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The History of Silk Road: A Tale of Drugs, Extortion & Bitcoin
Ultimate glossary of crypto currency terms, acronyms and abbreviations
Porsche turns to Circularise’s blockchain to track plastics used in its vehicles.
Binance Uganda is shutting down, following the fate of its Jersey operation.
Hong Kong plans to ban retail investors from buying crypto.
Other notable events include: - Over 4 million transactions totaling more than 2 billion yuan ($299 million) have been conducted using China’s digital yuan - The U.S. government is suing for the forfeiture of thousands of bitcoins, totaling more than $1 billion, that it seized on Tuesday. Also, be sure to check out top altcoin gainers and losers of the week! Digital transfers Over 4 million transactions totaling more than 2 billion yuan ($299 million) have been conducted using China’s digital yuan, Yi Gang, governor of the People’s Bank of China, said. Speaking at the Hong Kong Fintech Week conference on Monday, Yi said the COVID-19 crisis has also accelerated the need for contactless banking, creating challenges for central banks looking to balance consumer needs and safety. That said, the central banker also played down the prospect of an imminent launch, saying the digital yuan project is still in the early stages. $1B BTC forfeiture The U.S. government is suing for the forfeiture of thousands of bitcoins, totaling more than $1 billion, that it seized on Tuesday. These bitcoins are said by the U.S. Department of Justice to be connected with the Silk Road marketplace. The address holding the bitcoins has been dormant since 2015, when the coins were transferred to now defunct crypto exchange BTC-e. According to Bloomberg, authorities seized the funds from an unknown hacker who had gained access to the address. The BTC are now likely to be auctioned, reintroducing them to the market supply. Near equivalent amounts of bitcoin gold, bitcoin sv and bitcoin cash were also recovered from the address. https://preview.redd.it/vwttlvoqi8y51.jpg?width=1200&format=pjpg&auto=webp&s=a04b790175ac9cafb09876d58af02b6fc082e98f
Bitcoin is worth more than $ 15,600, Why Suddenly The Price Is Increasing?
Bitcoin is worth more than $ 15,600, the highest level since January 2018. https://preview.redd.it/ix9k84b46lx51.png?width=398&format=png&auto=webp&s=863080fefca01dbd91023c14b7f052910aa69a5e The price of cryptocurrency bitcoin has skyrocketed in recent days to the highest level since January 2018. The absence of the US presidential election result may play a role, but that is not the only reason. In recent days, the price of the BTC rose from roughly $ 13,350 on November 3 to $ 15,700 today, according to data from CoinMarketCap. That is more than 12 percent increase. The price increase was more or less synchronized with the vote count in the United States and the ever-increasing tension in the country. "Uncertainty always encourages people to buy gold, for example. But I don't know if that is positive for bitcoin," analyzes Durk Veenstra, RTL Z stock market commentator. "Everything is going up," he adds another comment on the price increase. Investors are thus responding to the Bank of England's decision to pump 166 billion euros extra into financial markets and expect the US Fed to take additional measures to support the economy. Another reason for bitcoin's price revival is the US Public Prosecutor's plan to seize more than $ 1 billion in bitcoin. It concerns bitcoin that has been earned through the criminal online marketplace Silk Road, Bloomberg news agency reports. Highest price since January 2018 The price of bitcoin was last this high in January 2018, after the highest ever price of 19,783 dollars was reached in December 2017. On Sunday, January 7, the price peaked again to more than $ 17,500, after which the price dropped sharply. This year, the exchange rate recovered somewhat, peaking at $ 12,600 in October. This was due to the decision of the payment service Paypal to make payments in cryptocurrency possible. This Paypal move is also a reason in the upward price movement of Bitcoin. And now the price is stablizing between 15k to 16k.
Crypto-Powered: Understanding Bitcoin, Ethereum, and DeFi
Until one understands the basics of this tech, they won’t be able to grasp or appreciate the impact it has on our digital bank, Genesis Block. https://reddit.com/link/ho4bif/video/n0euarkifu951/player This is the second post ofCrypto-Powered— a new series that examines what it means forGenesis Blockto be a digital bank that’s powered by crypto, blockchain, and decentralized protocols. --- Our previous post set the stage for this series. We discussed the state of consumer finance and how the success of today’s high-flying fintech unicorns will be short-lived as long as they’re building on legacy finance — a weak foundation that is ripe for massive disruption. Instead, the future of consumer finance belongs to those who are deeply familiar with blockchain tech & decentralized protocols, build on it as the foundation, and know how to take it to the world. Like Genesis Block. Today we begin our journey down the crypto rabbit hole. This post will be an important introduction for those still learning about Bitcoin, Ethereum, or DeFi (Decentralized Finance). This post (and the next few) will go into greater detail about how this technology gives Genesis Block an edge, a superpower, and an unfair advantage. Let’s dive in… https://preview.redd.it/1ugdxoqjfu951.jpg?width=650&format=pjpg&auto=webp&s=36edde1079c3cff5f6b15b8cd30e6c436626d5d8
Bitcoin: The First Cryptocurrency
There are plenty of online resources to learn about Bitcoin (Coinbase, Binance, Gemini, Naval, Alex Gladstein, Marc Andreessen, Chris Dixon). I don’t wanna spend a lot of time on that here, but let’s do a quick overview for those still getting ramped up. Cryptocurrency is the most popular use-case of blockchain technology today. And Bitcoin was the first cryptocurrency to be invented.
Bitcoin is the most decentralized of all crypto assets today — no government, company, or third party can control or censor it.
Bitcoin has two primary features (as do most other cryptocurrencies):
Send Value You can send value to anyone, anywhere in the world. Nobody can intercept, delay or stop it — not even governments or financial institutions. Unlike with traditional money transfers or bank wires, there are no layers of middlemen. This results in a process that is much more cost-efficient. Some popular use-cases include remittances and cross-border payments.
A few negative moments in Bitcoin’s history include the collapse of Mt. Gox — which resulted in hundreds of millions of customer funds being stolen — as well as Bitcoin’s role in dark markets like Silk Road — where Bitcoin arguably found its initial userbase. However, like most breakthrough technology, Bitcoin is neither good nor bad. It’s neutral. People can use it for good or they can use it for evil. Thankfully, it’s being used less and less for illicit activity. Criminals are starting to understand that transactions on a blockchain are public and traceable — it’s exactly the type of system they usually try to avoid. And it’s true, at this point “a lot more” crimes are actually committed with fiat than crypto. As a result, the perception of bitcoin and cryptocurrency has been changing over the years to a more positive light. Bitcoin has even started to enter the world of media & entertainment. It’s been mentioned in Hollywood films like Spiderman: Into the Spider-Verse and in songs from major artists like Eminem. It’s been mentioned in countless TV shows like Billions, The Simpsons, Big Bang Theory, Gray’s Anatomy, Family Guy, and more. As covid19 has ravaged economies and central banks have been printing money, Bitcoin has caught the attention of many legendary Wall Street investors like Paul Tudor Jones, saying that Bitcoin is a great bet against inflation (reminding him of Gold in the 1970s). Cash App already lets their 25M users buy Bitcoin. It’s rumored that PayPal and Venmo will soon let their 325M users start buying Bitcoin. Bitcoin is by far the most dominant cryptocurrency and is showing no signs of slowing down. For more than a decade it has delivered on its core use-cases — being able to send or store value.
At this point, Bitcoin has very much entered the zeitgeist of modern pop culture — at least in the West.
When Ethereum launched in 2015, it opened up a world of new possibilities and use-cases for crypto. With Ethereum Smart Contracts (i.e. applications), this exciting new digital money (cryptocurrency) became a lot less dumb. Developers could now build applications that go beyond the simple use-cases of “send value” & “store value.” They could program cryptocurrency to have rules, behavior, and logic to respond to different inputs. And always enforced by code. Additional reading on Ethereum fromLinda XieorVitalik Buterin.
Because these applications are built on blockchain technology (Ethereum), they preserve many of the same characteristics as Bitcoin: no one can stop, censor or shut down these apps because they are decentralized.
Just as tokens grew in popularity in 2017–2018, so did online marketplaces where these tokens could be bought, sold, and traded. This was a fledgling asset class — the merchants selling picks, axes, and shovels were finally starting to emerge.
I had a front-row seat — both as an investor and token creator. This was the Wild West with all the frontier drama & scandal that you’d expect.
Binance — now the world’s largest crypto exchange —was launched during this time. They along with many others (especially from Asia) made it really easy for speculators, traders, and degenerate gamblers to participate in these markets. Similar to other financial markets, the goal was straightforward: buy low and sell high. https://preview.redd.it/tytsu5jnfu951.jpg?width=600&format=pjpg&auto=webp&s=fe3425b7e4a71fa953b953f0c7f6eaff6504a0d1 That period left an embarrassing stain on our industry that we’ve still been trying to recover from. It was a period rampant with market manipulation, pump-and-dumps, and scams. To some extent, the crypto industry still suffers from that today, but it’s nothing compared to what it was then.
While the potential of getting filthy rich brought a lot of fly-by-nighters and charlatans into the industry, it also brought a lot of innovators, entrepreneurs, and builders.
The launch and growth of Ethereum has been an incredible technological breakthrough. As with past tech breakthroughs, it has led to a wave of innovation, experimentation, and development. The creativity around tokens, smart contracts, and decentralized applications has been fascinating to witness. Now a few years later, the fruits of those labors are starting to be realized.
I know that for the hardcore crypto people, what we covered today is nothing new. But for those who are still getting up to speed, welcome! I hope this was helpful and that it fuels your interest to learn more. Until you understand the basics of this technology, you won’t be able to fully appreciate the impact that it has on our new digital bank, Genesis Block. You won’t be able to understand the implications, how it relates, or how it helps. After today’s post, some of you probably have a lot more questions. What are specific examples or use-cases of DeFi? Why does it need to be on a blockchain? What benefits does it bring to Genesis Block and our users? In upcoming posts, we answer these questions. Today’s post was just Level 1. It set the foundation for where we’re headed next: even deeper down the crypto rabbit hole. --- Other Ways to Consume Today's Episode:
We have a lot more content coming. Be sure to follow our channels: https://genesisblock.com/follow/ Have you already downloaded the app? We're Genesis Block, a new digital bank that's powered by crypto & decentralized protocols. The app is live in the App Store (iOS & Android). Get the link to download at https://genesisblock.com/download
Thank you for being a part of the first ColossusXT Reddit AMA! Below we will summarize the questions and answers. We had 13 questions from the community, and responded to 13 questions from the community! The ColossusXT team will do a Reddit AMA at the end of every quarter. Q: What type of marketing plan are you guys looking to do in 2018? A: Paid ads, b2b partnerships, and in person representation at more blockchain conferences this year are all being negotiated. Suggestions can be made by the community here: https://colossusxt.fider.io/ Q: If I am correct, currently only the devs of COLX are being paid. I understand that the majority of people working on COLX are volunteers and I respect and appreciate that. However, when do you guys think you are going to hire paid full/part time employees/professionals? How will you guys make this happen? As in where are you going to get the funds for this? A: Currently the paid COLX employees are blockchain developers as they have a specific skill set that is difficult to acquire. In the future if the community feels that paid professionals are required in a specific job function, for example marketing, a budget proposal can be created and the community can pay for this from the colx governance system. Note, the governance system is not an endless bucket of money, so care needs to be taken to ensure the community is allocating these funds appropriately across all of the colx priorities. Q: When will Zerocoin protocol be released? A: Zerocoin Protocol will be released in Q2. Roadmap: https://colossuscoinxt.org/roadmap/ Q: Do you guys know when some COLX holders will get their coins back from Coinsmarkets? Also, where do you guys see COLX being used further down the road? A: Based on an internal COLX investigation, we believe that all of the coins have been moved off of CoinsMarkets and sold on other exchanges. We're currently partnered with Polis Pay which will alow fiat to crypto purchases through their Debt card platform. We're also working on partnerships with multiple different payment processors and merchants. Press Release:https://github.com/ColossusCoinXT/Documentation/blob/masteCM_PressRelease.pdf Forensic Statement:https://github.com/ColossusCoinXT/Documentation/blob/masteColossusXT_Forensic_Statement_on_CoinsMarkets_Exchange_Fraud.pdf Q: What separates colx from pivx, and other pivx forks? A: ColossusXT is a privacy based blockchain. The future of ColossusXT is expansive. It will be built on the expansion of the Colossus Grid, with a backbone of privacy features. You'll be able to rent or sell computing power from the network to perform or even just speed up tasks that your computer has trouble handling. This is ideal if you routinely perform intensive calculations for activities like natural language processing (NLP), artificial intelligence (AI), or even machine learning for DNA exploration. Example: You have 16GB of Ram, you rent 4GB for someone to use. Same with hard drive space, ect; ColossusXT anonymous blockchain will protect your privacy, while you rent computing power. This is the difference. Some privacy coins purpose is to be a private currency, ColossusXT aims to have a functioning anonymous currency, and Grid computing power utility. Q: What other exchanges are we trying to get on? What is the status? Thank you guys, I am really looking forward to this AMA! A: We cannot discolse which exchanges ColossusXT has currently applied to at this time. When we are able to make an announcement about an exchange listing we will post it on Twitter. Q: Why do I always mint orphan blocks? I know what an orphan is but the last 7 times I have staked and minted they have been orphans A: If a wallet is selected to generate the next new block (which will result in a staking reward) but does not complete this task in time, the new block will be orphaned and the task will be completed by another staking wallet. Thus, less responsive systems with a slower network connection and / or less available system resources will tend to generate more orphan blocks over time. If you have not updated to the latest wallet v1.0.3 you may see an increased number of Orphans. Orphan blocks are a normal occurrence on a blockchain. Q: Is the max supply of coins fixed at 12 billion or are there plans to increase supply on a need basis? Since one of the features of COLX is to enable a lower than 1:1 split with major fiat currencies(USD/EUR), i wonder how will this be managed in the scenario that the exchange rate goes up and up and up ? A: There is no max supply of COLX. Starting on April 28th, new COLX will be minted at a permanent rate of 1000 COLX per block, or 525,600,000 COLX per year, forever. As supply increases, these newly minted COLX will represent a smaller and smaller portion of the total supply. This means that the inflation rate will slowly decrease (asymptotically toward zero) over time. For example, next year the COLX supply will increase from 11.28B to 11.80B, an inflation rate of 4.7%. However, ten years later in 2029, the supply will increase from 16.53B to 17.06B, an inflation rate of 3.2%. While we have designed our supply and inflation rate toward a goal of easy comparison to major fiat currencies, it is impossible to predict how this will compare in the future. There are currently no plans to alter the COLX supply to match world currency trends. Q: Any additional informaton on the how the colx marketplace will work apart from what is mentioned in the whitepaper ? Reminds me of SilkRoad and we know what happened to that marketplace… A: The colx decentralized marketplace will work similar to other decentralized marketplace projects currently in development from other teams. There are no specifics to release at this time, but Silk Road is not a development goal. (Other projects, https://phore.io/marketplace/, https://www.syscoin.org/, https://soma.co/, https://www.openbazaar.org/ ) Q: How will ColX go about ensuring listings at the bigger exchanges. Is there a plan in place to reach the likes of bittrex and binance? A: Yes, ColossusXT has reached out to many different exchanges recently. We do not believe that Bittrex or Binance are exchanges out of this communities reach. Funding for large exchange listings will be generated from the community governance system. Q: Any thoughts on a rebrand at some point to something that rolls off the tongue better? Really not digging the name. A: We recently re-branded from ColossusCoinXT to ColossusXT. At this time there are no plans to rebrand any time soon, but we are looking at requests from the community and have found that Colossus is being recommended. What do you recommend? All community suggestions can be posted here to be voted on by the community; https://colossusxt.fider.io/ Q: Are you guys planning on making Master nodes cheaper? With Bitcoin, it doesn't cost as much as it does with altcoins. You can have a basic PC/laptop with 140GB of space and you're good to go to run a node. Masternode does few different things than a normal node, which is the following: Increasing privacy of transactions Doing instant transactions Participating in governance and voting Enable budgeting and treasury system in cryptos So if we can have cheaper Master Nodes that will increase the privacy of the transactions, there won't be any scalability issues in the long run and more people will participate with governing and voting. Which leads to more decentralized currency. Of course there should be a barrier with creating Master nodes so that nobody can cheat the system, but can we consider a lower entry barrier? What are your stance on this? Thanks! A: Cost for masternodes will not change. Implementing a safe shared masternode system is on the roadmap for development. Q: When are you going to start marketing.?....i think we have enough working product to market it.tech and marketing should go side by side.....what are your plans to keep the discord more active ? Shift from telegram to discord made the community bit lousy...not much interactions and activity as in telegram.(recruits from all the time zones is needed) A: Marketing has already started. The team recently attended the London CryptoCurrency Show. If there are specific marketing tactics that the community would like to employ they can be added and voted on here; https://colossusxt.fider.io/. With a working governance system in place the community can also create marketing proposals as part of the colx governance system. Note, the governance system is not an endless bucket of money, so care needs to be taken to ensure the community is allocating these funds appropriately across all of the colx priorities. Telegram is an awful platform for running a Community. We encourage all colx users to switch to Discord for more support and a better user experience. Discord: https://discord.gg/pJdvA Thank you for the questions! Originial AMA Questions:https://np.reddit.com/ColossuscoinX/comments/8bia7o/official_colossusxt_ama/ If you feel that you can contribute to this community please review our hiring form: https://goo.gl/PQeCm7 Website:http://colossusxt.io/ Whitepaper:https://colossuscoinxt.org/whitepape Roadmap:https://colossuscoinxt.org/roadmap/ Discord:https://discord.gg/UatyC Telegram:https://web.telegram.org/#/[email protected]
Hello! My name is Slava Mikhalkin, I am a Project Owner of Crowdsale platform at Platinum, the company that knows how to start any ICO or STO in 2019. If you want to avoid headaches with launching process, we can help you with ICO and STO advertising and promotion. See the full list of our services: Platinum.fund I am also happy to be a part of the UBAI, the first educational institution providing the most effective online education on blockchain! We can teach you how to do ICO/STO in 2019. Today I want to tell you how to sell and transfer cryptocurrencies. Major Exchanges In finance, an exchange is a forum or platform for trading commodities, derivatives, securities or other financial instruments. The principle concern of an exchange is to allow trading between parties to take place in a fair and legally compliant manner, as well as to ensure that pricing information for any instrument traded on the exchange is reliable and coherently delivered to exchange participants. In the cryptocurrency space exchanges are online platforms that allow users to trade cryptocurrencies or digital currencies for fiat money or other cryptocurrencies. They can be centralized exchanges such a Binance, or decentralized exchanges such as IDEX. Most cryptocurrency exchanges allow users to trade different crypto assets with BTC or ETH after having already exchanged fiat currency for one of those cryptocurrencies. Coinbase and Kraken are the main avenue for fiat money to enter into the cryptocurrency ecosystem. Function and History Crypto exchanges can be market-makers that take bid/ask spreads as a commission on the transaction for facilitating the trade, or more often charge a small percentage fee for operating the forum in which the trade was made. Most crypto exchanges operate outside of Western countries, enabling them to avoid stringent financial regulations and the potential for costly and lengthy legal proceedings. These entities will often maintain bank accounts in multiple jurisdictions, allowing the exchange to accept fiat currency and process transactions from customers all over the globe. The concept of a digital asset exchange has been around since the late 2000s and the following initial attempts at running digital asset exchanges foreshadows the trouble involved in attempting to disrupt the operation of the fiat currency baking system. The trading of digital or electronic assets predate Bitcoin’s creation by several years, with the first electronic trading entities running afoul of the Australian Securities and Investments Commission (ASIC) in late 2004. Companies such as Goldex, SydneyGoldSales, and Ozzigold, shut down voluntarily after ASIC found that they were operating without an Australian Financial Services License. E-Gold, which exchanged fiat USD for grams of precious metals in digital form, was possibly the first digital currency exchange as we know it, allowing users to make instant transfers to the accounts of other E-Gold members. At its peak in 2006 E-Gold processed $2 billion worth of transactions and boasted a user base of over 5 million people. Popular Exchanges Here we will give a brief overview of the features and operational history of the more popular and higher volume exchanges because these are the platforms to which newer traders will be exposed. These exchanges are recommended to use because they are the industry standard and they inspire the most confidence. Bitfinex Owned and operated by iFinex Inc, the cryptocurrency trading platform Bitfinex was the largest Bitcoin exchange on the planet until late 2017. Headquartered in Hong Kong and based in the US Virgin Island, Bitfinex was one of the first exchanges to offer leveraged trading (“Margin trading allows a trader to open a position with leverage. For example — we opened a margin position with 2X leverage. Our base assets had increased by 10%. Our position yielded 20% because of the 2X leverage. Standard trades are traded with leverage of 1:1”) and also pioneered the use of the somewhat controversial, so-called “stable coin” Tether (USDT). Binance Binance is an international multi-language cryptocurrency exchange that rose from the mid-rank of cryptocurrency exchanges to become the market dominating behemoth we see today. At the height of the late 2017/early 2018 bull run, Binance was adding around 2 million new users per week! The exchange had to temporarily disallow new registrations because its servers simply could not keep up with that volume of business. After the temporary ban on new users was lifted the exchange added 240,000 new accounts within two hours. Have you ever thought whats the role of the cypto exchanges? The answer is simple! There are several different types of exchanges that cater to different needs within the ecosystem, but their functions can be described by one or more of the following: To allow users to convert fiat currency into cryptocurrency. To trade BTC or ETH for alt coins. To facilitate the setting of prices for all crypto assets through an auction market mechanism. Simply put, you can either mine cryptocurrencies or purchase them, and seeing as the mining process requires the purchase of expensive mining equipment, Cryptocurrency exchanges can be loosely grouped into one of the 3 following exchange types, each with a slightly different role or combination of roles. Have you ever thought about what are the types of Crypto exchanges?
Traditional Cryptocurrency Exchange: These are the type that most closely mimic traditional stock exchanges where buyers and sellers trade at the current market price of whichever asset they want, with the exchange acting as the intermediary and charging a small fee for facilitating the trade. Kraken and GDAX are examples of this kind of cryptocurrency exchange. Fully peer-to-peer exchanges that operate without a middleman include EtherDelta, and IDEX, which are also examples of decentralized exchanges.
Cryptocurrency Brokers: These are website or app based exchanges that act like a Travelex or other bureau-de-change. They allow customers to buy or sell crypto assets at a price set by the broker (usually market price plus a small premium). Coinbase is an example of this kind of exchange.
Direct Trading Platform: These platforms offer direct peer-to-peer trading between buyers and sellers, but don’t use an exchange platform in doing so. These types of exchanges do not use a set market rate; rather, sellers set their own rates. This is a highly risky form of trading, from which new users should shy away.
To understand how an exchange functions we need only look as far as a traditional stock exchange. Most all the features of a cryptocurrency exchange are analogous to features of trading on a traditional stock exchange. In the simplest terms, the exchanges fulfil their role as the main marketplace for crypto assets of all kinds by catering to buyers or sellers. These are some definitions for the basic functions and features to know: Market Orders: Orders that are executed instantly at the current market price. Limit Order: This is an order that will only be executed if and when the price has risen to or dropped to that price specified by the trader and is also within the specified period of time. Transaction fees: Exchanges will charge transactions fees, usually levied on both the buyer and the seller, but sometimes only the seller is charged a fee. Fees vary on different exchanges though the norm is usually below 0.75%. Transfer charges: The exchange is in effect acting as a sort of escrow agent, to ensure there is no foul play, so it might also charge a small fee when you want to withdraw cryptocurrency to your own wallet. Regulatory Environment and Evolution Cryptocurrency has come a long way since the closing down of the Silk Road darknet market. The idea of crypto currency being primarily for criminals, has largely been seen as totally inaccurate and outdated. In this section we focus on the developing regulations surrounding the cryptocurrency asset class by region, and we also look at what the future may hold. The United States of America A coherent uniform approach at Federal or State level has yet to be implemented in the United States. The Financial Crimes Enforcement Network published guidelines as early as 2013 suggesting that BTC and other cryptos may fall under the label of “money transmitters” and thus would be required to take part in the same Anti-money Laundering (AML) and Know your Client (KYC) procedures as other money service businesses. At the state level, Texas applies its existing finance laws. And New York has instituted an entirely new licensing system. The European Union The EU’s approach to cryptocurrency has generally been far more accommodating overall than the United States, partly due to the adaptable nature of pre-existing laws governing electronic money that predated the creation of Bitcoin. As with the USA, the EU’s main fear is money laundering and criminality. The European Central Bank (ECB) categorized BTC as a “convertible decentralized currency” and advised all central banks in the EU to refrain from trading any cryptocurrencies until the proper regulatory framework was put in place. A task force was then set up by the European Parliament in order to prevent and investigate any potential money laundering that was making use of the new technology. Likely future regulations for cryptocurrency traders within the European Union and North America will probably consist of the following proposals: The initiation of full KYC procedures so that users cannot remain fully anonymous, in order to prevent tax evasion and curtail money laundering. Caps on payments that can be made in cryptocurrency, similar to caps on traditional cash transactions. A set of rules governing tax obligations regarding cryptocurrencies Regulation by the ECB of any companies that offer exchanges between cryptocurrencies and fiat currencies It is less likely for other countries to follow the Chinese approach and completely ban certain aspects of cryptocurrency trading. It is widely considered more progressive and wiser to allow the technology to grow within a balanced accommodative regulatory framework that takes all interests and factors into consideration. It is probable that the most severe form of regulation will be the formation of new governmental bodies specifically to form laws and exercise regulatory control over the cryptocurrency space. But perhaps that is easier said than done. It may, in certain cases, be incredibly difficult to implement particular regulations due to the anonymous and decentralized nature of crypto. Behavior of Cryptocurrency Investors by Demographic Due to the fact that cryptocurrency has its roots firmly planted in the cryptography community, the vast majority of early adopters are representative of that group. In this section we cover the basic structure of the cryptocurrency market cycle and the makeup of the community at large, as well as the reasons behind different trading decisions. The Cryptocurrency Market Cycle Bitcoin leads the bull rally. FOMO (Fear of missing out) occurs, the price surge is a constant topic of mainstream news, business programs cover the story, and social media is abuzz with cryptocurrency chatter. Bitcoin reaches new All Timehigh (ATH) Market euphoria is fueled with even more hype and the cycle is in full force. There is a constant stream of news articles and commentary on the meteoric, seemingly unstoppable rise of Bitcoin. Bitcoin’s price “stabilizes”, In the 2017 bull run this was at or around $14,000. A number of solid, large market cap altcoins rise along with Bitcoin; ETH & LTC leading the altcoins at this time. FOMO comes into play, as the new ATH in market cap is reached by pumping of a huge number of alt coins. Top altcoins “somewhat” stabilize, after reaching new all-time highs. The frenzy continues with crypto success stories, notable figures and famous people in the news. A majority of lesser known cryptocurrencies follow along on the upward momentum. Newcomers are drawn deeper into crypto and sign up for exchanges other than the main entry points like Coinbase and Kraken. In 2017 this saw Binance inundated with new registrations. Some of the cheapest coins are subject to massive pumping, such as Tron TRX which saw a rise in market cap from $150 million at the start of December 2017 to a peak of $16 billion! At this stage, even dead coins or known scams will get pumped. The price of the majority of cryptocurrencies stabilize, and some begin to retract. When the hype is subsiding after a huge crypto bull run, it is a massive sell signal. Traditional investors will begin to give interviews about how people need to be careful putting money into such a highly volatile asset class. Massive violent correction begins and the market starts to collapse. BTC begins to fall consistently on a daily basis, wiping out the insane gains of many medium to small cap cryptos with it. Panic selling sweeps through the market. Depression sets in, both in the markets, and in the minds of individual investors who failed to take profits, or heed the signs of imminent collapse. The price stagnation can last for months, or even years. The Influence of Age upon Trading Did you know? Cryptocurrencies have been called “stocks for millennials” According to a survey conducted by the Global Blockchain Business Council, only 5% of the American public own any bitcoin, but of those that do, an overwhelming majority of 71% are men, 58% of them are between the ages of 18 and 35, and over half of them are minorities. The same survey gauged public attitude toward the high risk/high return nature of cryptocurrency, in comparison to more secure guaranteed small percentage gains offered by government bonds or stocks, and found that 30% would rather invest $1,000 in crypto. Over 42% of millennials were aware of cryptocurrencies as opposed to only 15% of those ages 65 and over. In George M. Korniotis and Alok Kumar’s study into the effects of aging on portfolio management and the quality of decisions made by older investors, they found “that older and experienced investors are more likely to follow “rules of thumb” that reflect greater investment knowledge. However, older investors are less effective in applying their investment knowledge and exhibit worse investment skill, especially if they are less educated and earn lower income.” Geographic Influence upon Trading One of the main drivers of the apparent seasonal ebb and flow of cryptocurrency prices is the tax situation in the various territories that have the highest concentrations of cryptocurrency holders. Every year we see an overall market pull back beginning in mid to late January, with a recovery beginning usually after April. This is because “Tax Season” is roughly the same across Europe and the United States, with the deadline for Income tax returns being April 15th in the United States, and the tax year officially ending the UK on the 6th of April. All capital gains must be declared before the window closes or an American trader will face the powerful and long arm of the IRS with the consequent legal proceedings and possible jail time. Capital gains taxes around the world vary from jurisdiction to jurisdiction but there are often incentives for cryptocurrency holders to refrain from trading for over a year to qualify their profits as long term gain when they finally sell. In the US and Australia, for example, capital gains are reduced if you bought cryptocurrency for investment purposes and held it for over a year. In Germany if crypto assets are held for over a year then the gains derived from their sale are not taxed. Advantages like this apply to individual tax returns, on a case by case basis, and it is up to the investor to keep up to date with the tax codes of the territory in which they reside. 2013 Bull run vs 2017 Bull run price Analysis In late 2016 cryptocurrency traders were faced with the task of distinguishing between the beginnings of a genuine bull run and what might colorfully be called a “dead cat bounce” (in traditional market terminology). Stagnation had gripped the market since the pull-back of early 2014. The meteoric rise of Bitcoin’s price in 2013 peaked with a price of $1,100 in November 2013, after a year of fantastic news on the adoption front with both Microsoft and PayPal offering BTC payment options. It is easy to look at a line going up on a chart and speak after the fact, but at the time, it is exceeding difficult to say whether the cat is actually climbing up the wall, or just bouncing off the ground. Here, we will discuss the factors that gave savvy investors clues as to why the 2017 bull run was going to outstrip the 2013 rally. Hopefully this will help give insight into how to differentiate between the signs of a small price increase and the start of a full scale bull run. Most importantly, Volume was far higher in 2017. As we can see in the graphic below, the 2017 volume far exceeds the volume of BTC trading during the 2013 price increase. The stranglehold MtGox held on trading made a huge bull run very difficult and unlikely. Fraud & Immoral Activity in the Private Market Ponzi Schemes Cryptocurrency Ponzi schemes will be covered in greater detail in Lesson 7, but we need to get a quick overview of the main features of Ponzi schemes and how to spot them at this point in our discussion. Here are some key indicators of a Ponzi scheme, both in cryptocurrencies and traditional investments: A guaranteed promise of high returns with little risk. Consistentflow of returns regardless of market conditions. Investments that have not been registered with the Securities and Exchange Commission (SEC). Investment strategies that are a secret, or described as too complex. Clients not allowed to view official paperwork for their investment. Clients have difficulties trying to get their money back. The initial members of the scheme, most likely unbeknownst to the later investors, are paid their “dividends” or “profits” with new investor cash. The most famous modern-day example of a Ponzi scheme in the traditional world, is Bernie Madoff’s $100 billion fraudulent enterprise, officially titled Bernard L. Madoff Investment Securities LLC. And in the crypto world, BitConnect is the most infamous case of an entirely fraudulent project which boasted a market cap of $2 billion at its peak. What are the Exchange Hacks? The history of cryptocurrency is littered with examples of hacked exchanges, some of them so severe that the operation had to be wound up forever. As we have already discussed, incredibly tech savvy and intelligent computer hackers led by Alexander Vinnik stole 850000 BTC from the MtGox exchange over a period from 2012–2014 resulting in the collapse of the exchange and a near-crippling hammer blow to the emerging asset class that is still being felt to this day. The BitGrail exchange suffered a similar style of attack in late 2017 and early 2018, in which Nano (XRB) was stolen that was at one point was worth almost $195 million. Even Bitfinex, one of the most famous and prestigious exchanges, has suffered a hack in 2016 where $72 million worth of BTC was stolen directly from customer accounts. Hardware Wallet Scam Case Study In late 2017, an unfortunate character on Reddit, going by the name of “moody rocket” relayed his story of an intricate scam in which his newly acquired hardware wallet was compromised, and his $34,000 life savings were stolen. He bought a second hand Nano ledger into which the scammers own recover seed had already been inserted. He began using the ledger without knowing that the default seed being used was not a randomly assigned seed. After a few weeks the scammer struck, and withdrew all the poor HODLer’s XRP, Dash and Litecoin into their own wallet (likely through a few intermediary wallets to lessen the very slim chances of being identified). Hardware Wallet Scam Case Study Social Media Fraud Many gullible and hapless twitter users have fallen victim to the recent phenomenon of scammers using a combination of convincing fake celebrity twitter profiles and numerous amounts of bots to swindle them of ETH or BTC. The scammers would set up a profile with a near identical handle to a famous figure in the tech sphere, such as Vitalik Buterin or Elon Musk. And then in the tweet, immediately following a genuine message, follow up with a variation of “Bonus give away for the next 100 lucky people, send me 0.1 ETH and I will send you 1 ETH back”, followed by the scammers ether wallet address. The next 20 or so responses will be so-called sockpuppet bots, thanking the fake account for their generosity. Thus, the pot is baited and the scammers can expect to receive potentially hundreds of donations of 0.1 Ether into their wallet. Many twitter users with a large follower base such as Vitalik Buterin have taken to adding “Not giving away ETH” to their username to save careless users from being scammed. Market Manipulation It also must be recognized that market manipulation is taking place in cryptocurrency. For those with the financial means i.e. whales, there are many ways in which to control the market in a totally immoral and underhanded way for your own profit. It is especially easy to manipulate cryptos that have a very low trading volume. The manipulator places large buy orders or sell walls to discourage price action in one way or the other. Insider trading is also a significant problem in cryptocurrency, as we saw with the example of blatant insider trading when Bitcoin Cash was listed on Coinbase. Examples of ICO Fraudulent Company Behavior In the past 2 years an astronomical amount of money has been lost in fraudulent Initial Coin Offerings. The utmost care and attention must be employed before you invest. We will cover this area in greater detail with a whole lesson devoted to the topic. However, at this point, it is useful to look at the main instances of ICO fraud. Among recent instances of fraudulent ICOs resulting in exit scams, 2 of the most infamous are the Benebit and PlexCoin ICOs which raised $4 million for the former and $15 million for the latter. Perhaps the most brazen and damaging ICO scam of all time was the Vietnamese Pincoin ICO operation, where $660million was raised from 32,000 investors before the scammer disappeared with the funds. In case of smaller ICO “exit scamming” there is usually zero chance of the scammers being found. Investors must just take the hit. We will cover these as well as others in Lesson 7 “Scam Projects”. Signposts of Fraudulent Actors The following factors are considered red flags when investigating a certain project or ICO, and all of them should be considered when deciding whether or not you want to invest. Whitepaper is a buzzword Salad: If the whitepaper is nothing more than a collection of buzzwords with little clarity of purpose and not much discussion of the tech involved, it is overwhelmingly likely you are reading a scam whitepaper. Signposts of Fraudulent Actors §2 No Code Repository: With the vast majority of cryptocurrency projects employing open source code, your due diligence investigation should start at GitHub or Sourceforge. If the project has no entries, or nothing but cloned code, you should avoid it at all costs. Anonymous Team: If the team members are hard to find, or if you see they are exaggerating or lying about their experience, you should steer clear. And do not forget, in addition to taking proper precautions when investing in ICOs, you must always make sure that you are visiting authentic web pages, especially for web wallets. If, for example, you are on a spoof MyEtherWallet web page you could divulge your private key without realizing it and have your entire portfolio of Ether and ERC-20 tokens cleaned out. Methods to Avoid falling Victim Avoiding scammers and the traps they set for you is all about asking yourself the right questions, starting with: Is there a need for a Blockchain solution for the particular problem that a particular ICO is attempting to solve? The existing solution may be less costly, less time consuming, and more effective than the proposals of a team attempting to fill up their soft cap in an ICO. The following quote from Mihai Ivascu, the CEO of Modex, should be kept in mind every time you are grading an ICO’s chances of success: “I’m pretty sure that 95% of ICOswill not last, and many will go bankrupt. ….. not everything needs to be decentralized and put on an open source ledger.” Methods to Avoid falling Victim §2 Do I Trust These People with My Money, or Not? If you continue to feel uneasy about investing in the project, more due diligence is needed. The developers must be qualified and competent enough to complete the objectives that they have set out in the whitepaper. Is this too good to be true? All victims of the well-known social media scams using fake profiles of Vitalik Buterin, or Bitconnect investors for that matter, should have asked themselves this simple question, and their investment would have been saved. In the case of Bitconnect, huge guaranteed gains proportional to the amount of people you can get to sign up was a blatant pyramid scheme, obviously too good to be true. The same goes for Fake Vitalik’s offer of 1 ether in exchange for 0.1 ETH. Selling Cryptocurrencies, Several reasons for selling with the appropriate actions to take: If you are selling to buy into an ICO, or maybe believe Ether is a safer currency to hold for a certain period of time, it is likely you will want to make use of the Ether pair and receive Ether in return. Obviously if the ICO is on the NEO or WANchain blockchain for example, you will use the appropriate pair. -Trading to buy into another promising project that is listing on the exchange on which you are selling (or you think the exchange will experience a large amount of volume and become a larger exchange), you may want to trade your cryptocurrency for that exchange token. -If you believe that BTC stands a good chance of experiencing a bull run then using the BTC trading pair is the suitable choice. -If you believe that the market is about to experience a correction but you do not want to take your gains out of the market yet, selling for Tether or “tethering up” is the best play. This allows you to keep your locked-in profits on the exchange, unaffected by the price movements in the cryptocurrency markets,so that you can buy back in at the most profitable moment. -If you wish to “cash out” i.e. sell your cryptocurrency for fiat currency and have those funds in your bank account, the best pair to use is ETH or BTC because you will likely have to transfer to an exchange like Kraken or Coinbase to convert them into fiat. If the exchange offers Litecoin or Bitcoin Cash pairs it could be a good idea to use these for their fast transaction time and low fees. Selling Cryptocurrencies Knowing when and how to sell, as well as strategies to inflate the value of your trade before sale, are important skills as a trader of any product or financial instrument. If you are satisfied that the sale itself of the particular amount of a token or coin you are trading away is the right one, then you must decide at what price you are going to sell. Exchanges exercise their own discretion as to which trading “pairs” they will offer, but the most common ones are BTC, ETH, BNB for Binance, BIX for Bibox etc., and sometimes Tether (USDT) or NEO. As a trader, you decide which particular cryptocurrency to exchange depending on your reason for making that specific trade at that time. Methods of Sale Market sell/Limit sell on exchange: A limit sell is an order placed on an exchange to sell as soon as (also specifically only if and when) the price you specified has been hit within the time limit you select. A market order executes the sale immediately at the best possible price offered by the market at that exact time. OTC (or Over the Counter) selling refers to sale of securities or cryptocurrencies in any method without using an exchange to intermediate the trade and set the price. The most common way of conducting sales in this manner is through LocalBitcoins.com. This method of cryptocurrency selling is far riskier than using an exchange, for obvious reasons. The influence and value of your Trade There are a number of strategies you can use to appreciate the value of your trade and thus increase the Bitcoin or Ether value of your portfolio. It is important to disassociate yourself from the dollar value of your portfolio early on in your cryptocurrency trading career simply because the crypto market is so volatile you will end up pulling your hair out in frustration following the real dollar money value of your holdings. Once your funds have been converted into BTC and ETH they are completely in the crypto sphere. (Some crypto investors find it more appropriate to monitor the value of their portfolio in satoshi or gwei.) Certainly not limited to, but especially good for beginners, the most reliable way to increase your trading profits, and thus the overall value and health of your portfolio, is to buy into promising projects, hold them for 6 months to a year, and then reevaluate. This is called Long term holding and is the tactic that served Bitcoin HODLers quite well, from 2013 to the present day. Obviously, if something comes to light about the project that indicates a lengthy set back is likely, it is often better to cut your losses and sell. You are better off starting over and researching other projects. Also, you should set initial Price Points at which you first take out your original investment, and then later, at which you take out all your profits and exit the project. That should be after you believe the potential for growth has been exhausted for that particular project. Another method of increasing the value of your trades is ICO flipping. This is the exact opposite of long term holding. This is a technique in which you aim for fast profits taking advantage of initial enthusiasm in the market that may double or triple the value of ICO projects when they first come to market. This method requires some experience using smaller exchanges like IDEX, on which project tokens can be bought and sold before listing on mainstream exchanges. “Tethering up” means to exchange tokens or coins for the USDT stable coin, the value of which is tethered to the US Dollar. If you learn, or know how to use, technical analysis, it is possible to predict when a market retreatment is likely by looking at the price movements of BTC. If you decide a market pull back is likely, you can tether up and maintain the dollar value of your portfolio in tether while other tokens and coins decrease in value. The you wait for an opportune moment to reenter the market. Market Behavior in Different Time Periods The main descriptors used for overall market sentiment are “Bull Market” and “Bear Market”. The former describes a market where people are buying on optimism. The latter describes a market where people are selling on pessimism. Fun (or maybe not) fact: The California grizzly bear was brought to extinction by the love of bear baiting as a sport in the mid 1800s. Bears were highly sought after for their intrinsic fighting qualities, and were forced into fighting bulls as Sunday morning entertainment for Californians. What has this got to do with trading and financial markets? The downward swipe of the bear’s paws gives a “Bear market” its name and the upward thrust of a Bull’s horns give the “Bull Market” its name. Most unfortunately for traders, the bear won over 80% of the bouts. During a Bull market, optimism can sometimes grow to be seemingly boundless, volume is rising, and prices are ascending. It can be a good idea to sell or rebalance your portfolio at such a time, especially if you have a particularly large position in one holding or another. This is especially applicable if you need to sell a large amount of a relatively low-volume holding, because you can then do so without dragging the price down by the large size of your own sell order. Learn more on common behavioral patterns observed so far in the cryptocurrency space for different coins and ICO tokens. Follow the link: UBAI.co If you want to know how do security tokens work, and become a professional in crypto world contact me via Facebook to get all the details: Facebook
From Bitcoin Gold’s hard fork to London’s Fintech Week, here are a few events to keep an eye on.
There are a few ICOs ending and starting this week, keep track of them.
Want to get more involved in the crypto space and be completely aware of what’s going on? Here’s a small list of upcoming events you can attend or monitor, including: Bitcoin Gold to Hard Fork, Blockchain Events: Chainers 2018 (Seoul), TechCrunch Sessions 2018 (Zug), TechCrunch Sessions Ethereum Meetup (Zug), London Fintech Week (London). If you’re looking to increase your crypto wealth or know where all those tokens are coming from, here are a few airdrops occurring this week: CPS-SPACE-INS-LRN, ICOs Ending: WINS-SHR-BITX-EJAC-AMO, ICOs Starting: FNP-BETT-VLUX
Following a 51% hack in May, the BTG project’s team decided to upgrade its network via a hard fork in order to improve network security. This is expected to occur at block 536200 (Est. Date: 1st July). The upgrade will implement the Equihash-BTG PoW algorithm as a replacement for the existing Equihash algorithm, among other changes.
Syscoin (SYS) Holders — CPS Coin Airdrop — Snapshot Date on July 1, 2018
CoinPayments (CPS) is built on the Syscoin blockchain, and aims to power a decentralised marketplace. 6% of the total CPS coin supply will be distributed to owners of Syscoin wallet addresses on the snapshot’s date.
Siacoin (SC) Holders — Space Cash (SPACE) Airdrop — Snapshot Date on July 1, 2018
Space cash is going to be distributed to Siacoin (SC) holders at a 10:1 ratio by the Hyperspace team. The Hyperspace network aims to be a global cloud storage marketplace powered by SPACE.
INS Ecosystem aims to develop a platform to enable direct interaction between FMCG (Fast Moving Consumer Goods) manufacturers and consumers. INS tokens will be distributed via an airdrop to all INS holders based on balances had during April 1, 2018 to June 30, 2018.
Loopring is a protocol for building decentralized exchanges, and will distribute 60% of the LRN supply to all LRC token holders during this airdrop.
WinStars (WINS) — Ends Tuesday July 3, at 13:00 UTC
Start Price: $ 0.2000, Funds Raised $ 3.30 M, Funding Target: 500,000 USD, Funding Cap: 5,000,000 USD, Coins Offered: 103.50 M (69.00%). WinStars is a decentralized gaming platform with a catalogue of gambling resources, built on Ethereum.
ShareRing (SHR) — Ends Wednesday July 4, at 13:00 UTC
Start Price: $ 0.02000, Funds Raised: — , Funding Target: $10,000,000, Funding Cap: $38,000,000, Coins Offered: 3.47 B (52.00%). ShareRing is a decentralized marketplace that enables users to securely access, connect, and pay for services anywhere in the world. Users can share anything from storage space to tools, clothes, jewellery and food with the SHR token being the primary payment method.
BitScreener (BITX) — Ends Thursday July 5, at 00:59 UTC
Start Price: $ 0.06049, Fund Raised: — , Funding Target: 1,000 ETH, Funding Cap: 15,000 ETH, Coins Offered: 139.50 M (31.00%). BitScreener aims to build a financial data and content marketplace on the blockchain. BitX is used as the primary means of payment for services.
EJA Coin (EJAC) — Ends Thursday July 5, at 01:00 UTC
Start Price: $ 0.1000, Funds Raised: $ 500.00 k, Funding Target: 500,000 USD, Funding Cap: 15,000,000 USD, Coins Offered: 150.00 M (60.00%). Eja Coin intends to implement a project that will make it easy for people to invest in Mining.
Amo Coin (AMO) — Ends Saturday July 7, at 01:00 UTC
Start Price: $ 0.002164, Funds Raised: $ 1.74 M, Funding Target: — , Funding Cap: — , Coins Offered: 10.00 B (50.00%). AMO is a project that aims to create and operate the AMO Market, where car data can be shared and exchanged. The AMO coin is set to be used as the primary means of payment within the platform.
FlipNpik (FNP) — Starts Sunday July 1, at 01:00 UTC
Start Price: $ 0.1238, Funding Target: — , Funding Cap: 100,000 ETH, Coins Offered: 350.00 M (35.00%). FlipNpik is a commercial social media platform that is designed to connect shoppers to merchants within their communities.
Bettium (BETT) — Starts Sunday July 1, at 01:00 UTC
Start Price: $ 0.05000, Funding Target: 7,500,000 USD, Funding Cap: 30,000,000 USD, Coins Offered: 600.00 M (60.00%). Bettium is a platform enabling users to engage in p2p sports betting against each other. The platform offers users a series of tools, ranging from machine learning services to help from established experts to improve forecasts and strategy.
VLUX (VLUX) — Starts Wednesday July 4, at 01:00 UTC
Start Price: — , Funding Target: 25,000,000 GBP, Funding Cap: 25,000,000 GBP, Coins Offered: 44.31 M (70.00%). VLUX aims to improve access to affordable, low carbon energy by enabling peers to trade energy between one another via the Verv energy trading platform.
When: July 1–2, 2018 Where: Seoul, Korea As part of the Blockchainer Global Global Tour Series, the 11th tour stops in Korea to provide audiences with a series of talks covering Global Blockchain Regulation & Development, Public Chains, Private Chains & Consortium Chains, and Venture Capital and Token Economy to name a few. There are several notable speakers confirmed, including Patrick Dai (Co-founder, QTUM), Jun Li (Founder, Ontology) and Kim Seong Silk (CTO, Huobi Korea) among many others. The event also includes a Blockchain Projects Pitch Roadshow where teams can showcase their respective projects to investors.
When: July 6, 2018 Where: Theater Casino Zug, Artherstrasse 2–4, Zug, 6300 Switzerland TechCrunch is proud to announce their first event dedicated entirely to blockchain, crypto and the future of the internet. The event will feature a series of talks from industry leaders including Vitalik Buterin (Creator, Ethereum), Jutta Steiner (Co-founder, Polkadot), Joe Lubin (Founder, Consensys), Balaji Srinivasan (CTO, Coinbase) and Changpeng Zhao (CEO, Binance).
When: July 7, 2018 Where: Theater Casino Zug, Artherstrasse 2–4, Zug, 6300 Switzerland TechCrunch will produce the event with support from the Ethereum Foundation and other members of the Ethereum community the day after the TC Sessions: Blockchain event. The meetup will feature Vitalik Buterin (Founder, Ethereum Foundation), Karl Floersch (Developer, Ethereum Foundation), among others. It will cover a range of topics including scaling, protocol improvements, and improvements to consensus mechanisms.
When: July 6 -13, 2018 Where: QEII Centre, Broad Sanctuary, Westminster, London, UK The 5th Annual London Fintech Week starts next week, bringing together a series of key industry speakers across several areas within the Fintech space. The event will include a collection of conferences, exhibitions, workshops, a hackathon, and several networking events throughout the week. Notable attendees include Adam Stradling (co-founder of Bitcoin.com), Anish Mohammed (advisor at Ripple Labs), and Dominik Schiener (co-founder of IOTA) among many others. For a full list of industry speakers and event partners, please click here. The week-long event kicks off on Friday July 6 with a Blockchain Hackathon over the weekend, followed by a series of talks starting on Monday July 9th covering Fintech Disruptors, Capital Markets & Wealthtech on Tuesday, and Blockchain & Crypto-Finance on Wednesday. Thursday is a designated day for investors and startups/ICO participants to showcase their projects, followed by a series of blockchain and legal workshops on Friday. Notably panel discussions during the Blockchain & Crypto-Finance day include: Women in Blockchain — Discussion on the role of women in blockchain, with a closer look at the impact that women are making across the industry. Includes Helen Disney (CEO Unblocked), Dr Jane Thomason (CEO, Blockchain Quantum Impact) and Michelle Chivunga N (Regional Advisor, British Blockchain Association) among others. Linklaters Panel: Blockchain and Financial Services — How Blockchain fits in within the current regulatory environment, as well as its impact on enterprises, business and compliance across users’ digital identities, trust and transparency. Discussion between Ajit Tripathi (Partner EMEA, Consensys Enterprise), Harry Eddis (Partner, Global Co-Head of Fintech, Linklaters), and Clair Wells (Director, Legal and Business Affairs EMEA, Circle). VC/Investor Panel — Discussion on how industry figures and organizations are using blockchain to impact value and growth. Panellists include Ivan Soto-Wright (Founder and Managing Partner, HODL.vc), Andrew Adcock (CMO, Crowd for Angels), and Aditya Nagarsheth (Investor, Red Pill). Blockchain Becoming Real Beyond Finance & Less Regulated Industries — Adam Strading (Co-founder, Bitcoin.com), Ashley Fox (MEP for SW England and Gibraltar, The European Parliament) and Tim Huegdon (Co-founder & CIO, InstaSupply) discuss the impact of blockchain and the growing autonomy of machines on society. Source
Shining some light on RCN's recent growth and it's future
Hi, I found a coin that not many people talk about here so I would like to get some thoughts. It's getting more exposure on 4chan but there has been maybe 2 threads about it here. Since the price increased of 30% today I felt that I should give some more information. This is a copy and paste of some information that is circulated around 4chan about this coin. Market cap= 67 Million. What problem it solves: A global peer-to-peer credit network based on co-signed smart contracts. With RCN you aren't limited to just borrowing crypto (btc,eth etc) you can borrow any currency in the world. (USD,CAD,YEN) The RCN team has over 15 developers and genius advisors such as Sergio Lerner the cofounder of rootstock. Key investors= Bilionaire Tim Draper; The guy that found skype in 2005 and sold his share for 1 billion USD recently, the guy that bought 30,000 bitcoin from the us goverment during the silk road closure. Bilioniare Lu Guanqiu ceo of the company Fenbushi Capital;Once called “China’s Elon Musk” for buying out an American hybrid-electric car company, Lu Guanqiu is the founder of Wanxiang Group, one of China’s largest automotive parts manufacturers. ^ These guys do not fuck around google there history. This coin was added on bittrex A WEEK AFTER being released. Name one coin recently that was added to bitterx instnatly? This coin is serious... do you think these billionaires would invest in this coin if it wasn't going to literally 50x? Follow the smart money /biz/ It literally is around ICO price. The ICO pre-sale had NO BONUSES. Do some googling please. But even if there were, what does Tim Draper have to gain from making 10% on 10 Million? When you're in the billions you're only concerned with making 100s of millions. Thats why they invest in ICO and HOLD. Maybe he'll dump some when its 3-400M market cap, probably not till its nearing a billion (est. Q1 2019) or more. In developing countries such as in South America, it has been reported that up to 65% of the population are Unbanked and may have no access to Credit Facilities through traditional banking. Ripio intends to solve these problem by providing these users with an alternative Credit Facility. The Ripio Credit Network works to connect borrowers, lenders, and other network agents all over the world, allowing each one of them to manage the credit in their local currencies, as long as they have Internet access. In developing countries such as in South America, it has been reported that up to 65% of the population are Unbanked and may have no access to Credit Facilities through traditional banking. Ripio intends to solve these problem by providing these users with an alternative Credit Facility. The Ripio Credit Network works to connect borrowers, lenders, and other network agents all over the world, allowing each one of them to manage the credit in their local currencies, as long as they have Internet access. How does it work? The Network will consist of a Borrower, Lender, Wallet Provider, and Credit Exchange. All of which will be connected through a Smart Contract. The flow of money is as below: Borrower <- Wallet Provider <- Smart Contract <- Credit Exchange <- Lender To illustrate: Let’s say Juan in Argentina wants to borrow $5,000. Lin, who is halfway around the world in Shanghai is willing to loan him the $5,000 + 10% Interest. Once the terms are agreed, Lin sends the money through the Credit Exchange in Fiat. The Credit Exchange uses that Fiat to purchase RCN Tokens to send it over to Juan’s Wallet Provider through a Smart Contract. Juan receives the RCN Tokens and converts it back to Fiat. When it is time to repay the loan, Juan returns $5,500 through the same Channel, by using RCN Tokens as a medium. The borrower receives Fiat after converting the RCN Tokens. All loans work on a Fiat basis between borrower and lender, by simply using RCN Tokens as a medium of exchange. What does this mean and how can we benefit from it? There are 2 main ways to benefit from the Ripio Credit Network ecosystem: If you are a lender, you can lend in Fiat and earn interest in Fiat. If you are a RCN token holder, you will become a liquidity provider to facilitate the P2P loans, and earn through the increase in value of RCN Tokens. What value does the RCN token holders have and why should the price increase? All RCN token holders will become liquidity providers. For any loan to go through, RCN tokens will need to be purchased from the Market to facilitate the transfers. The higher the number of transactions, the higher the demand for RCN, and thus the higher the Price of RCN tokens. Investment Proposition • The ONLY source of RCN Tokens at the moment are held by the public, as the Company’s tokens are locked for 1 year. • Ripio has an actual working product with 100k users, all 100k of whom will be migrated to the RCN Exchange next week! - http://rcn.exchange/ • Ripio themselves will be the first big lender, which means that they will go to the market and acquire the RCN tokens, generating demand. • As new credit exchanges and lenders join to the network there will be even more demand for the RCN token. • Top A-grade institutional investor such as Pantera Capital, Fenbushi (Vitalik Buterin's Fund), Tim Draper, Digital Currency Group, Medici Ventures, Huiyin Blockchain Ventures has invested in the company What exchanges have listed RCN? • Bittrex (despite extremely strict with listing recently) • Binance • Huobi Pro • More to follow.. My personal opinion: Being from a developing country myself, it is easy to underestimate the number of Unbanked people who have no access to Credit Facilities. Like it or not, Credit is an essential part of expansion and development in an Economy. As for the Company, what makes Ripio stand out is the creation of a true Utility for their token, whereby all parties in the ecosystem are incentivized to use it and will benefit from it’s increase in Price. As Vitalik Buterin would say, the Crypto-Economics of their Model is spot on. This is my personal opinion. As always, do your own research and feel free to leave any comments or questions. TLDR; • RCN Tokens are used as “gas” to facilitate P2P loans • RCN Tokens have to be bought from the open market • Ripio themselves will act as lenders and purchase RCN Tokens from market • RCN Exchange launching next week. 100k users migrating • The higher the number of transactions, the higher the demand, the higher the price of RCN Tokens For an in-depth review, you can read their whitepaper, which is available at https://ripiocredit.network/ The market for alternate finance gained popularity in recent years. A finding by Transparency Market Research suggests that “the opportunity in the global peer-to-peer market will be worth $897.85 billion by the year 2024, from $26.16 billion in 2015. The market is anticipated to rise at a whopping CAGR [Compound Annual Growth Rate] of 48.2% between 2016 and 2024.” While Research and Markets estimates the global P2P lending market to grow at a CAGR of 53.06% during the five year period between 2016 and 2020. Morgan Stanley in a report in 2015 predicted that such marketplace lending would command $150 billion to $490 billion globally by 2020. http://www.nasdaq.com/article/the-rise-of-peertopeer-p2p-lending-cm685513 Ripio's value is not based on a coin gimmick, the tech behind RCN is nothing special. Ripio's value comes from the fact that it has proven people going into an industry that is sure to rise and they will start making money in the near future, not 2-3 years from now, but NEXT year. By april their roadmap will be complete. So, what do you guys think?
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