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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: 💰 $1,000 #Bitcoin giveaway 💰 Get 50% off all transaction fees when buying crypto with Visa & MasterCard on #Binance right now! #Giveaway rules: 🔸10 people that buy crypto with their card in the next 2 days win $50 🔸10 people that retweet this tweet win $50 Go! 👇
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@cz_binance: As we get used to talk about Trillions, a modest $2 trillion market cap of #bitcoin will put 1 BTC at $100,000. Not such a hard to imagine number now, right? As most BTC are not for sell (HODLers), we only need a small portion of that $2t to buy to reach it.
I'll give the first one to find the four hidden cultural references some moons.
What's this all about? I purchased $100 of each of Top Ten Cryptos in Jan. 2018, haven't sold or traded. Did the same in 2019 and 2020. Learn more about the history and rules of the Experimentshere.
October - BTC and Litecoin had a very good month and crypto as a whole did much better than traditional markets.
Overall since Jan. 2018 - Bitcoin still far ahead. And, for the first time since I started this experiment back in Jan. 2018, I'm happy to report: BITCOIN HAS BROKEN EVEN!!!
Combining all three three years, Top Ten cryptos is tied with the S&P if I'd taken a similar approach.
Month Thirty Four – Down 74%
2018 Top Ten Summary for October After an all-red September, it’s nice to see a bit of green this month. Thanks mainly to Bitcoin, the 2018 Top Ten Portfolio finished October with modest gains overall. But, STOP THE PRESS, what is that!??! Green in the “Total % Change” column!?!? Yes indeed: for the first time in 34 monthly updates, I’m happy to announce that BTC ended October worth more than the price I paid for it on the 31st of December, 2017. Although only up +4% overall, it’s been a long road: this small 2018 Top Ten victory is to be celebrated.
Question of the month:
In October, this global payment service announced it will support cryptocurrency buying, selling, and shopping through its platform.
A) Paypal B) Square C) Stripe D) Alipay Scroll down for the answer.
Ranking and October Winners and Losers
Rank of 2018 Portfolio - 40% of cryptos are drop outs Not much movement this month, a bit strange for the 2018 Top Ten Portfolio. Only three cryptos shifted positions in October: NEM’s Top Twenty hopes seem to be fading fast (it dropped from #22 to #24); XLM picked up one spot (#18 to #17); and, much to the relief of long time crypto-ers with a soft spot for the silver to BTC’s gold, Litecoin was able to stop its freefall, rebounding back into the Top Ten nicely, picking up four spots (#12 to #8). Welcome back LTC. Drop outs: After thirty-four months of this experiment 40% of the cryptos that started 2018 in the Top Ten have dropped out. NEM, Dash, IOTA, and Stellar have been replaced by Binance Coin, Tether, LINK, and most recently, DOT. October Winners – For the second month in a row, this month’s W goes to Bitcoin, up +25% for the month. Litecoin finishes the month in second place, up 17% and climbing back into the Top Ten. October Losers – For the second month in a row, this month’s L goes to NEM, down -16%. IOTA finished down -11%, the second worst performer of the month. For the overly competitive nerds, below is a tally of the winners of the first 34 months of the 2018 Top Ten Crypto Index Fund Experiment. Bitcoin still has the most monthly wins (9) and Cardano in second place with 6 monthly wins. With another poor performance in October, NEM now has 8 monthly losses. Every crypto has at least one monthly win and Bitcoin is unique as the only cryptocurrency that hasn’t lost a month yet since January 2018. Ws and Ls - One coin to rule them all
Overall update – BTC far ahead and breaks even, ETH in distant second place. Dash in last place.
So here we are: point break even. On the 31st of December, 2017, I bought $100 worth of BTC (0.008) at $13,170. Nearly three years later that same 0.008 is worth $13,665. Although only 4%, it’s a symbolic victory and one that’s been a long time coming. The initial investment of $100 thirty-three months ago is now worth about $83. A distant second place, Ethereum is down -45% since January 2018. At this point in the 2018 Top Ten Experiment, Dash is at the bottom. It has lost -93%. The initial $100 invested in Dash 34 months ago is now worth $6.52. The 2018 Portfolio welcomed LTC back Top Ten in October. September 2020 was the first time since I started the experiment back in January 2018 that Litecoin had fallen out of the Top Ten.
Total Market Cap for the entire cryptocurrency sector:
BitDom - growing After a few months of dipping, BitDom shot back up to 63.1% in October. A big move, but for context, it was up over 68% earlier in 2020. For even more 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 $1,000 investment since January 1st, 2018:
2018 Top Ten ROI The 2018 Top Ten Portfolio gained about $25 bucks in October. Despite BTC breaking even, the portfolio overall is still struggling: if I cashed out today, the $1000 initial investment would return about $264, down -74% from January 2018. Down -74% sounds bad (and it is), but the overall direction lately has been encouraging and a nice break from the negative eighties. Here’s a look at the ROI over the life of the experiment, month by month, for some context: 2018 Top Ten Monthly ROI - Red, red, red The absolute bottom was -88% back in January 2019. So the Top Ten Cryptos of 2018 are down -76%. 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 $3,537 ($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: Combined 2018, 2019, 2020 ROI That’s a +18% (actually +17.9%) gain by investing $1k on whichever cryptos happened to be in the Top Ten on January 1st for three straight years. But surely you’d do better if you went all in on one crypto, right? Depends on your choice. Let’s take a look: Three year club: BTC and ETH tied Only five cryptos have started in the Top Ten for all three years: BTC, ETH, XRP, BCH, and LTC. Knowing what we know now, which one would have been best to go all in on? As of this month, it’s basically a tie between BTC and ETH. Both are up +121%, (although BTC is technically $21 ahead of ETH). So: with $3,000 USD, dropped in $1k chunks on January 1st three times in a row since New Year’s Day 2018, you would be up +121%, by going all in on either BTC or ETH. The worst choice? At this point in the experiment, that would be XRP, down -32%.
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 S&P 500 Index continued its fall from an all time high in August. It ended October up +22% since January 2018. Monthly S&P since January 2018 The initial $1k investment into crypto on January 1st, 2018 would have been worth about $1220 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 = $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 compare against five individual coins (BTC, ETH, XRP, BCH, and LTC) by using the table above if you want. Gentlemen and lady (hello lady, I see you back there) we have a tie. Well, not quite a tie, crypto is up .3% so crypto gets the win: Three year S&P vs. Top Ten Crypto Experiments Combined ROI That’s seven monthly victories for the S&P vs. three monthly victories for crypto. The largest gap so far was a 22% difference in favor of the S&P in June.
October saw a bit of divergence between crypto and the S&P: crypto up, S&P down. That separation is nice to see when it often seems that crypto moves in tandem with traditional markets. Two more months left in the year. What more will 2020 throw at us? And how will crypto and traditional markets respond? 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…
A) Paypal Paypal announced in October that it will allow customers to buy, sell, and hold Bitcoin and other cryptocurrencies. Customers will also be able to pay with crypto at 26 million merchants on its network starting in early 2021.
Ultimate glossary of crypto currency terms, acronyms and abbreviations
I converted my moon to nano and I think I made a mistake 'AMA'
Because I am a degenerate gambler (who tries to quit) I transferred the nano almost immediately to binance and open a 125x position on bitcoin. I hope you will not ask if long or short because you know how bitcoin moved in the last days. It does not matter, I got liquidated. This is what most of the gamblers do with money that falls from the sky, they gamble it all and 90% of them also lose it all. Now, without any moon I think I missed the chance to be part of this very big movement, that is crypto currency. Because if crypto succeeds, as I think it will, this subreddit might be the main source of news for everyone and looking of how hard is to get some moons now, I really think I blew it. I love nano, and I bough back, but how do I get my moons back on reddit? I can buy them also but where do I store them securely outside of reddit? Also posts like this are making me think /cryptocurrency is heading the right way. So if you want 200 moons it seems you have to do a post at least as good as that. Damn.
Usually, bull markets attract a lot of new investors - although speculators should be the right word here - and as usual, a lot of them are going to be crushed a way or another. First, before putting a single dollar, euro or whatever in the market, you should read a lot to know exactly what you're looking for. Are you here for the tech and/or the cypherpunk ethos ? Great, there's lot of resources out there (my links are cleaned but as always, do your due diligence) :
The Bitcoin Whitepaper, the one and only : bitcoin.org/bitcoin.pdf Since I'm linking to bitcoin.org, friendly reminder to avoid bitcoin.com, owned by a former supporter now con-artist Roger Ver.
Andreas Antonopoulos website : https://aantonop.com Andreas is one of best guys able to educate on bitcoin and its properties, for free, which helps.
Jameson Lopp website : lopp.net Jameson is a member of Bitcoin Core, cypherpunk, also able to educate a lot. His website is full of free resources and other links. You'll have a lot to read.
Hal Finney : he's unfortunately dead but I would advise to read about Hal Finney, the first to receive bitcoin Satoshi. A great cryptographer, the inventor of the first reusable PoW and one of the first bitcoin supporters. You'll be able to find his messages on this old forum Bitcoin Talk, by the way you'll be able to find the first chats about bitcoin on this forum bitcointalk.org
Monero website : getmonero.org Yep, I know it's gonna be controversial to post an altcoin link but personally, I think that Monero (aka XMR) is the only other coin with a big cypherpunk community, decentralized, and able to help newcomers with a great sense of responsibility, since the ethos here is to save privacy.
What Bitcoin Did : of course, Peter is controversial but I love him and I find his former blog and his podcasts very needed because he doesn't oversell himself. Pete knows that he's not a tech guy (like many of us) and just wants to spread the word, I think he does a good job with this.
Now, you've read and you want to put some skin in the game. Several exchanges are acceptable, a lot of aren't, be careful and assume that none really are (know that I won't post any ref links) :
to me, the best, although it's UI is quite old : Kraken €/$/pound/swiss franc on-off ramp
Coinbase and Coinbase Pro Difficult not to mention Coinbase, although I can't stand Brian Armstrong and the way they are doing their best to support scams currently. You should rather use Coinbase Pro if you have to since the fees are much lower.
Binance Binance came later than the previous ones but has managed to take most of the market. Now, you should remember what I said about being careful.
Huobi The biggest chinese exchange and they work closely with chinese official. Again, careful.
Bittrex Once at the top, now somewhere in the limbs.
A lot of new comers came recently like btse, ftx, feel free to try them while always keeping in mind that once your money is on exchanges, it's not yours anymore.
This was for centralized exchanges aka CEX. Talking about custodial, you'll need wallets to store your (bit)coins. Always try to use non-custodial wallets, which means wallets that give you your private keys. This way, if the software goes down, you can always retreive your money. Now, I won't link to all the existing wallets but will advise you to buy hardware wallets (trezor or ledger but there are others) or to create (on off-gap computers) paper wallets you're able to store safely (against all risks, not only robbery but housefire). You also could use your memory with brain wallets but, my gosh, I wouldn't trust myself. For Bitcoin (or even Litecoin), Electrum software can do a good job (but save your keys). AGAIN, DON'T KEEP YOUR SAVINGS ON AN EXCHANGE Now, about trading : it's been repeated and repeated but don't chase pumps and altcoins. Yep, it's probably the fastest way to make money. It's also the fastest to lose it. I won't lie : I made good money during the 2017-bullrun and I took profits but I also forgot to sell some shitcoins thinking it would keep going up, now I'm still holding these bags (although I don't really care). I know that a lot forgot to take profits. Take profits, always take profits, whatever your strategy is. Don't fall for people trying to sell you their bags, for ICOs trying to sell you a product which isn't released yet and obviously, don't fall for people asking for your private key. Also, know that there's two endgames : accumulating bitcoin or fiat. I'm rather in the first team but whatever your strategy is, take profits. (Yes, I know, some will say accumulating ethereum or something else). It's true that a lot of ethereum holders made a lot of money during the last bullrun (ethereum helped me make money too) but I'm really biased in favor of bitcoin (and monero). So, pick your coin but again, do your due diligence. A lot of people here or there will talk about the best tech, the fact that bitcoin is old and slow. I would need another post to go further on this point but know that a lof of air flight systems are old too but reliable. Trustless and reliable is the point here. This is the post from someone who bought bitcoin seven or six years ago, who lost part of them, who spent part of them (but don't regret this at all), who is still learning and I hope it will help others, although it would need a book to be complete.
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 tableshere. 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.
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.
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 theTop 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
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.
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.
NFT hidden gem with HUGE partners and advisors already signed
A NFT (non-fungible token) blockchain project called VIMWorld (www.VIMWorld.com) will allow for all types of gaming including older Board games and newer AAA games to store game IP in a NFT. The NFT's are called VIMS which are linked into the ecosystem VIMWorld, and the token used is called EHrT (Eight Hours Token) currently available on Bitrue (rumor - new exchange listing is imminent, maybe Binance). Game developers and Partners can quickly utilize the NFT VIM and integrate their IP which is then stored on the blockchain and can be used across games including their already selling product called the PlayTable (www.playtable.com). The team just paid out $250 ad-hoc rewards to their S-Tier node holders, not part of the VIMPool rewards which will be released soon paying out 5% every 2 weeks of all $EHrTs spent in the gaming ecosystem. A VIM can be described as Virtually Integrated Metadata which is the core of the 8Hours (www.8hoursfoundation.org) platform meta system that is built on VeChainThor blockchain and stores metdata such as data and transaction history and functions as a memory capsule, a collectible, a digital wallet (storing $EHrTs, the token) and a tool for game play and human connection. VIMS can also be linked to a physical object in the real world. Partners Advisors to the project include:
Glen Schofield - Prolific name in AAA game industry, 3x Call of Duty, grossing $1B+
Sean Barger - Gaming industry veteran who has published over 55 titles, most notably "Tetris"
Kris Alexander - Chief Strategist at Akami, Built business from $0 to $100M+
Jateen Parekh - First employee worked on the Kindle project. Co-founded Jelli and was acquired by the largest media company, iHeartMedia.
Shen Bo - Founding partner of Fenbushi. He is with Bitcoin and DACs. He first worked with Shanghai Huaji Internet Holding as CEO
Kai Huang - Co-creator of the multi-billion dollar Guitar Hero franchise, and co-founder of RedOctane.
Ray Hatoyama - Ex-Pokemon advisor, Ex-Hello Kitty CEO and director of LINE and Mitsubishi
Michael Katz - with 25 years experience in the video game entertainment sector. Industry experience includes Mattel, Coleco, (Donkey Kong and Pacman), Atari’s video game division, President ofSEGAEntertainmentUSA.
Competitors: enjin coin is more of a market place to buy gaming items whereas 8Hours aims to store your gaming life/history on an NFT which is unique and can contain special colored tokens/companions which add to the value of it and utilized across games on any device where a partner has integrated their IP. From an AMA with CEO John Dempsey of 8Hours Foudation, this stood out for me: "we're under NDA for several major companies with big household name brands. These are companies that everyone is familiar with and we can flood their communities with our EHrTs and VIMs. We can't name any right now, but these titles are under development. We've already worked with huge board game brands like Asmodee for Catan and Ticket to Ride. Our partnership deals are being made to create revenue, which we are feeding back into the ecosystem to create more and more value. Larger IPs are being signed which aren't board games, but a greater firt for EHrTs and the VIM economy in general. We do work with smaller indie firms, too, for the creation of unique content (over a dozen developers have submitted / created games for PlayTable) Circulating Supply - 1,854,037,961 Max Supply - 10,000,000,000 Market Cap - $27,549,886
What is the best cryptocurrency to invest in right now?
What is the best cryptocurrency to invest in right now?
Traders worry every day about which cryptocurrency to invest in. The crypto market, however, is still difficult to predict. There is no simple answer as to which coins will win the race in 2020. The guarantee: Bitcoin Bitcoin will always be a good investment. Satoshi Nakamoto’s invention continues to lead in terms of market capitalization and trade volume. Almost every crypto exchange can trade Bitcoin and it is the cryptocurrency that is used the most. If you can or just want to invest in a single cryptocurrency, Bitcoin is always a good choice. The first true peer-to-peer currency is still the number 1 cryptocurrencies. So far, there is no indication that Bitcoin will be thrown from the throne in the foreseeable future. The next Bitcoin Halving will also take place in 2020. This means that fewer coins are distributed during mining. The available amount grows more slowly, so that every single coin becomes more valuable as soon as the demand increases. Many investors expect price increases after halving. It is not guaranteed that Bitcoin will experience the biggest growth in 2020. But it’s the most stable cryptocurrency to invest so far. Advantages: – Strongest market dominance, largest trading volume – The most widely used cryptocurrency worldwide – Secure facility Bitcoin alternatives Bitcoin clones could also be a safe investment: cryptocurrencies such as Bitcoin Cash (BCH), Bitcoin Gold (BTG), Litecoin (LTC) or Bitcoin SV (BSV). These cryptocurrencies are mostly faster and more technically advanced than Bitcoin, but will not be able to break its market dominance in the foreseeable future. They have the same purpose: digital means of payment for the Internet. Your prices often move parallel to the Bitcoin price, but can also rise or fall with a time delay. Some of them have the potential to grow faster than their template, but it is not guaranteed. – Good alternative to diversification – Potential for big price gains Binance Coin (BNB) The Binance Coin (BNB) is the cryptocurrency of the largest exchange in the world: Binance. The Exchange has expanded considerably in recent years and plans to continue doing so in 2020. An investment in the Binance Coin is equivalent to an investment in the Exchange. The Binance Coin can be used to trade on the cryptocurrency exchange. If you buy cryptocurrencies with her, you get discounts on your purchases. Binance coins therefore have a benefit for every trader. Binance will soon start a decentralized exchange called Binance DEX, on which in turn the in-house cryptocurrency can be used as a means of payment. That makes the Binance Coin extremely liquid. Shortly after the start of the cryptocurrency, it was able to get a permanent place in the top 10 largest cryptocurrencies on CoinMarketCap. In 2019, the BNB price tripled. – Extremely liquid cryptocurrency – Currency on the largest exchange: Binance – Could already gain good prices Tron (TRX) Tron is a blockchain platform from Justin Sun, an important figure in the crypto scene. An independent ecosystem for the entertainment industry is to be created on the platform. Every user should be able to upload their own videos, pictures, music, texts etc. without being dependent on companies like YouTube. Basically, it’s a smart contract platform, similar to Ethereum (which is also a good investment). Users can upload data, make it available to other users and write their own smart contracts. Tron now attracts a large number of investors. There is a lot of potential in the project. In 2017, Tron’s price rose from EUR 0.0018 to EUR 0.045. In 2018 and 2019, the cryptocurrency gained more and more ground in the crypto world and is now among the top 15 in terms of market capitalization.
Brief Comments on Goguen: Q4 2020, Q1 2021, utility, Marlowe, DSL, Glow, Plutus, IELE, smart contracts, thanksgiving to you, sidechains and Hydra, Goguen rollout and additions to product update
Stakenet (XSN) - A DEX with interchain capabilities (BTC-ETH), Huge Potential [Full Writeup]
Preface Full disclosure here; I am heavily invested in this. I have picked up some real gems from here and was only in the position to buy so much of this because of you guys so I thought it was time to give back. I only invest in Utility Coins. These are coins that actually DO something, and provide new/build upon the crypto infrastructure to work towards the end goal that Bitcoin itself set out to achieve(financial independence from the fiat banking system). This way, I avoid 99% of the scams in crypto that are functionless vapourware, and if you only invest in things that have strong fundamentals in the long term you are much more likely to make money. Introduction
Stakenet is a Lightning Network-ready open-source platform for decentralized applications with its native cryptocurrency – XSN. It is powered by a Proof of Stake blockchain with trustless cold staking and Masternodes. Its use case is to provide a highly secure cross-chain infrastructure for these decentralized applications, where individuals can easily operate with any blockchain simply by using Stakenet and its native currency XSN.
Ok... but what does it actually do and solve? The moonshot here is the DEX (Decentralised Exchange) that they are building. This is a lightning-network DEX with interchain capabilities. That means you could trade BTC directly for ETH; securely, instantly, cheaply and privately. Right now, most crypto is traded to and from Centralised Exchanges like Binance. To buy and sell on these exchanges, you have to send your crypto wallets on that exchange. That means the exchanges have your private keys, and they have control over your funds. When you use a centralised exchange, you are no longer in control of your assets, and depend on the trustworthiness of middlemen. We have in the past of course seen infamous exit scams by centralised exchanges like Mt. Gox. The alternative? Decentralised Exchanges. DEX's have no central authority and most importantly, your private keys(your crypto) never leavesYOUR possession and are never in anyone else's possession. So you can trade peer-to-peer without any of the drawbacks of Centralised Exchanges. The problem is that this technology has not been perfected yet, and the DEX's that we have available to us now are not providing cheap, private, quick trading on a decentralised medium because of their technological inadequacies. Take Uniswap for example. This DEX accounts for over 60% of all DEX volume and facilitates trading of ERC-20 tokens, over the Ethereum blockchain. The problem? Because of the huge amount of transaction that are occurring over the Ethereum network, this has lead to congestion(too many transaction for the network to handle at one time) so the fees have increased dramatically. Another big problem? It's only for Ethereum. You cant for example, Buy LINK with BTC. You must use ETH. The solution? Layer 2 protocols. These are layers built ON TOP of existing blockchains, that are designed to solve the transaction and scaling difficulties that crypto as a whole is facing today(and ultimately stopping mass adoption) The developers at Stakenet have seen the big picture, and have decided to implement the lightning network(a layer 2 protocol) into its DEX from the ground up. This will facilitate the functionalities of a DEX without any of the drawbacks of the CEX's and the DEX's we have today. Heres someone much more qualified than me, Andreas Antonopoulos, to explain this https://streamable.com/kzpimj 'Once we have efficient, well designed DEX's on layer 2, there wont even be any DEX's on layer 1' Progress The Stakenet team were the first to envision this grand solution and have been working on it since its conception in June 2019. They have been making steady progress ever since and right now, the DEX is in an open beta stage where rigorous testing is constant by themselves and the public. For a project of this scale, stress testing is paramount. If the product were to launch with any bugs/errors that would result in the loss of a users funds, this would obviously be very damaging to Stakenet's reputation. So I believe that the developers conservative approach is wise. As of now the only pairs tradeable on the DEX are XSN/BTC and LTC/BTC. The DEX has only just launched as a public beta and is not in its full public release stage yet. As development moves forward more lightning network and atomic swap compatible coins will be added to the DEX, and of course, the team are hard at work on Raiden Integration - this will allow ETH and tokens on the Ethereum blockchain to be traded on the DEX between separate blockchains(instantly, cheaply, privately) This is where Stakenet enters top 50 territory on CMC if successful and is the true value here. Raiden Integration is well underway is being tested in a closed public group on Linux. The full public DEX with Raiden Integration is expected to release by the end of the year. Given the state of development so far and the rate of progress, this seems realistic. Tokenomics 2.6 Metrics overview (from whitepaper)
Ticker: XSN. Currency type: Coin.
Consensus: Minting Proof of Stake, Trustless Proof of Stake.
XSN is slightly inflationary, much like ETH as this is necessary for the economy to be adopted and work in the long term. There is however a deflationary mechanism in place - all trading fees on the DEX get converted to XSN and 10% of these fees are burned. This puts constant buying pressure on XSN and acts as a deflationary mechanism. XSN has inherent value because it makes up the infrastructure that the DEX will run off and as such Masternode operators and Stakers will see the fee's from the DEX. Conclusion We can clearly see that a layer 2 DEX is the future of crypto currency trading. It will facilitate secure, cheap, instant and private trading across all coins with lightning capabilities, thus solving the scaling and transaction issues that are holding back crypto today. I dont need to tell you the implications of this, and what it means for crypto as a whole. If Stakenet can launch a layer 2 DEX with Raiden Integration, It will become the primary DEX in terms of volume. Stakenet DEX will most likely be the first layer 2 DEX(first mover advantage) and its blockchain is the infrastructure that will host this DEX and subsequently receive it's trading fee's. It is not difficult to envision a time in the next year when Stakenet DEX is functional and hosting hundreds of millions of dollars worth of trading every single day. At $30 million market cap, I cant see any other potential investment right now with this much potential upside. This post has merely served as in introduction and a heads up for this project, there is MUCH more to cover like vortex liquidity, masternodes, TOR integration... for now, here is some additional reading. Resources
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.
Rewards people, not the corporate elite
Global & Scalable
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 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 growingDiscordorTelegram.Once you’re in either of those communities you’ll be able to ask an admin or moderator for assistance.
Their legal proposal is 95% complete, per their Discord announcement - and most likely be finished in the coming days.
It started with sending $20 worth of BTC from Binance to Munn wallet. Got my first confirmation in less than 5 minutes which made it spendable. From there, I topped up my phone with Bitrefill, fed some chickens on https://pollofeed.com/, You can still see seeds in the ground, they're probably sleeping right now:). Then played some Lightning-roulette.com, started with 50c, got it quadrupled then lost it all. After that and while surfing Reddit, saw a post of this guy who newly invested in crypto so I threw him a Silver Award from Bitrefill again. Then I wanted to buy some BTC merch from https://cryptoshirt.io but was expensive, so I used https://fixedfloat.com/ to convert my Sats to ETH to buy a blockchain domain :) FLICKING POWERFUL. Not a single transaction failed or took more than 2 seconds.
11-08 20:35 - 'How is anybody going to regret selling it? if you're at all aware of how you trade Bitcoin you can buy and sell every second of every day, the concept is very simple and if you've been trading long enough you can s...' by /u/billionaireastronaut removed from /r/Bitcoin within 14-24min
''' How is anybody going to regret selling it? if you're at all aware of how you trade Bitcoin you can buy and sell every second of every day, the concept is very simple and if you've been trading long enough you can see the signals a mile away, you buy dips, buy low sell high, it's not brain surgery, that's how people with the most Bitcoin continue to have the most Bitcoin... depends on what your ultimate goal is but even if your ultimate goal is to just have more Bitcoin you can trade it on a daily basis and do that there are bots that will do it for you now. The concept is simple you have two Bitcoin. You sell one at $21,000 you put in $20,000 of that tether or whatever you traded it for, in for a limit by and then you made $1,000 profit right there and you have your two Bitcoin back. Or you buy $21,000 of Bitcoin at $20,000 so you are buying back 1.05 Bitcoin, and now you have 05 more than you started with take the decimal place and move it in whatever direction you need to to suit your financial status. you can buy as little as 10 bucks worth of bitcoin on binance, so like I said add some zeros or subtract them, and that's how you make money with Bitcoin on a daily basis. Saying to converting is stupid or you're going to regret it is some purist statement... And the person who made it probably isn't really holding any Bitcoin at all I would assume. I believe in the philosophy behind Bitcoin, a decentralized digital value storage system is a brilliant concept, you can send money anywhere in the world at any time of day and not have a bank overseeing your transaction or a government. But it sends me into another planet when people are saying you never cash it... then what do you do with it? you just sit there and stare at it? people who are saying that either are don't have any Bitcoin and just are commenting on something they're not familiar enough with to speak about, or they have so much of it they just don't know what to do with it, and if that's the case you can send some my way, here's a wallet address I just generated. I promise you the funds will go towards something awesome like a rocket ship. bc1qdqvxph06hpzpkl8ycqh7sgwhhg3ddhky7757jm ''' Context Link Go1dfish undelete link unreddit undelete link Author: billionaireastronaut
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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:
Alice might take the assets and disappear.
Alice might spend the assets and pretend that she still has them (fractional model).
Alice might store the assets insecurely and they'll get stolen.
Alice might give the assets to someone else by mistake or by force.
Alice might lose access to the assets.
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:
Alice can't take the assets and disappear (unless she asks Bob or never gives them to Bob).
Alice can't spend the assets and pretend that she still has them. (Unless she didn't give them to Bob or asks him for them.)
Alice can't store the assets insecurely so they get stolen. (After all - she doesn't have any control over the withdrawal process from any of Bob's systems, right?)
Alice can't give the assets to someone else by mistake or by force. (Bob will stop her, right Bob?)
Alice can't lose access to the funds. (She'll always be present, sane, and remember all secrets, right?)
See - all problems are solved! All we have to worry about now is:
Bob might take the assets and disappear.
Bob might spend the assets and pretend that he still has them (fractional model).
Bob might store the assets insecurely and they'll get stolen.
Bob might give the assets to someone else by mistake or by force.
Bob might lose access to the assets.
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:
ANY CERTAINTY BALANCES WEREN'T EXCLUDED. Quadriga's largest account was $70m. 80% of funds are in 20% of accounts (Pareto principle). All it takes is excluding a few really large accounts - and nobody's the wiser. A fractional platform can easily pass any audit this way.
ANY VISIBILITY WHATSOEVER INTO THE CUSTODIANS. BitBuy put out their report before moving all the funds to their custodian and ShakePay apparently can't even tell us who the custodian is. That's pretty important considering that basically all of the funds are now stored there.
ANY IDEA ABOUT THE OTHER EXCHANGES. In order for this to be effective, it has to be the norm. It needs to be "unusual" not to know. If obscurity is the norm, then it's super easy for people like Gerald Cotten and Dave Smilie to blend right in.
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:
First report within 1 month of launching, another within 3 months, and further reports at minimum every 6 months thereafter.
No auditor can be repeated within a 12 month period.
All reports must be public, identifying the auditor and the full methodology used.
All auditors must be independent of the firm being audited with no conflict of interest.
Reports must include the percentage of each asset backed, and how it's backed.
The auditor publishes a hash list, which lists a hash of each customer's information and balances that were included. Hash is one-way encryption so privacy is fully preserved. Every customer can use this to have 100% confidence they were included.
If we want more extensive requirements on audits, these should scale upward based on the total assets at risk on the platform, and whether the platform has loaned their assets out.
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):
The inspiration for the paragraph about splitting wallets was an actual quote from a Canadian company providing custodial services in response to the OSC consultation paper: "We believe that it will be in the in best interests of investors to prohibit pooled crypto assets or ‘floats’. Most Platforms pool assets, citing reasons of practicality and expense. The recent hack of the world’s largest Platform – Binance – demonstrates the vulnerability of participants’ assets when such concessions are made. In this instance, the Platform’s entire hot wallet of Bitcoins, worth over $40 million, was stolen, facilitated in part by the pooling of client crypto assets." "the maintenance of participants (and Platform) crypto assets across multiple wallets distributes the related risk and responsibility of security - reducing the amount of insurance coverage required and making insurance coverage more readily obtainable". For the record, their reply also said nothing whatsoever about multi-sig or offline storage.
In addition to the fact that the $40m hack represented only one "hot wallet" of Binance, and they actually had the vast majority of assets in other wallets (including mostly cold wallets), multiple real cases have clearly demonstrated that risk is still present with multiple wallets. Bitfinex, VinDAX, Bithumb, Altsbit, BitPoint, Cryptopia, and just recently KuCoin all had multiple wallets breached all at the same time, and may represent a significantly larger impact on customers than the Binance breach which was fully covered by Binance. To represent that simply having multiple separate wallets under the same security scheme is a comprehensive way to reduce risk is just not true.
Private insurance has historically never covered a single loss in the cryptocurrency space (at least, not one that I was able to find), and there are notable cases where massive losses were not covered by insurance. Bitpay in 2015 and Yapizon in 2017 both had insurance policies that didn't pay out during the breach, even after a lengthly court process. The same insurance that ShakePay is presently using (and announced to much fanfare) was describe by their CEO himself as covering “physical theft of the media where the private keys are held,” which is something that has never historically happened. As was said with regard to the same policy in 2018 - “I don’t find it surprising that Lloyd’s is in this space,” said Johnson, adding that to his mind the challenge for everybody is figuring out how to structure these policies so that they are actually protective. “You can create an insurance policy that protects no one – you know there are so many caveats to the policy that it’s not super protective.”
The most profitable policy for a private insurance company is one with the most expensive premiums that they never have to pay a claim on. They have no inherent incentive to take care of people who lost funds. It's "cheaper" to take the reputational hit and fight the claim in court. The more money at stake, the more the insurance provider is incentivized to avoid payout. They're not going to insure the assets unless they have reasonable certainty to make a profit by doing so, and they're not going to pay out a massive sum unless it's legally forced. Private insurance is always structured to be maximally profitable to the insurance provider.
The circumvention of multi-sig was a key factor in the massive Bitfinex hack of over $60m of bitcoin, which today still sits being slowly used and is worth over $3b. While Bitfinex used a qualified custodian Bitgo, which was and still is active and one of the industry leaders of custodians, and they set up 2 of 3 multi-sig wallets, the entire system was routed through Bitfinex, such that Bitfinex customers could initiate the withdrawals in a "hot" fashion. This feature was also a hit with the hacker. The multi-sig was fully circumvented.
Bitpay in 2015 was another example of a breach that stole 5,000 bitcoins. This happened not through the exploit of any system in Bitpay, but because the CEO of a company they worked with got their computer hacked and the hackers were able to request multiple bitcoin purchases, which Bitpay honoured because they came from the customer's computer legitimately. Impersonation is a very common tactic used by fraudsters, and methods get more extreme all the time.
A notable case in Canada was the Canadian Bitcoins exploit. Funds were stored on a server in a Rogers Data Center, and the attendee was successfully convinced to reboot the server "in safe mode" with a simple phone call, thus bypassing the extensive security and enabling the theft.
The very nature of custodians circumvents multi-sig. This is because custodians are not just having to secure the assets against some sort of physical breach but against any form of social engineering, modification of orders, fraudulent withdrawal attempts, etc... If the security practices of signatories in a multi-sig arrangement are such that the breach risk of one signatory is 1 in 100, the requirement of 3 independent signatures makes the risk of theft 1 in 1,000,000. Since hackers tend to exploit the weakest link, a comparable custodian has to make the entry and exit points of their platform 10,000 times more secure than one of those signatories to provide equivalent protection. And if the signatories beef up their security by only 10x, the risk is now 1 in 1,000,000,000. The custodian has to be 1,000,000 times more secure. The larger and more complex a system is, the more potential vulnerabilities exist in it, and the fewer people can understand how the system works when performing upgrades. Even if a system is completely secure today, one has to also consider how that system might evolve over time or work with different members.
By contrast, offline multi-signature solutions have an extremely solid record, and in the entire history of cryptocurrency exchange incidents which I've studied (listed here), there has only been one incident (796 exchange in 2015) involving an offline multi-signature wallet. It happened because the customer's bitcoin address was modified by hackers, and the amount that was stolen ($230k) was immediately covered by the exchange operators. Basically, the platform operators were tricked into sending a legitimate withdrawal request to the wrong address because hackers exploited their platform to change that address. Such an issue would not be prevented in any way by the use of a custodian, as that custodian has no oversight whatsoever to the exchange platform. It's practical for all exchange operators to test large withdrawal transactions as a general policy, regardless of what model is used, and general best practice is to diagnose and fix such an exploit as soon as it occurs.
False promises on the backing of funds played a huge role in the downfall of Quadriga, and it's been exposed over and over again (MyCoin, PlusToken, Bitsane, Bitmarket, EZBTC, IDAX). Even today, customers have extremely limited certainty on whether their funds in exchanges are actually being backed or how they're being backed. While this issue is not unique to cryptocurrency exchanges, the complexity of the technology and the lack of any regulation or standards makes problems more widespread, and there is no "central bank" to come to the rescue as in the 2008 financial crisis or during the great depression when "9,000 banks failed".
In addition to fraudulent operations, the industry is full of cases where operators have suffered breaches and not reported them. Most recently, Einstein was the largest case in Canada, where ongoing breaches and fraud were perpetrated against the platform for multiple years and nobody found out until the platform collapsed completely. While fraud and breaches suck to deal with, they suck even more when not dealt with. Lack of visibility played a role in the largest downfalls of Mt. Gox, Cryptsy, and Bitgrail. In some cases, platforms are alleged to have suffered a hack and keep operating without admitting it at all, such as CoinBene.
It surprises some to learn that a cryptographic solution has already existed since 2013, and gained widespread support in 2014 after Mt. Gox. Proof of Reserves is a full cryptographic proof that allows any customer using an exchange to have complete certainty that their crypto-assets are fully backed by the platform in real-time. This is accomplished by proving that assets exist on the blockchain, are spendable, and fully cover customer deposits. It does not prove safety of assets or backing of fiat assets.
If we didn't care about privacy at all, a platform could publish their wallet addresses, sign a partial transaction, and put the full list of customer information and balances out publicly. Customers can each check that they are on the list, that the balances are accurate, that the total adds up, and that it's backed and spendable on the blockchain. Platforms who exclude any customer take a risk because that customer can easily check and see they were excluded. So together with all customers checking, this forms a full proof of backing of all crypto assets.
However, obviously customers care about their private information being published. Therefore, a hash of the information can be provided instead. Hash is one-way encryption. The hash allows the customer to validate inclusion (by hashing their own known information), while anyone looking at the list of hashes cannot determine the private information of any other user. All other parts of the scheme remain fully intact. A model like this is in use on the exchange CoinFloor in the UK.
A Merkle tree can provide even greater privacy. Instead of a list of balances, the balances are arranged into a binary tree. A customer starts from their node, and works their way to the top of the tree. For example, they know they have 5 BTC, they plus 1 other customer hold 7 BTC, they plus 2-3 other customers hold 17 BTC, etc... until they reach the root where all the BTC are represented. Thus, there is no way to find the balances of other individual customers aside from one unidentified customer in this case.
Proposals such as this had the backing of leaders in the community including Nic Carter, Greg Maxwell, and Zak Wilcox. Substantial and significant effort started back in 2013, with massive popularity in 2014. But what became of that effort? Very little. Exchange operators continue to refuse to give visibility. Despite the fact this information can often be obtained through trivial blockchain analysis, no Canadian platform has ever provided any wallet addresses publicly. As described by the CEO of Newton "For us to implement some kind of realtime Proof of Reserves solution, which I'm not opposed to, it would have to ... Preserve our users' privacy, as well as our own. Some kind of zero-knowledge proof". Kraken describes here in more detail why they haven't implemented such a scheme. According to professor Eli Ben-Sasson, when he spoke with exchanges, none were interested in implementing Proof of Reserves.
And yet, Kraken's places their reasoning on a page called "Proof of Reserves". More recently, both BitBuy and ShakePay have released reports titled "Proof of Reserves and Security Audit". Both reports contain disclaimers against being audits. Both reports trust the customer list provided by the platform, leaving the open possibility that multiple large accounts could have been excluded from the process. Proof of Reserves is a blockchain validation where customers see the wallets on the blockchain. The report from Kraken is 5 years old, but they leave it described as though it was just done a few weeks ago. And look at what they expect customers to do for validation. When firms represent something being "Proof of Reserve" when it's not, this is like a farmer growing fruit with pesticides and selling it in a farmers market as organic produce - except that these are people's hard-earned life savings at risk here. Platforms are misrepresenting the level of visibility in place and deceiving the public by their misuse of this term. They haven't proven anything.
Fraud isn't a problem that is unique to cryptocurrency. Fraud happens all the time. Enron, WorldCom, Nortel, Bear Stearns, Wells Fargo, Moser Baer, Wirecard, Bre-X, and Nicola are just some of the cases where frauds became large enough to become a big deal (and there are so many countless others). These all happened on 100% reversible assets despite regulations being in place. In many of these cases, the problems happened due to the over-complexity of the financial instruments. For example, Enron had "complex financial statements [which] were confusing to shareholders and analysts", creating "off-balance-sheet vehicles, complex financing structures, and deals so bewildering that few people could understand them". In cryptocurrency, we are often combining complex financial products with complex technologies and verification processes. We are naïve if we think problems like this won't happen. It is awkward and uncomfortable for many people to admit that they don't know how something works. If we want "money of the people" to work, the solutions have to be simple enough that "the people" can understand them, not so confusing that financial professionals and technology experts struggle to use or understand them.
For those who question the extent to which an organization can fool their way into a security consultancy role, HB Gary should be a great example to look at. Prior to trying to out anonymous, HB Gary was being actively hired by multiple US government agencies and others in the private sector (with glowing testimonials). The published articles and hosted professional security conferences. One should also look at this list of data breaches from the past 2 years. Many of them are large corporations, government entities, and technology companies. These are the ones we know about. Undoubtedly, there are many more that we do not know about. If HB Gary hadn't been "outted" by anonymous, would we have known they were insecure? If the same breach had happened outside of the public spotlight, would it even have been reported? Or would HB Gary have just deleted the Twitter posts, brought their site back up, done a couple patches, and kept on operating as though nothing had happened?
In the case of Quadriga, the facts are clear. Despite past experience with platforms such as MapleChange in Canada and others around the world, no guidance or even the most basic of a framework was put in place by regulators. By not clarifying any sort of legal framework, regulators enabled a situation where a platform could be run by former criminal Mike Dhanini/Omar Patryn, and where funds could be held fully unchecked by one person. At the same time, the lack of regulation deterred legitimate entities from running competing platforms and Quadriga was granted a money services business license for multiple years of operation, which gave the firm the appearance of legitimacy. Regulators did little to protect Canadians despite Quadriga failing to file taxes from 2016 onward. The entire administrative team had resigned and this was public knowledge. Many people had suspicions of what was going on, including Ryan Mueller, who forwarded complaints to the authorities. These were ignored, giving Gerald Cotten the opportunity to escape without justice.
There are multiple issues with the SOC II model including the prohibitive cost (you have to find a third party accounting firm and the prices are not even listed publicly on any sites), the requirement of operating for a year (impossible for new platforms), and lack of any public visibility (SOC II are private reports that aren't shared outside the people in suits).
Securities frameworks are expensive. Sarbanes-Oxley is estimated to cost $5.1 million USD/yr for the average Fortune 500 company in the United States. Since "Fortune 500" represents the top 500 companies, that means well over $2.55 billion USD (~$3.4 billion CAD) is going to people in suits. Isn't the problem of trust and verification the exact problem that the blockchain is supposed to solve?
To use Quadriga as justification for why custodians or SOC II or other advanced schemes are needed for platforms is rather silly, when any framework or visibility at all, or even the most basic of storage policies, would have prevented the whole thing. It's just an embarrassment.
We are now seeing regulators take strong action. CoinSquare in Canada with multi-million dollar fines. BitMex from the US, criminal charges and arrests. OkEx, with full disregard of withdrawals and no communication. Who's next?
We have a unique window today where we can solve these problems, and not permanently destroy innovation with unreasonable expectations, but we need to act quickly. This is a unique historic time that will never come again.
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