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Crypto Banking Wars: Can BlockFi & Celsius Disrupt Banking?
These crypto lending & borrowing services found early traction. Are they capable of bundling more financial services and winning the broader consumer finance market? https://reddit.com/link/icps9l/video/98kl1y596zh51/player This is the third part ofCrypto Banking Wars— a new series that examines what crypto-native company is most likely to become thebank of the future. Who is best positioned toreach mainstream adoptionin consumer finance? While crypto allows the world to get rid of banks, a bank will still very much be necessary for this verypowerfultechnology to reach the masses. As we laid out in our previous series, Crypto-Powered, we believe a crypto-native company will ultimately become the bank of the future. We’re confident Genesis Block will have a seat at that table, but we aren’t the only game in town. In the first post of this series, we did an analysis of big crypto exchanges like Coinbase & Binance. In our second episode, we looked at the world of non-custodial wallets. Today we’re analyzing crypto lending & borrowing services. The Earn and Borrow use-case covers a lot of what traditional banks deliver today. This category of companies is a threat worth analyzing. As we look at this market, we’ll mostly be focused on custodial, centralized products like BlockFi, Nexo, and Celsius. Many of these companies found early traction among crypto users. Are they capable of bundling more financial services and winning the broader consumer finance market? Let’s find out.
Because speculation and trading remains one of the most popular use-cases of crypto, a new crypto sub-industry around credit has emerged. Much of the borrowing demand has been driven by institutional needs. For example, a Bitcoin mining company might need to borrow fiat to pay for operational costs (salaries, electricity). Or a crypto company might need to borrow USD to pay for engineering salaries. Or a crypto hedge fund needs to borrow for leverage or to take a specific market position. While all of these companies have sufficient crypto to cover the costs, they might not want to sell it — either for tax or speculative reasons (they may believe these crypto assets will appreciate, as with most in the industry). Instead of selling their crypto, these companies can use their crypto as collateral for loans. For example, they can provide $1.5M in Bitcoin as collateral, and borrow $1M. Given the collateralization happening, the underwriting process becomes straightforward. Companies all around the world can participate — language and cultural barriers are removed. https://preview.redd.it/z9pby83d6zh51.png?width=600&format=png&auto=webp&s=54bf425215c3ed6d5ff0ca7dbe571e735b994613 The leader (and one of our partners) in this space is Genesis Capital. While they are always the counterparty for both lenders and borrowers, they are effectively a broker. They are at the center of the institutional crypto lending & borrowing markets. Their total active loans as of March 2020 was $649M. That number shot up to $1.42B in active loans as of June 2020. The growth of this entire market segment is impressive and it’s what is driving this opportunity for consumers downstream.
While most of the borrowing demand comes from institutional players, there is a growing desire from consumers to participate on the lend/supply side of the market. Crypto consumers would love to be able to deposit their assets with a service and watch it grow. Why let crypto assets sit on an exchange or in cold storage when it can be earning interest? A number of consumer-facing products have emerged in the last few years to make this happen. While they also allow users to borrow (always with collateral), most of the consumer attraction is around growing their crypto, even while they sleep. Earning interest. These products usually partner with institutional players like Genesis Capital to match the deposits with borrowing demand. And it’s exactly part of our strategy as well, beyond leveraging DeFi (decentralized finance protocols). A few of the most popular consumer services in this category include BlockFi, Nexo, and Celsius. https://preview.redd.it/vptig5mg6zh51.png?width=1051&format=png&auto=webp&s=b5fdc241cb9b6f5b495173667619f8d2c93371ca
BlockFi (Crunchbase) is the leader in this category (at least in the West). They are well-capitalized. In August 2019, they raised $18.3M in their Series A. In Feb 2020, they raised $30M in their Series B. In that same time period, they went from $250M in assets under management to $650M. In a recent blog post, they announced that they saw a 100% revenue increase in Q2 and that they were on track to do $50M in revenue this year. Their growth is impressive. BlockFi did not do an ICO, unlike Celsius, Nexo, Salt, and Cred. BlockFi has a lot of institutional backing so it is perceived as the most reputable in the space. BlockFi started with borrowing — allowing users to leverage their crypto as collateral and taking out a loan against it. They later got into Earning — allowing users to deposit assets and earn interest on it. They recently expanded their service to “exchange” functionality and say they are coming out with a credit card later this year. https://preview.redd.it/byv2tbui6zh51.png?width=800&format=png&auto=webp&s=bac080dcfc85e89574c30dfb396db0b537d46706 Security Woes It’s incredible that BlockFi has been able to see such strong growth despite their numerous product and security woes. A few months ago, their systems were compromised. A hacker was able to access confidential data, such as names, dates of birth, postal addresses, and activity histories. While no funds were lost, this was a massive embarrassment and caused reputational damage. https://preview.redd.it/lwmxbz5l6zh51.png?width=606&format=png&auto=webp&s=ebd8e6e5c31c56da055824254b35b218b49f80e0 Unrelated to that massive security breach and earlier in the year, a user discovered a major bug that allowed him to send the same funds to himself over and over again, ultimately accumulating more than a million dollars in his BlockFi account. BlockFi fortunately caught him just before withdrawal. Poor Product Execution Beyond their poor security — which they are now trying to get serious about — their products are notoriously buggy and hard-to-use. I borrowed from them a year ago and used their interest account product until very recently. I have first-hand experience of how painful it is. But don’t take my word for it… here are just a few tweets from customers just recently. https://preview.redd.it/wcqu3icn6zh51.png?width=1055&format=png&auto=webp&s=870e2f06a6ec377a87e5d6d1f24579a901de66b5 For a while, their interest-earning product had a completely different authentication system than their loan product (users had two sets of usernames/passwords). Many people have had issues with withdrawals. The app is constantly logging people out, blank screens, ugly error messages. Emails with verification codes are sometimes delayed by hours (or days). I do wonder if their entire app has been outsourced. The sloppiness shines through. Not only is their product buggy and UX confusing, but their branding & design is quite weak. To the left is a t-shirt they once sent me. It looks like they just found a bunch of quirky fonts, added their name, and slapped it on a t-shirt. https://preview.redd.it/mi6yeppp6zh51.png?width=600&format=png&auto=webp&s=fd4cd8201ad0d5bc667498096388377895b72953 Culture To the innocent bystander, many of these issues seem totally fixable. They could hire an amazing design agency to completely revamp their product or brand. They could hire a mercenary group of engineers to fix their bugs, etc. While it could stop the bleeding for a time, it may not solve the underlying issues. Years of sloppy product execution represents something much more destructive. It represents a top-down mentality that shipping anything other than excellence is okay: product experience doesn’t matter; design doesn’t matter; craftsmanship doesn’t matter; strong execution doesn’t matter; precision doesn’t matter. That’s very different from our culture at Genesis Block. This cancerous mentality rarely stays contained within product & engineering — this leaks to all parts of the organization. No design agency or consulting firm will fix some of the pernicious values of a company’s soul. These are deeper issues that only leadership can course-correct. If BlockFi’s sloppiness were due to constant experimentation, iteration, shipping, or some “move fast and break things” hacker culture… like Binance… I would probably cut them more slack. But there is zero evidence of that. “Move fast and break things” is always scary when dealing with financial products. But in BlockFi’s case, when it’s more like “move slow and break things,” they are really playing with fire. Next time a massive security breach occurs, like what happened earlier this year, they may not be so lucky. Institutional Focus Based on who is on their team, their poor product execution shouldn’t be a surprise. Their team comes mostly from Wall Street, not the blockchain community (where our roots are). Most of BlockFi’s blockchain/crypto integration is very superficial. They take crypto assets as deposits, but they aren’t leveraging any of the exciting, low-level DeFi protocols like we are. While their Wall Street heritage isn’t doing them any favors on the product/tech side, it’s served them very well on winning institutional clients. This is perhaps their greatest strength. BlockFi has a strong institutional business. They recently brought on Three Arrows Capital as a strategic investor — a crypto hedge fund who does a lot of borrowing. In that announcement, BlockFi’s founder said that bringing them on “aligns well with our focus on international expansion of our institutional services offering.” They also recently brought someone on who will lead business development in Asia among institutional clients. BlockFi Wrap Up There are certainly BlockFi features that overlap with Genesis Block’s offering. It’s possible that they are angling to become the bank of the future. However, they simply have not proven they are capable of designing, building, and launching world-class consumer products. They’ve constantly had issues around security and poor product execution. Their company account and their founder’s account seem to onlytweetaboutBitcoin. I don’t think they understand, appreciate, or value the power of DeFi. It’s unlikely they’ll be leveraging it any time soon. All of these reasons are why I don’t see them as a serious threat to Genesis Block. However, because of their strong institutional offering, I hope that Genesis Block will ultimately have a very collaborative and productive partnership with them. Assuming they figure out their security woes, we could park some of our funds with BlockFi (just as we will with Genesis Capital and others). I think what’s likely to happen is that we’ll corner the consumer market and we’ll work closely with BlockFi on the institutional side. I’ve been hard on BlockFi because I care. I think they have a great opportunity at helping elevate the entire industry in a positive way. But they have a lot of issues they need to work through. I really don’t want to see users lose millions of dollars in a security breach. It could set back the entire industry. But if they do things well… a rising tide lifts all boats.
While many companies in this category seem to be slowly adding more financial services, I don’t believe any of them are focused on the broader consumer market like we are. To use services like BlockFi, Nexo, or Celsius, users need to be onboarded and educated on how crypto works. At Genesis Block, we don’t believe that’s the winning approach. We think blockchain complexity should be abstracted away from the end-user. We did an entire series about this, Spreading Crypto. For many of these services, there is additional friction due to ICO tokens that are forcefully integrated into the product (see NEXO token or CEL Token). None of these services have true banking functionality or integration with traditional finance —for example, easy offramp or spending methods like debit cards. None of them are taking DeFi seriously — they are leveraging crypto for only the asset class, not the underlying technology around financial protocols. So are these companies potential competitors to Genesis Block? For the crypto crowd, yes. For the mass market, no. None of these companies are capable of reaching the billions of people around the world that we hope to reach at Genesis Block. ------ Other Ways to Consume Today's Episode:
YouTube Censorship Emphasizes the Importance of Decentralization
The whole cryptocurrency community was outraged when the premier video streaming site YouTubebegan purging content created by various influential crypto-centric content creators. Reports of the purging began surfacing during the height of the holidays, which many believe was intentional to minimize pushback from the crypto community. Nonetheless, the news passed on like wild wire and soon enough caught the attention of the most influential people in the crypto space. Vitalik Buterin, the co-founder of ethereum, expressed his surprise when YouTube censored an ethereum roadmap Q&A prompting him to call on her followers to perhaps it is time to begin to look for alternatives to YouTube. A similar proclamation was made by Binance CEO Changpeng Zhao, CZ, stating that it might be high time the crypto community takes a stab at its own blockchain social media platform. Other crypto influencers have similar sentiments expressing their dismay on the development. EOS founder and Chief Technology Officer of Block.One Daniel Larimer warned of a future where technology giants will have total control of all forms of media. He cautioned that there might be a time when these technology giants will begin to dictate not only what can be shown to consumers but also what content creators can create. While Vitalik and CZ called for the exploration and creation of decentralized social media, Dan and his company are a step ahead as they are set to release the beta of their EOS-based social media platform Voice in February. The latest move of YouTube seems to have strengthened the need for the creation of a decentralized social media alternative for YouTube. A social media platform that will be equivalent to bitcoin, censorship-resistant and cannot be controlled by a single entity for its own agenda. For the past few years, a centralized social media platform has come under fire for using and selling private user information data to various interested parties. These companies earn millions from user data without them knowing it. A decentralized social media platform represents a paradigm shift from the old model where most of the profits of the platform go to the company but instead are rewarded to content creators frictionlessly through the use of cryptocurrencies. Unlike centralized social media (SM), in decentralized SM no single entity, even the developers themselves cannot just implement changes in the platform, they usually need to get the approval of the majority of the users or elected representatives of the users. More importantly, contents that have been uploaded and recorded in a decentralized social media cannot be deleted unilaterally by any single entity even the developers themselves without them having access to the private keys of the account. This makes content created in decentralized social media more censorship-resistant. While decentralization makes contents unstoppable it does not mean low-quality content cannot be policed by the community. Decentralized social media can be flagged or downvoted to be less visible but not entirely be removed. Unstoppable, censorship-resistant, transparent and inclusive these are the hallmarks of decentralization and what gives blockchain-based applications such as bitcoin and the ever-increasing number of decentralized applications its worth and value. However, the pace by which decentralized applications air increasing by the day makes the industry ever more fragmented, siloed and isolated from each other. There is a need for them to be able to interoperate or interact with each other at some level. While these decentralize applications may not be able to interoperate or interact with each other without creating new technology to bridge them together, their main mechanism for exchange of value can, through their coins and tokens. These digital assets are traded in trading venues which for the time being is dominated by centralized exchanges. Centralized exchange (CEX) are not better than traditional banks as users will have to deposit their assets, asked permission from CEX operators to withdraw their own cryptocurrency and can also be denied access. Decentralization can only be as strong as its weakest link and many believe centralized exchanges are the weakest link in the crypto community’s effort for continued decentralization. Centralized exchanges not only act like banks but are also easily targeted by hackers and government. The former for its big stash of cryptocurrency which are usually lumped together in one “honeypot” wallet and the latter to implement regulatory policies that usually run against the virtues of decentralization. The negative effects of this centralization of trading venues are evident throughout the short history of cryptocurrencies. The first decade of these burgeoning asset class is marked by hacks of major centralized exchanges that resulted in hundreds of millions worth of digital assets spirited away by hackers giving a devastating blow to cryptocurrency investors. On the other side of the spectrum, the hostile regulatory stance of countries like China and India have forced exchanges to close down locking with the investor’s money. Fortunately, cryptocurrency innovators were able to create decentralized exchanges that evolved throughout the years to be as fast, efficient and cost-effective as centralized exchange. The best part of this is the fact that these exchanges do not carry as much risk as centralized exchanges as assets never leave the custody of the trader. More importantly, there is no way the decentralized exchange or any external entity could steal or restrict access to your own money so long as traders keep their private keys safe. One of the leading decentralized exchange in the world is Newdex, a multi-chain decentralized exchange (DEX) which has been at the forefront of decentralized exchange innovation by introducing many innovative features to empower its users. It was one of the first global EOS-based DEX which evolved to a multi-chain DEX supporting EOS, TRON, and EOSIO sidechains WAX, LYNX, TELOS; one of the first to offer free CPU computing resources; and recently support the Ethereum, TRON and EOS variants of Tether (USDT), the leading Stablecoin in the whole crypto space. Beyond supporting three active blockchain forms of USDT Newdex goes the extra mile by offering its users cross-chain USDT conversion with minimal to no charges, supporting the active platforms of USDT namely, Ethereum, TRON, and EOS. Stablecoins like USDT have played an important part in the development of the crypto industry as it provides a less volatile asset to trade cryptocurrencies without having to interact directly with fiat which requires rigorous compliance requirements. Decentralization is the primary value proposition of distributed ledger technologies and what many believe makes them a highly sought technology and sets them apart from the many technological breakthroughs in the last decade. For the first time in human history, the human race is able to encapsulate “Truth” in technology. Immutable, final and transparent, enabling a risk-free peer-to-peer exchange of value. A technology that afforded us an unparalleled opportunity for equality and freedom. For more information about Newdex please follow its official links below: Website: https://newdex.io/Twitter:https://twitter.com/NewdexOfficialMedium:https://medium.com/@marketing_27690
Daily analysis of cryptocurrencies 20190921(Market index 37 — Fear state)
https://preview.redd.it/1t147a36exn31.png?width=960&format=png&auto=webp&s=cac2f2738b5ffda13262f1d355c99014f7016a25 Vitalik Buterin: Bitcoin And Ethereum Can Not Be Replaced Citing Chinese local news, Vitalik Buterin, founder of Ethereum, said in an interview that Bitcoin and Ethereum are irreplaceable cryptos. The cryptocurrency will not be affected by the tokens issued by financial institutions. The tokens issued by the institutions will have trust problems, but they may outperform the traditional cryptocurrencies in terms of scalability. The future pattern will be a large blockchain system, with many small blockchains. There are many large enterprises entering the blockchain field, building more cooperative relationships. Stratford City Hall Ransomware Attack: 10 Bitcoins Worth $75k Paid Latest updates pertaining to the Stratford City Hall ransomware attack have emerged. A total of 10 Bitcoins at $7,500 per BTC was paid by the body as a ransom to the hacker who crippled its computer systems on April 14 this year. As per official Q&A published on Stratford City Hall’s website, “On Sunday, April 14, 2019, the City of Stratford became aware of a breach of its computer systems. It was determined that a malicious threat actor (attacker) was able to install and execute malware on six of the City’s physical servers, as well as two virtual servers. The attacker then began encrypting the City’s systems, making them unavailable for use.” Lead Investor Of Telegram Open Network: TON Will Launch Before Libra Oleg Jelezko, one of the lead investors in the Telegram Open Network (TON), is now confident that Telegram’s cryptocurrency will launch before Libra, gaining a significant advantage over Facebook’s virtual currency. Jelezko is the Managing Partner of Da Vinci Capital, the Russian investment firm that co-led one of Telegram’s private sales. Although the TON was originally scheduled to go live last December, significant delays pushed the launch date back by almost a year. The mainnet is now expected to go live on October
Encrypted project calendar（September 21, 2019）
BTC/Bitcoin:The 6th FINWISE Global Summit Macau will be held from September 21st to 22nd. Distributed Financial Technology (DeFi) is the main topic of this conference.OKB/OKB:OKB (OKB) OKEx The Africa Cryptour series of talks in Kenya will take place on September 21 in Nairobi.ADA/Cardano:Cardano (ADA) Cardano Ambassador Marin Kramaric will host the Ada community gathering in Croatia on September 21.ZIL/Zilliqa:The Zilliqa (ZIL) Zilliqa project representative will attend the “Bitcoin and Blockchain Future” conference in London, UK on September 21st.
Encrypted project calendar（September 22, 2019）
NPXS/Pundi X:Pundi X (NPXS) PundiX Labs will officially launch the XPOS transaction at the “AkiColle” event in Tokyo on September 22.
Encrypted project calendar（September 23, 2019）
BTC/Bitcoin:Bakkt, the digital asset platform led by ICE, the parent company of the New York Stock Exchange and the world’s second largest trading group, will launch a bitcoin physical delivery futures contract on September 23.EOS/EOS:EOS main network is expected to upgrade version 1.8 on September 23DCDecred:Project leader Jake Yocom-Piatt of Decred (DCR) Decrex will attend the Encryption Community Party in San Francisco on September 23 and will deliver a speech.
Encrypted project calendar（September 24, 2019）
ENG/Enigma:Enigma (ENG) ENG main network token snapshot will end on September 24, the original start time is August 26.LINA (LINA):Lina Review will host the Lina network launch event in Ho Chi Minh City, Vietnam on September 24th and release a 10-year operational strategy.Cappasity (CAPP):Cappasity will showcase its digital signage solutions in luxury stores at the Paris Retail Week from September 24th to 26th.
Encrypted project calendar（September 25, 2019）
MIOTA/IOTA:IOTA (MIOTA) IOTA will host a community event on September 25th at the University of Southern California in Los Angeles on the theme of “Building Your Own IoT.”Quant (QNT):The Quant project will participate in a marketing conference in London from September 25th to 26th, which will focus on data technology.
Encrypted project calendar（September 26, 2019）
ADA/Cardano:The Cardano (ADA) Cardano community will host a party in Washington, DC on September 26.
Encrypted project calendar（September 27, 2019）
BTC/Bitcoin:Cripto Latin Fest will be held in Cordoba, Argentina from September 27th to 29th.Switcheo (SWTH):After a one-year token exchange process, the project team will officially end the SWH→SWTH token exchange process on September 27.
Encrypted project calendar（September 28, 2019）
ADA/Cardano:Cardano (ADA) Cardano (ADA) 2nd Anniversary, Cardinal Foundation, IOHK and EMURGO main members will participate in community celebrations in Plovdiv, Bulgaria on September 28.TOP Network (TOP):The TOP Network team will hold a hackathon in Prague, Czech Republic from September 28th to 29th.Horizen (ZEN):Horizen project BD Rep Vano Narimandize will discuss the current status and development of sidechain technology at the Industry 4.0 Blockchain Summit on September 28.
Encrypted project calendar（September 29, 2019）
GAME/GameCredits:GameCredits (GAME) is expected to perform hard forks on September 29th at block height 2519999
Encrypted project calendar（September 30, 2019）
INS/Insolar:Insolar (INS) will be on September 30thERD/Elrond:Elrond (ERD) will conduct main network test on September 30thNULS/NULS:The NULS team will plan to beta the ChainBOX in the third quarter.CS/Credits:Credits (CS) will exchange tokens and bug rewards in the third quarterQTUM/Qtum:Quantum Chain (QTUM) is expected to complete lightning network beta in the third quarterXEM/NEM:New World Bank (XEM) will release mobile wallet and computer wallet in the third quarterHC/HyperCash: hypercash (HC) will complete community management agreement in the third quarter
Encrypted project calendar（October 01, 2019）
HT/Huobi Token:The financial base public link jointly created by Firecoin and Nervos is expected to be open source in October.RVN/Ravencoin:Ravencoin (RVN) Ravencoin will perform a hard fork on October 1.ADA/Cardano:Cardano (ADA) plans to hold technical consensus meeting in Amsterdam on October 1stXRC/Bitcoin Rhodium:Bitcoin Rhodium (XRC) will record account balance awards on October 1stPPC/Peercoin:Peercoin (PPC) will perform Peercoin v0.8 (code tang lang) hard fork on October 1st
Encrypted project calendar（October 02, 2019）
BNB/Binance Coin:The 2019 DELTA Summit will be held in Malta from October 2nd to 4th. The DELTA Summit is Malta’s official blockchain and digital innovation campaign.CAPP/Cappasity:The Cappasity (CAPP) London Science and Technology Festival will be held from October 2nd to 3rd, when the Cappasity project will be attended by the Science and Technology Festival.
Encrypted project calendar（October 03, 2019）
ETC/Ethereum Classic:The 2019 Ether Classic (ETC) Summit will be held in Vancouver on October 3–4
Encrypted project calendar（October 05, 2019）
Ontology (ONT):Ony Ji will attend the blockchain event in Japan on October 5th and explain the practical application based on the ontology network.
Encrypted project calendar（October 06, 2019）
SPND/ Spendcoin:Spendcoin (SPND) will be online on October 6th
At the time of writing, Bitcoin is trading up 2.8% at its current price of $10,190, which marks a decent surge from its daily lows of $9,900, but also marks a slight retrace from its daily highs of over $10,400. This recent price action simple marks an extension of the narrowing trading range that Bitcoin has been caught in within the past couple of months, with BTC trading between the lower-$9,000 region and the upper-$10,000 region. During this time, Bitcoin’s hash rate has been climbing significantly, and just set fresh all-time-highs earlier this week. Hash rate is a key indicator that elucidates the fundamental strength of Bitcoin, and its steady rise throughout 2019 signals that Bitcoin’s network is incredibly strong at the moment, in spite of its recent sideways price action. Review previous articles:https://firstname.lastname@example.org Telegram： https://t.me/Lay126 Twitter：https://twitter.com/mianhuai8 Facebook：https://www.facebook.com/profile.php?id=100022246432745 Reddi：https://www.reddit.com/useliuidaxmn LinkedIn：https://www.linkedin.com/in/liu-wei-294a12176/
My weekend with Titanium Blockchain Infrastructure Services, TBIS
This is my first ever blog post so please excuse me if I don’t adequately meet up to your writing expectations or answer all of your questions. Just a warning I tend to be wordy. In the Telegram world, my name is “Titanium Big Fish” and I hold a 6-figure amount of Titanium’s utility token, TBAR. As many of you know, Titanium Blockchain Infrastructure was hacked February 21, 2018. Prior to the hack, I had always been active on the telegram channel and enjoyed talking of our future riches to others as I found myself loving the banter and comradery. Moon landings and Lambo’s were often the fun conversation. Unfortunately, this hack happened immediately after I sold my business and a week after my first child was born. I went from someone mentally retired on Titanium and crypto to someone unemployed with a newborn, having to now bust out my 2011 resume. By February 21st, I was known to the top level in the company as a 6-figure token holder and I was still actively accumulating, so when I noticed A LOT of BAR being dumped on IDEX, I sent a telegram to Richard the COO questioning the ‘sale’ of so many tokens. Much to my surprise, and until today, I have kept this to myself, Richard asked me for my email and to sign an NDA and I was to call into a group chat. Much of what I write here might “bend” this NDA. Besides myself on the call there were a few top-level managers. I was informed that there was a hack. Michael, the CEO sounded extremely upset. I could hear despondence and stress in his voice. Before they decided to go with their plan A, they wanted a token holders’ thoughts. Someone who might have some other insight into a different idea and hear how the community might react. I came up with an idea that was not feasible at the time which was to fork into the ‘ingots’ but Richard said the blockchain would not be ready for a few months and not a solution to stop the hacker from profiting. They then discussed an actual fork, that Richard and James could start working on ASAP. Everyone agreed that the fork was the best idea to prevent the hacker from profiting and TBAR was created at this point. Apparently, the team had previously contacted the exchanges, because our call ended when the IDEX owner called for Michael and Michael had to get off the phone with us to take that call. There were 4 takeaways from this phone conversation that I had. One: I strongly suggested NOT to reveal this hack to the community and to make up ANY excuse but ‘hack’ to the token holders. I knew the mention of that word, would cause the BAR price to plummet and as a large holder I wanted to avoid that. Michael said, that we had to take the high road, and be honest and transparent. I really felt that was a strong statement for him to have made and it was something that I am certain that I would not have been able to do in that moment had I been the CEO. Two: I immediately noticed there was one top level manager NOT on the phone call, the CTO. I had been following Titanium and knew all the management and expected the CTO to be on this call. Literally that week I had run background checks on everyone so when someone was not there, I took notice, especially since his background check had some minor criminal issues. Three: when I asked whom I thought could possibly do something like this, it was evidently clear to me that the others on the call had a definite idea who the hacker was and it seemed Michael even wanted to blurt it out, saying something about not knowing who your true friends are. Four: I found myself somewhat on the ‘inside’ of the company. The next few weeks were basically a nightmare. I had added to my holdings all month leading into the hack and even had a 5-figure order on the books that the hacker grabbed up. To say I was fully invested is an understatement. I became the voice of reason to many on the telegram channel, because I really believe in the project, and knew they would pull through and also suspected they knew whom the hacker was and his being caught was inevitable. Also, hearing Michael and Richards voices on the call to discuss options, gave me confidence that they had nothing to do with this. I also felt it best to be reasonable about my holding and think everything through logically and clearly before taking a negative stance on this. My logic and reasoning led me to fully believe in the team after seeing how hard they were working on resolving this. I always felt, if it was not for Hitbtc, this would have been a minor issue that would have been incredibly resolved quickly, brilliantly and with almost no loss of BAR. Over time, I started to grow closer to Richard and others on the team in my private discussions about the hack and my own Sherlock Holmes investigations. Unfortunately, I am still under my NDA and even now can not reveal things that I know because mostly they are circumstantial or might hinder the investigation. My NDA also prevented me from revealing other things that I had known in the past. For example, when a youtube interview was rescheduled, people blamed Michael for this. He seemed to be an easy fall guy, whom everyone felt just didn’t show up. However, I had known all along that it was cancelled by the interviewer and Michael was actually ready for the interview. One of the team members took the fall blaming themselves for this miscommunication. People questioned this when it was revealed, but I saw it as a team that never places blame on others and never speaks negatively about anyone, nor do they try to counter FUD even when they can and should. To me that is the sign of a company specifically thinking long term. I still have not seen a team member bad mouth anyone or any company (even HBTC). On a whim, I reached out to Richard and said that I wanted to meet him, to see the office and meet Michael. I was concerned about my purchase, of course, and felt as a token holder I needed to see what was going on. There was a blockchain event coming up in LA and I was told that weekend would work as Martha, the CCO, would also be there. For this trip, I rented my own car, paid for my own airfare and rented my own hotel room. Titanium did not pay for me to come out to LA and they did not suggest that I come. Titanium is not paying me to write this nor are they demanding I say or not say anything. I never intended to write anything about my trip and my trip was not intended to answer Q and A for myself, nor did I take notes until the last day. My purpose of the trip was not to learn roadmap details nor product details, so I apologize to those that think I will fill you all in on the goodies. I was told many goodies, but I took them in stride as a big whole positive picture. I went to see if this was a long-term hold, if I should actually buy more, and to meet the humans behind Titanium, to get a feel for them specifically. I have been careful in what I have written as to not excite people too much with mentioning things not fully completed nor have I mentioned things told to me that might violate others NDA and I do not go into detail at all on any road map dates nor many specific products really. For example, we discussed the Element wallet in detail, but I won’t mention it in this blog at all, nor will I mention many of the products being worked on. All I will say is that there are a lot of things going on. It took me 2 weeks to get this blog out, and as we know in crypto 2 weeks is a lifetime, so many of the issues discussed below have been resolved, as well as some of the questions at the end, have already been answered. My initial meeting with Richard and Martha was brief. It was a cordial meeting- the conversation focused on HITBTC, the big hack, the twitter hack, as well as the fud group. I initially asked what the plan was for HITBTC. Richard had told me he was waiting on their contact there to do what is asked of them, and though they seem to want to help, and they have agreed to help, they always seemed to stop short of helping. I asked if HITBTC wanted money to resolve this, he said yes, and he was willing to pay. Plan B, Richard said, will take place very soon. Although It is not an ideal solution, Richard would have to have each of the 1500+ wallet holders left on HITBTC send in proof that they have BAR on HITBTC, prove when that purchase was made, and individually, each wallet will be sent TBAR if they qualified. It would be a slow and tedious endeavor, that would use up a lot of manpower, but it would get done. The conversation then turned to the hacker. I can’t speak to most of this as it is under investigation and I don’t know the full details, neither did Richard nor Martha. We all have our suspicions, and everything is unfortunately circumstantial at this point, so we just had an in-depth conversation on the circumstantial evidence. I can’t really discuss some of this information however, it is my opinion that this hack was a hack of vengeance, and not really for profit for they would have waited for a much better time to hack and BAR was really under the radar at this point with very low volume. This person does not want Titanium to succeed and more so, has a personal vendetta against Michael. The amount of people on this list is very, very small and it seems apparent that this is what the FUD group was set up for. Interestingly, this same person that I suspect is often in the FUD group. I suspect the person that publicly stated they did not want a fork and also publicly insinuated we should have paid the hacker, is to blame. You can all decide on that one… Interestingly, when I asked the telegram group to send over some Q and A, only 1 person asked about the hack. It seems that people are starting to move on from it. The conversation then turned to the twitter hack and the FUD group (note: this group is currently shut down as of the writing of this blog). Much to my surprise these two things did not seem to bother Richard nor Martha very much at all as they were already past this and implemented new company protocols and procedures. They felt that they have done nothing wrong and were not concerned as the price of the token was moving downward with the market and was now currently sitting near or above ICO Ethereum price (actually as I finish this, it is double the ICO ETH price). It seems Richard was focused more on moving forward, hiring and getting the product created and out. Laser focused actually! We all suspected the twitter hacker and this FUD group are related. I suspect the same people. I learned, there is only 1 person that no longer works with the team, that would have access to the ‘released’ database (that was threatened to be released), and that person is active in that FUD group. That person still had access to the websites and I learned, apparently had shut them down a few times over the weeks. Richard said they are not even investigating the twitter takeover as it would not lead to much and they needed to focus on putting resources where they are better served. There were a lot of conversations back and forth between the founder of the FUD group and Richard. The founder of that group, was asking a large sum of ETH to do an AMA right after the hack. She was pretty upset that she was being ignored, to me it just made sense that during this moment of crisis, she obviously would not be priority #1, nor would a discord AMA be worth the price of many dozens of ETH. It is now old news, so lets move on. Prior to my arrival in LA, I received a message from someone on Telegram who had “secret information” and correspondence from Michael regarding moving the office to Europe. This individual had once worked for the team and worked on setting up a possible international office and wanted me to know this information. I thought that would be a great idea, to get away from the regulations of the USA. Initially the person seemed to be telling me this as if it was secret FUD that he had, but when questioning him more, he said this was discussed months earlier and definitely not an escape plan, but more so to expand our offices internationally. I asked Richard his thoughts on moving the company, and he said that there are definitely no plans on doing so, however they do plan on running the DEX exchange in a favorable European country. Malta (where Binance recently opened office), Switzerland and Belarus had all come up, but no decisions were being made as to where. They went as far as looking into the intricacies of opening bank accounts and offices if necessary in these European locations, but it has not moved forward at this moment. More details might be released soon, and if so, it is not FUD, but a well thought out plan by Titanium. They truly thought everything through on this. After about 90 minutes, Richard and Martha were heading to the office to meet Michael and interview 2 new engineers. My takeaway from the initial meeting was that I was surprised to hear Martha had recently just met Michael that morning, in person, for the first time. I had always thought they knew each other well, Michael always acted on the telegram that he was very personal with Martha, but I soon found out he is very warm and friendly to everyone. Richard and Martha had also just recently met face to face and only knew each other from Core through the ICO. My initial impression of meeting Richard is that he does not seem phased by anything. Every amount of FUD thrown his way he seemed to brush off with his answer of “we did nothing wrong, the product will speak for itself”. This seems to be his true belief. He is pretty certain of whom the hacker is, and does show some emotion when discussing that. Regarding the investigation, all Richard could say was that he was told something was definitely happening and news will be released soon. He is pretty calm and collected for someone basically running the helm here. Martha seemed to have her ducks in line and was very passionate about the project. She has the high energy and the knowledge it takes to fill her position with the company. That night I met Richard and Martha in bar in LA. We had a few drinks and the topic of course turned to Titanium. Most of the discussion that we had made me super excited, as it detailed many of the future products. I recall texting “Dr Hodler” the telegram manager, that night and telling him I am loading up on more TBAR (since my trip my position has increased by 5 figures). Much of my memories of the conversation revolved around the master nodes. This is where my NDA really kicks in, so I can’t go into detail about them. I know they will be tiered and they will exist, though Richard mentioned unlike regular master nodes that we know of, because those pay a dividend and as a utility token we have to avoid paying a dividend. They will be blockchain rewards based. So token holders that have master nodes will earn block rewards. This was very well thought out. What I will say, and this was a running theme for the weekend, is that Richard is extremely brilliant. Not the nerdy brilliant, one-subject brilliant or boring brilliant but the type of brilliant that probably knows more about your profession, than you do. The Jeopardy champion brilliant. He thought of so many intricate details on every product and regarding these nodes, and this company, that his excitement, passion and intelligence made me excited. He did go into technical detail on these things, but I would never be able to explain it correctly. It was very detailed and thought out. Though after this evenings conversation, I do see why Michael mentioned Elon Musk once in a telegram chat. What I would later find out about Richard was that at age 12 he was building and taking apart computers, and probably charging more to tutor people in computers, than a doctor was charging. He is someone that can lead Titanium to the top, someone that is motivated to, desires to, has the financial ability to, financial incentive to, and someone that will certainly be a huge success story in anything he wants. I am extremely confident in him and Titanium. Everyone wants to hear Michael speak, but Richard in my opinion is really the man behind the tech here. Unfortunately, like many tech guys (or geeks, though he does not come across as that), he is more comfortable behind the scenes instead of in front of a camera and never seemed to bite on my idea of getting him to do weekly video updates. The next day we met at the Blockchain conference. It was not a great conference, but I did end up meeting 3 guys from the LA office, the amigos as Richard would say. They seemed excited to be working for Titanium. They were all intelligent and high energy, amicable and knowledgeable on this space. They were open to doing whatever it is that Richard asked of them. They were however not engineers and are part of the admin team working with Michael out of the LA office and they were there to help network with some of the youtube speakers at the conference and to get TBIS name out. Eventually one of the guys, Alex, got us in the backroom with the main speaker and a youtube personality that I follow. I was excited that this happened however that youtuber seemed only interested in how we could help him, and since his future ICO seemed like shit to me, that was not gonna happen. One takeaway was that I was a little dismayed at the teams elevator pitch. Hopefully in the future if they get to sit down with a big player off-the-cuff like that, it would be a bit more organized. I know it was the first time something like this might have happened, so next time hopefully they prepare better. Sales is extremely important in this space, and being able to spew EXACTLY what you need, what you do and how you do it, all within 30 seconds, has to be practiced. I can tell it was not. It did not matter because this guy was a dud, even though he was a main youtuber, it just goes to show these youtubers just are out only for themselves. Interestingly, in later conversation, I asked if Titanium ever paid “Supoman” and I was not surprised to hear that they 100 percent never had. Our next stop after the conference was to head to the new office to meet Michael. One of my many reasons for investing into the ICO was because this was a USA based company, something located close enough that I could visit if I needed and because of Michael. When I first met Michael, I could see he was extremely well liked by his staff. A few of the guys that I met had come along to the office, and he hugged them when he saw them and seemed to be very warm, friendly and easy going. I have only heard great things about Michael from people that know him and worked with him and I remember our conversation on the phone after the hack how he seemed pleasant even in crisis. He was very professional as well as friendly, we shot the breeze a bit. It was mostly small talk. I had wanted to bombard him with a bunch of questions, but at the time, it didn’t seem appropriate as I was not one on one with him. Richard had already told me there was an investigation going on, but that it was secret and unless I could get alone with Michael I foresaw that was not going to be answered. He definitely seemed more the sweet, caring, puppy loving, family loving, honest and easy-going type, rather than anything else I could have imagined. I didn’t see any ‘snake oil salesman’, ‘used car salesman’ type at all. In fact, how this guy could have any enemies anywhere actually is surprising. I immediately liked him and could see why he would be good in sales. I assume anyone that does not like him, has clearly never met him. When I thought about the office, I envisioned it where every techie developer on the team would be flown in worldwide, living out of a commune together and working 24/7 on Titanium. I envisioned team brainstorming meetings in a huge conference room with 100s of people running around. Well this I have come to understand is not what happens in the real ICO world. Titanium has a really nice office (the new carpet smell was prevalent) though it was not set up completely. It is perfect size for a start-up and I suspect mostly will be Michael’s home base /private office. Especially since Richard said he was not only not moving to LA, but that he was opening up his own office in Oregon (apparently Eugene is a tech town). Much to my dismay, the LA office is just not going to be an active hub of developers and engineers burning the midnight oil. What I have come to know is that the best developers and engineers, just don’t live in LA, nor do they want to, and I can definitely understand that. So, although Richard interviewed a few developers the day before, that might work in the office, he even said they could probably work from home (after implying he was hiring them). The LA office will house most of the admin people working for Michael and possibly the future sales staff, but really won’t be much of an active office with engineers working so anyone wanting that 24/7 camera set up in the LA office, I have given my two cents that it is stupid idea and a complete waste of time, money and energy as there will not be people burning that midnight oil like I suspected. Previously, Richard had mentioned to me and to the telegram group that they have hired about 40 contractors and subcontracted engineers and Michael agreed with that statement when I brought it up. Richard has also told me they are hiring up to about 60 in total. I was pleasantly surprised to hear such a large number. He said they will be located worldwide and did mention what cities he was advertising in, but I have since forgotten. For the most part, people working for Titanium, will work remotely. Richard did state that anyone working for TBIS moving forward will be solely employed exclusively by TBIS and not allowed to work on any other project but ours. That was also refreshing. Other things that were discussed with Michael was the FUD group. Again, I found it interesting that Michael did not seem to care too much about this group. I was under the impression he did not even know much about them at all. Seems the team doesn’t feel they have anything to worry about. The common theme is that they are a utility token, a product, sold to the public for future use in their ecosystem. When asked by me if they thought about getting a cease and desist on the group, they shrugged off the idea. Interestingly, everyone that bought into the ICO is now up money on TBAR compared to ETN, ETH and probably every other coin used to purchase BAR (unless fiat was used) Titanium is trading spectacularly compared to the rest of the market. One last thing that happened in the meeting with Michael was that when I revealed someone wanted me to reach out to the ex CTO for a conversation with him, Michaels demeanor completely changed. He went from a smiling happy guy shooting the breeze about the office furniture, to a complete 180 turn, becoming a stern father figure telling me exactly not to go play in shit. Basically, he gave me warning that it would be a bad idea and lets just leave it at that. That night we ended up going back to Richards Airbnb. We all played a bit on the telegram and chatted about how inexpensive TBAR was. It was here that one of the main team members that I was with went on IDEX and purchased 12,000 TBAR after confirming the price was just too cheap at .25 cents. I also was told that recently another main team member bought a larger amount of TBAR in the 40 cent range. That was confidence building for me. Then it came up that immediately after the hack happened Richard and Martha confirmed that Richard went through ALL 22000+ wallets, one at a time, to take a snap shot of each wallets BAR holdings, to know who had what at the time. This took many hours. I was impressed. It seems that he has a lot of passion for this company and desire for it to succeed and, also that he doesn’t mind taking a back seat to all the work he does. I felt at that moment that I should write a little blog about my trip so that others can see how much work these guys are doing. Martha is also completely on the ball. She is overwhelmed I am sure with her duties, but seemed to handle everything perfectly in stride. She is also very intelligent and has her Master’s Degree in Communications from an amazing school. So even though she came from CORE, seems she is a great fit for the job. Sunday afternoon we spent a little time going over some questions that were asked of me on the telegram chat. Much like some of my blog, some of the issues and questions have already been resolved. I apologize it took me so long to get this out. I do want to make clear, the purpose of my trip was not for me to get answers to certain questions, it was for me to meet the team, see real substance, and get a better understanding of Titanium, it was not a Q and A session for me. It was about absorbing and getting a feel for TBIS. It was for myself and not really to make this blog. I am not technical, so I could not dig too deep into technical details, if you want those answers, hopefully the new Q and A weekly newsletter will answer those for you. I am under an NDA so some of the questions or concerns that I might have answers to, are tough for me to relay. But here are a few paragraphs of what came from these questions. As far as partnerships are concerned, Titanium is obviously seeking out many strategic partnerships, but the product is high priority right now. Politically it is hard to discuss potential partnerships before they actually happen, so there was no set name of a partner that was mentioned. Nor did I ask. This seemed to be the theme with exchanges as well. There was a mention to me of a few exchanges that were seemingly definitely coming, but they cannot be revealed by me because there are NDA’s with those exchanges and of course things could change. I assure you from what was randomly said to me, possibly by accident, there is a real great one coming. But again, that can always change. Product completion is imperative for acquiring customers as well, but I was happy to hear Richard and Michael are flying to Thailand to meet with a potential customer. That seems to be something Michael mentioned in a video and it was confirmed with me that it was indeed definitely happening. As for seeing Michael more, Michael is now focused on the big picture of Titanium as a whole and will be fostering past and new relationships and partnerships for the most part. Due to this he won’t be available as much for video interviews going forward. Hopefully that changes, but the team feels that it is a positive for him to concentrate on the connections he has first and foremost. Masternodes will be tiered and might be set up like block rewards as opposed to dividends. The larger the amount of tokens, the more possible rewards could be earned……. No word yet on how many tokens are needed for MN, rewards will be based off the new token and not TBAR. 10,000 was recently confirmed as one tier. The way it is set up, the # of tokens will not be diminished in our lifetime, I am not sure exactly where this supply is coming from but when I asked where do the never ending supply of blockchain rewards come from, I was told, block rewards are similar to how bitcoin works and the economy is designed to last longer than any of our lifetimes. Tbar will not be minable. There are plans to un ban everyone that has been banned in telegram and start a new slate, once things clear up with all the TBAR HITBTC nonsense. It might be read only or they might open it back up with a short leash, but that is definitely on the agenda. I myself will probably unban everyone banned to read only shortly. There are no patents at the moment- can’t really patent some of this kind of software but if they can they will try. They are looking into all IP patents however, and any patents they can get, they certainly will. Technical whitepaper- a new version is coming with more tech specs and with a tech write up but not how things will work, that isn’t going to be released. No public github but Richard will write a readme writeup for github explaining their open source stance. Some will be open source but it takes longer to open source. Companies often do this. Telegram for example has their app open sourced and some server tech but not all of it. Titanium is concentrating on only hiring the best people around. When asked exactly how many are currently hired full time the answer was- there were already 35 direct hires and they have some contract employees working on a couple of the projects with them (I guess this is the 40 total mentioned before). The website is being redeveloped because it was still in control of the ex CTO, who actually might have crashed it multiple times and took the ICO site offline a few times. Hmmmm, interesting. Some of the new projects will have one-of-a-kind technology. Some were explained in depth and sound awesome… As far as competitors go, Richard seemed happy that Google and others have been very clear on what they will be creating and he says it is not anything like what TBIS is doing. Here are some other direct questions answered briefly. How can long term holders be rewarded? Staking of their tokens for services as well as Master Node options. Is there an ever a reduction of supply? Burning is being heavily considered as services are being paid for. Premium Michael promised after the hack? ICO supporters will have something. It is not solidified yet, the team can’t wait for ICO buyers to hear about it in the official announcement. When can we expect a working product? They currently have working versions of their product and it’s constantly evolving. Open Betas and Alphas are upcoming but I couldn’t get exact dates yet. Apparently, software design is often tricky but they have a good team and always hiring. As far as some past FUD I would like to answer. Many brought up the home address as the address of record on TBIS website and incorporation. Those of you who question this have clearly never set up a small business in the USA. The process is simple. You can NOT lease an office without a corporate bank account, you can NOT get a corporate bank account without incorporating and you can NOT incorporate without an address. It is all one big catch 22. So, the VAST majority of business have 1 or 2 options. One is to use a home address or maybe a PO Box though I don’t think that is allowed in my state, the other option is to pay a ‘registered agent’ to collect your mail and use their random address. This is what a lot of companies do, but it costs money and there is no need for it. There is absolutely NO FUD nor concern that TBIS used a residential address as their initial address. All of my businesses have been incorporated at a residential address. Also, I ran a background check on the 5 current and an ex main player of Titanium and 4 of the 5 background checks (the 4 current and new employee) were clean as can be, completely stellar, the 5th was not. I also have a friend that works for the FBI. She is a psychological forensic profiler. Now I personally do not have an answer to whom was contacted regarding the hack, but my FBI friend said there is no chance, zero chance that the FBI will discuss any ongoing investigation with any Joe from the general public. She went on to say, unless you are an interviewed suspect or the victim, you would not be told about an ongoing investigation. She was very adamant about this. Even stating, “Do you think they would have fielded your call about Madoff?” However, she went on to say that the FBI would be the wrong people to contact regarding a crypto hack and that a private company that specializes in this stuff would be better, as FBI agents (in her words have no clue about this stuff) and make about 1/3 what a private company would pay their hackers. So, this sums up my visit. I learned many things and I hope I could help you with some of your questions. I know I could not answer the whodunit question nor give a price prediction of the future of TBAR, nor resolve HITBTC for you, sorry. One of the most important things I realized is that this is truly a startup. If you are looking for a quick buck it is probably not happening. I think this frustrates many of you, causing unnecessary FUD. Much like my newborn stretching and kicking and making awkward faces, Titanium is in the newborn phase doing similar things. Finding their strong points, falling down a little, scratching themselves and even maybe a little crying / firing. Eventually, like my son, things will fall into place and what we will end up with is a very successful operation because all the groundwork is being laid right in front of our eyes. I was privileged to see the office blueprints, hear conversations about the hiring of team members, meet the CEO, hear about other offices being started, and the intricacies of products that are being built. I believe that once they overcome the hack and hitbtc and the fud, things will be smooth sailing when they can truly focus on all things positive. Those that are interrupting this process are like the big dumb schoolyard bully that doesn’t realize that instead of picking on the cool nerdy kid, they should join forces with this kid, help him off his feet as this will one day grow into something extremely successful. But like the big dumb bully, unfortunately you just can’t reason with stupid.
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Those who choose to pay via the Binance token can get a 50% discount on the trading fee, which is absolutely great news. These are surely some of the lowest fees available at this time. Withdrawal fees tend to vary for each digital currency. For instance, 0.0005 is charged for Bitcoin withdrawals, and 0.005 is charged for ETH withdrawals. Here are some examples to give you an idea of the fees you will be paying for withdrawals: COIN CODE Fee Unit Binance Coin BNB 1 BNB Bitcoin BTC 0.001 BTC Ethereum ETH 0.01 ETH Litcoin LTC 0.01 LTC Neo NEO Free NEO Qtum QTUM 0.01 QTUM Status SNT 10 SNT Bancor BNT 1.2 BNT Eos EOS 0.7 EOS Bitcoin Cash BCC 0.0005 BCC Gas GAS Free GAS USDT USDT 50 USDT When it comes down to transfer limits, there is no limit on the number of coins that you can deposit. However, without getting verified, users are limited in terms of how much they can withdraw. Verification will establish you as a level two users, thus lifting these limits and providing a lot more freedom when using the platform. The verification process requires users to provide Binance with their full name, country, gender, a photo of passport/government-issued ID, and even a selfie with the passport. Binance Competitions A unique feature of Binance you will notice is that they regularly hold competitions with some amazing prizes. Some examples of competitions in the past include Waves and Tron. The waves competition gave away 20,000 Waves to Traders based on how many trades they have made of this currency. The other competition for Tron (TRX) gave participants the chance to win a Maserati car, Mercedes Benz car, a Macbook Pro or a iPhone X. Again, the winners were the people with the highest trading volume of this currency. The current rankings show that the person in first place had over 358 BTC volume in trades so you will need to be a whale to be in with a chance of winning first prize. There are other regular competitions though, so keep an eye on the site for your chance to enter. Is Binance Safe? While Binance is one of the newest cryptocurrency exchanges available on the market, it has quickly managed to attain a high level of trust from its users and the digital currency community. However, the exchange fails to provide users with enough information on how the funds are being secured, yet we like to believe that security is taken seriously. Two-factor authentication is available and is always a nice sight. It is however known that the platform offers a multi-tier and multi-tier system architecture. Update: In March 2018 Binance suffered a hacking attempt. The hackers tried to pull off an audacious move which was luckily caught by the automated systems in place at the exchange. For months the hackers had been accumulating people’s logins via a phishing website and secretly installing API access on the affected accounts. They then struck, converting all the victims altcoins to BTC and purchasing Viacoin, pumping the coin to a huge price and then selling their own supply of Viacoin at the high point, before trying to withdraw the BTC to their own wallets. Luckily no one lost funds as the hack was caught and the only people to lose out were the hackers, whose funds will be donated to charity. As this hack was made possible by people entering their site logins and 2FA details into a fake website, you should always make sure you are on the correct Binance url before logging in. We recommend you bookmark the site and only use that to access it, never click links from emails, Twitter, Telegram etc. This event has done a lot to instill confidence around Binance, not only did their automated processes catch the attempted hack before anyone lost any funds, they have since offered a $250,000 bounty to anyone who can help catch the hackers. Throughout this event, Binance acted exemplary and have been praised for their swift action in resolving this. Binance Customer Support For an exchange to be successful, it requires a great customer support team, capable of answering all user questions and requests in a timely manner. While the support area on Binance could use a little work, the team is responsive and capable of offering professional aid to traders in need. Support tickets are submitted via an online form featured on the website, and responses are made via email. There is currently no live chat support, nor a phone number where customers can get in touch with the support team. Binance Customer Support Other than the CS team, Binance offers a couple of FAQs and articles meant to help users get accustomed to the exchange and the way it works. Binance FAQs It should be noted that customer support on Binance has been known to be slow to respond to customer requests. This is a familiar phenomenon with most of large exchanges and is due simply to the volume of users and amount of support staff. The exchanges have grown at an explosive rate this past year and the companies simply haven’t been able to keep up with demand. Binance grew fast especially, going from launch to the largest exchange on the planet in a few short months. Support staff for exchanges have to be carefully vetted and trained due to the technicalities and security requirements involved – unlike other traditional companies where staff can be trained quicker. Some things to bare in mind are double-checking wallet addresses, make sure you are sending the correct cryptocurrency to it’s corresponding address on the site. Mixups with wallets are one of the biggest mistakes people make when using exchanges. Other things to note are, try a smaller test payment first if you plan to transfer large sums – it may cost you a little more in fees but will be worth it for peace of mind. If you do need to contact support, make sure you provide them with enough information to be able to help you first time. Include wallet addresses, times of transactions and any other information you think they might need to help speed up the process. The Move to Malta In March 2018, Japanese Newspaper Nikkei reported that Binance was trading in Japan and not following their official regulations. This caused some turbulence in the markets until Binance made an official announcement that they were going to be moving operations to the crypto-friendly island of Malta in Europe, stating : After reviewing several different locations, the company decided to invest in the European nation due to its existing pro-blockchain legislation and the stability that it offers financial technology companies through its regulatory framework. This is good news for the company and they even received a warm welcome from the Prime Minister of Malta on Twitter. Binance also announced that they were in talks with Maltese banks with the goal of providing Fiat transactions, meaning they can offer an on-ramp for fiat to crypto transactions in future along with fiat trading pairs on the exchange. More good news for Binance, it seems as their profile and reputation within the industry continues to grow. Launching a Decentralized Exchange More recent news for Binance and what seems like good news BNB holders is the fact that they are planning to launch their own Decentralized Exchange ( DEX ): “After extensively researching decentralized exchange frameworks and analyzing existing implementations, we believe significant improvements can be made in providing Binance users with a level of trading experience to which they are already accustomed. Centralized and Decentralized exchanges will co-exist in the near future, complementing each other, while also having interdependence.” The BNB digital asset, now an ERC-20 token, will migrate as the native token of that network and be used for paying the trading fees on the new exchange. Launching a Decentralized Stock Exchange More good news recently for Binance is that they are partnering with Neufund to build the world’s first Decentralized Stock Exchange. Alongside the Malta Stock Exchange, they are aiming to create a regulated and decentralized, global stock exchange for listing and trading tokenized securities alongside crypto-assets. According to CapLinked, the market cap of equity tokens alone is projected to reach $1 trillion by 2020 and thanks to the partnership with MSX, a subsidiary of the Malta Stock Exchange and Binance, Neufund will become the first end-to-end primary issuance platform for security tokens, in particular, equity tokens. It will secure ways for secondary trading of equity tokens and enable companies around the world to fundraise on Blockchain in a legal way while offering much-needed liquidity. This is more positive news for Binance as they aim to consolidate their position as the world’s number one Crypto Exchange. Binance Jersey Launch – Now Supports Fiat to Crypto As of 16th January 2019, Binance has announced the launch of a new Fiat to Crypto exchange named “Binance Jersey“. The trading platform is live and active and allows you to trade in fiat currencies such as euros and pound sterling, with Europe being their target market. We have now carried out a full review of Binance Jersey, so take a look for more indepth details about the new platform. Binance Jersey Visit Binance Jersey » At the time of writing they are only offering four trading pairs with more to follow soon: BTC / EUR BTC / GBP ETH / EUR ETH / GBP Supported Jurisdictions: Argentina Eswatini (formerly Swaziland) Latvia Romania Armenia Finland Liechtenstein Singapore Australia France Lithuania Slovakia Austria Germany Luxembourg Slovenia Azerbaijan Gibraltar Macau South Africa Belgium Greece Malta South Korea Brazil Hong Kong Mauritius Spain Bulgaria Hungary Mexico Sweden Canada Iceland Monaco Switzerland Chile Ireland Netherlands Turkey Croatia Israel New Zealand United Arab Emirates (UAE) Cyprus Italy Norway United Kingdom (UK) Czech Republic Jamaica Peru Uruguay Denmark Japan Poland Estonia Jersey Portugal Customers who wish to trade in the support fiat currencies will need to carry our KYC procedures by uploading their ID documents such as passport and driving license. Wei Zhou, Binance’s CFO released this statement about the launch : “Expanding the cryptocurrency exchange markets with fiat currencies in the European region is opening new economic opportunities for Europeans as well as freedom from looming Brexit uncertainty where the pound and euro are also in concern. Through Binance Jersey, we want to help bridge the crypto-fiat channel for Europe and the U.K. as part of our global expansion to support broader cryptocurrency adoption”. If you are familiar with trading on Binance, then you will feel at home on their new exchange – it uses the same engine and the trading screen is laid out in the same fashion with the option to choose between Basic and Advanced views: Binance Jersey Trading Screen To fund your account in fiat, you will first need to complete the KYC process, once that is done you can then deposit funds directly from your bank account by linking it from the Deposits screen. You can also fund your account with BTC or Ethereum. Once you have your account setup and bank account linked, you can also withdraw funds in fiat currency – this is great news as Binance is now able to offer a way for investors to cash out their cryptocurrencies. We have upgraded our review scores below and we feel this is a huge improvement to Binance’s Exchange offering, if they manage to roll this out to even more countries ( USA is currently excluded) it could be a game changer as people now have an extra, regulated fiat on and off ramp for their holdings. Buying Bitcoin with Australian Dollars On March 20, 2019, Binance announced the launch of Binance Lite Australia, the continent’s first fiat gateway to the world of cryptocurrencies which provides a secure, reliable, and easy to use way to buy Bitcoin with cash in Australia. The cash-to-Bitcoin brokerage service operates via a network of over 1,000 newsagents across Australia, and currently allows anyone to buy Bitcoin using Australian Dollars (AUD), and there are plans to include additional digital currencies and fiat purchasing options in the future. Users must first undergo account verification on Binance Lite, and after being successfully verified, users can place online orders and deposit cash at their nearest newsagent, in order to receive their pre-ordered Bitcoin. The Binance Lite brokerage service is operated by InvestbyBit, an independently operated subsidiary of the Binance.com cryptocurrency exchange. The service aims to simplify the process of purchasing cryptocurrencies and make digital assets such as Bitcoin readily accessible across Australia. Fees A 2.5% transaction fee (50% discount applied) plus GST on the transaction fee for each purchase is currently being charged as an introductory rate. Therefore, for a $50 order, the transaction fee will be $1.22 and the GST will be 10% of the transaction fee, which is $0.12. Limits The system is currently in its Beta phase, and the minimum purchase amount has been lowered to $30 with the maximum purchase amount capped at $1000. These limits may change over time and only multiples of $10 are being accepted, such as orders for $50, $60, $70 etc. Verification First time customers are required to go through a one-time Know Your Customer (KYC) document verification. When using the service, it’s necessary to follow the instruction prompts after the order page and go through the verification. In order to complete the verification process, it’s necessary to submit 1 or 2 forms of government issued ID documents as a Passport, Driver’s Licence, or Medicare card, in addition to your residential address. Any returning customers, who have already completed KYC verification, will be sent to the order summary page directly after opening a new order. Each account is linked to a mobile number, and users should ensure to use the mobile number provided when first completing the verification process. Anyone choosing to use a new mobile number will be required to complete the ID verification process once again. Paying by Debit and Credit Card Binance allows users to make debit and credit card payments for cryptocurrencies via a partnership with Simplex. It’s possible to purchase Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and XRP tokens by Visa and MasterCard and the benefits of using a debit or credit card on Binance include: Swift Transfers: Average 10-30 mins for cryptocurrency to reach your wallet Low Fees: only 3.5% per transaction or 10 USD, whichever is higher Convenient: Visa and MasterCard accepted In order to purchase the supported cryptocurrencies with a debit or credit card, users can first go through the official instructions page and then visit: https://www.binance.com/en/creditcard. Binance Launchpad and Initial Coin Offerings (IEOs) Binance Launchpad is the exchange’s token launch platform that aims to connect blockchain projects with the greater cryptocurrency community and enable projects to raise funds while interacting with Binance’s significant user base. In December 2017, the BREAD and GIFTO projects were able to hold successful token sales on Binance Launchpad and projects such as BitTorrent and Fetch.AI have also held successful launches in 2019. The platform makes use of the exchange’s native BNB token and rewards users for holding the token as well as allowing it to be used to participate in token sales. Read: What is an IEO? How Token Offerings Work on Binance Launchpad The ability to part in token offerings continues to attract a significant amount of users to Binance and it’s necessary to go through a number of steps in order to get used to the Launchpad platform. Anyone interested in a project should first go to the Binance Launchpad website and click on the project page and thoroughly research any of the projects on offer. If not already done, it’s also necessary to complete your Binance account verification, as token sales are carried out in compliance with the regulatory requirements in supported user jurisdictions. The Lottery System Binance Launchpad operates a lottery system which sees that the number of lottery tickets you can claim being dependant on the amount of BNB tokens you hold in your Binance account over a 20-day period leading up to the day of the lottery, with a maximum of up to 5 tickets per eligible account. The 20 days leading up to the lottery draw date is represented by X below, and by example, 100 ≤ X < 200 means that your BNB balance over the entire 20-day period is kept at 100 BNB or more, but does not exceed or reach 200 BNB. A snapshot at 0:00 AM (UTC) each day records each user’s BNB balance, and should your BNB balance drop below the minimum balance required on any given day during the 20-day period, they will be put into the lower threshold. For example, if User A holds 301 BNB for 19 of the 20 days but their balance drops to 299 BNB on one day. They will move to the lower threshold and only be eligible to claim 2 lottery tickets. Before the actual lottery date, users are given a 24 hour period to select how many lottery tickets they wish to enter, with the maximum number based upon their BNB holdings over the previous 20 days. Here, if a user submits an entry of 5 tickets and 2 tickets end up winning, they are committed to pay for 2 ticket allocations (in BNB) for the tokens. Each lottery ticket has a unique number with multiple lottery ticket holders, obtaining tickets with consecutive numbers. For example, when claiming 5 tickets, the tickets may be numbered 100010, 100011, 100012, 100013 and 100014. Once the 24 hour period ends and all tickets have been fully issued, Binance begins to randomly select multi-digit numbers. These are matched against the tail digits of all issued tickets in order to determine the list of winners. The selection process continues until the maximum number of winners are matched, and the respective BNB is deducted from each winning user’s balance, as soon as they are deemed a winner. Binance announces the maximum number of potential lottery ticket winners, and the allocation amount corresponding to each winning ticket in advance. Conclusion Currently, the matching engine of the exchange is capable of processing approximately 1.4 million orders each second, hence making it one of the fastest exchanges available on the market. Additionally, the exchange works on all forms of devices, including web, Android, WeChat, and HTML5. Non-English speakers will be happy to know that Binance offers multiple-language support in Chinese, English, Korean and Japanese. Based on everything that has been outlined so far, Binance is undoubtedly the leading Cryptocurrency Exchange and offers great fees and awesome digital currency support. As it reportedly has access to abundant resources and partners, chances are that Binance will continue to evolve and offer great digital currency exchange services to its clients. We are happy to recommend Binance and have added it to our list of the Best Cryptocurrency Exchanges. Update, April 2019: We have continued to update this review since Binance was first launched ( we were one of the first to offer a review of the platform at the time ). And as time has progressed, time and time again Binance have proven to be one of the very best, if not the best, exchanges available. Their CEO Changpeng Zhao (CZ for short) has been part of the cryptocurrency community and shown high standards of integrity. Binance the exchange has continued to innovate, bringing new products to market and new options for purchasing and trading cryptocurrencies to all corners of the globe.
CryptoNick is deleting all of his BitConnect videos, and so are his buddies. Please never forget what he and his cohorts did to so many people, and how much money those people lost in the process thanks to CryptoNick, Trevon James, and Craig Grant! (26500 points, 3087 comments)
Listen up folks, if you "did", or still do promote cryptocurrency related scams, you will be called out on it via this sub-Reddit. We don't care about you, or your ill-gotten gains, we care about the general well-being of our community first and foremost. (17879 points, 1294 comments)
So no one else finds it a bit odd that Verge is actually going up in price in a bear market, after a hack attack, after being outed for paying McAfee to promote it, and after the 1 developer begged for money from his own community to allegedly help pay his taxes? (2550 points, 875 comments)
I will tell you exactly what is going on here, this is critical information to understand if you are going to make money in this space. How prices work, and what moves them - and it's not money invested/withdrawn. (20144 points, 1459 comments)
CryptoNick is deleting all of his BitConnect videos, and so are his buddies. Please never forget what he and his cohorts did to so many people, and how much money those people lost in the process thanks to CryptoNick, Trevon James, and Craig Grant! by DestroyerOfShitcoins (26500 points, 3087 comments)
I will tell you exactly what is going on here, this is critical information to understand if you are going to make money in this space. How prices work, and what moves them - and it's not money invested/withdrawn. by Suuperdad (20144 points, 1459 comments)
Listen up folks, if you "did", or still do promote cryptocurrency related scams, you will be called out on it via this sub-Reddit. We don't care about you, or your ill-gotten gains, we care about the general well-being of our community first and foremost. by DestroyerOfShitcoins (17879 points, 1294 comments)
4781 points: hanzyfranzy's comment in Bitcoin breaches $4000 in 15 minutes. What is happening 😳
4368 points: andyalxatydotcom's comment in Trevon James has over $1,000,000 in his Steem wallet, so I am posting this image as evidence as a record for the internet to remember forever, just in case he tries to tell the courts he lost all his money in BitConnect too like Craig Grant is claiming.
4287 points: mikelo22's comment in +1(800)273-8255 - U.S. National Suicide Hotline
4034 points: FSev's comment in +1(800)273-8255 - U.S. National Suicide Hotline
3700 points: arsonbunny's comment in Bittrex holding my about $100.000 hostage with no response to support ticket/email for almost three months
3628 points: eNte19's comment in Enjoy the massacre. It could be a once in life opportunity.
CryptoNick is deleting all of his BitConnect videos, and so are his buddies. Please never forget what he and his cohorts did to so many people, and how much money those people lost in the process thanks to CryptoNick, Trevon James, and Craig Grant! (26506 points, 3085 comments)
Listen up folks, if you "did", or still do promote cryptocurrency related scams, you will be called out on it via this sub-Reddit. We don't care about you, or your ill-gotten gains, we care about the general well-being of our community first and foremost. (17883 points, 1292 comments)
So no one else finds it a bit odd that Verge is actually going up in price in a bear market, after a hack attack, after being outed for paying McAfee to promote it, and after the 1 developer begged for money from his own community to allegedly help pay his taxes? (2548 points, 875 comments)
I will tell you exactly what is going on here, this is critical information to understand if you are going to make money in this space. How prices work, and what moves them - and it's not money invested/withdrawn. (20147 points, 1459 comments)
CryptoNick is deleting all of his BitConnect videos, and so are his buddies. Please never forget what he and his cohorts did to so many people, and how much money those people lost in the process thanks to CryptoNick, Trevon James, and Craig Grant! by DestroyerOfShitcoins (26506 points, 3085 comments)
I will tell you exactly what is going on here, this is critical information to understand if you are going to make money in this space. How prices work, and what moves them - and it's not money invested/withdrawn. by Suuperdad (20147 points, 1459 comments)
Listen up folks, if you "did", or still do promote cryptocurrency related scams, you will be called out on it via this sub-Reddit. We don't care about you, or your ill-gotten gains, we care about the general well-being of our community first and foremost. by DestroyerOfShitcoins (17883 points, 1292 comments)
4785 points: hanzyfranzy's comment in Bitcoin breaches $4000 in 15 minutes. What is happening 😳
4364 points: andyalxatydotcom's comment in Trevon James has over $1,000,000 in his Steem wallet, so I am posting this image as evidence as a record for the internet to remember forever, just in case he tries to tell the courts he lost all his money in BitConnect too like Craig Grant is claiming.
4284 points: mikelo22's comment in +1(800)273-8255 - U.S. National Suicide Hotline
4036 points: FSev's comment in +1(800)273-8255 - U.S. National Suicide Hotline
3695 points: arsonbunny's comment in Bittrex holding my about $100.000 hostage with no response to support ticket/email for almost three months
3628 points: eNte19's comment in Enjoy the massacre. It could be a once in life opportunity.
Bitcoin: Breaking All the Rules: Idiocracy: Sad vs. Happy Ending?: To Be Continued
4 years ago my girlfriend and I were trekking through Costa Rica, listening to a podcast about the silk road and a dark web. It was such a great listen and the content was something right out of a science fiction novel. Hackers, drug and arms dealers, digital rebels. The podcast went on to talk about how they used a digital currency. They talked about how it didn't have a bank, but rather it had kiosks that you could use to purchase these Bitcoins. In my imagination, they put money into an atm and out popped a gold coin that proved they owned that digital currency, silly. Who would have thought this podcast was revealing an asset with the potential to turn rags to riches?! I just wasn't able to wrap my head around what was happening then. In my defense I was pleasantly distracted on an adventure in Costa Rica! I couldn't put the pieces together, the internet and currency were uniting under a blanket of anonymity. Must have been too busy looking for Toucans and Scarlet Macaws. I've never been one to invest, never had the savings. Rough past and not a lot of income. Never smart with money. I was only able to go to Costa Rica because of a tiny inheritance from my grandmother passing away. If only I had spent the rest ($5,000) on those Bitcoin thingies! I went about my life occasionally hearing about Bitcoin and I would always remember that podcast. Had I just opened up Google and followed up more, fuckin hindsight... Years go by and i hear how Bitcoin suffered some big losses here and there but I kept my distance. This brings us to January 2017... Money is extremely tight as always and we've started taking on credit card debt with daily expenses and things are adding up. One day I'm in the men's library (shitter) and I read headlines saying Bitcoin is making a monster run. I decide then and there that I won't let this opportunity pass me by, "it's time to get ahead" says an internal voice. "But, you have no nest egg" says another. I didn't know what FOMO was at the time, but this was the ultimate case. I threw caution to the wind and went in hard towards a dream of financial freedom. It's as if the stars were going to align and I would finally catch a break. I took out a loan for 10k and stocked my digital wallet. Now I just needed to sit back and watch this thing continue to run. Financial freedom, here we come!!! News Flash: South Korea is looking to ban cryptocurrency trading India announces they are going to crack down South Korea not banning cryptocurrency but no longer anonymous trading Bitfinex/Tether subpoena Coins being stolen by the millions US to discuss cryptocurrency regulations China bans citizens from foreign exchanges Binance "hacked" Mt Gox trustee dumping hundreds of thousands of coins on the open market Market manipulation Bitcoin is a bubble I mean talk about a cluster fuck the moment I entered the trade! I feel like I bought tickets to Bitcoin's show and the asshole said peace and dropped the mic. This was one of the worst decisions I've ever made, and I've done a lot of dumb shit in my life. Taking out credit on an investment?! Brilliant! I made the biggest mistake in the book (one I had clearly never read) which is don't put in what you're not willing to lose. I've read a lot of posts from veterans on Reddit who paint the perfect picture of my portrait "The Idiot Rookie and the Bitcoin" it's a masterpiece. I do commend a lot of you guys, I've seen some great advice. Advice that I wish I had read before diving head first into this world. I've always been a tough lesson kind of guy and class is in session. Hopefully I can graduate. All aboard the emotional roller-coaster of cryptocurrency with too much invested! The last 2 months have been an experience like none other. So many ups and downs. Tonight I'm restless, so I type this story for you. This is the story about a dumbass guy who was grasping at straws and still is. His intentions may be good, but who knows how he'll fare. Sure a lot of you say cut your losses, but how do you cut ties with something you've fallen in love with? How do you turn your back on the tech after the fact? Buckle Up It Gets Worse: Last weekend I finally broke the news to my fiance that I had done this behind her back potential increasing our debt if this thing blows up. Let's say things aren't the greatest in the love life. Trust for the first time in 4.5 years of our relationship is in question. So here we are. The price is dropping hard, again. Things are a mess but I still hold on for dear life. Strange thing is that its starting to have no effect on me. Despite the ramifications of a complete crash, you think I would. Maybe I'd be a great investor if I didn't have debt on the line. All I do now is research blockchain day in and day out. I've done so everyday since things went south. Figured I should learn what the hell I heard about in that podcast so many years ago. Should learn about what I overextended myself with a loan for. It really is brilliant. Blockchain is without a doubt a huge piece to our future. All the ups, downs, sad truths to loved ones, fist pumps when I see a price pump and the swear words when they dunno (today I got caught in Ast after I fucked up my stop loss...) I've made countless mistakes and I'm sure I'll make more. I keep pushing myself towards becoming a knowledgeable tradeinvestor in hopes that I'll stop making mistakes when I do both. I'm definitely a HODLer until then, with a coin I'm not passionate about (AST) and a few that I am. It's been over 2 months since entry. My skin is leather now, the stress of the past few months have turned my insides to stone. I'm down 60% and I'm still optimistic (or in denial?). I'm bleeding just like the rest of you, maybe even more with the interest. Will my decision to HODL be the right one? I guess only time will tell. My fiance asked me if I'm willing to accept the loss if a full crash occurs or at least willing to manage the interest until the investment turns positive. I'm 99% sure that I am, now that I know what this technology is all about. Are you? To be continued... edit the reason I share my story is to not add to the sentiment of fear, but rather to give hope to other new investors. Just maybe one person, new to cryptocurrency reads this and says, ok things aren't as bad for me, I'll HODL with this dude. One less person quitting cryptocurrency is a win in my book.
Since 2016, crypto-exchanges in South Korea have been hacked 7 times, with hackers stealing $99 million. Learn more and discover other news of the crypto market in the analytical report of the Golden Island private club.
We present to you a report filed by our analysts for October 8–14. The main market events on October 8–14, 2018
IBM food trust blockchain platform has been launched. Tech giant IBM announced the start of a commercial use of the IBM Food Trust blockchain platform based on the Hyperledger Fabric protocol. The platform will monitor the supply chains in the food industry. The European retail giant Carrefour, which operates 12,000 stores in 33 countries, has already joined the network.
The blockchain research lab at the China Electronics Standardization Institute is developing three blockchain standards for smart contracts, privacy and deposits that could be used in international practice.
Bitfinex denied rumors of insolvency and published links to cold wallets, which hold nearly $1 billion in bitcoins, $400 million on the ether and $200 million in EOS.
Binance will now spend all listing fees on charity. The amount of donations is up to the project.
Since 2016, crypto-exchanges in South Korea have been hacked 7 times, with hackers stealing $99 million. From 2015 to 2018, personal crypto wallets were hacked 158 times, but only in six cases hackers were caught, according to South Korean police.
For the first time, the Swiss Financial Market Supervisory Authority issued a license for managing crypto assets, which effectively grants the company the status of a traditional bank. The license was issued to Crypto Finance Group.
By the end of this year, the European Securities and Markets Authority will prepare a report stating its position on the regulation of token sales. At the same time, the ICO activity dropped by 90%, according to Autonomous Research report. This September, token sales raised $300 million, and this January — $2.4 billion.
In the next 5 years, the Central Bank of Azerbaijan, together with IBM, will introduce the blockchain into the wired payment system of the country and create a digital identification system.
Roger Ver said he was looking for a partner to launch his own crypto-exchange. He may also purchase a ready-made platform. Bitcoin Cash will be the main currency on the new exchange.
Google believes that the main critics of Bitcoin — Warren Buffett, Jamie Dimon and Roger Ver — are the CEOs of Bitcoin. If you google “bitcoin ceo”, a search engine will show Bitcoin’s so-called CEOs — head of JPMorgan Chase Jamie Dimon, head of Berkshire Hathaway Warren Buffet and one of the main evangelists of Bitcoin Cash and Bitcoin.Com CEO Roger Vera.
The People’s Bank of China believes that the stablecoins tied to the US dollar have a bad effect on the currencies of other countries. The bank urges to issue stablecoins tied to the yuan :-D
MasterCard files a patent for a blockchain system designed to store different currencies on the same platform by generating blocks for an exclusive network. This network stores different types of data in different blocks.
The US government imposed additional sanctions on Venezuela because of its national cryptocurrency. The developers of El Petro consider this free advertising.
Coinbase aims to enter the Japanese market next year. The company is already negotiating the license matters with the Japan Financial Services Agency.
In November, South Korea might lift the ban on ICO. This will be discussed at a meeting of the country’s regulators, where they will review the results of the September ICO study and pass a decision.
The first ever phone call through the blockchain was made from the Pundi X startup device called XPhone. The phone runs on Android and allows the user to exchange calls, messages and files.
The Singapore-based BK Global Consortium, which provides services in the field of surgery, bought 38% of the Bithumb stock exchange for 400 billion won ($350 million), making it the largest shareholder of the stock exchange.
Starting from 2019, the UAE companies will be able to officially launch ICO to raise capital. The Securities and Commodity Board will now treat crowdsales as the issue of securities.
The international payment systems (MPS) will take more stringent measures against cryptocurrencies: MasterCard will ban them starting on Monday, Visa — in December.
The new Minister of Science and Technology of Japan promotes active introduction of blockchain technologies.
As part of the emCash cryptocurrency launch campaign in Dubai, the payment startup Pundi X has made an agreement with emCredit — the credit department of the Dubai Ministry of Economic Development. This was shared in the company’s blog.
Market analytics from experts of the club for October 8–14, 2018
The last week was controversial. On the one hand, everything went according to plan: the price of BTC was growing very slowly, the altcoins skyrocketed, on the other hand, it was clear to everybody this could not last for a long time. In the middle of the week, the expectations became reality — BTC lost about $300 in price within an hour. This time, the total cap failed to observe the periodicity — it dropped by $17 billion on Thursday and remained at this level until the end of the week. Thus, $219 billion on Monday turned into $202 billion by the end of the week. Trading volumes were not particularly surprising: $12 billion on Monday, $16 billion on Thursday and $9 billion on Sunday. BTC dominated the market at 52–53% and up to 57% in the days of decline, followed by a reversal. The price for 1 BTC, as already mentioned, fell from $6,600 to $6,270 in the middle of the week, and recovered a bit to $6,330 at the end of the week ($6332 at the time of the report). There were no critical news, no far-fetched correlations with stock markets, and no fundamental reasons for such a decline. Most traders were happy with the current situation — the “pumps” of coins occurred every day. Top 10 coins showed complete correlation with the BTC price. In addition, intra-team and intra-project relations in the crypto-societies have strained, which was followed by a number of break-ups and heated public debates. There is a high chance that tycoons and market makers are trying to impose a thought that cryptocurrencies have no future. The advice is simple — to keep and purchase more strong coins, get rid of the weak ones and keep calm. The big gains are right round the corner!
Changes in the cost and capitalization of the TOP-10 cryptocurrencies in the period of October 8–14, 2018
TOP-3 growing coins from the long-term portfolio for October 8–14, 2018 (including portfolio updates) The fastest-growing coins during the last week are WaBi coins + 42% (a number of articles and ensuing pumps), IOTEX IOTX + 35% (partnerships), QuarkChain QRC + 20% (meetups and events in social networks)
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Basically, this post is to debunk everything out there that says its a "Scam". Misconception No. 1: The exchange is full of bots doing wash trading Binance has bots trading. So does every other exchange out there. That doesnt classify as a scam. A scam is something that's out to trick you and steal your money. Most of these are third party bots that aren't owned by the exchange. Even if it was, nobody can prove it, except the exchange. Bots provide a valuable function such as liquidity to help traders move in an out of their position. Misconception No. 2: A lot of pump and dump action, and token manipulation Again, so does every other exchange out there. There are a lot of pump and dump groups on Binance. Join a pump and dump group on telegram and they all announce their action on Binance. If you fall for the pump and dumps, Fcoin exchange isnt scamming you. You are being scammed by third parties. Get that clear. It has nothing to do with the exchange. Misconception No. 3: Its a Ponzi Scheme If you look a bitcoin, and its history, people have been saying that's a ponzi scheme. Well, you shouldnt be in crypto in general if you are saying this. Also, Fcoin token holders are receiving huge dividends (80% to 100% of revenue). Where did they get that money from it its a Ponzi. Bear in mind that Ponzi Schemes are illegal in China and people have been EXECUTED. It is very serious issue. You would be caught even if your servers are hosted elsewhere. Unless the founder's want a death wish.... Also, Fcoin has strong backing. They are backed by top Venture Capitalist in China. If you check out the profiles of the VCs, they've graduated from top universities, such as Harvard, Tsinghua (China's no.1 uni), and worked in top investment banks such as Credit Suisse. Doesn't make sense to scam someone when you've got so much credibility to loose. Misconception No. 4: Volume is Fake No, its real, except its done by third party bots. Fcoin invented a new mining model, where you get rewarded their token everytime someone does a trade. So naturally, that got more people to do trades on that platform. Misconception No. 5: How they support themselves if they pay out 80% to 100% of revenues. First of all, its not from all trading pairs. It's only from a few pairs of currencies. Also, new startup tokens listen still need to pay trading fees. So why the hate? People hate and spread false rumors when you they realise you are strong and are a threat to their vested interest (and jealousy). Especially other exchanges. Enough said. Also, people not doing enough research as well getting confused. If you are being manipulated by third party bots, that has nothing to do with the exchange. Fcoin is a community model. Some people are angry and jealous when you are spreading the wealth. For example, they are currently setting up something whereby new organisations listing their coin on the exchange get 10% of the trading fee forever. Then we'd got the Binance CEO slating the new Fcoin business model. The fact he's good at programming/hacker, doesnt make him a genius at investing, or even qualified to comment on economic/token models. Also, that original post calling Fcoin a "scam" said he'd release evidence. Its been more than a few weeks. Where is it?
[uncensored-r/CryptoCurrency] Capitalize on the Dip: this is the best low-cap crypto to buy right now
The following post by DefNotMD is being replicated because some comments within the post(but not the post itself) have been openly removed. The original post can be found(in censored form) at this link: np.reddit.com/ CryptoCurrency/comments/7pg2kd The original post's content was as follows:
The markets are in a major dip right now. HODL memes aside, we all know to buy the dip and sell the peak, and this dip has lined up perfectly with a low-cap token that, as long as the crypto market grows, will continue to grow as well. First, about me: I’ve been deployed for the past few months, and with the wars winding down, I’ve had a lot of free time to follow the scene. I am by no means a crypto expert—I’ve just bought and held, and my portfolio has gone up 600% since I started in August 2017—but the key takeaway is that I’ve learned when to buy. RaiBlocks at $2.00, COSS at $0.20, Enjin at $0.15, and 15 others. There are a few things I look for when it comes to timing:
Current Market Cap
Time in market
Historical price trends
Social Media/Marketing presence
I’m going to cover all of these on why Bounty0x is the best buy right now, especially during the current dip (a dip that we will most definitely break out of in the near future). 1. Product Potential Bounty0x is a decentralized bounty hunting network that utilizes its own token. They have an alpha product here where you can list a software bug bounty, or a social media bounty, or whatever kind of freelance task you want. There were a few issues I had with it before I wanted to invest, but the community clarified them for me:
You can get paid in any currency (fiat, Monero, Ethereum, Raiblocks, whatever). The BNTY token is not the only payment option.
What’s the token for, then? We all know that the price depends on supply and demand, so what’s creating the demand? Well, it’s used as a staking mechanism to keep participants honest because you have to “stake” some BNTY tokens to participate.
It incentivizes quality bounty requests, because if your bounty post gets rejected for being against the guidelines, a portion of the BNTY tokens you submitted gets burned. This encourages people to only post high quality, fully fleshed out requests.
It is used by “bounty hunters” (freelancers) to participate in super bounties (super bounties are tasks that are usually subjective and/or highly technical). If the bounty hunter’s submission is rejected (for example, if they claim a typo in a third-party code comment is a bug <- you guys should definitely read that one), then a portion of their BNTY tokens are burned. This encourages bounty hunters/freelancers to only submit legitimate solutions.
It is used by the sheriffs (yeah I know, cheesy name, they’re basically the moderators) to participate in determining whether a bounty has been performed correctly—if they are the lone dissenter in the group of sheriffs (right now, it requires a majority decision with at least three sheriffs) then a portion of their BNTY tokens are burned.
From a timing perspective, the fact that they already have a working product while in alpha tells me that when it's in beta or fully released, it's going to be even bigger--and it’s already paying out real world bounties. Given their niche market, and the lack of competitors, I'm more than confident that there will continue to be a growing demand for Bounty0x. And we all know that, especially in the crypto world, early adopters are rewarded. 2. Roadmap
Feb 2018: Integrating with social media and redesigning the platform. What makes this unique is that they’re getting live feedback from the alpha version of their product, which is a whole lot more than what most tokens can say. It’s a very good sign that they’re taking their time, learning their lessons, and not releasing a bug-filled final product.
Mar 2018: Complete automated payment distribution.
2018 Q2: Launching the Beta product, and the staking mechanism that defines the BNTY token. Sheriffs will actually be able to earn Bounty0x too, as payment for good conduct.
2018 Q3 and Q4: Incorporate machine learning to further smooth out the product, support external modules/plugins, initiate a buy back program (the buy back program ensures that the price does not fall below a certain limit), and finalize the Bounty0x network.
2019 and beyond: Release the mobile apps, and enable crosschain support.
From a timing perspective, this is an unusual opportunity, because even though it’s “the long game,” they already have a working product right now, which is a rare thing for a crypto token. So being an early adopter right now pays off both in the short term and long term. I'd also expect there to be incremental jumps every quarter with every update. 3. Exchange Listings It’s not on very many exchanges, and KuCoin is really the best option (and EtherDelta if you so wish). What does that mean? Just like with RaiBlocks three weeks ago, the limited exchange options artificially limits the demand, thus artificially keeping the price low. Right now, the next exchange could be Bit-Z, with a $400 million daily trading volume (compared to KuCoin's $340 million). From a timing perspective, you absolutely have to get in before it comes to the masses (à la Binance, et. al.). All one has to do is look at Raiblocks' history over the past few weeks to know how important this is. 4. Current Market Cap Currently at $78,135,634 which ranks 233 on Coinmarketcap. I don't look at this as "it's undervalued," because it's a little difficult to guess what its actual value is due to lack of competitors. Instead, I see this more as a testament to its potential--meaning, it's growth is far from over, and whatever its end valuation will be will certainly be much higher than #233. From a timing perspective, you want to get in on coins before they break the top 100. It isn't too late if you do, but you're set to be in a better position if you buy in while it's still a small cap. 5. Time in Market It's been out for two weeks. It's already been used for a redditor's webstore on this sub, but it's also just starting to get featured in mainstream articles. From a timing perspective, you want to get in before people start paying attention. Did you see how quickly it was used just from a reddit post? This isn't just speculation. How much longer until it reaches /all? 6. Historical Price Trends Past performance is not an indicator of future performance. Every investor knows this. But we can also take a look at other cryptos to dispel certain myths. For instance, when Bounty0x was released, it traded for $0.10 and it's now at ~$0.70--that's a growth of 700%! Many people see that percent change and think that they missed the boat. But I'd argue the opposite--that the boat is still taking on passengers, especially when you look at its short time in market and its small market cap. For example, DragonChain grew by 400% in its first two weeks! You may have thought you missed the boat on that too, but had you bought in at the peak of that growth, you'd have seen 650% gain just a few weeks later. The point is, seeing how much it's grown in the past two weeks is not an indication that it will keep growing at its current rate, but it is also not a reason to think it's done growing. From a timing perspective, you never want to buy at the all time high. Bounty0x is currently down 20% from its ATH, meaning this is the time you want to buy. 7. Competitor’s Performance As far as I know, it has no competitors. Maybe Fiverr, but they don't use crypto. It's on a bull run all by itself, just like Bitcoin was back in the day. 8. Social Media/Marketing Presence Bounty0x has been leveraged to find the EtherDelta hacker, which is still an open case. Bounty0x has partnered up with SwissBorg, a Swiss crypto investment platform (and it's not just for a one-time bounty). See this very insightful post on uses outside of software bug bounties with respect to social media. It's only a matter of time before one of the big bounties gets fulfilled and publicized. Once that happens (say, the EtherDelta hacker was caught, and Bounty0x was utilized)--that's when the boat will have finally left. From a timing perspective, you want to get in before it reaches that critical mass on social media. You want to get in before your hairdresser starts talking about it. 9. Concerns As much as I'm excited about Bounty0x, I do have a few concerns. One, their team is super young and inexperienced. That's not really easy to objectively quantify, sinc...
Hacker from the 2016 Bitfinex Breach Transfers $21M Worth of Bitcoin to Unknown Wallets On Wednesday morning (ET), around 2,034 BTC ($21.6 million) from the 2016 Bitfinex hack moved into a few ... Bitmain recently sued "John Doe" under suspicions that the to-be-named hacker stole over 600 Bitcoin (BTC) from the firm's Binance account. In an unexpected turn of events, one of the world's foremost crypto- and blockchain-centric startups, Bitmain, has sued an anonymous hacker over a jaw-dropping $5.5 million in crypto assets in a... Hackers stole 7,000 bitcoin from major cryptocurrency exchange Binance, the platform said. They used a variety of methods to carry out the “large scale security breach," according to the exchange. Bitcoin payments and IP addresses led investigators to two of the alleged perpetrators in just over two weeks. Skip to main content ... How the Alleged Twitter Hackers Got Caught. Bitcoin payments ... It is BS to claim that the hackers lost on the whole ordeal. That may be true of the actions caught, but Binance has no idea if what they caught was the entire scope of the hacker's actions. The whole thing reeks of a pump and dump of VIA to me: Step 1: Accumulate VIA; Step 2: Pump the price with other people's money using the hack Binance Hackers Undertake Crypto Mixing To Avoid Getting Caught. By Sumedha Bose. As most people know, a major hack rattled Binance, one of the biggest crypto exchanges in the world, just last month. The exchange lost 7000 BTC in the major financial breach that took place. A new report by Coinfirm has revealed that the Bitcoin that was stolen by the hackers has been sent into various wallets ... Binance has also stated that the hacker claims to have KYC information from other exchanges. The person, or persons, behind this hack as well as their true motives may never be known. Nevertheless, even if they are caught there is no doubt that Binance has once again suffered a serious blow to its reputation as a secure and trustworthy exchange ... Also Read: Twitter Hacker’s Wallet Caught Using BitPay and Coinbase – Report. The Attack could have more worst outcomes. The astonishing fact of a young millennial broking down the security layers of a platform used by every person in almost all sectors witnessed by the whole world. Hence the attack could have gone even worse as politicians, big businessmen and celebrities use Twitter. As ... Binance: 0,4294 BTC Bitmex: 0,0022 BTC KuCoin: 0,0713 BTC Kuna: 0,2482 BTC Bitmarket: 0,2560 BTC Crypterra: 0,0072 BTC Bitcoin.de: 0,0007 BTC WazirX: 0,0003 BTC . It’s evident that the hackers have had the assets liquidated on the cryptocurrency exchanges or such assets have stayed dormant. Although Binance is downplaying the significance of this incident, it is cooperating with authorities and has offered a 25 Bitcoin reward for information leading to the hacker’s identity. Personal data alleging to belong to Binance customers began showing up on a Telegram channel on August 7th. This data included photos of individuals holding ...
Binance today was hacked for 7,000 Bitcoin, while markets are remaining resilient, what does this mean for you and your Bitcoin? Sources https://www.theblock... Los mercados están bastante agitados con los tweets de Trump o por hacks y noticias inesperadas en el crypto y Bitcoin, en este caso un hackeo sopresivo al exchange binance, cobro mas de 7 mil ... Ivan on Tech video. "The truth about mobile phone and wireless radiation" -- Dr Devra Davis - Duration: 1:01:30. The University of Melbourne Recommended for you Binance considered rolling back the Bitcoin chain in order to recover stolen funds. How would that have happened? How likely is it that such a recovery method would be executed in the future? Binance Hacked How much was stolen & what can we learn from this? - Duration: 10:29. ... Could Binance Really Destroy Bitcoin? - Duration: 8:59. Crypto Tips 3,869 views. 8:59 . TOP 10 Wash ... Yet another exchange hack just took place, this time Binance is the victim of a 7K BTC hack. Jimmy, Robert, Wendell, and Fredrick explain. Twitter: https://t... Binance Has Been Hacked Jumping on live to discuss what is going on with the Binance Bitcoin Hack! #Binance #Bitcoin #Hack. Firstly, thanks for watching I appreciate your support! Heute geht's um folgende Themen: Binance gehackt – 7.000 Bitcoin (BTC) gestohlen, Sprott CEO Bullish bzgl. Blockchain gedecktem Gold & Bitmains Mining Power stark gesunken. Blockchain gedecktem ... BINANCE KYC EXTORTION, Hack explained 😳 Gold, Bitcoin, Stocks - Programmer explains Ivan on Tech. Loading... Unsubscribe from Ivan on Tech? Cancel Unsubscribe. Working... Subscribe Subscribed ...