Lots of debate going on regarding Bitcoin as a store of value vs. a medium of exchange. One coin can't do both (not well at least), which is why I propose this project that you probably have not heard of...
VeriCoin / Verium Reserve: It consists of VeriCoin, which is proof of stake and Verium Reserve which is Proof of Work. Both coins' blockchains are interwoven so you get a system that is fast, cheap to send, and very decentralized since an open wallet earns staking rewards incentivizing all hodlers to be nodes. But this system is also more secure than any old standard POS coin due to the mining from the Verium Reserve Proof of Work Mining chain that is interwoven. The team is also implementing a single wallet to hold both coins as well as provide staking and pooled mining straight from the wallet. Eventually you will even be able to swap VeriCoin and Verium Reserve peer to peer straight from the wallet removing the need for an exchange... just another unnecessary layer of centralization. In this system, VeriCoin acts as the medium of exchange, Verium Reserve is the store of value. It's a really neat concept, especially considering the market cap is less than 5 Million for both coins combined.
[uncensored-r/Bitcoin] What's up with /r/btc vs /r/bitcoin completely different views on which coins are the real ones?
The following post by ReddetIsKool is being replicated because the post has been silently greylisted. The original post can be found(in censored form) at this link: np.reddit.com/ Bitcoin/comments/77skkh The original post's content was as follows:
I bought $1k of the Top Ten Cryptos on January 1st, 2018. Result? Down -81%
EXPERIMENT - Tracking Top 10 Cryptos of 2018 - Month 30 - Down -81% See the full blog post with all the tableshere. Way too long/don't like words: Halfway through 2020 report: Cardano wins for second straight month, BTC still way ahead overall, ETH alone in second place. NEM (poor, poor, NEM) still in basement, down -95% since Jan 2018. Markets still going up despite world on fire. 3 x $1k investments in crypto in 2018, 2019, 2020 are down -10% total. Made a few new tables for your viewing enjoyment.
Month Thirty – Down 81%
After two consecutive strong months, the 2018 Top Ten Crypto Index Fund Portfolio lost some ground in June. In a sea of red, there was one bright spot: Cardano finished the month up +9%. Only ADA in the green
Question of the month:
The 2018 Crypto Index Fund Experiment began January 1st, 2018. Which of the Top Ten cryptos performed best at the end of year one?
A) Bitcoin B) Ethereum C) Bitcoin Cash D) Stellar Scroll down for the answer.
Ranking and June Winners and Losers
There was a lot of movement with the 2018 Top Ten group this month. For the second month in a row, Cardano made the most upward progress, climbing two positions to reclaim its spot in the Top Ten at #9. By basically finishing the month flat, IOTA picked up one spot in the standings as well. Heading the other direction, XRP,NEM, Dash, and Stellar each fell one place in the rankings. Thanks to Cardano’s strong month, the overall drop out rate shrank to 40%. In other words, four out of the six 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 Crypto.com Coin (oh, helloCRO, where did you come from?). June Winners – Winner, singular: ADA, for the second month in a row, up +9% while the rest of the field sank or held ground. After a great spring, Cardano’s summer is off to a strong start. June Losers – For the second month in a row, XRP was the worst performer, down -15.9%. Close behind was Dash, down -15.6% in June. How has your favorite crypto fared over the first 30 months of the 2018 Top Ten Crypto Index Fund Experiment? Most monthly wins (7): Bitcoin followed by Cardano with 5 monthly wins. The most monthly losses? A tie between Stellar and NEM, both with 5. All cryptos have at least one monthly win and Bitcoin stands alone as the only crypto that hasn’t lost a month (although it came close in January 2020 when it gained “only” +31%).
Overall update – BTC returning twice as much second place ETH, NEM in basement.
Although down -30% since January 2018, BTC is still well ahead of the rest of the pack. My initial investment of $100 is now worth about $70. Ethereum is all alone in second place, down -68%, the initial $100 investment worth about $30. NEM (down -95%) is still in last place. That initial $100 investment in NEM? Now worth $4.71.
Total Market Cap for the entire cryptocurrency sector:
The crypto market as a whole lost about $21B in June. This is down over half from January 2018 when the market was worth roughly $575B.
After three months of zero movement, Bitcoin dominance finally declined, but not by much. It’s been stuck in the mid-60s to low-70s range for the past year. 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 lost about $20 bucks in June 2020. If I cashed out today, my $1000 initial investment would return about $187, down -81% from January 2018. Here’s the ROI over the life of the experiment, month by month: Ah, a sea of red After a brief dip last month into the negative seventies, we’re back down to the very familiar negative eighties. Fun fact: over the course of the 2.5 years since the beginning of the 2018 Top Ten Index Fund Experiment, the portfolio has finished over half of the first thirty months down at least -80%. Tracking the Top Ten cryptos from January 1st, 2018 has been an undoubtedly painful exercise so far. But what about 2019 and 2020 when I repeated the experiment? 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 $2,710. That’s down about -10% for the three combined portfolios. That’s compared to about +4% last month. Better than a few months ago (aka the zombie apocalypse) where it was down -24%, but not yet back at January (+13%) or February (+6%) levels. Having trouble keeping up? Yeah, me too. You know what that means?!?!?! NEW TABLE DROP!! Combined ROI of all three portfolios Ah, that’s better. Much better.
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. Even though the US economy is still reeling from the COVID shock, the stock market (as measured by the S&P) continued to recover in June. The initial $1k investment into crypto on New Year’s Day 2018 would have gained about $170 had it been redirected to the S&P. Alright, let’s compare all three years of the crypto investments to hypothetical US stock market investments. Taking the same drop-$1,000-per-year-on-January-1st-of-each-year approach with the S&P 500 that I’ve been documenting through the Top Ten Crypto Experiments would yield the following:
$1000 investment in S&P 500 on January 1st, 2018: +$170
$1000 investment in S&P 500 on January 1st, 2019: +$240
$1000 investment in S&P 500 on January 1st, 2020: -$40
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 $3,370. That is up over+12%since January 2018, compared to -10% of the combined Top Ten Crypto Experiment Portfolios. That’s about a 22% swing in favor of the stock market, the widest so far this year. Last month, there was only a 6% difference in favor of the stock market. Here’s another new table that shows an emerging pattern: Three Top Ten Crypto Portfolios vs. hypothetical identical approach with S&P 500
The 2018 Experiment’s focus of solely holding the Top Ten Cryptos has not (and has never been) a winning approach when compared to the overall crypto market. The total market cap is down -54% from January 2018 compared to the -81% for the cryptos that began 2018 in the Top Ten. This of course implies that I would have done a bit better if I’d picked every crypto, or different cryptos: throwing that $1k to Bitcoin, for example, would have me down by -30% instead of -81%. On the other hand, this bit of diversification has served me well compared to putting all my eggs in NEM‘s -95% basket, for example. To reiterate, at no point in this experiment has this investment strategy been successful: the initial 2018 Top Ten have under-performed each of the first thirty months compared to the market overall. Repeating the Top Ten experiments in 2019 and 2020 has resulted in a slightly different story. There are a few examples of this approach outperforming the overall market in the parallel 2019 Top Ten Crypto Experiment. And for the most recent 2020 Top Ten Index Fund group of cryptocurrencies, this approach had outperformed the overall market 100% of the time…up until the last two months.
We’re half way through a very strange year, where it seems we’re playing Biblical Plague Bingo. The US market have more or less bounced back from the shock, crypto markets to a lesser degree. What’s next for crypto in an extremely unpredictable year? Final word: Be excellent to each other. If you made it this far, 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…
D) Stellar Even though it finished the year down -66%, Stellar outperformed the rest of the 2018 Top Ten Index Fund Experiment Cryptos after the first 12 months. Second place on January 1st, 2019 was Bitcoin, down -71%.
Nearly all Extended ITN FUD can be dispelled by understanding the synergy which results from having two horses in the 3rd generation blockchain race. Haskell code has the benefit of being safer but is hardeslower to write, while Rust is faster to develop, at the cost of less formal verification. With only one rigid approach these trade-offs inflict maximum damage, but with two complementary coordinated networks the safe vs fast trade-off is nerfed, allowing maximum value to be capured by the flexible sum of both methods. FUD #1: "The EITN takes focus away from the Shelley mainnet" Fact: The EITN increases focus on the Shelley mainnet. Hosk already took pains to make clear there are two seperate (yet coordinated) teams working on each project. Taking some measure of R&D pressure from Team Haskell and giving it to Team Rust allows more focus on building out Shelley. FUD #2: "Creating a Cardano Classic makes ADA look bad" FACT: Yes it would, and the only possible way to prevent such a viable, competitive "Cardano Classic" fork is for IOG and the community to back a cooperative EITN, rather than allow a hostile implementation to emerge and gain traction. FUD #3: "Making EITN tADA real coins listed on exchanges dilutes the value of real, mainnet ADA, making a mockery of the 45 billion coin emission cap" FACT: First, see the point already make about how a united IOG/CF/community front supporting the EITN is our best chance of avoiding an actually dilutive Cardano Classic from becoming a real threat. Second, the model here is that of Bitcoin and Litecoin. Litecoin as the silver to Bitcoin's gold provides tremendous value by allowing things like segwit, Lightning Network, and mimblewimble to be tested in an incentivized and sandboxed off-chain way. tADA can already be traded OTC, so the way to look at the additional asset serendipitously discovered by the unexpectedly successful ITN experiment is as a spin-off company (EG, Expedia being spun off from Microsoft). FUD #4: "Newcomers will be confused by two networks" FACT: Newcomers will always be confused; confusion is in their nature. They wouldn't be newcomers if they weren't confused. Two Cardano networks gives newcomers the additional opportunity to learn why the decision was made in the breach to preserve and build on the resounding success of the original ITN. Having more things and nuance to learn about is ultimately to the benefit of newcomers, despite making the initial learning curve barrier to entry slighly steeper and taller. FUD #5 "The EITN will create bitterness and division" FACT: Welcome to crypto! Bitcoin has been running on drama, ritual combat, and tribal warfare for 10 years and is stronger than ever. If you are too delicate for intellectual and scholastic battles, please get out of the kitchen before succumbing to heat stroke. Some arguments are educational while others produce more friction than enlightenment. Spreading FUD about the EITN is an example of the latter, but all conflict helps built anti-fragility so let's welcome it as an opportunity for teachable moments. FUD #6 "We have to stick to The Plan or else lose credibility" FACT: The Plan has always been to change The Plan as facts on the ground change and empirical data are derived from actual experience. Sticking stubbornly to a particular static Plan no matter what, by disregarding the emergent phenomenon of the ITN's greatness, would destroy the flexibility, and thus credibility, of the project. tldr; keep those Jormungandr pools running fam because we're taking tADA to a whole 'nother level
I believe it is just as important to address why people are wanting to go to RMT services (the demand) as it is to combat the RMT services themselves (the supply). If there is enough demand, there will always be a supply. My argument is this, I believe that if progression felt more rewarding, instead of just "make as much money as quickly and efficiently as possible to buy from the flea market" the player base would be more satisfied with the game itself and wouldn't seek help outside the game mechanics. For context, I am more of a casual player. This is my first wipe I've tried to focus on progression instead of solely learning the game. I am now level 11 and started doing work on the flea market. I don't agree with people going to RMT sites to get a quick and easy leg-up, but I can totally understand why people would want to. From my viewpoint there isn't enough rewarding early game progression. Especially if you are using a standard account you feel like you lagging behind from the start. You are very limited on storage space and with a alpha container you have less that half the secure spaces than those with a gamma container (4 vs 9 for reference). Now that we have the hideout to upgrade, we are encouraged to keep many more items that we may have just sold previously. Think about what you wanted to accomplish as soon as you unlocked the flea market. For me I almost immediately wanted to get 1) quest items that didn't have to be found in raid that hindered my progression and 2) items that helped alleviate my lack of storage space. I got the salewas i still needed, a few keys for quests and loot areas, a documents case, and an ammo box. Let's think about how much an advantage it actually is to have these containers, not to mention some of the higher level containers. First let's focus on the secure container. What items do players use this for; meds, keys, backup ammo, valuable loot or quest loot, paper money, perhaps a map for new players. Now consider I get a documents case. For the cost of half my secure storage space, I can go from 4 spaces all the way up to 16, a 4x multiplier. Now I can take a bunch of keys that let me access areas with higher value loot, if I find more keys I can securely stash them away, same goes for paper money, bitcoins, gp coins, intel, flash drives and other high value loot, all the while maintaining 2 slots for meds, ammo or other loot like a graphics card. I can make this giant leap in how effective my character can be as soon as I can access the flea market and I have enough money. (Yes I can find a container in raid, but lets assume a low level player or inexperienced player won't try to farm this early on). On top of this, even something as simple as an ammo box can free up much needed space in regular storage so I can keep more items I need to progress. I understand that BSG is trying to slow down progression, but I do not feel like I am being meaningfully rewarded during the early progression of the game. I do quests and get some gear, unlock some items for purchase from traders, but a little money and a little xp, but that's not what I really want. I want something that gives me more of an advantage. Why wait until late quests to give me an ammo box? Does it really provide that big of an advantage to be obtained that far into the game? Why can I not get 1 by the time I hit level 10 or so. It would feel so much more rewarding without giving a large advantage. Plus it's not like I only need one or two, if you look at certain high level players or streamers they have a multitude of them to sort out each ammo type. Honestly, to obtain anything really meaningful I feel like I have to buy it off the flea market at inflated prices. This is why, in my opinion, everyone feels like that constantly have to grind and grind for money. Unlocking it through the traders only helps reduce the inflated price I have to pay. You can slow over all progression while still making the early game feel rewarding. This problem has only been made worse by increasing the tax for the flea market and reducing the sell prices at the traders. I support BSG in their fight against RMT and cheaters, but I understand the outcry from players that feel like the grind is only being increased. So in conclusion, if natural game progression felt more rewarding, if I obtained a few items that actually helped me, I wouldn't need to buy as much from the flea market. If I don't need to rely heavily on the flea market, I don't need to grind for heaps of money. If I don't need heaps of money, I wouldn't be tempted to find ways of supplementing that grind. I love this game. I want it to succeed. I don't want to be spoon fed, I understand it's suppose to be hard. I'm not going to complain at every change BSG makes. I understand it's going to get harder and I'm okay with that. These are my two cents. Nikita, you and your team are my favorite developers and you care about the game and the community. Thank you for all the work, even when part of the community riots over what you think will be beneficial long term.
$1k invested in Top 10 Cryptos on Jan. 1, 2020 now worth $1,264 (UP +26%)
EXPERIMENT - Tracking Top 10 Cryptos of 2020 - Month Six - UP +26% See the full blog post with all the tableshere. Not sure what this is all about? Here is the history and ground rules of these experiments. tl;dr - This snapshot was taken on July 1st, 2020. By the slimmest of margins, the 2020 Top Ten is still the best performing of the three experiments. In June: Tether holds its ground, as a stablecoin should, all others finish the month in negative territory. BSV loses nearly a quarter of its value in June and is worst performing for the second straight month. Overall, since January 2020, it is Tezos in lead (+88%) followed by second place ETH (+79%). The 2020 Top 10 is up +26% compared to the -4% loss of the S&P 500 since 01.01.2020.
Month Six – UP 26%
Lots of red this month While technically still the best performing of the Top Ten “Index Fund” Experiments for the fifth straight month, this month the 2020 Top Ten cut it close. Very close. How close? The 2020 Top Ten is up +26.6% compared to the 2019 Top Ten’s +25.9%. Watch your back, 2020 Top Ten.
Question of the month:
Which country trialed Bitcoin payments for passports in June?
A) Costa Rica B) Venezuela C) Mongolia D) Eritrea Scroll down for the answer.
Ranking and June Winners and Losers
Movement in rank After a very strange zero movement May, we saw some ups and down with the 2020 Top Ten in June. Okay, mostly downs: XRP fell one, dropping it’s long-held #3 slot. Both EOS and Tezos struggled in June: both lost two places in the rankings and both dropped out of the Top Ten. Tether is the only crypto to make a positive move in June, never a good sign. June Winners – Just Tether. The rest of the field struggled in June. ETH finished in second place, ending the month down -7%. June Losers – BSV under-performed its peers for the second straight month, losing almost a quarter of its value (-23%) in June. Tezos also struggled, down -18% since the beginning of June. For those keeping score, I also keep a tally of which coins have the most monthly wins and losses. Tether and Tezos have won two months each. BSV has finished in last place three out of the first six months of the 2020 Top Ten Experiment.
Overall update – Tezos in lead, ETH takes second place from BSV, and 80% of Top Ten are in positive territory.
Despite a bad month, Tezos (+88% since January 2020) maintained its lead. Ethereum (+79%) isn’t far behind in second place and has overtaken third place BSV (+59%). Not counting Tether, the worst performing crypto is XRP, down -7% on the year.
Total Market Cap for the cryptocurrency sector:
The overall crypto market lost over $20B in June but is still up +38% since the beginning this year’s experiment in January 2020.
Bitcoin dominance fell a tiny bit, but hasn’t really made a significant move all year.
Overall return on investment since January 1st, 2020:
After an initial $1000 investment, the 2020 Top Ten Portfolio is now worth $1,264, up +26.4%. It is the best performing of the three Top Ten Crypto Index Fund Portfolio, but just barely: the 2019 group came in at +25.9% in June. Here’s the month by month ROI of the 2020 Top Ten Experiment, hopefully helpful to maintain perspective and provide an overview as we go along: All green first half of 2020 Besides the zombie apocalypse blip in March, so far so good: all green is good to see and a nice change from the all red table you’ll see in the 2018 experiment. The range of monthly ROI for the 2020 Top Ten has been between +7% and +55%. So, how does the 2020 Top Ten Experiment compare to the parallel projects?
Taken 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 $2,710. That’s down about -10% for the three combined portfolios. That’s compared to about +4% last month. Better than a few months ago (aka the zombie apocalypse) where it was down -24%, but not yet back at January (+13%) or February (+6%) levels. Lost in the numbers? Here’s a new table to help visualize the progress of the combined portfolios: So that’s the Top Ten Crypto Index Fund Experiments snapshot. Let’s take a look at how traditional markets are doing.
Comparison to S&P 500
I’m also tracking the S&P 500 as part of my experiment to have a comparison point with other popular investments options. Even with COVID and protests in the US, stocks continued to tick up. The S&P is now down just -4% since the beginning of the year. Over the same time period, the 2020 Top Ten Crypto Portfolio is returning about +26%. The initial $1k investment now worth about $1,264. The money I put into crypto in January 2020 would be worth $960 had it been redirected to the S&P 500. That’s a $304 difference on a $1k investment. Not bad, but not as impressive as last month’s $517 swing. And what if I invested in the S&P 500 the same way I did during the first three years of the Top Ten Crypto Index Fund Experiments? You know, the world’s slowest dollar cost averaging/$1k on January 1st approach? Here are the figures:
$1000 investment in S&P 500 on January 1st, 2018: +$170
$1000 investment in S&P 500 on January 1st, 2019: +$240
$1000 investment in S&P 500 on January 1st, 2020: -$40
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 $3,370. That $3,370 is up over+12%since January 2018, compared to the $2,710 value (-10%) of the combined Top Ten Crypto Experiment Portfolios. Here’s another new table to help visualize the difference in ROI of the combined crypto portfolios vs. a hypothetical identical approach with the S&P 500: The new table makes it easy to see that crypto and the markets went in opposite directions in June. This has produced the largest difference in favor of the S&P since the beginning of 2020: a 22% gap. Compare that February, when there was only a 1% difference in ROI.
The crypto market as a whole is up +38% since the beginning of the year compared to the 2020 Top Ten cryptos which have gained +26%. For the second month in a row, and the only two times since the Top Ten 2020 began, the cryptos in this group have under-performed the overall market. Up until the last two months, focusing on the 2020 Top Ten has been a solid approach, but it has not worked so well in the other experiment years. Although there are a few examples of the Top Ten strategy outperforming the overall market in the 2019 Top Ten Experiment, it’s interesting to note at no point in the first thirty months of the Top Ten 2018 Experiment has the approach of focusing on the Top Ten cryptos outperformed the overall market. Not even once.
The world continues to struggle with a global pandemic and traditional markets have nearly bounced back. Although up since the beginning of the year, Crypto did not keep pace with US stocks in June. Will crypto reassert itself in the second half of the year? Final word: Please take care of yourselves and your neighbors. FYI – everyone is your neighbor. Thanks for reading and for supporting the experiment. I hope you’ve found it helpful. I continue to be committed to seeing this process through and reporting along the way. Feel free to reach out with any questions and stay tuned for progress reports. Keep an eye out for the original 2018 Top Ten Crypto Index Fund Experiment and the 2019 Top Ten Experiment follow up experiment.
And the Answer is…
B) Venezuela According to multiple sources, a Bitcoin payment option was available when paying online for passport services in Venezuela. It didn’t last long though: just hours later, the option disappeared, according to user reports.
If every US citizen that receives a stimulus check wanted to buy 0.1 BTC... it wouldn't be possible. There isn't enough
And that is being overly generous. There could likely only be less than 0.04 btc per person to go around... if no one else in the world buys any before them. Someone check my math if I'm off, but thought this would be interesting to theorize. I am not saying that this would happen (as it definitely wouldn't.) Just wondering what is even possible if the demand increased that much. So here we go: Of the $2.2 trillion stimulus package, approx $300 billion is going out as $1,200 stimulus checks. Which would be divided up for 250 million citizens. Current supply of bitcoin is around 18 million coins mined. However it is estimated that 3-4 million are lost forever. So let's say that our actual supply available to trade is 15 million (conservative guess). If the current total supply mined is 18 million, approx 11 million coins (60% of the total supply) haven't moved from their wallet in 2 years. If we subtract the estimated 3 million lost... That leaves 8 million unlost coins have been held for at least 2 years. For arguments sake, let's say that 3 million of those holds will sell if the price increased and the other 5 million will continue to hold. That would leave 3 million that would go from hold to circulation plus the 7 million that are newly minted or already circulating. = my estimate of 10 million coins available for market demand Divide the 10 million coins by the 250,000,000 citizens with a stimulus check and you get 0.04 BTC per person... Now could someone figure out a theoretical price point if demand reached that high? My guess would be to get an average rate of increase vs supply and volume during the 2017 bull run to see the rate of price increase as supply diminishes. Again, this is no prediction. Just wanted a better picture in my head of how rare having 1 full BTC is going to be.
Seeking advice on how necessary involving lawyers has been in determining assets/stock/cash splits vs. the couple negotiating everything independently? POV from both sides would would be appreciated.
Having not directly managed many of the financial details in my relationship (IRAs, Wealthfront, BitCoin Etc), what are the resources others have used in this group (or external) for setting up financial independence. Any tangible advice would be greatly appreciated.
My wife of 9+ years is pursuing legal separation here in WA state. We have three children together 6, 4, 2. Three years ago I left the workforce to become the primary parent and support her demanding career. What we're discussing is selling our home and taking the gained equity + trying to buy two homes in close proximity in a suburb to desperately create a new construct for what "family" will mean for the children we both adore. What this means is that we'd most likely separate within the next 3-6 weeks and look to move together into the new community before the new school year (ideally.) Share one house for the next 8-12 mths while looking for another one for the other partner. (BTW Has anyone in this group sustained a separation this long and maintained a sense of peace? Selfishly it seems like this might be a living hell) Predicting her unrest earlier in the year I sought legal counsel just trying to get my brain wrapped around how we'd split assets. At this time she's wanting to avoid involving lawyers in hopes we can come to some mutual agreement. She spoke with an attorney last week to get an assessment on how "fair" her numbers/proposal might be to which the attorney replied "you're being too generous." We plan to discuss these figures tonight and I hope to update the thread tomorrow. As someone who has a history of being WAY to fucking accommodating, I'd love perspective on how necessary legal counsel is/has been in determining what is to be appropriate for YOU in determining these splits? I'm dependent on her to make this transition and get into our prospective house(s), so there's part of me that just want's to play things cool and take the high road, but we have a lot of cash, stock, investments tied up together having both worked in early stage startups. ISO of honest feedback from those who have experience. I don't need to reaffirm my own biases here, I welcome critical feedback and would like to learn more about what I might not be considering. Thanks in advance.
How to Explain Bitcoin: 3 Tips to Have Better Bitcoin Conversations
BTC Friends, Let’s be honest, Bitcoin is confusing. Not to you (you are on this / after all), but to the people who have no idea what it is. Trying to explain Bitcoin is even harder. I’m sure we’ve all had those long, complicated, drawn-out conversations which leave people more confused than when it started. To aid its adoption WE HAVE TO GET BETTER AT EXPLAINING WHAT BITCOIN IS. Here are a few tips that should, hopefully, help you manage a simple and easy to understand discussion about Bitcoin. Before we get to that, a few things to remember: Bitcoin is afundamentalchange from what most people believe. An explanation about Bitcoin shouldn’t be about “being right” or “winning the argument.” Instead, it should be about helping someone explore a new idea and begin to understand that there are actually different alternatives to the only “money” they’ve ever known. Bitcoin is complicated. It’s important to remember that this is as much of an emotion transformation for someone as it is a logical one. A CONFUSED MIND ALWAYS SAYS NO. If you leave a person confused or frustrated about what Bitcoin is, they are more likely to build up a resistance to it and become close-minded because “it’s just too complicated.” Adoption is a marathon, not a sprint. Don’t feel the need to word vomit all of your intense 1337 cypto-knowledge in a single conversation. Slow and steady. Like a good story-teller, keep them wanting more. Now, some tips to consider: 1. Start with ‘WHAT is Bitcoin?,’ not ‘WHY is Bitcoin?’ A fundamental mistake that people make is to try to justify WHY something exists before even explaining WHAT something is. Your explanations need to act as a building blocks of knowledge which means you have to have a very clear, very easily understood, fundamental premise: Bitcoin is…: Digital coins that exist on the internet that you can spend and save just like the paper money in your wallet. An alternative form of money than what you are given by your local government. That's it. That's Bitcoin. While I’m sure we can, and probably will, argue about what that base, fundamental definition is, it’s important to start with WHAT, not WHY. While hyperinflation, store of value, scarcity, the Federal Reserve, and how the printing of fiat devalues currency are all important, it does not answer the question of WHAT is Bitcoin. If you start with WHY, you are skipping a major building block in the mind of the listener and are on your way to creating confusion. And remember, a confused mind always says no! Here is an example. (Now, don’t go full-internet on me. I’m not degrading this person or this video THANK YOU PERSON FOR MAKING THIS VIDEO. This video is awesome! I only bring it up because it is a recent video that got some attention. It also demonstrates this point.) When asked to explain Bitcoin, here is the opening line: “The FED…is out of control with printing money…” This is a ‘WHY is Bitcoin’ response. Already, the listener is probably thinking, ‘what the heck does the FED have to do with anything? I just wanted to know what Bitcoin was…’ and you may just lose your listener right there. Furthermore, this video never actually says “Bitcoin IS…” While there is an implied comparison to gold, there is never a fundamental definition of WHAT Bitcoin is. Start with a clear, concise definition of WHAT Bitcoin is before moving on to WHY Bitcoin is. 2. Let Them Lead / Gauge Their Interest / Know When To Stop When explaining any topic to someone who doesn’t understand it, there is a very strong temptation to TELL everything you know. This is human nature. We are proud of what we know. We want to display knowledge and proficiency. We must, however, understand that it is counter-productive to the learning process. Imagine that certain math teacher going over that certain math problem. They explain it. They are enthusiastic about it. They write it on the chalkboard. Yet your eyes glaze over. It’s too much too fast. You are just waiting until the end when they finally tell you the answer. All logic and reasoning and understanding is gone. This is similar. Instead of telling them everything you know, LET THEM ASK! Allowing your listener to ASK demonstrates two things: an understanding of the last thing you said and, more importantly, interest! Ultimately, that’s what we want and need; their interest. Believe me, just like that little kid asking, ‘why, why, why…?’ They will give you every opportunity to share a little bit more, and a little bit more. For example: Bitcoiner – “Bitcoin are digital coins that exist on the internet that you can spend and save just like the paper money in your wallet.” (STOP TALKING AND LEAVE SPACE FOR THEM TO ASK!!!) Noob – “Oh…ok…well…why do we need that? What's wrong with the money I have now?” Bitcoiner – “Well, there is a risk that, over time, the money that you keep in your wallet or bank account will actually be worth less and be able to buy less stuff.” (STOP TALKING AND LEAVE SPACE FOR THEM TO ASK!!!) Noob – “Wait, what do you mean?” And we are now on our way to a discussion about these messy and intense concepts of inflation vs deflation, printing of fiat currency, fractional reserve lending, etc. And through it all, LET THEM LEAD. Now this is the tough part. If their eyes glaze over, YOU HAVE TO STOP! When the questions stop, YOU HAVE TO STOP! The last thing you want to do is ramble on once they’ve stopped listening. Instead, ASK them a question: “I’m sorry, did you not understand something I said?” “Did I answer your question?” “Is this interesting to you?” By doing this, you will give them an opportunity to ASK you another question: “…back up…what did you mean when you said ‘store of value’?” Or maybe even make a comment: “…wow…this stuff is pretty complicated…” In either case, this actually helps keep the conversation going. Just back up, explain it again, keeping in mind your base concepts and definitions, and see if you can talk them past where they got stuck. Maybe they shut you down entirely: “you know what, this is crazy, it can’t be true, let’s change the subject…” To which the ONLY correct response is, “Ok!” (we’ll get to this later). Keep in mind that letting your listener lead will allow you to carry the conversation much further than you trying to push it along on your own. 3. Know Your Role / A Little at a Time / Don’t Overcorrect So, what’s the end goal? Is it to have them whip out their phone, download an exchange, and make their first Bitcoin purchase right then and there?! No, of course not. The role of these conversations is to LEAVE THEM WANTING MORE. Your goal should be to spark interest and curiosity. If after talking with you they end up on The Google or The YouTube looking for more information, then you’ve done your part! Movies and TV condition us to want the big payoff at the end: the parade, the teary embrace, the triumphant symphony. That is not real life. Really, the best ending to a Bitcoin conversation might just be your listener making an audible, but clearly deeply contemplative, “…huh…”. You’ve done your job. You’ve got them noodling something they have never noodled before. Even once you understand Bitcoin, there is still an entirely different conversation about what the technology is, how it works, and how people interact with it. And let’s be honest, it’s complex and confusing. Exchanges, blockchain, forks, difficulty adjustments, miners, cold storage… More complicated ideas. More jargon. Make sure you throttle yourself back and explain just A LITTLE AT A TIME. It’s ok to have one conversation about the fundamentals of Bitcoin and then an entirely different conversation about blockchain technology or how people acquire BTC or the difference between storing Bitcoin on an exchange versus a cold wallet. Don’t fall into the trap of thinking you have to tackle all of this at once. While all this is happening, BE CAREFUL NOT TO OVERCORRECT. People know what they know, right? And what people know is always correct, right?? Be sensitive. If your listener makes a comment that isn’t true or is off track, don’t scold them or forcefully correct them. If your listener feels attacked or threatened, conflict will arise, and once that happens, their minds will be completely shut off. No one listens during an argument. Don’t attack. Explain. For example: Noob – “Well, the USD is backed by gold, so that will prevent it from ever devaluing!” Bitcoiner – “You know, it’s pretty interesting, a lot of people think the same thing. The truth is that while the USD was backed by gold for a long period of time, it isn’t anymore. You see, back in 1971…” Keep it simple, factual, and non-confrontational. Going back to our example from before, even if your listener shuts you down entirely, THAT’S OK! They have now experienced a Bitcoin conversation that will percolate around in their brain. And perhaps next time they hear the word Bitcoin, whether on the news or on the internet, they’ll think back to your conversation and what you shared with them. Hopefully you didn’t over-press and their memory of your conversation isn't a negative one which leaves them feeling negative about Bitcoin: “Bitcoin is stupid and people who believe in Bitcoin are arrogant and rude.” Finally, ENCOURAGE THEM TO DO THEIR OWN RESEARCH. The journey doesn’t start and end with you. You are simply a stepping stone along their path. Know that you are playing a part in their story; you are not the main character. Adoption of Bitcoin will occur over a long period of time. The conversations we have with our friends and family will create the buzz, attention, and understanding that is needed, but please be mindful that you are doing it in a helpful and productive way that leaves people wanting to know more. Oh, and step 4: Stack Sats and HODL!
Dash Competitive Basket Index for week ending 5 July, 2020. Yeah, we dropped a couple ranks.
We dropped a couple ranks this week. The new format will be collecting data and publishing the CBI weekly. Everything is a little goofy today because we are switching from daily to weekly, but the chart doesn’t reflect that yet, and the data is from week ending Sunday. But I think Monday would be better.
Dash outperformed 8 of the 24 cryptos listed above us on CoinPaprika (33% win rate). The 30 day SMA* is 38%
Dash outperformed 4 of the 10 cryptos ranked below us (40% win rate). The 30 day SMA* is 35%.
In total, Dash outperformed 12 of the top 34 cryptos (35% win rate) on the 7 day time frame. The 30 day SMA* is 37%.
Bitcoin dominance dropped 2/10’s to 63.5%.
20 of the top 34 cryptos beat Bitcoin (59%) on the 7 day data.
On the 7 day time frame, 20 of the top 35 cryptos (57%) were in the green.
On the 24 hour time frame, 5 of the top 35 (14%) cryptos were in the green.
On the 24 hour time frame, Dash beat 19 of the top 34 cryptos (56%).
RX5700 GPU mining rig vs ASIC miner A10 for Ethereum mining !?
https://preview.redd.it/9txedwr1wy251.jpg?width=1920&format=pjpg&auto=webp&s=e91116819600b605ffca6ce830fdd582d3965466 I want to clear out the air about Ethereum mining. The GPU mining vs Asic mining, is Ethereum now Asic mining Algorithm. Can RX5700 most efficient Graphic cards for ETH mining Compete with Asic miner A10. For the last day i have been working on some stats and ROI for 2 types of investment for 12xGPU RX5700 MineBox 12 mining rig and Innosilicon A10 ETH ASIC miner. My goal was to let the data speak about it self and then make a decision what is better investment for ethereum mining GPU or ASIC. Im compering 2 most efficient miners :
ASIC miner Innosilicon A10 , costs 3000usd(specs. 500mh/s at 860w)
Miner price is about the average would it cost to you 12xGPU mining rig might cost you 100-300 cheaper if you would build one yourself. Innosilicon A10 would cost you lot more if you would like to import it out of China. Price would be closer to 3500euro + you would need to buy power-supply for it. I have created google spreadsheet and inserted the GPU data and performance by the current currencies price and mining profitability. Included also my thoughts about advantages and disadvantages using GPU or Asic miner: https://preview.redd.it/mojtvv7yvy251.jpg?width=1234&format=pjpg&auto=webp&s=f3384599287ea15a4b6f92ffb973a4019330bdca Opinion based on mining profit data. We can see that MineBox 12 ROI if electric price is free or very cheap is faster then ASIC miner A10. And even at 0.10c a kw/h at current Ethereum price there is only 80day difference on Equipment payback time. But the biggest thing is for example when your miners are paid back your investment. You still are available to resell your MineBox 12 hardware for other use case or just mine different coins. Where with Innosilicon A10 you can throw it into bin as soon as ETHASH coins are not profitable to mine. This is the biggest downside of Asic miners. So to answer your question is ETH asic mining coin. My answer would be Yes ASIC miners are slightly more profitable , BUT they are not worth the risk you are getting by buying one. Also you can see clearly that GPU miners has lot more advantages then Asic miners. The difference on ETH miners are not so noticeable then like it was Bitcoin GPU vs ASIC mining. There is still profit to be made with GPUs mining ETH. If ETH switches to new POW ProgPOW , again another benefit for GPU rigs as the same GPUs are quite efficient mining ProgPow. Buying and Asic miner there is to much risk, saying from experience. Have lost a lot of money, my last adventure bought 5xAntminer S17 back in November and 4 of them hashing boards stopped working after 1st week. Not counting the previous purchases Antminer D3 etc.. Let me guys know what you think about this, would your rather use ASIC miner for mining ETH of GPU miner? video : https://www.youtube.com/watch?v=YgVl7pDkkwg&feature=youtu.be
[H] List of Games [w] keys csgo,tf2,bitcoin, Items that can be sold in the market
HUMBLE SQUARE ENIX BUNDLE 3 The Last Remnant Tomb Raider I Tomb Raider II Tomb Raider III Murdered: Soul Suspect HUMBLE CODEMASTERS BUNDLE GRID 2 GRID 2 Drift Pack DiRT Showdown Overlord™ Operation Flashpoint Complete Hospital Tycoon Colin McRae Rally GRID Autosport GRID Autosport Road & Track Car Pack Overlord II Overlord Raising Hell (Expansion) Grid 2 Spa- Francorchamps Track Pack GRID Autosport Drag Pack Toybox Turbos GRID™ Rise of the Argonauts HUMBLE JUMBO BUNDLE 5 Insurgency Men of War: Assault Squad GOTY Abyss Odyssey Blackguards Blackguards 2 Contagion Citizens of Earth Teslagrad A Story About My Uncle HUMBLE CAPCOM BUNDLE STRIDER™ Resident Evil Revelations 2 - Episode 1: Penal Colony LOST PLANET® 3 Bionic Commando: Rearmed Resident Evil Revelations DmC: Devil May Cry Resident Evil™ 5 Resident Evil 4 Remember Me HUMBLE JUMBO BUNDLE 4 Outland - Special Edition Fallen Enchantress: Legendary Heroes Endless Space Emperor Edition The Incredible Adventures of Van Helsing II Coin Crypt HUMBLE WEEKLY BUNDLE: BOHEMIA INTERACTIVE 2 Take On Helicopters Alpha Prime Arma: Gold Edition Fish Fillets 2 Arma 2: British Armed Forces Arma 2: Private Military Company Arma 2: DayZ Mod Original War Arma 2: Army of the Czech Republic HUMBLE GAME MAKING BUNDLE Axis Game Factory: AGFPRO v3.0 Game Guru Remnants of Isolation Last Word Labyrinthine Dreams Aveyond: Lord of Twilight Axis Game Factory: Drone Kombat Game Guru: Mega Pack 1 Game Guru: Buildings Pack Crimzon Clover WORLD IGNITION RPG Maker: Luna Engine App Game Kit 2 Spriter Pro Sprite Lamp Axis Game Factory: AGFPRO Premium DLC Axis Game Factory: AGFPRO Voxelsculpt Game Guru: Fantasy Pack Game Guru: Megapack 3 Goats On A Bridge Axis Game Factory: AGFPRO Zombie Survival Pack Axis Game Factory: AGFPRO Zombie FPS Game Guru: Death Valley Pack Game Guru: Megapack 2 Whisper Of A Rose PlayCanvas + TANX E3 2015 DIGITAL TICKET Magicka Wizard Wars Exclusive Staff and Blade Psychonauts Company of Heroes™ Ghost Recon Phantoms E3 Avatar (UPLAY) Ghost Recon Phantoms Starter Pack (UPLAY) Warframe 7-day Credit and Affinity Booster Packs SMITE Loki Pack SMITE Xbox One Closed Beta Tom Clancy’s Rainbow Six Siege Guaranteed Beta Access HUMBLE ORIGIN BUNDLE 2 Dragon Age™: Origins Dead Space™ 2 Bejeweled™ 3 *Mass Effect™ 2 HUMBLE WEEKLY BUNDLE: ICEBERG INTERACTIVE Nuclear Dawn The Lost Crown *Star Ruler HUMBLE WEEKLY BUNDLE: PRESENTED BY JOYSTIQ Dungeon of Elements The Dream Machine: Chapter 4 HUMBLE WEEKLY BUNDLE: TEAM 17 EVOLVED Worms Worms Pinball Superfrog HD HUMBLE JUMBO BUNDLE *Sanctum 2 HUMBLE JUMBO BUNDLE 3 Always Sometimes Monsters Insurgency Blackguards KickBeat Steam Edition Always Sometimes Monsters Tesla Effect: A Tex Murphy Adventure HUMBLE JUMBO BUNDLE 2 The Incredible Adventures of Van Helsing - Complete Pack Crusader Kings II Crusader Kings II - Norse Unit Pack Crusader Kings II - African Unit Pack Crusader Kings II - Russian Unit Pack *Legend of Grimrock HUMBLE WB GAMES BUNDLE The Darkness II Batman™: Arkham Asylum GOTY F.E.A.R. 2: Project Origin F.E.A.R. 3 Guardians of Middle-earth: Smaug's Treasure DLC Guardians of Middle-earth Batman™: Arkham Origins DLC *The Lord of the Rings Online: Steely Dawn Starter Pack HUMBLE ORIGIN BUNDLE Command & Conquer: Red Alert 3 - Uprising Origin Key Populous Origin Key The Sims 3 High End Loft Stuff Key (ORIGIN) The Sims 3 Late Night Key (ORIGIN) The Sims 3 Date Night Key (ORIGIN) Galactic Civilizations II: Ultimate Edition Total War: Rome II - Nomadic Tribes Culture Pack Dracula: Love Kills Gunpoint Sonic Generations The Lord of the Rings: War in the North BioShock 2 X-COM: Apocalypse X-COM: Interceptor X-COM: Terror from the Deep *X-COM: UFO Defense STEAM GIFT ROW (GLOBAL) Blackguards Gas Guzzlers Extreme Grim Fandango Remastered Half-Life 2 Injustice: Gods Among Us Ultimate Edition NBA 2K16: Michael Jordan Edition Nether: Resurrected Legendary PAYDAY 2: A Merry Payday Christmas Soundtrack Resident evil 4 / biohazard 4 Resident Evil 5/ Biohazard 5 Resident Evil Revelations / Biohazard Revelations Shadow Warrior Sniper Elite: Nazi Zombie Army Sonic & All-Stars Racing Transformed + DLC The Ship - 2 Pack Gift STEAM GIFT LATIN AMERICA /SOUTH AMERICA This is Restricted gifts which can only be redeemed in these countries: Belize, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panama, Bahamas, Ecuador, Colombia, Venezuela, Peru, Chile, Uruguay, Paraguay, Argentina, Bolivia, Guyana, Suriname, Brazil, Mexico Aliens Collection Aliens vs. Predator™ Aliens vs. Predator Collection Assassin's Creed™: Director's Cut Edition Assassin's Creed 2 Deluxe Edition Assassin’s Creed® Brotherhood Assassin's Creed® Revelations Assassin’s Creed® III ARK: Survival Evolved Batman: Arkham Asylum Game of the Year Edition Batman: Arkham City - Game of the Year Edition Batman™: Arkham Origins BioShock Infinite BioShock Triple Pack (Incluye 3 artículos: BioShock Infinite, BioShock® 2, BioShock™) Borderlands 2 Call of Duty®: Black Ops III, Call of Duty: Black Ops III - Zombies Call of Duty Definitive Collection ( Incluye 117 artículos ) Call of Duty World War II Bundle ( Call of Duty, Call of Duty: United Offensive, Call of Duty: World at War, Call of Duty® 2) Chivalry: Complete Pack Colin McRae Rally Counter-Strike Complete incluye csgo + prime Crysis® Maximum Edition (Incluye 2 artículos: Crysis, Crysis Warhead®) Dying Light DiRT Showdown Double Dragon: Neon F1 2012 Fallout 3 Fallout: New Vegas Frankenstein: Master of Death GameMaker: Studio HTML5 Game of Thrones - A Telltale Games Series Gauntlet™ Slayer Edition Grand Theft Auto: Vice City Grim Fandango Remastered GRID GRID Autosport Just Survive, Just Survive Test Server, Z1 Battle Royale, Z1 Battle Royale: Test Server (Unknown package 42337) Hitman Absolution: Elite Edition (12 articulos) How to Survive - Storm Warning Edition Killing Floor Gift Lilly and Sasha: Curse of the Immortals Lords Of The Fallen Mad Max Mahjong Pretty Girls Battle Mahjong Pretty Girls Battle : School Girls Edition Mahjong Pretty Girls Battle Bundle Pack METAL GEAR SOLID V: GROUND ZEROES Middle-earth: Shadow of Mordor Game of the Year Edition Minecraft: Story Mode - A Telltale Games Series Need for Speed: Shift Outlast Outlast: Whistleblower DLC PAYDAY™ The Heist PAYDAY 2 gift Ryse: Son of Rome Resident Evil 6 Complete Rebellion Anthology ( 18 games + dlc) Rocket League + Supersonic Fury DLC Pack, Revenge of the Battle-Cars DLC Pack, Chaos Run DLC Pack Saints Row Ultimate Franchise Pack (48 articulos) Shadow Warrior Sniper Elite 3 South Park™: The Stick of Truth™ Spec Ops: The Line The Binding of Isaac Collection The District The Elder Scrolls V: Skyrim The Elder Scrolls V: Skyrim - Legendary Edition (juego +dlc) The Walking Dead The Walking Dead: 400 Days (DLC)) The Walking Dead: Season 2 The Witcher 2: Assassins of Kings Enhanced Edition The Wolf Among Us Trials Fusion I want...
The attempted come back of CoinEx, China's forked-Bitcoin exchange
Written by Shuyao Kong Published bydecrypt.co An interview with Haipo Yang, a crypto OG who’s trying to reposition his Bitcoin Cash-based CoinEx exchange. And more, in this week’s da bing. https://preview.redd.it/h5f3i3lldv051.jpg?width=3200&format=pjpg&auto=webp&s=09b8696303ae5c6170753cc438929ebe520d4605 Haipo Yang, founder of ViaBTC, one of the largest mining pools in the world, and CoinEx, a crypto exchange known for its focus on Bitcoin Cash-based trading, is a well-known but relatively quiet character in China’s crypto circle. Typically, Yang doesn’t talk that much about his journey launching the mining pool, nor about CoinEx, which launched in December 2017. And he almost never speaks about his fervent support for BCH, a hard fork of Bitcoin, and his now even more enthusiastic belief in BSV. Yet that’s changing of late. Yang has been more active in recent months, participating in interviews about CoinEx and tweeting more frequently on Weibo, China’s Twitter. He’s been making controversial statements predicting the death of BTC, while supporting BCH and BSV on social media. Recently, Yang told me that as a developer rather than a business person, he’s never been comfortable speaking in public. However he’s making an effort now to help publicize his renovation of CoinEx. So, for this week’s da bing, I decided to chat with him and get a peek into the mind of a veteran crypto entrepreneur who’s trying to make a personal, as well as a platform, comeback.
CoinEx’s golden opportunity
The first hard fork of Bitcoin occurred in August, 2017 and created a new cryptocurrency called Bitcoin Cash. The fork was prompted by partisans, including Yang, who wanted bigger block sizes on the blockchain — the basic idea was that bigger blocks would enable more transactions per second and make Bitcoin Cash something people would actually use to buy things, rather than Bitcoin’s more commonly perceived use as a store of value. Yang added a tremendous amount of value to the mining scene in China. As a technical founder with has years of experience in big tech firms such as Tencent, Yang is proud of his #buidl skills. He developed most of the code in the early days of VicBTC, which became one of the biggest mining pools to this day. Not satisfied with owning just a mining pool,Yang conceived of CoinEx, which was born in December of that year, specifically to carry on the mission of the newly forked Bitcoin Cash blockchain. As he got swept up in Bitcoin Cash enthusiasm, he even said that “BCH is bitcoin.” CoinEx’s strategy was BCH-focused from day one; BCH was its base currency, meaning you could use it to buy and sell other currencies, such as Ethereum and Litecoin. Interestingly, Jihan Wu, the co-founder of Bitcoin Exchange — himself a famous BCH supporter — was a big investor in the exchange. That made me wonder why he, Yang, and many other OG crypto miners, were so passionate about BCH. Was it just about bigger block sizes? “Bigger block size means more users and use cases,” Yang explained. The move to bigger block sizes was attractive to miners because they would facilitate more transactions. Miners make money on transaction fees, as well as mining blocks. Likewise, the network would arguably be more useful to people, who were looking for digital cash for every day use. That especially resonated with many early hardcore Bitcoiners. Said Yang: “We really believe that Bitcoin should be a P2P cash vehicle rather than a store of value.” This view probably sounds outdated to people who believe that Bitcoin’s value as cash is long gone, with solutions such as Lightning Network fulfilling that role. Instead, the new narrative for Bitcoin resides in its value, rather than utility. Yet Yang believed that the forked network would create far more opportunity “We could invite influential companies to establish nodes and contribute to the network. This cannot be done with the original Bitcoin architecture,” he said.
But from its inception, CoinEx struggled with adoption and was dwarfed by the bigger exchanges. Part of that had to do with the fact that BCH and “Bitcoin Satoshi’s Vision,” another Bitcoin hard fork, were both controversial. Critics pointed out that these networks are centralized in a few big mining pools, and 51% attacks are not out of the question. So over time, though Yang’s exchange still maintains strong support for BCH and BSV, it began to add support for all the major currencies. Finally, in January of this year, it announced a major upgrade, of… well, just about everything. It started to offer futures trading, leveraged trading, options trading, and over 100 token projects available to traders. It even rolled out its own blockchain, “CoinEx Chain” to support a new DEX, “CoinEx DEX.” https://preview.redd.it/3okoy5mudv051.png?width=1432&format=png&auto=webp&s=7099249da4a95db873d268f2dfc95d8db93a368e The seemingly sudden publicity of CoinEx should not come as a surprise, then. As BCH/BSV was being marginalized, Yang shifted his focus. He’s now trying to ride the wave of building a bigger, more dynamic exchange. “Crypto exchanges are where value is discovered,” Yang told me.
Building an exchange isn’t done overnight, nor is re-building one. CoinEx is still competing with the giants such as Binance. However Yang thinks his exchange will thrive by zigging when his competitors zag. As usual, CoinEx is taking a slightly different route, he told me. Like what? “We will be listing 小币种,” he said, using the expression for “small token projects.” I cannot help but wonder if these “small token projects” are simply shitcoins, the trading of which is certainly not new. Indeed, Yang said that he’s banking on the success of his new, public blockchain. “We are building a CoinEx Chain, a layer one protocol for DEX alone. Using our public blockchain, anyone can issue any token, at any time,” he said. He described the blockchain as “a real decentralized, token-issuance and transaction platform.” This is the core of Yang’s plan and vision. He believes that centralized exchanges will be a bottleneck for crypto adoption because it contradicts crypto’s nature as a completely free and open infrastructure. Essentially anyone should be able to launch a token and trade it with anyone. Only by building DEXes can we achieve full decentralization, he says.
The Religious nature of Bitcoin, and forked Bitcoin
It’s his belief that Bitcoin should adhere to Satoshi’s original vision that led Yang to send yet another controversial tweet last week, which I will translate: “The early days of Bitcoin expansion are similar to religion. The religious fervor brings prosperity to the industry.” By extension, Yang believes that the next generation of Bitcoin should provoke a similar “religious” fervor. That’s why he has slowly become more of a BSV advocate than a fan of Bitcoin Cash. Yang believes that “BSV has more religious connotations, despite its negative image.” (As most crypto people know, the controversial Craig Wright, who claims to be Satoshi Nakamoto, led the hard fork which created BSV. Consequently it is often met with skepticism and derision.) “The early days of Bitcoin expansion are similar to religion,” said Yang. “The religious fervor brings prosperity to the industry.” Crypto is famous for its tribalism. Many people choose one camp over another not for practical reasons but because of simple faith. Talking to Yang and reading his tweet brings a historic texture to the Bitcoin narrative. But crypto cannot survive on religion alone. One has to build. Hash might have been worshipped in the old days but now the crypto religion is all about the size of the congregation. Original article Click here to register on CoinEx!
Cryptocurrency exchanges process over $20 billion in trade volume per day. Most of the transactions are going through centralized exchanges, where the users need to fully trust them for managing their assests and transactions. However, the risk of trusting these centralized exchanges has also been seen. For example, QuadrigaCX, which was the largest cryptocurrency exchange in Canada, lost $19 million of their customers' assets . Decentralized Exchanges (DEXes) have been introduced to address this problem -- they allow traders to purchase and sell cryptocurrencies in a peer-to-peer manner, so no involvement of any trusted party is required. Atomic Swap is one of the promising technology for implementing a DEX. While it enables pure peer to peer trading, it also introduces problems such as unfairness and long confirmation latency. While existing work  has provided a solution towards a fair atomic swap protocol, the issue of long confirmation latency is inherent. Another promising direction is leveraging liquidity pools. With liquidity pools, pairs of assets are reserved for trading. For any pair of assets supported by the liquidity pool, traders can exchange their assets without any third party. As traders can only perform the transactions if there are reserved assets, one core problem is how to attract liquidity providers to provide liquidity by reserving assets. It is not difficult to see that incentive [3,4], which has been a key component of all permissionless blockchains, can be equipped to incentivize liqudity providers. However, flawed incentive designs will lead to attacks and other concerns [5-13]. There are two main types of incentive designs, namely "trans-fee mining" and "liquidity mining". They are different from the Proof-of-X mining in blockchains for reaching consensus (a detailed analysis can be found in the survey ). Rather, they are used to incentivise users to join the ecosystem. "Trans-fee mining" was proposed by FCoin in 2018 . With FCoin, each time a transaction is created, 100% of its transaction fee will be returned in FCoin token to the payer as a reward. This is one incentive design to encourage traders to join the system. However, as FCoin may have no value to the trader, FCoin also introduces extra reward to all coin holders -- 80% of the transaction fee in its native currency (such as ETH) will be distributed to all coin holders. So, traders are incentivized to join the system, becoming a holder of FCoin token, and obtaining a share of the transaction fee of every transaction in the FCoin ecosystem. While this had successful attracted traders, it is not sustainable. Rather than charging a trader to perform transactions, FCoin rewards traders. Profit-driven traders will create transactions at full speed to earn FCoin token and the share as a token holder. Indeed, the trading volume of FCoin was the top one among all exchange services, and the daily reward can be as high as 6000 BTC . However, once all coins are minted, then the system would lose liveness as there is not enough supply to be distributed. "Liquidity mining" aims at giving reward to the liquidity providers rather than the traders. There are different ways to implement liquidity mining. Compound  is a famous example of protocols deploying liquidity mining. With Compound, users become a liquidity provider by supply assets to a pool and obtain interests for its contribution (similar to depositing money into a bank). Liquidity providers first reserve some assets in the pool and obtain "cToken" of Compound which entitles the owner to an increasing quantity of the underlying asset. Users can use their "cToken" to borrow different assets available on the Compound and pay some interests to Compund. The borrowers may have some quick gains through the financial games . Both borrowers and liquidity providers can withdraw their asset by trading them back with "cToken". Oners of "cToken" can also manage the business direction and decisions of Compound through weighted voting. The potential concern here is that rich users might be able to take over the control of the system. Uniswap  is another popular DEX deploying liquidity mining. Uniswap incentivizes liquidity providers by giving them a share of the earned transaction fees. In particular, Uniswap changes each transaction a 0.3% fee, where 0.25% will be distributed to the liquidity providers, and 0.05% will go to the Uniswap account. One issue is how to incentivize traders. With Uniswap, traders are incentivized by the potential profit it can gain through the price difference between Uniswap and other exchanges. Uniswap price oracle is based on a constant function market makers [20,21], where the product of the number of reserved tokens is a constant. For example, if Uniswap has a pair of X token A and Y token B, then when a user using X' token A to buy Y' token B, the product of the reserved number of tokens should remain the same, i.e., XY = (X+X')(Y-Y'). The price of Uniswap (V1) is also defined in this way. This allows traders to speculate in the exchange market as the asset price on Uniswap is changed dynamically and is different from other exchanges. This, on the other hand, may have a security risk as the price can be easily manipulated. Uniswap (V2) fixed this problem by taking an accumulated price over a period of time . However, as speculation/manipulation becomes harder, the trading volume may decrease. MiniSwap  introduces a hybrid model (a mixture of "trans-fee mining" and "liquidity mining") to address the above issues. MiniSwap provides three types of rewards. For each trade with transaction fee f ETH in MiniSwap, a number of MiniSwap tokens (called MINI) worth 2f ETH will be minted. A (parameterized) portion of the tokens are given to the trader, and the rest are distribued to the liqudity providers. The transaction fee (f ETH) is used to exchange MINI in the liquidity pool. 50% of the obtained MINI will be distributed to all MINI holders, and the other 50% will be destroyed. In this way, both traders and liquidity providers are incentivized to join the ecosystem. Recall that with FCoin, there is a problem when all coins are minted. MiniSwap has an upper bound (of 500,000 tokens) on the number of tokens can be created every day, and this limit reduces every month until a point where the limit (18,000 tokens) remains unchanged. This guarantees the sustainability of the system as the mining process can last for 100 years. The parameterized ratio of tokens as the reward to the trader and liquidity provider can also strengthen sustainability. It enables the system to dynamically balance the incentive of different parties in the system to make it more sustainable. Overall, the MiniSwap hybrid model has taken the benefit of both "trans-fee mining" model and "liquidity mining" model, while eliminated the potential concerns. Formally defining and analyzing these models, e.g. through the game-theoretic approach , would be an interesting direction. Reference  The Guardian, Cryptocurrency investors locked out of $190m after exchange founder dies, 2019.  Runchao Han, Haoyu Lin, Jiangshan Yu. On the optionality and fairness of Atomic Swaps, ACM Conference on Advances in Financial Technologies, 2019.  Satoshi Nakamoto. 2008. Bitcoin: a peer-to-peer electronic cash system  Jiangshan Yu, David Kozhaya, Jeremie Decouchant, and Paulo Verissimo. Repucoin: your reputation is your power. IEEE Transactions on Computers, 2019.  Joseph Bonneau. Why Buy When You Can Rent? - Bribery Attacks on Bitcoin-Style Consensus. Financial Cryptography and Data Security - International Workshops on BITCOIN, VOTING, and WAHC, 2016.  Yujin Kwon, Hyoungshick Kim, Jinwoo Shin, and Yongdae Kim. Bitcoin vs. Bitcoin Cash: Coexistence or Downfall of Bitcoin Cash, IEEE Symposium on Security and Privacy (SP), 2019.  Kevin Liao and Jonathan Katz. Incentivizing blockchain forks via whale transactions. International Conference on Financial Cryptography and Data Security, 2017.  Ayelet Sapirshtein, Yonatan Sompolinsky, and Aviv Zohar. Optimal Selfish Mining Strategies in Bitcoin. Financial Cryptography and Data Security, 2016.  Ittay Eyal and Emin Gün Sirer. Majority Is Not Enough: Bitcoin Mining Is Vulnerable. Financial Cryptography and Data Security, 2014.  Ittay Eyal. The Miner’s Dilemma. IEEE Symposium on Security and Privacy, 2015.  Miles Carlsten, Harry A. Kalodner, S. Matthew Weinberg, and Arvind Narayanan. On the Instability of Bitcoin Without the Block Reward. ACM SIGSAC Conference on Computer and Communications Security, 2016.  Kartik Nayak, Srijan Kumar, Andrew Miller, and Elaine Shi. Stubborn mining: generalizing selfish mining and combining with an eclipse attack. IEEE European Symposium on Security and Privacy, 2016.  Runchao Han, Zhimei Sui, Jiangshan Yu, Joseph K. Liu, Shiping Chen. Sucker punch makes you richer: Rethinking Proof-of-Work security model, IACR Cryptol. ePrint Arch, 2019.  Christopher Natoli, Jiangshan Yu, Vincent Gramoli, Paulo Jorge Esteves Veríssimo. Deconstructing Blockchains: A Comprehensive Survey on Consensus, Membership and Structure. CoRR abs/1908.08316, 2019.  FCoin, https://www.fcoin.pro  The Block Crypto. Cryptocurrency exchange Fcoin expects to default on as much as $125M of users' bitcoin, 2020.  Compound, https://compound.finance.  Philip Daian, Steven Goldfeder, Tyler Kell, Yunqi Li, Xueyuan Zhao, Iddo Bentov, Lorenz Breidenbach, Ari Juels. Flash Boys 2.0: Frontrunning, Transaction Reordering, and Consensus Instability in Decentralized Exchanges. IEEE Symposium on Security and Privacy, 2020.  Uniswap. https://uniswap.org  Bowen Liu, Pawel Szalachowski. A First Look into DeFi Oracles. CoRR abs/2005.04377, 2020.  Guillermo Angeris, Tarun Chitra. Improved Price Oracles: Constant Function Market Makers, CoRR abs/ 2003.10001, 2020.  Uniswap V2.0 whitepaper. https://uniswap.org/whitepaper.pdf  MiniSwap. https://www.miniswap.org  Ziyao Liu, Nguyen Cong Luong, Wenbo Wang, Dusit Niyato, Ping Wang, Ying-Chang Liang, Dong In Kim. A Survey on Blockchain: A Game Theoretical Perspective. IEEE Access, 2019.
I get a lot of questions about bitcoin from friends and family members. I wrote this up and to the best of my knowledge covers everything a NOOB should know about bitcoin. That being said I probably made some mistakes and welcome any feedback from the community I could get on cleaning up the verbiage. Thanks in advance! Bitcoin For NOOBS Peer to peer digital currency that is scares. It is digitally secure through cryptography and decentralized through open protocol mining principals. Peer to peer: USD: paper dollars can be exchanged peer to peer but any other form of USD exchange requires your banks permission to use your own money. In fact if you try to pull out too much paper USD your bank may question you. BTC: Can be exchanged with no middle man. No bank or government permissions needed for any amount and can be exchanged across the global at any time. Scarsity USD: Print more money just write an IOU to the banks no big deal. Inflationary. BTC: The number of BTCs that will ever exists is a fixed number it will never change. Deflationary. Cryptography: USD: With USD the “keys” to your wallet lie with your identity. If I can gain access to your identity I can gain access to your funds. BTC: Your identity does not travel with the coin ledger. Stealing your identity does not mean your funds can be accessed. Decentralization USD: The federal reserve banks are owned by unknown individuals. Make no mistake the illuminate exists. When the fed prints money the write those unknown individuals and IOU. Out of thin air wealth is created to individuals not the government. You don’t know who they are and never will. BTC: Anyone can mine bitcoin. You dedicate your hardware to mining aka processing transactions. It costs you money to run that hardware. Your reward for your hardware costs is bitcoin. The mathematical principals behind bitcoin do a check for how many mining machines decided if a transaction is real or not. 51% wins. The more bitcoin is used and the more people that dedicate hardware to mining the more digitally secure it becomes. Bitcoins case for calling it gold 2.0: Currently bitcoin is not acting like the USD but instead acting more like gold a store of value. Long ago before the dollar gold was the standard. The government attempted to issue greenbacks however no one wanted them since gold was the tradition and was scares in supply. The government decided to back the dollar with federal gold reserves. Federal reserves no longer exist as they once have in fact if you invest in gold via the stock market there is a slim chance it is backed by any type of gold reserve it’s really just all digital money for the most part now a days. While bitcoin is truly limited in supply and scares not only is it a great store of value but it has even more use than gold. It can be exchanged electronically peer to peer across the globe and used via smart contracts etc. A quick google search say that the total value of gold in the world is at roughly 7.5trillon dollars. Gold does has more use than just a store of value via jewlery electronics etc but let’s compare the numbers side by side. Gold 7.5 trillion BTC market cap 170.5 billion If you agree BTC is a better store of value or at least a decent store of value since it’s truly limited in supply with more usability then it’s easy to see how much upside potential is left on the table. As the fed continues to put out more money during these economic hard times they are causing inflation while BTC has just undergone a halving aka it’s harder for miners to produce a bitcoin reward meaning deflation. Bitcoin is the perfect place for you to store that big fat government stimulus check if you don’t need the money for awhile. Edit: added these sections based on feedback from friends. Dollars and cents: USD: One dollar can be broken down into .01 dollars or 1 cent. This is the smallest unit of measure in USD. BTC: 1 Bitcoin can be broken down into .00000001 bitcoins or 1 sats which is short for Satoshi’s. 1 sat is the smallest unit of measure in terms of BTC. Owning Bitcoin: You can own bitcoin a few different ways but we will talk about two methods in general. Owning coins through a 3rd party such as Coinbase or Robinhood vs owning your coins via your own hardware wallet. 3rd Party: The platform you use can hold some control over you and limit your funds etc just like a bank. They will take additional fees for each transaction you place etc. This really isn’t what bitcoin was intended for but it’s how most people use it currently. Hardware wallet: You own the currency on a hardware wallet like a Ledger wallet etc. there is no middle man. You own the coin and the “keys”
Dash Competitive basket index for Saturday, 27 June, 2020. Good on the 7 day data, bad on the 24 hour data, and the CBI will be going on holiday for a week.
The Dash Competitive basket index will be taking a holiday for a week or so. I am also considering collecting data every day (as always) but only publishing a weekly report. Feel free to chime in with an opinion. I serve the Dash community. We dropped a rank. We did well on the 7 day data, and not so great on the 24 hour data.
Dash outperformed 15 of the 22 cryptos listed above us on CoinPaprika (68% win rate). The 30 day SMA* is 37%
Dash outperformed 5 of the 10 cryptos ranked below us (50% win rate). The 30 day SMA* is 34%.
In total, Dash outperformed 20 of the top 32 cryptos (63% win rate) on the 7 day time frame. The 30 day SMA* is 36%.
Bitcoin dominance was unchanged at 63.7%.
23 of the top 32 cryptos beat Bitcoin (72%) on the 7 day data.
On the 7 day time frame, 14 of the top 33 cryptos (42%) were in the green.
On the 24 hour time frame, 6 of the top 33 (18%) cryptos were in the green.
On the 24 hour time frame, Dash beat 8 of the top 32 cryptos (25%).
Introduction This story starts with DCG and it’s relationship with Dr. Darren Tapp of ASU (Arizona State University). But Dr. Tapp does not stand alone, for there is a loose network of friends with a shared agenda, not only to make dash a regulator-friendly project but to wilfully weaken end-user privacy by upholding a principle of transparency-first. More than ever, society is engaged in a war on privacy. And when it comes to financial transactions, DCG has taken the position of transparency-first. In sharp contrast, many other projects in this industry are either improving end-user privacy (decred, tezos etc), or actively pursuing privacy first (monero, beam etc). As you may know, the scaling wars of the past revolved around block size, eventually giving way to “big blocker” projects like bitcoin cash and dash. By enforcing small blocks, Blockstream successfully syphoned off miner fees to the Lightning Network and it’s own Liquid Network. I believe we may be witnessing a similar event with dash. This time it’s not a scaling issue, it’s a privacy issue; transparency-first vs privacy-first. The Power of Inaction As many of you know, Dr. Darren Tapp is a research professor at ASU. And you may also be aware, in July 2019, the dash treasury paid ASU 345 dash for research into zero-knowledge proofs. Here’s an excerpt from the proposal along with the relevant link:
“This proposal seeks funding to renew our annual funding commitment to ASU’s Blockchain Research Lab and specifically to fund a research project which would investigate methods to apply zero-knowledge proofs to blockchain identities. It is possible Dash could leverage this research to apply zero-knowledge proofs to identity functions within the Dash network.” https://www.dashcentral.org/p/dash-core-group-research
To date, there has been zero feedback from this project and, so far, all requests for an update have resulted in silence, including it’s omission from the DCG quarterly call. I am particularly concerned by a seemingly gross contradiction. The result of this research into zero-knowledge proofs was to apply to blockchain identities but not to actual payments when they hit the dash blockchain. DCG and it’s proponents argue that privacy-first negates the ability to audit the chain for inflation. But if this was true, how can anyone argue with confidence that zero-knowledge proofs would only work with blockchain identities? It is, I say, a bit disingenuous to suggest it can work one way but not the other. A Tapp Perspective I now want to draw your attention to a recent interview between Joel Valenzuela and Dr. Darren Tapp on 8 May 2020: https://www.youtube.com/watch?v=Tikj0O0xphE Here is a particularly pertinent quote from Dr. Tapp:
@ 1:06:13 DT: “Well, I’ll just tell you my use case for dash, right. You’re talking about your use case. My use case for dash is, well, I’m not going to worry about the coffee guy thinking I have a whole bunch of money because I’m going to pay with my phone and I’m only going to keep a small amount on my phone, right? So that right there, they would have trouble you know, they have to go a few steps back and then they’re not even sure if it’s mine if there’s no Private Send. Um, if I don’t use Private Send. And if, let’s say, if I did want to take some money and put it into Coinbase. Well, if I don’t use Private Send and they’re asking “where’s the money came from?” - and that’s what they’re going to do - it’s going to be a little bit easier to say, “this is where it came from”, right?. I mean, I wouldn’t lie to them, I’d tell them the same thing no matter if I used Private Send or not, but I just think I’m going to have less problems with the bank and stuff if it wasn’t so obfuscated. So yeah, I think there’s a kind of, I think there needs to be room for both on chain. There needs to be.. I mean, I’m glad you’re enjoying Private Send. I think there are some improvements that can be made to Private Send. Umm, but I mean, there were some discussion of MimbleWimble and there is, no, we do not do that. No no no. But like, I mean, if you want to bring over some improvements, maybe start reading about the Cash Fusion that’s on the Bitcoin Cash. Umm, so err and like, I believe if you read Cash Fusion, their paper, I believe we can do Private Send in a way where the masternodes doesn’t know which output corresponds to which input. So, right now we trust that the masternodes aren’t paying attention, aren’t going to, you know… they’re... yeah I mean, and they have the word trust in it, they have a vested interest in the network working so that Private Send works the way it’s supposed to work. But, you know, at the same time, if you can do some small little cryptographic thing for no real cost on your processors and stuff like that, umm, why wouldn’t you? So that’s one thing I think that can be brought in. I think Cash Fusion also might do a better job of keeping the balance separate or something like that, but err., I would definitely be in favor of improving Private Send. Umm, but also at the same time, I’m glad that I’m given a choice if I want to use it or not. And pretty much anything when I’m interacting with the banking system, which I know you’re doing a fiat-free, so you don’t need to worry about that Joel.. but when you’re interacting with the banking system, the easier it is to explain to them, the better off, the easier time they’ll give you. That’s the way it is.”
In other words, Dr. Tapp’s priority is transparency-first for the benefit of the banking system. What I found particularly interesting was Dr. Tapp’s body language. While he was making the above statement, at 1:07:04 he says, “I wouldn’t lie to them [the bank]” and at this exact same moment he goes to touch his face and pulls back. This is a body language clue that he’s lying or somewhat anxious about saying this. This doesn’t mean he is actually lying because with body language you normally need multiple clues to be sure, but having watched it multiple times, I am personally more convinced than not that he was in fact lying or anxious. Dr. Tapp has outright rejected MimbleWimble, which is fine because MW is just one of several privacy enhancing technologies. But given the complete lack of feedback regarding zero-knowledge proofs from ASU. And given Dr. Tapp’s stance on transparency-first for the benefit of the banking system, I am wondering if there’s more to this than just one person’s opinion on the matter. The Yes Chain DCG asserts that dash has fewer privacy features than bitcoin. To make this case, considerable effort has been made to educate exchanges and regulators: https://blog.dash.org/dash-complies-with-the-financial-action-task-force-fatf-guidelines-including-the-travel-rule-a4c658efc89d According to DCG, the benefits of a transparency-first approach are: a) Transaction monitoring b) Identifying and blocking transactions that utilized mixing, or are in close proximity of known bad actors or sanctioned wallet addresses. c) Track anonymity enhanced convertible virtual currencies and wallet addresses sending more private transactions. d) This means that the VASP can choose to identify, block, and report on all transactions sent with Dash PrivateSend and can track and report on all the components of a mixed transaction. e) Reporting on your users’ blockchain transactions f) Establish an automated record keeping system for suspicious activity g) Activity reporting, customer due diligence, and currency transaction reporting. h) Track anonymity enhanced convertible virtual currencies and wallet addresses sending more private transactions. i) Customizable risk scoring Clearly, the scoring / ranking of coin histories (“risk assessment”) is producing a situation where some coins are more worthy than others. Let us also consider the recent initiative to get dash re-listed on Japanese exchanges at a cost of 428 dash: https://app.dashnexus.org/proposals/listing-dash-in-japan/overview Coinfirm-ation For a number of years, in pursuit of regulatory approval, DCG has been courting chain analysis companies. This started in August 2016 when Robert Wiecko (Dash COO) was invited to attend a bitcoin meetup in Warsaw where he met Pawel Kuskowski (CEO and co-founder of Coinfirm) . Here is the original proposal along with the subsequent Coinfirm interview with Amanda B Johnson: https://www.dash.org/forum/threads/dash-on-warsaw-block-on-25-08-2016.10211/ https://www.youtube.com/watch?v=KJOhIkeK3Ho Mr Wiecko’s original proposal failed to mention any relationship or intention to engage with chain analysis companies. Nor was it mentioned that this meetup itself was sponsored by Coinfirm. It comes with little surprise that Robert Wiecko does, in fact, have some experience working with compliance (see @ 27:05 of Amanda’s video).
“Btw, we have, both of us have a compliance background. My last job was with [inaudible] bank, before that within a banking compliance department”
“The thieves didn’t move the funds right away. A couple months after the initial theft, they started to move the funds to multiple wallet addresses across the world. During their hundreds of transfers, the thieves converted the Dash into other cryptocurrencies. We were able to track their every transfer, whether it was from one Dash address to another, or from a Dash address into another cryptocurrency. In the end, the thieves had transferred the stolen Dash into hundreds of different wallet addresses and exchanged the Dash for Bitcoin, Ether and Bitcoin Cash. We collaborated with the FBI and traced the funds to an exchange in Asia. Through our connections with that exchange, law enforcement was able to obtain details of the account owner, which led to a bank account. By September 2018, three months after the theft, our tools and collaboration with law enforcement had identified a person involved in this theft. At that point, the victims, law enforcement and us at BlockchainIntel were hopeful there would be some recovery of stolen funds. But that’s when things slowed down. A lot.”
“Over the past few years, Iranian visa-holders resident in the United States have seen their bank accounts at U.S. financial institutions shuttered as a result of U.S. sanctions. The most recent case is that of Chase Bank, where NIAC has learned that Chase is closing the bank accounts of Iranian visa-holders. NIAC is deeply concerned that U.S. banks are denying financial services to Iranians in the United States on the basis of their national origin and calls on Chase Bank and other U.S. financial institutions to cease and desist from such discriminatory policies. At the same time, NIAC believes that the repeated nature of these account closures makes it incumbent on the U.S. administration to take immediate steps to provide clarity as to the scope of existing U.S. sanctions laws — none of which bar U.S. banks from opening and maintaining accounts for Iranian visa-holders resident in the United States.”
Great! Who needs banks when Iranians can use dash! But then again, what if the recent history of your dash coins was linked to an innocent Iranian, disqualified and excluded by sanctions? Closing A global peer-to-peer electronic cash system needs to be cheap, fast and very easy to use. Dash’s technical ability to meet demand is very much in sight and the Velocity protocol certainly seems promising. But digital cash also requires a high degree of fungibility. The less fungibility there is, the more discretion and division it sows. The path of a coin should not unduly taint a person’s reputation. Incremental improvements have been made to Private Send but it is today, fundamentally, the same as it was six years ago. Mixing takes a long time and the user requires knowledge to use it in a safe manner. For example, external actors proactively breaking VPN connections to reveal the underlying IP address during mixing. A poor user experience is probably why Private Send isn’t used very much and that seems like a very convenient situation for those people actively pursuing regulatory approval. I have to wonder, has the internal workings of DCG been compromised by state level actors? Is this why key members of DCG have refused to undergo a polygraph test?
What Is The Dark Web? How Can You Access It? What Will You Find?
Dark Net Hacker DarkNetHacker.net What is the dark web? How to access it and what you'll find The dark web is part of the internet that isn't visible to search engines and requires the use of an anonymizing browser called Tor to be accessed. Dark web definition The dark web is a part of the internet that isn't indexed by search engines. You've no doubt heard talk of the “dark web” as a hotbed of criminal activity — and it is. Researchers Daniel Moore and Thomas Rid of King's College in London classified the contents of 2,723 live dark web sites over a five-week period in 2015 and found that 57% host illicit material. A 2019 study, Into the Web of Profit, conducted by Dr. Michael McGuires at the University of Surrey, shows that things have become worse. The number of dark web listings that could harm an enterprise has risen by 20% since 2016. Of all listings (excluding those selling drugs), 60% could potentially harm enterprises. You can buy credit card numbers, all manner of drugs, guns, counterfeit money, stolen subscription credentials, hacked Netflix accounts and software that helps you break into other people’s computers. Buy login credentials to a $50,000 Bank of America account for $500. Get $3,000 in counterfeit $20 bills for $600. Buy seven prepaid debit cards, each with a $2,500 balance, for $500 (express shipping included). A “lifetime” Netflix premium account goes for $6. You can hire hackers to attack computers for you. You can buy usernames and passwords. But not everything is illegal, the dark web also has a legitimate side. For example, you can join a chess club or BlackBook, a social network described as the “the Facebook of Tor.” Note: This post contains links to dark web sites that can only be accessed with the Tor browser, which can be downloaded for free at https://www.torproject.org. Deep web vs. dark web: What’s the difference? The terms “deep web” and “dark web” are sometimes used interchangeably, but they are not the same. Deep web refers to anything on the internet that is not indexed by and, therefore, accessible via a search engine like Google. Deep web content includes anything behind a paywall or requires sign-in credentials. It also includes any content that its owners have blocked web crawlers from indexing. Medical records, fee-based content, membership websites, and confidential corporate web pages are just a few examples of what makes up the deep web. Estimates place the size of the deep web at between 96% and 99% of the internet. Only a tiny portion of the internet is accessible through a standard web browser—generally known as the “clear web”. RECOMMENDED WHITEPAPERS 2020 Modern Backup Buyers’ Guide Business continuity for remote workers 10 Reasons Why 15,000+ Businesses Point DNS to Cisco Umbrella The dark web is a subset of the deep web that is intentionally hidden, requiring a specific browser—Tor—to access, as explained below. No one really knows the size of the dark web, but most estimates put it at around 5% of the total internet. Again, not all the dark web is used for illicit purposes despite its ominous-sounding name. Dark web tools and services that present enterprise risk The Into the Web of Profit report identified 12 categories of tools or services that could present a risk in the form of a network breach or data compromise: Infection or attacks, including malware, distributed denial of service (DDoS) and botnets Access, including remote access Trojans (RATs), keyloggers and exploits Espionage, including services, customization and targeting Support services such as tutorials Credentials Phishing Refunds Customer data Operational data Financial data Intellectual property/trade secrets Other emerging threats The report also outlined three risk variables for each category: Devaluing the enterprise, which could include undermining brand trust, reputational damage or losing ground to a competitor Disrupting the enterprise, which could include DDoS attacks or other malware that affects business operations Defrauding the enterprise, which could include IP theft or espionage that impairs a company's ability to compete or causes a direct financial loss Dark web browser All this activity, this vision of a bustling marketplace, might make you think that navigating the dark web is easy. It isn’t. The place is as messy and chaotic as you would expect when everyone is anonymous, and a substantial minority are out to scam others. Accessing the dark web requires the use of an anonymizing browser called Tor. The Tor browser routes your web page requests through a series of proxy servers operated by thousands of volunteers around the globe, rendering your IP address unidentifiable and untraceable. Tor works like magic, but the result is an experience that’s like the dark web itself: unpredictable, unreliable and maddeningly slow. [ Is your data being sold? What you need to know about monitoring the dark web. | Get the latest from CSO by signing up for our newsletters. ] Still, for those willing to put up with the inconvenience, the dark web provides a memorable glimpse at the seamy underbelly of the human experience – without the risk of skulking around in a dark alley. Dark web search engine Dark web search engines exist, but even the best are challenged to keep up with the constantly shifting landscape. The experience is reminiscent of searching the web in the late 1990s. Even one of the best search engines, called Grams, returns results that are repetitive and often irrelevant to the query. Link lists like The Hidden Wiki are another option, but even indices also return a frustrating number of timed-out connections and 404 errors. Dark web sites Dark web sites look pretty much like any other site, but there are important differences. One is the naming structure. Instead of ending in .com or .co, dark web sites end in .onion. That’s “a special-use top level domain suffix designating an anonymous hidden service reachable via the Tor network,” according to Wikipedia. Browsers with the appropriate proxy can reach these sites, but others can’t. Dark web sites also use a scrambled naming structure that creates URLs that are often impossible to remember. For example, a popular commerce site called Dream Market goes by the unintelligible address of “eajwlvm3z2lcca76.onion.” Many dark websites are set up by scammers, who constantly move around to avoid the wrath of their victims. Even commerce sites that may have existed for a year or more can suddenly disappear if the owners decide to cash in and flee with the escrow money they’re holding on behalf of customers. Law enforcement officials are getting better at finding and prosecuting owners of sites that sell illicit goods and services. In the summer of 2017, a team of cyber cops from three countries successfully shut down AlphaBay, the dark web’s largest source of contraband, sending shudders throughout the network. But many merchants simply migrated elsewhere. The anonymous nature of the Tor network also makes it especially vulnerable to DDoS, said Patrick Tiquet, Director of Security & Architecture at Keeper Security, and the company’s resident expert on the topic. “Sites are constantly changing addresses to avoid DDoS, which makes for a very dynamic environment,” he said. As a result, “The quality of search varies widely, and a lot of material is outdated.” SALTED HASH Get a hands-on, inside look at the dark web | Salted Hash Ep 25 Commerce on the dark web The dark web has flourished thanks to bitcoin, the crypto-currency that enables two parties to conduct a trusted transaction without knowing each other’s identity. “Bitcoin has been a major factor in the growth of the dark web, and the dark web has been a big factor in the growth of bitcoin,” says Tiquet. Nearly all dark web commerce sites conduct transactions in bitcoin or some variant, but that doesn’t mean it’s safe to do business there. The inherent anonymity of the place attracts scammers and thieves, but what do you expect when buying guns or drugs is your objective? Dark web commerce sites have the same features as any e-retail operation, including ratings/reviews, shopping carts and forums, but there are important differences. One is quality control. When both buyers and sellers are anonymous, the credibility of any ratings system is dubious. Ratings are easily manipulated, and even sellers with long track records have been known to suddenly disappear with their customers’ crypto-coins, only to set up shop later under a different alias. Most e-commerce providers offer some kind of escrow service that keeps customer funds on hold until the product has been delivered. However, in the event of a dispute don’t expect service with a smile. It’s pretty much up to the buyer and the seller to duke it out. Every communication is encrypted, so even the simplest transaction requires a PGP key. Even completing a transaction is no guarantee that the goods will arrive. Many need to cross international borders, and customs officials are cracking down on suspicious packages. The dark web news site Deep.Dot.Web teems with stories of buyers who have been arrested or jailed for attempted purchases. SECURITY How the dark web has gone corporate Is the dark web illegal? We don’t want to leave you with the impression that everything on the dark web is nefarious or illegal. The Tor network began as an anonymous communications channel, and it still serves a valuable purpose in helping people communicate in environments that are hostile to free speech. “A lot of people use it in countries where there’s eavesdropping or where internet access is criminalized,” Tiquet said. If you want to learn all about privacy protection or cryptocurrency, the dark web has plenty to offer. There are a variety of private and encrypted email services, instructions for installing an anonymous operating system and advanced tips for the privacy-conscious. There’s also material that you wouldn’t be surprised to find on the public web, such as links to full-text editions of hard-to-find books, collections of political news from mainstream websites and a guide to the steam tunnels under the Virginia Tech campus. You can conduct discussions about current events anonymously on Intel Exchange. There are several whistleblower sites, including a dark web version of Wikileaks. Pirate Bay, a BitTorrent site that law enforcement officials have repeatedly shut down, is alive and well there. Even Facebook has a dark web presence. “More and more legitimate web companies are starting to have presences there,” Tiquet said. “It shows that they’re aware, they’re cutting edge and in the know.” There’s also plenty of practical value for some organizations. Law enforcement agencies keep an ear to the ground on the dark web looking for stolen data from recent security breaches that might lead to a trail to the perpetrators. Many mainstream media organizations monitor whistleblower sites looking for news. Staying on top of the hacker underground Keeper’s Patrick Tiquet checks in regularly because it’s important for him to be on top of what’s happening in the hacker underground. “I use the dark web for situational awareness, threat analysis and keeping an eye on what’s going on,” he said will. “I want to know what information is available and have an external lens into the digital assets that are being monetized – this gives us insight on what hackers are targeting.” If you find your own information on the dark web, there’s precious little you can do about it, but at least you’ll know you’ve been compromised. Bottom line: If you can tolerate the lousy performance, unpredictable availability, and occasional shock factor of the dark web, it’s worth a visit. Just don’t buy anything there.
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