Crypto market, reliability, and investments. Which cryptocurrencies are worth paying attention to? “Cryptocurrencies offer forgotten and oppressed people an opportunity to participate in the global economy,” Congressman Paul Gosar, Representative from Arizona, USA.1 It was in 2017 that cryptocurrency exploded. The market capitalization of all cryptocurrencies in March 2017 was about 21 billion dollars, whereas nowadays it is over 454 billion dollars. However, the market is no longer just about bitcoins. Other cryptocurrencies have also entered this space and shown incredible results over the past year. What are stablecoins and tokens? Stablecoin is a cryptocurrency with low price volatility. Its value does not change too much over time, as the US dollar or euro have a stable value compared to many cryptocurrencies. Besides, when dealing with cryptocurrencies, reverting to fiat currencies like the US dollar is usually slow and expensive. Stablecoins are the best of both worlds. They offer price stability for stable assets as well as the speed and convenience of cryptocurrencies. Crypto tokens are special types of virtual currency tokens that reside in their own blockchains and represent an asset or utility. They are most often used to raise funds for mass sales, but they can also be used as replacements for other things. Tokens are also an ideal tool for interacting with social media platforms. People spend 1.7 hours a day browsing social media in the US (according to We Are Social), and much less time watching TV or reading magazines. For startups as well as for established brands looking to connect with consumers through social media, personalized tokens can be a tool for more direct interaction with your followers and potential clients. Tokens can ultimately help companies gain immediate support in the ultra-competitive markets developed in the limited world of fiat money. Most popular stablecoins Stablecoins are becoming more and more popular. Many people like the idea of a cryptocurrency without chronic volatility in the price of bitcoins. However, there are many stablecoins now, and it is important to choose the one you need. Let's take a look at the top 5 stablecoins of 2020. 1.Tether is by far the most famous and most used stablecoin in the world. It has been around for many years and has one of the highest usage rates of any cryptocurrency in the world. It is estimated that about 80% of all cryptocurrency trading in the world takes place through the stablecoin Tether. Tether is backed by the US dollar. This means that any time, you could trade it your Tether for US dollars with the holding company. 2.USDCoin is the official stablecoin of the reputable crypto exchange Coinbase. It aims to be a more tightly regulated and transparent stablecoin than Tether. The coin has obtained financial licensing to operate in the jurisdictions it operates in. Companies and bank accounts that hold foreign exchange reserves for USDCoin are regularly audited to ensure that clients can rest assured that their funds are safe and compliant. 3. TrueUSD is another stablecoin backed by the US dollar. It doesn’t have the above-mentioned stablecoin adoption rates, but it does have a lot of potential. 4. DAI is a stablecoin that is very different from those supported by fiat currencies. 5. Paxos Standard is another alternative to Tether with a much greater emphasis on regulation, transparency, and money laundering risk reduction. This is an attempt to prevent Paxos from being used as a money-laundering tool. Summary. Fixed value currencies are an integral part of any economic system. Stablecoins are gaining popularity in the world of cryptocurrencies, and there are many players in the market competing for the first place. 9 factors to consider when choosing a cryptocurrency for investment 1) Community. Before investing, check what people are saying about your potential investment. 2) Team. One of the main things you can research is the cryptocurrency team. In fact, researching and verifying the team behind the cryptocurrency is one of the most important factors to pay attention to. 3) Technology. Much of the success of a cryptocurrency depends on its underlying technology. You need to understand how the cryptocurrency will perform against competitors, and what makes its technology stand out. For example, Ethereum has such an innovative technology that makes it easier for developers to create larger-scale applications. 4)Whitepaper is one of the best places to evaluate the fundamentals of a coin. You should never invest in a cryptocurrency until you have read their whitepaper. You may have to get over technical jargon in a whitepaper, but don’t let it discourage you. This document is 100% worth reading because it is such a rich source of information. Plus, the more whitepapers you read, the better you'll be able to identify long-term winners in the cryptocurrency market. 5)Vision of the creators. You need to be sure that the coin will last for at least the next 5-10 years, and if its creators don't think long term, you should be seriously worried. 6) Project leaders. See if they are personally investing in the project. Look at other projects of the developers of this cryptocurrency, check if they have relevant experience. Do they have a reputation as a CEO? Read what project leaders say about the coin and what they are trying to accomplish. 7) History of pricing. Have you ever heard the saying: "The best predictor of future behavior is past behavior?" Of course, it is not always the case, especially with cryptocurrencies. However, price fluctuations give you a compelling story behind a coin and whether it will be a safe investment in the future. 8) Trust and reputation. Browse crypto communities and see what people have to say about the coin. Avoid scams and cryptocurrencies similar to MLM schemes or pyramid schemes. And if you want a real-world example, check out the controversy behind BitConnect. 9) Roadmap. When deciding which cryptocurrency to invest in, look for a coin with clear development plans. This is the key to long-term success. Here are a few things to pay attention to: · A clear time frame for the development of a coin. No clear deadlines may indicate a lack of commitment from the development team. · When do they plan to release major updates? · If a coin has a limited number of coins in circulation, when is this limit expected to be reached? Summary Regardless of whether you want to invest in cryptocurrencies, trade, mine, store, keep or avoid political blockages and economic crises, cryptocurrency can help you secure your income while being able to invest in the best possible way in your country or elsewhere within the limits of blockchain security. Crypto exchange Cratos understands the security and reliability needs of corporate clients well. If you have any doubts about which cryptocurrency to invest in, we will help you make the best choice based on your current needs — investment, transaction speed, security, etc.
I am the creator of BitcoinDuLiban.org. I am on a mission to educate Lebanese about the importance and usefulness of Bitcoins in their lives. AMA
What is Bitcoin?
Bitcoin (₿) (ticker BTC)is an open source cryptocurrency. It is a decentralized cryptographic currency without a central bank or single administrator in control that can be sent from user to user on the peer-to-peer bitcoin network without the need for 3rd person in between like bank, or payment processor or institution all transaction processing and verification is carried out collectively by the network. Find out more at http://www.bitcoinduliban.org/
Why Bitcoin is the future?
Bitcoin emerged in 2009 as more economies across the world started losing trust in the current banking model. Institutions that have been around longer than ourselves have changed very little throughout our lifetime. Not only does the lack of trust, and stagnant change of banks allow Bitcoin to thrive, but also the possibility of eliminating inflation. Bitcoin saw the opportunity to take the power out of the institutions and provide a better service, and the people responded. Bitcoin operates universally, meaning for the first time, there is a possibility of a global currency. With truly international currency possibilities for global economic growth, social equality, self-sovereignty is endless.
Why Bitcoin and not others?
It is a very good question, there at the moment of writing over 2000 projects and “coins” that emerged after Bitcoin. Many of them claim to be faster, better and more flexible than Bitcoin however very few have withstood the test of time or delivered their proposed product. The basic fundamentals of Bitcoin’s principle monetary policy are unprecedented, and by now, it is impossible to replicate its level of decentralization or network security, which is powered by a computer network as powerful as almost 12 trillion Intel Core i7 processors. Bitcoin also has the largest social / community strength. I would HIGHLY advise against investing or getting dragged into any project that claims superiority, I have single rule : if it says it's better than Bitcoin then its what we call “scam-coin” you will only get pulled in and lose your bitcoin/usd value causing a lot of pain and sadness . Sit down, read, learn and be patient, you will not miss out on anything over night and if something is rising in price quickly most likely it will crash as fast.
Does bitcoin have an applicable use in daily life or is it only for holding for future gains?
Bitcoin has taken over the cryptocurrency market. It’s the largest and most well-known digital currency today. Many large companies are accepting Bitcoin as a legitimate source of funds, you can use your Bitcoin at but not limited to : KFC, Burger King, Microsoft, AT&T , Expedia, Subway, Twitch, Virgin Galactic and many more just look it up. You can look up merc and services at https://spendabit.co/ So if you are living abroad, you can use your bitcoin just like any other known currency in addition there are Debit cards in collaboration with VISA network offers that are backed by Bitcoin making you able to pay with it anywhere in the world just with a swipe or tap.
As Lebanese in Lebanon, how can I buy or sell bitcoin ?
In Lebanon unfortunately we can not use our banking system to purchase bitcoin, there was a time where rain.bh an UAE based exchange was accepting Lebanese Cards, till it was stopped but give it a try we weren’t able to confirm all cards. Therefore most common way to buy bitcoin in lebanon is using P2P which is person to person exchange, this can be through an international website such as localbitcoins.com or hodlhodl.com , all you gotta do is find a sell offer initiate transaction with seller , send him his payment using WesterUnion or Moneygram and once the seller receives payment your bitcoins will be released but make sure you use escrow service which ensures safety of your transaction therefore bitcoins you are buying are frozen for the seller and he can not retrieve them unless you fail to pay or run out of time window to pay. Another p2p way is through local bitcoin communities , there are plenty of traders willing to exchange with you however always ask for the reputation of the seller inside a group and never respond to private messages unless it is a confirmed reliable trader just to avoid losing and being scammed. Feel free to find out more about how to buy in Lebanon at http://www.bitcoinduliban.org/
If I have a bank account outside Lebanon, can I use bitcoin to transfer money from Lebanon to my bank account outside?
It is possible to transfer Bitcoin to an international account in the USA or EU for example, you would need to use recognized exchanges such as coinbase.com kraken.com and many others. It would be as simple as sending BTC to your coinbase account, converting to USD and withdrawing it to your account. However you must take few precautions, if you are sending a significant amount of BTC and converting it to USD you will need some kind of proof that these funds are yours otherwise you might get investigated for money laundering. So is it convenient to send ? I do not think so, if you managed to get what we call now in Lebanon “ Fresh USD” it would be much less of a hassle to simply initiate an international transaction.
Why would I want to send Bitcoin to my family or friends in Lebanon ?
This is where I believe BTC can shine for us, you can use exchanges as coinbase,kraken or any prefered place to purchase some bitcoin that can be transferred to your family wallet within minutes. Your family or friends can exchange bitcoin or part that is needed with local traders to LBP at desired exchange rate therefore you are not forced to exchange at rates given by WesterUnion, after which they will be able to do their daily purchases and mitigate inflation rates to some extent. You can send as little as $1 and the transaction costs less than $1 for any amount.
Why is the Bitcoin price so volatile ?
Indeed it can be, sudden swings of 20% both ways are considered normal if you look at daily data, however bitcoin since 2009 had only one trend which is upward, 80% chance is if you bought BTC at any moment in past 2 years is that you are on break even or positive not loss. Feel free to try this exercise by going to https://dcabtc.com/
Should I invest?
NO. Now since we got the short version of this, let me elaborate. By the end of the day it is a new class of an asset, the price is still in the discovery phase and it could cause a lot of pain and sleepless nights if you invest more than you can chew to possibly lose. No one can advice you what to do with your money and how to position them, however i highly encourage to read, educate yourself on money before investing in BTC a good start would be https://bitcoinduliban.org. Please ask more knowledgeable bitcoin users and double check sources , once you feel confident enough that you understand this monetary system you can try dipping your toes with small amounts and build your position from there. Just stay away from quick gains schemes such as “online mining” “cloud mining” and anything that offers 100% returns in a very short time, if it's too good to be true then it's a scam.
Scams, BE AWARE.
Due to our difficult situation we are being targeted by constant advertisement of potential new solutions using “newly developed cryptocurrencies“ , unfortunately such new technology does not exist and they are trying to take advantage of us by promising fake solutions. Even Bitcoin can not provide you with a solution to your hard worked money being inaccessible in any Lebanese bank. Here are few typical scam msgs:
“A new amazing great best investment …”
“Start mining Bitcoin now … just send us xx initial investment”
‘XX is a new digital currency being developed by a group of Stanford PhDs”
“Elon musk give away - Send us 0.1 BTC or other crypto to get 10x the amount, NOW”
“Apple Bitcoin Give away, watch now”
“200% gains with mining, just set up a node”
“This New amazing crypto will do 100x do not miss out like you did with Bitcoin”
“Download this X wallet and we will give you 5 BTC for free !”
Coins.ph is a Philippine-made virtual wallet founded in 2014 by Silicon Valley entrepreneurs Ron Hose and Runar Petursson. It is the first virtual currency provider in the country to be licensed by the Bangko Sentral ng Pilipinas (BSP) with a Virtual Currency Exchange license. This platform allows its users to top up prepaid load; send and receive money; pay bills; avail game credits; store and convert cryptocurrencies including Bitcoin (BTC), Bitcoin Cash (BCH), Etherium (ETH), and Ripple (XRP). Almost 5 Million customers have been using the platform in various transactions since 2014. Since it is regulated and licensed by the Central Bank of the Philippines, safe and secure ways to make digital payments, as well as cryptocurrency buy and sell services is guaranteed to its users. We are subject to the rules and regulations set forth by the BSP and the Anti-Money Laundering Act (AMLA). Under strict regulatory requirements, we operate with a very high level of security, with industry-standard measures such as SSL connections to AES-225 Encryption. - Coins.ph Support Team https://support.coins.ph/hc/en-us/articles/360000274842-Is-Coins-ph-safe This can be simply accessed by downloading the App directly from App Store or visiting the link: https://coins.ph Now, let's talk about the Pros and Cons of this platform. PROs : • Cash in and cash out are almost available with over 33,000 partner location throughout the country. Cash In options includes E-wallet (Coins.ph, GCash, Globe GCASH via Dragonpay, PayMaya Philippines, Inc.); Online Bank Transfer; Over-the-Counter Banking (BPI, Chinabank, UnionBank Cash Deposit); Remittance Center (Bayad center, Cebuana Lhuillier, LBC Bills Xpress, M Lhuillier ePay, Palawan Pawnshop, PeraHub, Tambunting Pawnshop); Department Stores (Robinsons Business Center, SM Bills Payment Center); International Options (Remitly, Ria Money Transfer, WorldRemit); and Kiosk Payment (Posible, TouchPay Kiosk, eTap Deposit) For Cash Out, options includes Remittance Center (LBC Instant Peso Padala, Palawan Express Pera Padala, M Lhuillier Cash Pickup); Banks; E-wallets (GCash, GrabPay PH, PayMaya); Cash Cards (Coins.ph, BDO, RCBC, Smart Money Card); Door-to-door delivery (LBC Pesopak); Tollway Credits (Autosweep RFID, Easytrip NLEX Toll); and Cardless ATM Instant Payout available 24/7. • No banks needed to make e-payments • Account Verification through App or website • Easy buying, selling, sending and receiving cryptocurrencies (Bitcoin, Bitcoin Cash, Etherium, Ripple) • User-friendly interface • Lots of Promotion like instant 10% cashback on prepaid load (rebate); P5 cashback for each unique bill payment and P100 cashback for 5 unique bills; 1:1 pricing for all game credits; sending funds to any bank account via instaPay free of charge; and many more. • Can be linked to Facebook account CONs: • It’s compliance with Know-Your-Costumer regulation requires the users to verify private information in order to maximize spending limits. A selfie while holding government-issued ID card is a must to clear verification stage; • Minimal range of accepted IDs for verification • Users can’t shop around for best price on cryptocurrencies • Higher fees applied for cryptocurrency conversion to fiat money • Higher fees for sending and receiving cryptocurrencies Based on the above-mentioned advantages and disadvantages in using Coins.ph, it is therefore concluded that this e-wallet is best for any transactions in PHP like buying prepaid load, paying bills or remittance purposes however, doesn’t work well for crypto-enthusiast dealing with trading cryptos due to the rates and fees. Speaking from my own experience, coins.ph helped me a lot in saving time, energy and money since I don’t need to come visit the outlets or payment centers to complete my transactions. Feel free to comment down your experience with Coins.ph!
Round up of Cryptocurrency News #7 Week 17/08 - 23/08
Heya everyone! Its been a little while, I'm still trying to get back into the groove of writing. Sorry about post#6, there will be a catch-up posted soon.
So... onto News recap #7! What have seen happen? First of all we have seen a pump from a bunch of altcoins: OMG, Cosmos, IOTA, NEO, THETA, ARAGON, SiaCoin, Golem, Swipe. As Ethereum fees remain high Omisego pumped over 130% in one day. It has now pulled back, watch the volume for further movement. Something interesting to me is a lot of these are projects from 2017.
Ethereum 2.0 upgrade is harder than first appeared, Vitalik says it will take much longer as they have a governance issue for the new blockchain.
Bitcoin and Ethereum have had slight adjustments in price potentially tightening up for another move (Hold above $11700 please!) Fingers crossed it is in the upward direction. They are currently in the red over the past few days however don't let that fool you as they are both up over 20% over the last 30 days. Also there was much excitement as Bitcoin rallied over 12K but was quickly beaten down back under. We can now be clear this is a resistance level and possibly a soon to be support level as the price has been steadily pushing back upwards toward 12k. In spite of this most crypto influencers are bearish and expecting a pull back.
News for the week: More awareness of cryptocurrency and purchasing by institutional traders, but do they have the iron hands to play the crypto market? We will have to wait and see, as for Dave Portnoy (who cares), he entered and left within a week. Blames Chainlink and Orchid as Chainlink dumps 20% on him in a day. "Ive bought the top many times" Portnoy doesn't understand the principles of the market as he also appears to think pump and dumps are encouraged within the cryptosphere. I'd keep an eye on him if he tries to push a cryptocurrency onto anyone.
Outside of the meme news, "Bitcoins perception is changing over time, its image as a money-laundering vehicle has subsided, with investors now taking a much keener interest in it. News story counts of potential money laundering were much more prevalent in 2013-14 but have since subsided, while counts of Bitcoin as an investment have become more of a focus."
Bitcoin's hashrate reaches record high of 130 exahash per second (EH/s). This is especially important after bitcoins halving, as miners have had to switch off and upgrade from old inefficient mining rigs, because when miners commit more computing power to process BTC transactions it helps to strengthen the network and secure it against 51% attacks!
Warren Buffet changes his mind on Gold, will Bitcoin be next on his mind? Buffetts company reveals it has dumped bank stocks (such as JP Morgan, Goldman Sachs) and taken a position in a gold miner. This could also be a cheeky indicator something is a bit fishy within the current US financial system and Buffett is looking to retain his wealth for rockier times to come.
Thanks for reading, this week it is very Bitcoin heavy as I am thinking a move is on the way for the top performing cryptocurrencies. Below I would recommend reading the important links and CBDC links. It shouldnt be more than 30 mins, and most of them you can skim through :)
DISCORD LINK: https://discord.gg/zxXXyuJ 🍕 Bring some virtual pizza to share 🍕 Come have a chat, stimulate a discussion, ask a question or share some knowledge. We are all friendly crypto enthusiasts up for a chat, supportive and want to help each other with knowledge and investments! Big thanks to our Telegram and My Crypto HQ for the constant news updates! The Gravychain Collective: https://t.me/gravychain My Crypto HQ: https://t.me/My_Crypto_HQ Important Links:
Cryptocurrency technical analysis: cryptocurrency assets began the rally
Cryptocurrency technical analysis: cryptocurrency assets began the rally Top crypto assets have been in an uptrend this week. One of the reasons for the growth was the positive dynamics in the US stock market. This was facilitated by the decision of the US Federal Reserve to continue the asset repurchase program in current volumes until March 2021. In addition, a number of news has influenced the digital asset market. So, on July 25, Chief Justice of the District Court of the District of Columbia Beryl Howell recognized bitcoin as a form of money and stated that the asset falls under the money laundering law. This decision was made during the $311 million laundering case, where the head of the Coin Ninja crypto project Larry Dean Harmon is the defendant. Also since the beginning of the week, Bitcoin futures trading volumes have shown impressive growth, and the regulated crypto exchange Bakkt has reported closing of record high trading sessions. Also, significant support for the growth of the first cryptocurrency was provided by the massive closing of short positions, which were liquidated on July 28 for more than $500 million. And on July 29 it became known that the Central Bank of the Philippines is now participating in the race to launch the first national cryptocurrency. For this, a special committee will be created that will study the issue of launching the CBDC and the legal norms necessary for its work.
After a rebound from support at $9150, bitcoin quotes easily overcame the $9500 level, which now also acts as support. The 200-day simple moving average (SMA) line passes in this area, as well as the boundaries of the technical analysis “Triangle” (they are marked in pink on the chart below). This allowed Bitcoin to reach the first goal in the form of cluster boundaries of $9,900- $10,000 and $10,400- $10,500. Now the movement is taking place within the consolidation of $10,800- $11,300. In the coming weeks, maintaining the upward momentum will allow BTC quotes to rush to the following targets — $11,580 and $12,000. divergences ”between the highs on the chart and the MACD oscillator. If this scenario is realized, the targets will be the levels of $10,400 and $10,000. Further downward movement looks unlikely, but may lead to a retest of the $9,500- $9,600 area, where whales will most likely prefer to gain new positions in bitcoin. BTC / USD chart, four-hour timeframe On the daily chart of Bitcoin, you can see that there was a breakthrough of the boundaries of the technical analysis model “Triangle” (in the chart below they are marked in orange). From the point of view of technical analysis, a retest of the upper border of this figure should follow in the near future. This can lead to a decrease in the price from the current resistances of $11,000 and the cluster $11,200- $11,300 back to the supports at $10,500 and $10,000. If this scenario is implemented, there is also a chance of Bitcoin falling to the important cluster of $8900 (50% retracement at Fibonacci levels) — $9580. The presence of divergence between the BTC price and the MACD oscillator indicates a high probability of a correction. But at what levels this reversal will occur is not yet known. But until the end of this year, the first cryptocurrency is ready to maintain its growth trend, which can lead to reaching $11,800, $12,500, a cluster of $13,100- $13,350 and $14,000. BTC / USD chart, daily timeframe
Altcoins went up after bitcoin. The ether also shows good growth, the quotes of which continue to confidently rise from the support at $233, below which the 200-day SMA line is located. After overcoming the first target at $280, the ether rushed to the next targets located at the resistance levels of $300 and $320. Now the ETH quotes have returned to the framework of the “Flag” graphical model, which can reduce the volatility of the asset. At the same time, a correctional decline below $320 will allow big capital to gain positions. The support levels will be $300, $280 and $251. The targets for the development of a long-term upward movement are $363.80, $400 and $420. ETH / USD chart, daily timeframe
On the daily chart, Litecoin confidently maintains a positive momentum, which led to a breakout of the boundaries of the Descending Triangle technical analysis model. The upward breakout of the $47.45 level, just above which the 200-day moving average (MA) line is located, allowed LTC to go to the targets of $51.50 (38.2% correction level along the Fibonacci lines) and $56.80. In the medium term, further upward movement may develop to $60.80, $65, $70 and even $83. However, in the event of a correction from the current levels, the whales are likely to gain positions only at the previously tested levels of $50 and $51.50. LTC / USD chart, daily timeframe
Bitcoin Cash, as expected, soared from the borders of the “Triangle” price model (on the chart below the borders are marked with pink lines) to the resistance located at the upper border of the “Horizontal Channel” $200- $272. Then the altcoin continued its way to the $305 area. A correction may develop towards the 200-day SMA line, which is located in the $272 area. But in the long run of the coming months, we can expect a breakout of the $305 level, which will allow Bitcoin Cash to go up to the $356- $368 cluster and further to $400. BCH / USDT chart, daily timeframe
XRP also took advantage of an influx of liquidity, which led to the breakout of the boundaries of the Descending Triangle model. This allowed the asset to break through the boundaries of the “horizontal channel” of $0.18- $0.2050, in the area of which the 200-day MA line passes. As a result, XRP reached its first targets at $0.2360 and $0.2540. In the long term, the bulls will be able to take profits at $0.27, $0.2860 and $0.3080. At the same time, the levels of $0.2040, $0.2360 and $0.2540 in the event of a correction can act as supports for the current XRP quotes. XRP / USD chart, daily timeframe
Binance Coin also did not fail to take advantage of the market situation to break through the resistance in the form of the upper boundary of the “Ascending Triangle” and the level of $18.14. This allowed us to start the long-awaited growth towards the first target in the form of a powerful $19.36– $20 cluster. Maintaining this momentum in the months ahead will lead to the achievement of targets at $21.30, $23.50, $25.80 and $28.20. But before that, the asset may wait for a correction to the levels of $19.36 and $18, where the 200-day SMA line is located. BNB / USDT chart, daily timeframe At the end of this week, we can confidently say that another rally has begun among crypto assets. Moreover, it occurs before the start of the correctional decline on the world stock markets, which some investors warn about. Thus, the cryptocurrency market is becoming a new safe haven for whales, which have preferred to accumulate positions since March. We will not be surprised if this upward movement will last more than one month. Subscribe to our Telegram channel
https://preview.redd.it/1v6z6af9jcf51.png?width=963&format=png&auto=webp&s=5b29763a9609c95dc0941c1a9edc443b2e3c1127 A cryptocurrency exchange is the meeting point where traders exchange their cryptocurrencies for fiat money or other cryptos. These online exchanges, where the market price is generated, mark the value of cryptocurrencies based on supply and demand. It is a virtual space that allows the purchase and sale of cryptocurrencies. Since the appearance of Bitcoin in January 2009, cryptocurrencies have quickly demanded the use of this type of platform to access decentralized assets. The first cryptocurrency exchange was developed in March 2010 under the name of Bitcoinmarket. Since then, many proposals have emerged in the crypto space to provide quality options to cryptocurrency traders worldwide. Listing One of the important achievements of a Blockchain platform is getting your currency listed on a major cryptocurrency exchange in the digital finance arena. According to the Cambridge Dictionary, in the stock market, the term ‘listing’ refers to a place in a list of companies whose shares are bought and sold on a particular stock market, or the act of putting a company on a list. In the case of cryptocurrencies, the native tokens or coins of a blockchain platform represent those ‘shares’ of the platform. However, being listed on exchanges, especially on major ones, is neither easy nor straightforward. Many cryptocurrency exchanges have well-defined listing criteria to list the cryptocurrencies of credible projects, and not all projects meet the criteria the exchanges present. How exchanges operate Cryptocurrency exchanges can be classified into different types, but they all share something in common. They are all platforms designed to facilitate the participation of their users in the alternative cryptocurrency market. For this, they have fundamental and technical analysis tools and a large number of indicators so that traders can make the best decisions at all times within the market. Depending on the type of exchange used, transactions work on the platform or user side, all based on the benefits offered by blockchain technology. Most of the exchanges charge a commission on the buy-sell operation established by the trader. Also, those transactions are confirmed in the native blockchain of currency on which it is operated. Thus, for example, if you deposit or withdraw a certain amount of BTC in Binance, you will have to wait for the confirmation of the bitcoin blockchain network. You can see the corresponding balance successfully reflected after your transaction is confirmed. What is the difference between a CEX and DEX As we mentioned earlier, there are many categories of cryptocurrency exchanges, but fundamentally two large groups dominate the scene: centralized «CEX» and decentralized «DEX» exchanges. The first group corresponds to traditional exchanges, where access to buy or sell their tokens according to the market price. Compared to DEX, they are highly regulated platforms that must meet KYC(Know Your Customer) and AML(Anti money laundering) standards. It means that there is no privacy on their platforms since users are forced to reveal their identity to trade. Coinbase, Binance, Kraken, Bithumb, and Bitfinex are examples of this type of exchange. Moreover, CEX charges for its services, and some of them offer funding alternatives through traditional bank accounts or conventional credit cards. By charging commissions, CEX keeps the platform functioning and generating income. In the case of decentralized exchanges or DEX, they are a direct evolution of the traditional ones. Although they work in a similar way to the CEX, they are able to operate in a decentralized way thanks to smart contracts. It indicates that there are no intermediaries, and the platform is self-supporting due to its programming. In addition to this, DEX usually has high levels of privacy and even anonymity since it does not require KYC or AML. Some of the examples of DEX are AirSwap, Bancor, UniSwap, and Bisq. However, despite its mentioned qualities, there are defects that traders are reluctant to use DEX exchange. In many cases, its interface is difficult to use for the average trader to operate, and it has limited order types. Also, its low liquidity that generates high spreads drives away the users. Where FLETA is listed In the case of the FLETA token, we can find it available in a large number of exchanges globally. Since our first listing on the GDAC Exchange with the FLETA / KRW pair, the token is now available on five more exchanges for a total of enlistment in 08 pairs within six global exchanges. Below you can find the complete list of token availability in cryptocurrency exchanges in the market: ● Bithumb «FLETA / KRW» ● Coinone «FLETA / KRW» ● Bithumb Global «FLETA / USDT» ● Bittrex «FLETA / BTC» ● DigiFinex «FLETA / ETH» ● DigiFinex «FLETA / BTC» ● GDAC «FLETA / KRW» ● Bitsonic «FLETA / KRW» **
Why will the switching to TkeyNet take place this year, and not later, as planned?
Let’s look at the project history. The TKEY concept dates back to October 2017, and it was in the fourth quarter of 2017 that the distributed infrastructure concept was approved. In early 2018, the formation of the TkeyNet architecture began. To make the whole course of events clear, we highlighted the main points and commented on them: The projected development period for TkeyNet is 2.5–3 years.
This forecast was made in 2018 when the development of TkeyNet began.
The course of events that was part of our strategy
Core 1.0 launch and exchange The company planned to launch a Protocol based on Core 1.0 and conduct a subsequent listing of the asset on the exchange in late 2018-in the first half of 2019. Depending on the completion of work on Core 1.0. Why launch Core 1.0? There is a fixed practice in the market when a project starts on a ready-made blockchain, and then switches to its own, for example, EOS. This project was launched based on the Ethereum blockchain, and later the transition to its Protocol was made. Our main task was to launch a Protocol with non-standard technical solutions for the market and enter the auction to expand the project audience and obtain liquidity for the asset. With an increase in the asset price, the company would be able to increase its financial resources and reinvest them in the development of the project. Thus, the launch of a blockchain-based on Core 1.0 fully met these tasks.
In Core 1.0, new transaction models introduced and multi-blockchain support implemented. The first version of the Protocol supported the inclusion of 10 separate chains. The mechanics allowed you to change the number of parallel chains in the blockchain. To increase throughput, the team implemented PostgreSQL support, instead of the typical key-value database that is present in most cryptocurrencies.
Switching to Core 2.0 during trading and then switching to TkeyNet Next, the plan was to upgrade the network to Core 2.0 and continuously modify it. The modification means the gradual implementation of functionality and standards from TkeyNet so that it is easy to make the transition from Core 2.0 to the new TkeyNet Protocol during trading on the exchange. https://preview.redd.it/zcf5vnsgg2f51.png?width=1191&format=png&auto=webp&s=d5d5e41551ccc95f8a8a401f8fd2d081f1068939 In 2019, a Core 1.0 — based system launched. The year was simultaneously busy: the first presentation of TkeyNet at APA-2019, presence at IFC-2019, work on draft laws, and at the same time, the year was quite difficult for our company, which affected the timing shifts for products and all project plans in General. The listing did not take place. Reasons for switching to TkeyNet There is a silver lining. In the period from April to May, there was positive news from developers: work on TkeyNet will be completed much earlier than planned. By the end of June, we were preparing to launch a test network based on TkeyNet, to start the final testing of all functions.
On June 22, 2020, the core 1.0 network suspended. For more information,see the link.
Shortly, we will be able to switch to TkeyNet and list the TKEY asset to crypto exchange.
Upon completion of the launch of TkeyNet, the official date of listing of TKEY on the trading platform will publish at the link:tkeycoin.com/start/;
What is TkeyNet?
We have already talked about TkeyNet in the previous article: TkeyNet-release date, a brief analysis of the system, further plans, gave examples of how the use of technology, told what products can be created based on TkeyNet, all this covered in General terms. https://preview.redd.it/olp8lviig2f51.png?width=7418&format=png&auto=webp&s=9403b97e8bd2080fb8678530dbb418053db317c3 In this publication, we share some theses so that you will gradually develop an objective picture of the new TkeyNet system and its capabilities, which many of you will be able to apply in the future in business or everyday life. From the very beginning of development, — TkeyNet was intended to improve the existing financial system, not to replace it. From a technical point of view, the system and its functionality entirely based on blockchain technology. However, this is not a classic variation, as, for example, with bitcoin, but the new implementation of It — more secure, more suitable for global use, more perfect. In simple words, our developers took the best from Bitcoin, Ethereum, Litecoin, and other market leaders, combined their pros, eliminated their cons, and modified existing solutions on the market, resulting in new technology with new features. For the user, TkeyNet is a fast payment network that allows you to store, use, and move various assets in the payment network, such as currencies, shares, real estate, and precious metals, etc. Businesses will be able to legally conduct international transfers in seconds and significantly save on transactions. For developers and startups, this means best practices, infrastructure, liquidity, and access to ready-made solutions that can complete in their products. Among competitors, TkeyNet is much faster than its predecessors, more profitable, and cheaper in terms of transactions. For businesses and financial institutions, it is an infrastructure that will significantly improve existing financial processes, from payment routing to multi-level exchange and clearing operations. If we compare the giants of the financial industry-banks, and the new paradigm — distributed payment systems, we will notice a significant difference. The total market capitalization of cryptocurrencies estimated at ≈340 billion US dollars and the capitalization of 10 world banks is 2 trillion dollars. A significant difference, don’t you agree? http://www.outsourcingportal.eu/en/bitcoin-would-rank-as-8th-largest-bank-globally-with-169-billion-in-market-capitalization You can’t argue with the numbers, and we must understand that banks remain vital objects of the financial system. Banks help us send funds within the country and abroad, and provide a lot of services, such as loans, deposits, and a lot of other services. Anyway, using cryptocurrency, users actively exchange it for Fiat currencies to pay for any formed needs. Therefore, TkeyNet will serve as a bridge between fiat and digital currencies, providing its users with best practices and tools through which we will all have access to various digital and cash at any time and anywhere in the world. The Asian Parliamentary Assembly actively raised the issue of trust and the development of financial products in underdeveloped countries. The problem in such countries is total state control of property registers. Citizens prefer to dispose of their funds in informal settings because they do not consider state systems reliable.
According to the World Bank alone, about 1.7–1.8 billion people do not have accounts in any financial institution, and about 47% of them located in developing countries. The problem of interaction between a person and a financial institution consists of three main reasons: poverty, trust issues, and geographical difficulties. With systems such as TkeyNet, it is possible to connect people and financial institutions with a single source of trust. With the use of such systems, a person does not need anything other than access to the Internet. https://www.statista.com/chart/18497/countries-with-the-highest-share-of-adults-without-a-bank-account-in-2017/
The investments that bring us all together
On the other hand, the audience of the TKEY project is quite diverse: our investors represent a variety of professions, a variety of cities, and a variety of age groups. However, one thing, nevertheless, unites us all — this thing is an investment. And therefore, some of the users may not be interested in technical details or the difference between 1.0, 2.0, or TkeyNet. But at least the thesis, the main message, must be understood by absolutely everyone.
The more popular the company’s products are on the market, the stronger it is and the development. Due to the reliability of the company, the prices of its assets grow.
From 22 to 24 July, the test network TkeyNet was successfully launched. Our team is currently actively testing the entire network and conducting a security audit. Developers are testing the network with different scenarios: security, reliability of the full system, as well as individual modules and functions. Given the different number of similar-looking formulations, but at the same time completely different from each other, some users wondered what is the difference between such concepts: Mainnet, Testnet, and TkeyNet. Testnet should consider as a demonstration network for testing, testing concepts, new features, experiments, and debugging without the risk of losing any data. Testnet is a polygon for the development team that used to improve the system and introduce new features. Mainnet (Main Network) this is a complete product, ready to use. TkeyNet is the name of the infrastructure, the entire system that we are developing, and Testnet and Mainnet are technical concepts within this system. After testing the system is complete, TkeyNet will launch. We will issue instructions on how to upgrade to the new Protocol and new software, respectively.
Testing takes place without any excesses, and the launch of TkeyNet is just around the corner.
Thank you for being with us! Follow the project news to stay up to date. If you missed the latest news, you read the notification on the site: https://tkeycoin.com/en/news/.
Link to our website:https://block.co/blockchain-in-the-public-sector-webcast-qa/ Block.co fourth webcast titled "Digital Transformation of the Public Sector & The Upcoming Legislation of Blockchain Technology in Cyprus” was an immense success. We gathered some of the best experts in the field, Deputy Minister Kyriacos Kokkinos, Jeff Bandman, Steve Tendon, and Christiana Aristidou to share their experience and discuss with us the latest updates regarding Blockchain in the Public Sector. In its fourth series of webcasts, Block.co gathered 281 people watching the event from 41 different countries, for a two-hour webcast where guests answered participants’ questions. Following the impressive outcome and response we received from the audience, Block.co’s team has done its best to address all the questions for which public information is available. Below is a list of the questions that were made and were not answered due to time constraints during the webcast. For the remaining questions from our audience, the team will reach out to our distinguished guests to receive their comments and feedback. Please note, that the below information is only for informational purposes! Question 1: How can asset tracing be accomplished with bitcoins and cryptocurrency? And how can this be regulated? Block.co Team Answer: Digital Asset tracing may be accomplished with cryptocurrency intelligence solutions such as Cipher Trace and the ICE cryptocurrency intelligence program. FATF (Financial Action Task Force) embarked on a program of work from summer 2018 to June 2019 to strengthen and update the provisions dealing with virtual assets and virtual asset service providers. FATF updated Recommendations in October 2018 and Guidance in June 2019 include several new obligations that apply to VASPs. The so-called “Travel Rule” FATF announced in October 2019 agreed on the assessment criteria for how it will assess countries’ compliance with the new global standards. Under the Travel Rule, the transmitter’s financial institutions must include and send information in the transmittal order such as Information about the identity, name, address, and account number of the sender and its financial institution Information about the identity, name, address and account number of the recipient. The ”Travel Rule” is effectively being applied to cryptoasset transfers when there is a virtual asset service provider (VASP) involved. The scope of focus has broadened from “convertible” virtual assets to any virtual asset. Countries should make sure businesses can freeze crypto wallet or exchange accounts for sanctioned individuals. Question 2: Which kind of software or technical knowledge is required to develop cryptocurrency? Block.co Team Answer: It depends on the type of cryptocurrency you wish to create, as well as the preferred functionality and features, and characteristics of the token or coin (i.e. will it be pre-mined, what type of hashing or cryptographic algorithm will be used (i.e. proof of work (POW) or proof of stake (POS) or a hybrid of both), etc. Likewise, it is useful to utilize a programming language that is broadly used and supported by a vast and active development community; more data could be found here: more information could be found here: top programming languages in 2015/2016, published by IEEE here, and TIOBE. Hypothetically, you can utilize any programming language to make cryptocurrency digital money, however, the most widely recognized are C, C++, Java, Python, Perl. The beauty of cryptocurrencies is that you can literally have access to the entire Bitcoin and Ethereum open-source programming scripts, and create your alternate coin (altcoin). Question 3: Hello all, I want to know about the current status of the European Union Blockchain initiative in currency or public identity. Block.co Team Answer: Please refer to the European Services Blockchain Infrastructure (EBSI) website. Question 4: Mining is also the process of confirmation of transactions in the Bitcoin Blockchain. What is the process of confirmation of transactions in the Blockchain of an Organization? How do we call it? Block.co Team Answer: That would depend on the specific consensus algorithm used for the confirmation of transactions. The consensus algorithm is part of the blockchain protocol that defines the rules on how consensus is reached on that blockchain. In order to participate, entities on the blockchain must obey and follow the same consensus algorithm. Make sure to check our glossary for more information. Question 5: How does a small business implement blockchain into its current non-blockchain software systems? Who do they hire to install it? Block.co Team Answer: It is easy when there are APIs to connect the various software. For more information, you can check Block.co API. Question 6: What is your opinion on digitizing developing economies like India by using AI and blockchain? Block.co Team Answer: Watch a very interesting webinar on the matter by Mr. Prasanna: Question 7: Blockchain technologies have been around since 2008. What would you say has been the biggest obstacle in widespread adoption? Block.co Team Answer: In our opinion, the biggest obstacles are volatile cryptoasset prices, complicated UIs, undefined blockchain technology standards. Moreover, the legislation around the technologies is still now being developed and does not offer legal certainty for broader adoption. Question 8: Limitations to Blockchain Usability in the Public Sector? Block.co Team Answer: Blockchain in the Public Sector, like any other innovative concept with big potential, cannot be a solution to every problem. Users and developers are still figuring out technological and managerial challenges. From a technological perspective, some aspects such as platform scalability, validation methods, data standardization, and systems integration must still be addressed. From a managerial point of view, the questions include business model transformation, incentive structure, and transaction scale, and maturity. Read more here. Question 9: How can these blockchain initiatives be practical for the African context Block.co Team Answer: As long as the internet infrastructure is in place, these blockchain initiatives may have the same benefits for the African region. Question 10: What are some compelling use cases you’ve seen lately, and how do they serve to further legitimize blockchain as a solution? Block.co Team Answer: You can see the global trends from all around the world when it comes to further legitimization as a solution, with China leading the way. Read more here. Question 11: How does digital currency manage the issue of money laundering? Block.co Team Answer: Depends under which context you are looking at the term digital currency. A digital currency usually refers to a balance or a record stored in a distributed database, in an electronic computer database, within digital files or a stored-value card. Some examples of digital currencies are cryptocurrencies, virtual currencies, central bank digital currencies (CBDCs), and e-Cash. The Financial Action Task Force (FATF) is an intergovernmental body established in 1989 on the initiative of the G7 to develop policies to fight money laundering. Since 2001 FATF is also looking into terrorism financing. The objectives of FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing, and other related threats to the integrity of the international financial system. FATF is a “policy-making body” that works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas. FATF monitors progress in implementing its Recommendations through “peer reviews” (“mutual evaluations”) of member countries. It is the global watchdog for anti-money laundering & counter-terrorist finance. In June 2019, it updated its guidance paper for Virtual Assets Service Providers (VASPs) regarding the transfer of digital assets. There was an insertion of a new interpretive note that sets out the application of the FATF Standards to virtual asset activities and service providers. To apply FATF Recommendations, countries should consider virtual assets as “property,” “proceeds,” “funds,” “funds or other assets,” or other “corresponding value.” Countries should apply the relevant measures under the FATF Recommendations to virtual assets and virtual asset service providers (VASPs). Read more about the FATF recommendations here). https://preview.redd.it/58tt7mt1pld51.png?width=1920&format=png&auto=webp&s=d24811c4864ebf02cb9aacc8d6b877a1fbc3756b Question 12: To what extent can blockchain be used to improve the privacy of healthcare? Block.co team Answer: Please refer to our previous webcast, blog, and articles for more information. Question 13: What is Blockchain technology in Shipping? Block.co team Answer: The shipping sector has been in the hold of phony maritime institutes charging exorbitant fees via agents, issuing certificates to candidates who do not have the imperative attendance, or those candidates who just pay the fees for the course and ask for the certificate. In view of these fake accreditations, the possibility exists that someone could be harmed or killed, and we could face any number of potential ecological disasters. Having the option to easily verify the genuine origin of a certificate by an approved maritime center is foremost for shipping companies to fast-track their operation and streamline their labor. Question 14: Different uses of blockchain other than cryptocurrency? Block.co team Answer: Please refer to our blog and glossary. Question 15: Upcoming trends in Blockchain concerning Advertising, Marketing, and Public Relations in the Public and Private sectors. Block.co Team Answer: Regarding the application of blockchain technology to media copyrights, please see Block.co use case proposal during the Bloomen Ideathon. https://preview.redd.it/48zc8j38pld51.png?width=3622&format=png&auto=webp&s=79987d1dc7eb8d0c8e32dbce8680b17801d0d244 Question 16: How to create a decentralized blockchain? Block.co Team Answer: An excessive number of individuals feel that blockchain is some supernatural innovation that makes up a decentralized system. In truth, this innovation only enables decentralization. Which means, it permits cryptocurrency to work in a decentralized way. Yet, it doesn’t give any guarantees that it will work that way. Along these lines, it’s really, some outer variables that decide genuine decentralization. Technology, itself never really guarantees it. That is the reason it’s a mistake to expect that if it’s a blockchain — it’s decentralized. From a technical perspective, both blockchains, centralized, and decentralized are comparative, as they take work on distributed peer to peer to network. This implies every node is individually responsible to verify and store the shared ledger. Both Blockchains utilize either a proof-of-work or proof-of-stake mechanisms to make a solitary record and they have to give upper and lower limits on the security and productivity of the system. For more information please refer to our infographic. Question 17: Dubai government Blockchain implementation progress? Block.co Team Answer: You can see more information here. Question 18: How Blockchain and IoT can be integrated to secure data being transmitted through IoT devices. Block.co Team Answer: You can read more about it here. Question 19: How can the Nigerian government use Blockchain to effectively implement its existing launched eGovernment master plan? Block.co Team Answer: Perhaps it can draw its attention to the initiatives of Dubai, Estonia, and Malta to prepare an implementation framework. Question 20: What impact is blockchain going to have in today world of business especially in the financial sector Block.co Team Answer: Please refer to our recent article titled Benefits of Blockchain Technology in the Banking Industry. Question 21: Is Blockchain Technology affect individuals? Block.co Team Answer: The social effect of blockchain innovation has just started to be acknowledged and this may simply be a hint of something larger. Cryptocurrencies have raised questions over financial services through digital wallets, and while considering that there are in excess of 3,5 billion individuals on the planet today without access to banking, such a move is surely impactful. Maybe the move for cryptocurrencies will be simpler for developing nations than the process of fiat cash and credit cards. It is like the transformation that developing nations had with mobile phones. It was simpler to acquire mass amounts of mobile phones than to supply another infrastructure for landlines telephones. In addition to giving the underprivileged access to banking services, greater transparency could also raise the profile and effectiveness of charities working in developing countries that fall under corrupt or manipulative governments. An expanded degree of trust in where the cash goes and whose advantages would without a doubt lead to expanded commitments and backing for the poor in parts of the world that are in urgent need of help. Blockchain technology is well placed to remove the possibility of vote-apparatus and the entirety of different negatives related to the current democratic procedure. Obviously, with new innovation, there are new obstacles and issues that will arise, yet the cycle goes on and those new issues will be comprehended with progressively modern arrangements. A decentralized record would give the entirety of the fundamental information to precisely record votes on an anonymous basis, and check the exactness and whether there had been any manipulation of the voting procedure. Question 22: As Andreas Antonopoulos often says in his MOOC: ”is a blockchain even needed?” Ie. Are there better methods? Block.co Team Answer: In combination with nascent technologies, IoT, distributed computing, and distributed ledger technologies, governments can provide inventive services and answers for the citizens and local municipalities. Blockchain can provide the component to create a safe framework to deal with these functions. In particular, it can provide a safe interoperable infrastructure that permits all smart city services and capacities to work past presently imagined levels. On the off chance that there were better techniques, they would be researched. Question 23: Would any of this be also applicable to the educational sector (as part of the general public sector), and if so in which way? Block.co Team Answer: Yes, please refer to our Webcast on Education and our blog post. Question 24: Will we be able to get a hold of this recording upon completion of the meeting? Block.co Team Answer: Yes, here is a link to the recording of our webcast Blockchain in the Public Sector. Question 25: Was wondering if there are any existing universal framework in governing the blockchain technology? Block.co Team Answer: The short answer is NO, as this framework is currently being prepared in collaboration with the various Member States. We would like to thank everyone for attending our webcast and hoping to interact with you in future webinars. If you would like to watch the webinar again, then click here! For more info, contactBlock.codirectly or email at [[email protected]](mailto:[email protected]). Tel +357 70007828 Get the latest from Block.co, like and follow us on social media: ✔️Facebook ✔️LinkedIn ✔️Twitter ✔️YouTube ✔️Medium ✔️Instagram ✔️Telegram ✔️Reddit ✔️GitHub
You are likely to be mandated to spend some amount of time indoors over the next few weeks. Postal services will still operate but in-person dealers may not.
Do not fall for the many bait and scam posts that will be posted on reddit. To remind people
Someone you meet through reddit offering to sell drugs is a scammer. Good vendors do not need to find customers through reddit.
Someone who offers to introduce you to their plug through reddit is a scammer. Good vendors do not need to find customers through reddit.
Anyone accepting non cryptocurrency payment methods is a scammer. They are looking for low hanging fruit who will not spend the couple of hours required to figure out crypto for the first time. This includes venmo, paypal, gift cards, vbucks, you name it.
Anyone you meet through reddit is a scammer. Just repeating this one to hammer it home.
DarkNet Markets are widespread and the reviews there meant that vendors are accountable for the products they sell. Escrow makes it impossible for vendors to take money without sending product and frankly it's so lucrative that big vendors don't need or want to. Look for the best review history, not the cheapest price. Bitcoin used to be anonymous for a long time but it has always been possible to publicly trace transactions between accounts. Now that Anti Money Laundering rules require exchanges to keep photo ID for purchases this makes it possible for bitcoin purchases to be linked to your ID. All markets accept Monero, a different currency which works in the same way but makes it impossible to link transactions between accounts without the login details for the sender account. Bisq, kraken, poloniex and other exchanges allow trading of Bitcoin for Monero and this makes it easy to break the surveillance chain. Learning to use DNMs takes a couple of hours and will decrease the risk you are exposed to by allowing you to more effectively vet who you are purchasing from. Use DuckDuckGo to search for guides online (DO NOT ASK IN THIS SUBREDDIT) and have a read. Do not ask individuals to help you through the process, they may be scammers. Look for publicly available guides that have had the chance to be scrutinised. Use https://dark.fail to avoid phishing links to markets. Never follow links to markets that you find on Reddit.
Bitfinex Must Answer NY AG Allegations It Hid Over $800M In Lost Funds
Cryptocurrency exchange Bitfinex must answer allegations by the state of New York that the Hong Kong-based company hid more than $800 million in losses of client and corporate funds, the New York Court of Appeals ruled Thursday (July 9), according to Bloomberg. Companies connected to Bitfinex have been accused by New York Attorney General Letitia James of the loss of commingled client and corporate funds, Bloomberg reported. The companies have insisted the cash was deposited with Crypto Capital Corp. Investigators at the U.S. Department of Justice alleged Crypto Capital provided shadow banking services to several cryptocurrency exchanges, including Bitfinex, Binance, Cex.io, Coinapult and QuadrigaCX. The Panamanian company was indicted for conspiracy to commit bank fraud and conspiracy to operate an unlicensed money transfer service, Cointelegraph reported. Crypto Capital President Ivan Manuel Molina Lee was arrested last year by Polish authorities on suspicion of laundering $350 million worth of funds from illegal proceeds and having ties to a global drug cartel, Cointelegraph reported. The company later collapsed. In April of 2019, cryptocurrencies saw a double-digit percentage drop in bitcoin. On April 26, the price of bitcoin fell to $5,092, down from levels earlier that week that topped $5,580. The slide came as James accused Bitfinex of covering up missing funds through illegal transactions to the tune of $850 million. Companies tied to Bitfinex also operate the stablecoin Tether, a conduit for trading in much of the cryptocurrency market globally, Bloomberg reported. The appeals court rejected the argument that Tether, with a market capitalization of more than $9 billion, is not a security or commodity and said the court has jurisdiction over its issuer. The justices also rejected the companies’ argument that since they are not based in New York or serve local traders, they shouldn’t be answerable to or have to produce certain documents for New York authorities, Bloomberg reported. The court said New York traders had used Tether, and some of the companies’ staff worked in New York. Originally posted ByPYMNTS Posted on July 9, 2020
I ruin people’s lives for fun, this is my story. [Chapter 3]
Chapter 1 Chapter 2 Good morning. It is currently 9 in the morning, and I am just finishing up my coffee at a local shop. I always get the same thing: A large iced coffee with 4 ice cubes and 2 packets of sugar. That concoction makes it the perfect temperature to enjoy. I tend to do everything by routine, because I like to think it makes me more organized if I do it that way. Life is just a whole bunch of patterns someone has yet to figure out. I was looking more into Jason’s assets and accounts. I came across something that made me laugh. He has been paying Kiley $1,000 every week. So from my observations, Kiley looks like an escort. I think that this is helpful, because now I know that she doesn’t have a trustful relationship with him. I mean the money was being paid to the website to hire escorts. I really don’t care about Kiley though. She isn’t important to the game anymore. I have to go to work in about an hour so I need to finish this up pretty quickly. I wanted to make the process of fucking with Jason long. I went on the dark web for a minute to see if I could come across a device that could withdraw money via ATM from previous accounts that had been connected to said ATM. If that made any sense, my plan would be to buy this tool, and steal money from Jason’s account. I know I used bitcoin for the last one, but I thought this would be more eventful. I wanted more hands-on experience if you know what I mean. I forgot to mention that I saw that Jason had a permit for concealed carry, so I need to keep this in mind. After searching on a couple of the markets that I have accounts with, I finally came across it. It was around $200. I just went ahead, and used the funds that were already on my account to purchase it. It says that it ships domestically, so it should be here in the next few days. I will continue with this update after I get done with my shift. I have just finished my shift, and I'm exhausted from how pestering my boss is. That prick just loves his sales quotas. I got a confirmation letter from the vendor to my private email saying: Your purchase was confirmed and the shipping process will now begin … thanks for doing business. Fantastic! Now we can get to the fun part. I wanted to look more into his odd transaction with a car wash in Florida. I looked up the car wash, and it was only 2 miles away from Jason’s vacation home. I went ahead and called. Some women picked up, “JJ’s car wash … how may I help you?" I replied with, “Good, good. I was just wondering if I could get in contact with the owner? I wanted to come over, and do an evaluation on the value of the land … Is he there right now, or could you possibly give me a phone number to reach him?” She hesitated, and said, “Uhhh, I'm sorry, sir, I'm not really sure if I can give that info out. Let me ask my manager.” I interrupted her with, “No, that won’t be necessary. Just give me his email, and I’ll send him the information myself. Thanks.” She said, “Sure … it's [email protected][redacted].com” I hung up saying, “Thanks so much for your help. It means a lot. Thanks.” Some people are just so oblivious to the world that they’ll believe anything they hear. Well, I guess I shouldn’t be complaining because that email is the same as Jason's. He owns some little car wash near his house in Florida. I wanted to look more into this, but thought that for right now it's a waste of time. (Added "that". Apostrophe on "it's", because it's= it is.) Well, I went ahead and drove over to the nightclub Jason goes to every Wednesday night to see what he was up to there. I disguised myself as much as I could. I mean there were a lot of people here so no one would notice me unless I was face to face with them. I had a hat on and a hoodie. I just looked down at the floor as much as I could. I followed Jason in after he arrived with his driver. He went upstairs where VIPS are only allowed. I kept an eye on him for a while. He then disappeared to a back room which had me curious. I needed to figure a way to get upstairs without anyone questioning my authenticity. I went to the back room where I guess the staff gets ready. I found this work shirt that was black and an extra pair of pants that were a size too big. I had a belt on me so that wasn’t an issue and I put on the clothes and now I looked like a waiter. I went to the bar and said I needed 6 “on the rock” martinis and handed her a tray to put them on. She asked, “You work here?” I said, “Yeah, new … these are going upstairs so make it quick.” She nodded and proceeded to make the drinks. She handed me the tray and I carefully made my way up to one of the security guards at the stairs. I looked at him and said, “These are to go up to Mr. Peterson?. He looked at me up and down and waved his hand towards the stairs allowing me to go. I walked up the stairs with the tray in my hands and walked through the back door that Jason had recently disappeared to. I saw a few ladies that were all intoxicated and a couple of men sitting on the couch. There was a nice electric fireplace next to a computer desk that wrapped around the corner of the room. It was a decently big room with a minibar as well. I walked over towards the men. I said, “Excuse me gentlemen but, I have 6 martinis ready to drink in my hand.” I could tell that they all have been drinking because of the way they were slurring their words. Jason spoke up and said, “Perfect thank you … here’s a tip” handing me a $100 bill I took the money and pocketed it saying, “Thank you .. if you need anything else please call down to the bar.” I walked out. That room was soundproof as well because when I walked out my ears were rushed with loud music from the dance floor. I saw another door to my right and my curiosity peaked and I walked through. It was this long hallway and a little red sign saying “Exit”. Nothing special here so I just walked out back downstairs. I went ahead a walked over to the security guard and asked him something, “Which one of those guys is the owner?” He replied with, “You should know this … Mr. Peterson just took over ownership a few weeks ago.” This caught me off guard and I said, “Oh right … thanks.” I was mind blown because of how many properties this guy owned. Where was he getting all of this money … I mean I know that he owns a security company but, 2 houses, 3 companies that all pay in cash, a personal driver, large bank transactions. All of this wasn’t adding up. I went online and did some research. I have the suspicion that Jason is laundering money through his businesses. I don’t know who he is cleaning money for but, it’s probably someone who doesn’t want their money fucked with. This could be an issue because if I fuck with Jason’s life and his financial situation that someone else could be looking after him. I don’t fear anyone will find me because I make sure I do everything very securely. I should be getting the atm snipping tool soon and hope to make a move on Jason and uncover his dirt. I’m getting excited just writing this right now knowing that I could possibly ruin not just Jason's life but his whole operation. Before I do begin my adventure I need to make a couple of precautionary steps. I logged onto the dark web and found a trustful hacking service. I would never hire someone to hack unless I didn’t have the skills to do the task. I mean if somehow I turned up dead my plan would still carry out. So I found someone who could “ruin” his life. I’ve been chatting with him now to see what type of services he offers and I found one that fits my purpose. I also told him I wouldn’t buy unless I failed my game, which means death. He understood and told me how it would work. He said I would need to put the money in escrow and I told him if I don’t respond within 2 weeks that the money will be sent automatically. By putting the money in escrow it means I can’t take it out and he can’t accept the payment unless all conditions are met with a third party. I set up a zombie computer to be the third party. Usually the vendor or market your on will have an escrow system but, I wanted to make sure that he would certainly get the money if anything happens to me. So I set the zombie and sent the escrow away. The payment was $600 to do whatever was necessary to either ruin them financially or put them in jail. This hacker could make them be known as a child porn user by encrypting his computer with files that would have him arrested. I was thinking of this option or go to a darker market which would put a price on Jason’s head. Now that this was all set up I could move on and take Jason’s money. I watched him after work for a few nights to see if he would use an atm. He was at a little food market having lunch and used the atm to withdraw $40. I know this because my little tool tells me. So I watched him from across the street to see when he left. He left after eating and walked back to his car where his driver was waiting. They drove off and I waited about 5 minutes before doing anything. Atm machines have cameras so I needed to cover my face before hacking his account. I checked which account he withdrew from before going inside since I had access to his computer passwords. The account he used had approximately $12,000 in it. I knew going into this that I would only withdraw a couple thousand because I didn’t want the bank instantly freezing his account even though after he noticed, he would call and tell them. So I set up a script that would take $10,000 through tiny transactions with bots and have them located from all over the world so it wouldn’t be able to trace back to me. It would then compile the transactions back to an offshore account that I made. I would set this into action as soon as I withdrew the $2,000 in cash from the atm. This would leave Jason with $0 in his one account. I knew that he had other accounts but, the one that I was targeting had the highest balance. I put on a bandana and some dark sunglasses with a hoodie on and walked inside. I got myself a little drink and paid in cash making sure to keep my fingers off the handle. I then went over to the atm and placed the tool where you put the card in. It loaded up this menu on the screen and it listed a couple of names from the recent customers that withdrew money. I clicked the arrow down to “Jason Peterson” and typed in the box that said “Custom amount” $2,000. It then went to another screen saying “Please remove your card before money dispenses.” I removed the tool and out came Jasons 2 grand. I put it in my wallet and walked out to my car. I made sure to park in a parking lot that was decently empty with no cameras to catch my plate. I pulled out my phone and went to the Facebook marketplace. I was feeling a new laptop right about now so I started scrolling through. I found one that matched my needs and messaged the seller, “Hey, I am interested in your listing … could we meet today?” He replied back pretty quickly with, “Sure, let’s meet at the [redacted] Starbucks!” The laptop was listed for $250. I told him I would pay in cash and I would be there in 20 minutes. I went to the Starbucks and met with the guy selling it. He was a nice guy who told me he just upgraded so that’s why he was selling it. I asked him to turn it on to make sure it works, which it did. I handed him the cash and wished him well. I walked outside and got into my car. I pulled around to the drive-through and got myself a large coffee with extra cream and sugar. After I got my coffee I went home and got a call from my boss asking where I was today. I told him that I really didn’t feel like working today which he replied telling me to not come back tomorrow and I was finished working there. I had a pretty big smile on my face at this point because now my time would be devoted to ruining Jason’s life. I poured myself a nice glass of whiskey to end off the night right. I mean this would be the perfect time to celebrate. I just got fired and have over 10 grand in my pocket. I don’t want to get ahead of myself yet. It has been a couple of days since I sent that money in escrow and if I don’t get my job done before the 2 weeks are over then someone else will do it for me. This was like a tiny challenge in the midst of the much bigger challenge. Look at this way. I want to take credit for ruining Jason’s life or all of my work will go to waste. I mean the dark web hacker isn’t watching Jason’s every move and reading him like I was. All he had to do was sit on his ass and type on a computer. In this day and age that’s all you need. Hell, that’s how I ruined Connor’s life. I told you from the beginning that I wanted to up my game. I had the proper funds now to really up my game. In the morning, I went to go to a local Walmart to pick up a few things. I wanted to make a homemade suppressor. I was looking at the prices on the dark web but, if I could save some money doing it, then why not right? So I looked up how to make a homemade suppressor and picked up the right supplies to make it. You need some PVC pipes, steel wool, a drill, and a few other things and you got yourself a suppressor. It didn’t take to long to make and it fits real snug on my .50 caliber sniper rifle. No, I wasn’t going to kill Jason because that would be too easy. I wanted to fuck with him a little longer before really getting down and dirty. Pull his strings like a puppet if you will. My plan was this. I would find a time where Jason was alone and I would call him. I would tell him if he wanted his money back that we would have to meet. I would specify that he and only him would come and if anyone else was to show that his funds would be long gone before he ever got there. I would then drug him with chloroform and take him to a secluded place where no one would find us. I would then tell him to give up all of the information on the people he works for or he and Kiley dies. I thought to introduce that I know Kiley that it would motivate him a little more. Just the strings in his life. If that didn’t work my plan would be to tell him that the police were raiding his house for child pornography which I downloaded on his computer. I would show him his files from my laptop remotely to prove it and if that didn’t work we would figure something else out. I wanted to move forward with this as soon as possible. I grabbed my car keys and headed out the door. Today I wasn’t going to do anything with Jason. Today I needed to shop. While I was at Walmart this morning I grabbed some bleach and rubbing alcohol to produce the chemical chloroform which would make Jason unconscious. I also picked up some latex gloves for prints. I bought myself a burner phone at a gas station near my apartment too. Now that I have all of my supplies I headed over to a Starbucks. I ordered my usual large coffee with 4 ice cubes and 2 packets of sugar. I brought my new laptop with me and connected it to the free wifi. This laptop wouldn’t be coming home with me. I was going to use this laptop to connect me to Jason’s stock portfolio. After I hacked into it I would sell all of his stocks that were a part of any company he owned leaving him with nothing in return. Basically sweeping the owner's name tag out from under his feet. I would then corrupt the hard drive and throw the laptop in the dumpster. After this, it was time to burn everything he owned to the ground. I wanted to leave him and the people he worked for with nothing in return … absolutely nothing.
Blockchain Can Provide the Right to Privacy That Everyone Deserves
You can read the original article here: https://cointelegraph.com/news/blockchain-can-provide-the-right-to-privacy-that-everyone-deserves Blockchain technology can help to build a self-sovereign financial system where privacy belongs to the people. Contrary to popular belief, privacy is not for those with something to hide but with everything to lose. Authoritarian governments across the globe are increasingly using surveillance to control their citizens at the expense of personal freedoms and civil liberties. The privacy of one’s financial transactions is intricately linked to one’s personal liberty. Without privacy (and financial means), true freedom is at risk. We are rendered powerless to resist oppression. The promise of cryptocurrency is that it is uncensorable and unseizable money for the people. But Bitcoin (BTC), which was supposed to be like peer-to-peer digital cash, lacks privacy, which is essential to enabling these properties. In an increasingly connected and data-driven world where surveillance and data harvesting is the norm, we must treat privacy as a fundamental human right. If we believe in the original tenets of cryptocurrency as a decentralized and self-sovereign form of money, we need to fight to maintain our right to be private.
Some cryptocurrency projects seem to be apologetic for being privacy-focused, given the current regulatory climate and common misconception that privacy coins are used by criminals to hide illicit activities. Consequently, we see other projects in the space, such as Zcash (ZEC), Dash (DASH) or even Bitcoin adopting opt-in privacy models, which clearly do not work. Low usage means low privacy, as indicated by Chainalysis’ findings that 99% of Zcash transactions are partially traceable and that the firm can perform successful investigations into Dash’s PrivateSends. Other studies also indicate that despite Zcash’s advanced technology, many users who did not completely understand how its privacy worked used it improperly and made it traceable anyway. Yet, the fact is: No matter how advanced the privacy technology employed, it is meaningless if it is not used. Privacy likes being in a crowd. Privacy needs to be easy-to-use. Various explanations have been given as to why these privacy cryptocurrencies do not seem to want to encourage greater adoption of private transactions. The primary reason being that they need to play nice with regulators, who are uncomfortable with the idea of private transactions. Despite its early origins being one of the first privacy coins, called Darkcoin, Dash goes to great lengths to distance itself from being called a privacy cryptocurrency, including with a published legal position that in terms of privacy, it is no different than Bitcoin. These timid approaches do privacy a great disservice, characterizing it as something shameful. A better, bolder approach is privacy-on by default, with transparency opt-in. Offering the privacy protocol Lelantus, which automatically anonymizes funds in a wallet, but also allows for the option of turning it off when needed, serves to maintain easy adoption for exchanges and wallets that do a high volume of sends but don’t necessarily want the overhead of privacy transactions. Since the exchange knows your identity anyway, there is no need for sacrificing anything but gaining the benefit of large anonymity sets and fast, lightweight transactions for exchanges and ease-of-integration with the larger crypto ecosystem that is used to dealing with Bitcoin-type coins. This is especially important when integrating into decentralized exchanges or for interoperability for DeFi transactions.
Playing nice with regulators
Privacy coins are concerned about their survival in an increasingly hostile regulatory environment, in which it is easier to maintain opt-in privacy for compliance reasons. While significant pressure against privacy coins comes from banks or concerned regulators, there is no outright statutory or common law against them. Even the revised “travel rule,” or FATF rules that impose additional obligations on disclosure, as well as Anti-Money Laundering rules for exchanges and custodial wallets, do not ban privacy coins. Virtual asset service providers, or VASPs, can still disclose sender identity, as they already know who you are regardless of blockchain privacy mechanisms. Related:Blockchains Are an Excellent Solution for Privacy, Part 2
Privacy for all
We strongly reject the common argument that privacy technologies enable illicit activity. Recent studies such as the Rand Corporation’s report states:
“While privacy coins may intuitively appear likely to be preferred by malicious actors due to their purported anonymity-preserving features, there is little evidence to substantiate this claim.”
The traditional fiat world continues to make it easy to launder money without having to resort to the complexities and volatility of cryptocurrencies. For example, trade-based money laundering is still simple to do and hard to detect. Additionally, the “National Terrorist Financing Risk Assessment” report published in 2018 continues to cite the banking system and complicit money services businesses as the primary way that terrorist funding is facilitated. Many of these reports indicate that the right way to combat these is through robust international regulation and law enforcement, as well as improved coordination between the public and private sectors. None of these reports suggest the banning of privacy technologies or cryptocurrencies. Any cryptocurrency that wants to remain true to the original purpose must include privacy. With the development of blockchain technology, we are at the precipice of a self-sovereign financial system in which we have complete control over our assets. We envision a system in which the freedom and opportunities of true economic equality, and not just financial equality, are guaranteed for everyone. To reach these lofty goals, privacy is essential to preserving our rights and the freedoms therein. The cryptocurrency industry must come together to champion privacy and work to further its wide-scale adoption. Our goal is to change public perception and make privacy a value worth fighting for.
1)It is possible to change the code through a miner vote or a fork and change the total supply or anything. DASH did it : they reduced the total supply from 84M to 18.9M a few years ago. They could also increase it to 999 Trillions if they wanted to so that millions of DASH are mined every week. 2)You can also fork bitcoin anytime , start over from 0 and claim it's the real bitcoin. (BCH , BSV , BTG , LTC , BCD etc) 3)Why would you pay $10,000 for a digital collectible unit called BTC when you can use BCH or TRX or LTC .. you name it. They work just as fine and cost less. There is no rarity like in gold. 4)Think of any amount you hold in ethereum as a gift card to use smart contracts on the ETH blockchain. Ridiculous. You’d rather hold a wal mart gift card or even simply cash. 5)Private keys may be bruteforced as we speak. Quintillions entries a second. When they’ll have enough bitcoins under control , they could move them all at once instantly.(At least 45,000 ETH have been stolen this way for now through ethereum bandit)SHA 256 is too old , bitcoin is 10 years old , it is not secure enough , quantum computing could potentially break it. 6)And that’s if people don’t find a way to create an infinite amount of coins to sell on exchanges.. it happened with monero , stellar , bitcoin , zcash , zcoin , eos , etc.. proofs : “Bitcoin , Coindesk : “The Latest Bitcoin Bug Was So Bad, Developers Kept Its Full Details a Secret”an attacker could have actually used it to create new Bitcoin — above the 21 million hard-cap of coin creation — thereby inflating the supply and devaluing current bitcoins.” Stellar : “Stellar Inflation: Glitch Leads to 2.25 Billion Extra XLM Printed” Monero : “A bug in the Monero (XMR) wallet software that could enable fake deposits to exchanges has been recently brought to public attention through a Medium post” Zcoin : Forged coins were created, but not exceeding 1% of the circulating supply. We will release further details on exact numbers when Sigma is released. EOS : “Hackers Forge Billion EOS Coins to Steal Real Crypto From DEX “ Zcash : “Zcash Team Reveals It Fixed a Catastrophic Coin Counterfeiting Bug” etc.. 7)Segwit , and especially Lightning network is a very complex technology and it will inevitably have flaws , bugs , it will be exploited and people will lose money. That alone can cause bitcoin to drop very low levels. 8)Then miners may be losing millions so they will stop mining , blocks may be so slow , almost no transaction will come though , and bitcoin may not have enough time to reach the next difficulty adjustement. This is reffered to as a death spiral. Then every crypto even those with no mining involved may crash hard. 9)Many crypto wallets are unsafe and have already caused people to lose all their investment , including the infamous “parity wallet”. 10)It is NOT trustless. you have to trust the wallet you’re using is not just generating an address controlled by the developper , you have to trust the node the wallet connects to is an honest node , you have to trust a Rogue state or organization with enough computing power will not 51% attack the network. etc.. 11)Bitcoin is NOT deflationary. Bitcoins are created every blocks (roughly every 10 minutes) and you wil be dead by the time we reach the 21 million current hard cap. 12)Bitcoin price may artificially be inflated by Tether. 13)It’s an energy waste , an environmental catastrophy. 14)The only usecases are money laundering , tax evasion , gambling , buying on the dark net , evading sanctions and speculation. 15)Governments will ban it if it gets too big , and they have a big incentive to do so , not only for the obscure usecases but also because it threatens the stability of sovereign currencies. Trump could kill bitcoin with one tweet , force fiat exchanges to cease activity. 16)Most cryptos are scams , the rest are just crazy speculative casino investments. 17)It is pyramidal : early adopters intend to profit massively while last comers get crushed. That's not how money works. The overwhelming majority of crypto holders are buying it because they think they will be able to sell it to a higher price later. Money is supposed to be rather stable. That's why the best cryptocurrencies are USDT USDC etc.. 18)The very few stores accepting bitcoin always have the real price in the local currency , not in bitcoin. And prices like 0.00456329 BTC are ridiculous ! 19)About famous brokers listing bitcoin : they have to meet the demand in order to make money , it doesn't mean they approve it , some even short it (see interactive broker's CEO opinion on bitcoin) 20)People say cash is backed by nothing and losing value slowly , and yes it is very flawed , but there is a whole nation behind it , it's accepted everywhere , you can buy more things with it. 21)Everybody in crypto thinks that there will be a new bullrun and that then , they will sell. But because everybody thinks it will happen , it might not happen. The truth is past performance doesn’t indicate future performance and it is absolutely not guaranteed that there will ever be another bullrun. The markets are unpredictable. 22)Also BTC went from about $0.003 to the price it is today , so don’t think it’s cheap now. 23)There is no recourse if you’re scammed/hacked/made a mistake in the address etc. No chargebacks. But it might be possible to do a rollback (blockchain reorganization) to reverse some transactions. BSV did it. 24)In case of a financial crisis , the speculative assets would crash the most and bitcoin is far from being a non speculative safe heaven ; and governments might ban it to prevent fiat inflation to worsen. 25) Having to write down the private key somewhere or memorize it is a security flaw ! It’s insane to think a system like this will gain mass adoption. 26) The argument saying governments can not ban it because it is decentralized (like they banned drugs) doesn’t work for cryptos. First , drugs are much harder to find and much more expensive and unsafe because of the ban , and people are willing to take the risk because they like it. But if crypto is banned , value will drop too much , and if you can’t sell it for fiat without risking jail , goodluck to find a buyer. Fiat exchanges could close. Banks could terminate every crypto related bank account. And maybe then the mining death spiral would happen and kill all cryptos. 27) Crypto doesn’t exist. It’s like buying air. It’s just virtual collectibles generated by a code. Faguzzi, fugazzi, it’s a whazzie, it’s a whoozie.. it’s a.. fairy dust. It doesn’t exist. It’s never landed. It’s no matter, it’s not on the elemental chart. It… it’s not fucking real! 28) Most brilliant guys have come out and said Bitcoin was a scam or worthless. Including Bill Gates , Warren Buffet , The Wolf Of Wall Street… 29) Inflation is necessary for POW , BTC code will have to be changed to bypass the 21M cap or mining will die ! If BTC code is not changed to allow for miners to be paid reasonably , they will cease mining when the bitcoin block reward gets too low.Even monero understood it ,the code will have to be changed to allow for an infinite bitcoin supply (devaluating all current bitcoins) or the hash will decrease and the security of bitcoin will decrease dramatically and be 51% attacked 30) Don’t mix up blockchain and cryptos. Even blockchain is overrated. But when you hear this or that company is going blockchain , it doesn’t mean they support cryptocurrencies. 31) Craig Wright had a bitcoin mining company with Dave Kleinman (he died) and on january 1 2020 he claims he will be able to access the 1.1M BTC/BCH/BTG from the mining trust. He may or may not dump them on the market , he also said BTC had a fatal flaw and that by 2019 there will be no more BTC. 32) Hacks in cryptos are very common and usually massive. Billions of dollars in crypto have been stolen in the last 6 years. In may 2019 Binance was hacked and lost 7,000 BTC (and it’s far from being the biggest crypto hack). 33) Bitcoin was first. It's an ancient technology. Newer blockchains have privacy, smart contracts, distributed apps and more.Bitcoin is our future? Was the Model T the future of the automobile? (John Mc Afee) 34) IOTA investiguating stolen funds on mainnet. IOTA shuts down the whole network to deal with trinity wallet attack. 35) Compared to bitcoin other cryptos work just as fine and don't waste so much energy. 36 ) Everytime miners disagree on the updates it will create another version of bitcoin : problem of governance and legitimacy. 37) Cryptos are only legitimate if they act as a credit for a redeemable asset like USDT or gold backed coins. While the native language of the writter is not english , I think you get the point and it doesn't make it any less relevant.
I come across many posts on Reddit that questions NDAX's business model. I like to cover it here for reference. 1- Deposits: NDAX does not charge deposits fees because our banks do not charge us a fee 2- Withdrawals Fiat: we charge a flat $25 fee, Our bank charges us a fee and we need to pay those fees Crypto: We charge a flat withdrawal fee to cover Network fees, our custody provider fees 3- Trading Fees: We charge 0.20% trading fees, one of the lowest in the industry 4- Insurance: Besides the multi-signature wallets for cold and hot wallets through ledger vault and Bitgo we also have insurance on Cold wallets and Hot wallets, that keep us feeling safe and keep our customer's assets secure. 5- Min Deposits/ Min withdrawals: These are recommended minimums, they are not enforceable, they are there to protect our customers from unnecessarily trying to withdrawal very small amounts which will cost them all of the withdrawal fees and that could also spam the network. If a customer wants to withdrawal 26$ we let them withdrawal it but typically we advise people to see the recommended minimums. 6- Why does NDAX don't support E-transfer withdrawals: simply because we are regulatory compliant and when you withdrawal to an email address we do not know which account the money went to and that put the company offside when it comes to money laundering. Also in a situation with account takeovers, its impossible to retrieve customers' funds. We Saw what happened to Einstein with over $4M of fraud that left them insolvent. That being said, We do understand that $25 is not reasonable for small withdrawals and we are soon releasing a couple of options to make it affordable to withdrawal smaller amounts in a compliant manner. 7- Customer services/ Support: check google reviews. 8- Transparency: Customers can view our fees, order book, volume before signing up, we do not markup our spreads and surprise the customer after they signup. and go through the KYC 9- My Favourite: Canada does not need a spot BTC/CAD, well i love to disagree there. With regulations coming into place soon, we want to make sure Canadians have an option to buy spot prices as more and more Canadians decide to enter the space. On the contrary, buying Bitcoin and paying 2.5% on a broker site then transferring to Binance to simply buy XRP (example) and pay withdrawal fees, trading fees are ridiculous. 10- With all the above being said, please refer to this medium post which covered the Canadian bitcoin services including deposit, withdrawal, spread. you can see that NDAX by far is one of your best options. this post was done by a competitor by the way https://medium.com/paytrie/canadian-cryptocurrency-landscape-analysis-and-outlook-b00d7c15893f
What Can We Expect in the Halving Market? 58COIN Exchange Beauty Executive Gives the Answer
What are the effects of the third Bitcoin halving? How to view the relationship between mining pools and exchanges? Is the contract a road of no return? What is the future trend of digital currency? Q1: What does 58COIN expect from this Bitcoin halving? Xiao Bei: On the macro level, reduction in the bitcoin production shows a more stable signal to the market. May 12th is the third halving in bitcoin’s history, before it, however, the daily production plunged from 1800 to 900, a reduction of around 30,000 bitcoins in a month. The selling pressure reduced significantly, which leaves the root impact on the gradual stability of the market. The reduction not only brought us a bull market with a sustainable and long-lasting effect but greater opportunities as well. As an exchange, it should better improve itself and render stable and quality products to users. Currently, 58COIN’s mining pool ranks the top 5 in the world. After the reduction, based on the principle of survival of the fittest, the superior resources will be allocated to a larger and more stable mining farm, and the steady recovery of computing power is also anticipating. Q2: As an exchange, why does 58COIN occupy more than 10% of the overall bitcoin’s computing power? Xiao Bei: At present, our computing power share is about 7.8%, ranking among the top five in the world. Our recent goal is to have a stable computing power share of more than 10%. The mining pool provides the main non-trading BTC source for the exchange, increases the supply of BTCs on the market, and injects liquidity into the market. The top ten exchanges are expected to receive more than 70% of the bitcoin in the mining pool, so all major exchanges have begun to layout the mining pool to compete for BTC. 58COIN has reorganized the layout and started the operation of the new mining pool (58COIN& 1THash) in 2019. We have a mature operation team with more than 6 years’ experience, and hope to better link the upstream and downstream industries in the next stage. This is also an important step in the strategic development of high-quality exchanges. Q3: For an exchange, liquidity and redemption abilities are the absolute reflection of the user's sense of security. How does 58COIN ensure these two abilities that users care most? Xiao Bei: In terms of liquidity, first of all, our registered users have exceeded 3 million, which provides sufficient trading liquidity and depth. Secondly, our matching transaction service with constantly upgraded technology and algorithm ensures that each matchmaking time is in the microsecond level, and easily achieve system 10,000-level throughput performance. Concerning the redemption ability, non-trading digital assets held by the exchange serves as the foundation. The advantages of 58COIN's mining pool have accumulated abundant platform reserves for us. As of now, our risk reserve has exceeded 3.6 billion yuan. Besides, the Exchange integrates account opening, transaction matching, and liquidation, and plays an important role in the secondary market. Most exchanges lack a high-quality intelligent risk control system, a comprehensive anti-money laundering mechanism, and insufficient open and transparent information disclosure and supervision. There may be acts of forgery of trading volume, joint price manipulation with the project party, and other actions that harm the interests of investors. If the liquidity itself is not good enough, the situation mentioned above is more likely to occur. Q4: Which section does 58COIN values most? Contract Trading or Spot Transactions? What is the biggest advantage of trading contracts on 58COIN? Xiao Bei: Both spot and contract boast their own advantages, separately lie in the exchange value through hoarded coins, and flexible use of fluctuations. 58COIN as the main contract exchange, contract trading is definitely our focus. In terms of spot, it is mainly based on mainstream currencies. Compared with spot trading, the two-direction trading mechanism is more flexible. Also, leverage can increase the utilization rate of funds and amplify the profit, which is suitable for users with fewer funds to trade. The biggest advantage of contract transactions, in addition to the just mentioned abundant platform reserves, complete risk control and huge user base, there are several points related to the user's vital interests:
The lowest fee in the industry. For example, the handling fee of the perpetual contract is: “Taker 0.03%, Maker 0.015%”;
The fixed maintenance margin of 0.5%;
No funding fees. We have made every effort to reduce the principal consumption in each exchange, thus greatly lower the risk of liquidation;
The platform insurance funds bear the full debt loss, and users do not have to worry about apportioning any risks.
In addition, the contract can also maintain the value of the existing mainstream spot of the user to minimize the risk of depreciation caused by spot fluctuations. It is worth mentioning that in terms of wallet, we implement multi-level and multi-dimensional security risk control strategies such as hot and cold wallet isolation, multi-signature authorization, and regularly change of hot wallet addresses. Meanwhile, a manual verification process was added to ensure the safety of the assets. Since its establishment, there has never been any wallet accident, wallet stolen, or the loss of coin incidents. Q5: In the contract transaction, what advice does 58COIN give to novice users? Xiao Bei: Firstly, please remind that contract is not a devil, it is just a tool. What we should do is to make good use of the tool to make profits. Secondly, the purpose of the investment is to withdraw, and suggestions are shown below: 1. Invest with the spare funds at hand; 2. In the spot transaction, hoard coins in the bear market and exchange in the bull market, do not follow the trend of buying in the bull market; 3. In the contract, set up operation points and positions, and perform secondary operations according to market conditions. (Do not be greedy) 4. Make a risk response plan during the investment process, such as a sufficient margin, value preservation plan, etc. Finally, we must keep in mind: when doing spot transactions, choose assets with good liquidity in a way to get away from manipulation projects, risky exchanges, etc. 58COIN provides detailed descriptions for each business line, novice users should read them carefully before using. Besides, each contract trading page is designed with a calculator to help provide trading references to users before investment. Q6: What are the new plans of 58COIN? Xiao Bei: First of all, we will remain a sophisticated attitude in technology, risk control, and product experience, offering a stronger guarantee for users' transactions; second, we will further improve the ecological layout of 58COIN, from increasing investment in mining pools, gradually optimizing the hot and cold wallet system, enabling entities, focusing on community construction, etc., with better technical upgrades and preparations, to ensure that the entire 58COIN ecology can better link the upstream and downstream industries, providing our users with a more stable ecological background; We will launch some online activities in the near future, covering basic knowledge, candlestick chart learning, and industry analysis. We look forward to making joint efforts with our users in learning and making progress. Q7: What does 58COIN want to say about the future cryptocurrency market? Xiao Bei: The real big bonus in the cryptocurrency market has not yet been released, and Bitcoin has more imagination space than gold in the future. The cryptocurrency market is stepping toward a diversified, professional, and tangible direction, requiring more high-quality industries participation and landing. Though it is currently the fastest-growing field, financial attributes should not be the only factor entitled to cryptocurrencies, the future market should be more integrated and serve the real economy, such as the Internet of Things, financial systems, and personal privacy. For more details, please log in to www.58ex.com or download our app: https://wap.58ex.com/?locale=en. Website: https://www.58ex.com/ Twitter: https://twitter.com/58_coin Facebook: https://www.facebook.com/coin.58COIN Telegram: https://t.me/official58 Medium: https://medium.com/@58coin_blog/
Why Monero will be outlawed by western nations and why it wont matter
Hello again freinds. I've broken a few stories with some reddit posts in the past and I felt like we are finally reaching the point where my prediction almost 2 years ago that Monero will be outlawed in western countries is starting to come to fruition. Several exchanges have recently delisted Monero for being "too private," but this decision has nothing to do with the preferences of those exchanges. The delistings are caused by the whims of a group of international organizations that ultimately operate in the interest of an alliance of countries called NATO. About NATO NATO has maintained its dominance in the world's power structures for over 70 years due to many factors, but one of the predominant prevailing factors is its control of the world's financial systems. Around the founding of NATO, humanity developed a new weapon called The Sanction which has been the most powerful weapon produced in many ages. It among many things toppled the nuclear super power USSR without firing a shot, but probably indirectly killed millions or perhaps hundreds of millions of people. The Sanction is an attack on a country's markets' liquidity. Decreased liquidity increases the spread on prices of goods (the difference between a taker's price and an asker's price in a trade) and causes shocks to markets that ultimately cause recessions and depressions. Modern financial systems enable extremely high liquidity, and when they are taken away, liquidity is orders of magnitude lower. Why does NATO care? One of the primary reasons the international organizations that align with NATO are worried about cryptocurrency is its ability to be a back door around sanctions. If they were used in this way, they could potentially rewrite the power structures of the world. The largest example of how crypto is being used as a back door on a large scale right now is in an independently governed area in Georgia called Abkhazia. Abkhazia amounts to a Russian puppet nation, and currently is one of the biggest mining areas in the world. The reason for this is it is a Russian money laundering hub. The way it works is Russia sells gas to Abkhazia with an unlimited line of credit, Abkhazia doesn't pay a dime of that credit, cryptocurrency is mined with the power from that gas, and those cryptos are then sold for western currency by Russian-aligned companies. This operation in Abkhazia is an example of the primary reason there is international backing to hamper cryptocurrency and especially privacy coins. It all revolves around the battle to break the viability of sanctions so these countries can operate without that tool (I would call it a weapon) being part of the leverage against them. One thing to watch for is any jargon speaking about "Anti-terrorism." "Anti-terrorism reform" actually means "Pro-NATO reform." These efforts are not really a bad thing if you live in NATO countries. They will keep you wealthier for now. However, they come at the direct expense of the other side's welfare (the other side being most countries outside of NATO). Why does Bitcoin get a pass? Bitcoin is not an issue for the west because the west will eventually track the identity of all the owners of "patriated" coins in existence, most of which will be in custodial addresses with no direct customer access. You can already see an example of how custodial bitcoin ownership is already prevalent with The Cash App and Robinhood's "Buy Bitcoin" investment features. Eventually these apps may add receive and send functionality to bitcoin, but it will be a centralized layer 2 system that only allows you to send to KYC-screened recipients. In the future, there will be two varieties of Bitcoin according the western financial system: "patriated" coins where their history and identities are known, and a series of rules are followed in sending and receiving; and "unpatriated" or "wild" bitcoins that have anonymous or "bad actor" owners. This separation will allow the same sanctions to be performed in bitcoin as in the existing financial system. Monero has no place in the future of the western financial system because it can not be sanctioned because it is the most fungible value transfer system in existence. This is also ultimately why I am extremely bullish for Monero. Why does it not matter what the west does regarding Monero? Ultimately fighting against the "wild" coins -- ones with no owners or centralization -- will be fruitless for NATO because the nations that stand the most to gain from reducing the power of a sanction are already building their own financial infrastructure in a coordinated way. The most interesting development in my opinion is a new effort by the "BRICS" -- Brazil, Russia, India, China, and South Africa to develop a cryptocurrency for international settlements: https://cointelegraph.com/news/brics-nations-discuss-shared-crypto-to-break-away-from-usd-and-swift When you consider that it is much cheaper to build a cryptocurrency than to build the banks, customer support, and auditing infrastructures of the dinosaur that is NATO's financial system, their decision to invest in a cryptocurrency makes a lot of sense. Make no mistake that this "BRICS Crypto" is no panacea; it will be designed in the best interests of the nations not of the people. However, it is a great example of how NATO fighting cryptocurrency is fruitless. The reign of the Western Sanction will disappear in the next 10 years and the structure of power in the world will be stirred dramatically, and probably with considerable hardship for average people. Why am I bullish on Monero? I believe in the event any dramatic shift in power happens, that Monero is the most suitable currency for any people who "fall through the cracks" -- whether they be people in war torn areas, oppressed minorities, or simply those in poverty. If there is any shock to the western currencies, we already know how crypto is a suitable replacement. I believe Monero is the most suitable crypto for this type of use case.
The CBDC Road to Practice-The Framework of LDF 2020
The CBDC Road To Practice——The Framework of LDF 2020 March 8, 2020 By JH( Lend0X Project Architect) The Market Structure Analysis of CBDC I. CBDC helps GDP growth CBDC can be used as cash for commercial banks or as a medium for (government) bonds. The way in which assets are issued will have a huge impact on GDP growth. For commercial banks, the CBDC issued by the central bank is the source of assets. For customers, the products under the CBDC are the use of funds. Blockchain-based CBDC and bank account-based digital cash and banknotes are generally considered to have a huge difference in the contribution of GDP to quality, cost, and efficiency. https://preview.redd.it/fji1rqdxequ41.png?width=411&format=png&auto=webp&s=10647fa76b42056f80527cfd5342a2f8c1d1df1a Qualitatively The Bank of England states in the 2019 study that the macroeconomic effects of issuing central bank digital currency (CBDC), the following three advantages of digital currency can increase interest-bearing central bank liabilities, and distributed ledgers can compete with bank deposits as a medium of exchange. In the digital currency economy model 1. The model in the report matches the adjusted US currency issuance before the crisis, and we find that if the issuance of CBDC accounts for 30% of GDP, compared with government bonds, it may permanently increase GDP by 3%.
Reduce real interest rates, reverse taxes and currency transaction costs.
As a second monetary policy tool, countercyclical CBDC price or quantity rules can greatly improve the ability of the central bank to stabilize the business cycle.
Cost II. The issuing system and payment structure of CBDC The BIS research report pointed out that CBDC has many open questions, such as whether they should be retail or wholesale? Directly or indirectly to consumers? Account-based or token-based? Based on distributed ledgers, a centralized model or a hybrid model? How does CBDC pay across borders? https://preview.redd.it/6dczkw83fqu41.png?width=249&format=png&auto=webp&s=3c9f31f371ccbeab21d634b6a01ee0bd5a8b0f08 Of the three issuance systems (indirect, direct, and hybrid), CBDC can only be issued directly by the central bank. In The first type of indirect issuance structure，the CBDC is the indirect architecture ,and is done indirectly. ICBDC in the hands of consumers (such as the digital currency issued by the 4 largest state-owned commercial banks in DCEP) represents commercial banks (such as the 4 largest state-owned commercial banks) debt. In the second type of direct and third type of mixed issuance structure, consumers are creditors of the central bank. In the direct CBDC model (type 2), the central bank processes all payments in real time and therefore maintains a record of all retail assets. The hybrid CBDC model is an intermediate solution where the consumer is a creditor of the central bank, but real-time payments are handled by the intermediary, and the central bank keeps copies of all retail CBDCs in order to transfer them from one payment service provider to another in the event of a technical failure. In terms of efficiency Three payment architecture architectures allow account-based or token-based access. Although its DCEP digital currency is not a token in the blockchain, it is similar to the token in blockchain in key features such as non-double spending, anonymity, non-forgeability, security, transferability, separability, and programmability. Therefore, DCEP still belongs to the Token paradigm, not the account paradigm. All four combinations are possible for any CBDC architecture (indirect, direct or hybrid) whatever the payment structure is based on the centralization or centralization mode, the account or token mode of blockchain smart contract account . But in different structures, central banks, commercial banks, and the private sector operate different parts of the infrastructure. At present, the DCEP issuance structure adopts a two-tier structure, and its payment system——four major state-owned commercial banks issuing four ICDBC tokens. Its technical architecture features are consistent with the first indirect distribution method. Because DCEP is positioned as digital cash (M0 cash) and the central bank's DCEP supports offline mobile payment, considering its huge payment transactions, a centralized account system for DCEP payment methods is essential. Offline Payment methods access to mobile wallets based on tokens are also essential for commercial banks. https://preview.redd.it/0wvltv0ffqu41.png?width=411&format=png&auto=webp&s=4fd728ece4e869126b6ec8e90cd1962302a424bd LDF Central Bank Digital Currency CBDC Project Development At present, the technical framework of the CBDC and the selection of infrastructure are divided into the R & D and cooperation of domestic application planning DCEP application scenarios; its overseas expansion goal supports the development of the “Belt and Road” digital asset ecosystem. DCEP adopts a double-layer system of commercial banks and central banks to adapt to the existing currency systems of sovereign countries in the world. China, as a currency issuing country, has strong economic strength and basic conditions necessary for world currencies. At the same time, DCEP can also save the issued funds, calculate the inflation rate and other macroeconomic indicators more accurately, better curb illegal activities such as money laundering and terrorist financing, and facilitate foreign exchange circulation worldwide. 1. LDF——the combination of CBDC program and token economy Only after answering questions such as the openness of CBDC currency itself, can we solve how the application of multiple blockchain industries such as LDF digital asset issuance platform, digital asset support bond platform, and lending and other CBDC currency "product traceability", "digital identity authentication", "judicial depository", "secure communication"and other basic applications, these LDFs are an important direction for exploring blockchain applications. 2.Select the most widely used blockchain technology as the basic platform LDF introduced CBDC to use blockchain technology because it is the most mature landing foundation platform. It has the advantages of decentralization, openness, autonomy, anonymity, and tamper resistance. It can make the entire system information highly transparent, its data stability and the reliability is extremely high, which solves the point-to-point trust problem and can reduce transaction and operating costs. At present, the underlying technologies of mainstream digital assets such as Bitcoin, Ethereum, and USDT are all blockchain technologies. At the same time, the application scenarios of the blockchain not only include digital currency, but also include many fields such as "product traceability", "digital identity authentication", "judicial depository", "secure communication" and so on. 3.Interpretation of DCEP and selection of LDF blockchain technology architecture ·DCEP does not use a real blockchain like Libra, but may use a centralized ledger based on the UTXO (Unspent Transaction Output) model, and it still belongs to the Token paradigm. This centralized ledger reflects the digital currency issuance and registration system maintained by the central bank. It does not need to run consensus algorithms and will not be subject to the performance bottleneck of the blockchain. The blockchain may be used for the definitive registration of digital currencies and occupy a subsidiary position. https://preview.redd.it/655gvo1ofqu41.png?width=273&format=png&auto=webp&s=eaf1da72ef45db094067e5523b1a92cc9a0f71c1 ·Users need to use DCEP wallet. The core of the wallet is a pair of public and private keys. The public key is also the address, where the digital certificate of RMB is stored. This digital certificate is not a token in the blockchain in the complete sense, but it is consistent with the Token in many key features, and it is based on 100% RMB reserve. Users can initiate transfer transactions between addresses through the wallet private key. The transfer transaction is recorded directly in the centralized ledger by the central bank. In this way, DCEP implements account loose coupling and controlled anonymity. ·Although DCEP is a currency tool, the third-party payment is mainly a payment tool after "disconnecting directly", but there are many similarities between the two. If DCEP is good enough in terms of technical efficiency and business development, and from the perspective of users, third-party payments can bring the same experience after DCEP and "disconnect directly". Therefore, DCEP has a mutual substitution relationship with third-party payment in the application after “disconnecting directly”. ·DCEP will have a tightening effect on M2, and M2 tightening reflects the contraction of the banking system to a certain extent. Digital currency does not pay interest, and the People's Bank of China has no plan to completely replace cash with DCEP, so DCEP will not constitute a new monetary policy tool. DCEP has strong policy implications for central bank monitoring of capital flows, as well as anti-money laundering, anti-terrorist financing and anti-tax evasion. Therefore, the supervisory function of DCEP exceeds that of monetary policy. ·The impact of DCEP on RMB internationalization is mainly reflected in cross-border payments based on digital currencies. Although cross-border payments including DCEP, can promote RMB internationalization, cross-border payment is only a necessary condition for RMB internationalization, not a sufficient one. The internationalization of the RMB is inseparable from a series of institutional arrangements. 4.The effectiveness of digital currencies in the LDF framework CBDC is positioned as digital cash or currency under the LDF framework, and the remaining various tokens, cryptocurrencies, and stablecoins are treated as digital assets. The application platforms involved in LDF (asset mortgage bond platform, digital asset issuance platform, and lending). The underlying assets of LDF are part of the digital asset equity. The reason why LDF uses CBDC and stable currency as currency is due to ·LDF framework links three financial ecosystems ·CBDC has the characteristics of currency transaction, accounting unit and value storage have been verified ·Stablecoins can be used as a payment tool for token economic platforms, not currencies The stable currency selected by LDF should effectively play the payment function of the currency, and meet the requirements of the following LDF framework: ·Must be universally accepted ·Must be easy to standardize in order to determine its value Due to the characteristics of DvP (payment is settlement) based on blockchain technology, LDF's smart contracts have the characteristics of decentralized intermediaries, such as the function of asset account contracts partially replacing account settlement; the asset pool contract replacing SPV, and the cash flow contract replacing assets Payment intermediary The digital currency selected as an LDF that meets the above standards is very important for the effectiveness of the LDF framework. Otherwise, the platform built by the LDF framework will not be able to achieve the capabilities of distributed ledgers and DAO organizations. LDF regulatory compliance LDF chooses CBDC (DCEP) as the construction of digital asset transaction payment platform, which has the characteristics of DvP (asset payment is settlement). It supervises compliance with the selection of digital currencies that support smart contract accounts and trading platforms (anti-money laundering and anti-terrorist financing) has a decisive role. DCEP takes the form of loosely coupled accounts to achieve controlled anonymity. The current electronic payment methods, such as bank cards and third-party payment platforms, all use the method of tightly coupling accounts, that is, funds must be transferred through real-name bank accounts. But With the improvement of people's awareness of information security, electronic payment cannot meet people's demand for anonymous payment. The digital currency of the central bank adopts the form of loosely coupled accounts, enabling asset transfers without the need for bank accounts, so as to achieve controllable anonymity. Unlike Bitcoin's complete anonymity, the central bank has the right to obtain the transaction data within the legal scope, and the source of digital currency can be traced through big data analysis, while other commercial banks and merchants cannot obtain relevant information. This mechanism, while protecting data security and citizen privacy, also enables illegal activities such as money laundering to be effectively supervised. Association of LDF's DAO Autonomous Economic Model with CBDC The direct DCB (such as DCEP) or LIBRA of the LDF token can quantify the value of DAO / DAE through a certain transformation and analysis, and predict its future long-term growth rate and the problems to be solved by the economic model, the solution path adopted, and the overall structure design, technological innovation, team composition, development vision and roadmap. https://preview.redd.it/txg4mq0sfqu41.png?width=269&format=png&auto=webp&s=a69b919cf43c9115f43525f8d851ee1e4fbf5a1f ·The LDF economic model transplants the estimation model of the asset value of the general economic system to DAO 2.0 organization and market management, so as to establish a unified evaluation system for the value generated by the distributed autonomous economy (DAE). The endogenous economic growth model considers important parameters such as savings rate, population growth rate, and technological progress as endogenous variables. The long-term growth rate of the economy can be determined by the interior of the model. Moreover, the LDF economic model takes the number of tokens, nodes, and technical inputs of the distributed organization as similar parameters. The CBDC (such as DCEP) or LIBRA directly targeted by the token can quantify the value of DAO / DAE through certain transformation and analysis and predict its long-term growth rate in the future. ·In response to the special needs of transactions and asset on-chain in the blockchain field, the LDF economic model has developed a DAE (Decentralized Autonomous Economic) protocol group specifically designed to eliminate various pain points of decentralization in the blockchain field, and has developed corresponding LDF DAO DAPP, these agreements include: ·Issuance and trading of tokens based on smart contracts ·Distributed order submission and matching ·Transaction interest rate and mortgage method based on automatic discovery mechanism Therefore, whether it is a community member, an investor, or a blockchain project developer that develops applications on the LDF economic model, it can use the distributed rules, consensus mechanisms, infrastructure, and smart contracts provided by it to achieve the following purposes: ·Encrypted token asset transaction and circulation based on community autonomy ·Issue of new LDF tokens ·Construction, collaboration, management, voting, and decision- making of specific encryption token communities ·Develop a smart contract system for the dual factors of community node rights and workload ·Customized incentive standards for nodes with different interests Welcome to discuss with the author of this article, please contact via email:[email protected]
The incident led to stricter money laundering laws for the Swiss banking industry along with more authority to regulators. So tax evaders are now looking at alternative ways of laundering money like cryptocurrencies. For individuals trying to evade taxes or launder money, Bitcoins provide enormous advantages over the Swiss Banking System. Laundering money through bitcoin is a bad idea—not only because it’s illegal, but also because it leaves a permanent trail. Defendants have repeatedly been undone because they’ve relied on ... Yet for those who know bitcoin, it may be difficult to imagine how laundering money through it is possible. Every bitcoin transaction leaves a trail, with the history permanently stored on the blockchain; Bitcoin ’s public ledger of historical data dating back to its introduction in 2009. For many years, the mainstream media has associated cryptocurrencies with money laundering due despite the fact that privacy protections don’t exist on Ethereum or Bitcoin: it’s all on a public ledger. Regardless, Binance is looking to change this narrative directly be establishing clear, anti-money laundering practices. The money laundering report, compiled in collaboration with financial research firm Bae Systems, looks at how criminals spin money through the financial system to obscure its fraudulent origins ...
Stealing money from other people on the internet, doing all kinds of bad things. They wired $1 million through five major banks in the US and one mutual fund company, none of whom filed a ... So it's been a wild ride for Bitcoin over the past couple weeks. We shot from $800 to $1129 over the course of a week or ten days or so, then had a $200 drop in the course of about an hour, then ... Our Bitcoin discussion topics includes the Bitcoin protocol of the block chain, the real identity of Satoshi Nakamoto, ramifications of the Silk Road on Bitcoin price, Dogecoin, Litecoin, the Dark ... A case in where a man was sentenced to 1 year and 1 day in prison for money laundering has lost quite the amount. In 2015 feds seized $118,000 in bitcoins and cash (they didn't specify the amount ... Bitcoin was declared a commodity by the CFTC in 2015 in the Coinflip order...so yea it's an asset whose price is set by supply and demand. Just like gold. Just like oil.