Binance CEO Denies 'Tai Chi' Bitcoin Regulation Evasion ...

ICO

Your trusted for the latest ICO news & updates. Excuse the mess, is under construction as of Jan 2018.
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Free Coin Faucets

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Ethereum Classic

Ethereum Classic is an open, decentralized, and permissionless public blockchain, that aims to fulfill the original promise of Ethereum, as a platform where smart contracts are free from third-party interference. ETC prioritizes trust-minimization, network security, and integrity. All network upgrades are non-contentious with the aim to fix critical issues or to add value with newly proposed features; never to create new tokens, or to bail out flawed smart contracts and their interest groups.
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Binance's Bitcoin (BTC) Quarterly Futures Kick-Off on a High Note - Ethereum World News

Binance's Bitcoin (BTC) Quarterly Futures Kick-Off on a High Note - Ethereum World News submitted by Cpt_Jean_Pierre to BinanceExchange [link] [comments]

Binance's Bitcoin (BTC) Quarterly Futures Kick-Off on a High Note - Ethereum World News

Binance's Bitcoin (BTC) Quarterly Futures Kick-Off on a High Note - Ethereum World News submitted by Cpt_Jean_Pierre to Crypto_Currency_News [link] [comments]

Binance's Bitcoin (BTC) Quarterly Futures Kick-Off on a High Note - Ethereum World News

Binance's Bitcoin (BTC) Quarterly Futures Kick-Off on a High Note - Ethereum World News submitted by Cpt_Jean_Pierre to CryptoCurrencyTrading [link] [comments]

@binance: #BinanceFutures April Trading Report: Increased Interest in Bitcoin Ahead of Halving Event #Bitcoin has outperformed Gold and the US 10-year Treasury Note, positioning itself as the top-performing asset class of 2020 so far https://t.co/mjyVO2N2bx

@binance: #BinanceFutures April Trading Report: Increased Interest in Bitcoin Ahead of Halving Event #Bitcoin has outperformed Gold and the US 10-year Treasury Note, positioning itself as the top-performing asset class of 2020 so far https://t.co/mjyVO2N2bx submitted by rulesforrebels to BinanceTrading [link] [comments]

@binance: Is #Bitcoin a Safe Haven? - A Note from @cz_binance "Bitcoin fixes this. With #crypto, it’s different. No government bailouts, at least not by printing money. This breaks the cycle." https://t.co/nwo59I9SVQ

@binance: Is #Bitcoin a Safe Haven? - A Note from @cz_binance submitted by rulesforrebels to BinanceTrading [link] [comments]

4 Notes on Why Bitcoin is Tokenized on Binance Chain

4 Notes on Why Bitcoin is Tokenized on Binance Chain submitted by raaner12 to Altcoinss [link] [comments]

I bought $1k of the Top 10 Cryptos on January 1st, 2019 (Oct Update - Month 22)

I bought $1k of the Top 10 Cryptos on January 1st, 2019 (Oct Update - Month 22)

EXPERIMENT - Tracking Top 10 Cryptos of 2019 - Month Twenty-Two - UP +66%
Like crypto and numbers? Or want to detox from the first meme weekend? Welcome!
\Note - price snapshots are always taken on the 1st of each month, so numbers below are before crypto spiked in early Nov.**
See the full blog post with all the tables here.
tl;dr
  • Moons to first one to find the three hidden cultural references in this post.
  • What's this all about? I purchased $100 of each of Top Ten Cryptos in Jan. 2019, haven't sold or traded. Did the same in 2018 and 2020. Learn more about the history and rules of the Experiments here.
  • October - BTC had a great month, followed by Litecoin and BCH. Crypto diverged from traditional markets this month, a welcome change.
  • Overall since Jan. 2019 - Bitcoin (+262%) still far ahead, followed by ETH (+191%).
  • 2019 Top Ten performing best out of the three experiments.
  • Combining all three three years, Top Ten cryptos are tied with the S&P if I'd taken a similar approach.

Month Twenty Two – UP 66%

2019 Top Ten Snapshot for October
The 2019 Portfolio had a solid month, and was the best performer of the Top Ten Crypto Index Fund Experiments. Most of the cryptos ended October in positive or neutral territory, while the losses of the worst performers were no biggie (at least for crypto).

Question of the month:

In early October, the US Commodity Futures Trading Commission (CFTC) charged this crypto exchange with illegally operating an unregistered trading platform.

A) Bittrex
B) Binance
C) Bitmex
D) That other crypto exchange that starts with the letter “B”
Scroll down for the answer.

Ranking and October Winners and Losers

2019 Top Ten Ranking - 40% dropout rate
After losing quite a bit of ground in the rankings in September, the 2019 Top Ten rebounded a bit in October. Only BSV finished down on the month, down two places (from #9 to #11) and dropping out of the Top Ten. The rest either held or climbed: EOS, Tron and Stellar each advanced one position each and Litecoin picked up four places and was able to rejoin the Top Ten.
It’s good to have LTC back in the familiar confines of the Top Ten, as last month it found itself on the outside looking in, for the first time since the Experiments started back in January 2018.
40% of the crypotos that were in the Top Ten on January 1st, 2019 have dropped out: Tron, Stellar, BSV, and EOS have been replaced by BNB, DOT, ADA, and LINK.
October WinnersBig Poppa BTC had a great month, finishing up +25%. Second place goes to LTC, up +17% in October, followed by BCH, up +14%.
October Losers – The losses were moderate this month, but the L for October goes to BSV, which lost -7% and fell out of the Top Ten. EOS was second worst performing, down -5%.
For overly competitive nerds, here is a tally of which coins have the most monthly wins and losses during the first 22 months of the 2019 Top Ten Experiment:
2019 Ws/Ls
Because it's the default winner in down months, Tether is still far ahead in terms of monthly victories (7). That’s more than twice as much as second place BSV, BTC, and ETH. And although BSV is up 74% since January 2019, it dominates the monthly loss count: it has now finished last in nine out of twenty-two months (paying attention, swing traders?). And XRP is still the only crypto that has yet to notch a monthly win.

Overall update – BTC’s lead increases, XRP back to the basement, 2019 Top Ten pulls ahead of other Experiments.

BTC extended the lead it carved out last month over second place ETH in October. The top two are up +262% and +191% respectively, followed distantly by Litecoin, which is up +79% since January 2019. The initial $100 investment in BTC is currently worth $369.
For the first time since April 2019, BSV has dropped out of the Top Ten.
Twenty-two months into the 2019 Top Ten Index Fund Experiment, 70% of the 2019 Top Ten cryptos are either flat or in the green. After barely escaping the basement last month, XRP has once again sunk to the bottom of the pack, down -33% since January 2019.
At +66%, the 2019 Top Ten Portfolio has pulled ahead of the 2020 Top Ten Portfolio’s +61% gain and both are far, far ahead of the 2018 group , which is down -74% (more on that below).

Total Market Cap for the entire cryptocurrency sector:

Total market cap since Jan 2019 is +215%
Since January 2019, the total market cap for crypto is up +215%. The overall market gained about $50B in October, ending the month just over the psychologically important $400B mark. This is now the highest month-end level since the 2019 Top Ten Experiment began 22 months ago.

Bitcoin dominance:

Are you into BitDom?
After spending much of the year locked in the 65% range, BitDom took a short break in the summer to dip it low, but then has picked it up slow, and has now popped back up to 63%. As always, a high Bitcoin dominance signals less of an appetite for altcoins. Zooming out, the BitDom range since the beginning of the experiment in January 2019 has been between 50%-70%.

Overall return on investment since January 1st, 2019:

The 2019 Group gained $122 in October, so after the initial $1000 investment, the 2019 Top Ten Crypto Portfolio is worth $1,660.
2019 Top Ten Index Fund Experiment ROI
For some context, here’s a look at the ROI over the life of the first 22 months of the 2019 Top Ten Index Fund experiment, month by month:
2019 Top Ten ROI summary
Unlike the completely red table you’ll see in the 2018 Top Ten Experiment, the 2019 crypto table is almost all green. The first month was the lowest point (-9%), and the highest point (+114%) was May 2019.
At +66%, the 2019 Top Ten Portfolio is now the best performing out of the three Experiments but not by much: the 2020 Top Ten Portfolio is up +61%.
Speaking of the other Experiments, let’s take a look at how the 2019 Top Ten Index Fund Portfolio compare to the parallel projects:
Taking the three portfolios together, here’s the bottom bottom bottom line:
After a $3000 investment in the 2018, 2019, and 2020 Top Ten Cryptocurrencies, my combined portfolios are worth $‭3,537‬ ($264+ $1,660 +$1,613).
That’s up about +18% for the three combined portfolios, compared to +11% last month.
Here’s a table to help visualize the progress of the combined portfolios:
2018, 2019, 2020 Top Tens combined ROI
To sum up: +18% gain by dropping $1k once a year on whichever cryptos happened to be in the Top Ten on January 1st, 2018, 2019, and 2020.
But what if I’d gone all in on only one Top Ten crypto for the past three years? While many have come and gone over the life of the experiment, only five cryptos have started in Top Ten for all three years: BTC, ETH, XRP, BCH, and LTC. Let’s take a look at those five:

A tie: BTC catches up to ETH this month for leader of the Three Year Club
Up until this month, Ethereum would have been your best bet. As of the end of October, it’s basically a tie between BTC and ETH. Both are up +121%, (although BTC is technically $21 ahead of ETH).
On the other hand, if I had followed this world’s slowest dollar cost averaging approach with XRP, I’d be down -32%.
With BCH I would have just about broken even.
Alright, that’s crypto. How does crypto compare to the stock market?

Comparison to S&P 500:

I’m also tracking the S&P 500 as part of the experiments to have a comparison point with traditional markets. The S&P continued to fall from an all time high in the summer, and is now up +30% since January 2019.
S&P since Jan 2019? +30%
The initial $1k investment I put into crypto 22 months ago would be worth $1,300 had it been redirected to the S&P 500 in January 2019. +30% is not a bad return at all. But the 2019 Top Ten Portfolio is up more than double (+66)% over the same time period.
That’s 2019. But what if I took the same world’s-slowest-dollar-cost-averaging $1,000-per-year-on-January-1st crypto approach with the S&P 500? It would yield the following:
  • $1000 investment in S&P 500 on January 1st, 2018 = $1220 today
  • $1000 investment in S&P 500 on January 1st, 2019 = $1300 today
  • $1000 investment in S&P 500 on January 1st, 2020 = $1010 today
Taken together, here’s the bottom bottom bottom line for a similar approach with the S&P:
After three $1,000 investments into an S&P 500 index fund in January 2018, 2019, and 2020, my portfolio would be worth $3,530.
That is up +17.6% since January 2018. Compared to a +17.9% gain of the combined Top Ten Crypto Experiment Portfolios. You can also compare against five individual coins (BTC, ETH, XRP, BCH, and LTC) by using the table above if you want.
It’s small, but that tiny 0.3% difference in favor of crypto. That’s now seven monthly victories for the S&P vs. three monthly victories for crypto, all clustered in the second half of the year.

Crypto re-takes the lead in October....barely

Conclusion:

Thanks mainly to Bitcoin, October was a good month for crypto and a good month for the 2019 Top Ten Portfolio. As traditional markets have struggled over the last few months, crypto seems to be headed in the opposite direction. I’m looking forward to seeing if those trends hold in the last few months of a crazy year.
Take care of each other out there, stay safe.
Thanks for reading and for supporting the experiment. I hope you’ve found it helpful. I continue to be committed to seeing this process through and reporting along the way. Feel free to reach out with any questions and stay tuned for progress reports. Keep an eye out for the original 2018 Top Ten Crypto Index Fund Experiment and the 2020 Top Ten Experiment.

And the Answer is…

C) Bitmex
In October, the Commodity Futures Trading Commission filed money-laundering and other charges against BitMEX for illegally operating in the US.
submitted by Joe-M-4 to CryptoCurrency [link] [comments]

Instead of worrying about BTC's price. Research the technology, be updated about the economy, and enhance your online security

That's what I'm doing, at least.
Just develop the hobby of googling a plain "bitcoin" to be updated about its current news. I enjoy reading the bullshit section of economy in WSJ. I basically believe the opposite of anything they're saying. Like a recent article claiming full recovery at the the end of 2020. What kind of a vaccine that is so powerful to end a worldwide crisis in 3 months.
Anyways, for online security I suggest:
- Yubikey with Binance and Google accounts. (Both support U2F, physical touch to log in, users have never been phished)
- Trezor one for Bitcoin storage
- ColdTi for Titanium-engraved recovery phrase storage
All three cost $99. It's the optimal security to date. Protect you from both digital theft and environmental crises.
Note: Be careful what chrome extensions you install. Some replace your clipboard and people have reported sending funds to the wrong address.
submitted by Leader92 to Bitcoin [link] [comments]

A word of caution about exchanges, privacy and your permanent history on the blockchain

I had an account restricted on a major exchange this year and it's not a pleasant experience. Just wanted to share my experience, since I see so many have been through something similar in several exchange-related subreddits. My case happened at Bittrex but I think it's important to note that this may happen on any exchange, not just Bittrex. People are depositing way too much trust in these exchanges and it may come back to bite them. Here's my experience as honestly as I'm able to put it. Bittrex is technically great, contrary to what many say the system just works. Works great in fact, fast and very few glitches in many many years. I think I must've been a very early customer back when things were very informal and until 2020 I had absolutely zero problems with Bittrex. I always thought they were above the pack when it came to system security design and reliability. Despite joining when it was very early, I did full KYC and had the top tier withdrawal limit even though KYC wasn't obligatory back when I joined. I did it all formally because I wanted to have a sort of bank account I could trust, I didn't want to be jumping from exchange to exchange like some crypto traders did. I never used as much as 0.01% of this withdrawal limit, I'm small fish but it was nice to know I could move tons of BTC like the whales if I ever needed to. So I sent them all my real data, work address and so forth. Then Bittrex got moved out of USA and into some country, don't know where. Which was fine by me, I thought it was the same people behind it, doing some formality. Then one day a person with a drawing for a profile pic and some strange username decides to contact me out of nowhere using the Bittrex tech support interface. They know everything about me, but I don't know anything about them. No contact info visible, nothing. This support person sends you a statement you must sign and then based on that they begin to ask for specific documents. I wanted to keep my relationship with Bittrex, so I filled signed and returned it. Then they dived into each item in the thing requesting more documents based on each. So if you said you previously worked for ACME, they'll ask to see ACME related stuff. I said I bought Bitcoin using Bank X, so they wanted to see Bank X statements. And so on. They begin to dig into each specific item you inform. Then it downed on me that maybe I was under some formal audit, in which case I'd have the right to know so I could hire an accountant or lawyer. So I politely asked. They don't tell you anything. You don't even know who the person is on the other side, there is no identification at all of who's contacting you. You're sending all your personal informations to someone who, as far as you know, could be a cat or a dog typing on a random keyboard. So I then asked them why so much detail was needed, since I'd provided lots already. They ignore and just say thank you for your cooperation and proceded to ask for more stuff. I said fine let's do this and went along. Then they asked for specific crypto addresses for the tokens I'd used in the past. Like the address of whoever sent me some XXXX token years ago. I then thought hey man this is too much, do you need me to fax or mail you my ID or something, I'd do it but whatever I enter in there could spell trouble for me. For example, if some guy whose ETH address did something nasty, but coincidentally paid me years ago using that same address, if I gave them my address from the past, in those several years it could mean this person is now a wanted criminal and it'd spell trouble for me, who knows what the person did afterwards, then my account would be forever linked to that rogue address. I began to reflect on this and thought wait, this is not good, I could put myself into a 'bad address' database for no reason. Then I told them I would not send the crypto addresses. They said thanks let's continue the process. It felt weird overall, it just keeps going and demanding more information. I then asked for someone to speak to or somewhere physical I could go to, to talk and show that I'm a real person, they never reply anything, they just ask for more. So I finally gave up and stopped replying and they apparently restricted my account or something. I'll have to go back and reopen the ticket and request account reactivation but then they'll probably restart the same process again. I'm not really that much of a fan of crypto these days, so I'm thinking maybe it's time to call it quits. The reason I'm writing this is to let everyone know that whatever you do in crypto gets forever linked to you. You begin thinking it's some informal thing and that there's some freedom but there really isn't. You may fool around with crypto but then someone is recording everything and will demand you make everything formal in the future. When I joined Bittrex everything was more informal in crypto, even shapeshift and others allowed you to trade crypto with no ID at all, 100% anonymous. Heck even faucets gave out free Bitcoin back in the day. Then all of a sudden everything you do in these exchanges will be audited and you'll need to provide formal documents for everything you did in the past 10 years. Some anonymous operator (this isn't specific to Bittrex, all of them do it that way) with no office has all your info but you know nothing about them in return. You don't even know where these exchanges are located at all. I saw a Facebook post about Binance not even having a formal country, they're "all over t he place". Sure that sounds cool but...who do you turn to when they demand legal stuff from you? Someone out there has all your financial information but you have nothing, you have no security, no legal protection, nothing and they have everything. So, be careful. This isn't all specific to Bittrex, any exchange can and probably will do the same. Point is crypto is a formal thing and will spell trouble for you in the future. Especially since blockchain analysis is way too primitive still, your addresses could somehow end up in a bad neightborhood. The pandemic kinda reminded me of blockchain transactions, you may end up infected because you have no way to know what others have been doing while you were doing everything right.
submitted by cromozomesten to Buttcoin [link] [comments]

What is the best way of selling a trading algorithm?

I created a trading algorithm which I want to sell. Its not scam, which usually people say when you want to sell it instead of keep it to urself. I dont really understand why except of being sceptical, correct me if im wrong. I want to know what kind of money making strategies are the best for selling my trading algorithm.

Payments for running my algorithm

These payments are usually monthly or yearly payments.

Earnings that could be invested into the payments above

These are earnings I could use to invest when im at the startup period. Since I would probably not earn enough money in this period with as good as no users at all.

This is the earning I want to use when im **not** in the **startup period**.

These are the strategies I am thinking of:

#1

Starting is free, trades made by my bot (algorithm) have trading fee's from, for example, binance. And withdraw costs are 10% where, for example, 1% goes to binance and 9% to me.

Pros:

Cons:

My opinion
I would like to use this strat mostly because of my first pros. I told some real life people what I am creating and they where all saying that if it was only 10% they would for sure do it. These where people that never traded before and some of them I even had to explain what bitcoin was... This is ofcourse not my target audience but I would totally not mind if they would invest in me. Everyone was new to trading at some point and maybe I can be the trigger for them to start getting into it (or better said, getting into me :D ).

#2

Starting is free, each trade made by my algorithm, buy or sell, will cost the user, for example, 0.5% of
the amount. Where the withdraw costs are 0, exept for the costs that binance asks.

Pros

Cons

My opinion
This is definitly a secure/safe option. Especially in the early states. Maybe I could use this in the early states and use strategy #1 after the startup period (for only new users). But this could make everything very complicated.

#3

Starting will cost, for example, $500. Trading fee's are free, exept for the one's from binance. And the same for withdrawing.

Pros

Cons

My opinion
It has more cons then pros which in my opinion means this is just a bad strategy.

What I want

I would like to know what u guys think is the best strategy and especially why. I would like it if someone has actually some tested results in what people would probably like the most and what would "sell" the best. If someone knows a 4th strategy or even more then I would like to know. But only the best strategy I would use and which one that is is what I want to know.

NOTE! These pros and cons are NOT directly some actual facts or have never been seriously TESTED by me so if one of these are actually wrong, im sorry.
submitted by allartdo to AskMarketing [link] [comments]

Dragonchain Great Reddit Scaling Bake-Off Public Proposal

Dragonchain Great Reddit Scaling Bake-Off Public Proposal

Dragonchain Public Proposal TL;DR:

Dragonchain has demonstrated twice Reddit’s entire total daily volume (votes, comments, and posts per Reddit 2019 Year in Review) in a 24-hour demo on an operational network. Every single transaction on Dragonchain is decentralized immediately through 5 levels of Dragon Net, and then secured with combined proof on Bitcoin, Ethereum, Ethereum Classic, and Binance Chain, via Interchain. At the time, in January 2020, the entire cost of the demo was approximately $25K on a single system (transaction fees locked at $0.0001/txn). With current fees (lowest fee $0.0000025/txn), this would cost as little as $625.
Watch Joe walk through the entire proposal and answer questions on YouTube.
This proposal is also available on the Dragonchain blog.

Hello Reddit and Ethereum community!

I’m Joe Roets, Founder & CEO of Dragonchain. When the team and I first heard about The Great Reddit Scaling Bake-Off we were intrigued. We believe we have the solutions Reddit seeks for its community points system and we have them at scale.
For your consideration, we have submitted our proposal below. The team at Dragonchain and I welcome and look forward to your technical questions, philosophical feedback, and fair criticism, to build a scaling solution for Reddit that will empower its users. Because our architecture is unlike other blockchain platforms out there today, we expect to receive many questions while people try to grasp our project. I will answer all questions here in this thread on Reddit, and I've answered some questions in the stream on YouTube.
We have seen good discussions so far in the competition. We hope that Reddit’s scaling solution will emerge from The Great Reddit Scaling Bake-Off and that Reddit will have great success with the implementation.

Executive summary

Dragonchain is a robust open source hybrid blockchain platform that has proven to withstand the passing of time since our inception in 2014. We have continued to evolve to harness the scalability of private nodes, yet take full advantage of the security of public decentralized networks, like Ethereum. We have a live, operational, and fully functional Interchain network integrating Bitcoin, Ethereum, Ethereum Classic, and ~700 independent Dragonchain nodes. Every transaction is secured to Ethereum, Bitcoin, and Ethereum Classic. Transactions are immediately usable on chain, and the first decentralization is seen within 20 seconds on Dragon Net. Security increases further to public networks ETH, BTC, and ETC within 10 minutes to 2 hours. Smart contracts can be written in any executable language, offering full freedom to existing developers. We invite any developer to watch the demo, play with our SDK’s, review open source code, and to help us move forward. Dragonchain specializes in scalable loyalty & rewards solutions and has built a decentralized social network on chain, with very affordable transaction costs. This experience can be combined with the insights Reddit and the Ethereum community have gained in the past couple of months to roll out the solution at a rapid pace.

Response and PoC

In The Great Reddit Scaling Bake-Off post, Reddit has asked for a series of demonstrations, requirements, and other considerations. In this section, we will attempt to answer all of these requests.

Live Demo

A live proof of concept showing hundreds of thousands of transactions
On Jan 7, 2020, Dragonchain hosted a 24-hour live demonstration during which a quarter of a billion (250 million+) transactions executed fully on an operational network. Every single transaction on Dragonchain is decentralized immediately through 5 levels of Dragon Net, and then secured with combined proof on Bitcoin, Ethereum, Ethereum Classic, and Binance Chain, via Interchain. This means that every single transaction is secured by, and traceable to these networks. An attack on this system would require a simultaneous attack on all of the Interchained networks.
24 hours in 4 minutes (YouTube):
24 hours in 4 minutes
The demonstration was of a single business system, and any user is able to scale this further, by running multiple systems simultaneously. Our goals for the event were to demonstrate a consistent capacity greater than that of Visa over an extended time period.
Tooling to reproduce our demo is available here:
https://github.com/dragonchain/spirit-bomb

Source Code

Source code (for on & off-chain components as well tooling used for the PoC). The source code does not have to be shared publicly, but if Reddit decides to use a particular solution it will need to be shared with Reddit at some point.

Scaling

How it works & scales

Architectural Scaling

Dragonchain’s architecture attacks the scalability issue from multiple angles. Dragonchain is a hybrid blockchain platform, wherein every transaction is protected on a business node to the requirements of that business or purpose. A business node may be held completely private or may be exposed or replicated to any level of exposure desired.
Every node has its own blockchain and is independently scalable. Dragonchain established Context Based Verification as its consensus model. Every transaction is immediately usable on a trust basis, and in time is provable to an increasing level of decentralized consensus. A transaction will have a level of decentralization to independently owned and deployed Dragonchain nodes (~700 nodes) within seconds, and full decentralization to BTC and ETH within minutes or hours. Level 5 nodes (Interchain nodes) function to secure all transactions to public or otherwise external chains such as Bitcoin and Ethereum. These nodes scale the system by aggregating multiple blocks into a single Interchain transaction on a cadence. This timing is configurable based upon average fees for each respective chain. For detailed information about Dragonchain’s architecture, and Context Based Verification, please refer to the Dragonchain Architecture Document.

Economic Scaling

An interesting feature of Dragonchain’s network consensus is its economics and scarcity model. Since Dragon Net nodes (L2-L4) are independent staking nodes, deployment to cloud platforms would allow any of these nodes to scale to take on a large percentage of the verification work. This is great for scalability, but not good for the economy, because there is no scarcity, and pricing would develop a downward spiral and result in fewer verification nodes. For this reason, Dragonchain uses TIME as scarcity.
TIME is calculated as the number of Dragons held, multiplied by the number of days held. TIME influences the user’s access to features within the Dragonchain ecosystem. It takes into account both the Dragon balance and length of time each Dragon is held. TIME is staked by users against every verification node and dictates how much of the transaction fees are awarded to each participating node for every block.
TIME also dictates the transaction fee itself for the business node. TIME is staked against a business node to set a deterministic transaction fee level (see transaction fee table below in Cost section). This is very interesting in a discussion about scaling because it guarantees independence for business implementation. No matter how much traffic appears on the entire network, a business is guaranteed to not see an increased transaction fee rate.

Scaled Deployment

Dragonchain uses Docker and Kubernetes to allow the use of best practices traditional system scaling. Dragonchain offers managed nodes with an easy to use web based console interface. The user may also deploy a Dragonchain node within their own datacenter or favorite cloud platform. Users have deployed Dragonchain nodes on-prem on Amazon AWS, Google Cloud, MS Azure, and other hosting platforms around the world. Any executable code, anything you can write, can be written into a smart contract. This flexibility is what allows us to say that developers with no blockchain experience can use any code language to access the benefits of blockchain. Customers have used NodeJS, Python, Java, and even BASH shell script to write smart contracts on Dragonchain.
With Docker containers, we achieve better separation of concerns, faster deployment, higher reliability, and lower response times.
We chose Kubernetes for its self-healing features, ability to run multiple services on one server, and its large and thriving development community. It is resilient, scalable, and automated. OpenFaaS allows us to package smart contracts as Docker images for easy deployment.
Contract deployment time is now bounded only by the size of the Docker image being deployed but remains fast even for reasonably large images. We also take advantage of Docker’s flexibility and its ability to support any language that can run on x86 architecture. Any image, public or private, can be run as a smart contract using Dragonchain.

Flexibility in Scaling

Dragonchain’s architecture considers interoperability and integration as key features. From inception, we had a goal to increase adoption via integration with real business use cases and traditional systems.
We envision the ability for Reddit, in the future, to be able to integrate alternate content storage platforms or other financial services along with the token.
  • LBRY - To allow users to deploy content natively to LBRY
  • MakerDAO to allow users to lend small amounts backed by their Reddit community points.
  • STORJ/SIA to allow decentralized on chain storage of portions of content. These integrations or any other are relatively easy to integrate on Dragonchain with an Interchain implementation.

Cost

Cost estimates (on-chain and off-chain) For the purpose of this proposal, we assume that all transactions are on chain (posts, replies, and votes).
On the Dragonchain network, transaction costs are deterministic/predictable. By staking TIME on the business node (as described above) Reddit can reduce transaction costs to as low as $0.0000025 per transaction.
Dragonchain Fees Table

Getting Started

How to run it
Building on Dragonchain is simple and requires no blockchain experience. Spin up a business node (L1) in our managed environment (AWS), run it in your own cloud environment, or on-prem in your own datacenter. Clear documentation will walk you through the steps of spinning up your first Dragonchain Level 1 Business node.
Getting started is easy...
  1. Download Dragonchain’s dctl
  2. Input three commands into a terminal
  3. Build an image
  4. Run it
More information can be found in our Get started documents.

Architecture
Dragonchain is an open source hybrid platform. Through Dragon Net, each chain combines the power of a public blockchain (like Ethereum) with the privacy of a private blockchain.
Dragonchain organizes its network into five separate levels. A Level 1, or business node, is a totally private blockchain only accessible through the use of public/private keypairs. All business logic, including smart contracts, can be executed on this node directly and added to the chain.
After creating a block, the Level 1 business node broadcasts a version stripped of sensitive private data to Dragon Net. Three Level 2 Validating nodes validate the transaction based on guidelines determined from the business. A Level 3 Diversity node checks that the level 2 nodes are from a diverse array of locations. A Level 4 Notary node, hosted by a KYC partner, then signs the validation record received from the Level 3 node. The transaction hash is ledgered to the Level 5 public chain to take advantage of the hash power of massive public networks.
Dragon Net can be thought of as a “blockchain of blockchains”, where every level is a complete private blockchain. Because an L1 can send to multiple nodes on a single level, proof of existence is distributed among many places in the network. Eventually, proof of existence reaches level 5 and is published on a public network.

API Documentation

APIs (on chain & off)

SDK Source

Nobody’s Perfect

Known issues or tradeoffs
  • Dragonchain is open source and even though the platform is easy enough for developers to code in any language they are comfortable with, we do not have so large a developer community as Ethereum. We would like to see the Ethereum developer community (and any other communities) become familiar with our SDK’s, our solutions, and our platform, to unlock the full potential of our Ethereum Interchain. Long ago we decided to prioritize both Bitcoin and Ethereum Interchains. We envision an ecosystem that encompasses different projects to give developers the ability to take full advantage of all the opportunities blockchain offers to create decentralized solutions not only for Reddit but for all of our current platforms and systems. We believe that together we will take the adoption of blockchain further. We currently have additional Interchain with Ethereum Classic. We look forward to Interchain with other blockchains in the future. We invite all blockchains projects who believe in decentralization and security to Interchain with Dragonchain.
  • While we only have 700 nodes compared to 8,000 Ethereum and 10,000 Bitcoin nodes. We harness those 18,000 nodes to scale to extremely high levels of security. See Dragonchain metrics.
  • Some may consider the centralization of Dragonchain’s business nodes as an issue at first glance, however, the model is by design to protect business data. We do not consider this a drawback as these nodes can make any, none, or all data public. Depending upon the implementation, every subreddit could have control of its own business node, for potential business and enterprise offerings, bringing new alternative revenue streams to Reddit.

Costs and resources

Summary of cost & resource information for both on-chain & off-chain components used in the PoC, as well as cost & resource estimates for further scaling. If your PoC is not on mainnet, make note of any mainnet caveats (such as congestion issues).
Every transaction on the PoC system had a transaction fee of $0.0001 (one-hundredth of a cent USD). At 256MM transactions, the demo cost $25,600. With current operational fees, the same demonstration would cost $640 USD.
For the demonstration, to achieve throughput to mimic a worldwide payments network, we modeled several clients in AWS and 4-5 business nodes to handle the traffic. The business nodes were tuned to handle higher throughput by adjusting memory and machine footprint on AWS. This flexibility is valuable to implementing a system such as envisioned by Reddit. Given that Reddit’s daily traffic (posts, replies, and votes) is less than half that of our demo, we would expect that the entire Reddit system could be handled on 2-5 business nodes using right-sized containers on AWS or similar environments.
Verification was accomplished on the operational Dragon Net network with over 700 independently owned verification nodes running around the world at no cost to the business other than paid transaction fees.

Requirements

Scaling

This PoC should scale to the numbers below with minimal costs (both on & off-chain). There should also be a clear path to supporting hundreds of millions of users.
Over a 5 day period, your scaling PoC should be able to handle:
*100,000 point claims (minting & distributing points) *25,000 subscriptions *75,000 one-off points burning *100,000 transfers
During Dragonchain’s 24 hour demo, the above required numbers were reached within the first few minutes.
Reddit’s total activity is 9000% more than Ethereum’s total transaction level. Even if you do not include votes, it is still 700% more than Ethereum’s current volume. Dragonchain has demonstrated that it can handle 250 million transactions a day, and it’s architecture allows for multiple systems to work at that level simultaneously. In our PoC, we demonstrate double the full capacity of Reddit, and every transaction was proven all the way to Bitcoin and Ethereum.
Reddit Scaling on Ethereum

Decentralization

Solutions should not depend on any single third-party provider. We prefer solutions that do not depend on specific entities such as Reddit or another provider, and solutions with no single point of control or failure in off-chain components but recognize there are numerous trade-offs to consider
Dragonchain’s architecture calls for a hybrid approach. Private business nodes hold the sensitive data while the validation and verification of transactions for the business are decentralized within seconds and secured to public blockchains within 10 minutes to 2 hours. Nodes could potentially be controlled by owners of individual subreddits for more organic decentralization.
  • Billing is currently centralized - there is a path to federation and decentralization of a scaled billing solution.
  • Operational multi-cloud
  • Operational on-premises capabilities
  • Operational deployment to any datacenter
  • Over 700 independent Community Verification Nodes with proof of ownership
  • Operational Interchain (Interoperable to Bitcoin, Ethereum, and Ethereum Classic, open to more)

Usability Scaling solutions should have a simple end user experience.

Users shouldn't have to maintain any extra state/proofs, regularly monitor activity, keep track of extra keys, or sign anything other than their normal transactions
Dragonchain and its customers have demonstrated extraordinary usability as a feature in many applications, where users do not need to know that the system is backed by a live blockchain. Lyceum is one of these examples, where the progress of academy courses is being tracked, and successful completion of courses is rewarded with certificates on chain. Our @Save_The_Tweet bot is popular on Twitter. When used with one of the following hashtags - #please, #blockchain, #ThankYou, or #eternalize the tweet is saved through Eternal to multiple blockchains. A proof report is available for future reference. Other examples in use are DEN, our decentralized social media platform, and our console, where users can track their node rewards, view their TIME, and operate a business node.
Examples:

Transactions complete in a reasonable amount of time (seconds or minutes, not hours or days)
All transactions are immediately usable on chain by the system. A transaction begins the path to decentralization at the conclusion of a 5-second block when it gets distributed across 5 separate community run nodes. Full decentralization occurs within 10 minutes to 2 hours depending on which interchain (Bitcoin, Ethereum, or Ethereum Classic) the transaction hits first. Within approximately 2 hours, the combined hash power of all interchained blockchains secures the transaction.

Free to use for end users (no gas fees, or fixed/minimal fees that Reddit can pay on their behalf)
With transaction pricing as low as $0.0000025 per transaction, it may be considered reasonable for Reddit to cover transaction fees for users.
All of Reddit's Transactions on Blockchain (month)
Community points can be earned by users and distributed directly to their Reddit account in batch (as per Reddit minting plan), and allow users to withdraw rewards to their Ethereum wallet whenever they wish. Withdrawal fees can be paid by either user or Reddit. This model has been operating inside the Dragonchain system since 2018, and many security and financial compliance features can be optionally added. We feel that this capability greatly enhances user experience because it is seamless to a regular user without cryptocurrency experience, yet flexible to a tech savvy user. With regard to currency or token transactions, these would occur on the Reddit network, verified to BTC and ETH. These transactions would incur the $0.0000025 transaction fee. To estimate this fee we use the monthly active Reddit users statista with a 60% adoption rate and an estimated 10 transactions per month average resulting in an approximate $720 cost across the system. Reddit could feasibly incur all associated internal network charges (mining/minting, transfer, burn) as these are very low and controllable fees.
Reddit Internal Token Transaction Fees

Reddit Ethereum Token Transaction Fees
When we consider further the Ethereum fees that might be incurred, we have a few choices for a solution.
  1. Offload all Ethereum transaction fees (user withdrawals) to interested users as they wish to withdraw tokens for external use or sale.
  2. Cover Ethereum transaction fees by aggregating them on a timed schedule. Users would request withdrawal (from Reddit or individual subreddits), and they would be transacted on the Ethereum network every hour (or some other schedule).
  3. In a combination of the above, customers could cover aggregated fees.
  4. Integrate with alternate Ethereum roll up solutions or other proposals to aggregate minting and distribution transactions onto Ethereum.

Bonus Points

Users should be able to view their balances & transactions via a blockchain explorer-style interface
From interfaces for users who have no knowledge of blockchain technology to users who are well versed in blockchain terms such as those present in a typical block explorer, a system powered by Dragonchain has flexibility on how to provide balances and transaction data to users. Transactions can be made viewable in an Eternal Proof Report, which displays raw data along with TIME staking information and traceability all the way to Bitcoin, Ethereum, and every other Interchained network. The report shows fields such as transaction ID, timestamp, block ID, multiple verifications, and Interchain proof. See example here.
Node payouts within the Dragonchain console are listed in chronological order and can be further seen in either Dragons or USD. See example here.
In our social media platform, Dragon Den, users can see, in real-time, their NRG and MTR balances. See example here.
A new influencer app powered by Dragonchain, Raiinmaker, breaks down data into a user friendly interface that shows coin portfolio, redeemed rewards, and social scores per campaign. See example here.

Exiting is fast & simple
Withdrawing funds on Dragonchain’s console requires three clicks, however, withdrawal scenarios with more enhanced security features per Reddit’s discretion are obtainable.

Interoperability Compatibility with third party apps (wallets/contracts/etc) is necessary.
Proven interoperability at scale that surpasses the required specifications. Our entire platform consists of interoperable blockchains connected to each other and traditional systems. APIs are well documented. Third party permissions are possible with a simple smart contract without the end user being aware. No need to learn any specialized proprietary language. Any code base (not subsets) is usable within a Docker container. Interoperable with any blockchain or traditional APIs. We’ve witnessed relatively complex systems built by engineers with no blockchain or cryptocurrency experience. We’ve also demonstrated the creation of smart contracts within minutes built with BASH shell and Node.js. Please see our source code and API documentation.

Scaling solutions should be extensible and allow third parties to build on top of it Open source and extensible
APIs should be well documented and stable

Documentation should be clear and complete
For full documentation, explore our docs, SDK’s, Github repo’s, architecture documents, original Disney documentation, and other links or resources provided in this proposal.

Third-party permissionless integrations should be possible & straightforward Smart contracts are Docker based, can be written in any language, use full language (not subsets), and can therefore be integrated with any system including traditional system APIs. Simple is better. Learning an uncommon or proprietary language should not be necessary.
Advanced knowledge of mathematics, cryptography, or L2 scaling should not be required. Compatibility with common utilities & toolchains is expected.
Dragonchain business nodes and smart contracts leverage Docker to allow the use of literally any language or executable code. No proprietary language is necessary. We’ve witnessed relatively complex systems built by engineers with no blockchain or cryptocurrency experience. We’ve also demonstrated the creation of smart contracts within minutes built with BASH shell and Node.js.

Bonus

Bonus Points: Show us how it works. Do you have an idea for a cool new use case for Community Points? Build it!

TIME

Community points could be awarded to Reddit users based upon TIME too, whereas the longer someone is part of a subreddit, the more community points someone naturally gained, even if not actively commenting or sharing new posts. A daily login could be required for these community points to be credited. This grants awards to readers too and incentivizes readers to create an account on Reddit if they browse the website often. This concept could also be leveraged to provide some level of reputation based upon duration and consistency of contribution to a community subreddit.

Dragon Den

Dragonchain has already built a social media platform that harnesses community involvement. Dragon Den is a decentralized community built on the Dragonchain blockchain platform. Dragon Den is Dragonchain’s answer to fake news, trolling, and censorship. It incentivizes the creation and evaluation of quality content within communities. It could be described as being a shareholder of a subreddit or Reddit in its entirety. The more your subreddit is thriving, the more rewarding it will be. Den is currently in a public beta and in active development, though the real token economy is not live yet. There are different tokens for various purposes. Two tokens are Lair Ownership Rights (LOR) and Lair Ownership Tokens (LOT). LOT is a non-fungible token for ownership of a specific Lair. LOT will only be created and converted from LOR.
Energy (NRG) and Matter (MTR) work jointly. Your MTR determines how much NRG you receive in a 24-hour period. Providing quality content, or evaluating content will earn MTR.

Security. Users have full ownership & control of their points.
All community points awarded based upon any type of activity or gift, are secured and provable to all Interchain networks (currently BTC, ETH, ETC). Users are free to spend and withdraw their points as they please, depending on the features Reddit wants to bring into production.

Balances and transactions cannot be forged, manipulated, or blocked by Reddit or anyone else
Users can withdraw their balance to their ERC20 wallet, directly through Reddit. Reddit can cover the fees on their behalf, or the user covers this with a portion of their balance.

Users should own their points and be able to get on-chain ERC20 tokens without permission from anyone else
Through our console users can withdraw their ERC20 rewards. This can be achieved on Reddit too. Here is a walkthrough of our console, though this does not show the quick withdrawal functionality, a user can withdraw at any time. https://www.youtube.com/watch?v=aNlTMxnfVHw

Points should be recoverable to on-chain ERC20 tokens even if all third-parties involved go offline
If necessary, signed transactions from the Reddit system (e.g. Reddit + Subreddit) can be sent to the Ethereum smart contract for minting.

A public, third-party review attesting to the soundness of the design should be available
To our knowledge, at least two large corporations, including a top 3 accounting firm, have conducted positive reviews. These reviews have never been made public, as Dragonchain did not pay or contract for these studies to be released.

Bonus points
Public, third-party implementation review available or in progress
See above

Compatibility with HSMs & hardware wallets
For the purpose of this proposal, all tokenization would be on the Ethereum network using standard token contracts and as such, would be able to leverage all hardware wallet and Ethereum ecosystem services.

Other Considerations

Minting/distributing tokens is not performed by Reddit directly
This operation can be automated by smart contract on Ethereum. Subreddits can if desired have a role to play.

One off point burning, as well as recurring, non-interactive point burning (for subreddit memberships) should be possible and scalable
This is possible and scalable with interaction between Dragonchain Reddit system and Ethereum token contract(s).

Fully open-source solutions are strongly preferred
Dragonchain is fully open source (see section on Disney release after conclusion).

Conclusion

Whether it is today, or in the future, we would like to work together to bring secure flexibility to the highest standards. It is our hope to be considered by Ethereum, Reddit, and other integrative solutions so we may further discuss the possibilities of implementation. In our public demonstration, 256 million transactions were handled in our operational network on chain in 24 hours, for the low cost of $25K, which if run today would cost $625. Dragonchain’s interoperable foundation provides the atmosphere necessary to implement a frictionless community points system. Thank you for your consideration of our proposal. We look forward to working with the community to make something great!

Disney Releases Blockchain Platform as Open Source

The team at Disney created the Disney Private Blockchain Platform. The system was a hybrid interoperable blockchain platform for ledgering and smart contract development geared toward solving problems with blockchain adoption and usability. All objective evaluation would consider the team’s output a success. We released a list of use cases that we explored in some capacity at Disney, and our input on blockchain standardization as part of our participation in the W3C Blockchain Community Group.
https://lists.w3.org/Archives/Public/public-blockchain/2016May/0052.html

Open Source

In 2016, Roets proposed to release the platform as open source to spread the technology outside of Disney, as others within the W3C group were interested in the solutions that had been created inside of Disney.
Following a long process, step by step, the team met requirements for release. Among the requirements, the team had to:
  • Obtain VP support and approval for the release
  • Verify ownership of the software to be released
  • Verify that no proprietary content would be released
  • Convince the organization that there was a value to the open source community
  • Convince the organization that there was a value to Disney
  • Offer the plan for ongoing maintenance of the project outside of Disney
  • Itemize competing projects
  • Verify no conflict of interest
  • Preferred license
  • Change the project name to not use the name Disney, any Disney character, or any other associated IP - proposed Dragonchain - approved
  • Obtain legal approval
  • Approval from corporate, parks, and other business units
  • Approval from multiple Disney patent groups Copyright holder defined by Disney (Disney Connected and Advanced Technologies)
  • Trademark searches conducted for the selected name Dragonchain
  • Obtain IT security approval
  • Manual review of OSS components conducted
  • OWASP Dependency and Vulnerability Check Conducted
  • Obtain technical (software) approval
  • Offer management, process, and financial plans for the maintenance of the project.
  • Meet list of items to be addressed before release
  • Remove all Disney project references and scripts
  • Create a public distribution list for email communications
  • Remove Roets’ direct and internal contact information
  • Create public Slack channel and move from Disney slack channels
  • Create proper labels for issue tracking
  • Rename internal private Github repository
  • Add informative description to Github page
  • Expand README.md with more specific information
  • Add information beyond current “Blockchains are Magic”
  • Add getting started sections and info on cloning/forking the project
  • Add installation details
  • Add uninstall process
  • Add unit, functional, and integration test information
  • Detail how to contribute and get involved
  • Describe the git workflow that the project will use
  • Move to public, non-Disney git repository (Github or Bitbucket)
  • Obtain Disney Open Source Committee approval for release
On top of meeting the above criteria, as part of the process, the maintainer of the project had to receive the codebase on their own personal email and create accounts for maintenance (e.g. Github) with non-Disney accounts. Given the fact that the project spanned multiple business units, Roets was individually responsible for its ongoing maintenance. Because of this, he proposed in the open source application to create a non-profit organization to hold the IP and maintain the project. This was approved by Disney.
The Disney Open Source Committee approved the application known as OSSRELEASE-10, and the code was released on October 2, 2016. Disney decided to not issue a press release.
Original OSSRELASE-10 document

Dragonchain Foundation

The Dragonchain Foundation was created on January 17, 2017. https://den.social/l/Dragonchain/24130078352e485d96d2125082151cf0/dragonchain-and-disney/
submitted by j0j0r0 to ethereum [link] [comments]

I bought $1k of the Top Ten Cryptos on January 1st, 2018. Result? -74%

I bought $1k of the Top Ten Cryptos on January 1st, 2018. Result? -74%

EXPERIMENT - Tracking Top 10 Cryptos of 2018 - Month 31 -74%
See the full blog post with all the tables here.
tl;dr: purchased $100 of Top Ten Cryptos in Jan. 2018, haven't sold or traded, repeated in 2019 and 2020, update y'all monthly. July was very strong for crypto. For 2018 Top Ten: ADA finished the month on top. ETH and XRP also very strong. Overall, BTC still waaaay in the lead and is approaching break even point. Three cryptos (IOTA,NEM, DASH) have lost over 90% of value. Over three years, cryptos outperforming S&P if I'd taken a similar approach.

Month Thirty One – Down 74%

Summary after 31 months
Crypto came roaring back in July after an almost all-red June. Each crypto in the 2018 Top Ten finished July at a significantly higher value, led by ADA which ended the month +57%.

Question of the month:

Which member of all three Top Ten Crypto Index Fund Experiments turned 5 years old in July?

A) Bitcoin B) Ethereum C) Bitcoin Cash D) XRP
Scroll down for the answer.

Ranking and July Winners and Losers

Not a ton of movement for the 2018 Top Ten group this month. Cardano and XRP both climbed one position while NEM gained two, clawing itself back into the Top Thirty. Dash headed in the other direction, dropping two places in the rankings.
Considering all that has changed in the world of crypto since the beginning of 2018, it’s interesting to note that only four out of the ten cryptos that started 2018 in the Top Ten have dropped out. NEM, Dash, IOTA, and Stellar have been replaced by Binance Coin, Tether, BSV, and newcomer CRO.
July Winners – It was a very strong month: all cryptos made significant gains in July. But for the third month in a row ADA outperformed the field, gaining +57% in July. ETH finished a close second, up +55% followed by XRP which gained +52%.
July Losers – Even during a good month, NEM can’t catch a break. Its +23% gain made it the worst performer of the 2018 Top Ten.
How has your favorite crypto fared over the first 31 months of the 2018 Top Ten Crypto Index Fund Experiment?
Bitcoin still has the most monthly wins (7) but look at this: thanks to its strong 2020 including three straight monthly wins, Cardano is now right behind BTC with 6 monthly wins. Which project has the most monthly losses? NEM stands alone with 6. Every crypto has at least one monthly win and Bitcoin is unique as the only cryptocurrency that hasn’t lost a month. It came close this month, gaining “only” +26%.

Overall update – BTC approaching break even point, second place ETH in the lonely middle, NEM still worst performing.

Although it wasn’t able to keep pace with its peers in July, BTC continues to slowly but surely approach its break even point. It is down about $1,500 (-12%) since my purchase in January 2018. My initial investment of $100 thirty-one months ago is now worth about $88.
Even though Ethereum has lost half of its value since the experiment began, it is all alone in second place: no other crypto is close.
NEM seems comfortable in its usual place, down at the bottom. It has lost -94% over the life of the experiment. That initial $100 investment in NEM is now worth $5.78. Dash and IOTA join NEM as the only three cryptos in the Top Ten that have lost at least -90% of their value since January 2018.

Total Market Cap for the entire cryptocurrency sector:


Total market cap since Jan 2018
The crypto market added about $82B in July, making up a ton of ground. The last time we saw a similar level in terms of overall crypto market cap was way back in the fifth month of the 2018 Top Ten Experiment: May 2018.

Bitcoin dominance:

Le Bitdom since January 2018
Since Bitcoin receives much of the attention in the press, it may surprise the casual observer to learn that Bitcoin Dominance dropped quite a bit in July, especially considering BitDom had been stuck at roughly the same level for most of 2020. This signals an interest in altcoins and a willingness to buy into riskier cryptos.
Some context: since the beginning of the experiment, the range of Bitcoin dominance has been quite wide: we saw a high of 70% BitDom in September 2019 and a low of 33% BitDom in February 2018.

Overall return on investment since January 1st, 2018:

The 2018 Top Ten Portfolio gained over $70 in July 2020. If I cashed out today, my $1000 initial investment would return about $260, down -74% from January 2018.
This sounds horrible but don’t hang yourself with a celibate rope: the 2018 return on investment is back where it was about a year ago. Take a look at the ROI over the life of the experiment, month by month, for some context:
Yes, you may notice that the 2018 Top Ten portfolio has finished over half of the first thirty one months down at least -80%, but it’s nice to see the low -70s for a change.
So the Top Ten Cryptos of 2018 are down -74%. What about the 2019 and 2020 Top Tens? Let’s take a look:
So overall? Taking the three portfolios together, here’s the bottom bottom bottom line:
After a $3000 investment in the 2018, 2019, and 2020 Top Ten Cryptocurrencies, my combined portfolios are worth $3,6965 ($260+ $1,722 +$1,713).
That’s up about +23% for the three combined portfolios, compared to -10% last month. It also marks the highest ROI of the three combined portfolios since I added this metric this year. The previous high was +13% back in January 2020.
Having trouble visualizing? Don’t worry, I got what you need:
Combined ROI
So, a +23% gain by dropping $1k on whichever cryptos were in the Top Ten on January 1st for three straight years, fine. But what if I’d done the same with just one crypto? Bitcoin always wins, right? Thanks to Reddit user u/sebikun for the idea for a new metric and let’s take a look:
3-year club ROI
As you can see, only five cryptos have remained in the Top Ten for all three years: BTC, ETH, XRP, BCH, and LTC. Best one to have gone all in on at this point in the Experiment? Ethereum, which would have nearly doubled. Worst choice? If I went with XRP, I would have been down -23%.

Comparison to S&P 500:

I’m also tracking the S&P 500 as part of the experiment to have a comparison point with other popular investments options. The US economy continued to recover in July: the S&P 500 is back up to pre-COVID levels. The initial $1k investment into crypto on January 1st, 2018 would have been worth about $220 had it been redirected to the S&P.
But what if I took the same invest-$1,000-on-January-1st-of-each-year approach with the S&P 500 that I’ve been documenting through the Top Ten Crypto Experiments? Here are the numbers:
  • $1000 investment in S&P 500 on January 1st, 2018: +$220
  • $1000 investment in S&P 500 on January 1st, 2019: +$310
  • $1000 investment in S&P 500 on January 1st, 2020: +$10
Taken together, here’s the bottom bottom bottom line for a similar approach with the S&P:
After three $1,000 investments into an S&P 500 index fund in January 2018, 2019, and 2020, my portfolio would be worth $3,540.
That is up over+18% since January 2018, compared to a +23% gain of the combined Top Ten Crypto Experiment Portfolios.
That’s a 5% swing in favor of the Top Ten Crypto Portfolios! As you’ll see in the table below, this is the first time since I started recording this metric that crypto has outperformed the S&P had I taken a similar investment approach. This is a big turnaround from the 22% difference in favor of the S&P just last month.

3 x $1k crypto vs. S&P

Implications/Observations:

The 2018 Top Ten Cryptos have consistently under-performed when compared to the overall crypto market. This month, for example, the total market cap is down -29% from January 2018 compared to the -74% loss for the cryptos that began 2018 in the Top Ten. At no point in the first 31 months of the Experiment has this investment strategy been successful: the 2018 Top Ten as a group have under-performed the overall market every single month.
This of course suggests that I would have done a bit better if I’d picked every crypto, or different cryptos: throwing that $1k on January 1st, 2018 to Bitcoin, for example, would have lost me -12% instead of -74%.
On the other hand, this bit of diversification has served me well compared to going all in on NEM, Dash, or IOTA, all of which are down at least -90%.
The follow-on Top Ten experiments in 2019 and 2020 have seen similar, but not identical, results. There have been a few examples of the Top Ten approach outperforming the overall market in the first 19 months of the parallel 2019 Top Ten Crypto Experiment. And up until the last few months of the most recent 2020 Top Ten Index Fund group of cryptocurrencies, this approach had outperformed the overall market 100% of the time.

Conclusion:

Crypto had an undoubtedly strong month in July, green across the board. Was this just a happy blip, are we in for some consolidation, or are we on the way up? Stay tuned.
Final words: take care of each other, wear your mask, wash your hands.
Thanks for reading and for supporting the experiment. I hope you’ve found it helpful. I continue to be committed to seeing this process through and reporting along the way. Feel free to reach out with any questions and stay tuned for progress reports. Keep an eye out for my parallel projects where I repeat the experiment twice, purchasing another $1000 ($100 each) of two new sets of Top Ten cryptos as of January 1st, 2019 then again on January 1st, 2020.

And the Answer is…

B) Ethereum
Ethereum celebrated its 5 year anniversary on July 30th, 2020.
submitted by Joe-M-4 to CryptoCurrency [link] [comments]

2nd worst ROI from CMC Top 50 coins...Wow

Reviewing the top 50 cryptos as of 09/15/2020 revealed some interesting items to note. Of the 50, only 7 have negative ROI. Algorand has the second highest only to be bested by ZCash.
Bitcoin ROI 7,877.04%
Ethereum ROI 9000%
Tether ROI 0.08%
XRP ROI 4,069.93%
Polkadot ROI 87.20%
Bitcoin Cash ROI -57.41%
Binance Coin ROI 9000%
Chainlink ROI 7,138.70%
Crypto.com Coin ROI 753.54%
Litecoin ROI 1,038.67%
Bitcoin SV ROI 86.21%
Cardano ROI 335.74%
EOS ROI 163.89%
TRON ROI 1,282.96%
USD Coin ROI -0.33%
Tezos ROI 440.90%
Stellar ROI 2,560.94%
Stellar ROI 2,560.94%
Monero ROI 3,532.85%
Neo ROI 9000%
UNUS SED LEO ROI 9.44%
yearn.finance ROI 3,411.23%
NEM ROI 9000%
Huobi Token ROI 221.13%
Cosmos ROI -22.64%
UMA ROI 1,023.37%
VeChain ROI -14.13%
Aave ROI 3,941.56%
IOTA ROI 9000%
Dash ROI 9000%
Dai ROI 2.57%
Wrapped Bitcoin ROI 208.08%
Ethereum Classic ROI 593.27%
Zcash ROI -98.60%
Ontology ROI -68.73%
OMG Network ROI 568.78%
TrueUSD ROI 0.12%
Maker ROI 1,982.73%
THETA ROI 242.81%
Synthetix Network Token ROI 942.33%
Compound ROI 55.26%
Algorand ROI -89.10%
OKB ROI 288.81%
FTX Token ROI 284.56%
Basic Attention Token ROI 46.2%
Dogecoin ROI 403.98%
Kusama ROI 2,271.36%
BitTorrent ROI 181.38%
0x ROI 300.37%
Celo ROI 211.42%
NXM ROI 515.36%
What does this say? To me, it says that this coin was not only overhyped, it was and is completely overvalued as of this date. It has a near -90% ROI. In my opinion, that means early investors didn’t get what they were expecting, the pre-ICO team was way off base, and the valuation was done by persons inexperienced with the crypto space. It’s hard to see how the miss could have been so far off.
77% (approx.) of eligible buyers took advantage of the early refund process. This says a lot about confidence of returns. The auction schedule has changed which now favors early backers/relay nodes in a questionable manner. And there is no information as to the next auction which leaves relay nodes as one of the few mechanisms by which large amounts of coins are introduced into the market.
Billions of coins still need to enter the market and the process is to hold off on auctions and allow relay nodes and founders to stabilize the price via timing of the introduction of coins. In short, managed demand for a product that does not have the retail demand to move the price to near introduction price.
Wrapped Bitcoin had a 6 month head start and an almost 300% difference in ROI. as far as Zcash, we won’t go there. But it is interesting to note that it uses some of Micali’s work and Zooko Wilcox-O’Hearn did reference prior works by Micali re: the Goldwasser-Micali-Rivest Signature Scheme.
I may have to amend my prediction of ETH displacement by several years since it’s very unclear now as to when all coins will be in the market. Think about it, would you invest in a 401k that had a ROI of near -90% ? This isn’t FUD. Where most coins provided a reasonable valuation, Algorand for some odd reason had this ridiculous valuation which exposes the inexperience relative to the crypto space. “Let’s hire some folks, tell them what we FEEL it’s worth, and get some people to market it. Oops looks like we seriously overvalued this thing.”
Schedule the auctions back to the original timeline. Let the price be dictated by the market as it needs to be. This will generate the needed demand and the price/valuation will be corrected by market forces and not a select group. Sure some will lose, but some will gain in the sell off. There is no way to moon if a select group regulates the influx of coins without a competing mechanism.
This is not financial advice. Do your own research. This post is for entertainment purposes only.
submitted by bigjohnston111 to AlgorandOfficial [link] [comments]

Axion - A Global Currency, Built To Serve The People

What is Axion? Per Axion's website:

AXION is the answer to our global financial markets that are on the brink of disaster.
The original solution to this impending collapse was Bitcoin, a decentralized peer-to-peer currency. However, since its inception, certain aspects of Bitcoin, such as lack of speed and high fees, have shifted Bitcoin into more of a store-of-value than a currency. Axion is the currency to address that.
With a high-interest time-locked savings account, Participants in the Axion Network are rewarded daily.

How is AXION distributed?

Anyone holding Hex2T (pre-sale) tokens will receive AXION at a rate of 1:1

Hex holders will also receive AXION 1:1, limited at 10M AXION tokens. Hex holders will also be auto-locked for a year, with 2% releasing weekly. More details can be found in the whitepaper. If Hex holders do not claim their AXION tokens, they will become available for purchase in the Daily Auction every week.

The Daily Auction

Putting Tokens and Value into your pocket.

To get Axion, it needs to be claimed by Hex & Hex2T holders, the longer they wait to claim, the more penalties they face. About 2% of their total per week. This 2% is added into a daily auction pool where people can bid using ETH on the Axion tokens within it. If you bid 10% of the ETH on that day, you get 10% of the pool rewards.
80% of the ETH paid in the auction is then used to hyperdrive both the Axion token and the stakers earnings. First, the ETH is used to purchase the tokens, boosting the token price, and then those tokens are distributed to stakers, creating a very strong positive feedback loop.

Axion Vision

Axion is on the path to becoming the ideal global currency.

For the first time in history, inflation is increasing the purchasing power of the people within the network. Axion has partnerships lined up to be integrated in online and in-person payment solutions, where you can pay for nearly everything in your every-day life using Axion. The merchants can accept FIAT (converted from Axion), or Axion itself. This is a global movement.

Axion: Built to Scale

500 Billion Initial Total Supply
1:1 Freeclaim ratio for Hex2T and Hex holders
80% of ETH Earned in auctions is used to buy back tokens
8% Annual inflation that goes Directly to stakers
100% of all purchased tokens Are distributed to stakers
No Auto-Stake For hex2t holders 100% autostake for hex holders

How to buy:

**Video Tutorials:**Metamask Install – https://www.youtube.com/watch?v=htyEeKNHX5ABuy/Sell Axion (HEX2T) – https://www.youtube.com/watch?v=vYZBOkHIM5k
How Do I Buy Axion (HEX2T)?
Step One: Purchase Ethereum from your exchange of choice (Coinbase, Binance, etc). You can also purchase Ethereum through Metamask and have it sent directly to your Metamask wallet (More details on this in Step Three). If buying through Coinbase, you’ll have the option to use a linked bank account or a debit card. Funds purchased via linked bank account will have a hold period while the bank transaction clears, funds purchased via debit card will be available for use instantly.
Step Two: Install the Metamask desktop browser extension and set up your Ethereum Wallet. You may also install the Metamask app on your Android smartphone and follow the same set up process in the linked video. (Apologies iOS users, the iOS Metamask app has restrictions that disable necessary features, you’ll have to use the desktop browser extension)
Step Three: Once you have your Metamask wallet set up and your seed words properly saved, it’s time to deposit Ethereum to your wallet.
– If you’ve purchased Ethereum on an exchange such as Coinbase or Binance, you’ll have to copy your wallet address from Metamask and withdraw the Ethereum from the exchange to your Metamask wallet address that you just copied. Be sure to check the wallet address multiple times before sending as transactions can not be reversed.
– If you’d like to purchase Ethereum directly through Metamask, you can do so using the Wyre fiat gateway that is integrated into Metamask.
Step Four: Now that you have Ethereum in your Metamask wallet, you can head over to our listing on the Uniswap Exchange to purchase Axion (HEX2T). We recommend using Fast GAS to speed up your transactions. You may also have to click on the gear icon in the top right on Uniswap to adjust your slippage limit when buying larger amounts.
– If using the Metamask app on Android, you’ll have to access the in-app browser through the menu (three bars top left of app) and paste the provided link.
– You will see a “From” input that should have ETH as the selected currency pointing to a “To (estimated)” output that should have HEX2T as the selected currency. The “From” input is the amount of Ethereum you will be spending and the “To (estimated)” output is the amount of HEX2T that you will receive for that amount of Ethereum.
– Once you enter the amount of Ethereum you’d like to spend, the button at the bottom of the page should say “Approve”. This “Approve” function allows the exchange to access Ethereum in your wallet, which is necessary to complete this transaction. You’ll click the “Approve” button and the exchange will send a transaction to your wallet, which you will have to confirm. Wait for that Approve transaction to clear and once it does the button should change from “Approve” to “Swap”.
– Now that you’ve given the exchange permission to use the Ethereum in your wallet, you can click the “Swap” button. This will send another transaction to your wallet that you’ll have to confirm. Once that transaction clears, you’ll have successfully purchased HEX2T with Ethereum!
Side Note: If you can’t see the HEX2T that you’ve purchased in your Metamask wallet’s Asset list, you’ll have to add the token to your Asset list. At the bottom of the Asset list you will see an “Add Token” button, click on that and you’ll see a “Search” and a “Custom Token” tab. Click on the “Custom Token” tab and paste the following address (0xed1199093b1abd07a368dd1c0cdc77d8517ba2a0) into the “Custom Token Address” field, the rest of the info should auto-fill. Then click the “Next” button in the bottom right, and it should display your HEX2T balance, click the “Add Tokens” button and you should now see your HEX2T in your Asset list.
**How Do I Sell Axion (HEX2T)?**To sell Axion (HEX2T), you essentially do the inverse of what you did to purchase it.Step One: Head over to Uniswap Exchange and click on ETH in the “From” input, a drop down list will appear and you’ll select HEX2T. In the “To (estimated)” output, click on “Select a Token” and select ETH. To clarify, if you want to sell, HEX2T should be on top, ETH should be on bottom.
Step Two: Enter the amount of HEX2T you’d like to sell in the “From” input, the button at the bottom of the page should say “Approve”. This “Approve” function allows the exchange to access HEX2T in your wallet, which is necessary to complete this transaction. You’ll click the “Approve” button and the exchange will send a transaction to your wallet, which you will have to confirm. Wait for that Approve transaction to clear and once it does the button should change from “Approve” to “Swap”.
– Now that you’ve given the exchange permission to use the HEX2T in your wallet, you can click the “Swap” button. This will send another transaction to your wallet that you’ll have to confirm. Once that transaction clears, you’ll have successfully sold HEX2T for Ethereum!
If at any point you feel that you need help in this process, please do not hesitate to join our fast growing Discord or Telegram. Once you’re in either of those communities you’ll be able to ask an admin or moderator for assistance.

Legal

Their legal proposal is 95% complete, per their Discord announcement - and most likely be finished in the coming days.

Charts:

http://chartex.pro?symbol=UNISWAP:HEX2T/USD
https://www.coingecko.com/en/coins/hex2t

According to the infamous Jeff K...


TLDR


Axion WHITEPAPER

submitted by kylejames87 to CryptoMoonShots [link] [comments]

I bought $1k of the Top Ten Cryptos on January 1st, 2018. Result? Down -79%

I bought $1k of the Top Ten Cryptos on January 1st, 2018. Result? Down -79%

EXPERIMENT - Tracking Top 10 Cryptos of 2018 - Month Twenty-Nine - Down -79%
See the full blog post with all the tables here.
tl;dr - Cardano wins May, BTC still way ahead, ETH solidly in second place, NEM (anyone still remember NEM?) still in basement. Markets going up despite world on fire. 3 x $1k investments in crypto in 2018, 2019, 2020 are down -7% compared to the US stock market. Word.

Month Twenty-Nine – Down 79%

While not quite as strong as April, May was undeniably a strong month overall, especially with the last minute push that saw Bitcoin climb over the $10k mark. Although BTC (and the market overall) has fallen in the last few days while I’ve been compiling these updates, we saw almost every 2018 Top Ten crypto end the month of May higher than where it started.

Question of the month:

The Bitcoin halving took place on May 11th, 2020 at 7:23 PM UTC. Since the first Bitcoin block was generated in 2009, how many halving events have occurred?
A) One B) Three C) Five D) None of the above
Scroll down for the answer.

Ranking and May Winners and Losers

Half of our 2018 Top Ten group were on the move in May. Cardano made the most upward progress, climbing two positions to #11. IOTA picked up rose one spot in the standings to #24 as well. On the other side, NEM keeps slipping, losing three spots to #30. Dash and Stellar also dropped two positions each in May.
The overall drop out rate remains at the 50% mark (meaning half of the cryptos that started 2018 in the Top Ten have dropped out). NEM, Dash, IOTA, Cardano, and Stellar have been replaced by EOS, Binance Coin, Tezos, Tether, and BSV.
May Winners – Massive month for ADA, up an impressive +62%. That’s about what Cardano gained last month, so, yeah, Cardano is having a great spring. IOTA also had a solid month, up +28%.
May LosersXRP lost about -4% making it the worst performing of this group in May.
How has your favorite crypto fared over the first 29 months of the 2018 Top Ten Crypto Index Fund Experiment? Most monthly wins (7): Bitcoin. Most monthly losses (5) is a now tie between Stellar and NEM. All cryptos have at least one monthly win and Bitcoin stands alone as the only crypto that hasn’t lost a month (although it came close in January 2020 when it gained “only” +31%).

Overall update – BTC still way ahead, ETH firmly in second place, NEM worst performing.

Bitcoin made up more ground in May, now down -23% since January 2018. The last time we saw this price level to end a month was August 2019. The initial $100 investment is now worth about $77.
BTC is still well ahead of the field and Ethereum is firmly in second place. This may feel like a foregone conclusion at this point, but for context, long time 2018 Top Ten Experiment followers will note that this has not always been the case. Just a little over a year ago for example, BTC was second place behind Stellar.
NEM (down -95%) is in last place. That initial $100 investment in NEM? Now worth $4.74.

Total Market Cap for the entire cryptocurrency sector:

The overall crypto market added about $35B in May 2020, back near August 2019 levels. This is down about half from January 2018 when the market was worth roughly $575B.

Bitcoin dominance:

Another flat month for Bitcoin dominance, which hasn’t moved at all in the last three months.
For context, the range since the beginning of the experiment in January 2018 has been wide: a high of 70% BitDom in September 2019 and a low of 33% BitDom in February 2018.

Overall return on investment since January 1st, 2018:

The 2018 Top Ten Portfolio gained about $20 bucks in May 2020, back near where it was at the end of February. If I cashed out today, my $1000 initial investment would return about $205, down -79% from January 2018.
Here’s the ROI over the life of the experiment, month by month:
The streak of nine consecutive months down at least -80% was finally broken in May. Just barely (at -79%), but hey, I’ll take it. July 2019 was the last time the 2018 Top Ten finished a month in the negative seventies. What about the negative sixties? That level hasn’t been seen in about two years.
Painful stuff. What about the follow on Experiments? Let’s see:
So overall? Taking the three portfolios together, here’s the bottom bottom bottom line:
After a $3000 investment in the 2018, 2019, and 2020 Top Ten Cryptocurrencies, my portfolios are worth $3,104‬.
That’s up about +3.5% for the combined portfolios. Better than a few months ago (aka the zombie apocalypse) where it was down -24%, but not yet back at January (+13%) or February (+6%) levels.

Comparison to S&P 500:

I’m also tracking the S&P 500 as part of the experiment to have a comparison point with other popular investments options. The stock market (as measured by the S&P) continued to recover in May. It’s pretty amazing with all that’s going on in the world, but the market is already back up where it was in February 2020. The initial $1k investment into crypto on New Year’s Day 2018 would have gained about $140 had it been redirected to the S&P.
This is where it gets interesting. Taking the same drop-$1,000-per-year-on-January-1st approach with the S&P 500 that I’ve been documenting through the Top Ten Crypto Experiments would yield the following:
  • $1000 investment in S&P 500 on January 1st, 2018: +$140
  • $1000 investment in S&P 500 on January 1st, 2019: +$220
  • $1000 investment in S&P 500 on January 1st, 2020: -$50
Taken together, here’s the bottom bottom bottom line for a similar approach with the S&P:
After three $1,000 investments into an S&P 500 index fund in January 2018, 2019, and 2020, my portfolio would be worth $3,310.
That is up over+10% since January 2018, compared to the $3,104 value (+3.5%) of the combined Top Ten Crypto Experiment Portfolios.
That’s about a 7% difference in favor of the stock market. Last month, there was only a 3% difference. The month before, the gap was 13%.

Implications/Observations:

No news here: the 2018 Experiment’s focus of solely holding the Top Ten Cryptos has not and has never been a winning approach when compared to the overall market. The total market cap is down -51% from January 2018 compared to the -79% for the cryptos that began 2018 in the Top Ten. This of course implies that I would have done a bit better if I’d picked different cryptos – but much better than if I’d put all my eggs in NEM‘s -95% basket, for example. To reiterate, at no point in this experiment has this investment strategy been successful: the initial 2018 Top Ten have under-performed each of the twenty-nine months compared to the market overall.
In the following two Top Ten experiments, it’s a slightly different story. There are a few examples of this approach outperforming the overall market in the parallel 2019 Top Ten Crypto Experiment. For the most recent 2020 group, this approach had outperformed the overall market 100% of the time…until this month.

Conclusion:

The Bitcoin halving turned out to be a non event and markets continue to steadily rise despite riots in the US and a global pandemic. We’re almost half way through a very strange year. As the world changes, what will crypto’s place be in the new normal?
Final word: Please take care of yourselves, your families, and your communities. Be excellent to each other.
Thanks for reading and for supporting the experiment. I hope you’ve found it helpful. I continue to be committed to seeing this process through and reporting along the way. Feel free to reach out with any questions and stay tuned for progress reports. Keep an eye out for my parallel projects where I repeat the experiment twice, purchasing another $1000 ($100 each) of two new sets of Top Ten cryptos as of January 1st, 2019 then again on January 1st, 2020.

And the Answer is…

B) Three
Bitcoin’s third halving event took place May 2020.
submitted by Joe-M-4 to CryptoCurrency [link] [comments]

Here's Why There's a Decline of Bitcoin Trading Volume in October

According to a report by CryptoCompare, crypto trading volumes decreased by 17.6% last month, which is a surprise for those holding the crypto market was just filled with good news last week.
October saw Bitcoin spiraled upward, reaching a peak of $15,889 on Friday, up from roughly $10,500 at the beginning of last month.
However, as per the report, there were large decreases in overall spot trading volumes for exchanges that accurate figures are considered to be posted by the market research firm.
On Binance platform, the trading volume hit $75.7 billion, a 33.1% decrease in comparison with last month. Huobi Global posted volumes of $41.7 billion, down 31.4%. Volumes on OKEx which suspended the service of withdrawals following police apprehended its co-founder, showed a 42% decrease. Coinbase fell 17.5% to $11.3 billion, Kraken fell by 13% down to $6.5 billion, and Liquid fell by 4.3% to $6.1 billion.
https://preview.redd.it/ln2xcsearby51.jpg?width=880&format=pjpg&auto=webp&s=e229346c9c687e11273340bac9fb681c90791890
Pedro Febrero - an analyst at Quantum Economics - noted that the decline is due to two potential reasons.
"First, it seems an increasing number of coins are being HODLed," he stated. Febrero believed that the increased number of active Bitcoin addresses indicates that how "there has been lots of activity," and the average transaction value increased last month as well. He held that "Both metrics show that users are in fact using BTC, but they are not sending it to exchanges."
CryptoCompare's spokesperson Constantine Tsavliris echoed his opinion. "The higher volatility in September and Bitcoin's decline from $12,000 to $10,000 generated significant trading volume. In October, there has been an almost uninterrupted rally and this lack of price reversal and volatility has led to a decline in month-on-month volumes," he stated.
The second reason Febrero believed is that traders are locking in Bitcoin on decentralized exchange Uniswap, which seemingly takes advantage of liquidity fees provided by the protocol or trades on the exchange.
Over the past 30 days, the total amount of Bitcoin locked in Uniswap had increased from 24,000 Bitcoin to 30,000 Bitcoin, as per the metrics site DeFi Pulse.
"What this shows is a continuation of the yearly trend that more and more users are switching from [centralized exchanges, such as Binance] to [decentralized exchanges, such as Uniswap]," said Febrero.
Uniswap's daily trading volume actually once outpaced that of Coinbase Pro over the summer. As noted by a dashboard on Dune Analytics, volumes have decreased by 18% over the past month. However, volumes remain still higher than before the beginning of bull run over the summer. http://en.icointime.com/post/705762298159.html
submitted by Lucas121-nye to Crypto_General [link] [comments]

How are bitcoin and cryptocurrency markets responding to Biden’s new government?

Today, the US stock markets are reopening for the first time after the election results have become known. Some still question the election results, but American media and the Associated Press have definitively named Joe Biden as the new president.
It is now up to the market and analysts to determine what a Biden presidency could mean for cryptocurrency. Most analysts seem to prefer a president who says nothing about crypto to a president who belittles bitcoin on twitter.
Trump and Mnuchin negative on bitcoin Qiao Wang, the big man at the DeFi Alliance decentralized financing project, applauded Trump’s loss, noting that the president had tweeted negatively about bitcoin and libra in the past:
https://twitter.com/chris_sun/status/1325265604220121088
Meanwhile, Galaxy Digital investor Mike Novogratz said a democratic government would be good for crypto, saying an ongoing stimulus program would bolster bitcoin’s anti-inflationary narrative:
https://twitter.com/novogratz/status/1323973781619134465
The prices of bitcoin and other cryptocurrency’s depend very much on the strength / weakness of the US dollar. So it is interesting to follow what Biden’s plans are for additional stimulus measures, due to the economic damage caused by the coronavirus.
There is also speculation about the upcoming government’s plans and opinions on cryptocurrency. Compound’s Jake Chervinsky noted that the opinion of the puppets that Biden puts in key positions is more important than the opinion of Biden himself.
https://twitter.com/jchervinsky/status/1325152892324519936
Gary Gensler is such a “puppet.” He is the former chairman of the CFTC and then appointed by Obama. He is expected to be part of Biden’s transition team. Gensler has spoken positively about bitcoin in the past, and is known for his tough enforcement of Wall Street regulations in the wake of the 2008 financial crisis.
Another candidate is economist Lael Brainard. He has done extensive work for the US Central Bank (FED) and, together with MIT, led an investigation of CBDCs. Brainard is expected on the deposition of the Minister of Finance.
We still have to wait for an initial response, the stock markets open today at 2:30 PM. A fierce initial reaction could have its aftermath in the crypto markets.
submitted by jakkkmotivator to thecryptobasic [link] [comments]

Bob The Magic Custodian



Summary: Everyone knows that when you give your assets to someone else, they always keep them safe. If this is true for individuals, it is certainly true for businesses.
Custodians always tell the truth and manage funds properly. They won't have any interest in taking the assets as an exchange operator would. Auditors tell the truth and can't be misled. That's because organizations that are regulated are incapable of lying and don't make mistakes.

First, some background. Here is a summary of how custodians make us more secure:

Previously, we might give Alice our crypto assets to hold. There were risks:

But "no worries", Alice has a custodian named Bob. Bob is dressed in a nice suit. He knows some politicians. And he drives a Porsche. "So you have nothing to worry about!". And look at all the benefits we get:
See - all problems are solved! All we have to worry about now is:
It's pretty simple. Before we had to trust Alice. Now we only have to trust Alice, Bob, and all the ways in which they communicate. Just think of how much more secure we are!

"On top of that", Bob assures us, "we're using a special wallet structure". Bob shows Alice a diagram. "We've broken the balance up and store it in lots of smaller wallets. That way", he assures her, "a thief can't take it all at once". And he points to a historic case where a large sum was taken "because it was stored in a single wallet... how stupid".
"Very early on, we used to have all the crypto in one wallet", he said, "and then one Christmas a hacker came and took it all. We call him the Grinch. Now we individually wrap each crypto and stick it under a binary search tree. The Grinch has never been back since."

"As well", Bob continues, "even if someone were to get in, we've got insurance. It covers all thefts and even coercion, collusion, and misplaced keys - only subject to the policy terms and conditions." And with that, he pulls out a phone-book sized contract and slams it on the desk with a thud. "Yep", he continues, "we're paying top dollar for one of the best policies in the country!"
"Can I read it?' Alice asks. "Sure," Bob says, "just as soon as our legal team is done with it. They're almost through the first chapter." He pauses, then continues. "And can you believe that sales guy Mike? He has the same year Porsche as me. I mean, what are the odds?"

"Do you use multi-sig?", Alice asks. "Absolutely!" Bob replies. "All our engineers are fully trained in multi-sig. Whenever we want to set up a new wallet, we generate 2 separate keys in an air-gapped process and store them in this proprietary system here. Look, it even requires the biometric signature from one of our team members to initiate any withdrawal." He demonstrates by pressing his thumb into the display. "We use a third-party cloud validation API to match the thumbprint and authorize each withdrawal. The keys are also backed up daily to an off-site third-party."
"Wow that's really impressive," Alice says, "but what if we need access for a withdrawal outside of office hours?" "Well that's no issue", Bob says, "just send us an email, call, or text message and we always have someone on staff to help out. Just another part of our strong commitment to all our customers!"

"What about Proof of Reserve?", Alice asks. "Of course", Bob replies, "though rather than publish any blockchain addresses or signed transaction, for privacy we just do a SHA256 refactoring of the inverse hash modulus for each UTXO nonce and combine the smart contract coefficient consensus in our hyperledger lightning node. But it's really simple to use." He pushes a button and a large green checkmark appears on a screen. "See - the algorithm ran through and reserves are proven."
"Wow", Alice says, "you really know your stuff! And that is easy to use! What about fiat balances?" "Yeah, we have an auditor too", Bob replies, "Been using him for a long time so we have quite a strong relationship going! We have special books we give him every year and he's very efficient! Checks the fiat, crypto, and everything all at once!"

"We used to have a nice offline multi-sig setup we've been using without issue for the past 5 years, but I think we'll move all our funds over to your facility," Alice says. "Awesome", Bob replies, "Thanks so much! This is perfect timing too - my Porsche got a dent on it this morning. We have the paperwork right over here." "Great!", Alice replies.
And with that, Alice gets out her pen and Bob gets the contract. "Don't worry", he says, "you can take your crypto-assets back anytime you like - just subject to our cancellation policy. Our annual management fees are also super low and we don't adjust them often".

How many holes have to exist for your funds to get stolen?
Just one.

Why are we taking a powerful offline multi-sig setup, widely used globally in hundreds of different/lacking regulatory environments with 0 breaches to date, and circumventing it by a demonstrably weak third party layer? And paying a great expense to do so?
If you go through the list of breaches in the past 2 years to highly credible organizations, you go through the list of major corporate frauds (only the ones we know about), you go through the list of all the times platforms have lost funds, you go through the list of times and ways that people have lost their crypto from identity theft, hot wallet exploits, extortion, etc... and then you go through this custodian with a fine-tooth comb and truly believe they have value to add far beyond what you could, sticking your funds in a wallet (or set of wallets) they control exclusively is the absolute worst possible way to take advantage of that security.

The best way to add security for crypto-assets is to make a stronger multi-sig. With one custodian, what you are doing is giving them your cryptocurrency and hoping they're honest, competent, and flawlessly secure. It's no different than storing it on a really secure exchange. Maybe the insurance will cover you. Didn't work for Bitpay in 2015. Didn't work for Yapizon in 2017. Insurance has never paid a claim in the entire history of cryptocurrency. But maybe you'll get lucky. Maybe your exact scenario will buck the trend and be what they're willing to cover. After the large deductible and hopefully without a long and expensive court battle.

And you want to advertise this increase in risk, the lapse of judgement, an accident waiting to happen, as though it's some kind of benefit to customers ("Free institutional-grade storage for your digital assets.")? And then some people are writing to the OSC that custodians should be mandatory for all funds on every exchange platform? That this somehow will make Canadians as a whole more secure or better protected compared with standard air-gapped multi-sig? On what planet?

Most of the problems in Canada stemmed from one thing - a lack of transparency. If Canadians had known what a joke Quadriga was - it wouldn't have grown to lose $400m from hard-working Canadians from coast to coast to coast. And Gerald Cotten would be in jail, not wherever he is now (at best, rotting peacefully). EZ-BTC and mister Dave Smilie would have been a tiny little scam to his friends, not a multi-million dollar fraud. Einstein would have got their act together or been shut down BEFORE losing millions and millions more in people's funds generously donated to criminals. MapleChange wouldn't have even been a thing. And maybe we'd know a little more about CoinTradeNewNote - like how much was lost in there. Almost all of the major losses with cryptocurrency exchanges involve deception with unbacked funds.
So it's great to see transparency reports from BitBuy and ShakePay where someone independently verified the backing. The only thing we don't have is:
It's not complicated to validate cryptocurrency assets. They need to exist, they need to be spendable, and they need to cover the total balances. There are plenty of credible people and firms across the country that have the capacity to reasonably perform this validation. Having more frequent checks by different, independent, parties who publish transparent reports is far more valuable than an annual check by a single "more credible/official" party who does the exact same basic checks and may or may not publish anything. Here's an example set of requirements that could be mandated:
There are ways to structure audits such that neither crypto assets nor customer information are ever put at risk, and both can still be properly validated and publicly verifiable. There are also ways to structure audits such that they are completely reasonable for small platforms and don't inhibit innovation in any way. By making the process as reasonable as possible, we can completely eliminate any reason/excuse that an honest platform would have for not being audited. That is arguable far more important than any incremental improvement we might get from mandating "the best of the best" accountants. Right now we have nothing mandated and tons of Canadians using offshore exchanges with no oversight whatsoever.

Transparency does not prove crypto assets are safe. CoinTradeNewNote, Flexcoin ($600k), and Canadian Bitcoins ($100k) are examples where crypto-assets were breached from platforms in Canada. All of them were online wallets and used no multi-sig as far as any records show. This is consistent with what we see globally - air-gapped multi-sig wallets have an impeccable record, while other schemes tend to suffer breach after breach. We don't actually know how much CoinTrader lost because there was no visibility. Rather than publishing details of what happened, the co-founder of CoinTrader silently moved on to found another platform - the "most trusted way to buy and sell crypto" - a site that has no information whatsoever (that I could find) on the storage practices and a FAQ advising that “[t]rading cryptocurrency is completely safe” and that having your own wallet is “entirely up to you! You can certainly keep cryptocurrency, or fiat, or both, on the app.” Doesn't sound like much was learned here, which is really sad to see.
It's not that complicated or unreasonable to set up a proper hardware wallet. Multi-sig can be learned in a single course. Something the equivalent complexity of a driver's license test could prevent all the cold storage exploits we've seen to date - even globally. Platform operators have a key advantage in detecting and preventing fraud - they know their customers far better than any custodian ever would. The best job that custodians can do is to find high integrity individuals and train them to form even better wallet signatories. Rather than mandating that all platforms expose themselves to arbitrary third party risks, regulations should center around ensuring that all signatories are background-checked, properly trained, and using proper procedures. We also need to make sure that signatories are empowered with rights and responsibilities to reject and report fraud. They need to know that they can safely challenge and delay a transaction - even if it turns out they made a mistake. We need to have an environment where mistakes are brought to the surface and dealt with. Not one where firms and people feel the need to hide what happened. In addition to a knowledge-based test, an auditor can privately interview each signatory to make sure they're not in coercive situations, and we should make sure they can freely and anonymously report any issues without threat of retaliation.
A proper multi-sig has each signature held by a separate person and is governed by policies and mutual decisions instead of a hierarchy. It includes at least one redundant signature. For best results, 3of4, 3of5, 3of6, 4of5, 4of6, 4of7, 5of6, or 5of7.

History has demonstrated over and over again the risk of hot wallets even to highly credible organizations. Nonetheless, many platforms have hot wallets for convenience. While such losses are generally compensated by platforms without issue (for example Poloniex, Bitstamp, Bitfinex, Gatecoin, Coincheck, Bithumb, Zaif, CoinBene, Binance, Bitrue, Bitpoint, Upbit, VinDAX, and now KuCoin), the public tends to focus more on cases that didn't end well. Regardless of what systems are employed, there is always some level of risk. For that reason, most members of the public would prefer to see third party insurance.
Rather than trying to convince third party profit-seekers to provide comprehensive insurance and then relying on an expensive and slow legal system to enforce against whatever legal loopholes they manage to find each and every time something goes wrong, insurance could be run through multiple exchange operators and regulators, with the shared interest of having a reputable industry, keeping costs down, and taking care of Canadians. For example, a 4 of 7 multi-sig insurance fund held between 5 independent exchange operators and 2 regulatory bodies. All Canadian exchanges could pay premiums at a set rate based on their needed coverage, with a higher price paid for hot wallet coverage (anything not an air-gapped multi-sig cold wallet). Such a model would be much cheaper to manage, offer better coverage, and be much more reliable to payout when needed. The kind of coverage you could have under this model is unheard of. You could even create something like the CDIC to protect Canadians who get their trading accounts hacked if they can sufficiently prove the loss is legitimate. In cases of fraud, gross negligence, or insolvency, the fund can be used to pay affected users directly (utilizing the last transparent balance report in the worst case), something which private insurance would never touch. While it's recommended to have official policies for coverage, a model where members vote would fully cover edge cases. (Could be similar to the Supreme Court where justices vote based on case law.)
Such a model could fully protect all Canadians across all platforms. You can have a fiat coverage governed by legal agreements, and crypto-asset coverage governed by both multi-sig and legal agreements. It could be practical, affordable, and inclusive.

Now, we are at a crossroads. We can happily give up our freedom, our innovation, and our money. We can pay hefty expenses to auditors, lawyers, and regulators year after year (and make no mistake - this cost will grow to many millions or even billions as the industry grows - and it will be borne by all Canadians on every platform because platforms are not going to eat up these costs at a loss). We can make it nearly impossible for any new platform to enter the marketplace, forcing Canadians to use the same stagnant platforms year after year. We can centralize and consolidate the entire industry into 2 or 3 big players and have everyone else fail (possibly to heavy losses of users of those platforms). And when a flawed security model doesn't work and gets breached, we can make it even more complicated with even more people in suits making big money doing the job that blockchain was supposed to do in the first place. We can build a system which is so intertwined and dependent on big government, traditional finance, and central bankers that it's future depends entirely on that of the fiat system, of fractional banking, and of government bail-outs. If we choose this path, as history has shown us over and over again, we can not go back, save for revolution. Our children and grandchildren will still be paying the consequences of what we decided today.
Or, we can find solutions that work. We can maintain an open and innovative environment while making the adjustments we need to make to fully protect Canadian investors and cryptocurrency users, giving easy and affordable access to cryptocurrency for all Canadians on the platform of their choice, and creating an environment in which entrepreneurs and problem solvers can bring those solutions forward easily. None of the above precludes innovation in any way, or adds any unreasonable cost - and these three policies would demonstrably eliminate or resolve all 109 historic cases as studied here - that's every single case researched so far going back to 2011. It includes every loss that was studied so far not just in Canada but globally as well.
Unfortunately, finding answers is the least challenging part. Far more challenging is to get platform operators and regulators to agree on anything. My last post got no response whatsoever, and while the OSC has told me they're happy for industry feedback, I believe my opinion alone is fairly meaningless. This takes the whole community working together to solve. So please let me know your thoughts. Please take the time to upvote and share this with people. Please - let's get this solved and not leave it up to other people to do.

Facts/background/sources (skip if you like):



Thoughts?
submitted by azoundria2 to QuadrigaInitiative [link] [comments]

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