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How the TFSA works

(Updated August 9th, 2020)

Background


You may have heard about off-shore tax havens of questionable legality where wealthy people invest their money in legal "grey zones" and don't pay any tax, as featured for example, in Netflix's drama, The Laundromat.

The reality is that the Government of Canada offers 100% tax-free investing throughout your life, with unlimited withdrawals of your contributions and profits, and no limits on how much you can make tax-free. There is also nothing to report to the Canada Revenue Agency. Although Britain has a comparable program, Canada is the only country in the world that offers tax-free investing with this level of power and flexibility.

Thank you fellow Redditors for the wonderful Gold Award and Today I Learned Award!

(Unrelated but Important Note: I put a link at the bottom for my margin account explainer. Many people are interested in margin trading but don't understand the math behind margin accounts and cannot find an explanation. If you want to do margin, but don't know how, click on the link.)

As a Gen-Xer, I wrote this post with Millennials in mind, many of whom are getting interested in investing in ETFs, individual stocks, and also my personal favourite, options. Your generation is uniquely positioned to take advantage of this extremely powerful program at a relatively young age. But whether you're in your 20's or your 90's, read on!

Are TFSAs important? In 2020 Canadians have almost 1 trillion dollars saved up in their TFSAs, so if that doesn't prove that pennies add up to dollars, I don't know what does. The TFSA truly is the Great Canadian Tax Shelter.

I will periodically be checking this and adding issues as they arise, to this post. I really appreciate that people are finding this useful. As this post is now fairly complete from a basic mechanics point of view, and some questions are already answered in this post, please be advised that at this stage I cannot respond to questions that are already covered here. If I do not respond to your post, check this post as I may have added the answer to the FAQs at the bottom.

How to Invest in Stocks


A lot of people get really excited - for good reason - when they discover that the TFSA allows you to invest in stocks, tax free. I get questions about which stocks to buy.

I have made some comments about that throughout this post, however; I can't comprehensively answer that question. Having said that, though, if you're interested in picking your own stocks and want to learn how, I recommmend starting with the following videos:

The first is by Peter Lynch, a famous American investor in the 80's who wrote some well-respected books for the general public, like "One Up on Wall Street." The advice he gives is always valid, always works, and that never changes, even with 2020's technology, companies and AI:

https://www.youtube.com/watch?v=cRMpgaBv-U4&t=2256s


The second is a recording of a university lecture given by investment legend Warren Buffett, who expounds on the same principles:

https://www.youtube.com/watch?v=2MHIcabnjrA

Please note that I have no connection to whomever posted the videos.

Introduction


TFSAs were introduced in 2009 by Stephen Harper's government, to encourage Canadians to save.

The effect of the TFSA is that ordinary Canadians don't pay any income or capital gains tax on their securities investments.

Initial uptake was slow as the contribution rules take some getting used to, but over time the program became a smash hit with Canadians. There are about 20 million Canadians with TFSAs, so the uptake is about 70%- 80% (as you have to be the age of majority in your province/territory to open a TFSA).

Eligibility to Open a TFSA


You must be a Canadian resident with a valid Social Insurance Number to open a TFSA. You must be at the voting age in the province in which you reside in order to open a TFSA, however contribution room begins to accumulate from the year in which you turned 18. You do not have to file a tax return to open a TFSA. You do not need to be a Canadian citizen to open and contribute to a TFSA. No minimum balance is required to open a TFSA.

Where you Can Open a TFSA


There are hundreds of financial institutions in Canada that offer the TFSA. There is only one kind of TFSA; however, different institutions offer a different range of financial products. Here are some examples:


Insurance


Your TFSA may be covered by either CIFP or CDIC insuranceor both. Ask your bank or broker for details.

What You Can Trade and Invest In


You can trade the following:


What You Cannot Trade


You cannot trade:

Again, if it requires a margin account, it's out. You cannot buy on margin in a TFSA. Nothing stopping you from borrowing money from other sources as long as you stay within your contribution limits, but you can't trade on margin in a TFSA. You can of course trade long puts and calls which give you leverage.

Rules for Contribution Room


Starting at 18 you get a certain amount of contribution room.

According to the CRA:
You will accumulate TFSA contribution room for each year even if you do not file an Income Tax and Benefit Return or open a TFSA.
The annual TFSA dollar limit for the years 2009 to 2012 was $5,000.
The annual TFSA dollar limit for the years 2013 and 2014 was $5,500.
The annual TFSA dollar limit for the year 2015 was $10,000.
The annual TFSA dollar limit for the years 2016 to 2018 was $5,500.
The annual TFSA dollar limit for the year 2019 is $6,000.
The TFSA annual room limit will be indexed to inflation and rounded to the nearest $500.
Investment income earned by, and changes in the value of TFSA investments will not affect your TFSA contribution room for the current or future years.

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/tax-free-savings-account/contributions.html
If you don't use the room, it accumulates indefinitely.

Trades you make in a TFSA are truly tax free. But you cannot claim the dividend tax credit and you cannot claim losses in a TFSA against capital gains whether inside or outside of the TFSA. So do make money and don't lose money in a TFSA. You are stuck with the 15% withholding tax on U.S. dividend distributions unlike the RRSP, due to U.S. tax rules, but you do not pay any capital gains on sale of U.S. shares.

You can withdraw *both* contributions *and* capital gains, no matter how much, at any time, without penalty. The amount of the withdrawal (contributions+gains) converts into contribution room in the *next* calendar year. So if you put the withdrawn funds back in the same calendar year you take them out, that burns up your total accumulated contribution room to the extent of the amount that you re-contribute in the same calendar year.

Examples


E.g. Say you turned 18 in 2016 in Alberta where the age of majority is 18. It is now sometime in 2020. You have never contributed to a TFSA. You now have $5,500+$5,500+$5,500+$6,000+$6,000 = $28,500 of room in 2020. In 2020 you manage to put $20,000 in to your TFSA and you buy Canadian Megacorp common shares. You now have $8,500 of room remaining in 2020.

Sometime in 2021 - it doesn't matter when in 2021 - your shares go to $100K due to the success of the Canadian Megacorp. You also have $6,000 worth of room for 2021 as set by the government. You therefore have $8,500 carried over from 2020+$6,000 = $14,500 of room in 2021.

In 2021 you sell the shares and pull out the $100K. This amount is tax-free and does not even have to be reported. You can do whatever you want with it.

But: if you put it back in 2021 you will over-contribute by $100,000 - $14,500 = $85,500 and incur a penalty.

But if you wait until 2022 you will have $14,500 unused contribution room carried forward from 2021, another $6,000 for 2022, and $100,000 carried forward from the withdrawal 2021, so in 2022 you will have $14,500+$6,000+$100,000 = $120,500 of contribution room.

This means that if you choose, you can put the $100,000 back in in 2022 tax-free and still have $20,500 left over. If you do not put the money back in 2021, then in 2022 you will have $120,500+$6,000 = $126,500 of contribution room.

There is no age limit on how old you can be to contribute, no limit on how much money you can make in the TFSA, and if you do not use the room it keeps carrying forward forever.

Just remember the following formula:

This year's contribution room = (A) unused contribution room carried forward from last year + (B) contribution room provided by the government for this year + (C) total withdrawals from last year.

EXAMPLE 1:

Say in 2020 you never contributed to a TFSA but you were 18 in 2009.
You have $69,500 of unused room (see above) in 2020 which accumulated from 2009-2020.
In 2020 you contribute $50,000, leaving $19,500 contribution room unused for 2020. You buy $50,000 worth of stock. The next day, also in 2020, the stock doubles and it's worth $100,000. Also in 2020 you sell the stock and withdraw $100,000, tax-free.

You continue to trade stocks within your TFSA, and hopefully grow your TFSA in 2020, but you make no further contributions or withdrawals in 2020.


The question is, How much room will you have in 2021?
Answer: In the year 2021, the following applies:
(A) Unused contribution room carried forward from last year, 2020: $19,500
(B) Contribution room provided by government for this year, 2021: $6,000
(C) Total withdrawals from last year, 2020: $100,000

Total contribution room for 2021 = $19,500+6,000+100,000 = $125,500.

EXAMPLE 2:
Say between 2020 and 2021 you decided to buy a tax-free car (well you're still stuck with the GST/PST/HST/QST but you get the picture) so you went to the dealer and spent $25,000 of the $100,000 you withdrew in 2020. You now have a car and $75,000 still burning a hole in your pocket. Say in early 2021 you re-contribute the $75,000 you still have left over, to your TFSA. However, in mid-2021 you suddenly need $75,000 because of an emergency so you pull the $75,000 back out. But then a few weeks later, it turns out that for whatever reason you don't need it after all so you decide to put the $75,000 back into the TFSA, also in 2021. You continue to trade inside your TFSA but make no further withdrawals or contributions.

How much room will you have in 2022?
Answer: In the year 2022, the following applies:

(A) Unused contribution room carried forward from last year, 2021: $125,500 - $75,000 - $75,000 = -$24,500.

Already you have a problem. You have over-contributed in 2021. You will be assessed a penalty on the over-contribution! (penalty = 1% a month).

But if you waited until 2022 to re-contribute the $75,000 you pulled out for the emergency.....

In the year 2022, the following would apply:
(A) Unused contribution room carried forward from last year, 2021: $125,500 -$75,000 =$50,500.
(B) Contribution room provided by government for this year, 2022: $6,000
(C) Total withdrawals from last year, 2020: $75,000

Total contribution room for 2022 = $50,500 + $6,000 + $75,000 = $131,500.
...And...re-contributing that $75,000 that was left over from your 2021 emergency that didn't materialize, you still have $131,500-$75,000 = $56,500 of contribution room left in 2022.

For a more comprehensive discussion, please see the CRA info link below.

FAQs That Have Arisen in the Discussion and Other Potential Questions:



  1. Equity and ETF/ETN Options in a TFSA: can I get leverage? Yes. You can buy puts and calls in your TFSA and you only need to have the cash to pay the premium and broker commissions. Example: if XYZ is trading at $70, and you want to buy the $90 call with 6 months to expiration, and the call is trading at $2.50, you only need to have $250 in your account, per option contract, and if you are dealing with BMO IL for example you need $9.95 + $1.25/contract which is what they charge in commission. Of course, any profits on closing your position are tax-free. You only need the full value of the strike in your account if you want to exercise your option instead of selling it. Please note: this is not meant to be an options tutorial; see the Montreal Exchange's Equity Options Reference Manual if you have questions on how options work.
  2. Equity and ETF/ETN Options in a TFSA: what is ok and not ok? Long puts and calls are allowed. Covered calls are allowed, but cash-secured puts are not allowed. All other option trades are also not allowed. Basically the rule is, if the trade is not a covered call and it either requires being short an option or short the stock, you can't do it in a TFSA.
  3. Live in a province where the voting age is 19 so I can't open a TFSA until I'm 19, when does my contribution room begin? Your contribution room begins to accumulate at 18, so if you live in province where the age of majority is 19, you'll get the room carried forward from the year you turned 18.
  4. If I turn 18 on December 31, do I get the contribution room just for that day or for the whole year? The whole year.
  5. Do commissions paid on share transactions count as withdrawals? Unfortunately, no. If you contribute $2,000 cash and you buy $1,975 worth of stock and pay $25 in commission, the $25 does not count as a withdrawal. It is the same as if you lost money in the TFSA.
  6. How much room do I have? If your broker records are complete, you can do a spreadsheet. The other thing you can do is call the CRA and they will tell you.
  7. TFSATFSA direct transfer from one institution to another: this has no impact on your contributions or withdrawals as it counts as neither.
  8. More than 1 TFSA: you can have as many as you want but your total contribution room does not increase or decrease depending on how many accounts you have.
  9. Withdrawals that convert into contribution room in the next year. Do they carry forward indefinitely if not used in the next year? Answer :yes.
  10. Do I have to declare my profits, withdrawals and contributions? No. Your bank or broker interfaces directly with the CRA on this. There are no declarations to make.
  11. Risky investments - smart? In a TFSA you want always to make money, because you pay no tax, and you want never to lose money, because you cannot claim the loss against your income from your job. If in year X you have $5,000 of contribution room and put it into a TFSA and buy Canadian Speculative Corp. and due to the failure of the Canadian Speculative Corp. it goes to zero, two things happen. One, you burn up that contribution room and you have to wait until next year for the government to give you more room. Two, you can't claim the $5,000 loss against your employment income or investment income or capital gains like you could in a non-registered account. So remember Buffett's rule #1: Do not lose money. Rule #2 being don't forget the first rule. TFSA's are absolutely tailor-made for Graham-Buffett value investing or for diversified ETF or mutual fund investing, but you don't want to buy a lot of small specs because you don't get the tax loss.
  12. Moving to/from Canada/residency. You must be a resident of Canada and 18 years old with a valid SIN to open a TFSA. Consult your tax advisor on whether your circumstances make you a resident for tax purposes. Since 2009, your TFSA contribution room accumulates every year, if at any time in the calendar year you are 18 years of age or older and a resident of Canada. Note: If you move to another country, you can STILL trade your TFSA online from your other country and keep making money within the account tax-free. You can withdraw money and Canada will not tax you. But you have to get tax advice in your country as to what they do. There restrictions on contributions for non-residents. See "non residents of Canada:" https://www.canada.ca/content/dam/cra-arc/formspubs/pub/rc4466/rc4466-19e.pdf
  13. The U.S. withholding tax. Dividends paid by U.S.-domiciled companies are subject to a 15% U.S. withholding tax. Your broker does this automatically at the time of the dividend payment. So if your stock pays a $100 USD dividend, you only get $85 USD in your broker account and in your statement the broker will have a note saying 15% U.S. withholding tax. I do not know under what circumstances if any it is possible to get the withheld amount. Normally it is not, but consult a tax professional.
  14. The U.S. withholding tax does not apply to capital gains. So if you buy $5,000 USD worth of Apple and sell it for $7,000 USD, you get the full $2,000 USD gain automatically.
  15. Tax-Free Leverage. Leverage in the TFSA is effectively equal to your tax rate * the capital gains inclusion rate because you're not paying tax. So if you're paying 25% on average in income tax, and the capital gains contribution rate is 50%, the TFSA is like having 12.5%, no margin call leverage costing you 0% and that also doesn't magnify your losses.
  16. Margin accounts. These accounts allow you to borrow money from your broker to buy stocks. TFSAs are not margin accounts. Nothing stopping you from borrowing from other sources (such as borrowing cash against your stocks in an actual margin account, or borrowing cash against your house in a HELOC or borrowing cash against your promise to pay it back as in a personal LOC) to fund a TFSA if that is your decision, bearing in mind the risks, but a TFSA is not a margin account. Consider options if you want leverage that you can use in a TFSA, without borrowing money.
  17. Dividend Tax Credit on Canadian Companies. Remember, dividends paid into the TFSA are not eligible to be claimed for the credit, on the rationale that you already got a tax break.
  18. FX risk. The CRA allows you to contribute and withdraw foreign currency from the TFSA but the contribution/withdrawal accounting is done in CAD. So if you contribute $10,000 USD into your TFSA and withdraw $15,000 USD, and the CAD is trading at 70 cents USD when you contribute and $80 cents USD when you withdraw, the CRA will treat it as if you contributed $14,285.71 CAD and withdrew $18,75.00 CAD.
  19. OTC (over-the-counter stocks). You can only buy stocks if they are listed on an approved exchange ("approved exchange" = TSX, TSX-V, NYSE, NASDAQ and about 25 or so others). The U.S. pink sheets "over-the-counter" market is an example of a place where you can buy stocks, that is not an approved exchange, therefore you can't buy these penny stocks. I have however read that the CRA make an exception for a stock traded over the counter if it has a dual listing on an approved exchange. You should check that with a tax lawyer or accountant though.
  20. The RRSP. This is another great tax shelter. Tax shelters in Canada are either deferrals or in a few cases - such as the TFSA - outright tax breaks, The RRSP is an example of a deferral. The RRSP allows you to deduct your contributions from your income, which the TFSA does not allow. This deduction is a huge advantage if you earn a lot of money. The RRSP has tax consequences for withdrawing money whereas the TFSA does not. Withdrawals from the RRSP are taxable whereas they are obviously not in a TFSA. You probably want to start out with a TFSA and maintain and grow that all your life. It is a good idea to start contributing to an RRSP when you start working because you get the tax deduction, and then you can use the amount of the deduction to contribute to your TFSA. There are certain rules that claw back your annual contribution room into an RRSP if you contribute to a pension. See your tax advisor.
  21. Pensions. If I contribute to a pension does that claw back my TFSA contribution room or otherwise affect my TFSA in any way? Answer: No.
  22. The $10K contribution limit for 2015. This was PM Harper's pledge. In 2015 the Conservative government changed the rules to make the annual government allowance $10,000 per year forever. Note: withdrawals still converted into contribution room in the following year - that did not change. When the Liberals came into power they switched the program back for 2016 to the original Harper rules and have kept the original Harper rules since then. That is why there is the $10,000 anomaly of 2015. The original Harper rules (which, again, are in effect now) called for $500 increments to the annual government allowance as and when required to keep up with inflation, based on the BofC's Consumer Price Index (CPI). Under the new Harper rules, it would have been $10,000 flat forever. Which you prefer depends on your politics but the TFSA program is massively popular with Canadians. Assuming 1.6% annual CPI inflation then the annual contribution room will hit $10,000 in 2052 under the present rules. Note: the Bank of Canada does an excellent and informative job of explaining inflation and the CPI at their website.
  23. Losses in a TFSA - you cannot claim a loss in a TFSA against income. So in a TFSA you always want to make money and never want to lose money. A few ppl here have asked if you are losing money on your position in a TFSA can you transfer it in-kind to a cash account and claim the loss. I would expect no as I cannot see how in view of the fact that TFSA losses can't be claimed, that the adjusted cost base would somehow be the cost paid in the TFSA. But I'm not a tax lawyeaccountant. You should consult a tax professional.
  24. Transfers in-kind to the TFSA and the the superficial loss rule. You can transfer securities (shares etc.) "in-kind," meaning, directly, from an unregistered account to the TFSA. If you do that, the CRA considers that you "disposed" of, meaning, equivalent to having sold, the shares in the unregistered account and then re-purchased them at the same price in the TFSA. The CRA considers that you did this even though the broker transfers the shares directly in the the TFSA. The superficial loss rule, which means that you cannot claim a loss for a security re-purchased within 30 days of sale, applies. So if you buy something for $20 in your unregistered account, and it's trading for $25 when you transfer it in-kind into the TFSA, then you have a deemed disposition with a capital gain of $5. But it doesn't work the other way around due to the superficial loss rule. If you buy it for $20 in the unregistered account, and it's trading at $15 when you transfer it in-kind into the TFSA, the superficial loss rule prevents you from claiming the loss because it is treated as having been sold in the unregistered account and immediately bought back in the TFSA.
  25. Day trading/swing trading. It is possible for the CRA to try to tax your TFSA on the basis of "advantage." The one reported decision I'm aware of (emphasis on I'm aware of) is from B.C. where a woman was doing "swap transactions" in her TFSA which were not explicitly disallowed but the court rules that they were an "advantage" in certain years and liable to taxation. Swaps were subsequently banned. I'm not sure what a swap is exactly but it's not that someone who is simply making contributions according to the above rules would run afoul of. The CRA from what I understand doesn't care how much money you make in the TFSA, they care how you made it. So if you're logged on to your broker 40 hours a week and trading all day every day they might take the position that you found a way to work a job 40 hours a week and not pay any tax on the money you make, which they would argue is an "advantage," although there are arguments against that. This is not legal advice, just information.
  26. The U.S. Roth IRA. This is a U.S. retirement savings tax shelter that is superficially similar to the TFSA but it has a number of limitations, including lack of cumulative contribution room, no ability for withdrawals to convert into contribution room in the following year, complex rules on who is eligible to contribute, limits on how much you can invest based on your income, income cutoffs on whether you can even use the Roth IRA at all, age limits that govern when and to what extent you can use it, and strict restrictions on reasons to withdraw funds prior to retirement (withdrawals prior to retirement can only be used to pay for private medical insurance, unpaid medical bills, adoption/childbirth expenses, certain educational expenses). The TFSA is totally unlike the Roth IRA in that it has none of these restrictions, therefore, the Roth IRA is not in any reasonable sense a valid comparison. The TFSA was modeled after the U.K. Investment Savings Account, which is the only comparable program to the TFSA.
  27. The UK Investment Savings Account. This is what the TFSA was based off of. Main difference is that the UK uses a 20,000 pound annual contribution allowance, use-it-or-lose-it. There are several different flavours of ISA, and some do have a limited recontribution feature but not to the extent of the TFSA.
  28. Is it smart to overcontribute to buy a really hot stock and just pay the 1% a month overcontribution penalty? If the CRA believes you made the overcontribution deliberately the penalty is 100% of the gains on the overcontribution, meaning, you can keep the overcontribution, or the loss, but the CRA takes the profit.
  29. Speculative stocks-- are they ok? There is no such thing as a "speculative stock." That term is not used by the CRA. Either the stock trades on an approved exchange or it doesn't. So if a really blue chip stock, the most stable company in the world, trades on an exchange that is not approved, you can't buy it in a TFSA. If a really speculative gold mining stock in Busang, Indonesia that has gone through the roof due to reports of enormous amounts of gold, but their geologist somehow just mysteriously fell out of a helicopter into the jungle and maybe there's no gold there at all, but it trades on an approved exchange, it is fine to buy it in a TFSA. Of course the risk of whether it turns out to be a good investment or not, is on you.
Remember, you're working for your money anyway, so if you can get free money from the government -- you should take it! Follow the rules because Canadians have ended up with a tax bill for not understanding the TFSA rules.
Appreciate the feedback everyone. Glad this basic post has been useful for many. The CRA does a good job of explaining TFSAs in detail at https://www.canada.ca/content/dam/cra-arc/formspubs/pub/rc4466/rc4466-19e.pdf

Unrelated but of Interest: The Margin Account

Note: if you are interested in how margin accounts work, I refer you to my post on margin accounts, where I use a straightforward explanation of the math behind margin accounts to try and give readers the confidence that they understand this powerful leveraging tool.

How Margin Loans Work - a Primer

submitted by KhingoBhingo to CanadianInvestor [link] [comments]

6 Reasons Why Serum Won't Succeed

6 Reasons Why Serum Won't Succeed

The world of DeFi is exploding but is it all it’s made out to be?

DeFi (decentralised finance) is most certainly the buzz in the crypto world this minute. It’s bringing similar feelings which was the 2017/18 ICO phase, where a mammoth of new projects begun to explode onto the scene, each with their own promise of new innovation and use case.
Hindsight has shown us that most of those projects have ultimately failed, or worse, were outright scams that took advantage of not so wise investors looking to make a buck. Obviously, not all projects fit that description, with many teams still around today working on and delivering their individual visions. Crypto is, after all, still a big experiment of new technology.

Enter DeFi: Serum

DeFi has exploded into the limelight over the last few months, with some tokens appreciating hundreds of percent in price. It appears to be the catalyst that has driven a huge market shift in the crypto world, and for those who’ve been around a number of years, this is a welcome change.
In this piece, I’m going to examine a particular project called Serum.
Serum is the world’s first completely decentralized derivatives exchange with trustless cross-chain trading brought to you by Project Serum.
The Serum Project is aiming to create both a decentralised exchange and a cross-chain swapping mechanism. In this article, I’m going to focus solely on the cross-chain swapping aspect of Serum.
Although the Serum whitepaper is quite short and lacking in detail, it is useful to derive some understanding of how the cross-chain swapping protocol should work. Throughout this review, I will use it to describe how the imagined protocol works.

Overview

Let's assume Alice wants to trade some BTC for ETH and Bob wants to trade some ETH for BTC using Serum. These two users are matched and agree on a price using an on-chain order book on the Solana blockchain (whitepaper provides no practical details on how to do this).
Once these users are matched, Bob must send the ETH he wants to trade to an Ethereum smart contract, plus some amount of ETH ~200 USD worth (see section 4 below) to the smart contract as collateral. Alice will also need to send some collateral to the smart contract. Once this initial setup process is complete Alice then has to send her BTC to Bob’s BTC address and if Bob receives the BTC from Alice he can then release his ETH from the smart contract sending it to Alice’s ETH address. Upon completion of this both Alice and Bob are refunded their ETH collateral.
So what happens if something goes wrong? For example, say Alice never sends BTC to Bob, after some period of time Bob can initiate a dispute. When the dispute begins both Alice and Bob present a portion of the Bitcoin blockchain information to the smart contract (see section 3). The smart contract then decides whether or not Alice did send BTC to Bob. If she hasn’t then the smart contract returns Bob's ETH and collateral to Bob and also takes Alice’s ETH collateral and gives that to Bob. The same occurs in reverse if Alice sends BTC but Bob never approves the transfer of ETH from the smart contract.
This scheme seems pretty simple, there’s no oracles and no centralised parties, however, it has a number of disadvantages.

1. User-Provided Collateral Is Bad for User Experience

Each time a user conducts a swap they must reserve some percentage or fixed amount to cover the collateral for the swap. This collateral amount needs to be present to prevent griefing attacks where users initiate swaps with no intention of ever following through and sending funds to the alternate participant.
However, this creates a poor user experience as both Alice and Bob need to have at least the value of the dispute fee committed to the contract in collateral before they conduct a swap. This is totally foreign from the normal exchange experience in which you only require a single coin and a single transaction to begin trading. For example, if using Serum to trade Bitcoin you would need to hold Bitcoin and ~200$ of Ethereum and also interact with the Ethereum chain before any swap occurs. This adds unnecessary complexity and confusion, especially for newcomers to the crypto space.

2. ETH Must Always Be on One Side of the Swap

Although the Serum method of cross-chain swapping could occur on any blockchain with smart contracts, the Serum whitepaper makes it clear the Serum arbitration contract is going to be deployed on the Ethereum blockchain. This means one party must always be locking the full value of the trade in ETH using an Ethereum smart contract.
This makes it impossible, for example, to do a single step trade between Bitcoin and Monero since the swap would need to be from Bitcoin to ETH first and then from ETH to Monero. This is comparable to other proposed cross-chain swap systems like Thorchain and Blockswap, however since those networks use AMM’s (automated market makers)and decentralized vaults to take custody of funds, the user needs not to interact with the intermediary chain at all.
Instead in Serum, the user wanting to swap Bitcoin to Monero will need to do the following steps:
  1. Send Ethereum collateral to the Serum arbitration contract
  2. Send Bitcoin to the user they are swapping with.
  3. Receive Ethereum
  4. Send Ethereum back to Serum arbitration contract
  5. Receive Monero
  6. Send Ethereum out of Serum arbitration contract
  7. Receive back Ethereum collateral
It might be possible to remove or simplify step 4, depending on how the smart contract is built, however, this means a swap from BTC to Monero would require 2 Ethereum and 1 Bitcoin transaction in the best-case scenario. Compared with the experience of other cross-chain swapping mechanisms, which only require the user to send a single transaction to swap between two assets, this is very poor user experience.

3. Proving Transactions on Arbitrary Chains to a Smart Contract Is Not Trivial

Perhaps the most central part of the Serum cross-chain swapping mechanism is left completely unexplored in the Serum whitepaper with only a brief explanation given.
“[The] Smart Contract is programmed to parse whether a proposed BTC blockchain is valid; it can then check which of Alice and Bob send the longer valid blockchain, and settle in their favor”
This is not a trivial problem, and it is unclear how this actually works from the explanation given in the Serum whitepaper. What actually needs to be presented to the smart contract to prove a Bitcoin transaction? Typically when talking about SPV the smart contract would need the block headers of all previous blocks and a merkle inclusion proof. This is far too heavy to submit in a dispute. Instead, Serum could use NIPoPoW, however, these proofs only work on chains with fixed difficulty and are still probably prohibitively too large (~100KB) to be submitted as a proof to a contract. Other solutions like Flyclient are more versatile, but proof sizes are much larger and have failed to see much real-world adoption.
Without explaining how they actually plan to do this validation of Bitcoin transactions, users are left in the dark about how secure their solution actually is.

4. High Dispute Fees Force Large Collateral on Small Trades

Although disputes should almost never happen because of the incentives and punishments designed into the Serum protocol, the way they are designed has negative impacts on the use of the network.
Although the Serum whitepaper does not say how the dispute mechanism works, they do say that it will cost about ~100 USD in GAS to dispute a swap.
Note: keep in mind that the Serum paper was published in July 2020 when the gas price was about 50 Gwei, as Ethereum use has picked up over the past month we have seen average GAS prices as high as 250 Gwei, with the average price right now about 120 Gwei.
This means that at the height of GAS prices it could have cost a user ~500 USD to dispute a swap.
This means for the network to ensure losing cross-chain swaps aren’t made each user must deploy at least $200 in collateral on each side. It may be possible to lower this to collateral if we assume the attacker is not financially motivated, however, there is a lower bound in which ransom attacks become possible on low-value trades.
Further and perhaps more damagingly, this means in a trade of any size the user needs to have at least 300 USD in ETH laying around. 100 USD in ETH for the required collateral and 200 USD if they need to challenge the transaction.
This further adds to the poor user experience when using Serum for cross-chain swapping.

5. Swaps Are Not Set and Forget

Instead of being able to send a transaction and receive funds on the blockchain you are swapping to, the process is highly interactive. In the case where I am swapping ETH for Bitcoin, the following occurs:
If the Bitcoin transaction is never received then I need to wait for a timeout to occur before I can participate in the dispute process.
And on the Bitcoin side (assuming the seller is ready), the following must take place:
If the Seller never accepts the Bitcoin I sent to him then I need to wait on line for the dispute process.
This presents a strange user experience where the seller or seller’s wallet must be left online during this whole process and be ready to sign a new transaction if they need to dispute transactions or unlock funds from a smart contract.
This is different from the typical exchange or swapping scenario in which, once your funds are sent you can be assured you will receive the amount you expected in your swap back to you, without any of your wallets needing to remain online.

6. The Serum Token Seems to Lack a Use Case

The cross-chain swapping protocol Serum describes in its whitepaper could easily be forked and launched on the Ethereum blockchain without having any need for the Serum token. It seems that the Serum token will be used in some capacity when placing orders on the Solana based blockchain, however, the order book could just as easily be placed off with traditional rate-limiting schemes.
There is some brief mention of future governance abilities for token holders, however, as a common theme in their whitepaper, details are scarce:
Serum is anticipated to include a limited governance model based on the SRM token. While most of the Serum ecosystem will be immutable, some parameters without large security risks (e.g. future fees) may be modified via a governance vote of SRM tokens.

Conclusion

Until satisfactory answers are given to these questions I would be looking at other projects who are attempting to build platforms for cross-chain swaps. As previously mentioned, Thorchain & Blockswap show some promise in design, whilst there are some others competing in this space too, such as Incognito and RenVM. However, this area is still extremely immature so plenty of testing and time is required before we can call any of these projects a success.
If you’ve got any feedback or thoughts about Serum, cross-chain swapping or DeFi in general, please don’t be shy in leaving a comment.
submitted by Loooong_Loooong_Man to CryptoCurrency [link] [comments]

S&P 1700 within 6 Months


This is a new post after some interest in a comment why I believed the S&P is going to 1700.
Update 3: I am going to limit my answers in the comments guys; as the post becomes more popular it is becoming more diluted with snark etc. I don't expect anyone to follow my opinions; I just want to share one aspect of why I am making the trades I am. I maybe wrong. Random walk and all that..
Original Disclaimer: This is based on historical precedence and we are in unprecedented times but, with history as our guide a strong argument can be made for the S&P to decline to a level that is currently inconceivable. I have disclosed all my positions near the bottom.
Update 1: Slightly long; happy to be challenged in the comments, it is late in the UK (2am) so may tidy it up and add more references and charts tomorrow. Update 2: Have expanded the post to answer as many comments and requests for references wherever possible and tagged in the requestors.

Intro: Are we in a recession?

If you believe so, or that we are heading into a recession then there are four things needed to support a genuine rally out of a recession

We are missing 2 out of those 4 criteria; the overwhelming monetary and fiscal policy (world-records) are compensating for lack of positive indicators and volatile and bullish pricing.

What do you mean by pricing?

It can be argued that the current price of stocks is not discounting for the acute and likely chronic harm to consumer sentiment and spending power. For example; the UK clothing retailer Next Group closed their bricks and mortar stores (share price increased 4%) then they cancelled all online shopping (share price increased 3%) and finally they cancelled all orders with their supply chain (shares leapt 12.8% during the rally.) There is the massive amount of second, third and fourth order effects that this one company does to the UK economy (and Turkish factories). Suppliers, shipping, design, marketing etc all cancelled and the staff furloughed.
This is one example but the indexes are currently full of similar examples and some analysts are ringing the alarm bells.

Lazard Asset Management are concerned that the pandemic “will persist longer than many investors suspect and that the economic damage will be deeper and potentially longer-lasting”.
Reddit is quick to mention that stonks only go up but there is some truth to that sentiment at present since any negative factors are dismissed as being priced in and all positive factors are heralded as a cause for stocks to rally. If priced in was accurate then we would not see record-beating market rallies back to back. 10% volatility swings over 48 hours is the very definition of not priced in.
There is evidence to suggest that, well, the bullish sentiment is wrong and mainly because it is retail investors being taken for a ride whilst funds re-balance and offload.
Retail traders "buying the dips" is normally a contrarian signal, meaning that it's time to sell. This section is for u/lntoIerant in response to a comment.

Edit to answer some comments about this portion thus far.

Do retail investors move the market?
Are retail investors buying in greater volumes?
Are retail investors dumb money?

What does this have to do with the S&P dividend and the EPS?


Major indexes are comprised of stocks that pay handsome dividends; normally 2% yield a year. The companies have reached their limit of growth (HSBC haven't discovered 5 million new customers and Shell are not finding new fossil fuels) so investors hold the stock for income-seeking reasons.
The FTSE 100 was priced in to generate £89 billion in dividends for 2019 and £90 billion+ in 2020. That has largely collapsed.
The only companies that pay dividends are those taking on debt to do so like Shell. And they have; a 10Bn credit line to maintain dividends. The Bank of Englandhad to slap 5 UK banks from issuing dividends at this time. That means that their primary valuations as income-generating stocks are questionable...
...especially since the dividends are not expected to return to the 2020 levels for another 10 years now. Edit to add: This portion is taken from the market report by BNY Mellon. You can see the chart here. The analyst is John Velis of BNY. Thanks to u/flash_aaaah_ahhhhh for prompting me.

“By 2021, the market expects dividends per share for the S&P 500 to be down to under $38 per share (a staggering 41 per cent drop from recent highs of approximately $63 per share) and then to start slowly rising again. Going out 10 years to 2030, the expectation is that dividends will just about recover to pre-Covid-19 levels.”

Main body: Onto the S&P

In 2021 the market expects the dividends per share for the S&P to be reduced to $38 per share. That is priced in and common knowledge.
That is a 41% drop from the recent highs of $63 a share and seems alarming for income seeking investors since we are not expected to recover to those prices for 8-10 years. Source.
But DataTrek have noted that we are still currently trading at 21X the trailing 10 year earnings of $122 a share.
Dividends per share normally don't fall as far as earnings per share. But they are inverted at present.
For the S&P to be trading at 2,650 level (or even higher) it means the market does not believe the pandemic or recession will have any long-term damage. That puts us squarely at odds with items 3 and 4 in our list of factors needed to exit a bear market.

Talk to me about 2008!

Thanks to u/mister_woody for asking for more data.

In other recessions, including 2008, the dividend price per share drops approximately 12-15% but the earnings per share drop by considerably more; as much as 85%.
That means that in 2008 financial crisis and subsequent bear market; the dividends per share dropped by a lower percentage amount than the total index value drop.
You can see that in this chart here.

Right now, we have the reverse. Dividend share drop in this market is 41% (which is chilling) and market drop was approximately only 30% and rallying heavily back to the mid-20's only. That makes no financial sense unless the assets were being propped up by buyers...

If the S&P follows the same playbook at 2008-9, then we would expect to see levels of around 1400 at the bottom but that seems extremely bearish expecting that this crisis is worse than 2008.
If previous indications hold true, then we would expect the S&P to drop by approximately 50-60%ish at the true bottom to reflect the 41% decrease in expected shares plus additional discounts and negative market sentiment.
In reality, we are probably likely to pull back to between 13X and 15X trailing average which puts the S&P between 1600 (low side) and 1800 (high side).

You are putting a lot of faith in a re-run of the 2008 crisis

I am. No doubt about it. After October 2008, stocks fell for another four months, piling up 40% of losses before the recently ended bull market began in March 2009.

New market indicators

Since I wrote this post, the DJIA was up over 4% and closed down on the day.
Thank you to theTwitter feed of Jim Bianco for this: Since 1925 (95 yrs!), up more than 4% and closing down on the day has happened only one other time ... Oct 14, 2008 (Tsy Sec Hank Paulson forced the banks to take TARP money). The S&P 500 was up 3.5% at the high and closed down on the day. Since April 1982 (daily H,L,C began) has happened three other times...Oct 3, 08, Oct 14, 08, and Oct 17, 08.
This mkt continues to trade like Oct 08. It was six months and another 25% down before the low.
Bezinga are also playing up the 2008 similarities.

Why is bullish sentiment so wrong?

The negative reports are so wildly negative that the almost defy belief. We are dealing with insane numbers way beyond our traditional frame of reasoning. This is topped only by the insanity of the scale of quantitative easing. Less than a year ago, a small movement in the non-farm payrolls would lead to a 2-3% move in the markets; now we are hitting 700K jobs lost, a truly ugly number and the market rallies hugely. Future economic students will study this to try and understand what was happening.
In the space of weeks the majority of the Western economies have swung to being effectively state-sponsored, centralised economies and no one really knows how to unwind these positions.
It is impossible to reconcile being a bull with a centralised state economy and blue-chip stocks that refuse to pay dividends but the share price remains at the same levels as when they paid a 2% yield.
The UK forecast is for the deepest contraction since 1900. Business surveys have shown activity crashing faster in March than during the financial crisis. The Office for National Statistics has published experimental research on the impact of Covid-19 on the economy.

With entire swaths of the economy having shut down “traditional forecasting methods become irrelevant”, warned Chiara Zangarelli, economist at investment bank Nomura.
Michelle Girard, economist at NatWest, said that while there was huge uncertainty about the precise magnitude of the contraction in gross domestic product in the second quarter, “there is little doubt that it will be off the scale”
That is not a bullish sentiment. It means markets are acting irrationally since fundamentals are being dismissed as priced-in. In reality; nothing is priced in.

Disclosure


Spreads
Equities
Currency

Edit to add: So, your entire thesis is totally destroyed if companies keep paying dividends?

Yes.
In a nutshell.
But something else will be destroyed; the western taxpayer and future growth.

CEO said 'every pound we receive [in rates relief] will be invested in ensuring Tesco is able to support British shoppers...' That is tax payers paying a subsidy to a free-market company for the ability to shop...and also...
Mr Lewis said that the needs of savers and pension funds also needed to be considered in the debate around dividends. “We’ve thought long and hard about our responsibilities here . . . we are in a strong position to pay out for the benefit of those people

Edit to add: What about the FED and stimulus


u/tauriel81 and u/aliveintucson325 and u/100PERCENTYOLO_VEQT
OK - to truly test my own assumptions; here is my argument AGAINST my position.
The Fed have not quite printed money as Reddit loves to meme. They have issued liquidity and central banks worldwide have allowed banks to relax their requirement to hold reserves of cash. That injects money into the business world by allowing lending and borrowing to continue. It also reduces theoretical risk since the models are back within tolerance.
When the time comes they will remove the credits gradually without causing hyperinflation. They do this by paying banks not to lend back into the system by holding a % of their assets at the Federal Reserve. So they pay the banks but the banks keep the deposit at the Fed and don't pass on the liquidity to potential borrowers..gradually and sustainably.
https://www.aier.org/article/powells-new-monetary-regime/
That means the borrower of the future (home purchasers, entreprenuers etc) will have very few credit facilities available so RIP to the long-term economic growth.
We also have unprecedented government support for citizens. The largest social security welfare plan since WW2, especially in Europe.
If you believe that the Western economies can weather this storm using the bridging devices by central banks then it pays to dollar cost average into the market and keep buying the dips as a retail investor.
Lots of buoyant news from European nations and China about the slowing pandemic is overwhelming the negative leading and lagging economic indicators about economic data.
If you believe the economy can return to normal within 36 months, then it pay to be bullish and invest.
If you are day-trading, swing-trading or short-term options trading then the overwhelming market moves are likely to crush people as the system flexes under lots of volatility. You are also likely prioritising the negative news and technical analysis in your filter bubble and de-prioritising the positive news particularly when that news is fiscal or monetary policy since those things are dry, boring and incomprehensible half the time.
So you miss Fed backstops critical bankingi and instead hear UK Prime Minister in intensive care.
If you want to know what is going on...

Decide where you making a prediction. Plan your trade, trade your plan.
How do the FED take money back out of the economy?
They FED purchase the security initially to then sell it back to the asset-holder later. So the balance of credit-deficit merely swaps but by paying a small premium on the excesses that they hold, they can cushion the inflation or deflation of the currency.
So, they effectively give the bank liquidity and then remove that liquidity later by passing the asset back...but also provide a small premium to cushion the blow; 50% of the premium is then held on Federal Reserve books so that the market is not flooded with new money.
The FED previously reduced their balance sheet from $4.4 trillion to $3.7 trillion but it remains to be seen if they can unwind a position of this size.

TL:DR



submitted by DongusMcLongus to StockMarket [link] [comments]

Who are the cryptocurrency market makers?

Who are the cryptocurrency market makers?

https://preview.redd.it/dgv5tg2sl4f51.png?width=1024&format=png&auto=webp&s=76ee6ffa6358d3e92ef1f673ba1ec13f4263a73c
#Be_a_Trader!
Greetings from MCS, the derivatives trading platform where traders ALWAYS come first.

- This post has been written by HedgeTech
HedgeTech is an algorithmic crypto market maker for digital assets worldwide, with offices in Boston and Singapore. HedgeTech acts as designated market makers for token issuers and cryptocurrency exchanges. It also acts as technology providers for other market makers and broker-dealers.

https://preview.redd.it/l4tmpb4ul4f51.jpg?width=800&format=pjpg&auto=webp&s=44969dc8bf0b3263778a7cdecbccbcea5f246710
As the cryptocurrency industry evolves, market makers are continuing to play a pertinent role on the markets. Crypto traders are no longer being fooled by unreliable metrics such as daily traded volume — often manipulated — and data reporting sites such as CoinGecko and Coinmarketcap now display more relevant numbers having to do with spread and liquidity — harder to fake. As a result, exchanges seek true orderbook depth and have developed many strategies to get market makers on board.
On the one hand, platforms incentivize traders and institutions to place maker orders by lowering the trading fees or sometimes offering rewards to market makers like HitBTC does with its “market making contracts”. Most of the market makers that fall under this category are profit driven market makers (PDMM).
On the other hand, and in addition to the aforementioned, exchanges such as Liquid require token issuers to have at least one designated market maker, sometimes even more, like Binance asking for 3 as a prerequisite to listing. Such market makers are called designated market makers (DMM).
PDMM and DMM differ in a number of ways, the most important one being their main motive. In this article, we will explore both types of market making and analyze who they serve.
Table 1. Key differences between Profit Driven and Designated Market Makers.
https://preview.redd.it/kdv7rpqwl4f51.png?width=1876&format=png&auto=webp&s=cb4f7d42017760c6bc41b5381206c417fd0caafd

Profit Driven Market Makers

PDMM are either individuals or institutions who seek to profit from a market making strategy and typically trade with their own capital. Simply put, PDMM will place a maker order on one side of the market and flip it to the other side when that order got filled. For every pair of orders being filled, PDMM will pocket net profits.
Profits per pair of order = average volume of the orders of the pair x difference in price between the two orders of the pair
The levels at which PDMM’s orders are placed depend on the behavior of the market.
In a sideways (stable fluctuations) pattern, PDMM will usually place their orders within the existing orderbook spread in price.
Figure 1. Example of a PDMM strategy on a market with sideways fluctuations
https://preview.redd.it/qp9i5q5yl4f51.jpg?width=1679&format=pjpg&auto=webp&s=85aaa1789d729b9e971b649885088a5eb5587b8b
In a trendy pattern, say downtrend, a PDMM sell order will only attempt to be the best sell orders (i.e. at the lowest price possible) but their buy order will not be the best buy order so that they can ride the trend.

Figure 2. Example of a PDMM strategy on a market with downtrend
https://preview.redd.it/zyt0dr0zl4f51.jpg?width=1641&format=pjpg&auto=webp&s=b2edbdf81efdc403b626dc3efa20c5118a718683
Regardless of the behavior of the market, two key factors impact how profitable PDMM are.
Overall profits = average difference in price between the two orders of pairs x average filling frequency for pairs of orders
The first important factor is the difference in price between orders in each pair of order, the larger the better. The difference in price determines the profits per pair of transaction. As a result, PDMM will enter a market voluntarily after carefully analyzing which markets offer the best spread opportunities.
The second factor playing a role in the profits generated is the frequency at which orders are filled, the higher the better. Indeed, a high frequency will result in a great number of pairs of orders being filled and thus more transactions to profit from. As a result, PDMM look for markets that are already actively traded.
Although PDMM place maker orders — thus contributing a bit to the market depth — and that such orders participate in closing the orderbook spread — especially when several PDMM compete — their main objective is to realize profits, not to improve market efficiency. Hence, PDMM are suitable for high net worth individuals or institutions willing to get their assets managed for profits.
In the digital assets industry, PDMM are typically crypto traders and private asset management funds. Finding PDMM that openly advertise as such is harder in such a young industry. That said, Cryptohopper for example is a software company that provides market making strategies, among others, destined to realize profits. If we had to draw a parallel with the older traditional markets, Jane Street for instance is known to use market making strategies, especially on ETFs, to generate significant returns for their investors.

Designated Market Makers

DMM are institutions who are committed to improving markets efficiency and typically trade with their clients’ capital. The method used is quite unique in that DMM maintain orders on both the buy and the sell side at all times and in a systematic fashion. In other words, when an order is filled, say on the buy side, the DMM will immediately replace that order with an order of the sell side at the best price possible (i.e. the lowest price on the sell side).
In doing so, DMM maintain two key factors that impact all the other traders in the market.
First, DMM have the obligation to narrow the order book spread — i.e. the difference in price between the best buy and best sell. This guarantees that traders face the best price possible at all times.
Second, DMM ensure that the order book is filled with orders at different price levels — to allow the price to move according to supply and demand — and in a dense way — i.e. orders are close to one another. As a result, all other traders can simply take the DMM maker orders to enter or exit the market whenever they decide to do so, instantaneously. This second key factor is called market liquidity — or depth -, it guarantees that traders can trade at fair prices — close to market price — in combination with spread, and in desired quantities — i.e. with little to no slippage.
Combining both a narrow spread and a high liquidity additionally makes a market less volatile in price execution, yet not compromising price movement.
Figure 3. Without DMM: low liquidity, low density of orders, fragile spread; high slippage, high volatility, low efficiency.
https://preview.redd.it/s5cuzo80m4f51.png?width=2880&format=png&auto=webp&s=924049fc47ad0b578e6d0b6d38d1dce656d68bad
Figure 4. With DMM: high liquidity, high density of orders, narrow spread; low slippage, low volatility, high efficiency.
https://preview.redd.it/mxr36nd1m4f51.png?width=2880&format=png&auto=webp&s=a6e6c8fabc984793b7ea5e5d5ac0b9ffd18ef4fa
It seems that DMM are hired to trade on less liquid markets.
Although DMM are committed to improving market efficiency, it does not mean that they do not make profits on their clients’ behalf. DMM strategies are designed in a way that ensures no losses to trading fees and profits when the price fluctuates, much like PDMM strategies on sideways markets. On top of that, DMM can also hedge their clients’ risk fully when on trendy market environments using orderbook replication strategies or derivatives products when available. Hence DMM are suitable for token issuers and exchanges willing to further improve their markets and better position themselves in a hyper competitive industry.
In crypto, DMM typically communicate more openly about their operations. Such institutions include GSR or HedgeTech for instance (for a more exhaustive list, you can refer to this article). This type of market making exists in traditional markets too as Johannes A Skjeltorp analyzed in his reseach paper .

Conclusion

Both PDMM and DMM are valuable participants of the crypto markets, much like any other market. That said, they serve two different purposes. On the one hand, PDMM work towards profitability and are hired to do so in their clients’ interests only. On the other hand, DMM work towards market efficiency for their clients’ markets. They are the last link of a long chain that went from blockchain to smart contracts, wallets, exchanges and finally orderbook to provide traders with the best environment possible.
HedgeTech is an algorithmic crypto market maker for digital assets worldwide, with offices in Boston and Singapore. Contact: hedgetech.io.

Traders ALWAYS come first on MCS.
Thank you.


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submitted by MyCoinStory to MyCoinStory [link] [comments]

We are the paper-clip maximizer: observations on idealism

Wherein I attempt to convince you that the better angels of our nature are iterations of Patrick Bateman.
I grew up in Eastern Europe. My family was pretty well off: after the Iron Curtain fell in 1989, my father got a Fulbright scholarship at Stanford. He returned with dollars and, more importantly, American connections.
My people, perpetually more interested in acerbic word play than doing anything constructive, are fond of the following bon mot: are idei putine, dar fixe. It translates to something like, "he's a man of ideas that are few, but fixated."
This template of inverted expectation (instead of insult-but-compliment, insult-but-insult) captures the soul of Balkan cynicism beautifully, and the phrase describes my father to a tee. He had the bedrock conviction of a religious man, expanded by the confidence of two doctorates. A sampling of his beliefs, routinely proselytized among his single-digit aged kids:
The Internet will define the future. Jews are the smartest people, ever. Anything comfortable aligning itself with the label socialism kills the soul. Reagan is a mix of Superman and the Pope. Assorted musings on said themes.
If ever there's a market for an Eastern-Euro flavored All In the Family, I've got things to pitch to the writers.
As befitting a pre-schooler, I was pretty whatever about les idees fixes de mon pere at the time and instead played Spectre and messed around with ClarisWorks on the PowerBook 100 he brought back from the land of plenty.
Exposure plus inertia equals three quarters of belief, so about a decade & a half later, after benefiting from a lottery both literal as well as figurative, I found myself circa early aughts, enthusiastically--albeit unconsciously--ticking off my father's boxes:
  • The Internet will define the future: holler atcho boy with the second set of Warglaives on the server, what's up
  • Jews are the smartest: Einstein & Rothbard, hell yeah
  • Anything comfortable aligning itself with the label socialism kills the soul: the Shahaadah of Eastern Euros, double hell yeah
  • Reagan is a mix of Superman and the Pope: A contrarian attending the People's Republic of U.C. Berkeley, what do you think?
And so I internalized the litanies littered across the only lot I could reasonably inhabit on the political compass: that remote, much-memed-on mountain top called libertarianism.
Thankfully enough, I avoided the ditch of Ayn Rand worship. I'm stupid but not stupid enough to fall for anybody who's that bad of a writer[1]. I painted well within the Hayek lines of respectability instead, eschewing gold-buggism, doom-prepping or the crass embarrassment of formal Libertarian politicking while nursing a chip of feral anti-collectivism on my shoulder.
It worked. Ish.
Then, at first slowly--then, rapidly--it didn't.
Axiomatic assumptions about America's place in and influence around the world (remember: I grew up with people who thought Radio Free Europe was basically the burning bush) were the first to go. I went into the Iraqi war with full "save them from Saddam!" gusto, and one of my snarky descriptions of Berkeley campus anti-war fervor got linked to by Andrew Sullivan, then one of the patron saints of the pro-incursion nomenklatura. The ensuing decade-long debacle disabused me of several elaborate fictions.
2008 torpedoed several comfort blankets[2] about markets always being right and deregulation always being good. Most of the damage got patched up with elaborate circumlocutions: manipulated markets aren't real markets, ratings agencies are an elaborate shell game, nominal outcomes are impossible when Clintonite-birthed obscenities distort risk.
But Agent K's admonition, Carlin's line for the ages and a slow drip of behavioral economics all began registering. Maximizing everybody's freedom started sounding less and less like a good idea, much less ethical imperative.
I was lucky enough to meander through Denmark, Belgium, Sweden. No democratic-socialist commissars demanded my papers.
I got mind-fucked several times by Crichton[3]. The Lizardman Constant upset me. Moldbug's Nosferatu-like meditations rattled my cage. Even more dangerously, instead of stopping at 1984 and Animal Farm, I expanded my exposure to Orwell: Road to Wigam Pier, Homage to Catalonia. Goddamn socialist, that one.
Through the last few years, my time online revealed an Internet unlike playful territory of experimentation that I experienced as a teenager. Monetization and mass psychosis rue the day.
TFW I realize that various idealistic impulses (America land of the free! Liberty for all! Communism bad!) lined me up behind objectively, measurably, conclusively Wrong Things.
At times, Bad Things.
Contrary to what you might imagine right about now o'clock, I don't consider myself an interesting topic. The expansive autobiographical detour had to preface what's next, or else it would've read (too) accusatory and obnoxious.
I had to show work: me first.
I fucked up.
If a socialist professor from Toronto U & full-on Objectivist both deploy the same unlikely phrase, one might wonder what, exactly, predatory altruism means.
I yield the floor to Thiel Capital's managing director:
When powerful people use their advantage to engage in new involuntary transfers of wealth, safety or freedom from those too weak to defend themselves, the winners are almost always forced to create a type of idealism as a cover for their syphoning.
In simpler terms: these idealisms are cover stories or bespoke fig leaves which almost exactly fit the extraction or taking that they're tailored to mask. Once this is understood, we realize that to test this theory, each wave of idealism would have to be matched to a highly specific effective confession for an injustice that pervaded the era in which it was found. (...)
(The idealism of U.S. competitiveness in the 80s and early to mid 90s) wasn't really about the need of managers, owners and workers to pull together through shared austerity to re-invigorate American industry. It was a false idealism that instructed American labor to give up hard-won gains that were not matched by comparable sacrifices from the other groups.
Once U.S. labor had been sufficiently humbled and attenuated (...) the drumbeat of patriotic competitiveness gave way to the post-national Davos idealism of a world without borders signing the praises of financial inclusion, trade, immigration and philantropy. The purpose of the post-national movement wasn't to include those overseas but instead to allow the wealthy of the industrialized world to break bonds with their fellow citizens of the working class and access cheaper labor abroad using far-flung supply chains.
In Extremely Online parlance, this is called, I believe, a black pill.
You might be compelled to observe that for a self-professed snake-bitten Eastern Euro harboring Iron Curtain obsessions, I'm parroting awfully Marxist-sound lines. Ok, let me dig myself into a deeper hole:
Second and third wave feminism were championed in popular culture because they radically expanded labor markets, leading to decades of wage stagnation and massively increased the purchasing power of those who control most economic consumption.
Intersectional orthodoxies have reached the power and reach they have now largely because they've been systematically championed as a cheap alternative to labor-based politics.
Environmentalism has been deployed as sword and shield for entrenched rent seeking, literal and figurative, excusing rapacious NIMBYism and boxing entire generations into a corner where starting a family or building generational wealth have a risk profile similar to betting everything on red.
And so on.
You get the gist of it[4].
This is neither a chronicle of nor a plea for Going Full Kropotnik: the last thing I'm after is convincing somebody to change their leopard spots.
I'm pointing out that we have a nearly universal diagnostic: "social unrest about legitimate issues has been co-opted, hollowed and weaponized out by opportunistic bad actors." It applies to Build the Wall, #believewomen, the role of national and local government when responding to health crises, BLM, e-v-e-r-y-t-h-i-n-g.
An optimizing, pro-social function of being human seems to have gone haywire.
THESIS: The scale of contemporary societies and tech accelerationism have created a situation where the sheer rate of New, compounded by how powerful the New is, have permanently tilted the scales in the favor of societal defectors.
Those who have the means and inclination to co-opt, hollow-out and weaponize cooperation.
You're welcome to expurgate your dissatisfaction with the above by calling it Kaczsynski With More Steps. One must take refuge & shelter in the small pleasures of life, such as summary dismissal of apocalyptic online ramblings.
ANTI-THESIS: We're living through the Reformation Wars, and it's up to each and every one of us to carve out, in whatever small way we can, a path to the Peace of Westphalia.
We're fucked, now and forever, at an increasing rate, OR:
We're fucked and the only way out is to dig through corpses and broken shards of idealism while nursing paranoid suspicions, especially about those who shout loudest about their willingness to help digging.
I don't know what the latter looks like. Something along the lines of "have exit plans ready" for communities that matter (theMotte) and Actually Matter (your family.) Something like, delete your Twitter accounts. Invest in functional, proven crypto. Get a haircut and a meal to a homeless person who needs them.
Godspeed.
[1] You're welcome to disagree and be wrong about this.
[2] Mixed metaphors, best metaphors.
[3] With something between terror and smug self-satisfaction, I note that finding these essays via one of my Official Outgroups, large search engines, takes a substantial amount of effort.
[4] I realize that these are Large Claims with zero evidence to support them. Perhaps each paragraph merits 5,000 word treatments, but there are limits to my throughput and, more to the point, reader attention span.
submitted by sl1200mk5 to TheMotte [link] [comments]

Cryptocurrency liquidity problem and PZM Cash solutions

Cryptocurrency liquidity problem and PZM Cash solutions
Hello, everyone! 👋🏻 Today, we will tell you about the liquidity problem in the cryptocurrency market and PZM Cash solutions.
📌 What is liquidity?
Liquidity means the speed and ease with which one asset can be exchanged for another, or converted into cash while maintaining its market value. The liquidity of fiat money, for example, is ensured by the state, whose central bank issues money and legislates it as a means of payment, which must be accepted by all economic agents.
📌 Liquidity in the crypto market
Like traditional assets and fiat, the faster a digital asset is sold on the crypto exchange, the more liquid it is considered. However, according to statistics, more than a third of users are concerned about liquidity, as small exchanges and startups may experience liquidity problems. In particular, this is because the number of assets can significantly exceed the number of potential buyers.
In conditions of low liquidity on the exchange, large spreads can slow down trading, and only a small number of orders will be in the order books. These factors just scare away potential buyers and sellers who would bring more liquidity to the exchange.
📌 Liquidity in PZM Cash
✅ An important distinguishing feature of PZM Cash is PoS mining - an algorithm for filling the network with additional liquidity in addition to the initial genesis of coins
✅ Ecosystem liquidity (PZM Cash coins) will be provided in two stages:
🔹 the initial offer of PZM Cash (at the pre-mining stage);
🔹 expansion of PZM Cash liquidity (at the stage of PoS mining).
✅ The developers have chosen the kernel, originally designed to create additional user scripts. Thus, balancing the supply and demand for PZM Cash coins is achieved to avoid the occurrence of inflationary mechanisms in the ecosystem and the depreciation of the exchange rate.
Read more about PZM Cash here: https://pzmcash.com/ru/
And in our White Paper: https://pzmcash.com/docs/WP_MARCH2020_RUS.pdf
🔔 Like, repost and subscribe, so as not to miss new interesting posts! 🤗
https://preview.redd.it/l23xiijk75z41.png?width=1200&format=png&auto=webp&s=676327dffdf7101898e1b6c11307f2467c452d70
submitted by PZMCash to PZMCash [link] [comments]

Why I stake at Coinbase

So I understand up front a lot of people are going to downvote this, but I wanted the community, developers, bakers, and the foundation to understand why Coinbase is so popular as a "baker" despite charging "outrageous" fees.
As a caveat, I am NOT new to the crypto world, granted there are some OGs out there but I came into the Crypto world in late 2016, invested early in 2017, and contributed to the ICO. I staked my coins with a variety of bakers with TEZBOX and other wallets. I am not a new guy. I know the mantra "Not your keys, not your coins".
Now I will tell you WHY I am staking with Coinbase.
Reliability. Bluntly put (as much as it pains me to say this), a lot of the wallets have become unreliable. It seems like every 1-2 months there are dozens of posts of people who can't send or receive their Tezos due to an update. I don't know where that blame is, but I don't want to be caught in the fallout. I am tired of doing hours of research, playing with random settings, and listening to complete strangers try and help me through the "latest" problem. My wallet in coinbase ALWAYS works.
Convenience. In just a couple of clicks, some 2FA, I can sell, send, buy, or receive XTZ. Better yet, in a couple more clicks I can transfer funds to my savings account, what's more, I can do that from my home OR my phone--try that with any other wallet out there.
Security. I know that I should be in charge of my own keys, that said, where do I keep them? In the safe in my home that will most likely be stolen anyways? Scanned into a PDF and stored on my email? During the ICO I decided to "store" my keys in three locations. An encrypted file on my hard rive, a paper copy mailed to a completely trusted family friend, and a copy placed inside a book in my home study. Turns out, my computer crashed and burned and my wife decided one day to "donate" some of our older books (that had been collecting dust) to our local library. Yes. She donated the book that contained my ICO keys. Luckily, the 85+ year old librarian was cool enough to recognize these are likely important papers and called us back to pick them up. But the point is made, there are risks at holding the keys at home. Coinbase's vault is pretty impressive. Coins that go in there are put in a 48 hour timeout. For long term holders like myself, not making "snap trades", I like that feature.
Fees. I know they are high, but I have also been burned by bakers that have quit, bakers whose equipment was stolen, and bakers who didn't pay out. With Coinbase I have a predicable payout that has NEVER failed.
I am sure that there are lots of people out there that have much more than me in Tezos. I am not going to say how much I have, other than at modest levels of growth, my balance could likely change my life. Will all things being equal, with that kind of value on line, people my age (50+) are looking for reliability, convenience, and security.
Again, downvote me all you want, but when I see posts like "Why are people staking on coinbase?", that is my answer (and I suspect a lot more people out there are like me).
Now what can you do to bring me back over?
Give me a wallet that is SECURE and doesn't crash with every update. Make it simpler to bake (as individuals) without a computer science degree and using "cute hipster terms"--simplify it.
Lastly, Coinbase isn't the problem--it's a symptom of the ecosystem.
submitted by GreenSalsa96 to tezos [link] [comments]

Privacy strikes back! Streamr's Head of Growth, Shiv Malik responds to those who think the ownership model of personal data is an ethical nightmare

Privacy strikes back! Streamr's Head of Growth, Shiv Malik responds to those who think the ownership model of personal data is an ethical nightmare

You can't sell your kidneys! Responding to objections to data ownership

https://preview.redd.it/m19fhx54ng851.png?width=2000&format=png&auto=webp&s=a63224ed0fa83b708455ceb64f2365b56ca73976
Six weeks back, I published a lengthy essay on why, for ordinary individuals, privacy was dead and how a framework of data ownership would provide not just more privacy, but also much more data sharing, economic equality and dignity for the billions of people who use the internet.
The essay sparked a fairly passionate response from those who advocate for a privacy-centric world. I had anticipated more than a bit of blow-back especially because despite the first essay’s length, many points about the ownership model remained unanswered. That is my failing, which I hoped to rectify with this second essay.

1. Data monetization will hinder the open data economy.

The argument here is that if the goal is to ensure data is shared most widely, for everyone’s benefit, then it needs to be free. As soon as you put price tags on data, then it will inject “enormous friction into free flow of information.”
At first glance, this sounds like it should be true. Paying for stuff is a friction – not paying is frictionless. But this misses a bigger economic insight. Apply the same argument to bread. If we say bread must be free for all to utilise, and the state must ensure all bread producers make their bread free for all to utilise, (which is what Open data campaigners are ultimately asking for with data) then far fewer people would have bread (that’s a pretty big friction!). Why is this so? Simply because there would be no incentive to produce bread. People may argue that data is an effective side-product of other activity. But that is far from clear. In fact, as Streamr’s sister company and WWF are already discovering, incentivising the production of data turns out to create very original and necessary products.
At its most fundamental level, money is actually a communication tool. Removing money from data means there is no common protocol for sorting good and bad products. Money allows us to say, “my toaster is worth 162 of those apples, 12 pairs of socks and 73 ballpoint pens” all at the same time. A well-priced market for data will therefore sort the good from the bad and end the under-the-table economy which currently exists for user-generated data. By putting a price on data, you should actually see more of it being exchanged and distributed.
But what about those data sets that should remain free because there is a social good involved? Introducing money devalues social giving? Well, why don’t we leave it to ordinary people (who create that data) to decide whether they want to share what they own freely or not? By insisting that data should not have a price, those who want Open data are effectively insisting that money should be replaced with laws to enforce its distribution. It is a busted model at best. And for anyone with libertarian instincts, a dangerous one at worst.

2. Trading data will kill privacy further.

The argument often made about devaluing privacy by trading it, is about commodifying a right. It’s about what goes on in people’s minds. To put it bluntly, if you turn data into property and give people monetary incentive to sell, then really you’re bribing them to forgo their privacy.
In the original essay I argue that people with ownership rights over their data will have far more legal and enforcement leverage to obtain whatever outcome they desire: a vast improvement over the current scenario where people are forced to beg FAANG or their governments for just one outcome – privacy. Those points in and of themselves should answer this critique because in the round, with data ownership, people will have more choice over what happens to their data. But there are several other retorts to deploy here that answer the bribery point more directly.
Firstly, people are likely to imbue data with more worth, not less, if they own it. This is a well-studied behavioral economics phenomenon termed the endowment effect. The phenomenon in aggregate could be far, far larger on people’s mindsets than anything privacy campaigners could muster in terms of public education.
Secondly, monetisation allows people to better judge precisely what they are forgoing in terms of their privacy. Not every piece of information I generate is equally precious in terms of the integrity of my identity in the public sphere. I care when others compile lists of who I emailed or texted today. I don’t care so much when it comes to revealing what songs I listened to (though I would of course care if that data set can be cross-referenced so as to reveal the first).
Currently privacy Puritans ask people to get involved in deeply technical or political fights with both governments and companies in order to resist all intrusions. That’s the only weapon of resistance they can offer, and for most people it is a near impossible drain on their time and abilities. And it’s this impossible ask, which devalues their privacy more than anything: because it is too difficult to protect what is precious, people end up giving up on all of it and their privacy becomes entirely worthless by default.
Should we sell our data? A panel on the ethics of individual data monetization - Mozfest, 2019

3. Turning rights into commodities harms the poor the most.

But what about the poor? Those people for whom $20 from an advertising agency is a week’s wage? Won’t they be turned into data producing machines, each click generating more money for them but vastly more for the companies utilising the data? Won’t this set-up reinforce existing inequalities rather than mitigating them? What if people are tempted into selling all the rights to their genetic code? If you’re not careful, the warning goes, this becomes analogous to setting up a market in body parts where the poor are enticed to sell their kidneys. This dystopian vision is vividly laid out by Valentina Pavel here.
To sincerely believe that these nightmare scenarios will come true, you have to take a few deft mental leaps and reduce your model of ownership to the most simplistic notion of property that exists. I own this lumber. I sell it to you. You now own it and I have no claim. End of story.
But of course, property transfers encompass a far broader spectrum of models. There’s a reason why it makes up nine-tenths of the law. When transferring data as property, Data Unions, who act as mediators of people’s data, will likely adopt leasing rights more akin to authorship rights than simplistic property rights. The academic Maria Savona has begun to argue this out. Leasing is of course only slightly more complicated as an ownership structure, but it means that professional bodies (data buyers and Data Union administrators) can come to terms with how property is utilised and in what way. This happens in the real world all the time, every single day. To argue that it can’t happen with data (it already does), really is wilful blindness.
And yes, hands up, we’re going to need legislation to stop unscrupulous players, and to establish healthy relations between a union’s managers and its owners. Excitingly, this is something that is already being worked on by RadicalXChange and is also being discussed by the European Commission.
And maybe, too, rather like the housing market, the sale of such property will be regulated to the point where individuals will find it difficult to simply sell off their personal data without employing an agent (like a Data Union) to act on their behalf.
But there is a second element to this counter-argument to data ownership which deserves teasing out. Usually these arguments come from those who model society as an interaction between three parties: the state, atomised individuals and big tech. But this is a desperately hollowed view of what society actually is. And it’s one which way too easily forgets what civil society actors like labour unions, mutual savings and loans banks and credit unions are doing for the position of the poor. By collectivising interests, those institutions improved, not further immiserated, society’s most disadvantaged people. Why wouldn’t they act in the same fashion for the poorest when it comes to the data economy? In our nearly realised world of Data Unions, the brokering of terms of sale does not take place between an individual and a tech giant. That world would indeed be a rapacious one for the individual to navigate. Instead these sales take place through a mediator, Data Union professionals (like Swash) who represent the interests of individual members when coming to terms with data buyers around the globe. These are therefore transactions between parties on a far more equal footing.
The suggestion you’d be selling your kidneys is not hyperbole. This is the argument from the EC’s own specialist body, The European Data Protection Supervisor, on the matter:
There might well be a market for personal data, just like there is, tragically, a market for live human organs, but that does not mean that we can or should give that market the blessing of legislation.
Then as the 2017 report’s next line goes on:
One cannot monetise and subject a fundamental right to a simple commercial transaction, even if it is the individual concerned by the data who is a party to the transaction.
This last sentence really grates. It belies a real arrogance borne of a desperately paternalistic attitude. Why shouldn’t people have a say in matters that directly affect them. Even more so when they are born of their labour? And it grates even more so given that it is our paternalistic legislator who has been doing all the failing when it comes to protecting privacy. Because all this is being said in an economy in which thousands of companies are already owning and trading our data with each other.

4. But privacy tools are just getting warmed up!

In my essay, it’s very clear that I did not give due heed to the new privacy tech that people will already be able to use, such as Zero knowledge proofs or completely trustless decentralized systems, software that will bolster the privacy cause immeasurably by making privacy easier for individuals to control. And what about the extra money that has poured into the privacy tech space (largely during the crypto boom of 2017) that is yet to bear developmental fruit? (Don’t forget that crypto is short for cryptography - one of the most central privacy enhancing technologies).
A quick rejoinder is this: these are just tools that can also be deployed in a framework of data ownership as well as within a privacy setting. Privacy tools needn’t only be employed within a privacy-centric world view. Rather like putting up blinds for my house - I can both own my data, and encrypt it. They aren’t mutually exclusive. It’s the overall legal/ethical/economic framework that’s most important to get right. The privacy framework still suffers from the critiques made in the original essay, which don’t negate the fact of extra (and more technically complicated) tooling.

https://preview.redd.it/kd5guznzmg851.png?width=2000&format=png&auto=webp&s=266750054336f93cb80278de637e0ebe0b681f65

5. You can’t claim ownership over data - it’s too complicated/ interconnected.

Because data is so interlinked between people, how will it be possible for a single individual to own it? Glen Weyl says this: “My mother's (date of birth) is also my (mother's date of birth).” This is of course true. There are hundreds of examples like this. Photos that contain more than the image of yourself. A home address where more than one person lives. How can any individual claim data points like these when the underlying information they communicate has a value generation lineage which could be claimed by so many others, too?
It’s a powerful argument but the flaw perhaps is this: it’s almost entirely hypothetical. In the world of actual data sales, useful saleable data generated by individuals isn’t made up of individual unconnected data points. The theoretic doesn’t correspond to reality. Firstly, no one actually wants to buy one birthday. So argue all you want, but the underlying property is valueless (and I conceded that plenty of people have in fact argued over the rights to own near valueless items for the sake of principle).
And even a bunch of birthdays is actually just that. Without names attached it’s just a bunch of random dates. Literally anyone could generate that information. In fact even birthdays and full names don’t provide much in the way of saleable data. What sells, what has value to others, are multiple data points from individuals that are linked (usually in chronological fashion). Because those linked data points provide useful information about the world.
If we take that as the premise, then linking those data points is the work done in creating the output. If you start linking data points that pertain to you (even though some of them might interconnect to others) you’ll quickly create a data stream that is unique to you as an individual.
If that is starting to sound overly complicated, swap the word data for story and you get a better intuitive sense of what is meant. As an author, I can’t own a given word (or data point) in my book. My rights to assert ownership derive from the fact I’ve worked to put a significant number of those words together to form something entirely unique (data stream). Sometimes that can be as short as a haiku. Other times it is War and Peace.
Pointing out that data sets are made up of individual data points that can’t be owned because they are common to others is correct. No one can dispute that. But it is akin to pointing at hundreds of pages of Wolf Hall then asserting that Hilary Mantel has no right to intellectual property over those works because she can’t own any individual word because other people use those words.
And of course many of these legal arguments about what can and can’t be owned, and in what ways, whether it’s literary, photographic or otherwise, have already been settled (are the ownership rights over data from a Facebook group really any more complicated than a multi-member rock band writing and recording a #1 hit?). Over the centuries, legal precedents have been set. So whilst this might seem complicated within the context of data, for those navigating books, films, or music, those precedents are relatively easily navigated today.
There are many synergies here between the established world of creative IP and the up-and-coming world of data ownership. There is plenty of case law already available to inform the numerous disputes that will inevitably arise once data is further instantiated as a new form of property. And that’s okay. Because those disputes, once resolved, will, like with other forms of intangible property ownership, eventually allow for easier navigation and ultimately much better outcomes.

6. What about indirect data?

So it is that not all data that is generated by the individual is solely about just that individual (interpersonal data), not all data about an individual is generated by that individual (indirect data). How do data ownership and monetisation solve these issues? For now, I’m not sure they do.
When it comes to indirect data, I for one believe in the utility of people to collect information on society. Otherwise we might as well close all sociology departments now. The problems come when CCTV cameras (or street lights) can track your every movement or employers own employee work product, or you find yourself in ten years’ time, living in what we benignly call a smart city. A data ownership model doesn’t have a direct answer to this, which still means there’s plenty of room for privacy laws to regulate this sphere of data collection.

7. Individuals won’t get enough money to make this worthwhile.

This is an argument formulated by people who’ve likely never entered the business of selling personal data (granted: few people have). Sure, data from one app might be worth very little when divided amongst all users, but combine my credit card data with my Netflix, Spotify, Google, Amazon Alexa, Twitter and LinkedIn data, and that’s likely worth hundreds of dollars every year. If these critics had sold their data, they’d know how much user-generated data is worth in those under-the-table markets that already operate secretly every day. And of course not every Data Union will need every single person to join for its data to be valuable. Both now, and in the future, Data Unions just need a sample size of the whole to deliver reliable information to buyers. The point about the future is important because, as Lanier says, the pie will grow.
“The point of a market is not just to distribute a finite pie, but to grow the pie. Those who dismiss the value of what people do online have forgotten this most basic benefit of open markets.”
See the original post from Shiv on Medium.
submitted by thamilton5 to streamr [link] [comments]

Hoo.com Will List OKS(Oikos) on June 28

Hoo.com Will List OKS(Oikos) on June 28
Dear Hoo uses,
Hoo will list OKS/USDT trading pair at 15:00 on June 28, 2020 (UTC+8).
Deposit&Withdrawal: 15:00 on June 28(UTC+8)

Introduction to OKS(Oikos)
Decentralized Synthetic Assets, Oikos is a Tron based synthetic asset platform that provides on-chain exposure to fiat currencies, commodities, stocks, and indices. Synthetic assets (Synths) are backed by Oikos Network Tokens (OKS) locked into a smart contract as collateral. Synths track the prices of various assets, allowing crypto-native and unbanked users to trade P2C (peer-to-contract) on Oikos Exchange without liquidity limitations.
Trustless Token Exchange, Oikos Swap is a Tron port of Uniswap: a trustless decentralized exchange that allows users to trade any Tron-based token without any deposits or withdrawals to a centralized order book. Better yet, Oikos Swap liquidity pools have little to no slippage for the vast majority of transactions. Anyone can contribute by adding or removing liquidity to gain commissions in the form of exchange fees as well as rewards paid in OKS token.

Token: OKS
Total supply: 100,000,000 OKS
Website: https://oikos.cash/
Whitepaper: https://docs.oikos.cash/litepaper-zh.pdf
Telegram: https://t.me/oikoscash
Twitter: https://twitter.com/oikos_cash
Github: https://github.com/orgs/oikos-cash
Risk Alert: Any digital assets investment is risky. Please evaluate your risk tolerance before getting involved. Your support on Hoo is highly appreciated.

Hoo Team
June 28, 2020
submitted by Hooexchange to u/Hooexchange [link] [comments]

Weekly Update: Parachute Crypto League, new assets on Voyager’s Interest Program, Fantom Lachesis now ABCI compatible, CyberFM + Blockchain Radio... – 1 May - 7 May'20

Weekly Update: Parachute Crypto League, new assets on Voyager’s Interest Program, Fantom Lachesis now ABCI compatible, CyberFM + Blockchain Radio... – 1 May - 7 May'20
Hi everyone, it’s been a difficult few weeks for everyone around the world with a constant barrage of sobering news – from COVID-19 to super cyclonic storms to George Floyd. I hope this update offers some much needed respite. Here’s your week at Parachute + partners (1 May - 7 May'20):

Congratulations to Foo for winning the inaugural Parachute Crypto League (which started last week). New leagues (including ones with $PAR prizes) were added this week. New Parachute league was added as well. How does it work? Click here to find out. Hope you got a chance to partake in the Tiproom giveaway event. Bose hosted a Football-themed trivia in TTR for some sweet $PAR rewards. Noice! Gamerboy’s random quiz for 1k $PAR per question got everyone scratching their heads. Unique and Victor’s trivias were pretty as well. Charlotte changed up the format of standard tiproom quizzes with a new one this week. Cap shared a sneak peek of what’s to come in the next few weeks. New $PAR use-case as well. Plus, latest digestives coming up. The 2FT ongoing theme continued with "videos featuring bands or artists whose name starts with the letters U, V, W, X or Y" this week. Check out all the cool music that got posted from Sebastian’s playlist. Epic gif Peace Love. Haha! Want to get some $PAR for staying in shape during the lockdown? Don’t forget to check out the TTR Pushups Contest. And if you were a fan of Jason’s Financial Fridays in 2gether, stay tuned for next week since it is coming back to Parachute. ParJar is currently at 32k+ users and 1.4M+ tips. Epic!
Jason shared a sneak peek into his computing setup. Pretty cool!
aXpire COO Matthew Markham wrote about the effect of legal billing software on law practice management. The monthly 200k $AXPR burn can be tracked here. 2gether CEO Ramon Ferraz routinely sends out emailers with project updates to all Founders (registered 2gether members). Click here to check out the latest. The crew also compiled a list of 7 books to read in order to learn about cryptocurrencies. Voyager introduced $XRP (Ripple), $EOS, $XLM (Stellar), $OMG (OmiseGO) and $ZRX (0x) to its Interest Program. Read more about it here. They celebrated it with a massive 5k $XRP giveaway along with an interest boost program. CEO Stephen Ehrlich sat down for an interview on Scott Melker’s (The Wolf of All Streets) podcast this week. Stephen was also interviewed by Jason Hartman (host of Creating Wealth Show). Switch released the first set of a 10 part series blog posts this week chronicling the story of the project starting with the beginning, move from Ethershift to Switch, launch of SwitchDex and the various Switch tokens. More to come next week. Fantom submitted a proposal to the MakerDAO community for adding $FTM as a collateral for $DAI. The latest technical update was published as well. The update covers news such as Fantom’s consensus protocol now being compatible to Application BlockChain Interface (ABCI). ABCI allows blockchain "transactions to be processed in any programming language". Saweet! Read more about ABCI compatibility here. The first Uptrennd Halvening ($1UP gets doubly difficult to earn) is expected to happen around the time of bitcoin halvening. Altcoin Buzz talked about it in their latest video. Huge congratulations on crossing 100k members! Uptrennd also announced a Citizenship program aimed at improving the overall quality of posts and comments by offering more giving power to higher ranked members. Jeff also sat down for interviews with Scott Cunningham for BeInCrypto and with Cash Alternative TV this week.
Amazing achievement, Uptrennd!
Following the launch of Pangaea Phase 3 last week, Harmony started an incentivised testnet staking program this week for delegators in partnership with Binance. The April #pow thread (i.e. project updates from April) can be found here. It was also summarised into an article. If you missed last week’s AMA, you can catch up from the transcript. Pangaea Phase 3 testing now has 1k+ validators and delegators. Noice! Part 2 from last week’s smart contract webinar was released. Harmony's Edgar Aroutiounian gave a presentation at Ready Layer One's online conference on BLS Aggregate Signatures. The project joined Indian state Telangana’s Blockchain District Accelerator program T-Block Accelerator as an official platform partner. Cointelegraph covered this news as well. The team also shared the latest updates through a community hangout. IntelliShare founder Raymond Xiong will appear for an AMA with CoinKeeper next week. Elections for the 6th Autonomous Committee started this week. GET Protocol shared their thoughts on how to reopen Dutch museums safely. COTI’s April rewards were distributed. Crypto analysis collective Trade Dog’s in-dept project review was released. Congratulations on getting the highest rating. If you have missed the events of April, the latest newsletter’s got your back. DoYourTip announced a partnership with InFocus Games to have their mascot Tipply as a playable character in the Pathfinders game in the form of an ERC1155 asset. The demo is live already. Have fun gaming! A DYT trading league on Crypto Leagues was started as well.
Harmony’s Pangaea P3 testing turned out to be a success with high participation throughout
Read all about Opacity’s April updates here. District0x’s latest weekly update report can be read here. The latest Hydro blogpost cleared some FAQs about prepaid cards. Community requests for the latest Sentivate update was closed this week. The update includes browser upgrade, devMode toggles etc. The code commits can be tracked on GitHub. Check out how stream and play works here. If you are worried about censorship resistance of the Universal Web, have a read of this tweet thread. Plus, a $BTC giveaway contest was launched by the crew as well. Chief Engagement Officer at OST, Simona Pop, spoke at the first ever Ethereal Virtual Summit this week in addition to speaking at Ready Layer One’s community event (as mentioned in the last update). The SelfKey team explored if there was a causal relationship between developer activity and market cap of a project. The data breach compilation article was updated. The crew will be hosting an AMA next week. The progress report for April was published. Now that Constellation’s Hypergraph Mainnet is live, read all about the current status and what next here. The team sat down for an AMA with KuCoin. The community-built balance-checker lets you look at mainnet wallet balances. The Yazom Mobile app got approved by Google Play. You can register for early access on the website. Blockchain Radio was integrated with CyberFM this week. This means all 17 featured shows and 23 radio hosts of Blockchain Radio will now be available on the CyberFM app.

And with that, we close for another week in the Parachuteverse. See you again with another update. Ciao.
submitted by abhijoysarkar to ParachuteToken [link] [comments]

Hoo Labs Launches Oikos(OKS) Token Sale

Hoo Labs Launches Oikos(OKS) Token Sale
Dear Hoo users,
Hoo Labs is launching Oikos(OKS) token sale on June 12 to June 14. In order to thank our users for their support, Hoo decided to have benefits for our users. Participants who successfully joined in the first round up to 1200 USDT or the second round up to 800 USDT, are eligible to participate in the Thanksgiving benefit third rounds of enjoying lower prices on Hoo.

Rules:
First Round: June 12
Amount: 270,000 USDT (10 million OKS)
Mode: First come, first served ( Support 1000 USDT to qualify for the third round)
Reference price: 1 OKS = 0.027 USDT
Time: 10:00 on June 12, 2020 to 24:00 on June 12, 2020 (UTC+8)
Accepted coin: USDT (wallet account)
Minimum invest: 100 USDT
Maximum invest: 10,000 USDT
Requirements: complete KYC, VIP 1 or above
Second Round: June 13
Amount:150,000 USDT (5 million OKS)
Mode: First come, first served ( Support 800 USDT to qualify for the third round)
Reference price: 1 OKS = 0.03 USDT
Time: 10:00 on June 13, 2020 to 24:00 on June 13, 2020 (UTC+8)
Accepted coin: USDT (wallet account)
Minimum invest: 100 USDT
Maximum invest: 10,000 USDT
Requirements: complete KYC, VIP 1 or above
Third Round: June 14
Amount: 125,000 USDT (5 million OKS)
Mode: Super Invest
Reference price: 1 OKS = 0.025 USDT
Time: 10:00 on June 14, 2020 to 24:00 on June 14, 2020 (UTC+8)
Accepted coin: USDT (wallet account)
Minimum invest: 100 USDT
Maximum invest: 5,000 USDT
Requirements: complete KYC and VIP 1 or above, and successful participation in the first round up to 1200 USDT or the second round up to 800 USDT.
Distribution & Trading: OKS tokens will be distributed by June 17, and trading will be enabled after a month once the token sale completed. Please stay tuned to Hoo official announcement for any updates.
Introduction to Oikos:
Decentralised Synthetic Assets, Oikos is a Tron based synthetic asset platform that provides on-chain exposure to fiat currencies, commodities, stocks, and indices. Synthetic assets (Synths) are backed by Oikos Network Tokens (OKS) locked into a smart contract as collateral. Synths track the prices of various assets, allowing crypto-native and unbanked users to trade P2C (peer-to-contract) on Oikos Exchange without liquidity limitations.
Trustless Token Exchange, Oikos Swap is a Tron port of Uniswap: a trustless decentralized exchange that allows users to trade any Tron-based token without any deposits or withdrawals to a centralized order book. Better yet, Oikos Swap liquidity pools have little to no slippage for the vast majority of transactions. Anyone can contribute by adding or removing liquidity to gain commissions in the form of exchange fees as well as rewards paid in OKS token.
The Team
Manuel Corona
Co-Founder & Marketing Expert
Manuel had an early fascination with technology that led him to work with many talented people and co-found several technology projects. He is a skilled marketer, IT expert and his interests span from programming to distributed system design and of course, cryptocurrencies. His early vision for Oikos was determinant and he led the project from the idea phase to deployment.
Albert Rodriguez
Co-Founder & Mad Scientist
Albert is an early Bitcoin, Ethereum and Tron adopter. His fascination for DeFi lead him to come up with the idea for Oikos and everything started from there. He is also a very talented developer with experience in several programming languages. His daily routine consists in drinking a lot of coffee, writing code and thinking of new possible directions for Oikos.
Kevin Holder
Software Engineer
Kevin is a talented software engineer that has been through the whole technology stack during the course of his career, from cryptography to front end web development. Before Oikos, he spent his time developing smart contracts, studying decentralized applications and contributing to open source. His programming languages of choice are, in no particular order, Solidity, JavaScript and Rust.
Technical Information
Arbitrage: OKS STAKER creates the debt by exploiting Synths, so if the Synths exchange rate system falls, they can now profit by buying back sUSD below par and burning sUSD to reduce debt. Because the Oikos system always puts a dollar value on $1.00.
sTRX Liquidity Pool: Liquidity providers are providing depth to the sTRX/TRX Oikos Swap liquidity pool. The deeper this pool, the less slippage traders pay when entering or exiting the system. Liquidity providers do not need to stake or hold OKS, only TRX and sTRX. To receive rewards they must stake their Oikos Swap LP tokens into a purpose-built smart contract.
OKS Auctions: Oikos is currently experimenting with a new mechanism in conjunction with dFusion (from Gnosis) where discounted OKS will be sold in TRX auctions and then used to purchase Synths under pegged.
Token Information
Name: Oikos Network Token (OKS)
Total supply: 100,000,000 OKS
Public Sale:0.025USD (20–31 May 2020)

https://preview.redd.it/wv5o6u8rq9451.png?width=601&format=png&auto=webp&s=bbc3cd6a39fcd09ed6a1f5b63b37c8d73be6bc3a

OKS Staking Rewards
Exchange fees are generated whenever a user exchanges one synthetic asset (Synth) for another through Oikos.Exchange. Fees are typically between 10–100 bps (0.1%-1%), though usually 30 bps, and when generated are sent to the fee pool, where it is available to be claimed proportionally by OKS stakers each week.The OKS reward is generated through the inflationary monetary policy implemented in March 2018. From March 2019 to August 2023, the total supply of OKS will increase from 100,000,000 to 260,263,816 with a weekly decay rate of 1.25% (from December 2019). Mortgagors can trade fees to receive incentives. The incentive that OKS receives through inflationary supply will gradually diminish until September 2023, when OKS will become a 2.5% Year-end inflation rate.
Mining, Burning, Mortgage Ratio
The above mechanism ensures that OKS mortgagees have an incentive to keep their collateral ratios (C-Ratio) at optimal ratios (currently at 800%). This ensures that Synths has sufficient collateral support to soak up large price shocks. If the value of OKS or Synths fluctuates, each staker’s C ratio will fluctuate. If the ratio is below 800% (despite the small allowance for minor fluctuations) then they will not be able to charges before the ratio recover. They can adjust their percentage if Synths are above 800% and burn Synths if their percentage are below 800%.
Roadmap
Q2 2020
Alpha launch, token distribution event, official Tron main-net launch.
Q3 2020
Official audit, listing on exchanges, launch of additional Synths.
Q4 2020
Launch of mobile-ready user interface, port TheGraph to Tron network.
Q1 2021
Integrate ChainLink technology, research on decentralized governance models, alternative liquidation mechanism.
Q2 2021
Support for more complex trading instruments. Transition to a fully decentralized governance model, use of TRX as collateral for Synth issuance.
Social Media:
Website: https://oikos.cash/
Whitepaper: https://docs.oikos.cash/litepaper-zh.pdf
Telegram: https://t.me/oikoscash
Twitter: https://twitter.com/oikos_cash
Github: https://github.com/orgs/oikos-cash/
Risk Alert: Any digital assets investment is risky. Please evaluate your risk tolerance before getting involved. Your support on Hoo is highly appreciated.
Hoo Team
June 10, 2020
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Redan Coin (RDAN) a cryptocurrency with more powerful Growth on Global Sector with De-centralized Technology

Redan Coin (RDAN) a cryptocurrency with more powerful Growth on Global Sector with De-centralized Technology
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View PR on Issuewire: https://www.issuewire.com/redan-coin-rdan-a-cryptocurrency-with-more-powerful-growth-on-global-sector-with-de-centralized-technology-1666012311442674
submitted by Redan-Official to u/Redan-Official [link] [comments]

[OFFER] $25 FROM ABRA AND $12.50 FROM ME

Today and tomorrow are the last days before their referral program is closed. All you need to do is deposit $5 and we both get the bonus. I'd prefer to pay through cashapp and venmo since there are no fees. If you prefer PayPal it'll be through friends and family.
LINK: Check out ABRA and easily invest in dozens of cryptocurrencies. Use my link to sign up and get $25 in free bitcoin after your first Bank/Amex deposit, or 0.75% cash back when you exchange cryptos (T&C apply): https://invite.abra.com/VsGuT3QUv0
TERMS:These are the Terms and Conditions of the Referral Program operated by Plutus Financial, Inc. d/b/a Abra, which is referred to in these Terms as “Abra”, “we” or “us”.
Eligibility and Agreement. If you use our Referral Program, these Terms apply. If you do not agree to these Terms, you must not use our Referral Program. If you use our Referral Program, you agree to do so in compliance with these Terms and with applicable laws and regulations.
Changes to These Terms. We may make changes to these Terms, including when there are changes in our Referral Program, technology, regulation or for other reasons. If we do, we will provide you with notice of such changes by posting the updated Terms on our website and changing the “Last Updated” date above. Any amended Terms will become effective no earlier than 5 days after they are posted and apply prospectively to use of the Referral Program after such changes become effective, except that changes addressing new functions of the Referral Program or changes made for legal reasons will be effective immediately. Your continued use of the Referral Program following the effective date of such changes will constitute your acceptance of such changes. If you do not agree to any amended Terms, you must discontinue using the Services.
You must be 18 years of age and older. Employees of Booking Holdings Inc. and its affiliates, as well as participants (including their representatives and staff members) in the Abra Affiliate Partner Program, are excluded from participation. All Referrers must be natural persons.
You agree that Abra, in its sole discretion, may suspend or terminate your participation in the Referral Program if Abra believes that you have violated or acted inconsistently with the letter or spirit of these terms. Any suspected fraudulent, abusive or illegal activity may be grounds for termination of your participation in the Referral Program. Abra may also in its sole discretion and at any time discontinue providing the Referral Program, or any part thereof, with or without notice.
Referral Fee
Unless otherwise agreed upon, by us, in writing, you will be entitled to earn a referral fee payable in USD or Bitcoin, [as determined by Abra in our sole discretion] for each new user wallet registered through your referral link that either (i) links their Abra wallet to an approved bank account and deposits a certain minimum in funds within 90 days, as communicated by Abra to you on a campaign-by-campaign basis; (ii) deposits a certain minimum in Bitcoin (or other currency) into their Abra wallet within 90 days as communicated by Abra to you on a campaign-by-campaign basis,; or (iii) otherwise meets the conditions communicated by Abra to you on a campaign-by-campaign basis. The amount of the referral fee will be communicated to you on a campaign-by-campaign basis by Abra. Abra shall pay the referral fee to you within seven (10) business days after the occurrence of either (i) or (ii).
You are limited to twenty (20) referrals in any one calendar year. We may impose additional restrictions on the number of referrals for which you can earn a referral fee. Any such restrictions will be communicated to you on a campaign-by-campaign basis. You may not create additional wallets for purposes of earning additional referral fees.
Display of Referral Links
You will not share or publish your referral link in a manner that would be in violation of applicable anti-spam laws or where there is no reasonable basis for believing that recipients would be interested in joining the Abra platform. You will indemnify and hold Abra, its directors, officers, employees, shareholders, agents and successors harmless, from and against any claims that may arise from any unlawful forwarding or sharing of the referral link.
Additional Restrictions
You agree that you will not directly or indirectly do any of the following in connection with your participation in the Referral Program:
Infringe on our intellectual property, publicity, privacy or other rights.
Violate any law, rule or regulation.
Post any content that is threatening, harassing, defamatory, obscene, harmful to minors, or contains nudity, pornography or sexually explicit materials.
Transmit any viruses, Trojan horses, worms, time bombs, cancelbots, or other computer programming routines that are intended to damage, interfere with, surreptitiously intercept or expropriate any system, data, or personal information.
Create multiple wallets for purposes of earning Referral Fees.
Advertising & Publicity
We reserve the right to review and request changes to any materials that make reference to our Referral Program in our sole discretion. In the event we request any changes, you will cooperate and fulfill any such requests in a prompt manner. If you intend to promote our Referral Program via e-mail campaigns, you must adhere to the following:
E-mails must first be submitted to us for approval prior to being sent or we must be sent a copy of the e-mail.
E-mail must be sent on your behalf and must not imply that the e-mail is being sent on behalf of Abra.
Abide by the CAN-SPAM Act of 2003 (Public Law No. 108-187) with respect to our Referral Program.
E-mails must first be submitted to us for approval prior to being sent or we must be sent a copy of the e-mail.
Social Media
Promotion on Facebook, Twitter, and other social media platforms is permitted following these general guidelines:
You ARE allowed to promote Abra to your own lists; more specifically, you are welcome to use your referral links on your own Facebook, Twitter, etc. pages.
You ARE PROHIBITED from posting your referral links on Abra’s Facebook, Twitter, Pinterest, etc. company pages in an attempt to turn those links into referral fees.
You ARE PROHIBITED from running paid ads with Abra’s trademarks.
You ARE PROHIBITED from creating a social media account that includes Abra’s trademarks in the page name and/or username.
FTC Disclosure Requirements
You must include a disclosure statement within any and all pages, blog/posts, or social media posts where referral links for our Referral Program are posted as an endorsement or review, and where it is not clear that the link is a paid advertisement. This disclosure statement should be clear and concise, stating that we are compensating you for your review or endorsement.
For more information about FTC disclosure requirements, please review the FTC’s “Dot Com Disclosures” Guidelines at http://www.ftc.gov/os/2013/03/130312dotcomdisclosures.pdf (example 21) and the FTC’s Endorsement Guidelines at http://business.ftc.gov/advertising-and-marketing/endorsements
Indemnity
You shall defend, indemnify and hold Abra harmless from all claims, damages, and expenses (including, without limitation, reasonable attorneys’ fees) relating to: (i) your acts or omissions in connection with your participation in the Referral Program; or (ii) breach of this Agreement.
Disclaimers
We make no express or implied warranties or representations with request to the Referral Program or any Abra products and services (including, without limitation, WARRANTIES OF FITNESS, MERCHANTIABILITY, NON-INFRINGEMENT, OR ANY IMPLIED WARRANTIES ARISING OUT OF COURSE OF PERFORMANCE, DEALING, OR TRADE USAGE). In addition, we make no representative that the operation of our website will be uninterrupted or error free, and we will not be liable for the consequences of any interruptions or errors, including the tracking of information concerning referred users during any period of interruption.
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On Yavin and Cointelligence Fall Foul of Financial Promotion Rules, receive money for promoting Financial Securities (STOs)…

On Yavin and Cointelligence Fall Foul of Financial Promotion Rules, receive money for promoting Financial Securities (STOs)…

Opinion Piece: based on publically available information written March 2019.

I wrote this article in March 2019 and decided to re-publish it on Reddit.

Cointelligence or should they be called CoinIgnorance?

This article asks many questions of Mr Yavin and his company Cointelliegnce.
Mr On Yavin (information below suggests not his real name) is the founder of Cointelligence Ltd a business that has been dormant for 2 years, has no trading history. No accounts filed, but lives, works and trades in the UK freely?
Mr Yavin portrays himself as the saviour, the crypto police and yet on his website you can plainly see from the pictures of the website below, the business accepted money for sponsored advertisements that promote STOs.
Yes that's right security tokens that are deemed financial instruments. Therefore in direct contravention of FCA rules, and other regulatory frameworks laid out by the SEC and ESMA and in doing so has been involved in the financial promotion of financial instruments.
The evidence discussed in this document has been provided by Cointelligence. It shows they accepted payments for financial promotion, and thus equally guilty of market manipulation for commenting on and rating client projects that are issuing financial securities. And should the website change to deflect investigations, the infringement, this article is public record there has been a breach of financial services regulations. It is also likely buyers of these tokens lost money and made decisions based on Cointelligence advice and guidance.
NOTICE. This document shows screen shots of Cointelligence websites taken 28 March 2019 and updated in April. And Companies House documents and reports on Cointelligence Ltd.
Cointelligence will soon be brought to the attention of the SEC, CFTC, FCA and ESMA. Why?

Cointelligence is and has been openly promoting and rating STOs via their website…

This equates to manipulation of Financial Markets…
Should anyone including Mr Yavin accept money to promote financial securities when they are neither regulated or authorised, this is against the law.
The Cointelligence website clearly shows they rate projects for money, noted as (“sponsored”) and is thereby knowingly or unknowingly taking part in market manipulation of securities, tokens via the website are promoted to retail buyers.
Their site also allows anyone to access live information relating to a financial security, without necessary controls, disclaimers or buyer warnings. You can also get access projects investment material without revealing who you are? Securities are only for sophisticated and experienced investors, and cannot be sold to retail in this way.
Cointelligence also offer STO ratings handled by anonymous people, yes that is exactly what I thought. There is no view of who these people are, the criteria, independence and whether they are qualified (regulated) to assess anything really, notwithstanding a financial instrument. Information is thus passed on in the assessment that can directly mislead retail buyers of financial instruments.
“Is there considerable evidence emerging to suggest Cointelligence and Mr Yavin are involved in market manipulation, rating financial instruments that influence buyer decisions!”
Who is Cointelligence?
When you dig deeper Cointelligence is a business with no trading history. It remains dormant 2018 and 2019 filed as dormant. The company set up by Mr Yavin to infiltrate the Blockchain community and get involved in ICOs and STOs, like many seeing easy opportunities to make money. The website even encourages anyone to Publish an STO?
Yes that's right, they are encouraging projects to publish their projects that related to a financial instrument called a Security. They even have a box in the top right corner (“Publish ICO/STO”).
It is interesting to watch and read Mr Yavin’s bullish rhetoric against those who he believes flout the law. Mr Yavin freely attacks anyone and everyone he dislikes or maybe he is paid to attack. As this brings him attention and notoriety. However when you piece the facade we find On Yavin is far worse than those he accuses. Cointelligence is drawing in founders of projects into his murky world and by default places their project at risk.
Mr Yavin attacks everyone, at events, on platforms and summits let him. Fearful of themselves being attacked.
Recent Example: Bitbond

Bitbond promotion of their STO

I draw you attention to Cointelligence advertising Bitbond STO’s a few months back.
The mere fact Mr Yavin allows the advertising of a Security (a financial instrument) on his website means he is knowingly flouting capital market regulations. Regulation as a self proclaimed expert he talks about. It also looks like he charges his clients for rating their projects with so called anonymous experts, accepting payments for rating an STOs. One assumes the larger the payment, the better your rating!
Cointelligence apparently has an Academy according to the website, teaching this Blockchain stuff, but clearly they do not understand the rules. when you look at Companies House it is very revealing. Cointelligence Ltd company according to Companies House remained dormant until Nov 2018, and in 2019 accounts remains dormant. But Cointelligence is clearly active and trading. It is a company that pretends to be a Blockchain company, but is their aim to mislead, to deceive and dare I say avoid paying tax.
As shown on the website (28th March 2019) Cointelligence are Rating Securities! We have confirmed with the management teams of the STO projects they paid to be listed = Financial Promotion!
Can it get worse?
Cointelligence in rating securities appears to be taking on and competing with Moody’s and the S&P (Standard & Poors) Rating Agencies. The website freely admits they RATE ICOs and yes Security Tokens (STO’s) that are tradable securities..!
Bang to rights!

https://preview.redd.it/cgydty1288r41.png?width=998&format=png&auto=webp&s=18433b8f15cc9b7e27f1b4f524cfaea8be9e0b7e

Cointelligence are not regulated to promote securities

Cointelligence or Mr Yavin are NOT on FCA register, the company is not registered with the FCA sandbox, the PRA or any regulated body at all. Yet the website confirms they are all involved in direct promotion of securities?
Yes that is right, despite what Mr Yavin says publically — Cointelligence Rates STOs.
Security Tokens are traditional financial instruments (equity, debt, convertibles) that are digitised onto the open ledger. One can argue there is no such thing as a Security Token (STO) market, as the process involves the digitisation of conventional financial instruments. A more efficient, faster and cheaper process that comes under existing Securities Laws.
STOs are a regulated Capital Markets activity for private companies to sell their shares (stores of value). Therefore all STOs are digital versions of securities and come under prevailing Securities Laws including the SEC. I am sure these authorities will be interested to find out what Mr Yavin is offering to US projects and citizens buying securities.
Those doing the Rating of the STO the actual financial instrument (the token) are required to have the right licenses and experiences. Is Cointelligence nothing more than an opportunistic marketing company run by a bully, who few months ago nether he or his company do not appear to be trading and had never heard of Blockchain?
For Cointelligence to be involved requires the company and staff to be Regulated and or an Appointed Representative of a regulated party (having passed due diligence and formal compliance), that comes with specific permissions for handling retail and or institutional end clients as investors. Which is something Mr Yavin and his firm would not be able to pass, as their expertise comes from marketing and not capital markets. In fact Cointelligence remains dormant?
The business has no assets and with no capital markets experience Mr Yavin would be unlikely to pass a UBO check, of fulfil the requirements to be involved in a regulated business and market. Given Cointelligence has been dormant the past two years, there is no record the tax status of Mr Yavin as sole shareholder, director the company filings on Companies House show there is no business. Cointelligence is a facade. But yet it trades? Where do the revenues and profits go? How does it make money? These questions spring to mind.
So clients paying for marketing at Cointelligence to rate their security offerings are not getting a good deal. They are being led down a path of regulatory trouble.
Mr Yavin also appears to be operating as a financial intermediary? A Rating Agency? A financial promotion website? And a placing agent?
Cointelligence Ltd — dormant until Nov 2018.


Companies House she no trading activity, same for FY2019
There are no details of the Cointelligence team provided on the website?
The company is registered Cointelligence Limited and Companies House show the company remains DORMANT until 30 November 2018 and November 2019?
Dormant confirms no trading history. The website and LinkedIn show a business that is very active in promoting financial securities and projects, boasting many employees and staff. Yet the website shows non of this. Where are these fees going? Where is the income from the Academy going?
Cointelligence Ltd has one director Mr On Yavin, if that is his real name? (see below). Mr Yavin is a marketeer by profession and thinks of himself as a journalist, but has no experience in Capital Markets or Blockchain.
Cointelligence remains a dormant company? Is thus not trading? But it does?
Signed by director On Yaniv? Another name, on a public document?
Where is Cointelligence Ltd trading history? Mr Yavin lives and works in the UK? Where is the income being booked and taxes paid?
Mr Yavin is also a director of Dexon Holdings and Dexon Ltd that also shows virtually no trading activity and net liabilities in FY 18/19 of £65k, and Dexon Holdings latest accounts show registered share capital and assets as £1.00, a pound.
Cointelligence Ltd has no track record and trading history! No Blockchain or Capital Markets experience or Regulatory approvals? But the website shows they handle and promote securities? Have lots of people employed? But where?
So who is Mr Yavin and is what is his real name?
We have a self proclaimed STO and ICO expert has no computer science experience, no cryptography background, no financial or capital markets experience, does not have much business experience either other than in PPC and marketing. Cointelligence trading history is zero, balance sheet of £1.00.
Which is his real name? Mr Or Yavin or Mr On Yavin…or Mr Yaniv?
Is it not important to have the correct name on Companies House, as you sign a declaration to the British Government the information you are providing is accurate? and O and R and not close on a keyboard suggesting a typo. does this show a disregard for UK Companies Law and our business practices?

Whats in a name?

Companies House Record Mr ON Yavin is really Mr OR Yavin

What is not clear is how Mr Yavin makes a living from Cointelligence a company that isn't trading, lies dormant? Where does the money come from and go? Or is Cointelligence free? Who pays for the staff? will he be claiming form UK gov for furlongs staff?
Where is the income coming from as it isn't recorded in a set of accounts? Extracting fees from STOs for sponsorship? Taking fees from people to write bad things about people he has never met? A paid attack dog. A bully. Where does the income go?
Mr Yavin according to his LinkedIn profile also works at Exactive Marketing Ltd a company based in Israel. But this is not Cointelligence and the company is also not regulated or authorised, and neither are its staff to discuss, promote or handle securities. Exactive Marketing are not permitted to handle securities, and it is not clear who they are trading as, Cointelliegence? If so are the revenues and profits not disclosed the HMRC and suitable UK Accounts filed at Companies House.
yet Mr Yavin is a UK resident living in North London. London is his home and under UK tax law this is where you pay taxes too? But Cointelligence has no UK income?
KABN ICO, issuing a equity token…
Let us look at KABN what Cointelligence advertises as the ICO was actually an equity token, when you read the details and follow the links to the client paperwork and site. the project is offering a security, but it is not declared and there are no disclaimers of financial warnings for people (retail investors) prior to getting access!
Cointelligence are advertising security tokens as ICOs to the retail market which is considered manipulation of the market but also demonstrates they have no regard for investors. Whilst they get paid.


Equity token
KABN Equity Token = A Financial Security marketed on Cointelligence website
What makes a project sponsored? The clients listed were contacted and confirmed they paid for sponsored to be listed on Cointelligence site, in other words they were charged a fee to have a sponsored advert for a Security on the website, that probably includes the rating and to give it a bit of a marketing push?
This is paid Financial Promotion by an unregulated company ?
The FCA do not like is the retail crowd being misled.

Paid sponsorship?

Paid Financial Promotion of a financial security for all to see

Let us be reminded Cointelligence is not authorised or allowed to promote financial instruments, especially given they are also receive fees for doing so!
Extracts from the Cointelligence website explains:
“An ICO or STO listing with a score has been reviewed by our trustworthy board of anonymous crypto experts”…the problem with this statement is the provenance and identity of the people rating financial products remain unknown.
Not only are the experts not revealed, one has to ask where is Cointelligence Ltd and these staff based? The company has assets £1 and is dormant? There is no substance here and Mr Yavin appears to be hiding something?
One could argue that rather than being the champion of the community Mr Yavin an opportunist who has jumped into ICO and STOs, is manipulating and fooling people and knowingly flouts Securities Laws. Evidence suggests he believes he can operate under the radar without disclosure, going on the attack to divert attention away from these activities…?
Financial Promotion rules are very clear and explained within the FCA handbook. Apart form needing to be authorised to handle securties. The party handling the instruments and communicating with the retail and general crowd have a responsibility to do the background checks, not mislead the audience and keep records of everything. Cointelligence website shows the company and Mr Yavin is in flagrant breach of these rules.

FCA Financial Handbook.

The handbook states when providing information which Cointelligence offer to its target market (which is anyone) information should be designed for the customer explaining the product or services, the risks and should not be misleading.
The pictures on the Cointelligence website show paid ratings? From which buyers will make decisions.
A Security Token that may only be purchased by an Accredited and or Sophisticated Investor, unless there is a Prospectus that allows the offering to the retail crowd.
Any marketing, web content, social media and online print comes under what is referred to in the FCA Handbook as ‘non real time’ promotion and fully IS Regulated! Mr Yavin is a marketing/website guru clearly doesn’t know what he is allowed to print and what he is not?

Cointelligence are a risk to everyone…

When a financial instrument is prepared to be sold to investors there is a requirement for full and complete disclosure of all information and the documentation, valuation, sale agreements and financial plans are signed off by firms like EY, PWC and corporate finance houses. These professionals help prepare the Investment Memorandum, Prospectus and deliver confidence to the token buyer.
The management team of a client project, where the company in which they are director becomes the Primary Issuer. They have a responsibility and obligations to inform the investor and provide supporting information as they are issuing a financial instrument. This is the role of the platform, in this case Cointelligence to advise the client, however can have private discussions to sell their equity cannot be with the crowd, unless they are already listed or regulated.
This is why securities issue Investment and Information Memorandums, maybe a Prospectus and place the supporting terms, agreements, financial models and other supporting information into a data room for accredited and known investors to complete their due diligence.

Via the Cointelligence website you can get access to information supporting the sale of security, click through to the client, without any form of checks or information gathered that the person is accredited and/or sophisticated.

Anonymous, trusted crypto experts!
Cointelligence offer to rate ICOs and STOs, offering links to information related to the Securities.


Anonymous Crypto Experts making paid assessments of Securities?
Anonymous Crypto Experts Rating Securities
CAN THIS BE REAL?
A rating of a Financial Security by a trustworthy board of anonymous crypto experts?
The names of these experts rating financial securities are not declared, nor are their qualifications and backgrounds shown. The criteria used for the assessment is also not declared. But it is clear they have been paid by the client = promotion!
One assumes the fee structure is Better Ratings for the biggest payers no doubt! The mere fact payment is received for an unauthorised rating of a financial security to available for purchase is a clear case of Financial Market Manipulation!
There are many rating sites that rate ICO projects for money, where the token is a security. The more you pay to the better your rating becomes. The criteria is not published and the names and skills of the people doing the rating are not disclosed.
Remember, Mr Yavin’s appears quite happy for ‘crypto experts’, ‘marketing people’ who review securities that are financial instruments, as equities, pref shares, convertible notes. That also require a detailed understanding of the client business, financial markets, how to value a business, how to design an instruments and the laws supporting this process.
Is Cointelligence guilty of Market Manipulation?
It is easy to conclude from the public information on the website that Mr Yavin is supporting financial manipulation, by showing securities on his website, that allows anyone to get access to a security to buy.
Cointelligence website Financial Promotion of a Security
https://preview.redd.it/dc5sqe0d98r41.png?width=482&format=png&auto=webp&s=82995a4fa0910defe738b20f0535f1ac2d377a80
Who in Cointelligence is authorised to work on, comment on, promote and rate the Bitbond Security Token?
The website showing Bitbond STO where the instrument is described without any buyer or risk information, disclosures or warnings for the readebuyer.
So what was the role of Cointelligence in promoting the Bitbond STO? Cointelligence are not named on the available Bitbond documents and their role is not defined. But we know they have been paid?
An unregulated third party is not allowed to receive fees linked to a Securities raise. Cointelligence are not a Dealer Broker, A Placement Agent or Authorised Party regulated in London, Germany or elsewhere.
Yes you can even PUBLISH your STO
Cointelligence encourage the unknowing, naive and no doubt desperate to publish an STO, the issuance of a financial security on their website?

Publish your STO here...

Cointelligence website encourages projects to promote and market Securities

I am lost for words. The website is encouraging promotion of Financial Securities. Publish a security here?
Cointelligence are also not named in the Bitbond documentation, therefore we assume they have not completed the Bitbond due diligence process, and are acting without their authorisation, which places the Bitbond team in a tricky position if they have paid Mr Yavin, who is in breach of the rules.
The picture is becoming clearer.

https://preview.redd.it/i9aujxgg98r41.png?width=482&format=png&auto=webp&s=03e069bfdfc52f6d18960635b75a6b59851bdfea
Publish your STO for a fee?
Cointelligence seem to be proud of what they do as this paragraph from their website shows:
“Cointelligence is proud to maintain the best Initial Coin Offering/Security Token Offering ICO and STO list and impartial ICO/STO rating system. Our list of ICOs and STOs is updated regularly. Each Initial Coin Offering or Security Token Offering listing includes information about the project and convenient links to the whitepaper, website, and relevant social media sites".
“An ICO or STO listing with a score has been reviewed by our trustworthy board of anonymous crypto experts”.
In addition to covering current Initial Coin Offerings and Security Token Offerings, this serves as a pre-ICO list. This pre-ICO list is the perfect place to check for pre-sale options for qualified investors. Inclusion on our crypto ICO/STO list is free; however, due to the volume of submissions we receive for our pre-ICO list, we cannot guarantee that every ICO or STO will receive a rating.”

https://preview.redd.it/vih4zr0i98r41.png?width=482&format=png&auto=webp&s=acd957033f0732f9cf93fc205a3339e3dd456d52
Just read the wording! The Cointelligence website: offers links to access a security and an explanation, but does no investor pre checks and I easy got access to Bitbond STO without any disclaimers or notices that come with access to a security. The website also mentions the STO goes on the list which is published, linked to other social media sites?
Financial Promotion, promotion, promotion!

Promoting a Security!
Regulated Financial products.
The sale of financial instruments follow a process. Only those who register to be vetted to receive a Prospectus or Placement Memorandum may participate. Full disclosures are made. Through Cointelligence website you can get access to everything, going around due process and regulations…
Mr Yavin makes many claims and everyone has a right to reply. Mine is coming soon…
This is an Opinion Piece based on publicly available research at Companies House and Cointelligence websites, the FCA Handbook and BaFin Rules that support EU Law for financial promotions.
Before you do business with Cointelligence ask yourself? Why is the company no turnover? Where do they pay taxes? Are they experienced? Do they follow the rules?

Questions?

Mr Yavin has to provide answers to various questions:
What are the products and services Mr Yavin sells via Cointelligence?
How can a dormant Cointelligence company operating in the UK market. not file any accounts for two years?
Where are the revenues recorded for Cointelligence and the profits claimed?
Cointelligence operates and trades in the UK, but has no trading history? Why is this?
What is his real name?
How does Mr Yavin make his living? Where does he pay tax?
Is Mr Yavin aware of breaching financial promotion rules?
Has Mr Yavin accepted money for promoting and rating a security?

March 2019 (updated April 2020)
submitted by AytonNick to u/AytonNick [link] [comments]

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