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What is Bitcoin? – Binance.US
Shame on you Binance for not changing the ticker symbol for Bitcoin Cash from BCC to BCH. It's been a year now and yet nothing happens. BCH is #4 total market cap. What are your reasons for leaving it as BCC?
Shame on you Binance for not changing the ticker symbol for Bitcoin Cash from BCC to BCH. It's been a year now and yet nothing happens. BCH is #4 total market cap and this alone should be enough reason to list it with its correct ticker which is BCH. There's already a lot of confusion regarding the BTC and BCH. Naming BCH as BCC just creates more for newcomers. Binance what are your reasons for leaving it as BCC? Jager_Binance
Shame on you Binance for not changing the ticker symbol for Bitcoin Cash from BCC to BCH. It's been a year now and yet nothing happens. BCH is #4 total market cap. What are your reasons for leaving it as BCC? /r/btc
Stakenet (XSN) - A DEX with interchain capabilities (BTC-ETH), Huge Potential [Full Writeup]
Preface Full disclosure here; I am heavily invested in this. I have picked up some real gems from here and was only in the position to buy so much of this because of you guys so I thought it was time to give back. I only invest in Utility Coins. These are coins that actually DO something, and provide new/build upon the crypto infrastructure to work towards the end goal that Bitcoin itself set out to achieve(financial independence from the fiat banking system). This way, I avoid 99% of the scams in crypto that are functionless vapourware, and if you only invest in things that have strong fundamentals in the long term you are much more likely to make money. Introduction
Stakenet is a Lightning Network-ready open-source platform for decentralized applications with its native cryptocurrency – XSN. It is powered by a Proof of Stake blockchain with trustless cold staking and Masternodes. Its use case is to provide a highly secure cross-chain infrastructure for these decentralized applications, where individuals can easily operate with any blockchain simply by using Stakenet and its native currency XSN.
Ok... but what does it actually do and solve? The moonshot here is the DEX (Decentralised Exchange) that they are building. This is a lightning-network DEX with interchain capabilities. That means you could trade BTC directly for ETH; securely, instantly, cheaply and privately. Right now, most crypto is traded to and from Centralised Exchanges like Binance. To buy and sell on these exchanges, you have to send your crypto wallets on that exchange. That means the exchanges have your private keys, and they have control over your funds. When you use a centralised exchange, you are no longer in control of your assets, and depend on the trustworthiness of middlemen. We have in the past of course seen infamous exit scams by centralised exchanges like Mt. Gox. The alternative? Decentralised Exchanges. DEX's have no central authority and most importantly, your private keys(your crypto) never leavesYOUR possession and are never in anyone else's possession. So you can trade peer-to-peer without any of the drawbacks of Centralised Exchanges. The problem is that this technology has not been perfected yet, and the DEX's that we have available to us now are not providing cheap, private, quick trading on a decentralised medium because of their technological inadequacies. Take Uniswap for example. This DEX accounts for over 60% of all DEX volume and facilitates trading of ERC-20 tokens, over the Ethereum blockchain. The problem? Because of the huge amount of transaction that are occurring over the Ethereum network, this has lead to congestion(too many transaction for the network to handle at one time) so the fees have increased dramatically. Another big problem? It's only for Ethereum. You cant for example, Buy LINK with BTC. You must use ETH. The solution? Layer 2 protocols. These are layers built ON TOP of existing blockchains, that are designed to solve the transaction and scaling difficulties that crypto as a whole is facing today(and ultimately stopping mass adoption) The developers at Stakenet have seen the big picture, and have decided to implement the lightning network(a layer 2 protocol) into its DEX from the ground up. This will facilitate the functionalities of a DEX without any of the drawbacks of the CEX's and the DEX's we have today. Heres someone much more qualified than me, Andreas Antonopoulos, to explain this https://streamable.com/kzpimj 'Once we have efficient, well designed DEX's on layer 2, there wont even be any DEX's on layer 1' Progress The Stakenet team were the first to envision this grand solution and have been working on it since its conception in June 2019. They have been making steady progress ever since and right now, the DEX is in an open beta stage where rigorous testing is constant by themselves and the public. For a project of this scale, stress testing is paramount. If the product were to launch with any bugs/errors that would result in the loss of a users funds, this would obviously be very damaging to Stakenet's reputation. So I believe that the developers conservative approach is wise. As of now the only pairs tradeable on the DEX are XSN/BTC and LTC/BTC. The DEX has only just launched as a public beta and is not in its full public release stage yet. As development moves forward more lightning network and atomic swap compatible coins will be added to the DEX, and of course, the team are hard at work on Raiden Integration - this will allow ETH and tokens on the Ethereum blockchain to be traded on the DEX between separate blockchains(instantly, cheaply, privately) This is where Stakenet enters top 50 territory on CMC if successful and is the true value here. Raiden Integration is well underway is being tested in a closed public group on Linux. The full public DEX with Raiden Integration is expected to release by the end of the year. Given the state of development so far and the rate of progress, this seems realistic. Tokenomics 2.6 Metrics overview (from whitepaper)
Ticker: XSN. Currency type: Coin.
Consensus: Minting Proof of Stake, Trustless Proof of Stake.
XSN is slightly inflationary, much like ETH as this is necessary for the economy to be adopted and work in the long term. There is however a deflationary mechanism in place - all trading fees on the DEX get converted to XSN and 10% of these fees are burned. This puts constant buying pressure on XSN and acts as a deflationary mechanism. XSN has inherent value because it makes up the infrastructure that the DEX will run off and as such Masternode operators and Stakers will see the fee's from the DEX. Conclusion We can clearly see that a layer 2 DEX is the future of crypto currency trading. It will facilitate secure, cheap, instant and private trading across all coins with lightning capabilities, thus solving the scaling and transaction issues that are holding back crypto today. I dont need to tell you the implications of this, and what it means for crypto as a whole. If Stakenet can launch a layer 2 DEX with Raiden Integration, It will become the primary DEX in terms of volume. Stakenet DEX will most likely be the first layer 2 DEX(first mover advantage) and its blockchain is the infrastructure that will host this DEX and subsequently receive it's trading fee's. It is not difficult to envision a time in the next year when Stakenet DEX is functional and hosting hundreds of millions of dollars worth of trading every single day. At $30 million market cap, I cant see any other potential investment right now with this much potential upside. This post has merely served as in introduction and a heads up for this project, there is MUCH more to cover like vortex liquidity, masternodes, TOR integration... for now, here is some additional reading. Resources
Disclaimer: I am not and have never been affiliated with any of the mentioned parties in a private or professional matter. Presumably in an attempt to smear a local competitor, Hayden Otto inadvertently publishes irrefutable on-chain proof that he excluded non-BCH retail revenue to shape the "BCH #1 in Australia" narrative.
Scroll down to "Proof of exclusion" if you are tired of the drama recap.
Scroll down to "TLDR" if you want a summary.
In September 2019, BitcoinBCH.com started publishing so called monthly "reports" about crypto retail payments in Australia. They claimed that ~90% of Australia's crypto retail revenue is processed via their own HULA system and that ~92% of all crypto retail revenue happens in BCH. They are aggregating two data sources to come up with this claim. One is TravelByBit (TBB) who publishes their PoS transactions (BTC, LN, ETH, BNB, DASH, BCH) live on a ticker. The other source is HULA, a newly introduced POS system (BCH only) and direct competitor to TBB run by BitcoinBCH.com - the same company who created the report. Despite being on-chain their transactions are private, not published and not verifiable by third parties outside BitcoinBCH.com Two things stood out in the "reports", noted by multiple users (including vocal BCH proponents):
The non-BCH parts must have tx excluded and the report neglects to mention it (the total in their TBB analysis does not match what is reported on the TBB website.)
The BCH part has outliers included (e.g. BCH city conference in September with 35x the daily average)
Hayden Otto's reaction
In direct response to me publishing these findings on btc, Hayden Otto - an employee at BitcoinBCH.com and the author of the report who also happens to be a moderator of /BitcoinCash - banned me immediately from said sub (source). In subsequent discussion (which repeated for every monthly "report" which was flawed in the same ways as described above), Hayden responded using the same tactics: "No data was removed"
"The guy is straight out lying. There is guaranteed no missing tx as the data was collected directly from the source." (source)
"Only data I considered non-retail was removed"
"I also had these data points and went through them to remove non-retail transactions, on both TravelbyBit and HULA." (source)
He admits to have removed non-BCH tx by "Game Ranger" because he considers them non-retail (source). He also implies they might be involved in money laundering and that TBB might fail their AML obligations in processing Game Ranger's transactions (source). The report does not mention any data being excluded at all and he still fails to explain why several businesses that are clearly retail (e.g. restaurants, cafes, markets) had tx excluded (source). "You are too late to prove I altered the data"
"[...] I recorded [the data] manually from https://travelbybit.com/stats/ over the month of September. The website only shows transactions from the last 7 days and then they disappear. No way for anyone to access stats beyond that." (source)
Proof of exclusion
I published raw data as extracted from the TBB site after each report for comparison. Hayden responded that I made those numbers up and that I was pulling numbers out of my ass. Since he was under the impression that
"The website only shows transactions from the last 7 days and then they disappear. No way for anyone to access stats beyond that." (source)
he felt confident to claim that I would be
unable to provide a source for the [missing] data and/or prove that that data was not already included in the report. (source)
Luckily for us Hayden Otto seems to dislike his competitor TravelByBit so much that he attempted to reframe Bitcoin's RBF feature as a vulnerability specific to TBB PoS system (source). While doublespending a merchant using the TBB PoS he wanted to prove that the merchant successfully registered the purchase as complete and thus exposed that the PoS sales history of TBB's merchants are available to the public (source), in his own words:
"You can literally access it from a public URL in the Web browser. There is no login or anything required, just type in the name of the merchant." (source)
As of yet it is unclear if this is intentional by TBB or if Hayden Ottos followed the rules of responsible disclosure before publishing this kind of data leak. As it happens, those sale histories do not only include the merchant and time of purchases, they even include the address the funds were sent to (in case of on-chain payments). This gives us an easy method to prove that the purchases from the TBB website missing in the reports belong to a specific retail business and actually happened - something that is impossible to prove for the alleged HULA txs. In order to make it easier for you to verify it yourself, we'll focus on a single day in the dataset, September 17th, 2019 as an example:
Hayden Otto's report claims 20 tx and $713.00 in total for that day (source)
The TBB website listed 40 tx and a total of $1032.90 (daily summary)
Paste the associated crypto on-chain address 17MrHiRcKzCyuKPtvtn7iZhAZxydX8raU9 in a blockchain explorer of your choice, e.g like this. This proves that a transfer of funds has actually happened.
I let software aggregate the TBB statistics with the public sale histories and you'll find at the bottom of this post a table with the on-chain addresses conveniently linked to blockchain explorers for our example date. The total of all 40 tx is $1032.90 instead of the $713.00 reported by Hayden. 17 tx of those have a corresponding on-chain address and thus have undeniable proof of $758.10. Of the remaining 23, 22 are on Lightning and one had no merchant history available. This is just for a single day, here is a comparison for the whole month.
TBB wo. Game Ranger
TBB according to Hayden
The usual shills will respond in a predictive manner: The data must be fake even though its proof is on-chain, I would need to provide more data but HULA can be trusted without any proof, if you include outliers BCH comes out ahead, yada, yada. But this is not important. I am not here to convince them and this post doesn't aim to. The tx numbers we are talking about are less than 0.005% of Bitcoin's global volume. If you can increase adoption in your area by 100% by just buying 2 coffees more per day you get a rough idea about how irrelevant the numbers are in comparison. What is relevant though and what this post aims to highlight is that BitcoinBCH.com and the media outlets around news.bitcoin.com flooding you with the BCH #1 narrative are playing dirty. They feel justified because they feel that Bitcoin/Core/Blockstream is playing dirty as well. I am not here to judge that but you as a reader of this sub should be aware that this is happening and that you are the target. When BitcoinBCH.com excludes $1,000 Bitcoin tx because of high value but includes $15,000 BCH tx because they are made by "professionals", you should be sceptical. When BitcoinBCH.com excludes game developers, travel businesses or craftsmen accepting Bitcoin because they don't have a physical store but include a lawyer practice accepting BCH, you should be sceptical. When BitcoinBCH.com excludes restaurants, bars and supermarkets accepting Bitcoin and when pressed reiterate that they excluded non-retail businesses without ever explaning why a restaurant shouldn't be considered reatil, you should be sceptical. When BitcoinBCH.com claims the reports have been audited but omit that the data acquisition was not part of the audit, you should be sceptical. I expect that BitcoinBCH.com will stop removing transactions from TBB for their reports now that it has been shown that their exclusion can be provably uncovered. I also expect that HULA's BCH numbers will rise accordingly to maintain a similar difference. Hayden Otto assumed that nobody could cross-check the TBB data. He was wrong. Nobody will be able to disprove his claims when HULA's BCH numbers rise as he continues to refuse their release. You should treat his claims accordingly. As usual, do your own research and draw your own conclusion. Sorry for the long read.
BitcoinBCH.com claimed no transactions were removed from the TBB dataset in their BCH #1 reports and that is impossible to prove the opposite.
Hayden Otto's reveals in a double spend attempt that a TBB merchant's sale history can be accessed publicly including the merchant's on-chain addresses.
(For example,) this table shows 40 tx listed on the TBB site on Sep 17th, including their on-chain addresses where applicable. The BitcoinBCH.com report lists only 20 tx for the same day.
(Most days and every months so far has had BTC transactions excluded.)
(For September, TBB lists $10,502 yet the report only claims $3,737.
Bitcoin Futures Trading Platforms - Comparsion of Trading Fees
As i'm the perfect example of a scalper, low risk and small positions, i wanted to find out if and how much the fees would eat up my profit. What kind of fees are applied on Trading Platforms? Maker fees are paid when you add liquidity to our order book by placing a limit order below the ticker price for buy, and above the ticker price for sell. Taker fees are paid when you remove liquidity from our order book by placing any order that is executed against an order on the order book. Of course there are deposit/withdrawal fees on some platforms, but these are easy to calculate and foreseeable. List of Trading Platforms and it's fees (A to Z) All the fees are applied to BTC/USD Futures (Perpetual Contracts). Binance – MF 0.02% / TF 0.04% Bitmex – MF -0.025% / TF 0.075% Bybit – MF -0.025% / TF 0.075% Deribit – MF -0.025% / TF 0.075% Digitex Futures – MF 0.00% / TF 0.00% Huobi Global – MF 0.02% / TF 0.04% Kraken – MF -0.02% / TF 0.075% OKEx – MF 0.02% / TF 0.05% Phemex – MF -0.025% / TF 0.075% MF = Maker Fees / TF = Taker Fees You see on some exchange you have a negative maker fee, this is because you get rewarded for adding liquidity. Let's calculate our profitability So let's say we enter a trade and buy 2 Bitcoins at $10500, the price rises to $10505 after a few minutes and we hop out of the trade. How much did we effectively made? Let's compare the worst case and best case scenarios. Worst case (OKEx) MF (2×10500 = 21000) => (21000 / 100) × 0.02 = $4.20 fees for placing your order TF (2×10505 = 21010) => (21010 / 100) × 0.05 = $10.50 fees for selling your position Net profit = $10 - $14.70 = -$4.70 Best case (Digitex Futures) MF (2x10500 = 21000) => (21000 / 100) × 0.00 = $0.00 fees for placing your order TF (2×10505 = 21010) => (21010 / 100) × 0.00 = $0.00 fees for selling your position Net profit = $10 -$0.00 = +$10.00 Conclusion As you can see, scalping on almost all platforms is impossible unless you go for higher risk or longer term trades. The fees just make it impossible to make quick profits unless you are on the right platform.
Monthly Nano News: December 2019 + Year Recap Special
This is what NANO has been up to lately. I don't think I lie if I say it has been quite an amazing year! See you soon and happy new year! Something nice is coming soon that I have been working on for a while, stay tuned..
This is where you can find answers to some of the most frequently asked questions. If you can't find what you are looking for then perhaps try browsing our WIKI, or one of our past AMA Recaps! The "most asked" questions are listed first. These will consistently change to reflect Kava's current landscape.
Relevant Questions (Timely)
When will Kava’s DeFi Lending Platform become available?
Kava’s DeFi Lending Platform will go live on June 10th (pending the approval of the current governance vote)
How/where can I access the new DeFi Lending features
The new features will be accessible via integrated wallet and exchange applications such as Cosmostation, Forbole, Trust Wallet, and Frontier.
When is the first Crypto Payday?
On July 15th, 74,000 KAVA tokens (95k USD as of Jul 2020) will be distributed amongst a pool of USDX minters.
How many “Crypto Paydays” will there be?
There will be a new Crypto Payday every wednesday for an entire calendar year - each Payday pool will be composed of that week's USDX minters.
What does the future hold for Kava's DeFi Lending Platform?
The next step will be to adopt new assets.
The governance group will vote for which asset Kava’s DeFi Lending Platform will support next.
Likely candidates are BTC, XRP, or ATOM.
How do I qualify for Crypto Payday?
Use Kava's DeFi Lending Platform to mint USDX.
Currently USDX can only be minted w/ BNB.
When are Crypto Paydays?
Staring July 15th, 2020
Ending July 16th, 2021
Where can I go to mint BNB?
The new features will be accessible via integrated wallet and exchange applications such as Cosmostation, Forbole, Trust Wallet, and Frontier.
P-REP Proposal; ICON, 20% exposure in top crypto event of 2020, reach 100+ universities/corporate partners (BETTER THAN SLICED BREAD), organized by MouseBelt.
Summary: Event site:https://www.ri2020.io/ Event date: May 18th, 2020 P-PREP Commitment Date: April 30th, 2020 Telegram:u/markusreisner We believe we have a strong proposition to market ICON in a meaningful way to some of the largest communities in crypto. The MouseBelt team has the largest global network of over 100+ universities in 20+ countries. Over the last few months, 10+ university blockchain events we were working with got canceled for obvious reasons. Due to that fact, and our understanding of our reach we decided to launch a virtual conference. Since April 10th here is what happened:
We have enrolled over 100+ partners and universities
With BlockTV’s distribution (we are taking over the site for 1+ months) and our post-conference strategy, this content will reach 5+ million views
Over 5000 people have registered between Eventbrite and Facebook (with 21 days to go, we expect 20,000 people registered)
We have invested $70,000 to professionally produce this 72-hour event with BlockTV
We believe we have surpassed Cointelegraph and Consensus in reach and production quality.
We believe this is the #1 conference in crypto currently.
MouseBelt will invest over $70k+ into this event. We would like to have fellow P-Reps invest $20k (this will go 100% to BlockTV production cost). The benefit to the ICON community will be:
Owning 20% of the conference “screen time” at a 50% discount
Increased exposure to over 100+ top universities working on blockchain
Partnership with Anheuser-Busch InBev, and Coca Cola for one of our hackathon events (or similar).
We are open to adding as many additional benefits as possible as we are a part of the ICON community
Background: MouseBelt is a popular blockchain ecosystem consisting of multiple parts:
Top 3 global blockchain accelerator, investing into early to mid-stage blockchain projects
MouseBelt as ICON developers: Our engineering team has implemented token assets on ZenSports (SPORTS), the first STO on the ICON network, and GrowYourBase, the #1 IRC2 application token in market capitalization on the ICON network. Currently, we are developing the Balanced network in concert with ICX_Station, PARROT9, and Iconosphere. Balanced will bring synthetic assets backed by ICX to the ICON network, as well as tokenized staked ICX. This can assist with both a stable asset for payments, and a base for other DeFi applications MouseBelt as a P-Rep: We have been a Main P-Rep most of the time since decentralization of the network and so far had utilized our funds for student education. Such as the “ICON in a box” workshops and the Milwaukee Blockchain Conference, which we sponsored in a direct ICX payment and the second annual payment for UCLA’s blockchain engineering course. REIMAGINE2020, Conference details: Conferences have always been an integral part of the blockchain space to promote projects in the industry. With recent evolutions around the globe, things have changed. They either got canceled or delayed. We have created REIMAGINE2020, a virtual conference. Shared by the ICON Foundation on April 18. We can effectively and efficiently promote ICON to the world through Reiamgine2020 | BlockTV. The driving force behind the conference is: highest quality of Content matched with the best production quality for Video. The funds will allow MouseBelt to promote ICON logo/branding throughout the conference/programming for straight 72 hr of live streaming. Additionally, we have the opportunity to properly place ICON logo/branding in highly favorable on-screen placements (tickers/commercials/plugs and continuous branding) reaching 5M viewers globally. ICX Station is providing a Keynote to drive global interest. Confirmed partners
Influencers we are reaching out to: Chamath Palihapitiya, Adam Back, Ray Dalio, Andreessen Horowitz, Michael Novogratz, Naval Ravikant, Balaji S. Srinivasan, Su Zhu, Charlie Lee, Nick Szabo, Riccardo Spagni, Fred Wilson, Max Keiser, Winklevoss, Air Paul, Michael Arrington, Peter Schiff, Paolo Adroino, Elizabeth Stark, Marc Andreessen, A. Pompliano, Patrick Byrne, Brock Pierce, CZ, Vitalik, Andreas M. Antonopoulos
3. As far as hard data for "attendees" we have two signals:
5000+ attendees on Facebook and Eventbrite, with 3 weeks to go (13X MORE than Virtual Blockchain Week!)
Attendee list includes a mix of media, university representatives, C-level executives, developers, and startup founders
Interviewer: Moose Team Member: Michael Luckhoo Telegram channel AMA: https://t.me/CryptoGEMS_official Digitalbits Telegram: https://t.me/digitalbits Token ticker: XDB AMA: Interviewer: Q1 Looks like Libra is moving forward. Is this bullish or bearish for you? Michael Luckhoo: Definitely bullish. Firstly, this is further validation that brands like the Libra members including Facebook are embracing cryptocurrencies. That being said, not all enterprises have the internal technical capability like Facebook/Libra to build their own cryptocurrency internally. This is a massive market opportunity and the DigitalBits blockchain along with certain ecosystem participants are well positioned to support various brands with creating their own form of branded cryptocurrency on the DigitalBits blockchain. Interviewer: glad to hear that , Libra would probably become the biggest branded coin out there Michael Luckhoo: yes, but we can also help other brands to deploy their own and connect with others, such as Libra. Interviewer: most brand dont have the capability like libra to build their own Stablecoin , that lead us to the next question from a community member. Interviewer: Q2: I'm a business owner, I want a loyalty program. Why would $XDB be a solution for me ? Michael Luckhoo: Businesses imploring the use of a blockchain based loyalty systems can provide a number of benefits: deeper marketing intelligence into the consumer buying behaviour, greater connectivity to other brands on the network and access to other value-adds on the network for both program operators (brands) and their consumers. For branded cryptocurrencies that are also listed on secondary-markets / exchanges, there is also the potential for enhanced liquidity for that branded cryptocurrency when compared to the legacy form of that asset, and in turn increasing the potential for such a brand's reward to appear more desirable to certain consumers given the enhancement to utility. Interviewer: would it be easy for a client to reach you and setup the loyalty program? like a key in hand solution for new client ? Michael Luckhoo: Ultimately DigitalBits serves as the network layer to support this industry, therefore we are agnostic to which parties build on the network. As a result we are forming strong partnerships to become the application layer to support the on-boarding of such clients that wish to have a one-stop setup. These ecosystem partners are an integral part to develop a key-in-hand solution as you suggest. Stay tuned for some updates on this :wink: Interviewer: lovely ! your talking about forming partnership to become a easy step solution for new client ... with established partnerships with Pundi X, Kucoin - is Asia your primary market? Or you're going to develop other markets (Europe, North America, South America, Africa) at the same time? Michael Luckhoo: Asia is obviously a massive market, however, it is not the only market wherein enterprises are embracing the DigitalBits blockchain. North America and Europe are home to other companies already collaborating with the DigitalBits blockchain. Interviewer: i see you said companies with a (s) :grin: Michael Luckhoo: :wink: next question.. Interviewer: lets go to the 4th question then eheh Q4: Is there truth in Bittrex maybe adding XDB to their trading pairs? Michael Luckhoo: We cannot comment at this time specific to any future exchanges. However, we are routlinely contacted by exchanges…. Interviewer: gotcha , anyway i think Kucoin is a solid add to XDB and again congratz on this listing Michael Luckhoo: I think so too, thank you. Interviewer: The XDB roadmap is still not fully filled Q5:What are the time scales for the partnership announcements? Michael Luckhoo: As we have just commenced Q2, we have commenced partnership announcements with critical players that will support the industry of branded cryptocurrencies. Considering the news of the ECD service with KuCoin, each of these parties play a specific role in supporting DigitalBits, from procurement and liquidity (ECD), to custody solutions, business registries and payment operators. This ecosystem is able to provide brands with a wide range of support to launch their own branded currency. We are also actively supporting new ecosystem additions that will each play a role in expanding use of the DigitalBits blockchain, some of which will be announced shortly. Interviewer: Regarding the new partnership with Kucoin , what does it mean for XDB in term of volume / exposure / utility ? How can it affect the demande of the XDB token? Michael Luckhoo : We are obviously excited to see KuCoin launch their Enterprise Currency Desk (ECD) service and XDB to be one of the first to support this. The ECD may provide a host of benefits to the businesses in a more frictionless way, some of the benefits include: Ease of transaction for token procurement, Guidance on requirements for specific functions depending on the blockchain application, automated business function, similar to a subscription plan for the blockchain - businesses not only need the access to tokens for certain functions, they need a "refuel system" to guide them for the next batch and so forth in a cost-effective and seamless way. We cannot comment on expected volume that Kucoin's ECD will drive for XDB. That being said, any demand Kucoin creates in marketing its ECD service to enterprises is obviously positive exposure for DigitalBits and the XDB token. Interviewer: ease of transaction for token procurement .. it mean kucoin will buy the token for the client? Michael Luckhoo: yes, they can enact this type of service on the clients’ behalf. Interviewer: nice ! perfect so next question Q7 : Is Julie the CMO of walmart still working with you actively? Michael Luckhoo: yes, Julie continues to be a very active advisory board member. She is also engaged, through her role with another organization, in other aspects of the DigitalBits ecosystem that we cannot comment on at this time.. Interviewer: glad to hear she is still there actively , its a big name to have onboard ! Soo during your last AMA your team was talking about a client with 10 000 000user ... where will companies get the amount they need to create their loyalty program knowing it need 10xdb per wallet? Lets say the current one have 10m user , it need 100m XDB to make their program , where will they get that amount? Will it have any effect on the trading token? Michael Luckhoo: DigitalBits doesn’t have the obligation to supply consumer wallets with XDB tokens. Therefore, companies and their respective applications that are used by consumers will have the responsibility to ensure that their wallets have a sufficient amount of XDB tokens. With that being said, the company may source these tokens from the open-market and utilize services such as Kucoin's ECD to purchase XDB tokens. Interviewer: ah that make sense. hence why this partnership is so important ! So any new client could refer to kucoin EDC and get their amount for their user Michael Luckhoo: yes, they can. We hope to see other major exchanges explore concepts such as this as well in the future to induce a more business-centric approach to engaging with blockchain. Interviewer: I'll be more than happy to see Binance going this way... knowing CZ is constantly talking about Stablecoin its looking good ! Q9: What is the number 1 feature of XDB that will drive adoption? When is the peak of adoption as a guesstimate? Michael Luckhoo: Beyond technology features, the key to adoption is Execution. At the end of the day, its nice to have a product and/or a service that is viable, but ultimaltely the team and experience of a strong go-to-market strategy is what brings adoption. To date, many crypto projects have been lacking in this department. It’s hard to state when the peak of adoption will occur, but we are in the growth-stage of this industry as it would seem. The early adopter and the early majority being able to connect in this stage is what is key to bring adoption and signifies this stage as well, we refer to it as crossing the chasm. Interviewer: Its true , and most project depend on the crypto success ... however loyalty program are already a thing that hasn’t change a lot during past year Does the situation with the Covid19 affect the work of the XDB team ? Michael Luckhoo: Not at all, we are working very well remotely and still advocating the benefits of blockchain technology to support the consumer industry even more so now as consumers are even in heightened alert of how they spend, save and earn with the brand! Interviewer: Nice , as long as all of you guys stay safe so you keep these update coming in !! lest go to the next and sadly final question for this Ama ! à Q10: Bringing the masses to crypto instead of crypto to the masses"" Will we see this kickstart in 2020 or rather mid-longterm?" Michael Luckhoo: This is a pivotal year in crypto as we continue to see companies expand their interest in the space (Facebooks' Libra coin, to Bakkt's acquistion of Bridge2, Walmart patents surrounding Stablecoin). Blockchain cotninues to gain greater validation regardless of market conditions. We continue to be a voice advocating this along with major players in bringing the masses to crypto by using pathways already familiar to the average user via seamless integrations. The average new person in this case may first own a branded cryptocurrency as their first crypto vs it first being Bitcoin, which is a big leap forward. As mentioned, as we enter into an economic downturn, consumers will be on heightened alert to want to save and earn more rewards from brands. Therefore, we expect no slow down in the use cases for branded cryprocurrencies, including branded stablecoins. Please check out this interesting read: Bailouts, CBDCs and Branded Currencies Tangible Solutions Amidst Global Crisis: https://techbullion.com/bailouts-cbdcs-and-branded-currencies-tangible-solutions-amidst-global-crisis/ Interviewer: i will sure read this just after , its exciting to see these massive player getting into stablecoin in 2020 I know you guys dont have much time and again thank you for this AMA , i was wondering if you can drop us something for new potential investor , we are many here invested in XDB but some people here dont even know what it is ! Im just trying to flex more info here before it end 🙃 Michael Luckhoo: Thank you for all of your support Moose and I realize the tremendous support from your community. What I can say is that we have some major news coming in light within the upcoming months, this is not something that is recent, but rather what we have been working on for the past few years. As this seems to be the year that businesses are entering the space, it would not be unreasonable to hear a few big name companies of which will be announced this year.. I can’t say much more due to confidentiality agreements, but I can say that big-hitters are coming to crypto-town. Talk to you all soon 🙂
The Convoluted Story of Crypto and Coronavirus (Article; Not a piece of investment advice; Not meant to spread FUD)
Hey, all! The sole purpose of this post is to give an outline of the things happening in crypto during the outbreak of Corona. The article is meant to share information and doesn't support any coin and is not meant to instigate FUD in the community. Please comment your thoughts below and it helps us in delivering better content. Thanks in advance.
The Convoluted Story of Crypto and Coronavirus
The recent Coronavirus outbreak in China has brought businesses to a standstill. It cost hundreds of lives and sent shockwaves to the entire world. On the other hand, the cryptocurrency market witnessed huge gains in early February and took a nose-dive in the last week. These series of events does bug everybody if the epidemic is impacting crypto. In this short post, ChangeHero will reveal what is happening to crypto amid this epidemic. https://preview.redd.it/goqdtfslk9k41.jpg?width=1901&format=pjpg&auto=webp&s=dd48e4f3629ec813f1cd3e2d5700470ab1e329e4 The Outbreak According to the World Health Organization Coronovirus disease (COVID-19), was first reported in Wuhan, China on 31 December 2019. A Bloomberg report suggests that there are 82,302 confirmed cases and 2,802 deaths worldwide, but China has been the most affected. In measures to contain the spread, the Chinese government has locked down cities and restricted the free movement of people which made the factories and businesses to shut the doors. The steep in the factory output has taken a toll on the Chinese economy and also threatened the global economy. Industries such as manufacturing, oil and gas, tourism and supply chain suffered the most. In the same vein, crypto is also not immune to this virus. Miners hammered China has a history of crackdowns on cryptocurrencies and exchanges. On the contrary, they are spearheading the blockchain adoption race and working towards digital currency, quickly go through this article for more info about China and cryptocurrencies. Moreover, the top five mining companies — AntPool, BTC.com, BTC.top, F2 Pool and ViaBTC are based in China. These firms control almost 60% of the hash power in the Bitcoin network. Mining farms are the first to be affected by the outbreak and a few representatives of these firms expressed their concerns on Social Media. Many stated that the government has cut off the electricity, supplies and also drove away workers from mining facilities. It reflected in the difficulty of bitcoin mining, a measure which indicates the effort required to solve the math in finding the block. This measure is adjusted once every two weeks and in the last difficulty correction, the measure rose only by 0.52% which is significantly lesser than the previous corrections of 4.67 and 7.08. Mining may soon turn out to be a not so profitable activity, credits to the Bitcoin Halving. Bitcoin will undergo its third halving event somewhere around May and the block reward will be slashed to 6.25 BTC. It leads to tougher and unfavourable economic conditions. To boost their chances of surviving, miners are gearing up with advanced machines. Yet again, China is one of the largest suppliers of the mining equipment. Coronavirus outbreak has also locked up the doors of the factories and the companies have postponed the deliveries. Although there is a significant impact on the crypto mining industry in China, Bitcoin hash rate has seen a negligible change. Community reflex To restrain the spread of the virus, the Chinese government has halted the distribution of Yuan worth almost a Billion Dollars. Meanwhile, the S&P 500 Index and other traditional markets have also recorded their worst performances due to the epidemic. Crypto community was quick to react and hinted that digital currency can fix this. Big names in the crypto sphere like Binance and Tron have also pledged support to the coronavirus victims. Moreover, the epidemic has spread a sense of terror amongst the community and led to the cancellation and postponing of the conferences and public events. Amidst the crisis, CoronaCoin, an ERC-20 token was launched with the ticker NCOV. Though the website states that the token is meant for charity, it’s approach has shocked the crypto community. The cryptocurrency has a total supply equal to the world’s population and the tokens will be burnt every 48 hours, proportionate to the number of casualties. The concept of investors benefitting with the spread of the virus poses serious moral questions on this project. Impact on the crypto Bitcoin kickstarted the new decade with a massive bull run and crossed the ten thousand dollar mark in early February. Many have contributed this to the upcoming halving and some connected it to the coronavirus outbreak. Things didn’t fare well long for crypto and the whole market crashed and lost a whopping 50 Billion Dollars in the last week of February. The epidemic has indeed affected the people and processes behind the crypto industry but it is still unclear if there is a correlation between the coronavirus and the crypto market prices. Nevertheless, the notion of Bitcoin as a safe haven during the crisis still exists but hasn’t been proven yet, at least for now. We hope the crisis will end soon and peace be restored. Until then, all our strength to the effected, families and businesses around. Upvote if you have liked the article and comment to spark a discussion. Follow ChangeHero for more of such articles and updates in crypto. The article was originally published on our Medium profile and reposting it here for more reach. Thanks for understanding.
A couple of years ago in the early months of the 2017, I published a piece called Abundance Via Cryptocurrencies (https://www.reddit.com/C\_S\_T/comments/69d12a/abundance\_via\_cryptocurrencies/) in which I kind of foresaw the crypto boom that had bitcoin go from $1k to $21k and the alt-coin economy swell up to have more than 60% of the bitcoin market capitalisation. At the time, I spoke of coming out from “the Pit” of conspiracy research and that I was a bit suss on bitcoin’s inception story. At the time I really didn’t see the scaling solution being put forward as being satisfactory and the progress on bitcoin seemed stifled by the politics of the social consensus on an open source protocol so I was looking into alt coins that I thought could perhaps improve upon the shortcomings of bitcoin. In the thread I made someone recommended to have a look at 4chan’s business and finance board. I did end up taking a look at it just as the bull market started to really surge. I found myself in a sea of anonymous posters who threw out all kinds of info and memes about the hundreds, thousands, tens of thousands of different shitcoins and why they’re all going to have lambos on the moon. I got right in to it, I loved the idea of filtering through all the shitposts and finding the nuggest of truth amongst it all and was deeply immersed in it all as the price of bitcoin surged 20x and alt coins surged 5-10 times against bitcoin themselves. This meant there were many people who chucked in a few grand and bought a stash of alt coins that they thought were gonna be the next big thing and some people ended up with “portfolios” 100-1000x times their initial investment. To explain what it’s like to be on an anonymous business and finance board populated with incel neets, nazis, capitalist shit posters, autistic geniuses and whoever the hell else was using the board for shilling their coins during a 100x run up is impossible. It’s hilarious, dark, absurd, exciting and ultimately addictive as fuck. You have this app called blockfolio that you check every couple of minutes to see the little green percentages and the neat graphs of your value in dollars or bitcoin over day, week, month or year. Despite my years in the pit researching conspiracy, and my being suss on bitcoin in general I wasn’t anywhere near as distrustful as I should have been of an anonymous business and finance board and although I do genuinely think there are good people out there who are sharing information with one another in good faith and feel very grateful to the anons that have taken their time to write up quality content to educate people they don’t know, I wasn’t really prepared for the level of organisation and sophistication of the efforts groups would go to to deceive in this space. Over the course of my time in there I watched my portfolio grow to ridiculous numbers relative to what I put in but I could never really bring myself to sell at the top of a pump as I always felt I had done my research on a coin and wanted to hold it for a long time so why would I sell? After some time though I would read about something new or I would find out of dodgy relationships of a coin I had and would want to exit my position and then I would rebalance my portfolio in to a coin I thought was either technologically superior or didn’t have the nefarious connections to people I had come across doing conspiracy research. Because I had been right in to the conspiracy and the decentralisation tropes I guess I always carried a bit of an antiauthoritarian/anarchist bias and despite participating in a ridiculously capitalistic market, was kind of against capitalism and looking to a blockchain protocol to support something along the lines of an open source anarchosyndicalist cryptocommune. I told myself I was investing in the tech and believed in the collective endeavour of the open source project and ultimately had faith some mysterious “they” would develop a protocol that would emancipate us from this debt slavery complex. As I became more and more aware of how to spot artificial discussion on the chans, I began to seek out further some of the radical projects like vtorrent and skycoin and I guess became a bit carried away from being amidst such ridiculous overt shilling as on the boards so that if you look in my post history you can even see me promoting some of these coins to communities I thought might be sympathetic to their use case. I didn’t see it at the time because I always thought I was holding the coins with the best tech and wanted to ride them up as an investor who believed in them, but this kind of promotion is ultimately just part of a mentality that’s pervasive to the cryptocurrency “community” that insists because it is a decentralised project you have to in a way volunteer to inform people about the coin since the more decentralised ones without premines or DAO structures don’t have marketing budgets, or don’t have marketing teams. In the guise of cultivating a community, groups form together on social media platforms like slack, discord, telegram, twitter and ‘vote’ for different proposals, donate funds to various boards/foundations that are set up to give a “roadmap” for the coins path to greatness and organise marketing efforts on places like reddit, the chans, twitter. That’s for the more grass roots ones at least, there are many that were started as a fork of another coin, or a ICO, airdrop or all these different ways of disseminating a new cryptocurrency or raising funding for promising to develop one. Imagine the operations that can be run by a team that raised millions, hundreds of millions or even billions of dollars on their ICOs, especially if they are working in conjunction with a new niche of cryptocurrency media that’s all nepotistic and incestuous. About a year and a half ago I published another piece called “Bitcoin is about to be dethroned” (https://www.reddit.com/C\_S\_T/comments/7ewmuu/bitcoin\_is\_about\_to\_be\_dethroned/) where I felt I had come to realise the scaling debate had been corrupted by a company called Blockstream and they had been paying for social media operations in a fashion not to dissimilar to correct the record or such to control the narrative around the scaling debate and then through deceit and manipulation curated an apparent consensus around their narrative and hijacked the bitcoin name and ticker (BTC). I read the post again just before posting this and decided to refer to it to to add some kind of continuity to my story and hopefully save me writing so much out. Looking back on something you wrote is always a bit cringey especially because I can see that although I had made it a premise post, I was acting pretty confident that I was right and my tongue was acidic because of so much combating of shills on /biz/ but despite the fact I was wrong about the timing I stand by much of what I wrote then and want to expand upon it a bit more now. The fork of the bitcoin protocol in to bitcoin core (BTC) and bitcoin cash (BCH) is the biggest value fork of the many that have occurred. There were a few others that forked off from the core chain that haven’t had any kind of attention put on them, positive or negative and I guess just keep chugging away as their own implementation. The bitcoin cash chain was supposed to be the camp that backed on chain scaling in the debate, but it turned out not everyone was entirely on board with that and some players/hashpower felt it was better to do a layer two type solution themselves although with bigger blocks servicing the second layer. Throughout what was now emerging as a debate within the BCH camp, Craig Wright and Calvin Ayre of Coin Geek said they were going to support massive on chain scaling, do a node implementation that would aim to restore bitcoin back to the 0.1.0 release which had all kinds of functionality included in it that had later been stripped by Core developers over the years and plan to bankrupt the people from Core who changed their mind on agreeing with on-chain scaling. This lead to a fork off the BCH chain in to bitcoin satoshis vision (BSV) and bitcoin cash ABC. https://bitstagram.bitdb.network/m/raw/cbb50c322a2a89f3c627e1680a3f40d4ad3cee5a3fb153e5d6d001bdf85de404 The premise for this post is that Craig S Wright was Satoshi Nakamoto. It’s an interesting premise because depending upon your frame of reference the premise may either be a fact or to some too outrageous to even believe as a premise. Yesterday it was announced via CoinGeek that Craig Steven Wright has been granted the copyright claim for both the bitcoin white-paper under the pen name Satoshi Nakamoto and the original 0.1.0 bitcoin software (both of which were marked (c) copyright of satoshi nakamoto. The reactions to the news can kind of be classified in to four different reactions. Those who heard it and rejected it, those who heard it but remained undecided, those who heard it and accepted it, and those who already believed he was. Apparently to many the price was unexpected and such a revelation wasn’t exactly priced in to the market with the price immediately pumping nearly 100% upon the news breaking. However, to some others it was a vindication of something they already believed. This is an interesting phenomena to observe. For many years now I have always occupied a somewhat positively contrarian position to the default narrative put forward to things so it’s not entirely surprising that I find myself in a camp that holds the minority opinion. As you can see in the bitcoin dethroned piece I called Craig fake satoshi, but over the last year and bit I investigated the story around Craig and came to my conclusion that I believed him to be at least a major part of a team of people who worked on the protocol I have to admit that through reading his articles, I have kind of been brought full circle to where my contrarian opinion has me becoming somewhat of an advocate for “the system’. https://coingeek.com/bitcoin-creator-craig-s-wright-satoshi-nakamoto-granted-us-copyright-registrations-for-bitcoin-white-paper-and-code/ When the news dropped, many took to social media to see what everyone was saying about it. On /biz/ a barrage of threads popped up discussing it with many celebrating and many rejecting the significance of such a copyright claim being granted. Immediately in nearly every thread there was a posting of an image of a person from twitter claiming that registering for copyright is an easy process that’s granted automatically unless challenged and so it doesn’t mean anything. This was enough for many to convince them of the insignificance of the revelation because of the comment from a person who claimed to have authority on twitter. Others chimed in to add that in fact there was a review of the copyright registration especially in high profile instances and these reviewers were satisfied with the evidence provided by Craig for the claim. At the moment Craig is being sued by Ira Kleiman for an amount of bitcoin that he believes he is entitled to because of Craig and Ira’s brother Dave working together on bitcoin. He is also engaged in suing a number of people from the cryptocurrency community for libel and defamation after they continued to use their social media/influencer positions to call him a fraud and a liar. He also has a number of patents lodged through his company nChain that are related to blockchain technologies. This has many people up in arms because in their mind Satoshi was part of a cypherpunk movement, wanted anonymity, endorsed what they believed to be an anti state and open source technologies and would use cryptography rather than court to prove his identity and would have no interest in patents. https://bitstagram.bitdb.network/m/raw/1fce34a7004759f8db16b2ae9678e9c6db434ff2e399f59b5a537f72eff2c1a1 https://imgur.com/a/aANAsL3) If you listen to Craig with an open mind, what cannot be denied is the man is bloody smart. Whether he is honest or not is up to you to decide, but personally I try to give everyone the benefit of the doubt and then cut them off if i find them to be dishonest. What I haven’t really been able to do with my investigation of craig is cut him off. There have been many moments where I disagree with what he has had to say but I don’t think people having an opinion about something that I believe to be incorrect is the same as being a dishonest person. It’s very important to distinguish the two and if you are unable to do so there is a very real risk of you projecting expectations or ideals upon someone based off your ideas of who they are. Many times if someone is telling the truth but you don’t understand it, instead of acknowledging you don’t understand it, you label them as being stupid or dishonest. I think that has happened to an extreme extent with Craig. Let’s take for example the moment when someone in the slack channel asked Craig if he had had his IQ tested and what it was. Craig replied with 179. The vast majority of people on the internet have heard someone quote their IQ before in an argument or the IQ of others and to hear someone say such a score that is actually 6 standard deviations away from the mean score (so probably something like 1/100 000) immediately makes them reject it on the grounds of probability. Craig admits that he’s not the best with people and having worked with/taught many high functioning people (sometimes on the spectrum perhaps) on complex anatomical and physiological systems I have seen some that also share the same difficulties in relating to people and reconciling their genius and understandings with more average intelligences. Before rejecting his claim outright because we don’t understand much of what he says, it would be prudent to first check is there any evidence that may lend support to his claim of a one in a million intelligence quotient. Craig has mentioned on a number of occasions that he holds a number of different degrees and certifications in relation to law, cryptography, statistics, mathematics, economics, theology, computer science, information technology/security. I guess that does sound like something someone with an extremely high intelligence could achieve. Now I haven’t validated all of them but from a simple check on Charles Sturt’s alumni portal using his birthday of 23rd of October 1970 we can see that he does in fact have 3 Masters and a PhD from Charles Sturt. Other pictures I have seen from his office at nChain have degrees in frames on the wall and a developer published a video titled Craig Wright is a Genius with 17 degrees where he went and validated at least 8 of them I believe. He is recently publishing his Doctorate of Theology through an on-chain social media page that you have to pay a little bit for access to sections of his thesis. It’s titled the gnarled roots of creation. He has also mentioned on a number of occasions his vast industry experience as both a security contractor and business owner. An archive from his LinkedIn can be seen below as well. LinkedIn - https://archive.is/Q66Gl https://youtu.be/nXdkczX5mR0 - Craig Wright is a Genius with 17 Degrees https://www.yours.org/content/gnarled-roots-of-a-creation-mythos-45e69558fae0 - Gnarled Roots of Creation. In fact here is an on chain collection of articles and videos relating to Craig called the library of craig - https://www.bitpaste.app/tx/94b361b205196560d1bd09e4e3b3ec7ad6bea478af204cabfe243efd8fc944dd So there is a guy with 17 degrees, a self professed one in a hundred thousand IQ, who’s worked for Australian Federal Police, ASIO, NSA, NASA, ASX. He’s been in Royal Australian Air Force, operated a number of businesses in Australia, published half a dozen academic papers on networks, cryptography, security, taught machine learning and digital forensics at a number of universities and then another few hundred short articles on medium about his work in these various domains, has filed allegedly 700 patents on blockchain related technology that he is going to release on bitcoin sv, copyrighted the name so that he may prevent other competing protocols from using the brand name, that is telling you he is the guy that invented the technology that he has a whole host of other circumstantial evidence to support that, but people won’t believe that because they saw something that a talking head on twitter posted or that a Core Developer said, or a random document that appears online with a C S Wright signature on it that lists access to an address that is actually related to Roger Ver, that’s enough to write him off as a scam. Even then when he publishes a photo of the paper copy which appears to supersede the scanned one, people still don’t readjust their positions on the matter and resort back to “all he has to do is move the coins or sign a tx”. https://imgur.com/urJbe10 Yes Craig was on the Cypherpunk mailing list back in the day, but that doesn’t mean that he was or is an anarchist. Or that he shares the same ideas that Code Is Law that many from the crypto community like to espouse. I myself have definitely been someone to parrot the phrase myself before reading lots of Craig’s articles and trying to understand where he is coming from. What I have come to learn from listening and reading the man, is that although I might be fed up with the systems we have in place, they still exist to perform important functions within society and because of that the tools we develop to serve us have to exist within that preexisting legal and social framework in order for them to have any chance at achieving global success in replacing fiat money with the first mathematically provably scarce commodity. He says he designed bitcoin to be an immutable data ledger where everyone is forced to be honest, and economically disincentivised to perform attacks within the network because of the logs kept in a Write Once Read Many (WORM) ledger with hierarchical cryptographic keys. In doing so you eliminate 99% of cyber crime, create transparent DAO type organisations that can be audited and fully compliant with legislature that’s developed by policy that comes from direct democratic voting software. Everyone who wants anonymous coins wants to have them so they can do dishonest things, illegal things, buy drugs, launder money, avoid taxes. Now this triggers me a fair bit as someone who has bought drugs online, who probably hasn’t paid enough tax, who has done illegal things contemplating what it means to have that kind of an evidence ledger, and contemplate a reality where there are anonymous cryptocurrencies, where massive corporations continue to be able to avoid taxes, or where methamphetamine can be sold by the tonne, or where people can be bought and sold. This is the reality of creating technologies that can enable and empower criminals. I know some criminals and regard them as very good friends, but I know there are some criminals that I do not wish to know at all. I know there are people that do horrific things in the world and I know that something that makes it easier for them is having access to funds or the ability to move money around without being detected. I know arms, drugs and people are some of the biggest markets in the world, I know there is more than $50 trillion dollars siphoned in to off shore tax havens from the value generated as the product of human creativity in the economy and how much human charity is squandered through the NGO apparatus. I could go on and on about the crappy things happening in the world but I can also imagine them getting a lot worse with an anonymous cryptocurrency. Not to say that I don’t think there shouldn’t be an anonymous cryptocurrency. If someone makes one that works, they make one that works. Maybe they get to exist for a little while as a honeypot or if they can operate outside the law successfully longer, but bitcoin itself shouldn’t be one. There should be something a level playing field for honest people to interact with sound money. And if they operate within the law, then they will have more than adequate privacy, just they will leave immutable evidence for every transaction that can be used as evidence to build a case against you committing a crime. His claim is that all the people that are protesting the loudest about him being Satoshi are all the people that are engaged in dishonest business or that have a vested interest in there not being one singular global ledger but rather a whole myriad of alternative currencies that can be pumped and dumped against one another, have all kinds of financial instruments applied to them like futures and then have these exchanges and custodial services not doing any Know Your Customer (KYC) or Anti Money Laundering (AML) processes. Bitcoin SV was delisted by a number of exchanges recently after Craig launched legal action at some twitter crypto influencetalking heads who had continued to call him a fraud and then didn’t back down when the CEO of one of the biggest crypto exchanges told him to drop the case or he would delist his coin. The trolls of twitter all chimed in in support of those who have now been served with papers for defamation and libel and Craig even put out a bitcoin reward for a DOX on one of the people who had been particularly abusive to him on twitter. A big european exchange then conducted a twitter poll to determine whether or not BSV should be delisted as either (yes, it’s toxic or no) and when a few hundred votes were in favour of delisting it (which can be bought for a couple of bucks/100 votes). Shortly after Craig was delisted, news began to break of a US dollar stable coin called USDT potentially not being fully solvent for it’s apparent 1:1 backing of the token to dollars in the bank. Binance suffered an alleged exchange hack with 7000 BTC “stolen” and the site suspending withdrawals and deposits for a week. Binance holds 800m USDT for their US dollar markets and immediately once the deposits and withdrawals were suspended there was a massive pump for BTC in the USDT markets as people sought to exit their potentially not 1:1 backed token for bitcoin. The CEO of this exchange has the business registered out of Malta, no physical premises, the CEO stays hotel room to hotel room around the world, has all kind of trading competitions and the binance launchpad, uses an unregistered security to collect fees ($450m during the bear market) from the trading of the hundreds of coins that it lists on its exchange and has no regard for AML and KYC laws. Craig said he himself was able to create 100 gmail accounts in a day and create binance accounts with each of those gmail accounts and from the same wallet, deposit and withdraw 1 bitcoin into each of those in one day ($8000 x 100) without facing any restrictions or triggering any alerts or such. This post could ramble on for ever and ever exposing the complexities of the rabbit hole but I wanted to offer some perspective on what’s been happening in the space. What is being built on the bitcoin SV blockchain is something that I can only partially comprehend but even from my limited understanding of what it is to become, I can see that the entirety of the crypto community is extremely threatened as it renders all the various alt coins and alt coin exchanges obsolete. It makes criminals play by the rules, it removes any power from the developer groups and turns the blockchain and the miners in to economies of scale where the blockchain acts as a serverless database, the miners provide computational resources/storage/RAM and you interact with a virtual machine through a monitor and keyboard plugged in to an ethernet port. It will be like something that takes us from a type 0 to a type 1 civilisation. There are many that like to keep us in the quagmire of corruption and criminality as it lines their pockets. Much much more can be read about the Cartel in crypto in the archive below. Is it possible this cartel has the resources to mount such a successful psychological operation on the cryptocurrency community that they manage to convince everyone that Craig is the bad guy, when he’s the only one calling for regulation, the application of the law, the storage of immutable records onchain to comply with banking secrecy laws, for Global Sound Money? https://archive.fo/lk1lH#selection-3671.46-3671.55 Please note, where possible, images were uploaded onto the bitcoin sv blockchain through bitstagram paying about 10c a pop. If I wished I could then use an application etch and archive this post to the chain to be immutably stored. If this publishing forum was on chain too it would mean that when I do the archive the images that are in the bitstragram links (but stored in the bitcoin blockchain/database already) could be referenced in the archive by their txid so that they don’t have to be stored again and thus bringing the cost of the archive down to only the html and css.
Hi Bitcoiners! I’m back with the 33rd monthly Bitcoin news recap. For those unfamiliar, each day I pick out the most popularelevant/interesting stories in Bitcoin and save them. At the end of the month I release them in one batch, to give you a quick (but not necessarily the best) overview of what happened in bitcoin over the past month. You can see recaps of the previous months on Bitcoinsnippets.com A recap of Bitcoin in September 2019 Adoption
Building a Crypto Portfolio as a Christmas present for parents/siblings.
This year for Christmas I intend to gift Crypto to my parents and siblings. My current plan is to make 3 new Binance accounts and fund them with $100 each, and then buy up a portfolio of coins there. Then I will have my gf design a cool single-page official looking certificate with the portfolio holdings etc and the login details for the account. I'm thinking to put them in a simple frame and cover the login details with a sticker on the glass of the frame. It has the same kind of "bearer bond" effect of handing over crypto but its not a paper wallet they can lose or otherwise fuck up, and it has the protection of Binance's SAFU etc. Anyway, I intend to build a one page website that tracks the portfolio on real time that they can check as and when they please.
Stop looking exclusively at the USD value of coins. Look at how much they're worth in BTC or ETH and how that value develops over time to truly understand altcoin market movements.
This is a post mostly for the newbies. For some of you this is all going to be obvious stuff, but there are also lots of new arrivals here and I've gotten the impression this is something worth explaining. A lot of you have ventured into this space using well-established sites like Coinmarketcap and neat little apps like Blockfolio, which are designed to make everything as frictionless as possible for the end user, e.g. by displaying all prices directly in USD. That's good for ease of use, but bad if you want to really understand what's going on. Why? Because a price is always formed by supply and demand in its own market, and many altcoins either aren't directly traded against fiat currency at all, or have only minor trading volume in fiat exchanges – compared to much larger volume in crypto-only exchanges (like Bittrex, Binance, Kucoin) where they're traded against Bitcoin or Ethereum, the "fiat gateways." This means whenever you see a smaller altcoin's price displayed in US dollars, it's not a real price that is actually being traded anywhere – it's just the result of multiplying the altcoin-vs.-Bitcoin (or vs. Ethereum) price with the current dollar price of 1 BTC (or 1 ETH). So when Coinmarketcap once again looks like this on a day when Bitcoin is falling, it's not a sign that the whole market is collapsing, or the result of some huge coordinated effort between different markets. It's the result of simple arithmetic done by the website itself. US dollar charts for altcoins tend to be very confusing for this reason. On the one hand, what you want to see is how your coin performs independently. On the other hand, its own price moves are often totally overwritten by Bitcoin's price moves, making every chart look the same like in the screenshot above. The solution is to stick to the "real data" charts provided by your exchange or to use TradingView, a great charting website where you can check prices from most major crypto exchanges (Kucoin still missing at this time). All you have to do is type the ticker name (e.g. "VENBTC" for the VeChain/Bitcoin pair) and hit enter. You can even overlay different crypto pairs using the "Compare" feature. Sometimes of course it's better for perspective to still look at the calculated USD value, e.g. when Bitcoin rallies and you think your alts are dropping because they aren't worth quite as much in BTC anymore. But generally speaking you're much better off ignoring USD charts. Edit: I admit that I used contradictory phrasing in some parts of this post. Should've been clearer. What I really meant to say is that "fake" USD charts are generally not very helpful and that you need to look at each market separately if you want to understand how and why an altcoin goes up or down, not that you should ignore USD value completely. Here's an example.
What Exactly is Cardano? | Best ADA Wallets to keep your ADA
Cardano is a decentralised, proof of stake, smart contract blockchain platform. It is mainly driven by its native cryptocurrency ADA and is similar to Ethereum in some ways. The ticker ADA is named after Ada Lovelace, the first computer programmer. It is important to remember that even though used interchangeably, Cardano is the platform and ADA is the cryptocurrency. ADA is a third-generation cryptocurrency and was made with the intent to have a better version of Bitcoin. Cardano is the world's first peer-reviewed proof of stake blockchain. Some of the features Cardano possesses are:
Ouroboros - It is the algorithm that uses proof of stake protocol when mining coins (not to confuse with the ancient symbol having the same name)
Decentralised smart contract platform
Cardano Settlement Layer (CSL) is used to settle transactions that use ADA
Faster transactions per second
More energy-efficient mining due to increased scalability
When it comes to buying the coin, there are various trusted exchanges from where you can do so, like Binance, Bittrex, KuCoin, ChangeNow, CoinSwitch, etc. To store the coin, there are various wallets supporting ADA, but the ones that can be trusted and display numerous advantageous features are:
Ledger Nano S - This hardware wallet is the best wallet till date and is virtually unhackable. Its 2-FA and its stronghold on the private key makes it quite secure and you can freely rely on it.
Atomic Wallet - This wallet is quite easy to use, being user-friendly and even beginners can use this easily. Atomic is an online wallet that is operable on both mobile and desktop as well.
Daedalus Wallet - This is the official wallet of ADA (not to confuse with the Greek inventor with the same name). It's an open-sourced desktop wallet operable on both Windows and macOS. It's a hierarchical deterministic wallet that is recommended for Cardano, having a user-friendly interface.
Some other wallets that support ADA are Infinito Wallet, Yoroi Wallet, etc.
BEPSwap is THORChain’s first go-to market product, built on a statechain to Binance Chain. BEPSwap was intended to only support BEP2 assets to minimise complexity with external chains. Two recent breakthroughs made by the THORChain development team in how to consider the cross-chain environment, as well as increasing the number of consensus participants, mean the team have now re-considered the scope of mainnet launch. Instead of launching the BEPSwap chain and decommissioning/hard-forking it into the THORChain mainnet, the team believe a network that supports cross-chain from the start can be built now. As such, THORChain will be launched, with support for Binance Chain, Bitcoin and Ethereum at Genesis. Binance Chain assets will be immediately supported, with Bitcoin and Ethereum enabled sometime in 2020. This will prevent large changes needing to occur post-mainnet launch. These two breakthroughs will be discussed in a future blog, but the team describe them as “Cross-chain Pools” and “Asynchronous Liquidity Delegation”.
Cross-chain pools solve two key problems: 1. Security 2. User Experience. The first is that the network only holds assets that are in pools which are staked against Rune. This massively simpifies the attack surface of the network, since the network only needs to ensure that the amount of bonded Rune is always double the amount of staked Rune. This means that even if network participants could attack the network, they wouldn’t, because they can only steal 50% of what they bonded. Thus no rational actor would steal external assets. The second characteristic is the User Experience, in that neither pegged tokens, nor atomic swaps are used. Users who wish to swap BTC to ETH send in on-chain BTC, and will receive on-chain ETH immediately (and vice versa). The target speed for BTC->ETH will be 20 seconds. The target speed for ETH->BTC will be 10 minutes (1 block). Users who wish to stake, will stake on-chain BTC with on-chain Rune. Withdrawing their assets will mean they receive on-chain BTC and on-chain Rune. No pegging out, and no pegging in.
Asynchronous Liquidity Delegation.
The second breakthrough is how liquidity is managed in the system. The initial design had a single large Threshold Signature pool that held all the funds. While extremely secure, large committee memberships mean very long signing speeds (minutes for 67/100), which impacts the user experience. The team wish to target a signing speed of less than 5 seconds, which means TSS pools should be less than 11 participants. However, due to the incentive structure created by Cross-chain pools, no node has an incentive to steal assets — even if they were given individual custody of assets. This is because they are always bonding twice as much Rune as there is Rune staked in pools. A node that “exit-scams” the network is the equivalent to simply selling 50% of their bonded Rune to assets and leaving disorderly. The network can rebuild the pools by simply disbursing the node’s abandoned bond back into the pools, and churning in a new node. Thus it is resilient to even internal attacks. This setup even works for a node that goes offline — while offline they are unable to respond and they get “fined” from their bond for every transaction they couldn’t honour in a timely fashion. The final design is a large TSS pool that acts as a global custodian of bonded assets and incoming liquidity ( 22 of 33 is the initial target number), with 11 2 of 3 “satellite” pools which hold 50% of the staked assets. This means nodes can be delegated to asynchronously send out liquidity (swaps and withdrawals) with the signing speed of 2 of 3, but the security of 22 of 33. Over time, the team will target 200 of 300 nodes, with 100 2 of 3 satellite pools.
The team are working on 4 parallel streams of effort. Cross-chain infrastructure has now been merged into a single repo called “THORNode”. 1. THORChain 2. Threshold Signature Scheme implementation 3. Front-end Integration for BEPSwap 4. Other development activities
A lot of new work was done to make the statechain cross-chain, with agnostic treatment to chain data. The first three chains will be BNB, BTC and ETH. A global re-factor of naming conventions surrounding cross-chain assets was made. * Add chain to pools * Issue140 if the ticker and coin are the same , thus we don’t need to swap just refund * Issue150 add GAS result in a pool in suspended status * Auto-seed the development environment after a deploy. * Add Asset and Symbol common structs * Get stage seeding on nightly deploys. * Continue importing asset into thornode * Change coin.Denom to coin.Asset * Replace “Token” → “asset” * issue135 update stake logic to check ticker match coin * issue151 add cors support * Feature/docker compose updated build pipelines * Issue138 fix signer use wrong symbol issue , which cause issue with refund * Per chain gas policy * Remove binance specific logic * Choose rune asset based on mainnet vs testnet * Genesis ceremony * Added seed and smoke-test targets to .PHONY !(https://miro.medium.com/max/3808/1*6HdyayI35M4ozW6s_eoGQQ.png) Assets will now be referred to as: CHAIN.SYMBOL
Work was done to clean up the code for peer-review, as well as implementing whitelisting for key-generation procedure. The TSS implementation is being integrated into the Statechain this week, in time to validate Asgard churn.
To ship mainnet, the team are aiming for this:
Feature complete with excellent swapping and staking experience.
Feature complete public RESTful API.
Feature complete with 22 of 33 Asgard, weekly churn, 2 of 3 satellite pools, asynchronous liquidity delegation and cross-chain support.
The team are working for these milestones.
RUNEVault: July 2019 shipped Telegram Bot: August 2019 shipped Bep2Bot: August 2019 shipped
Testnet: August 2019 shipped Community Testing: shipped
Internal Freeze: 20 November 2019 on-time Audit: 20 December 2019 on-time Genesis: 03 January 2020 on-time
Hey /cryptocurrency, I wrote a post the other day highlighting that surprisingly Japan accounted for ~60% of BTC trading volumes the other day. Not wanting to miss out on what such a big chunk of the market was talking about I decided to put my Japanese heritage to use and started looking at Japanese language discussions surrounding crypto. After monitoring over 700 active cryptocurrency discussions daily over the last two weeks I have some results to share! Note: this work was done as part of a larger research project so I can only share partial results.
Most discussed Tokens
As expected, ADA and NEM are way up there. Suprisingly MONA didn't make top 10. USDT seems to be discussed a lot too. Most interesting is seeing how high PAC is on that list, garnering more discussion than EOS and LTC.
Tokens with the highest growth in interest over the last 2 weeks
Adjusted for Market Cap
I'll freely admit I'd never heard of any of these tokens until running this analysis. This does tell us that PAC being highly discussed is a relatively recent phenomenon though.
Other select insights
1.59 buy/sell sentiment ratio
Binance is the most discussed exchange, of all the exchanges tracked
They have at least 4 different ways to say shitcoin!
Like us, they have a lot of spams and shills
Twitter is one of the biggest social mediums
They very actively monitor new listings. This explains the interest in exchanges such as Binance that have a tonne of alts to trade
On the downside, they are most concerned about scams compared to other risks
G20 is one of the most discussed recent news topics. Speaks to me that they're generally clued into global trends too, not just looking internally
They are virtually unaware of, or at least don't discuss most of the influencers in the West such as Charlie Lee, Roger Ver, and a host of YouTubers. They do, of course, have their own set of influencers.
Disclosure: Of the tokens mentioned I currently hold varying amounts of; BTC, ETH, XRP, ADA, LTC, USDT, NEO, EOS. I do not hold any of the other tokens mentioned and I have no intention of purchasing them within the next 3 months I'm pretty certain that running this analysis on a semi-regular basis will yield some useful insights over the long run. If the results of this analysis look good and there's enough demand I'll definitely keep it up. PM me if you're interested. Hope this was interesting! EDIT: It seems like a few people have been triggered by PAC. FWIW most of the discussion around it was negative and I suspect it's because an error on CMC had it listed as the 3rd largest token a few weeks ago that created a spike in interest. Bitcointalk thread for reference. A bit like how the BitGrail hack created a lot more mentions of Nano or BitConnect collapsing create a surge in discussion around it. EDIT2: It's late in Asia. I'll try and answer some of the questions tomorrow. I'll publish a report down the line so if you're interested just drop your contact here.
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