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Bob The Magic Custodian
Summary: Everyone knows that when you give your assets to someone else, they always keep them safe. If this is true for individuals, it is certainly true for businesses. Custodians always tell the truth and manage funds properly. They won't have any interest in taking the assets as an exchange operator would. Auditors tell the truth and can't be misled. That's because organizations that are regulated are incapable of lying and don't make mistakes. First, some background. Here is a summary of how custodians make us more secure: Previously, we might give Alice our crypto assets to hold. There were risks:
Alice might take the assets and disappear.
Alice might spend the assets and pretend that she still has them (fractional model).
Alice might store the assets insecurely and they'll get stolen.
Alice might give the assets to someone else by mistake or by force.
Alice might lose access to the assets.
But "no worries", Alice has a custodian named Bob. Bob is dressed in a nice suit. He knows some politicians. And he drives a Porsche. "So you have nothing to worry about!". And look at all the benefits we get:
Alice can't take the assets and disappear (unless she asks Bob or never gives them to Bob).
Alice can't spend the assets and pretend that she still has them. (Unless she didn't give them to Bob or asks him for them.)
Alice can't store the assets insecurely so they get stolen. (After all - she doesn't have any control over the withdrawal process from any of Bob's systems, right?)
Alice can't give the assets to someone else by mistake or by force. (Bob will stop her, right Bob?)
Alice can't lose access to the funds. (She'll always be present, sane, and remember all secrets, right?)
See - all problems are solved! All we have to worry about now is:
Bob might take the assets and disappear.
Bob might spend the assets and pretend that he still has them (fractional model).
Bob might store the assets insecurely and they'll get stolen.
Bob might give the assets to someone else by mistake or by force.
Bob might lose access to the assets.
It's pretty simple. Before we had to trust Alice. Now we only have to trust Alice, Bob, and all the ways in which they communicate. Just think of how much more secure we are! "On top of that", Bob assures us, "we're using a special wallet structure". Bob shows Alice a diagram. "We've broken the balance up and store it in lots of smaller wallets. That way", he assures her, "a thief can't take it all at once". And he points to a historic case where a large sum was taken "because it was stored in a single wallet... how stupid". "Very early on, we used to have all the crypto in one wallet", he said, "and then one Christmas a hacker came and took it all. We call him the Grinch. Now we individually wrap each crypto and stick it under a binary search tree. The Grinch has never been back since." "As well", Bob continues, "even if someone were to get in, we've got insurance. It covers all thefts and even coercion, collusion, and misplaced keys - only subject to the policy terms and conditions." And with that, he pulls out a phone-book sized contract and slams it on the desk with a thud. "Yep", he continues, "we're paying top dollar for one of the best policies in the country!" "Can I read it?' Alice asks. "Sure," Bob says, "just as soon as our legal team is done with it. They're almost through the first chapter." He pauses, then continues. "And can you believe that sales guy Mike? He has the same year Porsche as me. I mean, what are the odds?" "Do you use multi-sig?", Alice asks. "Absolutely!" Bob replies. "All our engineers are fully trained in multi-sig. Whenever we want to set up a new wallet, we generate 2 separate keys in an air-gapped process and store them in this proprietary system here. Look, it even requires the biometric signature from one of our team members to initiate any withdrawal." He demonstrates by pressing his thumb into the display. "We use a third-party cloud validation API to match the thumbprint and authorize each withdrawal. The keys are also backed up daily to an off-site third-party." "Wow that's really impressive," Alice says, "but what if we need access for a withdrawal outside of office hours?" "Well that's no issue", Bob says, "just send us an email, call, or text message and we always have someone on staff to help out. Just another part of our strong commitment to all our customers!" "What about Proof of Reserve?", Alice asks. "Of course", Bob replies, "though rather than publish any blockchain addresses or signed transaction, for privacy we just do a SHA256 refactoring of the inverse hash modulus for each UTXO nonce and combine the smart contract coefficient consensus in our hyperledger lightning node. But it's really simple to use." He pushes a button and a large green checkmark appears on a screen. "See - the algorithm ran through and reserves are proven." "Wow", Alice says, "you really know your stuff! And that is easy to use! What about fiat balances?" "Yeah, we have an auditor too", Bob replies, "Been using him for a long time so we have quite a strong relationship going! We have special books we give him every year and he's very efficient! Checks the fiat, crypto, and everything all at once!" "We used to have a nice offline multi-sig setup we've been using without issue for the past 5 years, but I think we'll move all our funds over to your facility," Alice says. "Awesome", Bob replies, "Thanks so much! This is perfect timing too - my Porsche got a dent on it this morning. We have the paperwork right over here." "Great!", Alice replies. And with that, Alice gets out her pen and Bob gets the contract. "Don't worry", he says, "you can take your crypto-assets back anytime you like - just subject to our cancellation policy. Our annual management fees are also super low and we don't adjust them often". How many holes have to exist for your funds to get stolen? Just one. Why are we taking a powerful offline multi-sig setup, widely used globally in hundreds of different/lacking regulatory environments with 0 breaches to date, and circumventing it by a demonstrably weak third party layer? And paying a great expense to do so? If you go through the list of breaches in the past 2 years to highly credible organizations, you go through the list of major corporate frauds (only the ones we know about), you go through the list of all the times platforms have lost funds, you go through the list of times and ways that people have lost their crypto from identity theft, hot wallet exploits, extortion, etc... and then you go through this custodian with a fine-tooth comb and truly believe they have value to add far beyond what you could, sticking your funds in a wallet (or set of wallets) they control exclusively is the absolute worst possible way to take advantage of that security. The best way to add security for crypto-assets is to make a stronger multi-sig. With one custodian, what you are doing is giving them your cryptocurrency and hoping they're honest, competent, and flawlessly secure. It's no different than storing it on a really secure exchange. Maybe the insurance will cover you. Didn't work for Bitpay in 2015. Didn't work for Yapizon in 2017. Insurance has never paid a claim in the entire history of cryptocurrency. But maybe you'll get lucky. Maybe your exact scenario will buck the trend and be what they're willing to cover. After the large deductible and hopefully without a long and expensive court battle. And you want to advertise this increase in risk, the lapse of judgement, an accident waiting to happen, as though it's some kind of benefit to customers ("Free institutional-grade storage for your digital assets.")? And then some people are writing to the OSC that custodians should be mandatory for all funds on every exchange platform? That this somehow will make Canadians as a whole more secure or better protected compared with standard air-gapped multi-sig? On what planet? Most of the problems in Canada stemmed from one thing - a lack of transparency. If Canadians had known what a joke Quadriga was - it wouldn't have grown to lose $400m from hard-working Canadians from coast to coast to coast. And Gerald Cotten would be in jail, not wherever he is now (at best, rotting peacefully). EZ-BTC and mister Dave Smilie would have been a tiny little scam to his friends, not a multi-million dollar fraud. Einstein would have got their act together or been shut down BEFORE losing millions and millions more in people's funds generously donated to criminals. MapleChange wouldn't have even been a thing. And maybe we'd know a little more about CoinTradeNewNote - like how much was lost in there. Almost all of the major losses with cryptocurrency exchanges involve deception with unbacked funds. So it's great to see transparency reports from BitBuy and ShakePay where someone independently verified the backing. The only thing we don't have is:
ANY CERTAINTY BALANCES WEREN'T EXCLUDED. Quadriga's largest account was $70m. 80% of funds are in 20% of accounts (Pareto principle). All it takes is excluding a few really large accounts - and nobody's the wiser. A fractional platform can easily pass any audit this way.
ANY VISIBILITY WHATSOEVER INTO THE CUSTODIANS. BitBuy put out their report before moving all the funds to their custodian and ShakePay apparently can't even tell us who the custodian is. That's pretty important considering that basically all of the funds are now stored there.
ANY IDEA ABOUT THE OTHER EXCHANGES. In order for this to be effective, it has to be the norm. It needs to be "unusual" not to know. If obscurity is the norm, then it's super easy for people like Gerald Cotten and Dave Smilie to blend right in.
It's not complicated to validate cryptocurrency assets. They need to exist, they need to be spendable, and they need to cover the total balances. There are plenty of credible people and firms across the country that have the capacity to reasonably perform this validation. Having more frequent checks by different, independent, parties who publish transparent reports is far more valuable than an annual check by a single "more credible/official" party who does the exact same basic checks and may or may not publish anything. Here's an example set of requirements that could be mandated:
First report within 1 month of launching, another within 3 months, and further reports at minimum every 6 months thereafter.
No auditor can be repeated within a 12 month period.
All reports must be public, identifying the auditor and the full methodology used.
All auditors must be independent of the firm being audited with no conflict of interest.
Reports must include the percentage of each asset backed, and how it's backed.
The auditor publishes a hash list, which lists a hash of each customer's information and balances that were included. Hash is one-way encryption so privacy is fully preserved. Every customer can use this to have 100% confidence they were included.
If we want more extensive requirements on audits, these should scale upward based on the total assets at risk on the platform, and whether the platform has loaned their assets out.
There are ways to structure audits such that neither crypto assets nor customer information are ever put at risk, and both can still be properly validated and publicly verifiable. There are also ways to structure audits such that they are completely reasonable for small platforms and don't inhibit innovation in any way. By making the process as reasonable as possible, we can completely eliminate any reason/excuse that an honest platform would have for not being audited. That is arguable far more important than any incremental improvement we might get from mandating "the best of the best" accountants. Right now we have nothing mandated and tons of Canadians using offshore exchanges with no oversight whatsoever. Transparency does not prove crypto assets are safe. CoinTradeNewNote, Flexcoin ($600k), and Canadian Bitcoins ($100k) are examples where crypto-assets were breached from platforms in Canada. All of them were online wallets and used no multi-sig as far as any records show. This is consistent with what we see globally - air-gapped multi-sig wallets have an impeccable record, while other schemes tend to suffer breach after breach. We don't actually know how much CoinTrader lost because there was no visibility. Rather than publishing details of what happened, the co-founder of CoinTrader silently moved on to found another platform - the "most trusted way to buy and sell crypto" - a site that has no information whatsoever (that I could find) on the storage practices and a FAQ advising that “[t]rading cryptocurrency is completely safe” and that having your own wallet is “entirely up to you! You can certainly keep cryptocurrency, or fiat, or both, on the app.” Doesn't sound like much was learned here, which is really sad to see. It's not that complicated or unreasonable to set up a proper hardware wallet. Multi-sig can be learned in a single course. Something the equivalent complexity of a driver's license test could prevent all the cold storage exploits we've seen to date - even globally. Platform operators have a key advantage in detecting and preventing fraud - they know their customers far better than any custodian ever would. The best job that custodians can do is to find high integrity individuals and train them to form even better wallet signatories. Rather than mandating that all platforms expose themselves to arbitrary third party risks, regulations should center around ensuring that all signatories are background-checked, properly trained, and using proper procedures. We also need to make sure that signatories are empowered with rights and responsibilities to reject and report fraud. They need to know that they can safely challenge and delay a transaction - even if it turns out they made a mistake. We need to have an environment where mistakes are brought to the surface and dealt with. Not one where firms and people feel the need to hide what happened. In addition to a knowledge-based test, an auditor can privately interview each signatory to make sure they're not in coercive situations, and we should make sure they can freely and anonymously report any issues without threat of retaliation. A proper multi-sig has each signature held by a separate person and is governed by policies and mutual decisions instead of a hierarchy. It includes at least one redundant signature. For best results, 3of4, 3of5, 3of6, 4of5, 4of6, 4of7, 5of6, or 5of7. History has demonstrated over and over again the risk of hot wallets even to highly credible organizations. Nonetheless, many platforms have hot wallets for convenience. While such losses are generally compensated by platforms without issue (for example Poloniex, Bitstamp, Bitfinex, Gatecoin, Coincheck, Bithumb, Zaif, CoinBene, Binance, Bitrue, Bitpoint, Upbit, VinDAX, and now KuCoin), the public tends to focus more on cases that didn't end well. Regardless of what systems are employed, there is always some level of risk. For that reason, most members of the public would prefer to see third party insurance. Rather than trying to convince third party profit-seekers to provide comprehensive insurance and then relying on an expensive and slow legal system to enforce against whatever legal loopholes they manage to find each and every time something goes wrong, insurance could be run through multiple exchange operators and regulators, with the shared interest of having a reputable industry, keeping costs down, and taking care of Canadians. For example, a 4 of 7 multi-sig insurance fund held between 5 independent exchange operators and 2 regulatory bodies. All Canadian exchanges could pay premiums at a set rate based on their needed coverage, with a higher price paid for hot wallet coverage (anything not an air-gapped multi-sig cold wallet). Such a model would be much cheaper to manage, offer better coverage, and be much more reliable to payout when needed. The kind of coverage you could have under this model is unheard of. You could even create something like the CDIC to protect Canadians who get their trading accounts hacked if they can sufficiently prove the loss is legitimate. In cases of fraud, gross negligence, or insolvency, the fund can be used to pay affected users directly (utilizing the last transparent balance report in the worst case), something which private insurance would never touch. While it's recommended to have official policies for coverage, a model where members vote would fully cover edge cases. (Could be similar to the Supreme Court where justices vote based on case law.) Such a model could fully protect all Canadians across all platforms. You can have a fiat coverage governed by legal agreements, and crypto-asset coverage governed by both multi-sig and legal agreements. It could be practical, affordable, and inclusive. Now, we are at a crossroads. We can happily give up our freedom, our innovation, and our money. We can pay hefty expenses to auditors, lawyers, and regulators year after year (and make no mistake - this cost will grow to many millions or even billions as the industry grows - and it will be borne by all Canadians on every platform because platforms are not going to eat up these costs at a loss). We can make it nearly impossible for any new platform to enter the marketplace, forcing Canadians to use the same stagnant platforms year after year. We can centralize and consolidate the entire industry into 2 or 3 big players and have everyone else fail (possibly to heavy losses of users of those platforms). And when a flawed security model doesn't work and gets breached, we can make it even more complicated with even more people in suits making big money doing the job that blockchain was supposed to do in the first place. We can build a system which is so intertwined and dependent on big government, traditional finance, and central bankers that it's future depends entirely on that of the fiat system, of fractional banking, and of government bail-outs. If we choose this path, as history has shown us over and over again, we can not go back, save for revolution. Our children and grandchildren will still be paying the consequences of what we decided today. Or, we can find solutions that work. We can maintain an open and innovative environment while making the adjustments we need to make to fully protect Canadian investors and cryptocurrency users, giving easy and affordable access to cryptocurrency for all Canadians on the platform of their choice, and creating an environment in which entrepreneurs and problem solvers can bring those solutions forward easily. None of the above precludes innovation in any way, or adds any unreasonable cost - and these three policies would demonstrably eliminate or resolve all 109 historic cases as studied here - that's every single case researched so far going back to 2011. It includes every loss that was studied so far not just in Canada but globally as well. Unfortunately, finding answers is the least challenging part. Far more challenging is to get platform operators and regulators to agree on anything. My last post got no response whatsoever, and while the OSC has told me they're happy for industry feedback, I believe my opinion alone is fairly meaningless. This takes the whole community working together to solve. So please let me know your thoughts. Please take the time to upvote and share this with people. Please - let's get this solved and not leave it up to other people to do. Facts/background/sources (skip if you like):
The inspiration for the paragraph about splitting wallets was an actual quote from a Canadian company providing custodial services in response to the OSC consultation paper: "We believe that it will be in the in best interests of investors to prohibit pooled crypto assets or ‘floats’. Most Platforms pool assets, citing reasons of practicality and expense. The recent hack of the world’s largest Platform – Binance – demonstrates the vulnerability of participants’ assets when such concessions are made. In this instance, the Platform’s entire hot wallet of Bitcoins, worth over $40 million, was stolen, facilitated in part by the pooling of client crypto assets." "the maintenance of participants (and Platform) crypto assets across multiple wallets distributes the related risk and responsibility of security - reducing the amount of insurance coverage required and making insurance coverage more readily obtainable". For the record, their reply also said nothing whatsoever about multi-sig or offline storage.
In addition to the fact that the $40m hack represented only one "hot wallet" of Binance, and they actually had the vast majority of assets in other wallets (including mostly cold wallets), multiple real cases have clearly demonstrated that risk is still present with multiple wallets. Bitfinex, VinDAX, Bithumb, Altsbit, BitPoint, Cryptopia, and just recently KuCoin all had multiple wallets breached all at the same time, and may represent a significantly larger impact on customers than the Binance breach which was fully covered by Binance. To represent that simply having multiple separate wallets under the same security scheme is a comprehensive way to reduce risk is just not true.
Private insurance has historically never covered a single loss in the cryptocurrency space (at least, not one that I was able to find), and there are notable cases where massive losses were not covered by insurance. Bitpay in 2015 and Yapizon in 2017 both had insurance policies that didn't pay out during the breach, even after a lengthly court process. The same insurance that ShakePay is presently using (and announced to much fanfare) was describe by their CEO himself as covering “physical theft of the media where the private keys are held,” which is something that has never historically happened. As was said with regard to the same policy in 2018 - “I don’t find it surprising that Lloyd’s is in this space,” said Johnson, adding that to his mind the challenge for everybody is figuring out how to structure these policies so that they are actually protective. “You can create an insurance policy that protects no one – you know there are so many caveats to the policy that it’s not super protective.”
The most profitable policy for a private insurance company is one with the most expensive premiums that they never have to pay a claim on. They have no inherent incentive to take care of people who lost funds. It's "cheaper" to take the reputational hit and fight the claim in court. The more money at stake, the more the insurance provider is incentivized to avoid payout. They're not going to insure the assets unless they have reasonable certainty to make a profit by doing so, and they're not going to pay out a massive sum unless it's legally forced. Private insurance is always structured to be maximally profitable to the insurance provider.
The circumvention of multi-sig was a key factor in the massive Bitfinex hack of over $60m of bitcoin, which today still sits being slowly used and is worth over $3b. While Bitfinex used a qualified custodian Bitgo, which was and still is active and one of the industry leaders of custodians, and they set up 2 of 3 multi-sig wallets, the entire system was routed through Bitfinex, such that Bitfinex customers could initiate the withdrawals in a "hot" fashion. This feature was also a hit with the hacker. The multi-sig was fully circumvented.
Bitpay in 2015 was another example of a breach that stole 5,000 bitcoins. This happened not through the exploit of any system in Bitpay, but because the CEO of a company they worked with got their computer hacked and the hackers were able to request multiple bitcoin purchases, which Bitpay honoured because they came from the customer's computer legitimately. Impersonation is a very common tactic used by fraudsters, and methods get more extreme all the time.
A notable case in Canada was the Canadian Bitcoins exploit. Funds were stored on a server in a Rogers Data Center, and the attendee was successfully convinced to reboot the server "in safe mode" with a simple phone call, thus bypassing the extensive security and enabling the theft.
The very nature of custodians circumvents multi-sig. This is because custodians are not just having to secure the assets against some sort of physical breach but against any form of social engineering, modification of orders, fraudulent withdrawal attempts, etc... If the security practices of signatories in a multi-sig arrangement are such that the breach risk of one signatory is 1 in 100, the requirement of 3 independent signatures makes the risk of theft 1 in 1,000,000. Since hackers tend to exploit the weakest link, a comparable custodian has to make the entry and exit points of their platform 10,000 times more secure than one of those signatories to provide equivalent protection. And if the signatories beef up their security by only 10x, the risk is now 1 in 1,000,000,000. The custodian has to be 1,000,000 times more secure. The larger and more complex a system is, the more potential vulnerabilities exist in it, and the fewer people can understand how the system works when performing upgrades. Even if a system is completely secure today, one has to also consider how that system might evolve over time or work with different members.
By contrast, offline multi-signature solutions have an extremely solid record, and in the entire history of cryptocurrency exchange incidents which I've studied (listed here), there has only been one incident (796 exchange in 2015) involving an offline multi-signature wallet. It happened because the customer's bitcoin address was modified by hackers, and the amount that was stolen ($230k) was immediately covered by the exchange operators. Basically, the platform operators were tricked into sending a legitimate withdrawal request to the wrong address because hackers exploited their platform to change that address. Such an issue would not be prevented in any way by the use of a custodian, as that custodian has no oversight whatsoever to the exchange platform. It's practical for all exchange operators to test large withdrawal transactions as a general policy, regardless of what model is used, and general best practice is to diagnose and fix such an exploit as soon as it occurs.
False promises on the backing of funds played a huge role in the downfall of Quadriga, and it's been exposed over and over again (MyCoin, PlusToken, Bitsane, Bitmarket, EZBTC, IDAX). Even today, customers have extremely limited certainty on whether their funds in exchanges are actually being backed or how they're being backed. While this issue is not unique to cryptocurrency exchanges, the complexity of the technology and the lack of any regulation or standards makes problems more widespread, and there is no "central bank" to come to the rescue as in the 2008 financial crisis or during the great depression when "9,000 banks failed".
In addition to fraudulent operations, the industry is full of cases where operators have suffered breaches and not reported them. Most recently, Einstein was the largest case in Canada, where ongoing breaches and fraud were perpetrated against the platform for multiple years and nobody found out until the platform collapsed completely. While fraud and breaches suck to deal with, they suck even more when not dealt with. Lack of visibility played a role in the largest downfalls of Mt. Gox, Cryptsy, and Bitgrail. In some cases, platforms are alleged to have suffered a hack and keep operating without admitting it at all, such as CoinBene.
It surprises some to learn that a cryptographic solution has already existed since 2013, and gained widespread support in 2014 after Mt. Gox. Proof of Reserves is a full cryptographic proof that allows any customer using an exchange to have complete certainty that their crypto-assets are fully backed by the platform in real-time. This is accomplished by proving that assets exist on the blockchain, are spendable, and fully cover customer deposits. It does not prove safety of assets or backing of fiat assets.
If we didn't care about privacy at all, a platform could publish their wallet addresses, sign a partial transaction, and put the full list of customer information and balances out publicly. Customers can each check that they are on the list, that the balances are accurate, that the total adds up, and that it's backed and spendable on the blockchain. Platforms who exclude any customer take a risk because that customer can easily check and see they were excluded. So together with all customers checking, this forms a full proof of backing of all crypto assets.
However, obviously customers care about their private information being published. Therefore, a hash of the information can be provided instead. Hash is one-way encryption. The hash allows the customer to validate inclusion (by hashing their own known information), while anyone looking at the list of hashes cannot determine the private information of any other user. All other parts of the scheme remain fully intact. A model like this is in use on the exchange CoinFloor in the UK.
A Merkle tree can provide even greater privacy. Instead of a list of balances, the balances are arranged into a binary tree. A customer starts from their node, and works their way to the top of the tree. For example, they know they have 5 BTC, they plus 1 other customer hold 7 BTC, they plus 2-3 other customers hold 17 BTC, etc... until they reach the root where all the BTC are represented. Thus, there is no way to find the balances of other individual customers aside from one unidentified customer in this case.
Proposals such as this had the backing of leaders in the community including Nic Carter, Greg Maxwell, and Zak Wilcox. Substantial and significant effort started back in 2013, with massive popularity in 2014. But what became of that effort? Very little. Exchange operators continue to refuse to give visibility. Despite the fact this information can often be obtained through trivial blockchain analysis, no Canadian platform has ever provided any wallet addresses publicly. As described by the CEO of Newton "For us to implement some kind of realtime Proof of Reserves solution, which I'm not opposed to, it would have to ... Preserve our users' privacy, as well as our own. Some kind of zero-knowledge proof". Kraken describes here in more detail why they haven't implemented such a scheme. According to professor Eli Ben-Sasson, when he spoke with exchanges, none were interested in implementing Proof of Reserves.
And yet, Kraken's places their reasoning on a page called "Proof of Reserves". More recently, both BitBuy and ShakePay have released reports titled "Proof of Reserves and Security Audit". Both reports contain disclaimers against being audits. Both reports trust the customer list provided by the platform, leaving the open possibility that multiple large accounts could have been excluded from the process. Proof of Reserves is a blockchain validation where customers see the wallets on the blockchain. The report from Kraken is 5 years old, but they leave it described as though it was just done a few weeks ago. And look at what they expect customers to do for validation. When firms represent something being "Proof of Reserve" when it's not, this is like a farmer growing fruit with pesticides and selling it in a farmers market as organic produce - except that these are people's hard-earned life savings at risk here. Platforms are misrepresenting the level of visibility in place and deceiving the public by their misuse of this term. They haven't proven anything.
Fraud isn't a problem that is unique to cryptocurrency. Fraud happens all the time. Enron, WorldCom, Nortel, Bear Stearns, Wells Fargo, Moser Baer, Wirecard, Bre-X, and Nicola are just some of the cases where frauds became large enough to become a big deal (and there are so many countless others). These all happened on 100% reversible assets despite regulations being in place. In many of these cases, the problems happened due to the over-complexity of the financial instruments. For example, Enron had "complex financial statements [which] were confusing to shareholders and analysts", creating "off-balance-sheet vehicles, complex financing structures, and deals so bewildering that few people could understand them". In cryptocurrency, we are often combining complex financial products with complex technologies and verification processes. We are naïve if we think problems like this won't happen. It is awkward and uncomfortable for many people to admit that they don't know how something works. If we want "money of the people" to work, the solutions have to be simple enough that "the people" can understand them, not so confusing that financial professionals and technology experts struggle to use or understand them.
For those who question the extent to which an organization can fool their way into a security consultancy role, HB Gary should be a great example to look at. Prior to trying to out anonymous, HB Gary was being actively hired by multiple US government agencies and others in the private sector (with glowing testimonials). The published articles and hosted professional security conferences. One should also look at this list of data breaches from the past 2 years. Many of them are large corporations, government entities, and technology companies. These are the ones we know about. Undoubtedly, there are many more that we do not know about. If HB Gary hadn't been "outted" by anonymous, would we have known they were insecure? If the same breach had happened outside of the public spotlight, would it even have been reported? Or would HB Gary have just deleted the Twitter posts, brought their site back up, done a couple patches, and kept on operating as though nothing had happened?
In the case of Quadriga, the facts are clear. Despite past experience with platforms such as MapleChange in Canada and others around the world, no guidance or even the most basic of a framework was put in place by regulators. By not clarifying any sort of legal framework, regulators enabled a situation where a platform could be run by former criminal Mike Dhanini/Omar Patryn, and where funds could be held fully unchecked by one person. At the same time, the lack of regulation deterred legitimate entities from running competing platforms and Quadriga was granted a money services business license for multiple years of operation, which gave the firm the appearance of legitimacy. Regulators did little to protect Canadians despite Quadriga failing to file taxes from 2016 onward. The entire administrative team had resigned and this was public knowledge. Many people had suspicions of what was going on, including Ryan Mueller, who forwarded complaints to the authorities. These were ignored, giving Gerald Cotten the opportunity to escape without justice.
There are multiple issues with the SOC II model including the prohibitive cost (you have to find a third party accounting firm and the prices are not even listed publicly on any sites), the requirement of operating for a year (impossible for new platforms), and lack of any public visibility (SOC II are private reports that aren't shared outside the people in suits).
Securities frameworks are expensive. Sarbanes-Oxley is estimated to cost $5.1 million USD/yr for the average Fortune 500 company in the United States. Since "Fortune 500" represents the top 500 companies, that means well over $2.55 billion USD (~$3.4 billion CAD) is going to people in suits. Isn't the problem of trust and verification the exact problem that the blockchain is supposed to solve?
To use Quadriga as justification for why custodians or SOC II or other advanced schemes are needed for platforms is rather silly, when any framework or visibility at all, or even the most basic of storage policies, would have prevented the whole thing. It's just an embarrassment.
We are now seeing regulators take strong action. CoinSquare in Canada with multi-million dollar fines. BitMex from the US, criminal charges and arrests. OkEx, with full disregard of withdrawals and no communication. Who's next?
We have a unique window today where we can solve these problems, and not permanently destroy innovation with unreasonable expectations, but we need to act quickly. This is a unique historic time that will never come again.
AMA Recap of CEO and Co-founder of Chromia, Henrik Hjelte in the @binancenigeria Telegram group on 03/05/2020.
2020 has finally step one leg inside our houses!! Woww! What a year 2019 has been. They say one door closes for the new one to open up. Thus, TomoChain welcomes 2020 still carrying the positivity and dreams from the old year. The difference is, our hopes and dreams this year shines even brighter with a goal to work even harder than the time has passed. We would like to send out our Happy New Year wishes to all TOMO lovers who have always been there and supported us since day 1! Looking forward to a fresh start! https://preview.redd.it/ea501j3h8j841.png?width=5001&format=png&auto=webp&s=3959a0187065f730578f28009e77b6d0008d3cbb
TomoX’s order book/liquidity pool is decentralized, thus does not have a single point of failure. TomoChain-based token order books will always be the same giant tradable order book. It's great to see TomoChain's community willing to create content to educate others about our system. '
Privacy is crucial in ensuring internet freedom. When your transactions are being watched, you lose your decision making ability, allowing hackers to take advantage of your account.
TomoP Fun Fact : TomoP can also be read as "To-Mop", meaning to clean or soak up (something) by wiping. In TomoChain's world, TomoP helps with mopping away your traces & making sure transactions stay anonymous, therefore protects your privacy.
TomoChain is excited to join forces with Wadz to enable online and point of sale payment solutions across SEA. Wadz is migrating to TomoChain from Ethereum & its token will be issued using the TomoZ (Zero Friction protocol) to provide its users.
TomoChain just celebrated our very 1st Birthday! We would love to send our warmest gratitude to those who have been there for us since day 1. The seed we planted a year ago has, and will sure be growing bigger and taller into a beautiful tree.
Introducing a never-seen-before game on #TomoChain's platform: Number Hunt - Battle of the Numbers! You will compete head-to-head with another opponent. Whoever has the faster hands and eyes to cross out all numbers will be the champion!
Dec.18, 2019 marks one year of all ERC20 TOMO was permanently frozen. A new chapter was opened with our very own native TOMO of the efficient public blockchain powered by Proof of Stake Voting consensus.
TomoX Bug Bounty: We'd like to call on the community to help identify issues in TomoX’s products to improve the overall safety & experience for all users.
Mission : Report bugs/ Propose new updates/features to better TomoX
We greatly appreciate our community’s willingness to help deliver & educate others about TomoChain's technology. We constantly look for TOMO's evangelists to honor for being a part of our voice. Check out some of the community's contribution
Spill the T 3: CBDO Kyn Chaturvedi shared his view of content censorship on centralized social platforms, blockchain tech opportunities being opened and the possibility of content creators shifting over decentralized social platforms.
An intense AMA at Crypto.com telegram channel has just been done today whereCEO Long Vuong received over 100 questions in under 1 minute during the live session.
Asia looks at blockchain as a business, & where economic value can be derived from in the short/mid/long term... Instead the focus here is on market fit, Asian innovation is driven by fast, iterative cycles measured through customer acquisition - Kyn Chaturvedi
Weekly Update (09/12 - 15/12) Happy birthday 1st birthday our TomoChain mainnet! TOMO's first mainnet birthday week was filled with wonderful wishes & constant support from our community. But celebration doesn't mean skipping work!
TOMO has been added to the Incognito Chain pDEX - the first-ever completely private trading experience! Now LIVE in the Incognito trading wallet: pTOMO <> pUSDT; pTOMO <> PRV
We greatly appreciate our community’s willingness to help deliver & educate others about TomoChain's technology. We constantly look for TOMO's evangelists to honor for being a part of our voice. Check out some of the community's contribution
Last but certainly not least, TomoChain just celebrated our very 1st mainnet Birthday! We would love to send our warmest gratitude to those who have been there for us since day 1. The seed we planted a year ago has, and will sure be growing bigger and taller into a beautiful tree! <3
We gather from streaming twitter, crawling hardcoded cryptocurrency telegram groups and Reddit. And we store in Elasticsearch as a single index. We trained 1/4 layers BERT MULTILANGUAGE (200MB-ish, originally 700MB-ish) released by Google on most-possible-found sentiment data on the internet, leveraging sentiment on multilanguages, eg, english, korea, japan. Actually, it is very hard to found negative sentiment related to bitcoin / btc in large volume.
And the we use elasticsearch-dsl, https://elasticsearch-dsl.readthedocs.io/, to query, s = s.filter( 'query_string', default_field = 'text', query = 'bitcoin OR btc', ) We only do text query only contain bitcoin or btc.
We have 2 questions here when saying about consensus, what happened,
to future price if we assumed future sentiment is really positive, near to 1.0 . Eg, suddenly China want to adapt cryptocurrency and that can cause huge requested volumes.
to future price if we assumed future sentiment is really negative, near to 1.0 . Eg, suddenly hackers broke binance or any exchanges, or any news that caused wreck by negative sentiment.
So, we use deep-learning to simulate for us! I use CNN-Seq2Seq architecture this time, not required to bring last memory like RNN and fast to train.
We pulled last 100 hours data and aggregated every 20 minutes, Split the dataset to train and test. Test size is last 10 hours (30 datapoints, 3 * 10), and early remaining use to train.
Initiate the model and train the model by 200 epochs. learning_rate is very sensitive, I found 1e-3 is perfect. Here I never tried to do hyperparameters searching.
The model learn, if positive and negative sentiments increasing, both will increase the price. That is why, using positive consensus or negative consensus caused price going up.
Volatility of price is higher if negative sentiment is higher, still positive volatility.
Momentum of price is higher if negative sentiment is higher, still positive momentum.
Even predicted trends are far from actual test trend, for me, it quite fascinating because I can simulate the models by N times to get different variances and from here I can calculate VaR, potential volatilities and momentums, trading ratios and etc. Well, if forecasted trends follow really close with actual test trend, do not believe it too much, there is no such model able to simulate stochastic trend that depends on a lot of real world parameters.
Daily analysis of cryptocurrencies 20191027 (Market index 50 — Neutral state)
https://preview.redd.it/bgj3hxy1u6v31.png?width=400&format=png&auto=webp&s=d2fbdee5918290e79b62010dabb94148c761439d Video Lessons Targeting Blockchain Technology Go Live On CCPPD’s Platform Following the news that XI Jinping, Chinese President and General Secretary of the Communist Party of China, addressed the importance of blockchain in making technological breakthroughs at the eighteenth group learning event organized by the Political Bureau of the Central Committee Oct 24, the Xuexi.cn platform led by the Publicity Department of the Central Committee of the Communist Party of China, or CCPPD, announced Oct 26 the launch of the video lessons targeting the blockchain technology. The videos with a total of 25 lessons mainly include the preliminary introduction to the blockchain technology, the consensus agreement, Bitcoin, Ethereum and smart contracts, blockchain performance improvement, blockchain security, the basic knowledge of big data, in-depth analysis of blockchain instances, as well as the concrete programming code examples. The Bitcoin Financing Case Accepted By Chinese Court For The First Time A loan dispute caused by the Bitcoin pledge has been put on file in Wuchang District People’s Court, Hubei Province (lying in central China). According to the indictment, the defendant pledged Bitcoin to borrow money from the plaintiff to bet on the rise of the king coin. During the Bitcoin decline cycle in 2018, the plaintiff took measures to liquidate the position forcibly, but still suffered some losses. The defendant does not acknowledge the loan relationship, falling to a material breach. Lawyer SUN Jun from Shanghai SHENHAO Law firm indicated that the financial attribute of Bitcoin would be recognized for the first time in China. For New Cryptography Law, China Took A Big Step In Right Direction, CZ Comments ZHAO Changpeng, also known as CZ, founder of Binance, reposted an article released by CoinDesk and titled “China’s Congress Passes Cryptography Law, Effective Jan. 1, 2020.” Regarding the issue, ZHAO commented, “This is big! The country with the biggest population on Earth, and one of the highest GDP growth in recent years, just took a big step in the right direction. What is your country gonna do? Follow or get left behind?” Baidu Search Index For Blockchain Up By 894% In Past 7 Days Amid President XI Highlighting Blockchain Citing data by Baidu Search Index, in the past seven days, daily average searches for the word “Bitcoin” were 31,955, which was 108% more than that of the previous year and 60% more than that of the previous week; daily average searches for the word “blockchain” was 42,444, which was 349% more than that of the previous year and 894% more than that of the previous week. As previously reported by CoinNess.com, Chinese President XI Jinping said on Oct 24 that China would put more focus on blockchain development. Note: Data offered by Baidu Search Index shows recent popular topics/trends in China.
Encrypted project calendar（October 27, 2019）
ICON (ICX):27 October 2019 Money 20/20 USA Event Money 20/20 USA in Las Vegas from October 27–30.Aeternity (AE):and 5 others 27 October 2019 CoinAgenda ConferenceCoinAgenda conference in Las Vegas from October 26–28.Electroneum (ETN):27 October 2019 KRON-TV Interview “… You can watch Richard Ells interview with Jane King on KRON-TV in San Francisco, 6:30am October 27th.”Hype Token (HYPE):27 October 2019 Token Voting Event Voting for HYPE Token’s burning % and daily freezing rewards % for November is now live! Freeze tokens to vote & receive daily rewards.
Encrypted project calendar（October 28, 2019）
LTC/Litecoin:Litecoin (LTC) 2019 Litecoin Summit will be held from October 28th to October 29th in Las Vegas, USABTC/Bitcoin:Mt.Gox changes the debt compensation plan submission deadline to October 28ZEC/Zcash:Zcash (ZEC) will activate the Blossom Agreement on October 28thStellar (XLM):28 October 2019 Protocol 12 Upgrade Vote Horizon v0.22.0 has been released, which supports Protocol 12. This gives everyone ample time to prepare for the Protocol 12 upgrade voteCelsius (CEL)and 3 others: 28 October 2019 Litecoin Summit “…The Litecoin Summit offers two fun, jam-packed days with something for everyone.”XFOC (XFOC):The IDAX platform will be online XFOC and will open the XFOC/USDT trading pair at 13:00 on October 28.MEDIUM (MDM):The IDAX platform lists MDM and will open MDM/BTC trading pairs on October 28th at 15:00.ZB/ ZB Blockchain:The “2019 Hamburg Intercontinental Dialogue Conference” hosted by ZB.com will be held from October 28th to November 9th at the Four Seasons Hotel Hamburg, Germany.BQT (BQTX)：28 October 2019 Down for Maintenance BQTX.com will be down for maintenance on the 28th of October from 7 to 12am UTC.
Encrypted project calendar（October 29, 2019）
BTC/Bitcoin:The 2nd World Encryption Conference (WCC) will be held in Las Vegas from October 29th to 31st.ICON (ICX):29 October 2019 Decentralization “As a result, the decentralization schedule of the ICON Network has been changed from September 24, 2019 to October 29, 2019.”Ark (ARK):and 10 others 29 October 2019 WCC 2019 Second annual Blockchain and Cryptocurrency Technology event, World Crypto Conference (WCC), October 29th — October 31, 2019.Insifa (ISF):29 October 2019 Prototype Alpha “We from Insifa have decided to be more open. Our Prototype will be developed in scrum. This means new releases every two weeks.”Enjin Coin (ENJ):29 October 2019 EnjinCraft Stress Test “Join us Oct. 29 at 7:00pm GMT for a stress test. Let’s try to break #EnjinCraft!”IOTA (MIOTA):29 October 2019 IOTSWC Barcelona IOT Solutions World Congress Digitalizing Industries conference in Barcelona from October 29–31.
Encrypted project calendar（October 30, 2019）
MIOTA/IOTA:IOTA (MIOTA) IOTA will host a community event on October 30th at the University of Southern California in Los Angeles on the topic “How to store data on IOTA Tangle.”TRON (TRX):30 October 2019 SFBW19 Afterparty “TRON Official SFBW19 Afterparty from 7–10:30 PM in San Francisco.”Horizen (ZEN):30 October 2019 Horizen Quarterly Update Join our first Quarterly Update on October the 30th at 5 PM UTC/ 1 PM EST. Deeper look into Engineering, BD, Marketing, and more.Aeternity (AE):30 October 2019 Hardfork “The third hardfork of the æternity Mainnet is scheduled for October 30, 2019.”Valor Token (VALOR):30 October 2019 Transaction Fees Resume “It’s September and the SMART VALOR Platform is still waiving transaction fees for all members, until October 30th!”Aragon (ANT):30 October 2019 Singapore Meetup “Aragon on DAOs and DeFi” from 6:30–8:30 PM.Kambria (KAT):30 October 2019 Outliers Hashed Awards Outliers Hashed awards from October 30–31.Ethereum Classic (ETC):30 October 2019 Cohort Demo Day “ETC Labs hosts it’s 2nd Cohort Demo Day. Learn about the companies and project being accelerated through the Ethereum Classic ecosystem.”
Encrypted project calendar（October 31, 2019）
Spendcoin (SPND):31 October 2019 (or earlier) Cross Ledger Mainnet “Cross Ledger Mainnet Release and SPND Token Swap,” during October 2019.Spendcoin (SPND):31 October 2019 (or earlier) Blkchn University Beta “Blockchain University Beta goes live,” during October 2019.Stellar (XLM):31 October 2019 (or earlier) Minor Release “We will have 6 Minor Releases in 2019; one each in February, March, May, June, August, and October.”Bitcoin SV (BSV):31 October 2019 (or earlier) BSV Conference Seoul No additional information.Seele (SEELE):31 October 2019 (or earlier) Public Network Mainne launch has been moved to Oct 31 .Howdoo (UDOO):31 October 2019 (or earlier) Howdoo Live on Huawei Howdoo begins its exciting partnership with Huawei with listing as a featured app starting in October.Chiliz (CHZ):31 October 2019 (or earlier) App Soft Launch Soft launch of Socios App by end of October.Dent (DENT):31 October 2019 (or earlier) Loyalty Program “Afterburner loyalty program launch for all 21,6 Million mobile #DENT users will be in October!”IceChain (ICHX):31 October 2019 (or earlier) Wallet Release IceChain releases wallet during October.Chiliz (CHZ):31 October 2019 (or earlier) New Partnerships New sports and new teams joining Socios (+more updates and events) will be announced in the upcoming weeks.Horizen (ZEN):31 October 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.PCHAIN (PI):31 October 2019 (or earlier) New Website No additional information.IOST (IOST):31 October 2019 (or earlier) New Game on IOST “Eternal Fafnir, a new role-playing game developed by INFUN is coming to you in Oct.”Achain (ACT)：31 October 2019 Mainnet 2.0 Launch “… The main network is officially scheduled to launch on October 31.”Mithril (MITH)：31 October 2019 Burn “MITH burn will take place on 2019/10/31 2pm UTC+8. “Aergo (AERGO)：31 October 2019 (or earlier) Aergo Lite V1.0 Release AergoLite, which brings blockchain compatibility to billions of devices using SQLite, released during October 2019.TE-FOOD (TFD)：31 October 2019 (or earlier) Complementary Product “Development of a new, complementary product with a new partner, which we hope to be launched in September-October.”Edge (DADI)：31 October 2019 (or earlier) Full Open Source Code base for the network fully open-sourced in September or October.BlockStamp (BST)：31 October 2019 (or earlier) ASIC Miner Prototype In orderr to ensure BlockStamps continued decentralization, we will release a BST ASIC miner for testing.Perlin (PERL)：31 October 2019 (or earlier) SSA Partnership “Perlin has partnered with the Singapore Shipping Association to create the International E-Registry of Ships (IERS)”Skrumble Network (SKM)：31 October 2019 (or earlier) Exchange Release “3rd dApp: Exchange Release,” during October 2019.EDC Blockchain (EDC)：31 October 2019 (or earlier) Blockchain Marketplace “As you already know, our ECRO blockchain marketplace is ready for release, and will open to the global community in October!”BlockStamp (BST)：31 October 2019 (or earlier) ASIC Miner Prototype In orderr to ensure BlockStamps continued decentralization, we will release a BST ASIC miner for testing.XinFin Network (XDCE)：31 October 2019 Homebloc Webinar “XinFin — Homebloc Webinar 2019” from 9–10 PM.Akropolis (AKRO)：31 October 2019 (or earlier) Alpha Release “Delivers the initial mainnet implementation of protocol. All building blocks will be united to one product.”Hyperion (HYN)：31 October 2019 (or earlier) Economic Model The final version of the HYN Economic Model launches in October.
Encrypted project calendar（November 1, 2019）
INS/Insolar:The Insolar (INS) Insolar wallet and the redesigned Insolar Block Explorer will be operational on November 1, 2019.VeChain (VET)：”01 November 2019 BUIDLer Reunion Party BUIDLer Reunion Party in San Francisco from 8–11 PM.uPlexa (UPX)：01 November 2019 Steadfast Storm — PoS/PoW split (Utility nodes ie. master nodes) — Upcoming Anonymity Network much like TOR — Privacy-based DApps — Reduced network fees.Enjin Coin (ENJ)：01 November 2019 MFT Binding “ICYMI: On Enjin Coin’s 2nd anniversary (November 1), Enjin MFTs will be bound to hodlers’ blockchain addresses…”Auxilium (AUX)：01 November 2019 AUX Interest Distribution Monthly interest distribution by Auxilium Interest Distribution Platform for coinholders. Also supports charity.Havy (HAVY)：01 November 2019 Token Buyback “Havy tokens buyback, Only in 1 exchange between Idex, Mercatox & Hotbit. The exchange depends on the most lower sell wall.”Egretia (EGT):01 November 2019 Global DApp Contest SF 2019 Egretia Global DApp Contest in San Francisco.
Encrypted project calendar（November 2, 2019）
Kambria (KAT)：02 November 2019 VietAI Summit 2019 Kambria joins forces with VietAI for the annual VietAI Summit, with top experts from Google Brain, NVIDIA, Kambria, VietAI, and more!
Encrypted project calendar（November 4, 2019）
Stellar (XLM)：04 November 2019 Stellar Meridian Conf. Stellar Meridian conference from Nov 4–5 in Mexico City.Cappasity (CAPP)：04 November 2019 Lisbon Web Summit Lisbon Web Summit in Lisbon, Portugal from November 4–7.
Encrypted project calendar（November 5, 2019）
Nexus (NXS)：05 November 2019 Tritium Official Release “Remember, Remember the 5th of November, the day Tritium changed Distributed Ledger. Yes, this is an official release date.”NEM (XEM)：05 November 2019 Innovation Forum — Kyiv NEM Foundation Council Member Anton Bosenko will be speaking in the upcoming International Innovation Forum in Kyiv on November 5, 2019.TomoChain (TOMO):05 November 2019 TomoX Testnet “Mark your calendar as TomoX testnet will be live on Tuesday, Nov 5th!”aelf (ELF):05 November 2019 Bug Bounty Program Ends On Oct 24th, 2019 aelf’s biggest bug bounty will launch with a large reward pool. The event will run for almost 2 weeks.
Encrypted project calendar（November 6, 2019）
STEEM/Steem:The Steem (STEEM) SteemFest 4 conference will be held in Bangkok from November 6th to 10th.KIM/Kimcoin:Kimcoin (KIM) Bitfinex will be online at KIM on November 6, 2019 at 12:00 (UTC).
Encrypted project calendar（November 7, 2019）
XRP (XRP)： 07 November 2019 Swell 2019 Ripple hosts Swell from November 7th — 8th in Singapore.BTC/Bitcoin:Malta The A.I. and Blockchain summit will be held in Malta from November 7th to 8th.
Encrypted project calendar（November 8, 2019）
BTC/Bitcoin:The 2nd Global Digital Mining Summit will be held in Frankfurt, Germany from October 8th to 10th.IOTX/IoTeX:IoTex (IOTX) will participate in the CES Expo on November 08
Encrypted project calendar（November 9, 2019）
CENNZ/Centrality:Centrality (CENNZ) will meet in InsurTechNZ Connect — Insurance and Blockchain on October 9th in Auckland.HTMLCOIN (HTML):09 November 2019 (or earlier) Mandatory Wallet Update Mandatory Wallet Update: there will be a soft fork on our blockchain. This update adds header signature verification on block 997,655.
Encrypted project calendar（November 11, 2019）
PAX/Paxos Standard:Paxos Standard (PAX) 2019 Singapore Financial Technology Festival will be held from November 11th to 15th, and Paxos Standard will attend the conference.Crypto.com Coin (CRO):and 3 others 11 November 2019 Capital Warm-up Party Capital Warm-up Party in Singapore.GoldCoin (GLC):11 November 2019 Reverse Bitcoin Hardfork The GoldCoin (GLC) Team will be “Reverse Hard Forking” the Bitcoin (BTC) Blockchain…”
Encrypted project calendar（November 12, 2019）
BTC/Bitcoin:The CoinMarketCap Global Conference will be held at the Victoria Theatre in Singapore from November 12th to 13thBinance Coin (BNB)and 7 others: 12 November 2019 CMC Global Conference “The first-ever CoinMarketCap large-scale event: A one-of-a-kind blockchain / crypto experience like you’ve never experienced before.”
Encrypted project calendar（November 13, 2019）
Fetch.ai (FET):13 November 2019 Cambridge Meetup “Join us for a@Fetch_ai#Cambridge #meetup on 13 November@pantonarms1.”Binance Coin (BNB)and 5 others: 13 November 2019 Blockchain Expo N.A. “It will bring together key industries from across the globe for two days of top-level content and discussion across 5 co-located events…”OKB (OKB):13 November 2019 Dnipro, Ukraine- Talks Join us in Dnipro as we journey through Ukraine for our OKEx Cryptour on 11 Nov.Centrality (CENNZ):13 November 2019 AMA Meetup “Ask our CEO@aaronmcdnzanything in person! Join the AMA meetup on 13 November in Singapore.”OKB (OKB):13 November 2019 OKEx Cryptotour Dnipro “OKEx Cryptour Ukraine 2019 — Dnipro” in Dnipro from 6–9 PM (EET).
Encrypted project calendar（November 14, 2019）
BTC/Bitcoin:The 2019 BlockShow Asia Summit will be held at Marina Bay Sands, Singapore from November 14th to 15th.
Daily analysis of cryptocurrencies 20190831(Market index 20 - Extreme Fear state)
https://preview.redd.it/7msj6y3270k31.jpg?width=1200&format=pjpg&auto=webp&s=b81bd340d7b6cd3d77b347cb3843c7cd074dbf3e Bitcoin’s Google search fever is declining, but RedditBitcoinsubscribers continue to soar Although Bitcoin’s search interest on Google is only a fraction of the end of 2017 (10%), it has been stagnating in the same area for most of the summer, but the subscribers to Bitcoin on Reddit are still Continuous growth. This sub-block now has about 1.125 million users. The bear market does not seem to be a serious blow to Bitcoin interest on Reddit. The popularity of the Bitcoin sub-section continues to skyrocket. It has increased by about 500,000 users since January 2018. The surge in new members in July and August is a positive sign for this already large Reddit community. Currently, this subsection has approximately 1,115 comments and 158 posts per day. The growth of Bitcoin subscribers indicates that the core group of long-term holders is growing. Those who subscribe to sub-sections tend to be more serious about the long-term prospects of Bitcoin, so they are more “informed” about the development of Bitcoin. Indian Economic Times: Indian government considers using blockchain and other technologies to improve e-government The Economic Times issued a statement saying that representatives from state governments discussed how an e-government theme meeting was held earlier this month at Shillong, Shijiazhuang, Meghalaya. Better e-government. The article said that as the Modi government strives to achieve the goal of improving e-government for citizens, blockchain technology, artificial intelligence, virtual reality, drones, cloud computing and other emerging technologies are on the agenda of the Modi government. Japan Financial Services Agency: will strengthen the grasp and analysis of the crypto-asset market trends and strengthen cooperation with international regulatory authorities On August 28th, the Japan Financial Services Agency announced the theme document of the “Practice and Future Policy of Financial Administration to the Present Year”. On the issue of exchange registration and supervision, the Japan Financial Services Agency said it will strengthen the grasp and analysis of the market trend of encrypted assets, and cooperate with relevant departments, independent regulatory agencies, overseas authorities, etc. to implement safety supervision. With regard to the issue of exchange registration review, it is important to ensure predictability and conduct appropriate and effective reviews. For unregistered traders, they will respond promptly and effectively, such as grasping the actual sales situation and issuing a warning letter, and will cooperate with relevant agencies to remind users. In terms of international cooperation, in view of the fact that cryptographic assets are easy to implement cross-border transactions through the Internet, cooperation with overseas authorities will be strengthened through sharing of experiences and play a leading role in international collaboration. Specifically, a second round table on encrypted assets will be held to cooperate with overseas authorities.
Encrypted project calendar（August 31, 2019）
ADX/AdEx:ADEX (ADX) will release the Validator Stack version 2.0 in AugustDADI/DADI:DADI will release the network CLI on August 31, with Stargates to support network services; and release Self Onboarding on the same day to allow the network to be more open.MITH/Mithril:The Mithril (MITH) team decided to implement the first MITH token destruction program on August 31.COS/Contentos:Contentos test network v0.5 “Jupiter” will be launched on August 31, this is the last version of the test before the main online line, alternate release.NOAH/Noah Coin:Noah Coin (NOAH) exchanges the held tokens at BTCNext, ending on August 31st.
Encrypted project calendar（September 01, 2019）
XLM/Stellar:Stellar (XLM) will conduct equity awards in binance on September 1stMHC/MetaHash:MetaHash (MHC) will close all ICO accounts as of September 1 and will permanently close all ICO accounts. All MHCs will need to be transferred to MetaGate Wallet by this date.DGD/DigixDAO:The DigixDAO (DGD) DGXHUB community representative program will be open for application on September 1.
Encrypted project calendar（September 02, 2019）
AE/Aeternity:The third phase of Aeternity token (AE) main network migration will end on September 2nd.PLPillar:The Pillar (PLR) Pillar community will participate in a creative strategy seminar hosted by experiencehaus in London, UK on September 2nd.LA/LAToken:The LAToken (LA) LATOKEN community will host an investor reception in London, England on September 2nd.
Encrypted project calendar（September 03, 2019）
WAN/Wanchain:Wanwei Chain Wanchain (WAN) will be launched on September 3rd based on POS mechanism mining function
Encrypted project calendar（September 04, 2019）
BCH/Bitcoin Cash:The City Conference will be held in North Queensland, Australia from September 4th to 5th, 2019.BETHEBethereum:Bethereum will conduct a user airdrop token plan on September 4th
Encrypted project calendar（September 05, 2019）
CS/Credits:Credits (cs) began to map some of the main network tokens on September 5th.ENG/Enigma:The Enigma(ENG)Enigma community will host a gathering and seminar in Boston on September 5.BTC/Bitcoin:Blockchain Africa conference organizers will host the first cryptocurrency festival in South Africa on September 5.AGI/SingularityNET:SingularityNET (AGI) SingularityNET community Ben Goertzel will attend the Asia Innovation Summit on September 5th and will deliver a speech.
Encrypted project calendar（September 06, 2019）
BTC/Bitcoin: Bakkt official Twitter said that Bakkt Warehouse will begin to provide Bitcoin secure storage services to customers on September 6.VEX/Vexanium:The Vexanium (VEX) DApps competition will end on September 6th with a total of 1.1 million VEX awards, the first of which will receive 350,000 VEX.
Encrypted project calendar（September 20, 2019）
NULS / NULS: The NULS 2.0 Beta hackathon will be held from September 20th to September 21st, 2019.
Bitcoin is trading at lows, so here is an educational chart with an explanation! Well, there’s no assurance in the Crypto market, but the main reason we are tracking a bullish triangle om Bitcoin is that it’s already retraced for 38,2%, which is the most commont retracement for wave 4 and also because of three waves of decline in the first leg. Some ALT coins hit new lows, some of them retraced for 61,8–78,6%, so it can be a perfect time for a reversal. But, we are not sure if there can be something even worse and there’s a chance that BTC loses its dominance for a while in case if we see a deeper flat correction. However, at this stage it’s important to be patient. So, technically speaking, in case if we see a bounce in the Crypto market now at the beginning of September, then we may start considering a bullish triangle. But, if BTC/USD remains bearish and breaks below 9000 key support level, then be aware of a deeper flat correction that can send the price into 8000–7000 support area. Review previous articles:https://email@example.com Twitter：https://twitter.com/mianhuai8 Facebook：https://www.facebook.com/profile.php?id=100022246432745 Telegram： https://t.me/Lay126 LinkedIn：https://www.linkedin.com/in/%E4%BC%9F-%E5%88%98-294a12176/
The Crypto King Report January 13th: January Picks Based on Conferences (WAVES, ARK, SONM), New Moon Shot (FLIXX), 2 ICOS, and January Safe Plays!
The Crypto King Report January 13th: January Picks Based on Conferences, New Moon Shot (FLIXX), 2 ICOS, and January Safe Plays! I appreciate all my loyal followers! I am trying to build a social media presence and would love if you followed me on Instagram and Twitter as well! For tips and strategy hours before being posted to the message boards follow on Instagram: JaketheCryptoKing and Twitter: JbtheCryptoKing. And now on Discord: https://discord.gg/qTjQp8W (join the group to reach me directly and see posts early and moonshots at 6am EST when available!). If the title is a foreign language to you join Discord and read the Crypto-101 channel. This report can be found directly here: https://discord.gg/82kFuSz When purchasing coins there is a significant analysis that needs to be completed in searching for undervalued options. However, one of the easiest things to do is find coins presenting at upcoming conferences and riding the wave of hype leading up to the conference. This week we have a conference in Miami, with ARK, WAVES, RSK, AUGUR, BlOQ, DASH and XMR presenting. I am actually very excited to be attending this conference! Each is a fine play for the week, but my favorites are ARK and WAVES. They are both available on Binance and have market caps that should increase dramatically in the coming 5 days leading up to their presentations. History tends to repeat itself in crypto and the market was at an ATH less than a week ago. Following the most recent FUD attacks and downward correction I expect a new market ATH for these coins prior to the conference or immediately following. Attendees are paying $1000 per ticket and the conference will be webcast around the world. More money is coming into Crypto in coming weeks than in any 3-week period in history. This is an exciting time, prior to ATH (all-time highs) the crypto market always experiences a dramatic drop, this shakes out the weak hands, provides coins at discounts to the wealthy supporting the FUD attacks, and repeat. I fully expect the crypto market to surpass the $1 trillion total market cap mark during this stretch of upcoming conferences. The conferences start January 16th with the London Summit Bitcoin Workshop. January 18th we have Miami’s Blockchain conference (anyone going?!). January 19th kicks off London’s Blockchain Week. January 25th Manilla is hosting a huge blockchain event, that SAME day the U.S. and China are cohosting a blockchain conference (NEO and many others will be presenting) in San Francisco. January 31st is DevCon which NEO will be at again, along with many more coins. This next month literally has 1 or 2 major conferences in a major city every single weekend. These intentional FUD attacks were a quick way for whales (the people who own news agencies) to scoop up cheap shares leading into the biggest 7-12 weeks in blockchain conference history. The sheer amount of publicity surrounding a conference every weekend will drive the total market cap above 1 trillion (in my opinion). I haven’t even started talking about February but we will leave that for another time. I cannot predict the future (or specifically which day this will occur) but what I do know is people do not pay $1000 (per ticket!) to sit at a convention unless they are truly big investors looking to get involved. There should be a flood of money coming into the crypto space following each conference between the attendees and the publicity. Moonshots are currently selected from KuCoin. To use KuCoin make sure to have an account: Referral link for KuCoin: https://www.kucoin.com/#/?r=1cH1M What you have to understand about a moonshot is patience. You can’t expect to have a 10x gain in a 3-day period of time. None of my moonshots, not even the ones up 600% were 100% gainers in the first 24 hours. If you are jumping on the backs of a moonshot pick without doing your research and without the intention of HOLDING you are doing yourself an injustice. The first coins to bounce back from a downward correction are the mid-caps and large-caps. So far we’ve seen the beginning of this bounce back the last 12 hours. The last to follow are the small caps ($30-$100 million market cap). However, when this third category do bounce back, they comeback with the most momentum. Usually having 100-300% gains in a very short period of time. This is also why they drop 30-50% during market retractions. You can’t blindly follow anyone’s advice, and you have to understand crypto is an investment (and a gamble), not a 24hr waiting game. You can be successful day trading it but that is also a way to get very badly burned. Moonshots should be bought and held until the % you deem appropriate is reached at which point they should be sold. Jan 13th Moonshot Pick: FLIXX FLIXX is a favorite as a moonshot of mine because of it’s extremely low market cap on KuCoin, and it’s almost exclusive presence on KuCoin. It’s already formed partnerships with other coins making significant moves in the blockchain sector (ADX). Along with a truly revolutionary platform. Originally I was thinking this is the Netflix for the blockchain but a better comparison would be Youtube for the blockchain. It is much cheaper to host media on the blockchain then cloud servers and recently FLIXX announced a partnership with ADX to provide ads throughout their experience. FLIXX is already looking to capitalize on their platform and ADX has worked with Easyjet to sell ad space on the blockchain already. I expect FLIXX to rebound exceptionally hard following the low caps northward trend in the next few days. FLIXX is also a coin that fluctuates greatly in price daily so if you want to try your luck at day trading place buy and sell orders in front of the buy and sell walls and see how cheap/how expensive you can buy/sell for. If you don’t understand that last sentence, let’s stick to buying and holding for now. FLIXX is a new addition to my moonshots and KuCoin portfolio. There are only 1 or 2 more coins that would qualify as moonshots and those won’t be released until the market recovers slightly. FLIXX is waiting for shuttle launch as we speak. Yesterday’s Moonshot: CAG (some info copied and pasted) From a technical analysis CAG looks ripe for an immediate trend North. Analyzing their actual concept, team, wallet, roadmap and Q1, it is even more impressive. Their Q1 road map coupled with their wallet make this a coin that should be well above the $100million market cap as any of its competitors already are. This coin is on sale for no other reason than the market FUD attacks which will correct very shortly. A strong team, a great roadmap, a concept built for the future of crypto banking, and a technical analysis that shows a major correction are why CAG was the Moonshot of the Yesterday! I still stand by CAG as a favorite for the next week (and months moving forward). How intently are you following the coins you own? Did anyone even notice EVX went up 40% this morning? I sold almost 50% of my holdings during this spike. If you had sell orders in place every one of you who was unhappy regarding their entry point on EVX would have sold at a profit. I can’t monitor the Kingdom’s portfolio I can only monitor my own, and point out where undervalue exists in the crypto markets. Sell points and buy points are what you have to determine as a trader. If you didn’t sell a portion of your EVX this AM you missed out on a 40% spike. It is important to always be watching the crypto market (Blockfolio allows you to set alarms at specific price points on your phone). NEVER have 100% or even 70% of your funds in 1 coin, always stay diversified! I am almost evenly diversified between my moonshots and ‘safe plays’ with an even allocation among the moonshots. (VERY IMPORTANT PARAGRAPH) HST, DBC, ELIX, SNOV, BNTY, KCS, DRGN, PURA, and EVX were my prior moonshot picks! Most are up between 100% and 600% depending on where you bought them. If you do not believe me click my name and go back 10 days in my posts, you will see I called DRGN when it was $.7 and KCS when it was $3.00, while KCS is now $19 and DRGN is over $4. Moonshots are not going to moon while the market is bleeding. We all need to be patient, with a strong set of cojones, to allow the moons the required time to take off. I feel the same losses all of you feel, I am just accustomed to them because when these FUD attacks occur, 2 weeks later your portfolio will be at its ATH (all time high). This has happened many times in 2017, especially from November-January. HOLD STRONG KINGDOM, HOLD (I have faith in you all!). A new exchange is a very hard thing to find. KuCoin allows very easy deposits and withdrawals. I tried out Cryptopia, and it allowed me to deposit 5 Ether, but only withdrawal 3 per day, and it took over 12hrs to process. This was worse than CB. KuCoin is the current perfect solution to Binance and Bittrex freezing out new customers (for the most part) and they are focusing on adding large cap coins, as well as small cap coins, appealing to a range of investors. I have 4 plans of attack for January: 1. Moonshots (explained above), 2. ICOs (explained way below), 3. Conference Plays, 4. January Buy and Hold (with dates) Most of my recommended coins can be purchased on KuCoin and Binance, there will be 1-3 more KuCoin moonshots in the coming weeks. Following those moonshots, if Binance is not accepting new traders, I will research the next best platform with moonshot opportunities and ease of withdrawal. Update! Binance is accepting new traders again: https://www.binance.com/?ref=15316928 (Favorites Remain ICX, STRAT, and NEO as Buy and Hold) My 3 favorite January plays remain ICX, STRAT, and NEO. NEO has more conferences than any other coin in the next 2 weeks and meetups all over Europe prior to that. NEO is the Asian Ether and should rapidly increase in value in the next 3 weeks. STRAT will remain a favorite of mine as they are launching their ICO Platform and have 2 flagship ICOs ready to be announced (they are timing the down market waiting for a correction, I guarantee it). The FUD started in South Korea and ICX crashed because of it. They still have their first HOSTED blockchain event during their mainnet release the last week of January in the tallest building in Seoul. All 3 make up a major portion of my “safe plays” for January with an expected return of 40-100%. My 3 favorite short term conference plays based on conferences for the next 2 weeks are: WAVES, ARK, and SONM. These 3 are all at events in the next 2 weeks of January (Waves and ARK are at a conference in Miami I will be attending!). These conferences provide exposure to the top individuals and founders of coins with billions of dollars in market cap. In comparison to other coins speaking at the largest January events WAVES, ARK, and SONM’s market cap is very minimal. With ARK and WAVES in Miami and SONM in London I expect a big week from these 3. This market dip provides an opportunity to purchase WAVES, ARK, and SONM at an undervalued price. As their conferences are approaching I expect their price to trend north rapidly, peaking on the day of, or day after the conference. These should be focal points if you shy away from moonshots (which you shouldn’t!). XEM, I’ve discussed this one many times. Their NEM 2.0 release, their Catapult Network, and a 4-week hackathon with plenty of publicity beginning this week, make XEM a winner for January. TRX, FUD attacks mean new ATHs remember that. A new game and a FUD attack, I expect a rapid rise. Not a long term favorite of mine but a great possible short term play. POWR, Very few coins are sponsored or have the support of their native country. Australia has some of the worst laws for investing in crypto (problems with deposits and withdrawals) when compared to any country. Yet the Aussies LOVE crypto (as do I!!!). POWR has the Australian govt. support likely due to the power issues plaguing Australia. POWR is a great long term play. ADX, One of the reasons I like FLIXX is I like ADX. A port to NEO is happening very soon and they also have a profitable advertising platform already set up. They recently completed a deal with EasyJet in the millions of dollars and are continuing to expand their user base. Advertising on the blockchain with a new port to NEO, seems like this is a clear winner with that type of news on the horizon. ENJ, A new listing on KuCoin and a new wallet release? Not to mention their Minecraft Plugin is coming out very very soon…What more needs to be said about ENJ. They were one of the few winners in the market recently and should continue to be green even in a sea of red. ARDR, Still a great buy because of its network but Bittrex is frustrating me to no end. My NXT has yet to arrive and my ARDR wallet has yet to be opened back up. Bittrex stop being so annoying this is why people are switching to KuCoin and Binance! Everyone is always asking about which ICOs I’m involved in and recommend. Well here are the current 2! ICO’S : STORIQA: “The Amazon Cryptocurrency Marketplace”. Great team, great platform, easy to sign up for ICO (even for U.S. investors). Well past their soft cap and approaching their hard cap! Discount for bonus coins still available in the short term! This has been on and off of my rec list but because they are approaching their hard cap I figured I’d give everyone one last opportunity to sign up! Referral link : https://tokensale.storiqa.com/?ref=6663944dff31989391d803ce KYC Legal: KYC Legal (please use the referral as I make no $ spending countless hours researching these ICOs and coins ) referral: https://bookbuild.kyc.legal/?ref=23734776ffa2051a83eb8bc1 Know Your Customer (the dreaded KYC form). If you’ve completed an ICO recently you know the form I’m talking about. The form they give you at the end, after you’ve sent your .5eth but before they will release their tokens. Basically stating you understand this market is unregulated, etc. Well a blockchain token has in essence solved this problem. I HATE KYC forms and if the KYC system was set up in a way in which you wouldn’t have to fill out that form repeatedly for every ICO it would be more convenient for all investors and ICO companies. KYC Legal intends to do just that. According to the founder DR, “This is a simple and quick way to complete client identification procedures, which can then be used to verify the client’s identity during various financial operations (so-called KYC (“know your customer”) requirements that financial institutions and companies working with the money of private individuals use to identify and verify counterparties before starting a financial transaction). This niche is completely untapped and I HATE KYC forms enough to think this is a brilliant idea. They are calling it a “Universal alternative to Personal IDs,” on the block chain. Brilliant concept and there are 2 days left to receive the 38% discount from the final price. A 38% gain prior to token sale completion is significant, imagine what will happen when the hard cap is reached and it hits the first exchange. KYC Legal: https://bookbuild.kyc.legal/?ref=23734776ffa2051a83eb8bc1 If you spend the time reading these you understand how long they must take to research and put together. My girlfriend wants to kill me (seriously I may not have one by the end of this post)! So I can provide her with presents while answering all of your questions make sure to show some love! ETH: Address: 0xdef6b4415635d15b0dc50e7039ef73c33e622f22 LTC Address: LiTtwXUMCMmch5oKUXfrXMqXWnG6jLg3qD BTC Address: 1LFLx3cXD1xiqCrupZJKf8p6pR23JRZWtP DASH Address: Xi9637XDyW2Q6wtRyGLsNXbJHj4UZ2M3kN (cheapest way to send!) KCS Address: 0x56d0a5b42a8313c36d8fe7a37ee3ccade7e4e6e1 XMR Deposit Address:44tLjmXrQNrWJ5NBsEj2R77ZBEgDa3fEe9GLpSf2FRmhexPvfYDUAB7EXX1Hdb3aMQ9FLqdJ56yaAhiXoRsceGJCRS3Jxkn XMR Deposit ID: b72e438346259f2828feaec4b04f0a95034b6364853f6f33d2370f57a37a1753
My experiences as new investor are mirroring the overall market. Scrambling to Value as small and mid-caps continue to tumble.
Being new to this market feels like riding a roller coaster, which I'm sure is not news to anyone. But over the past few weeks I feel like I'm seeing some distinct trends in the markets that mirror my own experiences, and hopefully can give some insight to the future. Like a lot of people, I only bought in recently, around the time BTC was leading the national news cycle. But due to the barriers to entry, there was a pronounced delay from when I made the decision to invest and when I could actually put any money in play. The most established Fiat-Crypto exchanges were experiencing 5-10 day delays for new accounts to get verified and funded. So even though Millions upon Millions of new $ were being committed to Crypto in the last week of December, little of that was hitting the market until Jan 2nd-4th. And when it was, it was coming in through somewhat inexperienced traders like me, who were initially buying the big-cap newsworthy coins (BTC, ETH, XRP) because that's what they had heard about. Within a few days, I began discovering more Crypto trading resources and exchanges, and information sources like CoinMarketCap and /CryptoCurrency. On Dec 26th, I didn't even know there were legitimate cryptocurrencies out there besides ETH, BTC, and ZEC, and by Jan 2nd I was trading RaiBlocks on BitGrail for fucks sake. I also made some dumb moves, by chasing micro-priced coins. Everything was going up, and some of the $0.000x coins were popping for 5x, 10x. The strategy of spreading your portfolio in the 10-20 lowest coins on Binance/Kucoin and waiting for one of them to go 10x was a pretty solid move for a few days there. But as quickly as everything was turning to gold, it turned the corner and went to shit. And I'm not surprised at all because the people who had been holding those micro-coins knew they were worthless, so they dumped it before newbies like me knew what hit us. Since it was the BTC surge, and the ensuing news cycle that built this run, now that those factors are reversed, it is naturally leading to a reversal of the trend. BTC goes from $20k to a new support level of $13k-$14k. A word search for "Bitcoin" on either CNN.com or BBC.co.uk no longer appears in any headlines. The fire underneath the market is gone. Unless those factors flip again, we are not going to see a swift recovery of the past week's losses, especially not for the small-cap and shillcoins that only benefited from the market surge, not their own fundamentals. I for one, am not on board with all those saying "buy back now, its not a correction, its a discount!" I see the Global Crypto Market Cap continuing to fall, maybe by another 10-20%, before stabilizing and staying flat until the next major shake-up. But for me the silver lining is that there are now thousands (maybe millions) of new players on the field, like me. Many of us are younger, internet-savvy, and eager to learn and participate in the growing movement. Once this correction has run its course, I believe there will be much more established fundamentals emerging in the market. People will still pump and dump, like they have for generations with stocks, bonds, tulips, orange juice futures, etc. but currencies that have real-world uses and fundamentals will rise and fall in value predictably along with the market's interpretation of them, just like wall street does with publicly traded companies. And just because the total market cap is contracting, does not mean all coins will be losers. I don't think there is very much fiat currency actually leaving the system, its just being panic-traded out of speculative coins back into more established currencies at more reasonable prices. If people like me are the model for a new generation of Crypto-traders, then here is what I'm doing as a reaction to the crash.
1: Get out of any project that doesn't have a real-world use today, or a major development milestone within the next week or two. Get out of any "decentralized currency" coin besides the top 5.
2: Focus on a baseline established currency (BTC, ETH are easiest) and re-calibrate my thinking to maximize my BTC balance, instead of my USD balance. Not that BTC is the only reasonable currency of exchange, but until something changes, its still the safest and most stable.
3: Think global, and actively seek the latest and best information. Just because the US is cooling down doesn't mean China, Korea, Japan, India, Russia, Europe, Singapore, Vietnam may not be heating up. And know which coins get boosted by which news.
4: For Blockchain/Crypto projects, stay up to date on news and development. Try to get on their Slack, follow their Twitter, get on Telegram. And don't fall in love with them. If there is a competitor with a better product, better team, faster dev, or cheaper price, make the smart move.
5: There will be another run. It won't be as big, it may not last as long, and it may not happen for a while, but it will come. So be ready with some cash to throw around, a solid strategy to get in, and more importantly a plan to get back out on the other end.
https://preview.redd.it/8qyi8dx39ja11.png?width=720&format=png&auto=webp&s=c50c7c76267b766bd53452e508a4bc352d58adcc Cryptoindex is a tool for exposure to the cryptomarket and serves as a smart benchmark for all cryptocurrencies. The AI-based Cryptoindex algorithm is continuously analyzing more than 1000 coins on 80 factors, receiving more than 1 million signals per second to incorporate the top 100 cryptocurrencies and tokens with the highest potential. You can find our previous reviews here:Ripple - review. Further PerspectivesLitecoin. June'18 overviewThe Dow Jones index. From where did it come to us?Bitcoin Cash. June 2018 overviewAre cryptocurrency indices a new crypto market trend?EOS. End of May'18 overviewEthereum. May 2018 overview Here on Cryptoindex blog, we would like to tell you more about each coin selected by our powerful Cryptoindex AI-based algorithm. We’ll be posting one article about one coin from the portfolio with #cix100coinreviewhashtag. Today we would like to review Cardano and their further plans. So what is Cardano? And why does this coin take the TOP-10? Let's look at this project. Cardano was released on September 29, 2017, under the 'Byron' bootstrap phase with the official launch in Japan. Cardano has been developed by the company for the development of the input-output module Hong Kong (IOHK). Charles Hoskinson, former co-founder of BitShares, Ethereum, and Ethereum Classic, is currently focused on aiming all of the company’s resources at launching smart contracts, decentralized applications, sidechains and multi-party computing. The platform is setting a course towards creating a new decentralized economy and democratization of finance in emerging markets. The technology will allow the creation of decentralized applications and make smart contracts that are simultaneously inexpensive, safe and scalable. How does this technology differ from others? Blockchain technology will soon be used globally. Prior to its sucсess, it had several critical issues, such as the absence of regulatory oversight, the experimental development of software with unproven security, poor management reducing the ability to plan long term. But the Cardano project is very different: Like a Ripple it considers the need for regulatory oversight, preserving the privacy and protection of consumers through an innovative software architecture. The protocol itself contains a multilevel, block-based block-block that is flexible, scalable and developed using the most rigorous academic and commercial software standards in the industry. Cardano will use a system of democratic governance that will allow the project to evolve over time and to sustainably fund itself through a system of vision of applicants. Unique technology Transactions involving ADA are publicly registered through the blockchain, allowing you to see the date and time of the transaction, the amount sent and the sender's common address. The real version according to the developers will be launched very soon one version of Cardano ‘Testnet’ is already active. Layers Cryptocurrency ADA works on its own level, called Cardano Settlement Layer (CSL). CSL is the level of accounting and support for operations with cryptocurrency wallets. The second layer, called the Cardano Computation Layer (CCL), will support smart contracts and decentralized applications. This multi-level architecture allows you to simplify updates. How is Cardano's control organized? Cardano is a project consists of three institutions that have separate roles, all of which contribute to the development of the project:
The Cardano Foundation is responsible for the "standardization, protection and promotion" of Cardano technology. 2.IOHK is a world-class blockchain engineering company responsible for the Cardano blockchain construction. 3.Emurgo is responsible for the development of commercial applications created on the Cardano ecosystem. The original ideas about Cardano were initiated by a group of cryptocurrency enthusiasts, investors, and entrepreneurs from Asia at the end of 2014. The HK input project (IOHK) was involved in the development and implementation of Cardano. In addition, the Cardano Foundation, which is based in Switzerland and, was established to assist in supervising the development of Cardano, its ecosystem, activities, and protection on behalf of the users of the protocol. Another organization, Emurgo, based on the Isle of Man, was established to provide commercial activities on behalf of the ecosystem and the community. These three organizations are completely separated in ownership and leadership.
What is ADA? And what is its peculiarity? ADA is a cryptocurrency in the Cardano system itself and it is used to receive and send money. The developers believe that digital money, such as ADA, shows how future money will be. This allows you to quickly transmit quickly value with guaranteed security through cryptography. To use ADA users should use the Daedalus wallet, which is a hierarchical deterministic, multi-platform, secure wallet designed specifically for this cryptocurrency. The wallet is easy to install and it allows you to view everything and perform a transaction search on demand. You use it to view specific information about the status of the blockchain. It also contains encrypted cost passwords and private keys for added security and the ability to export to a paper certificate for cold storage. The purchase of ADA can be done through unencrypted or encrypted redemption certificates, and users can set the level of the guarantee of the transaction. The Cardano team is also working on adding support for Ethereum Classic, Bitcoin and creating a mobile wallet for iOS and Android. They are also working on an application repository that includes support for almost all crypto and community-based applications, as well as creating bids that will allow ADA owners to generate blocks and thereby earn more than before. How to buy ADA? Currently, you can buy or sell ADA cryptocurrencies through several exchanges, the number of which is constantly growing. Cryptocurrency will also be available at some ATMs in Japan. Those who have an ADA will also be able to choose a Cardano debit card that allows you to use it like any other currency. The funds are automatically converted into your local currency for unimpeded use. The debit card will be connected to the application so you can track transactions and ADA balance. Currently, ADA can be purchased from Binance or Bittrex. Conclusion The project Cardano has all the prospects to become one of the most reliable blockchain platforms. The solutions that the company offers are far superior to its competitors, such as Ripple and Stellar. The company has a good team, competent management, and excellent technological solutions. All these qualities can help to achieve the company worldwide recognition, even despite such a high competition in the crypto world. At the time of writing, Cardano is 1.63% of the total of CryptoIndex portfolio. You can always check the current CIX100 composition at our MVP platform:http://cryptoindex.ai/ Stay updated on our channels:Follow CRYPTOINDEX onTelegramFollow CRYPTOINDEX onMediumFollow CRYPTOINDEX onTwitterFollow CRYPTOINDEX onFacebookFollow CRYPTOINDEX onLinkedinFollow CRYPTOINDEX on Reddit
In the aftermath of the Twitter hack, lawmakers are targeting lax cybersecurity, not Bitcoin. Binance is looking to consolidate bitcoin mining in Russia, ConsenSys is being accused of stealing intellectual property and a celebrated comic book artist will be hawking his wares on the Ethereum blockchain.. You’re reading Blockchain Bites, the daily roundup of the most pivotal stories in ... #NotDying4WallStreet - Twitter Trends Show People Are Fed Up With Wall Street, Banks and Oligarchs As the coronavirus outbreak causes havoc to the world economy, the U.S. is trying to prepare for ... For the Google trends data, the report found that the price was highly correlated with searches for the keyword Bitcoin and Ethereum, and that these search spikes occurred before the actual increase in prices were observed. Another strong correlation between Twitter and Bitcoin’s price was found, except this time with more compelling results. Google search trends are a new arena of fertile ground. It is no longer a secret that there has been a distinct correlation pattern that has formed around Google searches for “Bitcoin” and “BTC” and for Bitcoin price behavior. Sudden surges in related searches can tend to precede market rallies, a leading indicator that can enhance one ... Chart of ETH's price action over the past few years with analysis by crypto trader and leading Binance analyst Logan Han (@loganhan_ on Twitter). Chart from TradingView.com Referencing the chart above, commented that he thinks the cryptocurrency is currently in a good position because it has formed a falling wedge pattern, which is suggestive of an imminent break to the upside. Google Trends’ data has been a telltale of Bitcoin’s success over the years has been directly linked with Bitcoin price rallies. Usually its one of the two, either the search numbers jump after a good rally or before a rally is about to happen. Bitcoin is on the verge of another rally and all kinds of figures are being thrown at investors. Payment tech trends: Bitcoin leads Twitter mentions in August 2020 By Verdict Staff September 14, 2020. Bitcoin leads as Electronic Payments International lists the top five terms tweeted on payment tech in August 2020, based on data from GlobalData’s Influencer Platform. The top tweeted terms are the trending industry discussions happening on Twitter by key individuals (influencers) as ... That old phrase is once again proving true, as search queries for Bitcoin spike following news of a Twitter scam going viral. Could the cryptocurrency being at the center of a highly publicized scam actually end up being positive for the asset? Google Searches Spike For Bitcoin Following Twitter Scam Going Viral. Last night, the Twitter accounts of several celebrities, CEOs, politicians, and ... For the Google trends data, the report found that the price was highly correlated with searches for the keyword Bitcoin and Ethereum, and that these search spikes occurred before the actual increase in prices were observed. Another strong correlation between Twitter and Bitcoin’s price was found, except this time with more compelling results.
With Binance news breaking on Friday, Nictrades shows you how she uses technical analysis to read the Bitcoin market and what trend to look for in cryptocurrency in the next 24 hours. Bitcoin Hashtag on Twitter now has the famous Orange BTC emoji and the whole cryptocurrency community is super excited over this announcement. Twitter’s CEO, Jack Dorsey, has long been an ... Search. Loading... Close. This video is unavailable. Watch Queue Queue. ... Binance Bitcoin Futures, Twitter Coin, Country Wide Libra Ban & Coinbase IEO The Modern Investor. Loading... Unsubscribe ... Bitcoin is a volatile instrument and can move quickly in any direction. Crypto Oracle is not responsible for any trading loss incurred by following this advice Category 27.09.2019 - #Bitcoin #Altcoins #Trading Wir analysieren heute Bitcoin, Komodo, Chainlink, NEO und Binance Coin. Bitcoin & Altcoin Bollinger Band Indikator f... Bitcoin Technical Analysis & Bitcoin News Today: Binance will launch Bitcoin leverage trading. This mean that Binance will compete with BitMEX and Bybit. Also, I'll use technical analysis on the ... Search. Loading... Close. This video is unavailable. Watch Queue Queue. Watch Queue Queue. Remove all; Disconnect; The next video is starting stop. Loading... Watch Queue Queue. __count__/__total ...