communities. We will carry out AMA activities in various countries and promote them all over the world in various ways. Of course, we will launch MLM plans and cooperate with more marketing teams.
submitted by tkntfoundation to u/tkntfoundation [link] [comments]

A call to action from a future Validator

Hi there,
I wanted to explain an idea I have been stewing on for over a year now and hope to present a compelling business case for what is and why I feel this is urgent. Let me preface this by giving you a bit about me: I have been involved in cryptocurrency (investing/using & playing in the ecosystem) since 2013. I joined the Ethereum community in 2016 and have for the most part silently observed the traction over the years. My long-term plans involve becoming a validator, with a timeframe measured in decades. My mindset is I’m in this for the long haul and don’t care for parlour tricks or anything that doesn’t actually drive true growth. I told myself for the longest time my voice wouldn’t matter, because other people are making decisions. However my call-to-action is seeing what, and most importantly, why, things need to change for the longevity and growth of this network and by seeing others beginning to speak up about the issues we face today I am encouraged to do the same instead of continually lurking in the background. I now understand tackling these decisions today will only make us stronger in the long-run. So yes, let’s figure that out as a community — but let’s not get ahead of ourselves and let me begin by explaining the what and why.
What I want as a future Validator:
I want to give up a % of my block reward as a validator to a DAO/community led fund that’s sole purpose is to sustain/implement core protocol research/audits & development. Honestly, I am absolutely begging for this to happen and for us to get our heads out of the sand and to realize how important this is. Simply: Let me give up a slice of my reward, so that my remaining slice is in turn even more valuable long term.
Why do I want to give up a % of my reward as a future Validator:
Let me be blunt and transparent: Because when I put on my investor hat you’re right I DO want my actual ether to be worth something more than what it would be than if I didn’t do this as a validator. I’m not doing this out of pure altruism, I am doing this because I can see this will be better both for the health and growth of our network long run and thus in turn my bottom line. Let’s not split hairs here: Yes, I do genuinely believe in decentralization & the spirit of this community and that’s what brought me here a few years ago. But let’s also not pretend investment and opportunity cost do not matter. The money I have in Ethereum today (which I’ve held through thick and thin: the DAO hack and from $1400->$82, and will continue to do so) matters to me and I’d like to see it worth more tomorrow and in 3,5,12 years than it is today. So let me break down how this reward cut accomplishes it. Here is my thesis point-by-point:
1.) There are public services on Ethereum that would benefit from being built as a greater good, yet right now there are no ‘true’ incentives for them to be built and/or are underfunded by grants. Instead we see mostly ICO’s trying to build on top of the protocol to capture that value or teams switching last minute and adding immense friction by doing an ICO/token model (ie: Raiden) to do so. Let me be clear here: I don’t blame developers for this — they’re just reacting to the reality of the market. It’s on us to provide the proper incentives for them to actually build the tooling and infrastructure we all need for tomorrow.
2.) The stronger the protocol, the more likely people will in turn build more on top of it. For 2016-2018 it was clear Ethereum had the best developer mindshare. Well now there is competition and we need to get our act together. By doing so, there will be more platform “confidence” as developers/users know this protocol has a sustainable path towards research, innovation. As an investor, we care about this too. This is what keeps me up at night when I think about how to allocate my capital in this space. Who or what platform actually gets this?
3.) The true driver of the price of Ether is largely a derivative of the mindshare/talent working on the base layer. Like Microsoft in the 90s said: It’s all about the developers. Let’s not only keep the best talent working in our ecosystem and stop slippage to competitors, but also grow our development velocity at a faster rate. We need to give them more support. Based on the velocity and pushbacks I would say they’re likely underappreciated, underpaid and overworked for the most part. It’s a high pressure job and mostly thankless; we need to correct this and ensure they’re here with us for the long run, while ideally adding even more to the core team so we can ensure deadlines get hit in the future.
4.) More useful things being built on L1/protocol = drawing in even more L2 architecture/talent building in our ecosystem = more developers building better things with better tooling/security and infrastructure = more transactions & usage of the network = this drives growth in all key stakeholders in our ecosystem = more validator rewards for people like myself. This is simply a positive feedback loop, but we need the catalyst to start it.
More Information:
I can hear some skeptics say right now: Well why don’t you just send your own ether in as a contribution to any of these underfunded teams? Because I alone can’t do this and that isn’t a 5+ year solution. I alone can’t plug all these holes. What are these holes? Underfunded teams, developers choosing to do useless ICO’s (not all, but most IMO) instead of developing public protocol infrastructure we so desperately need, or worse yet they’re leaving to go work on competitors who can promise them better terms. In fact, why would you stick around? My research shows me you’re likely being paid below market rate (sorry this is also an uncomfortable truth, and it bothers me because I want these developers to be paid their market rate at the very minimum), and you can go join a new rock star team and try to develop/capture value from the ground floor through genesis tokens on Blockchain 5.0 project or whatever. In fact, when Vitalik graciously sent out grants a few months ago, I didn’t get a warm fuzzy feeling, but was filled with dread. This issue was clearly bubbling to the surface, I was very happy for those teams who received it, but I was thinking how inefficient this is that we have to rely on altruism from whales or early winners to make this happen. That, in my books is not sustainable to continue to be the clear leader for innovation in this increasingly crowded space. That’s not a recipe for meeting project deadlines, it’s simply unsorted chaos and a tragedy of the commons on our part.
How would this work?
I envision this happening during Eth 2.0 switch to the Beacon Chain when PoS comes online. I doubt we can implement an EIP for this to happen with PoW, but let’s remember here: miners, while providing a service, are only a stop-gap for the real long term solution — which is PoS. PoS is people like me, who want to bet on the future of this network and here I am saying yes let me take less because in the end, honestly, I want more -- both in the value of my rewards for staking and for the actual value I believe the Ethereum platform can deliver in the future. It’s the validators of tomorrow, not the miners of today we have to convince. So how does this actually work? I don’t have all the details and this posts scratches more on the what & why. For how: ideally we can create an EIP with the details/mechanics on how to divert some portion of the staking reward that can be implemented right at the start of when we switch to PoS. We get community support and this happens.
Brief closing thoughts
What drew me to Ethereum community in the first place was the excitement & energy along with the ethos of experimentation and knowing this would be a bold risk. It drew in so much talent, energy, and developers even from the Bitcoin community who some way understood why this might be meaningful. I feel like Ethereum has almost kind of “frozen up” in a scared of your own shadow this last year or so. To me the spirit of Ethereum is innovation, forging forward and the ability to adapt and react. Well reality has come: We are experiencing some major talent slippage (to icos and various other projects) and other 3.0 projects are coming online, & honestly some of them looking quite promising. I don’t want Ethereum to compete on “brand” or anything like that, I want Ethereum to continue to be the go-to if a developer wants a true decentralized sandbox to develop, nurture and incubate applications and ideas that will shape the world. We’ll need more tooling for eWasm. We’ll need more developers to audit code & build 1.X Eth & tooling to help switch 1.0 Dapps to 2.0 when that time comes. We’ll need more base layer infrastructure to help onboard and integrate software engineers from outside the blockchain world seamlessly. We need to pay them what they’re worth, and let them know that when they’re building the scaffolding for Eth 2.0 that they actually have a runway of funds & we have their back. We’ll need better UX, L2 scaling, formalized standards, wallets and general applications to run on top of the chain and so much more. What we really need is to show we can reach consensus here and do the sensible thing.
Thank you for listening and I appreciate any comments/insights any of you may have.
submitted by kazuya1987 to ethereum [link] [comments]

Beer, Blockchain and Derivatives Trades: A Hackathon Brings Bankers and Techies Together to Disrupt a Trillion-Dollar Market

The beer was flowing and the hubbub of conversation was beginning to rise at Barclays’ fintech hub in London’s trendy Shoreditch neighborhood last week. After a marathon competition, developers finally let their hair down.
For the previous 48 hours, the participants of DerivHack had been testing new digital tools. There was more than just pride on the line. The new technologies promise to cut billions from the cost of processing trades in the multi-trillion-dollar derivatives and securities markets.
For two days, in long sessions fueled by coffee and Coca-Cola, international teams of developers in London, New York and Singapore tested a new trading standard developed by the industry group, International Swaps and Derivatives Association (ISDA) that could transform the way the derivatives industry and other financial markets work.
Banks and developers say the new trading standard, coupled with distributed ledger technology, could bring big savings to the expensive business of processing trades.
A distributed ledger is a secure, decentralized database shared among different parties. Think of it as a bookkeeping method that instantly verifies that you’re getting precisely what you’ve agreed to. The best-known ledger technology is blockchain, which underpins the cryptocurrency bitcoin.
In recent years, there’s been considerable hype around deploying distributed ledger technology in the banking sector to speed up all manner of transactions that now take days to clear. The derivatives market is particularly ripe for disruption. Despite is size, it’s riddled with inefficiency. Participants have established myriad ways to process trades over the years, leading to redundant layers of processing and compounding reconciliation costs, which occur when the data shared between the buyer and seller doesn’t perfectly match up.

A billion dollar fix

The ISDA’s fix to this problem is called Common Domain Model (CDM), a distributed ledger technology that it’s rolled out in stages over the past year that promises to automate the processing of derivatives trades. Deloitte reckons a blockchain-derived tool such as this could cut dealers’ costs of roughly $3.2 billion by 80-85%.
“The total opportunity becomes much larger when considering the inclusion of other market participants outside the dealer community, benefits to regulators, improvements in funding, and balance sheet optimization,” Deloitte said in a recent report.
But if CDM is ever to become a trusted trading standard, the geeks first have to put it through its paces.
That’s why Barclays sponsored the hackathon, now in its second year. To get away from the suits in the Square Mile, it held the event where the coders and engineers could be found during the day—its Rise building in Shoreditch, which houses dozens of finch start-ups.

Making sense of credit default swaps

The market value of over-the-counter derivatives has fallen since the financial crisis of 2007-09. That’s when one type of derivative, credit default swaps, dominated before the market imploded under the weight of a cascade of defaults. But the gross market value of OTC derivatives still stood at a staggering $9.7 trillion at the end of 2018, down from a peak of $35 trillion in 2008, according to the Bank for International Settlements.
The Common Domain Model was developed by ISDA in an effort to harmonize a patchwork of different conventions used to represent derivatives trades and processes, and bring them in line with the latest regulation. Another plus: it can automate error-prone manual processes.
At its “derivatives hackathon”, Barclays gave teams of IT developers trading scenarios that required them to use ISDA’s CDM standard; the teams chose the technology platform—whether a centralized database or a distributed ledger platform.
The scenarios allowed the teams to model post-trade processing of derivatives contracts to show how efficiencies could be achieved by using the CDM standard.
Barclays hosted a similar event last year in New York and London. This year, DerivHack was extended to Singapore and the product scope broadened to include securities. Fifteen teams took part in London, 19 in New York and 8 in Singapore, including a team from Russia. In addition to Barclays, participating banks included JP Morgan, Goldman Sachs, HSBC, UBS, Bank of America and NatWest.
Ian Sloyan, ISDA’s director for market infrastructure and technology, said ISDA was seeing a lot of interest in the new standard.
“We are seeing some real-life projects now talking about implementing the ISDA CDM, which is happening at pace. In the next year, I think we are going to see some big implementation projects that will demonstrate how important the ISDA CDM is going to be to the market,” he told Fortune.
Lee Braine, Barclays’ director of research and engineering, said that, a year ago, the purpose of the hackathon was to get a sense from the industry of whether the CDM made sense, and was usable.
“We’re past that. The answer was yes. So now the challenge is: how do you drive adoption?” he said, adding the interest is strong from banks and fintechs alike.
Sunil Challa, director, Business Architect, Barclays Strategy, said one big development since last year was that ISDA had made CDM open source, meaning any developer could work with the model, regardless of whether they were experts in financial services.
“Within the blockchain/distributed ledger technology platforms, three out of the four major platforms have essentially taken this standard and mapped it, and extended it on their platforms,” he said.
The winner of the London leg of DerivHack was Finteum, a startup that is building a platform for banks to borrow and lend to each other for hours at a time instead of overnight. Co-founder Brian Nolan found it relatively easy for Finteum, as a new trading platform, to integrate CDM into its platform. He said CDM showed promise as a standard.
“Absolutely, not just derivatives, but here as you’ve seen in the securities industry, I think there is growing momentum behind it. I think today’s event proves that,” he told Fortune.

More must-read stories from Fortune:

Tariffs on this beloved Italian cheese are now in effect and the markets are grumbling
—These comments cost Ken Fisher’s fund a [$600 million investment
](https://fortune.com/2019/10/14/ken-fisher-fund-lost-investment-comments/) —What Warren Buffett’s move to increase his Bank of America stake says about [the health of the economy
](https://fortune.com/2019/10/16/bank-of-america-warren-buffett-economy/) —How would you spend a universal basic income? We asked participants around the world—and their answers might surprise you
—Scotch on the rocks—how Trump’s trade tariffs could harm a favorite nightcap
Don’t miss the dailyTerm Sheet, Fortune’s newsletter on deals and dealmakers.
* More Details Here
submitted by acerod1 to Business_Analyst [link] [comments]

If cryptocurrencies are so good, why are so many governments don't like it?

If cryptocurrencies are so good, why are so many governments don't like it?
If people use bitcoins, instead of the state currency, the government can not "tax" them or give a "value" through the inflation "tax"

https://preview.redd.it/q950vpvf6z931.jpg?width=640&format=pjpg&auto=webp&s=c15b0a22fc5f090bed1f8fe435347b5c384027f1
The key to its success is something called the blockchain. The blockchain is a means of solving the double-spending problem: which is that because the currency is digital it is open to being copied and spent more than once - something banks stop with physical currency.
However, the blockchain acts as a digital ledger, whereby every single transaction (called a block) is securely linked together using cryptography and encryption. It's verifiable, available to everyone who owns Bitcoin and is immune to fraud and hacking - unlike centralised banks.
It enables one digital wallet (that can be stored on a phone) to directly connect with another securely and process a transaction.
If virtual currencies are so good, why are so many governments with the flea behind their ears? The Chinese government is embarking on a crusade against bitcoin. In India, the situation is not much different. There are other examples. Because?
The potential benefits of crypto-coins are real. Governments around the world are full of debt. Many of them will hardly be paid. Brazil( My country) is not an isolated case. Europe has a very serious social security problem. Governments promised worlds and funds. But their populations are aging. And, at the same time, fertility is falling. The account will not close.
What does a government do when it does not have the money to pay? Sell ​​tomorrow's lunch to pay for today's dinner. Some governments have been able to play this game for decades. So the scheme is so attractive.
For governments that manage to issue debt in their own currency, gambling is even more interesting. If or when investors are unwilling to hold public debt securities in the portfolio until their maturity, these governments that take debt in their own currency may call for creative mechanisms to "monetize" debt.
To "monetize" public debt, the key is to give liquidity and certainty attributes that equate government bonds with monetary instruments. For example, governments do this with funds from the Money Market. The key is always to find ways to get people to use government bonds as "money."

But there comes a time when lenders lose confidence and stop rolling over debt. What's up?


https://preview.redd.it/6q69leeh6z931.jpg?width=615&format=pjpg&auto=webp&s=e5ccbbf1d856ae04222e59d8606eb1302ce7aee0

Here governments can issue money directly. They can finance their debt with monetary printing. It's a default of a different kind. The trick is inflation. Today, you have $ 100 in your wallet. With that money, buy ten packets of a wafer. If the price of the wafer package doubles, you will still have $ 100 in the wallet. But your buying power will fall by half.
What if you have a government debt bond instead of a $ 100 bill (or deposit)? In developed countries, government debt is not indexed. So inflation works, solve the problem of the Treasury.
But in others (as in Brazil), there may be indexation. Then the government bond will pay inflation for the period + x%. How to pay off this debt? It is only passing a law changing the rule of correction of the titles. Or make a compulsory loan. Or freeze deposits. Or make a board. There will always be a cunning economist and a good talk advocate to wrap the fish. And it's not just in Brazil!
This is where the magic of cryptos begins to function. If people use bitcoins, instead of the state currency, the government can not "tax" them or give a "default" through the inflation "tax". State tricks do not work with bitcoin.
This is the first reason why having crypto-coins may be a good idea: it is insurance against government insolvency. Since the world is a world, governments break down periodically (especially after losing a war - more on the subject, below). Having crypto (especially a bitcoin type crypto), as well as having physical gold, is insurance against state insolvency.
But the advantages of cryptos exist not only for moments of catastrophe or crisis. Cryptos have advantages also in times of normality. They are, in principle, safer and cheaper than other forms of payment.
Crypto operations cannot be undone. You are not at risk of having your credit card cloned. The transactions are settled immediately in the blockchain. There are no fees. And it is possible to implement smart contracts schemes that better lubricate human collaboration. Wonderful!
There is more: today there are more than 2 billion people with access to the internet or smartphones. And the number just grows. The advantages of crypto-coins are then extended to all this sea of ​​people! And it is possible to include - banking, bring into the 21st century - an even larger contingent of people. Is not it great?

In the view of governments, it may not be. There are four main challenges: monetary policy, taxation, exchange, and systemic risk.

1 -
Monetary policy. Without a national currency, in times of crisis, the government can not finance its debt via monetary printing. Imagine a farm minister from a country where the money is lacking for everything. If things get too tight, there's only one way: to get the mint gang to work ... But if people's savings are in bitcoin, that old technique will not work!
In case of war, the impossibility of using monetary printing can have a dramatic dimension. Historically, warring governments have had to print money because it is never possible to raise taxation too quickly in too short a time. It is good to sow peace in the world. But from the point of view of national states, monetary printing has always been seen as a dimension of national sovereignty to deal with external aggression.

2-
Taxation. Modern governments are brutal spenders. You may think this is good - after all, the state of social well-being is expensive but it delivers health, education, transportation ... Well, in Brazil it's not quite like that. In international comparison, our state spends a lot, and it spends very badly. But let us leave this Brazilian "detail" aside. The fact is that governments of social welfare are expensive.
Well, how to pay the bill? A party may eventually be thrown into the lap of future generations via state indebtedness. But the bulk has to come from today's taxation. It is here that the crypto-coins put the rulers of hairs on their feet. Crypto-coins can make it difficult for state taxation. Mainly because they can be used to launder money.


https://preview.redd.it/6wexycvi6z931.jpg?width=640&format=pjpg&auto=webp&s=d2fe62bffead52718f70fffe18d77649fbb82b54

Some say that this type of problem can be remedied with measures such as those recently adopted by the Federal Revenue Service. Globally, the Libra of Facebook, when it comes to work, will have to facilitate the tracking of the identity of the holders of Libras. Will it work? Can be. Time will tell. But the fact is that governments are animals hungry for people's resources. It's hard to hold them.

3 -
Exchange. The exchange rate, after the basic interest, is the main price in an economy. To value it, devalue it, revalue it, this is the breadwinner of many government economists around the world. (A joke says that the exchange was invented to humiliate economists because controlling it and predicting its fluctuations is so difficult.) But the fact is that the implementation of all these challenging activities is easier as long as the state currency is used by all. What if she is not?
Notice that in Brazil we have exchange controls. It is no longer the madness of the military time, when even to buy dollars to go to Bariloche with the family on vacation the Brazilian citizen had to make guts to buy the rationed currency ... And everyone ended up in a doleiro. Things have changed. But there are still various controls and barriers. Will, the government gives them up?

4 -
Systemic risk. This problem is more subtle and the analysis depends on the type of cryptocurrency. Think of the Libra (in the case of bitcoin the analysis would be quite different). This is a stable coin managed by Facebook. From what has been announced, the Pound will work with full ballast. That is, Facebook will create a Pound only when it receives the corresponding state currency. Very good.
But the problem is that the settlement of Libras operations will have to be done through digital wallets. Will these digital wallets work like banks? Will they resolve to give credit based on the floating of deposits received? If this happens, the systemic risk focus that is on banks today will simply migrate to digital wallets. What if digital wallets break: who will bail them out? The Seventh Cavalry?

Thanks for reading, Support me on Steemit too:
https://steemit.com/cryptocurrency/@phabulu/if-cryptocurrencies-are-so-good-why-are-so-many-governments-don-t-like-it
submitted by phabulu to btc [link] [comments]

Hitler Hunt for 7/16/2019

I found 135 Hitlers in Politics today.

As backlash against Trump’s ‘go back’ comments builds, here’s Ronald Reagan’s ‘love letter to immigrants’: ‘You can go to live in Germany, Turkey or Japan, but you cannot become German, Turk or Japanese. But anyone, from any corner of the Earth, can come to live in America and become an American.’
RacistGOP trends on Twitter as Republicans stay silent on Donald Trump's racist attack
Rep. Al Green says he will file articles of impeachment against Trump tonight, despite pushback from Democratic leaders
Melania Trump remains silent on husband's racist tweets despite having been a US citizen for shorter time than Ilhan Omar
Kellyanne Conway Snaps Back at Reporter: ‘What’s Your Ethnicity?’
Ivanka Trump, Jared Kushner And Every Trump Administration Official Accused Of Using Personal Email For Work
When Does America Reckon with the Gravity of Donald Trump's Alleged Rapes?
Twitter Users Slam Mitt Romney’s ‘Spineless’ Reaction To Racist Trump Tweets — The Utah senator refused to answer a reporter’s question on if he thought the president was racist.
'Good,' Says Elizabeth Warren, After Billionaire Right-Winger Peter Thiel Says She's 2020 Democrat He Is 'Most Scared By'
Trump’s Racism Is Not Blundering -- It Is Tactically Deliberate - Trump's racism is not an oops, it's a fascist strategy.
William Barr steps in to make sure the NYPD cop who killed Eric Garner won’t be prosecuted
Federal judge permanently blocks Trump admin from adding citizenship question to 2020 census
Donald Trump has made it clear: the only 'real Americans' are white and Christian
ObamaWasBetterAt trends after Trump Attacks on Minority Congresswomen
GOP advisers reportedly told Trump his racist attacks on Democratic congresswomen may have backfired
President angrily attacks victims of his racist tweets for third day in a row, as impeachment calls grow
Trump supporters stand by the president amid inflammatory tweets: "That's why I voted for him"
Oregon to require schools to teach about Holocaust
Pelosi is forcing House Republicans to go on the record on Trump’s ‘go back’ tweets
New Hampshire county commissioner quits GOP because of Trump
Trump Is Now Calling “The Squad” “Pro Terrorist” In Yet Another Racist Tweet
Trump says he will 'take a look' at investigating Google for treason.
Mayor Kenney: ‘If Donald Trump Ever Has To Go Back Where He Came From, He’s Going To Have To Go To Hell’
‘Nobody Opened the Door’: Neighbors Rally During an ICE Raid in Houston
House Condemns Trump’s Attack on Four Congresswomen as Racist
Jewish Protestors form human chain around ICE Headquarters saying “Never Again is Now”
'Unfit to be president': Full text of House impeachment resolution on Trump
‘Really Good Speller’ Trump’s Handwritten Note Shows Embarrassing Mistakes
Conway To Reporter Who Asked About Trump’s Racist Tweets: ‘What’s Your Ethnicity?’
Ilhan Omar to Maddow: Trump Is ‘Corrupt,’ ‘Inept,’ and the ‘Worst President We’ve Had’
Chris Evans Exposes ‘Painfully Transparent’ Reason For Trump’s Racist Attack
Donald Trump is like a 20th-century fascist, says Sadiq Khan
Trump’s notes show he doesn’t have a clue how to spell Al Qaeda
House GOP Leaders Claim Trump Tweets Not Racist Because We Are ‘Party Of Lincoln’
If You Helped a Racist Become the Most Powerful Person in America, Then You’re a Racist Too
Kellyanne Conway to reporter: What's your ethnicity?
Kris Kobach: I Might Still Support Trump if He Came Out and Said ‘I’m a Racist’
Anti-Defamation League blasts Trump for 'invoking support for Israel to defend this racism'
Kellyanne Conway just said something that should stun you
Trump is an apocalypse
As Hate Incidents Grow, More States Require Schools To Teach The Holocaust
Trump vs. 'the Squad' makes watershed moment in racial politics
Children in states with strict gun laws are less likely to die, according to a new study
Treasury secretary says he doesn't find Trump's tweets racist
Trump repeats racist attack, says Democratic congresswomen ‘can leave’ the US
Puerto Rico’s governor needs to step down
Trump: I don't have a racist bone in my body
‘Trump’s Going to Get Re-elected, Isn’t He?’ Voters have reason to worry.
There’s One Heresy That Sets Bernie Apart From All Other Dem Contenders to Unseat Trump
Trump Faces Backlash from Base over Bitcoin
Watch: Ilhan Omar declines to respond to Trump claiming she supports al Qaeda
Moderate Dem slams 'squad' for threatening to primary him: 'They're not Democrats ... they're socialists'
Sieg Heil! I mean... Beep Boop, I am a robot.
My purpose is to find and link comments in Politics that contain the word 'Hitler'
Since my birth, I have found a total of 43614 Hitlers in Politics. On average, I found 79 Hitlers per day.
Today, I read 54953 comments. In total, I have read 24333224 comments.
submitted by HitlerFallacyBot to TheHitlerFallacy [link] [comments]

Hitler Hunt for 7/17/2019

I found 135 Hitlers in Politics today.

As backlash against Trump’s ‘go back’ comments builds, here’s Ronald Reagan’s ‘love letter to immigrants’: ‘You can go to live in Germany, Turkey or Japan, but you cannot become German, Turk or Japanese. But anyone, from any corner of the Earth, can come to live in America and become an American.’
RacistGOP trends on Twitter as Republicans stay silent on Donald Trump's racist attack
Rep. Al Green says he will file articles of impeachment against Trump tonight, despite pushback from Democratic leaders
Melania Trump remains silent on husband's racist tweets despite having been a US citizen for shorter time than Ilhan Omar
Kellyanne Conway Snaps Back at Reporter: ‘What’s Your Ethnicity?’
Ivanka Trump, Jared Kushner And Every Trump Administration Official Accused Of Using Personal Email For Work
When Does America Reckon with the Gravity of Donald Trump's Alleged Rapes?
Twitter Users Slam Mitt Romney’s ‘Spineless’ Reaction To Racist Trump Tweets — The Utah senator refused to answer a reporter’s question on if he thought the president was racist.
'Good,' Says Elizabeth Warren, After Billionaire Right-Winger Peter Thiel Says She's 2020 Democrat He Is 'Most Scared By'
Trump’s Racism Is Not Blundering -- It Is Tactically Deliberate - Trump's racism is not an oops, it's a fascist strategy.
William Barr steps in to make sure the NYPD cop who killed Eric Garner won’t be prosecuted
Donald Trump has made it clear: the only 'real Americans' are white and Christian
ObamaWasBetterAt trends after Trump Attacks on Minority Congresswomen
GOP advisers reportedly told Trump his racist attacks on Democratic congresswomen may have backfired
President angrily attacks victims of his racist tweets for third day in a row, as impeachment calls grow
Trump supporters stand by the president amid inflammatory tweets: "That's why I voted for him"
Oregon to require schools to teach about Holocaust
Pelosi is forcing House Republicans to go on the record on Trump’s ‘go back’ tweets
New Hampshire county commissioner quits GOP because of Trump
Trump Is Now Calling “The Squad” “Pro Terrorist” In Yet Another Racist Tweet
Trump says he will 'take a look' at investigating Google for treason.
Mayor Kenney: ‘If Donald Trump Ever Has To Go Back Where He Came From, He’s Going To Have To Go To Hell’
‘Nobody Opened the Door’: Neighbors Rally During an ICE Raid in Houston
House Condemns Trump’s Attack on Four Congresswomen as Racist
Jewish Protestors form human chain around ICE Headquarters saying “Never Again is Now”
'Unfit to be president': Full text of House impeachment resolution on Trump
‘Really Good Speller’ Trump’s Handwritten Note Shows Embarrassing Mistakes
Conway To Reporter Who Asked About Trump’s Racist Tweets: ‘What’s Your Ethnicity?’
Ilhan Omar to Maddow: Trump Is ‘Corrupt,’ ‘Inept,’ and the ‘Worst President We’ve Had’
Chris Evans Exposes ‘Painfully Transparent’ Reason For Trump’s Racist Attack
Donald Trump is like a 20th-century fascist, says Sadiq Khan
Trump’s notes show he doesn’t have a clue how to spell Al Qaeda
House GOP Leaders Claim Trump Tweets Not Racist Because We Are ‘Party Of Lincoln’
If You Helped a Racist Become the Most Powerful Person in America, Then You’re a Racist Too
Kellyanne Conway to reporter: What's your ethnicity?
Kris Kobach: I Might Still Support Trump if He Came Out and Said ‘I’m a Racist’
Anti-Defamation League blasts Trump for 'invoking support for Israel to defend this racism'
Kellyanne Conway just said something that should stun you
Trump is an apocalypse
As Hate Incidents Grow, More States Require Schools To Teach The Holocaust
Trump vs. 'the Squad' makes watershed moment in racial politics
Children in states with strict gun laws are less likely to die, according to a new study
Treasury secretary says he doesn't find Trump's tweets racist
Trump repeats racist attack, says Democratic congresswomen ‘can leave’ the US
Puerto Rico’s governor needs to step down
Trump: I don't have a racist bone in my body
‘Trump’s Going to Get Re-elected, Isn’t He?’ Voters have reason to worry.
There’s One Heresy That Sets Bernie Apart From All Other Dem Contenders to Unseat Trump
Trump Faces Backlash from Base over Bitcoin
Watch: Ilhan Omar declines to respond to Trump claiming she supports al Qaeda
Moderate Dem slams 'squad' for threatening to primary him: 'They're not Democrats ... they're socialists'
Sieg Heil! I mean... Beep Boop, I am a robot.
My purpose is to find and link comments in Politics that contain the word 'Hitler'
Since my birth, I have found a total of 43614 Hitlers in Politics. On average, I found 79 Hitlers per day.
Today, I read 54758 comments. In total, I have read 24334521 comments.
submitted by HitlerFallacyBot to Justletmetest [link] [comments]

February 2019 Activities Recap provides comprehensive update on recent PundiX news

February 2019 Activities Recap provides comprehensive update on recent PundiX news

by Peko Wan
Dear Pundians,
A busy February saw us bring on a host of new XPOS merchants, new features for the XPhone and intended compliance updates to adhere to the everchanging regulatory landscape ahead of the launch of the Function X.
To stay in touch with all the Pundi X news, please follow our Medium page. Otherwise read on for a summary of what we’ve been up to!

New merchants across the world

The global rollout of the XPOS continues apace and we like to highlight some of our favourite new merchants in the Pundi X ecosystem from our official Twitter page.
Here’s our newest additions for February:
DZ9 Hostel — Niterói
DZ9 Hostel has activated the first XPOS in Rio de Janeiro, Brazil. The hostel not only offers an affordable, comfortable lodging option but also becomes one of the pioneers that can accept and top up Bitcoin, Etherum, BNB and NPXS through the XPOS device for their guests.
Address: Rua Joao Pessoa, 351, Niterói, RJ, Brazil.

https://twitter.com/Pundix_bstatus/1091385741689659393/photo/1
Wayne Tattoo e Piercing — São Paulo
The Tattoos Studio Wayne Tattoo & Piercing has accepted Bitcoin since 2013. The owner is impressed by the speed of transaction made by XPOS and decide to use it for handling crypto transactions.
Address: R. Cesário Galero, 374 — Tatuapé, São Paulo

https://twitter.com/Pundix_bstatus/1093148191065812992/photo/1

Mudly’s Barbershop — Rotterdam
Another XPOS has been spotted in the Netherlands this month. The Mudly’s barbershop is a modern barber’s shop with a mix of vintage design. You can even enjoy some beers while taking cutting your hair.
Address: Nieuwe Binnenweg 200b 3021 GL Rotterdam

https://twitter.com/Superbit123/status/1095789793529737221/photo/1
Villa Retiro— Tarragona
Villa Retiro, located in a five star hotel in Tarragona, is the first Michelin restaurant in the world accepting cryptos. Fran López, the award winning young chef, is the fourth generation of hoteliers and restaurateurs. Together with his creative cuisines, he has offered an innovative payment option to his customers. The use of XPOS to pay for fine dining meals has been covered by TV3, the largest national TV in Catalonia.
Address: c/ Molins 2, 43592 Xerta, Tarragona (España)

https://twitter.com/Heitaria/status/1099216174716542976/photo/1

Featured XPOS partners and distributors

iBank— Canada
iBank Digital Asset L.P. (“iBank”) provides OTC digital trading platform supported by Huobi Cloud Technology as well as distributing XPOS devices and iBank XPASS cards in the Greater Vancouver area such as charitable organizations, bars, cafes and coffee shops.

https://twitter.com/MaRiEagastatus/1099466102789201922/photo/1
BlockPay — Australia
BlockPay, one of XPOS distributors in Australia, has hosted its first XPOS presentation in ANZ BANK Tower, Sydney. The company reports to the Australia’s financial intelligence agency, which means XPOS will adhere to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).

https://twitter.com/blockpay_/status/1098196019492212736

Product development: New ‘X’ button, specs revealed for XPhone

A new rollout version of the XPhone was showcased at MWC19 Barcelona. It includes an “X” button that allows users to switch to the DApps on the blockchain mode easily with just a press of the button.

https://preview.redd.it/uweniz4hx9k21.png?width=800&format=png&auto=webp&s=ecae40ad819adbb019a8e97e5bfeb309804e7b0b
Equally exciting and important was the reveal of the XPhone specifications and retail price!

https://preview.redd.it/r1ucospjx9k21.png?width=800&format=png&auto=webp&s=abebab7d0827e9ae147d2814395e8143fb038999
The device will boast of a 5.65” inch screen, fingerprint sensor, 6GB of RAM and 128GB of ROM, the Qualcomm® SnapdragonTM 660 Mobile Platform. XPhone will have a 16 megapixel front camera and 48 megapixel rear camera. The battery capacity is 3500 mAH. The retail price will be set at US$599.
See more details here!

Pundi X @ MWC19

More than 100,000 participants converged upon Barcelona in late February for the world’s biggest mobile technology fair.
Pundi X, Function X and the XPhone were, of course, front and center.
Our CEO, Zac, kicked off the event with an address on how blockchain technology was shaping the future at the prestigious MWC Ministerial Programme.

https://twitter.com/callender_mark/status/1100691822911852544
And demonstrations of the XPOS and XPhone were made to Mustafa Jabbar, Minister of Post, Telecommunication and Information Technology of Bangladesh.

https://twitter.com/PundiXForce/status/1100832428455874560/photo/1
The rest of the week saw us presenting in a meetup hosted by BitBCN and Hola Blockchain with Brave Browser for over 100 Spanish blockchain enthusiasts and exhibiting as one of the most popular booths in the MWC conference hall to spread the word about the new capabilities for Function X.

https://twitter.com/aleixordeig/status/1100834133591375872/photo/1

Pundi X rolls on in Dubai

Dubai, a tech hub for not only the middle east region but the globe, has been one of the places which the XPOS has been most warmly received.
So we were pleased to attend the largest experiential tech festival in the Middle East, STEP, at Dubai Internet City in mid-February.

https://preview.redd.it/8h4zbok6y9k21.png?width=800&format=png&auto=webp&s=338e46e83f51082ec50f9f4178e1efd06589b3f1
Over 6,000 attendees from tech startups, investors, entrepreneurs and influential speakers saw Constantin Papadimitriou, President, and Kester Wong, Product Analyst, discuss broader trends in decentralized vs state-backed digital currencies and how the region was leading a push toward mass adoption for a tokenized economy.

NPXS listing on Bithumb

Starting from February 28, NPXS is available for trading on Bithumb, one of the largest crypto exchange in Korea. Bithumb provides the Korean Won (KRW) trading pair for NPXS. Bithumb has also announced its support of NPXS monthly unlocked token distribution.

https://twitter.com/BithumbOfficial/status/1100954399285772288/photo/1

Accelerated token unlock for NPXS and NPXSXEM

As we told subscribers early in February, we’re implementing with immediate effect changes to the token unlock scheme for the Pundi X project.
Where previously a three-year roadmap for token unlocks was envisioned, we’ll now be executing those that remain over an expedited period from April 1 to the end of June this year.
The decision has been taken by our legal team for reasons of compliance and does not affect the total value of unlocked tokens. June 2019 will be the final month for the distribution of token unlocks. You can read more about the finer points on acceleration, including distribution dates, in our initial announcement.

2019 — the year of compliance

Last year was many things for the rise of blockchain. But this year is all about compliance within the fast-evolving international landscape for regulation of blockchain businesses, says our Chief Legal Officer, David Ben Kay.
What does that mean for Pundi X? Three big themes have emerged.
  • Ongoing and open communications with regulators and monetary authorities in jurisdictions where we operate. In jurisdictions that are supportive, we will accelerate deployment; in those that are not, we will exit.
  • More compliant processes: KYC processes across our products will be strengthened.
  • More secure products: For example, by enabling 2FA for the XWallet.
Read David’s entire analysis here.
And that’s a wrap for month two of 2019. As ever stay tuned to all our official channels for regular updates on the business. Until next month!
Full: https://medium.com/pundix/monthly-report-a-recap-of-activities-in-february-2019-173de8c64279
submitted by crypt0hodl1 to PundiX [link] [comments]

What the Dogecoin Community was, versus what it has become - or why at this moment in time, I will no longer be a moderator with /r/dogecoin.

Before I start - no, there's no tl,dr at the bottom. But someone else might be nice enough to make one for you.
This is one of the more difficult posts that I've ever had the misfortune to write on here - and part of me is still laughing in the back of my mind, thinking "you're actually finding it difficult to step down from a community based on a doge put on a coin". The internet is truly a strange, and wonderful place; and the days I spent obsessing over a doge on a coin will certainly never be looked back on with regret.
But the days I choose to remember won't be the ones in recent times. At it's core, Dogecoin's foundations were so simple. "Mine for fun, tip for fun, oh wow I can buy stickers now, let's buy some stickers" was the Dogecoin I enjoyed. As it grew, it was something to be proud of - we took a joke coin, to being a serious coin with a joke on the front.
I think it was Billy who said Dogecoin was going to peak around our 200satoshi times - not in price, but rather in community. We were going to attract the type of people who would step over their grandmother for a quick profit. The joy of the coin was shortly going to be gone, because for whatever reason, it turned into the next big thing - even overtaking Litecoin on hashpower for a short period of time. I cannot stress how correct he was in saying this. The community, over time, turned toxic.
And this underlying nature was always there - take for example, way back in DecembeJan, where I posted a warning on this subreddit (and on irc), telling people that the now infamous Wolong was simply pumping and dumping; and that someone (namely, us), was going to find themselves holding the bag after he exits.
After stating this, on irc, I was warned that I was going to have my reddit account deleted. Almost every OP on IRC - bar one (we're going to come back to this) - had some extremely unfriendly things to say about me. Now, I will note the above threat fell on completely deaf ears; as I had a friend of mine in Reddit's admin team inform the user via PM, that he is not welcome to making threats on their behalf. But I digress - this is what I came to expect from the community.
On /dogecoin, I've got some heavily downvoted posts around this time, where I warned people against this. Everyone suddenly got obsessed with the idea that one man was practically turning lead into Gold. So few people actually had the foresight to see that a complete and total stranger was sitting around, offering to make people rich - and how this could potentially be scammy. Once the damage was done and Wolong left, the coin spiralled into a never-ending downwards spiral.
So, who's to blame for all this? Wolong, right? Or rather, the whales he mostly took credit for - as in my opinion, he lacks the intelligence to pull that off solo. That's where the damage was done, right?
No, according to a lot of our coin's community. The damage is the fault of the developers. I have received hatemail in the past, ranging from "your attempts to block multipools have degraded the coin's currency", to "your own selfish decision to not implement Proof of Stake has killed the coin". This situation followed shortly after a well co-ordinated witch hunt due to myself making a joke comment, paraphrased as "now that I've dev'd on the coin, I get all the dogecoin groupies, right?". It felt like some sort of surreal working environment that followed Murphy's Law to an actual personal level.
Then, after stepping back from Dogecoin dev to focus on College/my day job, I kept receiving PM's asking me to develop another dogecoin update to, "fix the prices" - because that's certainly a dev's job? I took on the role, and made the suggestion that we can begin a price taper (rather than halvenings), to lower the shock value of each halvening, considering they happen so rapidly. The responses ranged from negative, to threatening. Alongside this was an organised witch-hunt by The "official" Dogecoin Page on facebook, where users were encouraged to "let him know what we think!" - in regards to a suggestion that would need to have been approved by both the community, and our fellow devs before even being implemented in a git branch. Adding fuel to the fire, from a facebook page that prides itself on posting clickbait.
Then, there's how we began biting the hands that feed us. And this is the statement that will get me the most flak; Moolah does not benefit from Dogecoin, as much as Dogecoin benefits from Moolah. Seriously, they have a gigantic platform, and have made the most user-friendly, efficient way of making purchases with Doge. While 80%> of their transactions take place with Bitcoin, around 90% of their time is spent on this subreddit, defending themselves from baseless accusations, and having general FUD spread against them. It is absolutely toxic, and distressing to witness. The moment I accepted a job offer from +moolah_ , I too was met with a barrage of insulting, threatening, demanding, and generally disgusting messages; both in public, and private.
Let's get something very straight in regards to mods, and dogecoin devs - we are not paid. If I heard of a mod, or dogecoin dev turning down a job, because "the community might not like if I have a job doing something I love", I would restart the foundation with the sole purpose of kickstarting a fundraiser to send me over to that individuals home so I can punch them square in the jaw. The devs and mods are humans who lend their time to assisting YOU, for free. It is absolutely nobody's place - and never will be their place, to tell a mod whether or not they can accept employment, with any company on the planet. And in my personal case - a company who were entirely open to the idea of me continuing development and assisting with the Dogecoin software, on company time.
Yet I need to stand in the face of what - and as I'm stepping down as a mod, I'll choose my words less carefully here - a minority of users who I would identify as being absolute pricks, throwing accusations wherever they can, under the guise of free speech/"ITS NOT DIRECTLY AGAINST THE RULES", and other such bullshit that is carefully used in order to propagate bullshit against both a company that has invested a near insane amount of money into Dogecoin, the moderators, the developers, and anyone else who dare stand against the ideals they have set upon themselves and others in regards to the doge on the coin.
Coupled with that, we then have the internal toxicity - The ex-foundation member Ben leaking and spreading a highly edited video in order to "expose" Moolah (a video in which Ben's failed motive was to attempt to irritate Moolah staff members - and instead resulted in him making a legal ass of himself); we have Jackson who threw his toys out of the pram and called Dogecoin "cult-like", after he pointlessly threw about legal threats, due to his lack of understanding on what an opposition filing to a trademark meant.
Coupled with this - and something I will not go into detail on, is the end of Sporklin's tenure as a moderator. While the internal details, I again am not discussing on this thread - the reaction from the community? To insult, and belittle her. Phrases like "Good riddance", and "Fuck you, shill" were thrown at her, as though her work in moderating, alongside acting as a line of communication between devs both internally, and with the community; coupled with her time spent on IRC, counted for nothing. It was harrowing.
Don't get me wrong - there are still so many amazing members here on dogecoin, and those are the ones that will keep both the coin, and community alive; but those numbers are dwindling in the face of crypto drama, arguments, trolls, and fear. Those are the ones I try to protect; but more and more, in this position, I'm finding that more than ever, I'm being forced to protect myself. Only recently, I received a PM off a newly registered account, in regards to me accepting a job at Moolah - and their intention was to tell me that I had done something "evil", in their eyes. They proceeded then, to talk about my past/present charity work in detail as being hypocritical of my future self.
The problem is, a lot of this information would be in no way publicly known on this subreddit. To be able to tell me that I dyed my hair pink for a Cancer charity, or did fundraising for Movember? To be able to show me the photos of myself in doing so? That one PM summed up everything that had come to pass since my joining Dogecoin as a moderator and developer; so many people will be slow to thank, yet go to extreme lengths in order to intimidate, threaten, and insult.
And that is why it is time for me to step back. What's left of our community is a slowly becoming a husk of it's former self; and it's become a struggle to deal with.
This is not me pulling out of the community, nor pulling away my support for the coin, nor it's development - I still have plenty of respect left for the good sides of both. I hope to continue (re-running) ASIC giveaways once I have had some time to breath. And I hope that maybe someday in the future, conditions may become ripe for me to once again take up the position of a moderator. But until then, you can consider me, firmly out of your firing line.
One day, I shall come back. Yes, I shall come back. Until then, there must be no regrets, no tears, no anxieties. Just go forward in all your beliefs, and prove to me I am not mistaken in mine.
submitted by lleti to dogecoin [link] [comments]

Trading Cryptocurrency Markets

Hello! My name is Slava Mikhalkin, I am a Project Owner of Crowdsale platform at Platinum, the company that knows how to start any ICO or STO in 2019.
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Major Exchanges
In finance, an exchange is a forum or platform for trading commodities, derivatives, securities or other financial instruments. The principle concern of an exchange is to allow trading between parties to take place in a fair and legally compliant manner, as well as to ensure that pricing information for any instrument traded on the exchange is reliable and coherently delivered to exchange participants. In the cryptocurrency space exchanges are online platforms that allow users to trade cryptocurrencies or digital currencies for fiat money or other cryptocurrencies. They can be centralized exchanges such a Binance, or decentralized exchanges such as IDEX. Most cryptocurrency exchanges allow users to trade different crypto assets with BTC or ETH after having already exchanged fiat currency for one of those cryptocurrencies. Coinbase and Kraken are the main avenue for fiat money to enter into the cryptocurrency ecosystem.
Function and History
Crypto exchanges can be market-makers that take bid/ask spreads as a commission on the transaction for facilitating the trade, or more often charge a small percentage fee for operating the forum in which the trade was made. Most crypto exchanges operate outside of Western countries, enabling them to avoid stringent financial regulations and the potential for costly and lengthy legal proceedings. These entities will often maintain bank accounts in multiple jurisdictions, allowing the exchange to accept fiat currency and process transactions from customers all over the globe.
The concept of a digital asset exchange has been around since the late 2000s and the following initial attempts at running digital asset exchanges foreshadows the trouble involved in attempting to disrupt the operation of the fiat currency baking system. The trading of digital or electronic assets predate Bitcoin’s creation by several years, with the first electronic trading entities running afoul of the Australian Securities and Investments Commission (ASIC) in late 2004. Companies such as Goldex, SydneyGoldSales, and Ozzigold, shut down voluntarily after ASIC found that they were operating without an Australian Financial Services License. E-Gold, which exchanged fiat USD for grams of precious metals in digital form, was possibly the first digital currency exchange as we know it, allowing users to make instant transfers to the accounts of other E-Gold members. At its peak in 2006 E-Gold processed $2 billion worth of transactions and boasted a user base of over 5 million people.
Popular Exchanges
Here we will give a brief overview of the features and operational history of the more popular and higher volume exchanges because these are the platforms to which newer traders will be exposed. These exchanges are recommended to use because they are the industry standard and they inspire the most confidence.
Bitfinex
Owned and operated by iFinex Inc, the cryptocurrency trading platform Bitfinex was the largest Bitcoin exchange on the planet until late 2017. Headquartered in Hong Kong and based in the US Virgin Island, Bitfinex was one of the first exchanges to offer leveraged trading (“Margin trading allows a trader to open a position with leverage. For example — we opened a margin position with 2X leverage. Our base assets had increased by 10%. Our position yielded 20% because of the 2X leverage. Standard trades are traded with leverage of 1:1”) and also pioneered the use of the somewhat controversial, so-called “stable coin” Tether (USDT).
Binance
Binance is an international multi-language cryptocurrency exchange that rose from the mid-rank of cryptocurrency exchanges to become the market dominating behemoth we see today. At the height of the late 2017/early 2018 bull run, Binance was adding around 2 million new users per week! The exchange had to temporarily disallow new registrations because its servers simply could not keep up with that volume of business. After the temporary ban on new users was lifted the exchange added 240,000 new accounts within two hours.
Have you ever thought whats the role of the cypto exchanges? The answer is simple! There are several different types of exchanges that cater to different needs within the ecosystem, but their functions can be described by one or more of the following: To allow users to convert fiat currency into cryptocurrency. To trade BTC or ETH for alt coins. To facilitate the setting of prices for all crypto assets through an auction market mechanism. Simply put, you can either mine cryptocurrencies or purchase them, and seeing as the mining process requires the purchase of expensive mining equipment, Cryptocurrency exchanges can be loosely grouped into one of the 3 following exchange types, each with a slightly different role or combination of roles.
Have you ever thought about what are the types of Crypto exchanges?
  1. Traditional Cryptocurrency Exchange: These are the type that most closely mimic traditional stock exchanges where buyers and sellers trade at the current market price of whichever asset they want, with the exchange acting as the intermediary and charging a small fee for facilitating the trade. Kraken and GDAX are examples of this kind of cryptocurrency exchange. Fully peer-to-peer exchanges that operate without a middleman include EtherDelta, and IDEX, which are also examples of decentralized exchanges.
  2. Cryptocurrency Brokers: These are website or app based exchanges that act like a Travelex or other bureau-de-change. They allow customers to buy or sell crypto assets at a price set by the broker (usually market price plus a small premium). Coinbase is an example of this kind of exchange.
  3. Direct Trading Platform: These platforms offer direct peer-to-peer trading between buyers and sellers, but don’t use an exchange platform in doing so. These types of exchanges do not use a set market rate; rather, sellers set their own rates. This is a highly risky form of trading, from which new users should shy away.
To understand how an exchange functions we need only look as far as a traditional stock exchange. Most all the features of a cryptocurrency exchange are analogous to features of trading on a traditional stock exchange. In the simplest terms, the exchanges fulfil their role as the main marketplace for crypto assets of all kinds by catering to buyers or sellers. These are some definitions for the basic functions and features to know: Market Orders: Orders that are executed instantly at the current market price. Limit Order: This is an order that will only be executed if and when the price has risen to or dropped to that price specified by the trader and is also within the specified period of time. Transaction fees: Exchanges will charge transactions fees, usually levied on both the buyer and the seller, but sometimes only the seller is charged a fee. Fees vary on different exchanges though the norm is usually below 0.75%. Transfer charges: The exchange is in effect acting as a sort of escrow agent, to ensure there is no foul play, so it might also charge a small fee when you want to withdraw cryptocurrency to your own wallet.
Regulatory Environment and Evolution
Cryptocurrency has come a long way since the closing down of the Silk Road darknet market. The idea of crypto currency being primarily for criminals, has largely been seen as totally inaccurate and outdated. In this section we focus on the developing regulations surrounding the cryptocurrency asset class by region, and we also look at what the future may hold.
The United States of America
A coherent uniform approach at Federal or State level has yet to be implemented in the United States. The Financial Crimes Enforcement Network published guidelines as early as 2013 suggesting that BTC and other cryptos may fall under the label of “money transmitters” and thus would be required to take part in the same Anti-money Laundering (AML) and Know your Client (KYC) procedures as other money service businesses. At the state level, Texas applies its existing finance laws. And New York has instituted an entirely new licensing system.
The European Union
The EU’s approach to cryptocurrency has generally been far more accommodating overall than the United States, partly due to the adaptable nature of pre-existing laws governing electronic money that predated the creation of Bitcoin. As with the USA, the EU’s main fear is money laundering and criminality. The European Central Bank (ECB) categorized BTC as a “convertible decentralized currency” and advised all central banks in the EU to refrain from trading any cryptocurrencies until the proper regulatory framework was put in place. A task force was then set up by the European Parliament in order to prevent and investigate any potential money laundering that was making use of the new technology.
Likely future regulations for cryptocurrency traders within the European Union and North America will probably consist of the following proposals: The initiation of full KYC procedures so that users cannot remain fully anonymous, in order to prevent tax evasion and curtail money laundering. Caps on payments that can be made in cryptocurrency, similar to caps on traditional cash transactions. A set of rules governing tax obligations regarding cryptocurrencies Regulation by the ECB of any companies that offer exchanges between cryptocurrencies and fiat currencies It is less likely for other countries to follow the Chinese approach and completely ban certain aspects of cryptocurrency trading. It is widely considered more progressive and wiser to allow the technology to grow within a balanced accommodative regulatory framework that takes all interests and factors into consideration. It is probable that the most severe form of regulation will be the formation of new governmental bodies specifically to form laws and exercise regulatory control over the cryptocurrency space. But perhaps that is easier said than done. It may, in certain cases, be incredibly difficult to implement particular regulations due to the anonymous and decentralized nature of crypto.
Behavior of Cryptocurrency Investors by Demographic
Due to the fact that cryptocurrency has its roots firmly planted in the cryptography community, the vast majority of early adopters are representative of that group. In this section we cover the basic structure of the cryptocurrency market cycle and the makeup of the community at large, as well as the reasons behind different trading decisions.
The Cryptocurrency Market Cycle
Bitcoin leads the bull rally. FOMO (Fear of missing out) occurs, the price surge is a constant topic of mainstream news, business programs cover the story, and social media is abuzz with cryptocurrency chatter. Bitcoin reaches new All Timehigh (ATH) Market euphoria is fueled with even more hype and the cycle is in full force. There is a constant stream of news articles and commentary on the meteoric, seemingly unstoppable rise of Bitcoin. Bitcoin’s price “stabilizes”, In the 2017 bull run this was at or around $14,000. A number of solid, large market cap altcoins rise along with Bitcoin; ETH & LTC leading the altcoins at this time. FOMO comes into play, as the new ATH in market cap is reached by pumping of a huge number of alt coins.
Top altcoins “somewhat” stabilize, after reaching new all-time highs. The frenzy continues with crypto success stories, notable figures and famous people in the news. A majority of lesser known cryptocurrencies follow along on the upward momentum. Newcomers are drawn deeper into crypto and sign up for exchanges other than the main entry points like Coinbase and Kraken. In 2017 this saw Binance inundated with new registrations. Some of the cheapest coins are subject to massive pumping, such as Tron TRX which saw a rise in market cap from $150 million at the start of December 2017 to a peak of $16 billion! At this stage, even dead coins or known scams will get pumped. The price of the majority of cryptocurrencies stabilize, and some begin to retract. When the hype is subsiding after a huge crypto bull run, it is a massive sell signal. Traditional investors will begin to give interviews about how people need to be careful putting money into such a highly volatile asset class. Massive violent correction begins and the market starts to collapse. BTC begins to fall consistently on a daily basis, wiping out the insane gains of many medium to small cap cryptos with it. Panic selling sweeps through the market. Depression sets in, both in the markets, and in the minds of individual investors who failed to take profits, or heed the signs of imminent collapse. The price stagnation can last for months, or even years.
The Influence of Age upon Trading
Did you know? Cryptocurrencies have been called “stocks for millennials” According to a survey conducted by the Global Blockchain Business Council, only 5% of the American public own any bitcoin, but of those that do, an overwhelming majority of 71% are men, 58% of them are between the ages of 18 and 35, and over half of them are minorities. The same survey gauged public attitude toward the high risk/high return nature of cryptocurrency, in comparison to more secure guaranteed small percentage gains offered by government bonds or stocks, and found that 30% would rather invest $1,000 in crypto. Over 42% of millennials were aware of cryptocurrencies as opposed to only 15% of those ages 65 and over. In George M. Korniotis and Alok Kumar’s study into the effects of aging on portfolio management and the quality of decisions made by older investors, they found “that older and experienced investors are more likely to follow “rules of thumb” that reflect greater investment knowledge. However, older investors are less effective in applying their investment knowledge and exhibit worse investment skill, especially if they are less educated and earn lower income.”
Geographic Influence upon Trading
One of the main drivers of the apparent seasonal ebb and flow of cryptocurrency prices is the tax situation in the various territories that have the highest concentrations of cryptocurrency holders. Every year we see an overall market pull back beginning in mid to late January, with a recovery beginning usually after April. This is because “Tax Season” is roughly the same across Europe and the United States, with the deadline for Income tax returns being April 15th in the United States, and the tax year officially ending the UK on the 6th of April. All capital gains must be declared before the window closes or an American trader will face the powerful and long arm of the IRS with the consequent legal proceedings and possible jail time. Capital gains taxes around the world vary from jurisdiction to jurisdiction but there are often incentives for cryptocurrency holders to refrain from trading for over a year to qualify their profits as long term gain when they finally sell. In the US and Australia, for example, capital gains are reduced if you bought cryptocurrency for investment purposes and held it for over a year. In Germany if crypto assets are held for over a year then the gains derived from their sale are not taxed. Advantages like this apply to individual tax returns, on a case by case basis, and it is up to the investor to keep up to date with the tax codes of the territory in which they reside.
2013 Bull run vs 2017 Bull run price Analysis
In late 2016 cryptocurrency traders were faced with the task of distinguishing between the beginnings of a genuine bull run and what might colorfully be called a “dead cat bounce” (in traditional market terminology). Stagnation had gripped the market since the pull-back of early 2014. The meteoric rise of Bitcoin’s price in 2013 peaked with a price of $1,100 in November 2013, after a year of fantastic news on the adoption front with both Microsoft and PayPal offering BTC payment options. It is easy to look at a line going up on a chart and speak after the fact, but at the time, it is exceeding difficult to say whether the cat is actually climbing up the wall, or just bouncing off the ground. Here, we will discuss the factors that gave savvy investors clues as to why the 2017 bull run was going to outstrip the 2013 rally. Hopefully this will help give insight into how to differentiate between the signs of a small price increase and the start of a full scale bull run. Most importantly, Volume was far higher in 2017. As we can see in the graphic below, the 2017 volume far exceeds the volume of BTC trading during the 2013 price increase. The stranglehold MtGox held on trading made a huge bull run very difficult and unlikely.
Fraud & Immoral Activity in the Private Market
Ponzi Schemes Cryptocurrency Ponzi schemes will be covered in greater detail in Lesson 7, but we need to get a quick overview of the main features of Ponzi schemes and how to spot them at this point in our discussion. Here are some key indicators of a Ponzi scheme, both in cryptocurrencies and traditional investments: A guaranteed promise of high returns with little risk. Consistentflow of returns regardless of market conditions. Investments that have not been registered with the Securities and Exchange Commission (SEC). Investment strategies that are a secret, or described as too complex. Clients not allowed to view official paperwork for their investment. Clients have difficulties trying to get their money back. The initial members of the scheme, most likely unbeknownst to the later investors, are paid their “dividends” or “profits” with new investor cash. The most famous modern-day example of a Ponzi scheme in the traditional world, is Bernie Madoff’s $100 billion fraudulent enterprise, officially titled Bernard L. Madoff Investment Securities LLC. And in the crypto world, BitConnect is the most infamous case of an entirely fraudulent project which boasted a market cap of $2 billion at its peak.
What are the Exchange Hacks?
The history of cryptocurrency is littered with examples of hacked exchanges, some of them so severe that the operation had to be wound up forever. As we have already discussed, incredibly tech savvy and intelligent computer hackers led by Alexander Vinnik stole 850000 BTC from the MtGox exchange over a period from 2012–2014 resulting in the collapse of the exchange and a near-crippling hammer blow to the emerging asset class that is still being felt to this day. The BitGrail exchange suffered a similar style of attack in late 2017 and early 2018, in which Nano (XRB) was stolen that was at one point was worth almost $195 million. Even Bitfinex, one of the most famous and prestigious exchanges, has suffered a hack in 2016 where $72 million worth of BTC was stolen directly from customer accounts.
Hardware Wallet Scam Case Study
In late 2017, an unfortunate character on Reddit, going by the name of “moody rocket” relayed his story of an intricate scam in which his newly acquired hardware wallet was compromised, and his $34,000 life savings were stolen. He bought a second hand Nano ledger into which the scammers own recover seed had already been inserted. He began using the ledger without knowing that the default seed being used was not a randomly assigned seed. After a few weeks the scammer struck, and withdrew all the poor HODLer’s XRP, Dash and Litecoin into their own wallet (likely through a few intermediary wallets to lessen the very slim chances of being identified).
Hardware Wallet Scam Case Study Social Media Fraud
Many gullible and hapless twitter users have fallen victim to the recent phenomenon of scammers using a combination of convincing fake celebrity twitter profiles and numerous amounts of bots to swindle them of ETH or BTC. The scammers would set up a profile with a near identical handle to a famous figure in the tech sphere, such as Vitalik Buterin or Elon Musk. And then in the tweet, immediately following a genuine message, follow up with a variation of “Bonus give away for the next 100 lucky people, send me 0.1 ETH and I will send you 1 ETH back”, followed by the scammers ether wallet address. The next 20 or so responses will be so-called sockpuppet bots, thanking the fake account for their generosity. Thus, the pot is baited and the scammers can expect to receive potentially hundreds of donations of 0.1 Ether into their wallet. Many twitter users with a large follower base such as Vitalik Buterin have taken to adding “Not giving away ETH” to their username to save careless users from being scammed.
Market Manipulation
It also must be recognized that market manipulation is taking place in cryptocurrency. For those with the financial means i.e. whales, there are many ways in which to control the market in a totally immoral and underhanded way for your own profit. It is especially easy to manipulate cryptos that have a very low trading volume. The manipulator places large buy orders or sell walls to discourage price action in one way or the other. Insider trading is also a significant problem in cryptocurrency, as we saw with the example of blatant insider trading when Bitcoin Cash was listed on Coinbase.
Examples of ICO Fraudulent Company Behavior
In the past 2 years an astronomical amount of money has been lost in fraudulent Initial Coin Offerings. The utmost care and attention must be employed before you invest. We will cover this area in greater detail with a whole lesson devoted to the topic. However, at this point, it is useful to look at the main instances of ICO fraud. Among recent instances of fraudulent ICOs resulting in exit scams, 2 of the most infamous are the Benebit and PlexCoin ICOs which raised $4 million for the former and $15 million for the latter. Perhaps the most brazen and damaging ICO scam of all time was the Vietnamese Pincoin ICO operation, where $660million was raised from 32,000 investors before the scammer disappeared with the funds. In case of smaller ICO “exit scamming” there is usually zero chance of the scammers being found. Investors must just take the hit. We will cover these as well as others in Lesson 7 “Scam Projects”.
Signposts of Fraudulent Actors
The following factors are considered red flags when investigating a certain project or ICO, and all of them should be considered when deciding whether or not you want to invest. Whitepaper is a buzzword Salad: If the whitepaper is nothing more than a collection of buzzwords with little clarity of purpose and not much discussion of the tech involved, it is overwhelmingly likely you are reading a scam whitepaper.
Signposts of Fraudulent Actors §2
No Code Repository: With the vast majority of cryptocurrency projects employing open source code, your due diligence investigation should start at GitHub or Sourceforge. If the project has no entries, or nothing but cloned code, you should avoid it at all costs. Anonymous Team: If the team members are hard to find, or if you see they are exaggerating or lying about their experience, you should steer clear. And do not forget, in addition to taking proper precautions when investing in ICOs, you must always make sure that you are visiting authentic web pages, especially for web wallets. If, for example, you are on a spoof MyEtherWallet web page you could divulge your private key without realizing it and have your entire portfolio of Ether and ERC-20 tokens cleaned out.
Methods to Avoid falling Victim
Avoiding scammers and the traps they set for you is all about asking yourself the right questions, starting with: Is there a need for a Blockchain solution for the particular problem that a particular ICO is attempting to solve? The existing solution may be less costly, less time consuming, and more effective than the proposals of a team attempting to fill up their soft cap in an ICO. The following quote from Mihai Ivascu, the CEO of Modex, should be kept in mind every time you are grading an ICO’s chances of success: “I’m pretty sure that 95% of ICOswill not last, and many will go bankrupt. ….. not everything needs to be decentralized and put on an open source ledger.”
Methods to Avoid falling Victim §2 Do I Trust These People with My Money, or Not?
If you continue to feel uneasy about investing in the project, more due diligence is needed. The developers must be qualified and competent enough to complete the objectives that they have set out in the whitepaper.
Is this too good to be true?
All victims of the well-known social media scams using fake profiles of Vitalik Buterin, or Bitconnect investors for that matter, should have asked themselves this simple question, and their investment would have been saved. In the case of Bitconnect, huge guaranteed gains proportional to the amount of people you can get to sign up was a blatant pyramid scheme, obviously too good to be true. The same goes for Fake Vitalik’s offer of 1 ether in exchange for 0.1 ETH.
Selling Cryptocurrencies, Several reasons for selling with the appropriate actions to take:
If you are selling to buy into an ICO, or maybe believe Ether is a safer currency to hold for a certain period of time, it is likely you will want to make use of the Ether pair and receive Ether in return. Obviously if the ICO is on the NEO or WANchain blockchain for example, you will use the appropriate pair. -Trading to buy into another promising project that is listing on the exchange on which you are selling (or you think the exchange will experience a large amount of volume and become a larger exchange), you may want to trade your cryptocurrency for that exchange token. -If you believe that BTC stands a good chance of experiencing a bull run then using the BTC trading pair is the suitable choice. -If you believe that the market is about to experience a correction but you do not want to take your gains out of the market yet, selling for Tether or “tethering up” is the best play. This allows you to keep your locked-in profits on the exchange, unaffected by the price movements in the cryptocurrency markets,so that you can buy back in at the most profitable moment. -If you wish to “cash out” i.e. sell your cryptocurrency for fiat currency and have those funds in your bank account, the best pair to use is ETH or BTC because you will likely have to transfer to an exchange like Kraken or Coinbase to convert them into fiat. If the exchange offers Litecoin or Bitcoin Cash pairs it could be a good idea to use these for their fast transaction time and low fees.
Selling Cryptocurrencies
Knowing when and how to sell, as well as strategies to inflate the value of your trade before sale, are important skills as a trader of any product or financial instrument. If you are satisfied that the sale itself of the particular amount of a token or coin you are trading away is the right one, then you must decide at what price you are going to sell. Exchanges exercise their own discretion as to which trading “pairs” they will offer, but the most common ones are BTC, ETH, BNB for Binance, BIX for Bibox etc., and sometimes Tether (USDT) or NEO. As a trader, you decide which particular cryptocurrency to exchange depending on your reason for making that specific trade at that time.
Methods of Sale
Market sell/Limit sell on exchange: A limit sell is an order placed on an exchange to sell as soon as (also specifically only if and when) the price you specified has been hit within the time limit you select. A market order executes the sale immediately at the best possible price offered by the market at that exact time. OTC (or Over the Counter) selling refers to sale of securities or cryptocurrencies in any method without using an exchange to intermediate the trade and set the price. The most common way of conducting sales in this manner is through LocalBitcoins.com. This method of cryptocurrency selling is far riskier than using an exchange, for obvious reasons.
The influence and value of your Trade
There are a number of strategies you can use to appreciate the value of your trade and thus increase the Bitcoin or Ether value of your portfolio. It is important to disassociate yourself from the dollar value of your portfolio early on in your cryptocurrency trading career simply because the crypto market is so volatile you will end up pulling your hair out in frustration following the real dollar money value of your holdings. Once your funds have been converted into BTC and ETH they are completely in the crypto sphere. (Some crypto investors find it more appropriate to monitor the value of their portfolio in satoshi or gwei.) Certainly not limited to, but especially good for beginners, the most reliable way to increase your trading profits, and thus the overall value and health of your portfolio, is to buy into promising projects, hold them for 6 months to a year, and then reevaluate. This is called Long term holding and is the tactic that served Bitcoin HODLers quite well, from 2013 to the present day. Obviously, if something comes to light about the project that indicates a lengthy set back is likely, it is often better to cut your losses and sell. You are better off starting over and researching other projects. Also, you should set initial Price Points at which you first take out your original investment, and then later, at which you take out all your profits and exit the project. That should be after you believe the potential for growth has been exhausted for that particular project.
Another method of increasing the value of your trades is ICO flipping. This is the exact opposite of long term holding. This is a technique in which you aim for fast profits taking advantage of initial enthusiasm in the market that may double or triple the value of ICO projects when they first come to market. This method requires some experience using smaller exchanges like IDEX, on which project tokens can be bought and sold before listing on mainstream exchanges. “Tethering up” means to exchange tokens or coins for the USDT stable coin, the value of which is tethered to the US Dollar. If you learn, or know how to use, technical analysis, it is possible to predict when a market retreatment is likely by looking at the price movements of BTC. If you decide a market pull back is likely, you can tether up and maintain the dollar value of your portfolio in tether while other tokens and coins decrease in value. The you wait for an opportune moment to reenter the market.
Market Behavior in Different Time Periods
The main descriptors used for overall market sentiment are “Bull Market” and “Bear Market”. The former describes a market where people are buying on optimism. The latter describes a market where people are selling on pessimism. Fun (or maybe not) fact: The California grizzly bear was brought to extinction by the love of bear baiting as a sport in the mid 1800s. Bears were highly sought after for their intrinsic fighting qualities, and were forced into fighting bulls as Sunday morning entertainment for Californians. What has this got to do with trading and financial markets? The downward swipe of the bear’s paws gives a “Bear market” its name and the upward thrust of a Bull’s horns give the “Bull Market” its name. Most unfortunately for traders, the bear won over 80% of the bouts. During a Bull market, optimism can sometimes grow to be seemingly boundless, volume is rising, and prices are ascending. It can be a good idea to sell or rebalance your portfolio at such a time, especially if you have a particularly large position in one holding or another. This is especially applicable if you need to sell a large amount of a relatively low-volume holding, because you can then do so without dragging the price down by the large size of your own sell order.
Learn more on common behavioral patterns observed so far in the cryptocurrency space for different coins and ICO tokens.
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Bitcoin Real Time Transaction Websocket Unity Visualization Workshop : Liquid, une sidechain de Bitcoin Andrew Chow: Partially Signed Bitcoin Transactions Discreet Log Contracts: Explanation and Demo Bitcoin script IDE — Princeton Bitcoin seminar final project

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Bitcoin Real Time Transaction Websocket Unity Visualization

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