$SLB - Solar Bankers - 180k market cap - p2p energy trading, solar panel producers & cloud storage providers
Not financial advice, I recommend you to do lots of research before you buy anything. This post represents my own opinion and is based on information published by the Solar Bankers team on their website or blog posts. Tokenomics:
Market Cap: ~180k USD
Price: ~0.03 USD
Circulating Supply: 6,068,800
Total Supply: 50,000,000
Hey guys, I wanted to show you a project, that I have been following for the last two years and that hasn't stopped developing although the project hasn't seen much interest from the crypto community lately. We are talking about Solar Bankers. What is Solar Bankers? Solar Bankers was founded in 2008. Prior to its initial coin offering in late 2017, the company spent multiple years on the research and development of photovoltaic (solar) modules. They have developed an innovative photovoltaic solution, on which they hold international patents for. They also aim to pair this technology with smart meters, to enable customers to produce and consume energy in a decentralized fashion through an energy trading app, which will use their token SLB as their application currency. Solar Module: Their flagship product is their solar panel DPV (Deflecting Photovoltaic), which is using a holographic foil in combination with the use of a significantly lower amount of silicon than in regular solar modules. In a pilot project in Dubai in 2018, the modules were tested to produce up to 60% more energy than standard installations. The technology has been patented in 2016, but is still in development. If you want to read more about the module and look into the patent: https://solarbankers.com/module.html Solar Nodes/Miners: Another product, that is not in development anymore, but has been manufactured and shipped since 2018 is their solar node. It consists of a solar panel, a battery and a Raspberry Pi, enabling the device to run on solar power only. These nodes can be bought from Solar Bankers and are used to confirm transactions on the blockchain. https://solarbankers.com/solar_node.html Cloud Storage Solution: They also developed a cloud storage solution, where users can store their data (videos, documents, pictures, etc.) and access their files from wherever they want. The cloud storage solution utilizes their token $SLB. https://solarbankers.com/get_started.html Blockchain technology: The project operates on its own blockchain based on Skycoin's blockchain technology. Therefore, transactions are nearly instant and tokenholders are incentivized with a parallel currency called SLB hours (each SLB receives 1 SLB hour per hour). These SLB hours can be used to pay transaction fees, which makes transactions on the Solar Bankers network basically free. Exchanges/Liquidity: Not being an ERC-20 token but operating on its own blockchain made it harder to get listed on exchanges, so the exchange situation sucks. The token is currently listed on only one decentralized exchange called XBTS, that is not tracked by Coingecko or CoinMarketCap. Therefore, the project is also not listed on those sites. Another point worth mentioning is, that the project has been offering to sell tokens over the counter for 25 cents per token, which is currently way above market price, but could limit the price from shooting up, although I think they might change the rate of OTC deals if that happens. This is the most liquid exchange pair, where SLB is traded against Bitcoin: https://ex.xbts.io/market/XBTSX.SLB_XBTSX.BTC Partnerships: The team has announced many partnerships over the last four years, of which I think the ones in Dubai and Turkey are the most significant. In July 2017, the team kicked off a pilot project in Dubai together with the Dubai Electricity and Water Authority (DEWA) to do performance testing of their devices in a high temperature environment. Their installation was measured to produce 60% more energy than standard solar panel installations. They formed another partnership in Turkey in 2018, where they received a grant from the Turkish government to develop a pilot of their p2p energy solution in Izmir, where they want to form a micro-grid system. Dubai: https://www.youtube.com/watch?v=4Gzq79T67tM Turkey: https://medium.com/@solar_bankers/update-from-turkey-421242e42958 Recent update: Solar Bankers published an update last week, where they announced that they have finalized a major restructuring. The team now consists of 11 members and is mostly based in Turkey. The work surrounding the energy trading platform has been accelerated since the beginning of 2020 and the team received another grant from the Turkish government. The blog post includes pictures of the smart meter and IoT installations and pictures of an alpha version of their p2p trading platform, so it is definitely worth checking out: https://medium.com/@solar_bankers/solar-bankers-update-e4ee3e9800bf Wrap-up: If that all sounds interesting to you, I would really recommend you to join the Telegram chat and talk with everybody there if you have any questions. The CTO is also very active in the chat and usually responds to questions. So, come join the chat: Telegram: https://t.me/solarbankersICO
What the whales are doing with STA, spoiler alert, it's pretty damn bullish
So I've seen the rise, fall, and now stabilization of STA and decided to do some research. But why do I want to do research on a shitcoin? Because my hope is, it's not a shitcoin. What you are doing with statera is buying a "stake" in SNX, Link, BTC, ETH, and STA through an index fund (balancer pool), if BTC moons then the index fund buys more SNX, Link, ETH, BTC, and STA, if STA moons the pool buys more SNX, Link, BTC, and ETH. If Link, ETH, SNX, and BTC all go up then the pool buys more STA forcing STA's price to go up. It's basically a way to gain exposure to all 5 assets simultaneously while balancing your risk. The interesting part is that STA is deflationary, it destroys itself with each transaction (we've already seen supply dwindle by 7 million STA), this reduces supply, increasing demand, increasing price. It's basically a leveraged index fund on BTC, ETH, Link, and SNX all projects I invest directly in and support. If we have a bull cycle STA will moon. (Disclaimer, there is no free lunch, if there is an error in the code or a back door, or if something goes awry with the balancer, this could go down in flames, they are currently auditing the code with a third party which will give us more assurance. It is also decentralized so there is less counter-party risk, as long as that decentralization holds, which the audit will help us understand. Other than a black swan catastrophic failure, this is an incredible investment on paper, if you think the other 4 assets will go up, because them going up forces the buying of STA by the balancer pool, which is basically an altruistic whale that wants STA to be less volatile while trending up in price). There is a term in investing called accumulation phase, for us in crypto when someone like Grayscale buys 150% of all bitcoins being mined, or buys tens of millions in crypto every week, do you think they just put a market order into Coinbase Pro? No. They could do an Over The Counter (OTC) trade with an individual, they agree on a price, and a large purchase is made individual to individual (but I doubt they continue to find a bunch of bitcoin whales to give them the thousands of bitcoins they want). So what do you do? If you buy thousands of bitcoin the price will unnaturally go up as people spot your demand and inflate the order books to take your money then the price crashes once you, the biggest buyer, is out of the market, leaving you with a heavy bag. So you enter an accumulation phase, a simplified example: Your target to buy a stock is $5-$10, you are happy buying at any price in that range. The price is at $8, so you put in a few orders and a few more 10 shares at a time so no one sees you as a whale, the prices starts going up, you have now purchased 1,000 shares and the price is $9.99, so you sell 800 shares all in one big order, everyone freaks out seeing this "huge" (huge in our example) order from presumably a whale who is spooked by market sentiment, price crashes to $6. You start buying again $20 at a time, and build your stack back up to 1,500 shares, the price has hit $8.99 and just to throw the market off (doing it again at $9.99 would be too obvious) you sell 1,000 shares. Rinse repeat. You have now bought 500 shares at the price you want where as, if you had bought 500 shares all at once, the price would have sky rocketed to $20 and then fell back to earth (say back down to $10) and you'd be holding shares at a 100% premium. This is highly simplified but hopefully gives you an idea of how accumulation works and maybe even makes you wonder if bitcoin is not going through this exact thing as we speak. But on to Statera, so I decided to look at the whales in this space, you can check my work,go to the contract addressthen click on "holders" the list is constantly changing, addresses 10 and 11 leapfrogged address 9 and are now 9 and 10 respectively. I put the first four digits of the address so you can specifically check my work. I would say what I found is highly bullish (but make your own conjectures). First off the spread of addresses is HEALTHY, the biggest whales (top 50 address) all hold .5-2% of the supply each. The biggest holder (the developer) holds 4.6% of supply (the best I can tell you can mask your holdings and shuffle them all over so it's nearly impossible to really tell). Also there are only 1,700 people in the coin, we are still VERY early, this is more than a 50% increase in a week. Lastly the balancer pool (which balances the index) has over $350,000 in it up over 50% in the last week, this is arguably the most important metric, the liquidity here is what allows the balancing to happen and the STA price to be forced to go up, this is a huge amount of liquidity for something only held by 1,700 people, it's actually quadruple the liquidity of the trading pairs on Uniswap! Long story short the balancer pool is armed and ready to balance and support STA. So there is no one holding 90% of supply (that we can tell) who is waiting to dump on you, we're in the early stages and seeing a lot of health in the token, and there is a lot of liquidity here. Now, the top 13 addresses: 1 (0x43) Dev Account started with all 101,000,000 then started pushing out to exchanges and balancer pool, sent 50 million right off the bat to 0x0e (balancer pool or uniswap) fun account to look at you kind of get to see the genesis of the coin. 2 (0x28) "Bought" a ton to start, hodler (weirdly sold a VERY small amount, around 10,000 of his over two million). I put bought in quotes because this account got it's STA from 0x6a, which is also where account 11 got it's from, 0x6a seems like an exchange account that people are buying from, but I would love for someone to confirm what 06xa is, balancer pool related, exchange related, developer related?) 3 (0x92) Hodler straight up, not a move, though the dump on this account came from another account that is now zero, could be a similar situation to address 6 where it is a "cold storage" for someone trading with other accounts 4 (0x13) PLAYING the exact game I showed above sell buy sell buy repeat (buys are bigger than sells) 5 (0xC2) Bought big, trickle sold, bought big, currently trickle selling (possibly PLAYING the game) 6 (0xD7) interesting one, bought 1.9 million STA for 1,354 digital Rand (What a deal!) then transferred all their STA from one account (0x67 currently no STA) to this account, now semi holding, small sells, sold 40,000 in all of 1.7 million. Not sure why he transferred could be intentional to mask moves, could be moving to hardware wallet, could be moving to exchange, unknown. Seems like a HODLER. 7 (0x7c) PLAYING THE EXACT GAME... 8 (0x0e) Contract (looks like balancer pool related) 9 (0x59) Contract (looks like balancer pool related) 10 (0xd8) PLAYING THE GAME 11 (0xb0) got a large dump from 0xc69 and is now holding (which now has 0) and if you keep tracing it back and back you get to the first account in the chain (0x6a, which also funded 0x28, which now has 615,000, and is either interacting with the balancer or trading, again please someone explain I can't), this could be a whale splitting his buckets or two large individuals who did an OTC trade, but more likely it's one person who is doing a lot of trading and accumulating. I would put PLAYING THE GAME, as the other accounts it came from are accumulating, but not completely clear. It seems like she may be using this as a "cold address" to hodl and then trading with her other account 12 (0x18db) Hodl. Accumulated hard from Uniswap buy buy buy 15, 12, and 6 days ago, hasn't moved since. 13 (0x6c) PLAYING THE GAME So are we in a whale accumulation phase? Hard to tell, the top 10 addresses (minus 3 for the two contracts and dev) are definitely acting bullish even if they are not accumulating, it seems like 6 of the 10 are in some form of an accumulation phase and the other 4 are hodling. I do see STA as a long term hold, again it's an index fund on four of the biggest names in crypto. This will be a popular investment (if it remains legit, so far it has been highly legit). That being said, this is just 10 addresses, I don't want to spend my whole Saturday on this, if anyone wants to look at the top 50 addresses, please do! I will read and upvote your post. It was reassuring to me at least to see the top addresses are acting like bullish investors. Is the whole STA trader base in accumulation or is this an anomaly? I don't know, you can be the judge or dig deeper yourself. The best part of this sideways action and the buying and selling of STA in the 4-6 cent range is that every trade burns coin, deflating supply, and making any later bull run even bigger. That's the genius of the coin, with every trade, with everyday, it inherently becomes more valuable (unless Link, ETH, SNX, and BTC all shit the bed, then game over, but that would be game over no matter what game you're playing). DYOR, don't put in more than you are willing to lose, but as for me, I'm going to be following what the whales are doing and slowly accumulating in this band (4-6 cents seems like a strong buy point, 2-3 cents is an amazing buy point but it rarely dips down that low).
Best Potential Moonshot Hands Down; TRUSTSWAP (SWAP) Full DeFi Suite, Simple P2P Trustless Escrow, and Great Tokenomics!
Trustswap https://www.coingecko.com/en/coins/trustswap Okay guys I've spent the last two days learning about this token and I've come away very impressed. I think this token may be a serious contender for best performer this year. On the TrustSwap social platforms it feels like 2017. Here's some info about the company. TrustSwap is a DeFi project created by the founder and CEO of Uptrennd Jeff Kirdeikis. Most notably he has the largest cryptocurrency investing group on Facebook, and he is what Tom was to MySpace but for Uptrennd. He host The Bitcoin and Crypto Podcast which is actually very good, and he has a massive following on Twitteother social. Better yet, this guy is a marketing genius like a less annoying Justin Sun. He has a pipeline of good news lined up and knows when and how to release that information on the masses. Everything he does seems meticulously thought through. He continually affirms his commitment to get SWAP listed on high volume exchanges with MXC yesterday, Hotbit today, and Houbi/Bitmax tomorrow he is actually succeeding. He is also very responsive and has team moderators standing by in the social media channels to field questions/vanquish FUD. Here are the basics: TrustSwap is building a DeFi ecosystem that will start out as a simple P2P trustless escrow and payment platform and evolve into a fully decentralized exchange (DEX) with leverage and futures options all offered via non-custodial smart contracts. They will also offer multi-chain token wrapping as a service and on-chain governance using the native ERC-20 token SWAP. Imagine being able to wrap BTC, Monero, Digibyte, or any crypto and then trade it on uniswap, or have it interact with Ethereum compatible wallets, and applications. Through this, you can move funds cross-chain without ever having to sign up to a Centralized Exchange, allowing you to never have to KYC, staying fully anonymous across exchanges. Wrapping tokens also offers huge benefits to new blockchain projects that have their own chain, allowing them to save massively on listing fees, as well as instantly be connected to strong wallets and decentralized exchanges. This puts the ability to trust back in the investor's hands and might spark a new ICO boom as new projects eager to establish credibility rush to use it. So yes beautiful wrapping everything layer 3 solution my brothren. And highly incentivised holding economics, for example rewarding users from fees collected from the DeFi network! And staking; All fees paid to the platform will get split as follows: 80% goes back to holders as staking rewards 10% are burned forever (adding that value back to token holders) 10% goes to the dev fund which can be used as the community sees fit This project has massive potential and is already building a strong community foundation with big moves coming soon as more exchanges and markets come on board. The staking and deflationary tokenomics make this a long term HODL for me. Token Metrics: Total Supply: 100,000,000 SWAP Circulating Supply: 62,500,000 SWAP Market Cap: $3.6 million 60,000,000 SWAP Initial liquidity offering on uniswap about two and half days ago, price dropped at like $0.035. Volume bottomed out and rising again (same with holder count). 20,000,000 Team Supply 20,000,000 Marketing, development, legal, bounties, OTC investors, airdrops. LINKS: Website: www.Trustswap.org Discord: https://discord.gg/GNUrcK Telegram: t.me/TrustSwap Token address; https://etherscan.io/token/0xcc4304a31d09258b0029ea7fe63d032f52e44efe Uniswap; https://app.uniswap.org/#/swap?inputCurrency=0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2&outputCurrency=0xcc4304a31d09258b0029ea7fe63d032f52e44efe Extra nugget from Jeff on Discord; "@everyone SwapLogo SWAP is listing on Hotbit this Monday! SwapLogo https://hotbit.zendesk.com/hc/en-us/articles/360051689713 This is the first step into TrustSwap's emergence in the Asian markets. We are going to be kicking off major marketing campaigns with an Asian marketing firm within the coming week to follow up this listing. We also have a couple more Top-50 listings lined up for this week as well When we had a vote to see which exchange you wanted to see SWAP listed on, Huobi was the winner by a massive margin, so we will be opening up the conversation with Huobi to get SWAP listed on there also in the near future." DYOR!! Godspeed! I'll see you guys on the other side! To address FUD about OTC investors dumping, yes they are dumping, it's my belief most weak hands have exited the market, they got in at $0.005 per SWAP.
Nearly all Extended ITN FUD can be dispelled by understanding the synergy which results from having two horses in the 3rd generation blockchain race. Haskell code has the benefit of being safer but is hardeslower to write, while Rust is faster to develop, at the cost of less formal verification. With only one rigid approach these trade-offs inflict maximum damage, but with two complementary coordinated networks the safe vs fast trade-off is nerfed, allowing maximum value to be capured by the flexible sum of both methods. FUD #1: "The EITN takes focus away from the Shelley mainnet" Fact: The EITN increases focus on the Shelley mainnet. Hosk already took pains to make clear there are two seperate (yet coordinated) teams working on each project. Taking some measure of R&D pressure from Team Haskell and giving it to Team Rust allows more focus on building out Shelley. FUD #2: "Creating a Cardano Classic makes ADA look bad" FACT: Yes it would, and the only possible way to prevent such a viable, competitive "Cardano Classic" fork is for IOG and the community to back a cooperative EITN, rather than allow a hostile implementation to emerge and gain traction. FUD #3: "Making EITN tADA real coins listed on exchanges dilutes the value of real, mainnet ADA, making a mockery of the 45 billion coin emission cap" FACT: First, see the point already make about how a united IOG/CF/community front supporting the EITN is our best chance of avoiding an actually dilutive Cardano Classic from becoming a real threat. Second, the model here is that of Bitcoin and Litecoin. Litecoin as the silver to Bitcoin's gold provides tremendous value by allowing things like segwit, Lightning Network, and mimblewimble to be tested in an incentivized and sandboxed off-chain way. tADA can already be traded OTC, so the way to look at the additional asset serendipitously discovered by the unexpectedly successful ITN experiment is as a spin-off company (EG, Expedia being spun off from Microsoft). FUD #4: "Newcomers will be confused by two networks" FACT: Newcomers will always be confused; confusion is in their nature. They wouldn't be newcomers if they weren't confused. Two Cardano networks gives newcomers the additional opportunity to learn why the decision was made in the breach to preserve and build on the resounding success of the original ITN. Having more things and nuance to learn about is ultimately to the benefit of newcomers, despite making the initial learning curve barrier to entry slighly steeper and taller. FUD #5 "The EITN will create bitterness and division" FACT: Welcome to crypto! Bitcoin has been running on drama, ritual combat, and tribal warfare for 10 years and is stronger than ever. If you are too delicate for intellectual and scholastic battles, please get out of the kitchen before succumbing to heat stroke. Some arguments are educational while others produce more friction than enlightenment. Spreading FUD about the EITN is an example of the latter, but all conflict helps built anti-fragility so let's welcome it as an opportunity for teachable moments. FUD #6 "We have to stick to The Plan or else lose credibility" FACT: The Plan has always been to change The Plan as facts on the ground change and empirical data are derived from actual experience. Sticking stubbornly to a particular static Plan no matter what, by disregarding the emergent phenomenon of the ITN's greatness, would destroy the flexibility, and thus credibility, of the project. tldr; keep those Jormungandr pools running fam because we're taking tADA to a whole 'nother level
LOEx Market Research Report on August 27: After BTC's slight adjustment, will the bull market still persist?
[Today's Hot Tips] 1.[Tether official: USDT market value has exceeded $ 13 billion] Tether official data shows that the market value of Tether (USDT) has exceeded $ 13 billion. Since March 2020, the market value of Tether (USDT) has increased by 160% from $5 billion. 2.[The central parity of RMB against the US dollar is raised to 6.89 USDT, the premium rate is 0.35%] According to the currency world market, the central parity of RMB against the US dollar rose by 176 points from the previous day to 6.8903. The central parity rose to its highest value since January 23, 2020, the largest increase since August 6, 2020. The onshore RMB exchange rate against the US dollar is now at 6.886, and the OTC offer of USDT' on Boboo.com is 6.91 yuan, with a premium of 0.35%. 3.[Cardano founder shared two sets of ECIP, including ETC funding mechanism and use of checkpoints to defend against 51% attacks] Cardano founder, Charles Hoskinson, shared two sets of ECIP on Twitter. The first is to implement the original treasury system (p-ECTS) proposal in ETC. The main motivation of p-ECTS is to establish a stable and reliable funding mechanism for independent teams. This proposed change includes adjustments to large rewards so that: 1.80% of block rewards go to miners; 2.20% for p-ECTS smart contract addresses or burning addresses. The second is to use checkpoints as a mechanism to mitigate certain types of 51% attacks. The core idea is to hire a group of external forces to run auxiliary services to ensure the attributes of the ledger, which can be relied on when the invested hash power is low. Once the hash power reaches a level where the attack is no longer financially feasible, the system can be stopped. [Today's market analysis] Bitcoin (BTC)BTC shot up for a short time in the early morning and then fell back. It continued to consolidate around 11450 USDT with relatively small fluctuations. Mainstream currencies are adjusted daily. BTC is currently reported at 11400.2 USDT on LOEx Global, an increase of 0.61% in 24h. The trend of mainstream currencies is sluggish, and the disk is in a relatively weak situation. At this time, it is not recommended to increase the position, just keep holding it if you have a bottom position. The market trend of the currency market is still sluggish. Recently, the shorts have taken the advantage. They have rubbed the longs on the ground all the way. However, since the last high point of Bitcoin, it has only fallen by about 10% in the past 10 days. Such an amplitude is not worth mentioning in the currency market, and the currency market is moving towards a slow bull trend. Looking at the long term, it is normal for the bull market to pull back frequently, even though this wave of small bull market brought by altcoins looks like a "fake bull market" . However, it cannot be denied that altcoins have indeed brought the market hot. With the rise of DeFi, the application of the combination of the financial field and blockchain technology has landed. This makes the people in the currency circle have a greater daydream about the future application scenarios of blockchain technology. And this wave of cottage prices will then affect the market rhythm next year. But no matter what, only when the application is implemented and there is a real demand can its value be truly realized. For Bitcoin, the benefits of the general environment have provided a solid bottom support for the price of Bitcoin, which means that it will be difficult to see 3,000 yuan a Bitcoin in the future. Bitcoin with a strong consensus is our primary investment currency, altcoins will eventually be short-lived, and Bitcoin will continue to rise after minor adjustments. Operation suggestions: Support level: the first support level is 11000 points, the second support level is 10400 integers; Resistance level: the first resistance level is 11500 points, the second resistance level is 12000 points. LOEx is registered in Seychelles. It is a global one-stop digital asset service platform with business distribution nodes in 20 regions around the world. It has been exempted from Seychelles and Singapore Monetary Authority (MAS) digital currency trading services. Provide services and secure encrypted digital currency trading environment for 2 million community members in 24 hours. https://preview.redd.it/42jia3fonhj51.png?width=612&format=png&auto=webp&s=a5a2fcfbda4144778ff69b3879d8d67f57446e09
So I've seen the rise, fall, and now stabilization of STA and decided to do some research. But why do I want to do research on a shitcoin? Because my hope is, it's not a shitcoin. What you are doing with statera is buying a "stake" in SNX, Link, BTC, ETH, and STA through an index fund (balancer pool), if BTC moons then the index fund buys more SNX, Link, ETH, BTC, and STA, if STA moons the pool buys more SNX, Link, BTC, and ETH. If Link, ETH, SNX, and BTC all go up then the pool buys more STA forcing STA's price to go up. It's basically a way to gain exposure to all 5 assets simultaneously while balancing your risk. The interesting part is that STA is deflationary, it destroys itself with each transaction (we've already seen supply dwindle by 7 million STA), this reduces supply, increasing demand, increasing price. It's basically a leveraged index fund on BTC, ETH, Link, and SNX all projects I invest directly in and support. If we have a bull cycle STA will moon. (Disclaimer, there is no free lunch, if there is an error in the code or a back door, or if something goes awry with the balancer, this could go down in flames, they are currently auditing the code with a third party which will give us more assurance. It is also decentralized so there is less counter-party risk, as long as that decentralization holds, which the audit will help us understand. Other than a black swan catastrophic failure, this is an incredible investment on paper, if you think the other 4 assets will go up, because them going up forces the buying of STA by the balancer pool, which is basically an altruistic whale that wants STA to be less volatile while trending up in price). There is a term in investing called accumulation phase, for us in crypto when someone like Grayscale buys 150% of all bitcoins being mined, or buys tens of millions in crypto every week, do you think they just put a market order into Coinbase Pro? No. They could do an Over The Counter (OTC) trade with an individual, they agree on a price, and a large purchase is made individual to individual (but I doubt they continue to find a bunch of bitcoin whales to give them the thousands of bitcoins they want). So what do you do? If you buy thousands of bitcoin the price will unnaturally go up as people spot your demand and inflate the order books to take your money then the price crashes once you, the biggest buyer, is out of the market, leaving you with a heavy bag. So you enter an accumulation phase, a simplified example: Your target to buy a stock is $5-$10, you are happy buying at any price in that range. The price is at $8, so you put in a few orders and a few more 10 shares at a time so no one sees you as a whale, the prices starts going up, you have now purchased 1,000 shares and the price is $9.99, so you sell 800 shares all in one big order, everyone freaks out seeing this "huge" (huge in our example) order from presumably a whale who is spooked by market sentiment, price crashes to $6. You start buying again $20 at a time, and build your stack back up to 1,500 shares, the price has hit $8.99 and just to throw the market off (doing it again at $9.99 would be too obvious) you sell 1,000 shares. Rinse repeat. You have now bought 500 shares at the price you want where as, if you had bought 500 shares all at once, the price would have sky rocketed to $20 and then fell back to earth (say back down to $10) and you'd be holding shares at a 100% premium. This is highly simplified but hopefully gives you an idea of how accumulation works and maybe even makes you wonder if bitcoin is not going through this exact thing as we speak. But on to Statera, so I decided to look at the whales in this space, you can check my work, go to the contract address then click on "holders" the list is constantly changing, addresses 10 and 11 leapfrogged address 9 and are now 9 and 10 respectively. I put the first four digits of the address so you can specifically check my work. I would say what I found is highly bullish (but make your own conjectures). First off the spread of addresses is HEALTHY, the biggest whales (top 50 address) all hold .5-2% of the supply each. The biggest holder (the developer) holds 4.6% of supply (the best I can tell you can mask your holdings and shuffle them all over so it's nearly impossible to really tell). So there is no one holding 90% of supply (that we can tell) who is waiting to dump on you. Top 13 addresses: 1 (0x43) Dev Account started with all 101,000,000 then started pushing out to exchanges and balancer pool, sent 50 million right off the bat to 0x0e (balancer pool or uniswap) fun account to look at you kind of get to see the genesis of the coin. 2 (0x28) "Bought" a ton to start, hodler (weirdly sold a VERY small amount, around 10,000 of his over two million). I put bought in quotes because this account got it's STA from 0x6a, which is also where account 11 got it's from, 0x6a seems like an exchange account that people are buying from, but I would love for someone to confirm what 06xa is, balancer pool related, exchange related, developer related?) 3 (0x92) Hodler straight up, not a move 4 (0x13) PLAYING the exact game I showed above sell buy sell buy repeat (buys are bigger than sells) 5 (0xC2) Bought big, trickle sold, bought big, currently trickle selling (possibly PLAYING the game) 6 (0xD7) interesting one, bought 1.9 million STA for 1,354 digital Rand (What a deal!) then transferred all their STA from one account (0x67 currently no STA) to this account, now semi holding, small sells, sold 40,000 in all of 1.7 million. Not sure why he transferred could be intentional to mask moves, could be moving to hardware wallet, could be moving to exchange, unknown. Seems like a HODLER. 7 (0x7c) PLAYING THE EXAT GAME... 8 (0x0e) Contract (looks like balancer pool related) 9 (0x59) Contract (looks like balancer pool related) 10 (0xd8) PLAYING THE GAME 11 (0xb0) got a large dump from 0xc69 and is now holding (which now has 0) and if you keep tracing it back and back you get to the first account in the chain (0x6a, which also funded 0x28, which now has 615,000, and is either interacting with the balancer or trading, again please someone explain I can't), this could be a whale splitting his buckets or two large individuals who did an OTC trade, but more likely it's one person who is doing a lot of trading and accumulating. I would put PLAYING THE GAME, as the other accounts it came from are accumulating, but not completely clear. It seems like she may be using this as a "cold address" to hodl and then trading with her other account 12 (0x18db) Hodl. Accumulated hard from Uniswap buy buy buy 15, 12, and 6 days ago, hasn't moved since. 13 (0x6c) PLAYING THE GAME So are we in a whale accumulation phase? Hard to tell, the top 10 addresses (minus 3 for the two contracts and dev) are definitely acting bullish even if they are not accumulating, it seems like 6 of the 10 are in some form of an accumulation phase and the other 4 are hodling. I do see STA as a long term hold, again it's an index fund on four of the biggest names in crypto. This will be a popular investment (if it remains legit, so far it has been highly legit). That being said, this is just 10 addresses, I don't want to spend my whole Saturday on this, if anyone wants to look at the top 50 addresses, please do! I will read and upvote your post. It was reassuring to me at least to see the top addresses are acting like bullish investors. Is the whole STA trader base in accumulation or is this an anomaly? I don't know, you can be the judge or dig deeper yourself. The best part of this sideways action and the buying and selling of STA in the 4-6 cent range is that every trade burns coin, deflating supply, and making any later bull run even bigger. That's the genius of the coin, with every trade, with everyday, it inherently becomes more valuable (unless Link, ETH, SNX, and BTC all shit the bed, then game over, but that would be game over no matter what game you're playing). DYOR, don't put in more than you are willing to lose, but as for me, I'm going to be following what the whales are doing and slowly accumulating in this band (4-6 cents seems like a strong buy point, 2-3 cents is an amazing buy point but it rarely dips down that low).
Author: Gamals Ahmed, CoinEx Business Ambassador https://preview.redd.it/5bqakdqgl3g51.jpg?width=865&format=pjpg&auto=webp&s=b709794863977eb6554e3919b9e00ca750e3e704 A decentralized storage network that transforms cloud storage into an account market. Miners obtain the integrity of the original protocol by providing data storage and / or retrieval. On the contrary, customers pay miners to store or distribute data and retrieve it. Filecoin announced, that there will be more delays before its main network is officially launched. Filecoin developers postponed the release date of their main network to late July to late August 2020. As mentioned in a recent announcement, the Filecoin team said that the initiative completed the first round of the internal protocol security audit. Platform developers claim that the results of the review showed that they need to make several changes to the protocol’s code base before performing the second stage of the software testing process. Created by Protocol Labs, Filecoin was developed using File System (IPFS), which is a peer-to-peer data storage network. Filecoin will allow users to trade storage space in an open and decentralized market. Filecoin developers implemented one of the largest cryptocurrency sales in 2017. They have privately obtained over $ 200 million from professional or accredited investors, including many institutional investors. The main network was slated to launch last month, but in February 2020, the Philly Queen development team delayed the release of the main network between July 15 and July 17, 2020. They claimed that the outbreak of the Coronavirus (COVID-19) in China was the main cause of the delay. The developers now say that they need more time to solve the problems found during a recent codecase audit. The Filecoin team noted the following: “We have drafted a number of protocol changes to ensure that building our major network launch is safe and economically sound.” The project developers will add them to two different implementations of Filecoin (Lotus and go-filecoin) in the coming weeks. Filecoin developers conducted a survey to allow platform community members to cast their votes on three different launch dates for Testnet Phase 2 and mainnet. The team reported that the community gave their votes. Based on the vote results, the Filecoin team announced a “conservative” estimate that the second phase of the network test should begin by May 11, 2020. The main Filecoin network may be launched sometime between July 20 and August 21, 2020. The updates to the project can be found on the Filecoin Road Map. Filecoin developers stated: “This option will make us get the most important protocol changes first, and then implement the rest as protocol updates during testnet.” Filecoin is back down from the final test stage. Another filecoin decentralized storage network provider launched its catalytic test network, the final stage of the storage network test that supports the blockchain. In a blog post on her website, Filecoin said she will postpone the last test round until August. The company also announced a calibration period from July 20 to August 3 to allow miners to test their mining settings and get an idea of how competition conditions affected their rewards. Filecoin had announced earlier last month that the catalytic testnet test would precede its flagship launch. The delay in the final test also means that the company has returned the main launch window between August 31 and September 21. Despite the lack of clear incentives for miners and multiple delays, Filecoin has succeeded in attracting huge interest, especially in China. Investors remained highly speculating on the network’s mining hardware and its premium price. Mining in Filecoin In most blockchain protocols, “miners” are network participants who do the work necessary to promote and maintain the blockchain. To provide these services, miners are compensated in the original cryptocurrency. Mining in Filecoin works completely differently — instead of contributing to computational power, miners contribute storage capacity to use for dealing with customers looking to store data. Filecoin will contain several types of miners: Storage miners responsible for storing files and data on the network. Miners retrieval, responsible for providing quick tubes for file recovery. Miners repair to be carried out. Storage miners are the heart of the network. They earn Filecoin by storing data for clients, and computerizing cipher directories to check storage over time. The probability of earning the reward reward and transaction fees is proportional to the amount of storage that the Miner contributes to the Filecoin network, not the hash power. Retriever miners are the veins of the network. They earn Filecoin by winning bids and mining fees for a specific file, which is determined by the market value of the said file size. Miners bandwidth and recovery / initial transaction response time will determine its ability to close recovery deals on the network. The maximum bandwidth of the recovery miners will determine the total amount of deals that it can enter into. In the current implementation, the focus is mostly on storage miners, who sell storage capacity for FIL.
The current system specifications recommended for running the miner are:
NVIDIA-manufactured GPU (to be expanded).
SSD drive designated as large buffer (512GB +).
Large amount of RAM for data replication account (128GB +)
Compared to the hardware requirements for running a validity checker, these standards are much higher — although they definitely deserve it. Since these will not increase in the presumed future, the money spent on Filecoin mining hardware will provide users with many years of reliable service, and they pay themselves many times. Think of investing as a small business for cloud storage. To launch a model on the current data hosting model, it will cost millions of dollars in infrastructure and logistics to get started. With Filecoin, you can do the same for a few thousand dollars. Proceed to mining Deals are the primary function of the Filecoin network, and it represents an agreement between a client and miners for a “storage” contract. Once the customer decides to have a miner to store based on the available capacity, duration and price required, he secures sufficient funds in a linked portfolio to cover the total cost of the deal. The deal is then published once the mine accepts the storage agreement. By default, all Filecoin miners are set to automatically accept any deal that meets their criteria, although this can be disabled for miners who prefer to organize their deals manually. After the deal is published, the customer prepares the data for storage and then transfers it to the miner. Upon receiving all the data, the miner fills in the data in a sector, closes it, and begins to provide proofs to the chain. Once the first confirmation is obtained, the customer can make sure the data is stored correctly, and the deal has officially started. Throughout the deal, the miner provides continuous proofs to the chain. Clients gradually pay with money they previously closed. If there is missing or late evidence, the miner is punished. More information about this can be found in the Runtime, Cut and Penalties section of this page. At Filecoin, miners earn two different types of rewards for their efforts: storage fees and reward prevention. Storage fees are the fees that customers pay regularly after reaching a deal, in exchange for storing data. This fee is automatically deposited into the withdrawal portfolio associated with miners while they continue to perform their duties over time, and is locked for a short period upon receipt. Block rewards are large sums given to miners calculated on a new block. Unlike storage fees, these rewards do not come from a linked customer; Instead, the new FIL “prints” the network as an inflationary and incentive measure for miners to develop the chain. All active miners on the network have a chance to get a block bonus, their chance to be directly proportional to the amount of storage space that is currently being contributed to the network. Duration of operation, cutting and penalties “Slashing” is a feature found in most blockchain protocols, and is used to punish miners who fail to provide reliable uptime or act maliciously against the network. In Filecoin, miners are susceptible to two different types of cut: storage error cut, unanimously reduce error. Storage Error Reduction is a term used to include a wider range of penalties, including error fees, sector penalties, and termination fees. Miners must pay these penalties if they fail to provide reliability of the sector or decide to leave the network voluntarily. An error fee is a penalty that a miner incurs for each non-working day. Sector punishment: A penalty incurred by a miner of a disrupted sector for which no error was reported before the WindowPoSt inspection. The sector will pay an error fee after the penalty of the sector once the error is discovered. Termination Fee: A penalty that a miner incurs when a sector is voluntary or involuntarily terminated and removed from the network. Cutting consensus error is the penalty that a miner incurs for committing consensus errors. This punishment applies to miners who have acted maliciously against the network consensus function. Filecoin miners Eight of the top 10 Felticoin miners are Chinese investors or companies, according to the blockchain explorer, while more companies are selling cloud mining contracts and distributed file sharing system hardware. CoinDesk’s Wolfe Chao wrote: “China’s craze for Filecoin may have been largely related to the long-standing popularity of crypto mining in the country overall, which is home to about 65% of the computing power on Bitcoin at discretion.” With Filecoin approaching the launch of the mainnet blocknet — after several delays since the $ 200 million increase in 2017 — Chinese investors are once again speculating strongly about network mining devices and their premium prices. Since Protocol Labs, the company behind Filecoin, released its “Test Incentives” program on June 9 that was scheduled to start in a week’s time, more than a dozen Chinese companies have started selling cloud mining contracts and hardware — despite important details such as economics Mining incentives on the main network are still endless. Sales volumes to date for each of these companies can range from half a million to tens of millions of dollars, according to self-reported data on these platforms that CoinDesk has watched and interviews with several mining hardware manufacturers. Filecoin’s goal is to build a distributed storage network with token rewards to spur storage hosting as a way to drive wider adoption. Protocol Labs launched a test network in December 2019. But the tokens mined in the testing environment so far are not representative of the true silicon coin that can be traded when the main network is turned on. Moreover, the mining incentive economics on testnet do not represent how final block rewards will be available on the main network. However, data from Blockecoin’s blocknetin testnet explorers show that eight out of 10 miners with the most effective mining force on testnet are currently Chinese miners. These eight miners have about 15 petabytes (PB) of effective storage mining power, accounting for more than 85% of the total test of 17.9 petable. For the context, 1 petabyte of hard disk storage = 1000 terabytes (terabytes) = 1 million gigabytes (GB). Filecoin craze in China may be closely related to the long-standing popularity of crypt mining in the country overall, which is home to about 65% of the computing power on Bitcoin by estimation. In addition, there has been a lot of hype in China about foreign exchange mining since 2018, as companies promote all types of devices when the network is still in development. “Encryption mining has always been popular in China,” said Andy Tien, co-founder of 1475, one of several mining hardware manufacturers in Philquin supported by prominent Chinese video indicators such as Fenbushi and Hashkey Capital. “Even though the Velikoyen mining process is more technologically sophisticated, the idea of mining using hard drives instead of specialized machines like Bitcoin ASIC may be a lot easier for retailers to understand,” he said. Meanwhile, according to Feixiaohao, a Chinese service comparable to CoinMarketCap, nearly 50 Chinese crypto exchanges are often somewhat unknown with some of the more well-known exchanges including Gate.io and Biki — have listed trading pairs for Filecoin currency contracts for USDT. In bitcoin mining, at the current difficulty level, one segment per second (TH / s) fragmentation rate is expected to generate around 0.000008 BTC within 24 hours. The higher the number of TH / s, the greater the number of bitcoins it should be able to produce proportionately. But in Filecoin, the efficient mining force of miners depends on the amount of data stamped on the hard drive, not the total size of the hard drive. To close data in the hard drive, the Filecoin miner still needs processing power, i.e. CPU or GPU as well as RAM. More powerful processors with improved software can confine data to the hard drive more quickly, so miners can combine more efficient mining energy faster on a given day. As of this stage, there appears to be no transparent way at the network level for retail investors to see how much of the purchased hard disk drive was purchased which actually represents an effective mining force. The U.S.-based Labs Protocol was behind Filecoin’s initial coin offer for 2017, which raised an astonishing $ 200 million. This was in addition to a $ 50 million increase in private investment supported by notable venture capital projects including Sequoia, Anderson Horowitz and Union Square Ventures. CoinDk’s parent company, CoinDk, has also invested in Protocol Labs. After rounds of delay, Protocol Protocols said in September 2019 that a testnet launch would be available around December 2019 and the main network would be rolled out in the first quarter of 2020. The test started as promised, but the main network has been delayed again and is now expected to launch in August 2020. What is Filecoin mining process? Filecoin mainly consists of three parts: the storage market (the chain), the blockecin Filecoin, and the search market (under the chain). Storage and research market in series and series respectively for security and efficiency. For users, the storage frequency is relatively low, and the security requirements are relatively high, so the storage process is placed on the chain. The retrieval frequency is much higher than the storage frequency when there is a certain amount of data. Given the performance problem in processing data on the chain, the retrieval process under the chain is performed. In order to solve the security issue of payment in the retrieval process, Filecoin adopts the micro-payment strategy. In simple terms, the process is to split the document into several copies, and every time the user gets a portion of the data, the corresponding fee is paid. Types of mines corresponding to Filecoin’s two major markets are miners and warehousers, among whom miners are primarily responsible for storing data and block packages, while miners are primarily responsible for data query. After the stable operation of the major Filecoin network in the future, the mining operator will be introduced, who is the main responsible for data maintenance. In the initial release of Filecoin, the request matching mechanism was not implemented in the storage market and retrieval market, but the takeover mechanism was adopted. The three main parts of Filecoin correspond to three processes, namely the stored procedure, retrieval process, packaging and reward process. The following figure shows the simplified process and the income of the miners: The Filecoin mining process is much more complicated, and the important factor in determining the previous mining profit is efficient storage. Effective storage is a key feature that distinguishes Filecoin from other decentralized storage projects. In Filecoin’s EC consensus, effective storage is similar to interest in PoS, which determines the likelihood that a miner will get the right to fill, that is, the proportion of miners effectively stored in the entire network is proportional to final mining revenue. It is also possible to obtain higher effective storage under the same hardware conditions by improving the mining algorithm. However, the current increase in the number of benefits that can be achieved by improving the algorithm is still unknown. It seeks to promote mining using Filecoin Discover Filecoin announced Filecoin Discover — a step to encourage miners to join the Filecoin network. According to the company, Filecoin Discover is “an ever-growing catalog of numerous petabytes of public data covering literature, science, art, and history.” Miners interested in sharing can choose which data sets they want to store, and receive that data on a drive at a cost. In exchange for storing this verified data, miners will earn additional Filecoin above the regular block rewards for storing data. Includes the current catalog of open source data sets; ENCODE, 1000 Genomes, Project Gutenberg, Berkley Self-driving data, more projects, and datasets are added every day. Ian Darrow, Head of Operations at Filecoin, commented on the announcement: “Over 2.5 quintillion bytes of data are created every day. This data includes 294 billion emails, 500 million tweets and 64 billion messages on social media. But it is also climatology reports, disease tracking maps, connected vehicle coordinates and much more. It is extremely important that we maintain data that will serve as the backbone for future research and discovery”. Miners who choose to participate in Filecoin Discover may receive hard drives pre-loaded with verified data, as well as setup and maintenance instructions, depending on the company. The Filecoin team will also host the Slack (fil-Discover-support) channel where miners can learn more. Filecoin got its fair share of obstacles along the way. Last month Filecoin announced a further delay before its main network was officially launched — after years of raising funds. In late July QEBR (OTC: QEBR) announced that it had ceded ownership of two subsidiaries in order to focus all of the company’s resources on building blockchain-based mining operations. The QEBR technology team previously announced that it has proven its system as a Filecoin node valid with CPU, GPU, bandwidth and storage compatibility that meets all IPFS guidelines. The QEBR test system is connected to the main Filecoin blockchain and the already mined filecoin coin has already been tested. “The disclosure of Sheen Boom and Jihye will allow our team to focus only on the upcoming global launch of Filecoin. QEBR branch, Shenzhen DZD Digital Technology Ltd. (“ DZD “), has a strong background in blockchain development, extraction Data, data acquisition, data processing, data technology research. We strongly believe Filecoin has the potential to be a leading blockchain-based cryptocurrency and will make every effort to make QEBR an important player when Mainecoin mainnet will be launched soon”. IPFS and Filecoin Filecoin and IPFS are complementary protocols for storing and sharing data in a decentralized network. While users are not required to use Filecoin and IPFS together, the two combined are working to resolve major failures in the current web infrastructure. IPFS It is an open source protocol that allows users to store and transmit verifiable data with each other. IPFS users insist on data on the network by installing it on their own device, to a third-party cloud service (known as Pinning Services), or through community-oriented systems where a group of individual IPFS users share resources to ensure the content stays live. The lack of an integrated catalytic mechanism is the challenge Filecoin hopes to solve by allowing users to catalyze long-term distributed storage at competitive prices through the storage contract market, while maintaining the efficiency and flexibility that the IPFS network provides. Using IPFS In IPFS, the data is hosted by the required data installation nodes. For data to persist while the user node is offline, users must either rely on their other peers to install their data voluntarily or use a central install service to store data. Peer-to-peer reliance caching data may be a good thing as one or multiple organizations share common files on an internal network, or where strong social contracts can be used to ensure continued hosting and preservation of content in the long run. Most users in an IPFS network use an installation service. Using Filecoin The last option is to install your data in a decentralized storage market, such as Filecoin. In Filecoin’s structure, customers make regular small payments to store data when a certain availability, while miners earn those payments by constantly checking the integrity of this data, storing it, and ensuring its quick recovery. This allows users to motivate Filecoin miners to ensure that their content will be live when it is needed, a distinct advantage of relying only on other network users as required using IPFS alone. Filecoin, powered by IPFS It is important to know that Filecoin is built on top of IPFS. Filecoin aims to be a very integrated and seamless storage market that takes advantage of the basic functions provided by IPFS, they are connected to each other, but can be implemented completely independently of each other. Users do not need to interact with Filecoin in order to use IPFS. Some advantages of sharing Filecoin with IPFS:
Filecoin and IPFS CIDs share hash specifications.
Use libp2p by Filecoin nodes to create secure connections with each other.
Messaging between nodes and cluster propagation is facilitated in Filecoin by libp2p pubsub.
IPLD use for blockchain data structures.
Use Graphsync to transfer data between nodes.
Of all the decentralized storage projects, Filecoin is undoubtedly the most interested, and IPFS has been running stably for two years, fully demonstrating the strength of its core protocol. Filecoin’s ability to obtain market share from traditional central storage depends on end-user experience and storage price. Currently, most Filecoin nodes are posted in the IDC room. Actual deployment and operation costs are not reduced compared to traditional central cloud storage, and the storage process is more complicated. PoRep and PoSt, which has a large number of proofs of unknown operation, are required to cause the actual storage cost to be so, in the early days of the release of Filecoin. The actual cost of storing data may be higher than the cost of central cloud storage, but the initial storage node may reduce the storage price in order to obtain block rewards, which may result in the actual storage price lower than traditional central cloud storage. In the long term, Filecoin still needs to take full advantage of its P2P storage, convert storage devices from specialization to civil use, and improve its algorithms to reduce storage costs without affecting user experience. The storage problem is an important problem to be solved in the blockchain field, so a large number of storage projects were presented at the 19th Web3 Summit. IPFS is an important part of Web3 visibility. Its development will affect the development of Web3 to some extent. Likewise, Web3 development somewhat determines the future of IPFS. Filecoin is an IPFS-based storage class project initiated by IPFS. There is no doubt that he is highly expected. Resources :
08-16 00:15 - '[quote] There used to be an exchange (BTCC) that made a physical bitcoin in the form of a poker chip: / - [link] - [link] / The private key is on the underside of the tamper-evident hologram. / Notice that does not say "tam...' by /u/cointastical removed from /r/Bitcoin within 0-10min
I have a chance to buy a physical bitcoin poker chip.
There used to be an exchange (BTCC) that made a physical bitcoin in the form of a poker chip:
The private key is on the underside of the tamper-evident hologram. Notice that does not say "tamper-proof", it says "tamper-evident'. And what it does not say is "and never inspected with a scanning tunneling microscope (STM) by the seller (or a prior seller) before it ends up being your property. And also, you are an expert in determining whether or not what you are being sold is not a counterfeit? If you got plenty of dough, sure -- taking a chance on owning a piece of bitcoin history might be worth the risk. If you are speculating on the exchange rate though,... just buy bitcoin and HODL. As far as how one of these is actually "redeemed" / "cashed out"? ... you simply peel the hologram, which reveals the private key, and you sweep the key to spend it (e.g., using Samourai wallet or something like that which supports "sweep to spend"). Where you sweep it is up to you -- to a bitcoin deposit address at an exchange, or to an address for your own wallet, etc. , -- doesn't matter. If the amount of bitcoin you are looking to sell is more than $100K in value, and you want help in selling it, there are OTC trading desks that will help with sales of bitcoin for that size. Bitcoin / Crypto OTC Trading Desks
[FULL ANALYSIS] Bitcoin exchanges and payment processors in Canada are now regulated as Money Service Businesses
Hello Bitcoiners! Many of you saw my tweet yesterday about the Bitcoin regulations in Canada. As usual, some journalists decided to write articles about my tweets without asking me for the full context :P Which means there has been a lot of misunderstanding. Particuarly, these regulations mean that we can lower the KYC requirements and no longer require ID documents or bank account connections! We can also increase the daily transaction limit from $3,000 per day to $10,000 per day for unverified accounts. The main difference is that we now have a $1,000 per-transaction limit (instead of per day) and we must report suspicious transactions. It's important to read about our reporting requirements, as it is the main difference since pretty much every exchange was doing KYC anyway. Hopefully you appreciate the transparency, and I'm available for questions! Cheers, Francis ********************************************* Text below is copied from: https://medium.com/bull-bitcoin/bitcoin-exchanges-and-payment-processors-in-canada-are-now-regulated-as-money-service-businesses-1ca820575511
Bitcoin is money, regulated like money
Notice to Canadian Bitcoin users
If you are the user of a Canadian Bitcoin company, be assured that:
These regulations only target virtual currency exchanges and virtual currency transmitters (e.g. payment processors, custodial wallets).
No action on your part is currently required. It is businesses that have to comply, not users.
You may notice that the exchange service you are using has change its transactions limits or is now requiring more information from you. You can stop reading this email now without any consequence! Otherwise, keep regarding if you are interested in my unique insights into this important topic!
Background on regulation
Today marks an important chapter for Bitcoin’s history in Canada: Bitcoin is officially regulated as money (virtual currency) under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act of Canada (PCMLTFA), under the jurisdiction of the Financial Transaction and Reports Analysis Centre of Canada (FINTRAC). This is the culmination of 5 years of effort by numerous Bitcoin Canadian advocates collaborating with the Ministry of Finance, Fintrac and other Canadian government agencies. It is important to note that there is no new Bitcoin law in Canada. In June of 2014, the Governor General of Canada (representing Her Majesty Queen Elizabeth II) gave royal asset to Bill C-31, voted by parliament under Stephen Harper’s Conservative government, which included amendments to the PCMLTFA to included Bitcoin companies (named “dealers in virtual currency”) as a category of Money Service Businesses. Thereafter, FINTRAC engaged in the process of defining what exactly is meant by “dealing in virtual currency” and what particular rules would apply to the businesses in this category. Much of our work was centred around excluding things like non-custodial wallets, nodes, mining and other activities that were not related exchange or payments processing. To give an idea, the other categories that apply to traditional fiat currency businesses are:
Foreign exchange dealing
Remitting or transmitting funds
Issuing or deeming money order or similar negotiable instruments
When we say that Bitcoin is now regulated, what we mean is that these questions have been settled, officially published, and that they are now legally binding. Businesses that are deemed to be “dealing in virtual currency” must register with FINTRAC as a money service business, just like they would if they were doing traditional currency exchange or payment processing. There is no “license” required, which means that you do not need the government’s approval before you can operate a Bitcoin exchange business. However, when you operate a Money Service Business, you must register and comply with the laws… otherwise you risk jail time and large fines.
What activities are regulated as Money Service Business activity?
A virtual currency exchange transaction is defined as: “an exchange, at the request of another person or entity, of virtual currency for funds, funds for virtual currency or one virtual currency for another.” This includes, but is not limited to:
Bitcoin trading platforms (orderbooks)
Bitcoin exchange platforms (fixed-rate)
Selling or buying Bitcoin OTC professionally
Crypto-to-crypto trading (orderbook, fixed-rate or OTC)
Notice to foreign Bitcoin companies with clients in Canada
Regardless of whether or not your business is based in Canada, you must register with FINTRAC as a Foreign Money Service Business, if:
You direct your MSB services at persons or entities in Canada
The regulation of Bitcoin exchange and payment services has always been inevitable. If we want Bitcoin to be considered as money, we must accept that it will be regulated like other monies. Our stance on the regulation issue has always been that Bitcoin exchanges and payment processors should be regulated like fiat currency exchanges and payment processors, no more, no less. This is the outcome we obtained. To comply with these regulations, we are implementing a few changes to our Know-Your-Customer requirement and transaction limits which may paradoxically make your experience using Bull Bitcoin and Bylls even more private and convenient!
The bad news
We are adding per-transaction limits in addition to daily volume limits.
The per-transaction limit for accounts with limited verification is $1,000 (previously $3000). To conduct transactions over $1,000 you must get your account verified.
We require users to provide their Date of Birth as a requirement to change their verification status to “Verified”.
We require users to provide their Occupation as a requirement to change their verification status to “Verified”.
The good news
We are increasing the daily volume limit from $3,000 to $10,000 for users that have the “limited” account verification status. Users with limited account verification can do multiple transactions as long as they are each below the $1,000 threshold and as long as they don’t exhibit suspicious behavior (see details below).
Identity documents will no longer be required for users that can be identified using their credit files. They will only be required where identification using credit file lookup was inconclusive. This change will take effect later this summer.
Connecting bank accounts to Bull Bitcoin using the flinks bank verification software will no longer be required for users that can be identified using their credit files. This will only be required where identification using credit file lookup was inconclusive. This change will take effect later this summer
The user’s KYC info (name, address, date of birth and occupation)
Suspicious transaction reporting
Satoshi Portal is required to make suspicious transactions report to FINTRAC after we have detected a fact that amounts to reasonable grounds to suspect that one of your transactions is related to the commission or attempted commission of a money laundering offence or a terrorist activity financing offence. Failure by Satoshi Portal Inc. to report a suspicious transaction could lead to up to five years imprisonment, a fine of up to $2,000,000, or both, for its executives. We are not allowed to share with anyone other than FINTRAC, including our clients, the contents of a suspicious transaction report as well as the fact that a suspicious transaction report has been filed.
What is suspicious activity?
Note forbitcoinca: this section applies ONLY to Bull Bitcoin. Most exchanges have much stricter interpretation of what is suspicious. You should operate under the assumption that using Coinjoin or TOR will get you flagged at some other exchanges even though it's okay for Bull Bitcoin. That is simply because we have a more sophisticated understanding of privacy best practices. Identifying suspicious behavior is heavily dependent on the context of each transaction. We understand and take into account that for many of our customers, privacy and libertarian beliefs are of the utmost importance, and that some users may not know that the behavior they are engaging in is suspicious. When we are concerned or confused about the behaviors of our users, we endeavour to discuss it with them before jumping to conclusions. In general, here are a few tips:
Don’t provide false of misleading information. We will know right away if your date of birth, address and name don’t match.
Don’t try to exploit loopholes in the KYC process.
Don’t transact on behalf of someone else without telling us.
Be cooperative with customer support.
Here are some examples of behavior that we do not consider suspicious:
Coinjoin or other Bitcoin privacy techniques.
Using VPNs, TOR or VOIP phones.
Asking questions about, or criticizing, our privacy policies.
Talking negatively about banks or government.
Here are some example indicators of behavior that would lead us to investigate whether or not a transaction is suspicious:
Making statements about being involved with criminal activity.
Saying you don’t want the government to know about your transactions.
Asking advice about concealing source of funds or tax avoidance.
Funding your account from a bank account that is not in your name.
Conducting transactions on behalf of someone else without telling us.
Trying to falsify your identity or impersonating someone else.
Making multiple bill payments to the same recipient, or multiple Bitcoin purchases, in a way which seems structured specifically to avoid the $1,000 transaction amount KYC threshold.
Continuing to perform transactions that are unnecessarily complex, inefficient and not cost-effective after having been advised otherwise by our staff.
What does this mean for Bitcoin?
It was always standard practice for Bitcoin companies to operate under the assumption they would eventually be regulated and adopt policies and procedures as if they were already regulated. The same practices used for legal KYC were already commonplace to mitigate fraud (chargebacks). In addition, law enforcement and other government agencies in Canada were already issuing subpoenas and information requests to Bitcoin companies to obtain the information of users that were under investigation. We suspect that cash-based Bitcoin exchanges, whether Bitcoin ATMs, physical Bitcoin exchanges or Peer-to-Peer trading, will be the most affected since they will no longer be able to operate without KYC and the absence of KYC was the primary feature that allowed them to justify charging such high fees and exchange rate premiums. One thing is certain, as of today, there is no ambiguity whatsoever that Bitcoin is 100% legal and regulated in Canada!
The power players of consumer finance in the 21st century will be crypto-native companies who build with blockchain technology at their core.
The crypto landscape is still nascent. We’re still very much in the fragmented, unbundled phase of the industry lifecycle. Beyond what Genesis Block is doing, there are signs of other companies slowly starting to bundle financial services into what could be an all-in-one bank replacement. So the key question that this series hopes to answer:
Which crypto-native company will successfully become the bank of the future?
We obviously think Genesis Block is well-positioned to win. But we certainly aren’t the only game in town. In this series, we’ll be doing an analysis of who is most capable of thwarting our efforts. We’ll look at categories like crypto exchanges, crypto wallets, centralized lending & borrowing services, and crypto debit card companies. Each category will have its own dedicated post. Today we’re analyzing big crypto exchanges. The two companies we’ll focus on today are Coinbase (biggest American exchange) and Binance (biggest global exchange). They are the top two exchanges in terms of Bitcoin trading volume. They are in pole position to winning this market — they have a huge existing userbase and strong financial resources. Will Coinbase or Binance become the bank of the future? Can their early success propel them to winning the broader consumer finance market? Is their growth too far ahead for anyone else to catch up? Let’s dive in. https://preview.redd.it/lau4hevpm7f51.png?width=800&format=png&auto=webp&s=2c5de1ba497199f36aa194e5809bd86e5ab533d8
The most formidable exchange on the global stage is Binance (Crunchbase). All signs suggest they have significantly more users and a stronger balance sheet than Coinbase. No other exchange is executing as aggressively and relentlessly as Binance is. The cadence at which they are shipping and launching new products is nothing short of impressive. As Tushar Jain from Multicoin argues, Binance is Blitzscaling. Here are some of the products that they’ve launched in the last 18 months. Only a few are announced but still pre-launch.
Binance is well-positioned to become the crypto-powered, all-in-one, bundled solution for financial services. They already have so many of the pieces. But the key question is:
Can they create a cohesive & united product experience?
Binance is strong, but they do have a few major weaknesses that could slow them down.
Traders & Speculators Binance is currently very geared for speculators, traders, and financial professionals. Their bread-and-butter is trading (spot, margin, options, futures). Their UI is littered with depth charts, order books, candlesticks, and other financial concepts that are beyond the reach of most normal consumers. Their product today is not at all tailored for the broader consumer market. Given Binance’s popularity and strength among the pro audience, it’s unlikely that they will dumb down or simplify their product any time soon. That would jeopardize their core business. Binance will likely need an entirely new product/brand to go beyond the pro user crowd. That will take time (or an acquisition). So the question remains, is Binance even interested in the broader consumer market? Or will they continue to focus on their core product, the one-stop-shop for pro crypto traders?
Controversies & Hot Water Binance has had a number of controversies. No one seems to know where they are based — so what regulatory agencies can hold them accountable? Last year, some sensitive, private user data got leaked. When they announced their debit card program, they had to remove mentions of Visa quickly after. And though the “police raid” story proved to be untrue, there are still a lot of questions about what happened with their Shanghai office shut down (where there is smoke, there is fire). If any company has had a “move fast and break things” attitude, it is Binance. That attitude has served them well so far but as they try to do business in more regulated countries like America, this will make their road much more difficult — especially in the consumer market where trust takes a long time to earn, but can be destroyed in an instant. This is perhaps why the Binance US product is an empty shell when compared to their main global product.
Disjointed Product Experience Because Binance has so many different teams launching so many different services, their core product is increasingly feeling disjointed and disconnected. Many of the new features are sloppily integrated with each other. There’s no cohesive product experience. This is one of the downsides of executing and shipping at their relentless pace. For example, users don’t have a single wallet that shows their balances. Depending on if the user wants to do spot trading, margin, futures, or savings… the user needs to constantly be transferring their assets from one wallet to another. It’s not a unified, frictionless, simple user experience. This is one major downside of the “move fast and break things” approach.
BNB token Binance raised $15M in a 2017 ICO by selling their $BNB token. The current market cap of $BNB is worth more than $2.6B. Financially this token has served them well. However, given how BNB works (for example, their token burn), there are a lot of open questions as to how BNB will be treated with US security laws. Their Binance US product so far is treading very lightly with its use of BNB. Their token could become a liability for Binance as it enters more regulated markets. Whether the crypto community likes it or not, until regulators get caught up and understand the power of decentralized technology, tokens will still be a regulatory burden — especially for anything that touches consumers.
Binance Chain & Smart Contract Platform Binance is launching its own smart contract platform soon. Based on compatibility choices, they have their sights aimed at the Ethereum developer community. It’s unclear how easy it’ll be to convince developers to move to Binance chain. Most of the current developer energy and momentum around smart contracts is with Ethereum. Because Binance now has their own horse in the race, it’s unlikely they will ever decide to leverage Ethereum’s DeFi protocols. This could likely be a major strategic mistake — and hubris that goes a step too far. Binance will be pushing and promoting protocols on their own platform. The major risk of being all-in on their own platform is that they miss having a seat on the Ethereum rocket ship — specifically the growth of DeFi use-cases and the enormous value that can be unlocked. Integrating with Ethereum’s protocols would be either admitting defeat of their own platform or competing directly against themselves.
The crypto-native company that I believe is more likely to become the bank of the future is Coinbase (crunchbase). Their dominance in America could serve as a springboard to winning the West (Binance has a stronger foothold in Asia). Coinbase has more than 30M users. Their exchange business is a money-printing machine. They have a solid reputation as it relates to compliance and working with regulators. Their CEO is a longtime member of the crypto community. They are rumored to be going public soon.
Let’s look at what makes them strong and a likely contender for winning the broader consumer finance market.
Different Audience, Different Experience Coinbase has been smart to create a unique product experience for each audience — the pro speculator crowd and the common retail user. Their simple consumer version is at Coinbase.com. That’s the default. Their product for the more sophisticated traders and speculators is at Coinbase Pro (formerly GDAX). Unlike Binance, Coinbase can slowly build out the bank of the future for the broad consumer market while still having a home for their hardcore crypto traders. They aren’t afraid to have different experiences for different audiences.
Brand & Design Coinbase has a strong product design team. Their brand is capable of going beyond the male-dominated crypto audience. Their product is clean and simple — much more consumer-friendly than Binance. It’s clear they spend a lot of time thinking about their user experience. Interacting directly with crypto can sometimes be rough and raw (especially for n00bs). When I was at Mainframe we hosted a panel about Crypto UX challenges at the DevCon4 Dapp Awards. Connie Yang (Head of Design at Coinbase) was on the panel. She was impressive. Some of their design philosophies will bode well as they push to reach the broader consumer finance market.
Early Signs of Bundling Though Coinbase has nowhere near as many products & services as Binance, they are slowly starting to add more financial services that may appeal to the broader market. They are now letting depositors earn interest on USDC (also DAI & Tezos). In the UK they are piloting a debit card. Users can now invest in crypto with dollar-cost-averaging. It’s not much, but it’s a start. You can start to see hints of a more bundled solution around financial services.
Let’s now look at some things that could hold them back.
Slow Cadence In the fast-paced world of crypto, and especially when compared to Binance, Coinbase does not ship very many new products very often. This is perhaps their greatest weakness. Smaller, more nimble startups may run circles around them. They were smart to launch Coinbase Ventures where tey invest in early-stage startups. They can now keep an ear to the ground on innovation. Perhaps their cadence is normal for a company of their size — but the Binance pace creates quite the contrast.
Institutional Focus As a company, we are a Coinbase client. We love their institutional offering. It’s clear they’ve been investing a lot in this area. A recent Coinbase blog post made it clear that this has been a focus: “Over the past 12 months, Coinbase has been laser-focused on building out the types of features and services that our institutional customers need.” Their Tagomi acquisition only re-enforced this focus. Perhaps this is why their consumer product has felt so neglected. They’ve been heavily investing in their institutional services since May 2018. For a company that’s getting very close to an IPO, it makes sense that they’d focus on areas that present strong revenue opportunities — as they do with institutional clients. Even for big companies like Coinbase, it’s hard to have a split focus. If they are “laser-focused” on the institutional audience, it’s unlikely they’ll be launching any major consumer products anytime soon.
Coinbase Wrap Up
At Genesis Block, we‘re proud to be working with Coinbase. They are a fantastic company. However, I don’t believe that they’ll succeed in building their own product for the broader consumer finance market. While they have incredible design, there are no signs that they are focused on or capable of internally building this type of product. Similar to Binance, I think it’s far more likely that Coinbase acquires a promising young startup with strong growth.
Other US-based exchanges worth mentioning are Kraken, Gemini, and Bittrex. So far we’ve seen very few signs that any of them will aggressively attack broader consumer finance. Most are going in the way of Binance — listing more assets and adding more pro tools like margin and futures trading. And many, like Coinbase, are trying to attract more institutional customers. For example, Gemini with their custody product.
Coinbase and Binance have huge war chests and massive reach. For that alone, they should always be considered threats to Genesis Block. However, their products are very, very different than the product we’re building. And their approach is very different as well. They are trying to educate and onboard people into crypto. At Genesis Block, we believe the masses shouldn’t need to know or care about it. We did an entire series about this, Spreading Crypto. Most everyone needs banking — whether it be to borrow, spend, invest, earn interest, etc. Not everyone needs a crypto exchange. For non-crypto consumers (the mass market), the differences between a bank and a crypto exchange are immense. Companies like Binance and Coinbase make a lot of money on their crypto exchange business. It would be really difficult, gutsy, and risky for any of them to completely change their narrative, messaging, and product to focus on the broader consumer market. I don’t believe they would ever risk biting the hand that feeds them. In summary, as it relates to a digital bank aimed at the mass market, I believe both Coinbase and Binance are much more likely to acquire a startup in this space than they are to build it themselves. And I think they would want to keep the brand/product distinct and separate from their core crypto exchange business. So back to the original question, is Coinbase and Binance a threat to Genesis Block? Not really. Not today. But they could be, and for that, we want to stay close to them. ------ Other Ways to Consume Today's Episode:
LOEx Market Research Report on August 4: BTC came to the vicinity of the previous trapped market and began to adjust slightly
[Today's Hot Tips] 1.[The central parity of RMB against the U.S. dollar increased, and the USDT negative premium rate was 0.44%] The central parity of the RMB against the US dollar rose by 177 points from the previous day to 6.9803. The central parity rose to the highest level since July 22, 2020, the largest increase since July 7, 2020. The onshore renminbi is currently reported at 6.9809. The OTC offer of USDT on Boboo.com is 6.95 RMB, and the premium rate has slightly expanded to -0.44%. 2.[Vice President of Blockstream: Bitcoin full nodes may be suffering from connection slot exhaustion attacks] On the morning of August 4, Tuur Demeester, the Adamant Capital founder, tweeted that today's Bitcoin full node may be suffering from a connection slot exhaustion attack. This attack vulnerability has been known a few years ago, and there are some good suggestions to solve this problem, but the developers did not take it seriously. Maybe this attack can be a catalyst. 3.["2020 Hurun Global Unicorn List" released four blockchain companies including Coinbase on the list] According to official sources, on August 4, Hurun Report released the "2020 Hurun Global Unicorn List". After inquiries, the blockchain companies on the list include: 1. Ripple, valued at 70 billion yuan (up 35 billion yuan) ), ranked 22nd (up 28 places); 2. Coinbase, valued at 50 billion yuan, ranked 31st (down 1 place); 3. Bitmain, valued at 30 billion yuan (down 50 billion yuan), ranked 70th (down 50 places); Kraken, valued at 30 billion yuan, ranks tied for 70th. Bitmain has become one of the five unicorn companies with the largest decline in valuation. Hu Run said: "The decline in Bitmain's valuation is mainly due to the average share price performance of Canaan after its listing, and the valuation of the blockchain industry is under pressure. " [Today's market analysis] Bitcoin (BTC)BTC traded sideways near 11400 USDT in the early morning, and began to fall slightly at 5 o'clock. It fell below 11,200 USDT in the short term, and dropped to 11137.93 USDT as low as possible. At present, the overall BTC is adjusted within a narrow range near 11,200 USDT. Most mainstream currencies fell slightly after a narrow adjustment in the early morning. BTC is currently reported 11350.3 USDT on LOEx Global, with a decrease of 0.1% in 24h. In the past two days, Bitcoin has adjusted, and the entire market has adjusted accordingly, and new changes have taken place in the market. It can be felt from two points. However, some people think that the platform currency has moved and the platform section has risen. Ethereum is still so strong, and so is Ripple. The following trend will fluctuate upward. What I want to say is that there will be many declines like this, and the bull market will adjust, so we must pay attention to the rhythm. Now that the market has come to the front, there is a trapped market, and there is a profit selling pressure in the back, so the two-day adjustment is not enough. At least 10,000 points will be tested before the market is reliable. Or, in the short term, the liberation of the previous trapped market will also face adjustments near the previous high of 13,000 points. This is mainly based on how much power is enough. Operation suggestions: Support level: the first support level is 10700 points, the second support level is 11000 integers; Resistance level: the first resistance level is 11400 points, the second resistance level is 11500 points. LOEx is registered in Seychelles. It is a global one-stop digital asset service platform with business distribution nodes in 20 regions around the world. It has been exempted from Seychelles and Singapore Monetary Authority (MAS) digital currency trading services. Provide services and secure encrypted digital currency trading environment for 2 million community members in 24 hours. https://preview.redd.it/1la924blrxe51.png?width=607&format=png&auto=webp&s=e1d372986b9fce098ec629da2fc633c5061f9b46
Listen on the go! A daily podcast of Wall Street Breakfast will be available by 8:00 a.m. on Seeking Alpha, iTunes, Stitcher and Spotify. More Wall Street Breakfast Podcasts » Shares of Amazon (NASDAQ:AMZN), Alphabet (GOOG, GOOGL), Apple (NASDAQ:AAPL) and Facebook (NASDAQ:FB) - worth nearly $5T in combined market capitalization - added to gains yesterday even as their chief executives defended themselves in Congress against antitrust allegations. The real test will come today, when the Big Tech companies report Q2 results after the market close. On watch will be figures and trends in e-commerce, streaming, advertising, search, app services, social media and cloud computing. Will investors start rethinking the prices that they're paying for the stocks or will their market position during the coronavirus pandemic justify their valuations? Antitrust hearing roundup Rep. David Cicilline (D., R.I.), chairman of the House Judiciary Committee's antitrust subcommittee, kicked off the hearing by declaring: "Our founders would not bow before a king. Nor should we bow before the emperors of the online economy." That set the tone of five hours of grilling the Big Tech CEOs over their business practices. On the competition front, the biggest questions centered around Amazon's leveraging of seller data to introduce competing products, as well as the revelation of Mark Zuckerberg's emails about the concept of buying startups in order to "neutralize a competitor." Traders get busy Futures are kicking off a packed session in the red, with contracts tied to the Dow, S&P 500 and Nasdaq down about 1%, as Mark Meadows said the White House and Democrats were "nowhere close" on a stimulus deal. Q2 GDP figures today will likely show an annualized contraction of 34.1% last quarter, while the latest weekly unemployment claims are also expected to show an increase to 1.45M, before enhanced federal benefits expire on Saturday. After the close, four of the market's biggest stocks will report earnings within a single hour, in a move that could cause significant volatility in after-hours trading and again on Friday. On the coronavirus front, the U.S. death toll topped 150K, marking the highest official figure in the world. FOMC meeting Solid gains for indexes were seen Wednesday as the Fed left interest rates near zero and pledged to maintain stimulative measures. "The path forward for the economy is extraordinarily uncertain, and will depend in large part on our success in keeping the virus in check," Jerome Powell declared. "We're not even thinking about thinking about raising rates and it will take continued support for both monetary and fiscal policy." He also said the Fed "has no intention to buy equities" after recently purchasing corporate and municipal bonds. Both sides of the Atlantic Today is not only the busiest day for earnings in the U.S. European firms worth more than $2T, as well as 60 companies in the Stoxx 600 Index, reported Q2 results overnight. Highlights: AstraZeneca (NYSE:AZN) shares rose 3% premarket on strong drug sales, while Shell (RDS.A, RDS.B) shares inched down after narrowly escaping a loss despite a $17B writedown and one of the oil industry's most brutal quarters. Credit Suisse (NYSE:CS) simplified its investment bank structure, AB InBev (NYSE:BUD) booked a $2.5B writedown and Airbus (OTCPK:EADSY) is keeping production rates down until 2022. Over in Asia, Samsung (OTC:SSNLF) announced its Q2 operating profit jumped 23% and forecast demand for mobile devices to recover gradually in next half of the year. World's biggest smartphone vendor Huawei has overtaken Samsung (OTC:SSNLF) to become the No. 1 smartphone player in the world, an ambition it has had for several years, after taking second place from Apple (AAPL) back in 2018. The Chinese vendor shipped 55.8M devices in the second quarter, down 5% Y/Y, according to research firm Canalys, while Samsung shipped 53.7M smartphones, a 30% plunge versus the prior year. However, analysts are questioning whether Huawei's position is sustainable given the fact that over 70% of Huawei's sales in the second quarter came from China while its overseas markets took a hit. Go deeper: Qualcomm strikes patent deal with Huawei. Trade deal targets By the end of the first half of this year, China had bought about 23% of the total purchase target of more than $170B for goods in 2020, according to Bloomberg, which based its calculations on Chinese Customs Administration data. While trade has increased over the past eight weeks, with Chinese companies booking more than $2.5B in U.S. soy purchases, imports really have to speed up in the second half of 2020 to hit trade deal goals. China may still not violate the deal if it misses the target due to the coronavirus (the trade pact grants flexibility in the event of "a natural disaster or other unforeseeable event"). What else is happening... 'Nowhere close to a deal' on virus relief - Meadows. Amazon (AMZN) scraps live Reinvent conference in blow to Las Vegas. Kodak (NYSE:KODK) ahead of itself on generic drug-stoked rally - Barron's. Dollar drop plays right into these emerging market ETFs' wheelhouse. Wednesday's Key Earnings Boeing (NYSE:BA) -2.8% posting wider loss, cutting production rates. General Electric (NYSE:GE) -4.4% hit by decline in jet engine business. General Motors (NYSE:GM) -1.7% reporting mixed results. PayPal (NASDAQ:PYPL) +4.1% AH following consensus-beating guidance. Qualcomm (NASDAQ:QCOM) +13.6% AH on FQ3 beats, Huawei settlement. Shopify (NYSE:SHOP) +7% sailing past estimates. Today's Markets In Asia, Japan -0.3%. Hong Kong -0.7%. China -0.2%. India -0.9%. In Europe, at midday, London -2%. Paris -1.8%. Frankfurt -3%. Futures at 6:20, Dow -0.9%. S&P -1%. Nasdaq -1.1%. Crude -1.6% to $40.63. Gold +0.8% to $1969.20. Bitcoin -2.9% to $10934. Ten-year Treasury Yield -2 bps to 0.56% Today's Economic Calendar 8:30 GDP Q2 8:30 Initial Jobless Claims 10:30 EIA Natural Gas Inventory 4:30 PM Money Supply 4:30 PM Fed Balance Sheet
You made it! :) First up, SORRY! This has been a late post, I have my reasons don't question them (if you must know I'll be posting in the discord - one time only haha). Secondly, I am sure you can agree with me when I say "Wow!" What an incredible week it has been. Last week I thought it was going to take a couple more weeks for more moving price action when it had only taken a few days which has seen Bitcoin reach and pass the $10,000 region. We have also seen the total Market cap for cryptocurrencies increase from about 280B to over 300B (308B at time of writing) within just a few days. A huge injection of liquidity, about 40B, into the market and just to name a few of the best rises in the top 20 (on Coinmarketcap.com), the price of ETH BTC ADA have given good performances/positive responses (With this I will start adding screenshots at the end of each week for timestamp purposes). This may be a combination from Binance, Mastercard, Paypal, Grayscale investments, VISA AND the DEFI sector. Let me explain... Last week we read about Binance integrating with the company Swipe (SXP) to issue there own debit card expanding the use and reach of cryptocurrency to 31 countries within Europe. Binance's Q2 scheduled token burn of $60.5 Million, this figure correlates with its exchange, margin and futures trading platforms where approximately 20% of profits get burned to increase the price of BNB token (careful as the price has been steady after the burn). This week we find out Mastercard's expansion into the Cryptosphere as they expand and integrate with the Wirex team to issue a Mastercard-backed Bitcoin debit card, thus further extending the reach of cryptocurrency availability internationally. "The cryptocurrency market continues to mature and Mastercard is driving it forward, creating safe and secure experiences for consumers and businesses in today’s digital economy " "...Our work with Wirex and the wider crypto ecosystem is accelerating innovation and empowering consumers with more choice in the way they pay" Mastercard is also reaching out to other emerging cryptocurrency firms to apply to become principal members [Partners] with Mastercard as they have relaxed their digital assets program and look to expand into the Digital Assets and Blockchain environment. Paypals expression of interest in cryptocurrency facilitiation may bear fruits as it is said Paypal has partnered up with stablecoin operator Paxos (who is already in partnership with Revolut in the US) to facilitate trading through a cryptocurrency brokerage which will enable other firms to integrate cryptocurrency trading functionalities with them. In my opinion this looks much more promising than the Libra association they pulled out from last October as regulations. Grayscale Investments clears regulatory hurdle as they have been given the green light for its Bitcoin Cash Trust (BCHG) and Litecoin Trust (LTCN) to be quoted in over-the-counter (OTC) markets by US Financial Industry Regulatory Authority (FINRA). “The Trusts are open-ended trusts sponsored by Grayscale and are intended to enable exposure to the price movement of the Trusts’ underlying assets through a traditional investment vehicle, avoiding the challenges of buying, storing, and safekeeping digital Bitcoin Cash or Litecoin directly.” More green lights for Cryptocurrency in the US as regulators allow banks to provide cryptocurrency custody services (which may go further than just custody services). A little bit strange as it seems unnecessary and undermines one of the key factors and uses of cryptocurrency which is to be in complete control of your own finances... On another outlook this may be bullish as it allows US banks to provide banking services directly to lawful cryptocurrency businesses and show support for Bitcoin. Visa shows support stating they have a roadmap for their further expansion into the Crypto sphere. Already working with Crypto platform Coinbase and Fold they have stated they recognise the role of digital assets in the future of money. To be frank, it appears to be focused on stable coins, cost effectiveness and transaction speeds. However they are expanding their support for crypto assets. AND MOST IMPORTANTLY, DeFI! Our very own growing section in crypto. Just like the 2017 ICO boom we are seeing exorbitant growth and FOMO into the Decentralised Finance sector (WBTC, Stablecoins, Yield farming, DEXs etc). The amount of active addresses on Ethereum has doubled but with the FOMO on their network have sky rocketed their fees! Large use-cases of stable coins such as USDT ($6B in circulation using ERC-20 standard), DAI, TUSD, and PAX. $114M Wrapped Bitcoin (WBTC) on their network acts as a fluid side chain for Bitcoin and DEX trade volume has touched $1.6B this month. With all this action happening on Ethereum I saw the 24HR volume surpass BTC briefly on Worldcoinindex.com In other news, Bitcoin has been set as a new precedent in a US federal court in a case against Larry Dean Harmon, the operator of an underground trading platform Helix. Bitcoin has now legally been ruled as a form of money. “After examination of the relevant statutes, case law, and other sources, the Court concludes that bitcoin is money under the MTA and that Helix, as described in the indictment, was an `unlicensed money transmitting business´ under applicable federal law.” Quick news in China/Asia as floods threaten miners and the most dominant ASIC Bitcoin mining rig manufacturer Bitmain loses 10,000 Antminers worth millions alledgedly goes missing or "illegally transfered" with ongoing leadership dispute between cofounders. Last but not least, Cardano (ADA) upgrade Shelley is ready to launch! Hardfork is initiated as final countdown clock is switched on. At time of writing the point of no return has been reached, stress tests done and confirmation Hardfork is coming 29/07 The Shelley Mainnet upgrade is a step toward fast, capable and decentralised crypto that can serve billions of people. With the Shelley Mainnet is ADA staking rewards and pools! Here is a chance for us Gravychainers to set up a small pool of our own. Small percentage of profits going into the development of the community, and you keep the rest! If you read all of my ramblings thanks heaps! I appreciate it! I have added an extra piece of reading called speculation. Most you can speculate on by just reading the headline some others have more depth to them. Another post next week for a weekly round up! Where do you think the market is going? What is in your portfolio? Let us know in the Gravychain Discord Channel See you soon!
🍕 Bring some virtual pizza to share 🍕 Come have a chat, stimulate a discussion, ask a question or share some knowledge. We are all friendly crypto enthusiasts up for a chat, supportive and want to help each other with knowledge and investments! Big thanks to our Telegram and My Crypto HQ for the constant news updates!
P.S. Dr Seuss collectables on the blockchain HECK YEAH! and Bitcoin enters NASCAR, remember when Doge did this? it was like when Doge was trending on TikTok. ... Oh yeah did I also mention Steve Wozniak is suing Youtube, Google over rampant Bitcoin scams. Wait, what? Sydney based law firm JPB Liberty is suing Google, Facebook and Twitter for up to $300B. Just another day in the Cryptosphere.
Perpetual futures contracts are gaining a lot of interest from not only cryptocurrency enthusiasts but also traders and members of traditional finance. Since 2017 when perpetual futures contracts were first launched, the derivatives market has evolved introducing options, ETFs and index trading based on cryptocurrencies. We have also seen the big traditional finance players like CME, Cboe and ICE taking part in this innovative and attractive world of cryptocurrency derivatives trading. With the growing popularity of cryptocurrency derivatives products, especially perpetual futures contracts together with options trending as well, some traders may wonder what Perpetual Options may look like. As always, let's begin by understanding what options are.
WHAT ARE OPTIONS?
Options are financial derivatives instruments where the value comes from the underlying assets such as stocks or cryptocurrencies. The buyer of the option contract is offered the choice to buy or sell the underlying asset at a pre-specified price and date. In contrast to futures, options contract holders give the right but not the obligation to buy or sell the underlying asset at the agreed price and date. Options are split into two types.
Call Option : Gives the contract holder the right to 'buy' the underlying asset at the preset price and time.
Put Option : Gives the contract holder the right to 'sell' the underlying asset at the preset price and time.
One of the main differences between futures and options is that to buy the option, traders must pay for the premium. In the case of options, the rights are measured and priced as a premium. Something to note is that the premium always varies and this premium is what makes the options trading market. Another thing to keep in mind is that options have a strike price which is the price set at which a derivative contract can be bought or sold at the exercise date. For example, a call option for 1 BTC with a 30 day expiry and strike price of $10,000 means the buyer of this call option has the right to purchase 1 BTC at $10,000 in 30 days time. Furthermore, there are variations in options on when you can exercise this contract. The two main types are the American and European options.
American Options : Exercisable any time before the expiration date.
European Options : Exercisable only at the expiration or exercise date.
DO PERPETUAL OPTIONS REALLY EXIST?
Well.. There can be two sides to this question. Theoretically, it definitely could exist and many academics in the financial space are continuing research and studies on this topic. On a practical note, no registered options exchanges whether traditional or crypto have perpetual options listed. If this market place does exist, it would be likely to occur in the OTC(Over-The-Counter) market. The main reason this exotic financial instrument faces difficulty is the pricing of the premium. American options are often priced with the binomial or trinomial tree model where it predicts its possible outcomes depending on the different exercise prices. All these are assumed to have some sort of exercise price. However, for perpetual options, as it comes from the word "perpetual", it may never be exercised, making it difficult to have a good pricing model that can take into consideration the different types of predictions. In previous research, the martingale models were often used however would be very difficult to bring to the practical options trading, especially bitcoin options. To help your understanding, I will set an example. Let's say the current BTC price is US$10,000 and you decide to buy a perpetual call option for US$1,000 with exercise price of $10,000. If the price of bitcoin does not go over the break even price of US$11,000 for the next 10 years or even 100 years, there is no reason to exercise this right. Let's say after 200 years the bitcoin price finally reached US$11,500, then this means the seller of the call option must have the underlying asset readily available for however long it may be until the exercise date of this contract. It is unrealistic to measure this in a single premium, thus making it difficult to compose a market place for this trade. This doesn't mean it is impossible for perpetual bitcoin options to be released. An innovative financial instrument that is tweaked from the theoretical perpetual options model may be created. While options are mostly used to hedge against the price rise or fall, the options market is currently not as liquid as the perpetual futures markets.
Interview With Eddie Jiang: How CoinEx Is Adapting To The Exchange Space And Growing
Written by chaintalk.tv https://preview.redd.it/v238540taz751.jpg?width=1280&format=pjpg&auto=webp&s=2a852e171a74e49da802d7c12fadba452cf4cf43 We recently had the opportunity to interview the VP of ViaBTC Group, Eddie Jiang. ViaBTC Group owns popular crypto exchange CoinEx and ViaBTC Pool. In this interview Eddie discusses being the first exchange to use BCH as the base currency, ViaBTC Pool and integrating with CoinEx, new features and ambassador program, and competing with other exchanges like Binance and Huobi. Please enjoy the interview below. How come you decided to open up CoinEx to other cryptos other than just BCH? Eddie Jiang: CoinEx is the world’s first exchange to implement Bitcoin Cash as a base currency. At that time, it was evident that there was a demand for BCH trading markets, and we are the first to explore this opportunity. It also shows our determination to support the BCH’s development. As CoinEx is developing, our goal becomes bigger and we are aiming at the global market. We need to constantly improve our product diversification to meet the different needs of more users, so we open up to other cryptos. In the past six months, we have listed more than 50 new tokens. Up to now, we have listed 129 cryptos and 313 markets. Besides, in addition to spot trading, CoinEx also supports perpetual contract and other derivatives trading. How does CoinEx integrate with the ViaBTC Pool? Eddie Jiang: ViaBTC Group announced a strategic upgrade, which included a new organizational structure, product innovations and service improvements, on 30 May. As part of the change, the Group has established three dedicated business units (BU): the financial services BU, consisting of ViaBTC mining pool and CoinEx exchange; the infrastructure services BU, including ViaWallet and Blockchain Explorer; and the ecological development BU, focusing on the research and development of public chain technology and the construction of the ecology. After halving, the combination of mining and finance will become closer and closer. Investing in mining machines is like buying a Bitcoin option. Miners need more flexible financial products to maintain and increase the value of assets, or hedging services. Based on this judgment, the operations of ViaBTC mining pool and CoinEx exchange will be integrated in the future to realize the financial empowerment of the mining pool to meet the diverse financial needs of miners. Features of this integrated product upgrade can be summarized as: “ The mining pool is the wallet, and the wallet is the transaction.” ViaBTC is the world first mining pool that has a wallet embedded in the mining pool account. Users do not need to transfer the mined coins, and can realize the function of coin exchange within the wallet. For example, they can directly convert the mined coins into USDT to pay electricity bill. What’s more, users can store, deposit and withdraw their revenue, and transfer assets to CoinEx at any time without charge, as well as complete other operations on the exchange, such as purchasing wealth management products for asset preservation and appreciation. In addition, we also provide hedging services. All of the above functions can be completed in one stop in the mining pool, without the need to transfer assets between different platforms. The exchange empowers the mining pool, and the mining pool will further bring more traffic and resources to the exchange. The two complement each other and development coordinately. CoinEx has recently added many new features. Can you talk about what new updates were made to the platform and why you made them? Eddie Jiang: We have always attached great importance to the development of overseas markets since our establishment, and one of our major goals this year is to cover at least 10 different languages speaking markets. To realize this and to meet the needs of more users worldwide, CoinEx has been continuously optimizing and upgrading its operating strategies, products and services. Our product diversifications are constantly improving. As I said before, we have launched leverage trading, perpetual contract trading, and wealth management products in addition to just spot trading. However, we don’t ignore the importance of spot trading. More mainstream, popular, and high-quality tokens have been listed, and up to now, there are 129 tokens and 313 trading pairs on CoinEx. During the epidemic, we have never slowed down our development. Lacking of the OTC service has always been a shortage for CoinEx. In March, we partner with Simplex to integrate the first fiat onramp to our platform. People now can buy crypto with their credit cards, which lowers the threshold for more people to enter the crypto world. Moreover, we announced global strategic partnership with Matrixport to provide people with large amount of fiat to crypto needs the OTC service. These newly launched services also help to attract more users. At the same time, CoinEx has been launched in Arabic, Italian, English, Japanese, Russian, Korean and other 16 languages. Earlier we also carried out product upgrades, making the UI and function sections clearer. In terms of operations, we launched an upgraded CoinEx Ambassador program in March. To best utilize each ambassador’s personal strengths, there are four categories of CoinEx Ambassador with different responsibilities, namely Referral Ambassador, Marketing Ambassador, Operation Ambassador, and Business Ambassador, which will expand our brand’s exposure and help CoinEx grow into a more international exchange platform. From March until now CoinEx has seen a 100% increase in user registrations. Why is that and are you able to see where they are coming from? Eddie Jiang: Because of the efforts mentioned above, in 2020, we’ve seen an exponential increase in activity in just the past few months alone. In this year alone, CoinEx’s daily registered users increased by 100%. These new users mainly come from markets such as the Middle East, Asia Pacific, and more. Interestingly, we saw an uptick in traffic from the Middle East in March. User growth in Southeast Asia also picked up significantly, newly registered users increased by 133.6% in April. With Binance, BitMex, Huobi, Bybit, and Deribit, controlling most of the crypto futures and options markets, where do you see CoinEx fitting in? How do you plan to capture market share from these large exchanges? Eddie Jiang: We won’t compete with others. We focus on ourselves to improve products and our goal is to be better than yesterday. Our pace is solid and steady, instead of focusing on temporary heat and flow. We have always attached great importance of spot trading, and we are committed to be responsible for users’ investment. We have set up CoinEx Institution, which is dedicated on project research. A listing committee consist of core team members review and vote on projects recommended by the CoinEx Institution. In this way, fraud projects are avoided as much as possible. Besides, we will focus on niche areas with great potential. For example, Southeast Asia and the Middle East. CoinEx can serve users in those countries well by providing a platform with rich cryptos to trade, and will pay more efforts on refined operations in different countries. Moreover, CoinEx has a very complete ecosystem. Financial services, infrastructure, and ecological development, the three business units complement each other. The infrastructure BU is our cornerstone and is positioned as a defensive product; the financial service BU is a cash cow and is positioned as an aggressive product; the ecological development BU focuses on the public chain ecology and is the future infrastructure. What is the geographical breakdown of the CoinEx userbase? Eddie Jiang: The current proportion of CoinEx’s overseas users has reached 80% of the total registered users, and mainly in Australia, Southeast Asia, North America, Middle East and South Korea. Do you have plans to focus on any certain jurisdictions? How will you do that? Eddie Jiang: When we evaluate regions, two things matter: policy and potential. Whether an exchange’s business expansion in a region is smooth or not largely depends on the region’s policies. If the region is not very friendly towards cryptocurrency or has repeated attitudes, there will be more difficulties and the cost will be much higher. For a region’s development potential, we need to think about the demand and market development status. South Korea, Southeast Asia, the Middle East and other regions are all areas with good potential for cryptocurrency development. Compared with Europe and America, policy risks in these countries are lower, and the supervision mechanism is relatively complete. The public has a high degree of awareness of cryptocurrencies. Besides, some regions or countries have inflation problems due to political and economic reasons. CoinEx will continue to focus on the Middle East and South Asia, which are relatively niche. India has just lifted ban on cryptocurrency trading this year, and there are many cryptocurrency investors in Indian. CoinEx can serve them well by providing a platform with rich cryptos to trade. More people in the Middle East are interested cryptos, especially in countries that are subject to economic sanctions or high inflation. For those people, cryptocurrencies are one of the best choices for asset preservation. Since the CoinEx Ambassador program launched in March, it has been almost three months. We are conducting the second round of ambassador recruitment. This time, we will use the power of ambassadors to expand our recruitment coverage and strive to attract more crypto enthusiasts from all over the world to grow together with CoinEx. Moreover, we will launch the National Expansion plan and leverage on the CoinEx and ViaBTC mining pool resources, to further explore the Russian market. At the market level, we will make more PR efforts in local markets, and start refined operations. What is CoinEx Chain and CoinEx DEX? Eddie Jiang: CoinEx Chain is a public chain built on the Tendermint consensus protocol and the Cosmos SDK. It consists of three dedicated public chains parallel to each other. Among these three chains, CoinEx DEX meets the most basic needs of DeFi for token issuance, transfer, and transactions. The Smart Chain is designed to meet the needs of complex financial scenarios and delivers programmable cash. The Privacy Chain facilitates privacy and security. On November 11, 2019, we took the lead in launching the Mainnet of CoinEx DEX. CoinEx DEX is the world’s first public chain dedicated to decentralized transactions. Users can easily manage their digital assets on it. CoinEx DEX can fully satisfy the following conditions: users have private keys at their own disposal; transfers and transactions are all completed on-chain, which is 200% transparent and checkable; the issuance, transfer, and transaction of tokens do not require review or permission; the community governance and operation is decentralized, similar to EOS, and validators are introduced to the community ecosystem construction and governance. There are currently 41 validators. It also has extreme performance. TPS reaches as high as 10,000 and transactions are confirmed within seconds. The transaction fee, 0.0001 US dollars for each transaction, is negligible. Third, it’s simple and easy to use. The new operation interface design helps beginners get started quickly; with the one-click token issuing module, users only need to fill in a few items to issue tokens; the built-in automated market-making module guarantees liquidity. How will CoinEx DEX improve the decentralized exchange space that has been unable to gain much adoption? Eddie Jiang: There are many challenges and difficulties facing centralized exchanges. The first difficulty is security. Security is a huge concern for CEXs. Over the last 10 years, hackers have stolen more than $1.5 billion from centralized exchanges. In fact, research groups estimate that hackers stole somewhere between $950 Million and $1 Billion from centralized exchanges in 2018 alone. There were also incidents of coin thefts in other exchanges in 2019. Many exchanges, such as Mt. Gox, Youbit, were forced to file for bankruptcy and shut down as a result of hacks. The second is high management costs. Centralized exchanges need to list a large number of cryptocurrencies and each of them have different trading pairs. That entails huge efforts in development and maintenance and, thus, high management costs. The last is global policies. Cryptocurrency is faced with different regulatory policies in different countries. Every time a centralized exchange enters a country, it needs to adapt itself to local regulatory policies for compliance. This is a holdback for the exchange’s rapid market expansion globally. Such adaptation will also bring a huge learning cost for the exchange team. Obviously, these problems can be well solved by DEX. CoinEx DEX is a true DEX with full open source and full community governance, as well as without depending on official nodes, websites, wallets, etc. On DEX, users are able to in charge of their own private keys and assets all by themselves. Their assets are more safe and secure. Transfers and transactions are all completed on-chain, which is 200% transparent and checkable; and the issuance, transfer, and transaction of tokens do not require review or permission. What’s more, CoinEx DEX provides a great and convenient user experience. How will CoinEx Chain and DEX help the crypto industry as a whole? Eddie Jiang: The public chain is the cornerstone of the blockchain industry. CoinEx Chain has the parallelism of multiple dedicated public chains, each of which performs its own functions, by cross-chaining for both high performance and flexibility. CoinEx Chain is committed to building the next generation of blockchain financial infrastructure. It is a more complete ecosystem built around the DEX public chain. The DEX public chain is a dedicated public chain developed specifically for token issuance and trading and the biggest improvement on trading speed, so it only supports the necessary functions, not smart contracts. But smart contracts are the foundation for building more complex financial applications. Outside the DEX public chain, CoinEx Chain also includes a Smart Chain that supports smart contracts. Moreover, as privacy issues on the current blockchain have been criticized, it is one of the core tasks of CoinEx Chain to safeguard users’ privacy. Similar to the Smart Chain, the Privacy Chain specifically supports transaction privacy protection. With cross-chain circulation, it can improve the privacy characteristic of the entire CoinEx Chain ecosystem. Nowadays, 1.7 million people in the world have no bank accounts; however, among them, two thirds are smartphone users with huge demands for financial services. The public chain will empower DeFi applications’ development and popularization, not only help more companies to seize the huge market opportunity, but also to bring lasting transformations and improvements in people’s lives. With so many crypto exchanges, what is the future outlook of CoinEx when it comes to the crypto exchange space? Eddie Jiang: It has been nearly 3 years since CoinEx has been launched, but it’s quite young for an entrepreneurial team. We have seen too many projects’ failures due to governance issues. CoinEx has a very elite team with high technical and management capabilities. In terms of business, CoinEx has gradually developed with diversified business and a complete ecosystem. It’s clear that the market will still grow very fast in the future, and the market size is still very large. We will continue to improve our products, put more efforts in marketing and operations, as well as look for more high-quality projects, to increase the number of users and transactions on the platform. Lay a solid foundation, and I’m sure the time will come for us to shine. What updates is the CoinEx team most excited for? Eddie Jiang: We are very excited about the National Expansion Plan which will be launched later this year. It is an important part in CoinEx’s globalization strategy. We will actively explore some new markets while consolidate the original ones. CoinEx will set aside 10 million US dollars to set up a “Pioneer Fund” to support this plan. This fund will be used to support local cryptocurrency projects and promote the development of the local cryptocurrency communities through investment or cooperation. Our goal this year is to invest in projects and communities that are conducive to expanding the CoinEx ecosystem in countries with high development potential. Original article ClickHEREto register on CoinEx
At launch, SETTLENET will support trading between Liquid Bitcoin (L-BTC) and Crypto Garage’s newly-launched JPY token, SETTLENET JPY (JPYS). The SETTLENET platform operates within a regulatory sandbox program set up by the Government of Japan and is open to exchanges, OTC desks, brokers, asset managers, and other financial institutions from OTC desks allows institutions and high net-worth individuals to buy Bitcoin without a having dedicated trading desk. OTC offices can be either regionally located, serving local clients or global. Often major cities such as Hong Kong, Tokyo or New York have OTC brokers servicing local clients. These brokers can provide very personalized services Institutional Investors Are Secretly Buying Bitcoin Via OTC Trading Platforms 0. By Ethan Hunt on October 2, 2018 News. Post Views: 8,533. There is a general idea that institutional investors are waiting for ETF s to get approved so they can start getting involved in cryptocurrency. But it seems that the $220 billion dollar cryptocurrency Whether you are trading blocks of $100,000, €10,000,000 or 2,000 Bitcoin, the OTC desk will provide you with execution and settlement services that are discreet, secure and ultra-competitive. Features offering more than secure and discreet transactions and settlement. Ultimately, OTC trading is a “behind the scenes” marketplace of crypto trading activity. Theoretically, OTC trading activity shouldn’t affect the price of bitcoin because OTC trading activity never appears on the exchange’s main order books.
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