U.S. regulators eye Bitcoin supervision Gold Anti-Trust ...

Financial Times: US regulators eye Bitcoin supervision

Financial Times: US regulators eye Bitcoin supervision submitted by jgarzik to Bitcoin [link] [comments]

US regulators eye Bitcoin supervision (no paywall)

US regulators eye Bitcoin supervision (no paywall) submitted by residue69 to Bitcoin [link] [comments]

US Regulators Eye Bitcoin Supervision

US Regulators Eye Bitcoin Supervision submitted by finalhedge to Bitcoin [link] [comments]

Re: @RGrottola, DNVGL. Keynote from Shanghai Blockchain International Week

Save us the trouble of translating: posting here since it’s too long for the daily thread.
From Chainnews.com.
Re: @RGrottola, DNVGL
”Norwegian Centennial Enterprise DNV GL Senior Vice President: The real potential of the blockchain is to promote the transition from a linear economy to a circular economy
Chain Express Coupon Logo Logo Chain Express · September 18, 2019 13:12 On September 17, 2019, "2019 Shanghai Blockchain International Week" officially kicked off in Shanghai. This event was hosted by Wanxiang Blockchain Lab to "Blockchain New Economy: New Decade, New Starting Point" As the theme, focus on the industry's ten-year changes and look forward to a new future. The real potential of blockchain technology for society is to promote the shift of the linear economy to the circular economy. Renato Grottola, senior vice president of DNV GL, shared the practical case of the blockchain reshaping the trust industry. Image (50).jpg
The following is the full text of Mr. Renato Grottola's speech.
First of all, I would like to thank the Wanxiang Blockchain Lab for inviting me to participate in the blockchain global summit. This is my second time in Shanghai to participate in the blockchain conference. I would like to share with you the work done by DNV GL on the blockchain. For us, the blockchain is a disruptive technology. First of all, I will first introduce our current work and future plans.
At present, the blockchain has become an important part of our business. Let me introduce myself first. I am the global head of DNV GL digital transformation. My company is not a startup company, an established company founded 155 years ago, a Norwegian company. We are a non-profit foundation, the industry is a third-party credibility industry, and the blockchain is very similar, because the blockchain is a trusted machine. The company has multiple businesses that provide customers with a variety of services to build trust, such as verification, certification, and other businesses, ensuring that there is sufficient trust in the transactions between the customer and the supplier so that the transaction can be successfully executed. When we started to get in touch with the potential technology of the blockchain, a few years ago, we started to study the blockchain in 2015. When we read the relevant articles in the blockchain, we saw that the blockchain would kill all the intermediaries. At that time, I thought we were going to be unemployed, and the industry was going to disappear, so I began to try to analyze this technology and try to understand How to protect yourself.
It quickly became clear that for DNV GL and other companies, this technology will give us many opportunities to create new business value for us. Why? First of all, let me introduce that trust is actually the origin or cornerstone of any type of transaction. In fact, trust is not only important when transferring value between customers and suppliers, but also the execution of any transaction is inseparable from trust. In normal business life, the cost of trust is implicit in the price of products and services, and we have defaulted to the cost of such a trust. Trust has a cost, so there are many services, many business models, and if you have trust, you can be proud of it. But be aware that the cost of trust now is too expensive compared to the price of a single transaction.
The third point I want to talk about is the impact of digitization on trust, which changes the nature of the transaction and therefore the type of trust required to execute the transaction. Give everyone an example, think about the transaction between the machine and the machine or no one. In this kind of transaction, a large number of IoT technologies will bring us 3 trillion transactions per day. The transaction amount per transaction is very small, but the frequency of transactions is very high. There is no cheaper form of trust. Making this type of transaction feasible is economical.
So in this respect the blockchain can really influence or reshape our future. Why? First of all, as a developer, everyone knows about the blockchain far more than me. The blockchain actually transforms the process of trust creation. It has replaced some elements of trust, making the process of trust creation more transparent. , security and decentralization. More dependent on calculations. So far, companies like DNV GL have been acting as intermediaries to provide buyers and sellers with the necessary trust to execute transactions. So the question we are facing now is that we still have the need in the future? Is it necessary to have a technology like blockchain? In society, do we still have status? Does the blockchain solve all the trust problems in any transaction? The answer is, to some extent, to see why.
Because in the digital world, if we talk about value transfer or the transfer of value of a pure asset, there is really no need for intermediation. The blockchain itself can provide all the necessary elements to enable the successful execution of digital asset transactions. In this case, the blockchain is a necessary element of trust, and the trust mechanism provided by the third party is no longer needed to promote The value of digital assets has shifted. But in the real world, when digital transactions involve physical objects, such as products, services, processes, and even people, blockchains are not enough. Because we still need to ensure that the information we use to make decisions, which actually represents the real thing or the service itself. This information is consistent with the facts. This is actually a blockchain that cannot be implemented, so the blockchain is still an essential element of our trust mechanism. If the transaction involves physical objects, the blockchain itself is not enough. When it comes to physical objects, processes, and non-native digital assets, the blockchain technology itself is not enough. This is why we will study this technology in depth. Working with the unique chain of VeChain, I hope to deploy a new concept. Two years ago we had released a new concept, digital certification, which integrates the blockchain with other activities. Other activities are human-based or digital-based, providing all the necessary elements to ensure physical assets or The transaction of the process is new.
Regardless of the relationship between the customer and the supplier, and any stakeholder is trustworthy, including public government departments and so on. As I delve into, at the beginning of this journey, we realized that we must be very cautious when it comes to new business models and new services, because this work is very difficult. So the first implementation we made, this project is our project with Deloitte and the only chain VeChain, which is very important for us. When we perform any confidence-building activities, our ultimate goal is to send a statement, perhaps a certificate of the management system or any other statement. The first thing we did was to turn this statement into a digital asset. So at present our certification declaration is a token, which can be shared and traded between the parties, and is basically an untouchable token. This product is in compliance with regulatory requirements. This statement is on the smart contract. Anyone can verify its authenticity and reliability. If there is a problem with the certificate, we will immediately withdraw the certification statement, so there is no risk of fraud. The solution was released at the end of 2017 and is now fully developed and is driven by the blockchain.
The first project started this year, and we have provided this platform to our customers so that our customers can create and share their own compliance statements. In the near future, it is very important for large-scale promotion. In the near future, digital assets will be placed in digital wallets. We will provide digitally certified wallets to 900,000 customers. We will provide this service at the end of January 2020. We will continue to cooperate with Weigel and Deloitte. of. Yesterday, Mr. Lu said that there are 470,000 active users in the Bitcoin community. By January 2021, we will have 900,000 active users to use this digital wallet. There are digital assets in the wallet, and there are some features that can enter the blockchain. Among the supported ecosystems.
When it comes to the relationship between the blockchain and the supply chain, we often focus on the benefits that the blockchain will bring to the supply chain, for example, it will increase the efficiency of supply activities. For example, if we can trace the traces of the product, such a tracking solution actually proves the value of the blockchain for the supply chain. We are convinced that the true value of promoting blockchain technology far exceeds its value in the traditional blockchain. The real potential of blockchain technology is its ability to create a community and create an ecosystem. This kind of organizational entity can empower new business models, such as shared and circular economy business models, and we are convinced that the future of the blockchain is closely related to any business model based on shared and circular economy. So the benefits of blockchain or the benefits of tokenization are actually very large.
I want to give you a few examples, some of the work we do. Back in the traditional supply chain, we have launched a solution since January 2019, which is available to food and beverage customers. You will see this solution, which basically combines the tracking and tracking of the blockchain characteristics with some business considerations. These business considerations are very important for the company. In the beginning, I talked about trust. In fact, there has been a shift in trust in society. In particular, after 00 and 90, more and more rely on the product itself, rather than relying on the brand. So this program combines our classic verification activities with blockchain to provide real stories to any consumer. It combines the benefits of the blockchain, which is to trust this aspect and all product-related information, to provide it to consumers. If the consumer comes into contact with the product, they can see all the information about the product. This product was launched in Italy and involved three wine manufacturers. One of them is Italy's largest wine producer. Everyone knows that Italy is the world's largest wine producer. The potential market is 2.7 billion bottles a year. This is only in Italy, so this program has been mass-produced and is based on Chain VeChain's blockchain technology is done.
Norwegian Centennial Enterprise DNV GL Senior Vice President: The real potential of the blockchain is to promote the transition from a linear economy to a circular economy
I will spend a few more minutes talking about the future. I just said that the future of the blockchain is closely related to the model of circular economy. Where is our future?
We are convinced that our future is to create an ecosystem that uses blockchains while at the same time stimulating good behavior and leveraging the principles of any circular economy. Minimize negative externalities, such as carbon dioxide emissions. Or another example, there are activities that may increase the share of recyclable products. By using tokenization, we can reach the right platform at the right time by ensuring any type of incentive mechanism. We believe this is a huge opportunity for the blockchain to enable the blockchain to be large-scale. Landing.
Recently in July, we signed an agreement with a small European country, and we worked with the country to create an ecosystem. All citizens will participate in this ecosystem. There are 35,000 people in this small country, and every citizen has their own wallet. If the public has good behavior, they will be motivated, that is, if the citizens use shared travel instead of driving by themselves, they will be rewarded. If they act to reduce carbon dioxide emissions, save energy or save water, they can get rewards. This reward will be placed in the smart contract and will be verified by us, and the citizen will be able to enter the early ecosystem to get established. This token will be accepted by the government as a tax incentive, and citizens can use this reward to shop in the store. This is a very good opportunity for us to try out how this technology can create value for us in a small country. At the same time, we are able to ensure compliance with all existing regulatory requirements.
At the end of the speech, share with us the lessons we have learned.
First, the era of proof of concept is over, so the company has no time to announce projects that are only in the proof of concept phase. Everyone is thinking about this solution, is there a chance to land on a large scale, so the blockchain is not a tool for proof of concept. We need to use the blockchain to really make an impact, rather than using it as an eye-catching propaganda tool. Second, not all blockchains are suitable for us, so it is most important to choose the right blockchain partner to support our business development. Because value is not actually in the technology itself, this value is the perfect integration of technology and business processes, so we must apply the blockchain technology from a business perspective. Based on this, we have cooperated with the unique chain VeChain. Third, the enemy of the massive blockchain landing is not a regulation, but a lack of supervision. If there is no supervision, it will slow down the pace of promoting blockchain technology. If there is no regulation, most companies do not have enough courage to adopt the blockchain, so this is something the government should pay attention to. There is also an enemy in the blockchain. In the community itself, the argument of one coiners and alt coiners (supporting the coin) is actually a debate between Bitcoin and its world, which is a huge obstacle to the large-scale landing of this technology. I think the blockchain community should be consistent and promoted together to promote the large-scale landing of blockchain technology, not just financial technology or transfer payments, so that more companies can truly understand the value of blockchain. . Finally, the real potential of blockchain technology for society is to promote the shift of the linear economy to a circular economy.”
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Daily analysis of cryptocurrencies 20190911(Market index 38 — Fear state)

Daily analysis of cryptocurrencies 20190911(Market index 38 — Fear state)

https://preview.redd.it/25xag2ahp5m31.png?width=1080&format=png&auto=webp&s=af83a570993c5886035df96652253610b0368fb6

The Japan Financial Services Agency held the second round of the Encrypted Assets Roundtable, calling Libra the “alarm clock” According to the official website of the Japan Financial Services Agency on September 9, the Japanese Financial Agency revealed today that the agency had held the second round table on encrypted assets in Tokyo on September 6. The meeting brought together relevant financial regulators and international organizations to discuss and exchange experiences on the latest developments in cryptographic assets, including stable currency. The conference consisted of four main topics, namely: 1. The latest technological developments and challenges of cryptographic assets; 2. Supervision of crypto-equity trading platforms; 3. Investor protection and market integrity; 4. Participation of multiple stakeholders global cooperation. It is reported that the meeting is an invitation system and is not open to the public. At the meeting, the Japanese Finance Agency’s international deputy, Iwami, made an opening speech, saying: “Libra is like a ‘sounding alarm clock’ to all of us. The alarm bell has been ringing, which requires regulators and central bank officials to expand. Eyes, face up to the problem to face sooner or later. Many other clocks may be waiting for the next time.”
US Deputy Treasury Secretary: Libra will accept US anti-money laundering review On the 11th, Sigal Mandelker, deputy secretary of the US Treasury for terrorism and financial intelligence, warned on Tuesday that Libra, the proposed cryptocurrency of Facebook (FB.O), must comply with US anti-money laundering standards in order to survive, even if its headquarters is in Switzerland. Mandelker said: “What we have pointed out to them many times is that they must deploy appropriate anti-money laundering and sanctions programs to combat terrorist financing. I think they are still at a very early stage of thinking about how to meet these requirements.”
Indian parliamentarian: cryptocurrency is more complicated than the Internet in the early stages of development Indian Congressman Rajeev Chandrasekhar said in an interview that cryptocurrency is much more complicated in the early stages of its development than the Internet. The growth and innovation momentum of encryption technology is almost like a perfect storm. Speaking of India’s position on managing encryption for the public, he cautioned that the Supreme Court has ruled that privacy is a fundamental right for all Indians. In addition, he added, there is currently no legislative and legal framework for innovation to allow people to collect data from consumers and to allow consumers to agree. He deliberately confused encryption and privacy because it currently does not have a policy framework.

Encrypted project calendar(September 12, 2019)

BNB/Binance Coin: Coin Security will stop providing services to US users on Binance.com on September 12th BCN/Bytecoin: Bytecoin (BCN) will release Copper v3.6.0 on September 12t HBT/Hubii Network: Hubii Network (HBT) hubii’s “Blockchain in Practice” campaign with Microsoft will be held on September 12th at the Microsoft office in Oslo. ETC/Ethereum Classic: ETC or will perform Atlantis hard fork on September 12th

Encrypted project calendar(September 13, 2019)

VET/Vechain: VeChain (VET) VeChain CEO Sunny Lu will deliver a speech at the Public Blockchain Symposium on September 13th. WABI/Tael: The Tael (WABI) project team will release the new Tael website on September 13.

Encrypted project calendar(September 14, 2019)

BTC/Bitcoin: The European Union will launch its name, Payment Services Directive 2 (PSD2), which will take effect on September 14. The new law includes banks implementing “strong customer certification”. In addition, according to previous news, PSD2 can obtain some of the functions of the banking industry, providing new payment solutions for encryption products. BNB/Binance Coin: Binance Coin (BNB) Coin’s overseas team will hold its first community gathering in Jakarta, Indonesia on September 14. OKB/OKB: OKB (OKB) OKEx Africa will hold a party in Accra, Ghana, on September 14th, and the first African blockchain project supported by OKEx will be released.

Encrypted project calendar(September 15, 2019)

TRX/TRON: Wave field TRON launches side chain plan Sun Network network three-phase release WAN/Wanchain: Wanchain (WAN) will hold a 3Q community conference call in mid-September AE/Aeternity: Aeternity (AE) æternity is expected to carry out the Lima hard fork upgrade on September 15th, and the third Ethernet AE token migration hard fork will take effect. NANO/Nano: Nano (NANO) NANO founder Colin LeMahieu will attend an informal community gathering in Austin, Texas on September 15th.

Encrypted project calendar(September 16, 2019)

LINK/ChainLink: Chainlink (LINK) Oracle will host the Oracle Code One conference from September 16th to September 19th, at which it will announce the launch of 50 startups with Chainlink. MANA/Decentraland: The Decentraland (MANA) community will host the SDK hackathon on September 16. WABI/Tael: Tael (WABI) “Tael Insider” campaign will be held on the new project website on September 16.

Encrypted project calendar(September 17, 2019)

ZEN/Horizen: The official team of Horizen (ZEN) will hold a community gathering in Strasbourg, France on September 17th.

Encrypted project calendar(September 18, 2019)

OKB/OKB: OKB (OKB) On September 18th, OKEx will hold an institutional meeting in London to share the regulatory environment issues facing encryption organizations.

Encrypted project calendar(September 19, 2019)

NRG/Energi: Energi (NRG) Energi will launch a trading competition on the KuCoin platform on September 9th. By September 19th, 800 NRG will be presented to the top 470 participants. ADA/Cardano: The Cardano (ADA) project official will host the Wyoming hackathon from September 19th to 22nd. KIN/Kin: The Kin (KIN) project team will host a community gathering in Toronto on September 19. BTC/Bitcoin: The 2019 Open Core Summit will be held in San Francisco from September 19th to 20th.

Encrypted project calendar(September 20, 2019)

NULS / NULS: The NULS 2.0 Beta hackathon will be held from September 20th to September 21st, 2019. AE/Aeternity: Aeternity (AE) will hold “Cosmos One” conference in Prague, Czech Republic on September 20th

Encrypted project calendar(September 21, 2019)

BTC/Bitcoin: The 6th FINWISE Global Summit Macau will be held from September 21st to 22nd. Distributed Financial Technology (DeFi) is the main topic of this conference. OKB/OKB: OKB (OKB) OKEx The Africa Cryptour series of talks in Kenya will take place on September 21 in Nairobi.

Encrypted project calendar(September 23, 2019)

BTC/Bitcoin: Bakkt, the digital asset platform led by ICE, the parent company of the New York Stock Exchange and the world’s second largest trading group, will launch a bitcoin physical delivery futures contract on September 23. EOS/EOS: EOS main network is expected to upgrade version 1.8 on September 23

Encrypted project calendar(September 24, 2019)

ENG/Enigma: Enigma (ENG) ENG main network token snapshot will end on September 24, the original start time is August 26.

Encrypted project calendar(September 26, 2019)

ADA/Cardano: The Cardano (ADA) Cardano community will host a party in Washington, DC on September 26.

Bitcoin price is slowly declining and recently broke the $10,000 support area against the US Dollar. The price is facing an uphill task and it might continue to struggle near $10,250 and $10,300. There is a major bearish trend line forming with resistance near $10,250 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price could continue to slide as long as it is trading below the $10,400 pivot level in the near term. Bitcoin price is under pressure below $10,250 against the US Dollar. BTC may perhaps accelerate decline as long as there is no close above the $10,400 and $10,500 levels.
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when cash is banned.................

https://news.bitcoin.com/when-cash-is-banned-centralized-cryptos-are-not-going-to-save-you/


Australia is now moving forward with its proposed legislation to ban cash purchases over 10,000 AUD ($6,900) for business purposes. According to the treasury website: “The Black Economy Taskforce recommended this action to tackle tax evasion and other criminal activities.” While many Aussies are celebrating Bitcoin’s exclusion from this clause, others find the move away from hard cash somewhat chilling. After all, if this finally goes through, banks and the state will be given sole power to deny or approve any and all purchases above this limit. Crypto is not yet affected, but when cash is erased, and the control grid is tightened, be sure that centralized shitcoins are not going to save anyone, either.

There’s always been a lot of zealous hype in crypto circles. Search “bitcoin” on Twitter and you’ll be overwhelmed with an avalanche of largely meaningless noise. “Feeling really bullish right now thanks to X, Y, Z!” “If you don’t have any Bitcoin by now, you’re doing it wrong.” “Crypto #Revolution.” These hyped-up voices flash in the pan like cheap sparklers, and tend go quiet when the markets tank. They talk about being “unbanked” and the revolution of all things “powered by blockchain.”

But at the end of the day, what the hell does all this really mean? A lot of people seem to think that freedom in finance can come easily, without a fight or intentional action. That the dynasty of powers that be are just going to roll over and accept a money they cannot control. For all the shouts of “ditch fiat!” and “why are people still using statist play money?” very few seem to understand the real score, which is this: there’s no war being waged on your technology, but on its ability to provide you with financial autonomy, self-sufficiency, and privacy.
The really bad news for these folks, though, is that if Australia pushes through this ban on cash purchases, and they are forced to use only digital assets and credit, it doesn’t matter how much of whatever centralized crypto shitcoin anyone holds. At that point, the state is in control, and fiat cash–as evil as it is–would be a lot more friendly.

The alliance of Five Eyes nations (FVEY) really seems to have chosen Australia as a testing ground for implementing Orwellian, anti-privacy measures. Aussies are no longer allowed to be secure in their communications thanks to a controversial new law outlawing encrypted devices and chat applications. Now they are moving away from the privacy of paper money as well. This ostensibly to combat drug trafficking and terrorism via almost completely state-supervised monetary transactions for everyone.
It likely won’t be long until similar laws make their way into other FVEY countries like the United States, the U.K., Canada, and New Zealand. If that happens, the only cryptocurrencies that will be able to help secure value are those that are open source, private, secure and decentralized. Not surprisingly, these are the very coins now being specifically targeted by these nations, and slandered as “tools for criminals.”

If sound money is to survive this financial tyranny, it seems there might be some kind of battle. Many believe technological innovation can make this struggle a more or less peaceful one. When dealing with groups that do not respect the individual, inalienable rights of human beings to their bodies, minds, and property, however, there always comes a point where “no” must be uttered.
Whether it be boldly proclaimed from a stage in the spotlight or silently through a private action or transaction, it still must happen. There is no change without conscious, human action. Bitcoin allows for this by being decentralized. No state has control over the network. “No” is still an option. “No” is still somewhat of an option with fiat paper as well, as much as sensationalists might hate to hear it, or fear to say it.

These aforementioned hypesters don’t get that the propagandized fiat money they rail against (and indeed they are correct in their criticisms) is still much more private and useful than a centralized, government-regulated digital money could or ever would be. The Ripple crowd, for example, brags about how realistic and adoption-friendly they are, the company itself writing a saccharine, syrupy letter to Congress on July 29. They speak about wanting to comply with whatever regulations must be put in place:
We don’t take for granted the vital role of central banks in issuing currencies and setting monetary policy in concert with the complex dynamics of economies around the world. For centuries, governments have been well suited for the job because paramount to the acceptance of any currency is trust.
Well-suited? For what job? Is debasing and devaluing people’s money, letting terrorists and violent traffickers off the hook, and losing trillions, spending trillions to finance the death and destruction of hundreds of thousands in war and democide “well-suited”? They’ve lost their minds.
If crypto is to be useful, it has to resemble the models of gold and cash, as far as privacy and user autonomy is concerned, and improve upon them immensely–not make a mealy-mouthed return to state-sponsored, central bank-controlled play money irrelevancy. Imagine being an Australian business owner and trying to buy something, but it’s too expensive to pay for with cash. For whatever reason, your bank cannot approve the purchase. Your account is frozen, or their servers are down. You’re stuck. This issue doesn’t exist with physical money. But it already does with bank accounts and centralized crypto exchanges.

The moment someone tells you in your private life that you’re “not allowed” to have something that is rightfully yours, and they try to steal it, you cease trusting them, and cut off the relationship. Why, when it comes to the state, should things be any different?
Like a patient off his head on painkillers, these people talk about pie-in-the-sky crypto utopias to be brought about by “blockchain revolutions” controlled by the very people who oppress them the most. Writing letters to Congress. Laughing at the “idealists” who wish to retain the keys to their holdings.
When cash is out, erased, kaput, if blockchain is going to save people, it’s going to be secure money, and not state shitcoins or digital, bank-regulated credit and debt. What the poor Twitter zealots have missed is that this peaceful resistance for non-violent money called the “crypto revolution” is not about just “getting rich,” but at its root is about preserving the dignity of precious, individual human life everywhere.
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Report I by Stablecoin Research Institute - The Difficulties and Future of Stablecoin

Report I by Stablecoin Research Institute - The Difficulties and Future of Stablecoin
https://preview.redd.it/pnnmh4gt6ng21.jpg?width=1080&format=pjpg&auto=webp&s=3a94528a71b7c6e2db9ea746116afeec8d7b1c51

Bitcoin was originally conceived to be outside the fiat money system as an electronic cash system for a new world. However, at present, the currency standard is still the fiat money standard. The envisaged bitcoin-based settlement system still has no foundation or a wide consensus on the value of the currency standard.
As a compromise, many stablecoins provide a temporary solution for the ecology through a 1:1 anchorage of U.S. dollar, with third-party bank custody becoming mainstream. The rapid growth of Tether and the loss of market share in the face of competition have added more uncertainty to the current market. The decentralization scheme provided by MakerDAO was slightly weak in the initial competition but the reputation gradually accumulated. As the market deepens, cryptocurrencies based on more regional legal currencies are gradually coming online, and people are beginning to try different chain payment attempts.
This article refers to the article Stable Digital Currency Manual by co-founder of Zhibao Mikko, trying to explore the difficulties and future of stablecoin from a currency perspective.

The Difficulties of Bitcoin Settlement System
When it comes to stablecoins, the original idea of Bitcoin has to be mentioned ---- a peer-to-peer electronic cash system. Over the past decade, a series of expansions have been made in the blockchain technology and Bitcoin. In people's minds, Bitcoin will be a new generation of the world's monetary system, independent of the fiat money (US dollar) system, to de-intermediate transaction transfers and asset storage, to eliminate asset losses caused by the bank's centralized risk, and put an end to the harvest of wealth brought about by hyperinflation.
In reality, Bitcoin does have somehow established its own trading system - such as black market transactions in the dark network. Dark network commodity trading uses Bitcoin as a medium, and buyers and sellers are also happy to configure a portion of Bitcoin as a value reserve. On the other hand, Bitcoin is the most common trading medium among cryptocurrency exchanges for a long time before the popularity of USDT. Some people said, “Bitcoin is the real stablecoin.” In addition to observing the fluctuations in the value of the fiat money, the traders of various cryptocurrencies will also pay attention to the relationship between cryptocurrency and the bitcoin trading pair. But in this case, this so-called bitcoin-based trading system still has several problems.

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The first is the currency standard: even if some people regard Bitcoin as a gift, they have long believed that Bitcoin will eventually level the volatility and increase the index, but even the so-called beliefs are usually denominated in fiat money (US dollar, Euro, RMB). That is to say, the first problem with Bitcoin is that there is no pricing power. In other words, Bitcoin cannot perform the settlement function extensively in the holder's daily life. The daily benchmarking consensus based on Bitcoin in a wide range is that it doesn't exist at all.
In China, a Coke is 3 RMB, and in the US it is 1 US dollar. The two are under their respective independent settlement systems. If the person in one of the systems happens to come to another system, such as a Chinese who first bought a Coke in the United States, the first reaction is likely to be a cup of 6.71 yuan. Bitcoin or any other cryptocurrency does not have a similar settlement system under the independent monetary framework.
In the case that it is not possible to participate extensively in daily pricing, the currency standard is the fiat money standard. For members of the cryptocurrency community, the actual fiat money-based thinking does not directly affect the willingness of buyers and sellers to use Bitcoin or other cryptocurrencies for physical purchases, but when Bitcoin’s price against fiat money falls into huge downward fluctuations, it rejects the situation of receiving cryptocurrencies is inevitable.
So the second question directly promotes the strong demand for stablecoins: currency price fluctuations. On the other hand, it should be realized that Bitcoin does not have a complete settlement system and a broad and stable price consensus based on the system; on the other hand, since the initial definition of Bitcoin was an innovation independent of the traditional financial system, even if it is far from the original concept, the community consensus based on the decentralization and token incentives is different from the traditional financial system.
So for a long time, the market could not price bitcoin with the traditional asset framework. The triumph of 2017 has made the society more aware and acknowledged about Bitcoin and other cryptocurrency systems. The Chicago Mercantile Exchange CME has put on bitcoin futures at the end of the year. At the same time as government regulation gradually intervenes, the OTC exchange network outside the market is also getting better and better, and the pricing of bitcoin is starting to break away from fanaticism. At the end of 2017, the isolationism of various countries has become stronger, the pace of interest rate hikes of the FED has sped up, and global asset preferences have also undergone subtle changes towards safe-haven assets. China’s domestic capital has advocated “cash is the king” and Bitcoin has entered a down cycle.
As noted above, upside volatility can also encourage traditional merchants to participate in speculation, but downside volatility has caused most merchants to lose their willingness to treat Bitcoin as a currency. In 2018, with the increasingly strong bear market in the cryptocurrency world, the demand for safe-haven and stable-price trading media in the encryption community has skyrocketed, and countless stablecoin projects have been launched. At the same time, Tether, which occupied the absolute market share of stablecoins in 2017, continued to expand against the trend of black box operations.

Third Party Intermediary - Compromise of Fiat Money Stablecoins
The hot currency-backed stablecoin is undoubtedly a compromise of the cryptocurrency market against traditional currencies.
As Nakamoto said in the Bitcoin White Paper, “trade on the Internet almost requires financial institutions to act as trusted third parties to process electronic payment information. Although such systems work well in most cases, such systems are still endogenously constrained by the weakness of the 'trust based model'... We really need an electronic payment system that is based on cryptography rather than credit, making any parties that have reached an agreement can make payments directly, eliminating the need for third-party intermediaries."
Although the article refers to the payment process in the transaction, it is the same in terms of collateral custody. The trust of third-party financial institutions in this mode is inevitable. Trust means that when the custodian bank secretly misappropriates collateral or bankrupts for any reason, the user's assets will be difficult to guarantee, abbreviated as SPOF single point of failure.
But the good news is that when the market competition is fully carried out, the user as a whole is divided into several different groups, and different fiat money stablecoin products with different audit processes under different banks are used. A single point of failure of an individual project does not affect the continued operation of other stablecoin products; and the community response to a single company's evil or potential evil is greatly magnified as the number of competing products increases.
Taking Tether as an example, the giants who once occupied more than 95% of the market share of the stablecoin market finally ignited the trust crisis in the long-term refusal of transparent auditing, and the market share plummeted. In the foreseeable future, Tether will gradually liberalize its transparency and optimize its relationship with users to maintain its current market share. The stablecoin competing products that continue to enter the market will form a continuous multi-disciplinary force on existing projects in the market to promote market improvement and relief centralized risk.

The Rise and Blockage of Tether
The real rise of stablecoin is actually symbolized by Tether's exponential growth in 2017. From the eve of the dawn of 2017 to the day after 20 months, Tether's market value has skyrocketed from less than $7 million to more than $2.8 billion, a 400-fold increase.

USDT Year Chart (green - currency price; blue - market value)

In 2018, the hot stablecoin market, USDT's exclusive access to the stablecoin, and stablecoin’s widespread dissatisfaction with the rejection of third-party audits attracted many competitors. In March, True USD (TUSD) was transparently managed. The name entered the competition. Around October, stablecoins such as USDCoin (USDC), Gemini Dollar (GUSD) and Paxos Standard (PAX), which had strong background, compliance audit and good asset transparency, went online. At about the same time, perhaps the pressure from friends and merchants has soared. It is a coincidence that Tether has successively experienced a series of scandals and then the price collapsed in mid-October, and evaporated 40% of the market value in the following month. After a series of cycles, the situation gradually eased.
The four consecutive stablecoins mentioned above seized the market share and expanded rapidly in the next few months. In the month before the deadline, Tether's stablecoin market share was stable at around 70%, and the remaining market share was occupied by the top four newcomers. In the process of grabbing the market, there were fluctuations, including the only US compliance encryption. The progress of the USDC issued by the currency exchange COINBASE is the most eye-catching, and its market value accounts for about 10% of the overall stablecoin market at the time of writing.

https://preview.redd.it/wk591kvn7ng21.jpg?width=731&format=pjpg&auto=webp&s=39a89384cf7b848f50fee6884e109038ac0dc6c6

A simple conclusion is that Tether can still be stable even after the crisis, thanks to Tether's first-mover advantage in its existing position on global exchanges and the high liquidity it represents. The three basic functions of money are pricing units, value storage, and trading media, while liquidity is their common subtext.
The unit price provided by a currency lacking liquidity cannot obtain broad consensus of money users. The lack of consensus leads to price disorder, and the currency thus loses the valuation value. As a value storage and trading medium, it will miss trading object and depth due to low liquidity and cannot complete the basic function as a currency. Although the new four-dollar collateral stabilized currency occupies its place in the start of the competition with Tether, Tether sits on a whole bull market with a trading history that has a relatively complete trading pair coverage in the world's major exchanges; In addition to the full coverage of the exchange, USDT also has a sound OTC network construction, providing the most direct portal for stocks and potential incremental users. Under the superposition, Tether's endogenous and exogenous liquidity advantages are particularly evident, and even in the case of black box scandals, it can still occupy a fairly strong market share. But with the gradual gradual competition, peer supervision and the gradual enrichment of user-selectable products, Tether's fault-tolerant space for future strategies is not as optimistic as imagined.

HUSD - Self-contained Stablecoins
In response to the October crisis in Tether, the Fire Currency Exchange launched a HUSD Stabilization Coin program.
In this scheme, the Firecoin users will automatically convert to HUSD when they recharge the PAX, TUSD, USDC, and GUSD. HUSD has no actual issuance process, but simply a unit of pricing corresponding to four types of stablecoin recharge. After the user converts one of the stablecoins into HUSD, he or she can freely choose any one to redeem.
The program not only helps users to spread the centralization risk of a single fiat money stablecoin, but also helps the four stable coins to complete the group on the fire currency exchange to cope with the existing liquidity competitive advantage of the USDT. But on the other hand, the user's use of HUSD is based on trust in the fire currency exchange, in other words another single point of failure risk. Therefore, in order to dilute the risk of centralization, it is still necessary to transparently deal with the specific schemes of the fire currency exchange, and the supervision of the fire coins by the community, especially other exchanges.

Decentralization Breakout of Stablecoin
At present, a number of currency-backed stablecoins, led by USDT, cover almost all of the market capitalization and liquidity of the stablecoin market.
In this case, MakerDAO's DAI is extraordinarily precious. The DAI Stabilized Currency System generates a stablecoin DAI through over-collateralization of cryptocurrency. Most of the functions within the system are implemented or planned through the deployment of smart contracts, such as chain generation and redemption of stable coins, management of collateral, and so on. In addition to the DAI as a stablecoin, as a dual currency system, there is another governance currency called MKR in MakerDAO. Governance currency holders support the system's decentralized governance functions while enjoying the overall benefits of the system, and provide additional funding buffers for the system in events such as abnormal currency fluctuations.
In MakerDAO's overall vision, the system first endorses the credit of the stablecoin through the chain of excess collateral, while the interest generated by the credit function (the essence of DAI generated by the mortgage cryptocurrency is a lending process), the collateral under abnormal fluctuations The profit from the flat penalty triggered by Ping and the more financial derivative function to support the system's self-operation.
One of the biggest conflicts between the community and the cryptocurrency collateral currency is the risk exposure of the collateral in the warehouse when the cryptocurrency generates a stablecoin. Although in theory the users of the stablecoin can be separated from the mortgagor, the mortgagor can be a more risk-tolerant group, such as an eager borrower, a professional user of financial instruments, etc., but since the stablecoin is issued The identity of the person itself is subject to a natural limitation based on the degree of risk aversion, and its supply has an additional limit.
On the other hand, there is a limited source of information about Ethereum as a single collateral: the mortgagor is limited to holders of Ethereum. In MakerDAO's plan, the multi-collateral version of the system will gradually improve with iteration, and the achievement of this program will effectively reduce the risk of the MakerDAO collateral asset portfolio and increase the potential DAI generation limit. Ample supply and liquidity of the DAI will help activate the system in more possibilities on the market.

https://preview.redd.it/kjbefyb18ng21.jpg?width=950&format=pjpg&auto=webp&s=c0fb8f3892c3d50f5549460acbb26c45773a2cc3

Compared to the competition between the four newcomers and the USDT, the position of MakerDAO is quite different. If the user's choice between the four newcomers and the USDT is a trade-off between liquidity (product usability) and security, then between USDT and DAI is liquidity (product usability) and decentralized belief. The trade-off. As far as the market is concerned, MakerDAO's dual currency system seems to explain better how the project side can continue the project through the circulation of profits. Many of the fiat money-backed stablecoin projects have always wondered whether they will realize their own coinage rights in the future and thus harm the user's property rights.
As a successful decentralized stablecoin project, MakerDAO is one of the most successful projects on Ethereum. This is both a tribute to the MakerDAO development path: the development of other projects (dApp) on the Ethereum and the overall robustness of the ecology. As the second generation of the public chain, Ethereum pioneered the concept of smart contract, which is a milestone in the development of application on the chain. However, in the course of many years of development, the performance of the main network and the fragmentation technology have been delayed. So although MakerDAO claims that DAI will have many chain advantages as ERC20 tokens, it seems that the eApp side of Ethereum has not seen a good development momentum.
It is worth mentioning that in the performance of the public chain and dApp development, the EOS public chain has developed rapidly since the launch of the main network in 2018. If EOS has a stablecoin project like MakerDAO, and can properly handle potential security issues in the operation process (such as the potential risks caused by the scalability of the contract, etc.), there is much to be done. After all, in addition to seeking cooperation under the chain, the pricing system of cryptocurrency is more important to find and create niches that belong only to the world of cryptocurrency. A robust dApp ecology with a constant need for stable coins or the only possible form of this niche.

Choice Outside the U.S. Dollar
The few stablecoins currently circulating the most are anchoring the US dollar. There is no doubt that the status of the dollar in the current world currency system is irreplaceable. The bitcoin and other cryptocurrencies described in the beginning of the article lack the independent settlement system, and the US dollar is the extreme of the other end – the currency with the most complete settlement framework in the world.
From the gold standard to the Bretton Woods system, to the current global commodity and foreign exchange trading system centered on the US dollar-oil trading system, the three functions of currency pricing, storage and circulation are reflected in the US dollar. As the currency with the most universal purchasing power and deep trading depth, the US dollar has naturally become the primary anchor for many stablecoins that pursue international influence. The dependence of the stablecoin on the US dollar is a last resort. While stabilizing the dollar, the stablecoin not only enjoys the liquidity advantage brought by the dollar, but also inherits the volatility risk of the dollar itself. Although the US dollar is still the most trustworthy currency on a macro level, if A's main payment scenario is in Country A, and Country A's currency has a large appreciation of the US dollar due to market factors, then the asset holding the anchored US dollar. Bringing a higher base point risk to A.
Among the many non-US dollar currencies, the yen is one of the most distinctive currencies. The Japanese government has a positive attitude towards blockchain technology. In April 2017, it recognized the legal payment status of Bitcoin and formulated a series of laws and regulations for the exchange. At the same time, Japan is also one of the most active participants in the cryptocurrency market. At the end of 2018, Japanese IT giant GMO Internet announced that it plans to introduce a yen-linked cryptocurrency in 2019 to prepare for the next phase of cross-border settlement. The emergence of a liquid currency-stable yen stablecoin will not only help Japanese crypto community members to better participate in daily market behavior, but also help cross-border currency settlement. In addition, due to Japan’s domestic economic structure, monetary policy has maintained ultra-low interest rates for a long time. Under this premise, investors are more willing to invest in sovereign countries with higher interest rates, especially the United States. When the United States is in turmoil, funds are largely returned to the yen, which has a very low risk attribute, which raises the yen and lowers the dollar. Therefore, the emergence of the yen stablecoin can also provide a better safe haven for holders of USD stabilized coins such as USDT in the potential dollar crisis.
In addition to the yen, the private sector or the government of Australia, the euro zone and other countries are also involved in the development and deployment of their domestic currency stablecoin. While the vast majority will still be a similarly centralized bank hosting model, it should still be seen as an improvement and rationally expecting a more equitable and efficient system.

The Future Direction of the Stablecoin
As mentioned at the beginning of the article, the original idea of the cryptocurrency community for Bitcoin was to create a decentralized financial system that would be independent of the traditional monetary system. However, due to the lack of an independent and complete settlement system, or the lack of a broad currency-based pricing consensus, the cryptocurrency world cannot be formed into a real monetary system, and it has to rely on the attachment to the US dollar or other currencies to achieve long-term scenarios. Valuation of prices in cryptocurrencies, etc. Although Bitcoin itself has the believer of the currency standard, the foundation of the belief is mostly based on the re-exponential rise of the price of the bitcoin, which is still the thinking of fiat money.
Given that there is a consensus that goods can only be denominated in currency A in the payment and settlement system of country A, if the cryptocurrency world wants to form an independent payment settlement system, the best pricing unit for the purchase should be cryptocurrency. The anchoring of the U.S. dollar and other fiat money is just to use the currency attribute (otherwise the currency credit cannot be established), and will destruct the consensus to regard cryptocurrency as the best pricing unit and establish an independent monetary system (the cost of convenience). The power of habit is hard to overcome, and the habit of paying the currency of a chain certainly needs to be achieved by the widespread purchase of assets on the chain. This process requires gradual improvement of the payment scenario between stablecoin systems and dApps.
The cryptocurrency eco-walls we mentioned above are based on the hope of this exclusive chain-based settlement system. The simple dApp on the chain is obviously not enough. We also have two topics to be studied in the chain payment scenario and asset chaining. Users must complete the process from chain to chain and back to chain to integrate cryptocurrency pricing into everyday habitual thinking.
Then, the stablecoin will gradually deepen into people's daily life after several decades, while the banknotes gradually withdraw from the trading scene, and the sub-generation gradually accepts the new cryptocurrency value settlement system.


Reference:
Stable Digital Currency Manual (http://wisburg.com/2018/07/03/稳定数字货币手册/)
submitted by Starteos to eos [link] [comments]

02-27 04:33 - 'Reaching the Masses: Blockchains Rollercoaster Journey' (self.Bitcoin) by /u/dongchpp removed from /r/Bitcoin within 0-9min

'''

Reaching the Masses: Blockchains Rollercoaster Journey


[link]1

A 40 Million Dollar Pizza

On November 1st, 2008, Nakamoto published a paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System”. Just two months later, on January 3rd, 2009, he (or she, or a group of shes and hes) began mining the first block of the chain, known as the Genesis block. The 6 day process was rewarded with 50BTC — valued at nearly 1,000,000USD during Bitcoin’s 2017 climax. Not bad for a week of work. Since then, the world has marked ten years mining — often accompanied with the thrill of major gains and subsequent fist clenching losses.

More than a year and a half later on May 22nd, 2010, a programmer named Laszlo Hanyecz was able to strike a deal trading 10,000BTC for $25 worth of Papa Johns. Hence dubbed Bitcoin Pizza Day, the day is not only significant because it marks probably the only time someone has ever spent tens of millions of dollars on a single dinner (albeit with a few leftovers), but it also marks the first real-world commercial transaction powered by Bitcoin.

Bitcoin is a fad


So far, the industry has faced its ups and downs. Every climax has been accompanied by technological breakthroughs and innovation in algorithms. Each ebb has been characterised by the lack of practical use cases, bad press, or regulation troubles.

Key points on this rollercoaster include blockchain being ignored, misunderstood, outright taboo, strictly controlled, and finally accepted, imitated, and flourishing. Where we currently lie on the journey isn’t known — but what is known, however, is that blockchain missionaries will keep pushing the word of decentralization.

At first they ignore you, then they laugh at you, then they attack you, and finally you win. — Gandhi


[link]2

Where in the technology are we now?


So far, there have been two concrete eras of blockchain. Dial up and fibre-optic, flip phone and that computer in your pocket — make any comparison you want, advances have been plenty.

Blockchain Era 1.0: Bitcoin


The first generation of blockchain is represented by Bitcoin. It’s currently the most well known blockchain in existence — even if someone doesn’t know what a blockchain is, odds are, they’ve heard of Bitcoin. However, the mechanism that powers Bitcoin and makes the transfer of value possible doesn’t get as much attention. Bitcoin depends on a Proof-of-Work consensus algorithm to verify blocks and mine coins. It is currently only used to transfer value from peer to peer and cannot support other uses. When you hear about someone pushing blockchain for business or personal uses, this isn’t the one.

Blockchain Era 2.0: Ethereum


The second generation of blockchain is represented by the advances made by Ethereum. From this point on, the uses of blockchain have been diversified greatly. Ethereum provided smart contracts and the EVM, which showed that applications could be linked to the blockchain. The ICO and rise of ERC20 tokens is thought to have pushed the price of BTC to an all time high of nearly 20,000USD, but still, we’re not where we need to be if blockchain is going to be a practical tool for everyone.

However, due to the increased amount of ICO’s taking place in 2017, currency bubbles, and overall attention garnered, the blockchain space caught the eye of many governments. Supervision of ICOs and various powerful regulations where put in place to control the finances going in. Advances started to cool, attention waned off, and before we knew it, the Crypto Winter was upon us.

Markets are constantly in a state of uncertainty and flux, and money is made by discounting the obvious and betting on the unexpected. — George Soros

Blockchain Era 3.0: Thank you, Next.


We find ourselves increasing TPS speeds into the tens of thousands and higher, focusing on ecological community governance, ending centralisation, and bettering the economic model for incubating various decentralised Apps.

Multiple consensus mechanisms and technical architectures have emerged, such as Proof-of-Stake and Delegated Proof-of-Stake. IOTA uses DAG directed acyclic graph architecture, NEO and Ruibo adopt Byzantine fault-tolerant consensus algorithms, and more. However, breaking through the speed bottleneck while also remaining decentralized remains an issue.

2018 gave us many “firsts” in the public chain sphere, all competing for the next round of bull market leaders — but the issues have not been solved.

At the beginning of 2018, about forty or fifty public chain projects were launched, most concentrating on DAG architecture of Sharding segmentation technology. There projects were highly anticipated by investors, but at present, nothing has come out of them, which has exacerbated the current disappointment that is the Crypto Winter. Chains still suffer from centralization, slow speeds, and no sustainable vision. The race to get to the top has left many breathing thin air, with no supplies to set up camp. Nothing to build a future on, nothing to build communities.


[link]3

Bitconch: bringing the warmth of Spring to the harsh Crypto Winter


Bitconch has offered a solution to the issues still plaguing the blockchain world. The approach uses the Proof-of-Reputation (PoR) consensus algorithm in which a quantified reputation (Bit-R) is created using three dimensions — user socialization, currency holding time, and computing power contribution.

The parallel processing architecture know as BLAZE (Bitconch Ledger Access Zero-delay Extension) and a random selection of 30 to 500 verifying nodes, pushes TPS to more than 100,000, a hundred times faster than competitors.

Based on the nature of the chain, it serves as an efficient platform for combating centralization, increasing speeds, and allowing all upstanding members of the community to play an equal part — not just those who have all of the resources as seen in previous chains.

Through solving the problems holding blockchain back, Bitconch is able to provide decentralised applications with a more practical and conscientious solution.

Bitconch, Proof-of-Reputation, & BLAZE — bringing an end to the Crypto Winter.
'''
Reaching the Masses: Blockchains Rollercoaster Journey
Go1dfish undelete link
unreddit undelete link
Author: dongchpp
1: i.redd.i*/y*mt*86qf*j***png 2: *.*edd**t/hum3b*dqf1j*1.j*g 3: *.redd*it*dav0smdqf1**1.*p*
Unknown links are censored to prevent spreading illicit content.
submitted by removalbot to removalbot [link] [comments]

Reaching the Masses: Blockchains Rollercoaster Journey

Reaching the Masses: Blockchains Rollercoaster Journey

Reaching the Masses: Blockchains Rollercoaster Journey



https://preview.redd.it/2b3fj593f1j21.png?width=1000&format=png&auto=webp&s=66875d5f3cce73f4a407a8852971fd79c4ac1626
A 40 Million Dollar Pizza

On November 1st, 2008, Nakamoto published a paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System”. Just two months later, on January 3rd, 2009, he (or she, or a group of shes and hes) began mining the first block of the chain, known as the Genesis block. The 6 day process was rewarded with 50BTC — valued at nearly 1,000,000USD during Bitcoin’s 2017 climax. Not bad for a week of work. Since then, the world has marked ten years mining — often accompanied with the thrill of major gains and subsequent fist clenching losses.

More than a year and a half later on May 22nd, 2010, a programmer named Laszlo Hanyecz was able to strike a deal trading 10,000BTC for $25 worth of Papa Johns. Hence dubbed Bitcoin Pizza Day, the day is not only significant because it marks probably the only time someone has ever spent tens of millions of dollars on a single dinner (albeit with a few leftovers), but it also marks the first real-world commercial transaction powered by Bitcoin.

Bitcoin is a fad


So far, the industry has faced its ups and downs. Every climax has been accompanied by technological breakthroughs and innovation in algorithms. Each ebb has been characterised by the lack of practical use cases, bad press, or regulation troubles.

Key points on this rollercoaster include blockchain being ignored, misunderstood, outright taboo, strictly controlled, and finally accepted, imitated, and flourishing. Where we currently lie on the journey isn’t known — but what is known, however, is that blockchain missionaries will keep pushing the word of decentralization.

At first they ignore you, then they laugh at you, then they attack you, and finally you win. — Gandhi

https://preview.redd.it/m5qddeb6f1j21.jpg?width=554&format=pjpg&auto=webp&s=59c713b9ebe35a1b62c5575977888284ee83bb34

Where in the technology are we now?


So far, there have been two concrete eras of blockchain. Dial up and fibre-optic, flip phone and that computer in your pocket — make any comparison you want, advances have been plenty.

Blockchain Era 1.0: Bitcoin


The first generation of blockchain is represented by Bitcoin. It’s currently the most well known blockchain in existence — even if someone doesn’t know what a blockchain is, odds are, they’ve heard of Bitcoin. However, the mechanism that powers Bitcoin and makes the transfer of value possible doesn’t get as much attention. Bitcoin depends on a Proof-of-Work consensus algorithm to verify blocks and mine coins. It is currently only used to transfer value from peer to peer and cannot support other uses. When you hear about someone pushing blockchain for business or personal uses, this isn’t the one.

Blockchain Era 2.0: Ethereum


The second generation of blockchain is represented by the advances made by Ethereum. From this point on, the uses of blockchain have been diversified greatly. Ethereum provided smart contracts and the EVM, which showed that applications could be linked to the blockchain. The ICO and rise of ERC20 tokens is thought to have pushed the price of BTC to an all time high of nearly 20,000USD, but still, we’re not where we need to be if blockchain is going to be a practical tool for everyone.

However, due to the increased amount of ICO’s taking place in 2017, currency bubbles, and overall attention garnered, the blockchain space caught the eye of many governments. Supervision of ICOs and various powerful regulations where put in place to control the finances going in. Advances started to cool, attention waned off, and before we knew it, the Crypto Winter was upon us.

Markets are constantly in a state of uncertainty and flux, and money is made by discounting the obvious and betting on the unexpected. — George Soros

Blockchain Era 3.0: Thank you, Next.


We find ourselves increasing TPS speeds into the tens of thousands and higher, focusing on ecological community governance, ending centralisation, and bettering the economic model for incubating various decentralised Apps.

Multiple consensus mechanisms and technical architectures have emerged, such as Proof-of-Stake and Delegated Proof-of-Stake. IOTA uses DAG directed acyclic graph architecture, NEO and Ruibo adopt Byzantine fault-tolerant consensus algorithms, and more. However, breaking through the speed bottleneck while also remaining decentralized remains an issue.

2018 gave us many “firsts” in the public chain sphere, all competing for the next round of bull market leaders — but the issues have not been solved.

At the beginning of 2018, about forty or fifty public chain projects were launched, most concentrating on DAG architecture of Sharding segmentation technology. There projects were highly anticipated by investors, but at present, nothing has come out of them, which has exacerbated the current disappointment that is the Crypto Winter. Chains still suffer from centralization, slow speeds, and no sustainable vision. The race to get to the top has left many breathing thin air, with no supplies to set up camp. Nothing to build a future on, nothing to build communities.


https://preview.redd.it/kiegke88f1j21.jpg?width=2500&format=pjpg&auto=webp&s=270f96ae87e718e2317d50523783d0384532cd8c

Bitconch: bringing the warmth of Spring to the harsh Crypto Winter


Bitconch has offered a solution to the issues still plaguing the blockchain world. The approach uses the Proof-of-Reputation (PoR) consensus algorithm in which a quantified reputation (Bit-R) is created using three dimensions — user socialization, currency holding time, and computing power contribution.

The parallel processing architecture know as BLAZE (Bitconch Ledger Access Zero-delay Extension) and a random selection of 30 to 500 verifying nodes, pushes TPS to more than 100,000, a hundred times faster than competitors.

Based on the nature of the chain, it serves as an efficient platform for combating centralization, increasing speeds, and allowing all upstanding members of the community to play an equal part — not just those who have all of the resources as seen in previous chains.

Through solving the problems holding blockchain back, Bitconch is able to provide decentralised applications with a more practical and conscientious solution.

Bitconch, Proof-of-Reputation, & BLAZE — bringing an end to the Crypto Winter.
submitted by dongchpp to BitConch [link] [comments]

A quick word about bulk cross trades (and about the Mtgox trustee crashing the market)

Some of you already know me from my previous reddit post. Today I am going to talk to you about an aspect of the crypto market that I discovered a few months ago and which continues to blow my mind on a daily basis. A market that only a few people really are familiar with, because it simply did not exist 6 months ago: Cross trades for amounts over 10k BTC (>$100m). I will explain how a buyer and a seller try to exchange OTC large quantities of crypto aginst fiat, or crypto vs crypto (e,g BTC/ETH) for large amount, in a single transaction. I thought no single individual except Satoshi possibly had more than 100k btc until I saw it with my eyes. It took me time to realize it was true. It's ironical I drafted this post way before the Mtgox Trustee decided to screw us up by unleashing its stack on the market in the most unappropriate way. As I highlighted in my previous post, bitcoin is still a very thin market and trading on exchange and not OTC is a sure way to crash the market. If you are an early bitcoin adopter and held all these years, you certainly care about the price. If you want to let the market unaffected by your exit, cross trades are the way to operate. This post might be boring to some of you, it does not intend to be funny, but to clarify how this market is operated right now, and how it should be organized.
How I got involved.
Following my reddit post, I was contacted on telegram at year end. Private chat with 2mn self distruct. A simple message: "I have a seller for 40k BTC willing to sell at 5% discount" My philosophy in life is always to give a chance to people. Even though I thought this was 99% likely to be a scam, that I had not sleept for 2 days following the inflow of messages that had buried my reddit inbox, I gave a chance to this guy; and the nightmare begun.
The problem with cross trades today.
You must be familiar with the concept of "Six degrees of separation" Anyone in the word is 6 phone calls away from any other guy. Might be Donald Trump. But it might also be Satoshi after all. Anyone knows someone who knows a bitcoin whale. In this context, if someone tells you he knows a seller, and you naïvely start looking for a buyer, what will inevitably happen is the following: You will be right in the middle of a chain of 7 introducing agents that connects a distruful seller to a distrustful buyer. 7 people who think they are entitled to a cut on the trade just for the privilege of providing the name and phone number of the next guys in the chain. All of them will picture themselves as the new Jordan Belfort, and explain to you rationaly why he diserves a bigger cut than you. Meanwhile, the deal does not progress, negociations between introducing agents go on and on endlessly, the 5% discount is completely eaten up by their greed and when eventually an informal agreement is found with everyone, the fluctuations of bitcoin has gotten either the seller or the buyer dead cold. And that's when an end party does not turn up to be ghost bid or offer in the first place, potentially wasting the time of everone involved in the transaction. Some people in the chain would also patronize you. They would claim they have settled such deals in the past and know better than you. They would even try to intimidate you to squeeze you or get you out of the chain. One guy threatened to report my company to the FINMA for alledgedly misrepresenting a trade. I have spent over a year setting up my business in the most professional way, hiring full time crypto trader, in-house lawyer, compliance officer, analyst, relationship managers. Paid hundred thousands of Swiss Francs & BTC in salaries, expenses and legal opinions to be able to legally and transparently operate according to the regulations in Switzerland, and just like this, one guy thinks he can shut me down to increase his cut ? come on. That's what a cross trade generally looks like today. The wild wild west. An emerging market full of non-professional introducing agents eager for a get-rich-quick 1% introducing fee on a crypto wealth that was created out of a long and painful hodling by the seller.
Distrustful Buyer and Distrustful Seller. One big issue with cross trades is who should show his cards first. Typically the buyer would not want to disclose his identity before the seller shows a proof of life of his wallet. I will spare you the kind of scams whereby a would-be seller replies to the request with a virus-infected video of his wallet. Similarly, legit sellers would not want to disclose their id easily before seeing a proof of funds. This problem quickly becomes a dead end when communication is not direct and information gets lost in translation within the chain of introducing agents. To solve this issue we have elaborated a neutral procedure for both parties, but I have to say I am generally on the side of the seller here. First, it is common for sellers to spread their crypto wealth behind several address for security or confidentiality reason, so showing a proof of BTC ownership for 50k BTC at once is not easy. No seller would consolidate their assets in bulk before negociations have moved to an advanced stage just to please a potential buyer they are not even sure is legit. Message signature to show proof of bitcoin wealth, as well as micro transaction from several addresses become quickly a cumbersome process. Besides, many sellers who are historic holders sometimes went in BTC early on a ideology basis, for the sake of privacy and anonymity. They have a hard time easily compromising the confidentiality they have clung to for years. This is a cutural issue that buyers fail to understand, especially so as buyers for this size generally are financial institutions, late to the game, coming from a world where confidentiality towards governement was given up centuries ago.
Buyers are impatient, they are used to quick deals on financial markets, settled bank to bank. Sometimes I can feel they have a old generation mindset. A legit buyer came to me looking to buy 40k BTC, just because his (well known) company, which is involved in commodity trading, could afford to pay for it. He was talking to me in CAPS LOCK on SMS, quickly started to insult everyone in the chain, asking to talk in direct to the seller, bargaining my fee despite me showing a full 5% discount. When you do not know a market and its specificities, you don't see the opportunities. After weeks of work on that trade, being treated of miserable broker by this guy who was so full of himself was hard to swallow on my end. I am active in the finance industry at an institutional level for more than 15years, just because on that trade I offer liquidity in bitcoin does not make me less legit than if I was brokering on other another market.
5% discount really ? Most of the deals I have seen over the last 3 months involved the seller showing a discount from 5% to 8%. It does make sense when you think about it. Liquidity in fiat is scarce for such amount. Cashing out could take weeks. Even through OTC desks like cumberlandmining, selling btc for tranches over $1m widens the spread as you wipe out their order book. The privilege of selling so many bitcoins in just a single transaction, makes it worth it to accept getting rid of them at a 5% discount.
Another reason why a discount is a common thing is because of the amazing BTC price increase over the last years. What is 5% when you have increased your asset by 20000% in 5 Years in $ terms. Still 5% discount is an effort from the seller and at least should pay for the privilege to show your cards in second not first.
Traditionally the discount comes from the seller, however beginning of February this year, when Bitcoin crashed from its top of $20k a piece to $6-8k an interesting dynamic happened. A buyer came to me and he was fine paying a premium on the price since he was in a rush to close the deal at this attractive price. This is a real market. Premium/discount should vary dynamically depending not only on market prices but also on the eagerness of either party to close the transaction. I might be hated within the industry for saying this but if you are a seller, do not get intimidated. Do not get talked into showing a discount as if it were natural. Anything above 5% discount is abusive to me.
Similarly, a buyer bargaining endlessly to trade at a 2% discount is a joke. Volatitlity is the very nature of crypto. Arguably, saving 2% on a $400m trades saves some decent money. But if you fix the price at 4pm, bitcoin can trade 2% away at 4.01 pm anyway. If you are really willing to buy such a large amount of crypto, at least try to understand the market. Also, be commited. If during the negociations, the typical price movements get you cold I might blacklist you as a time waster. Remember that your counterparty, the seller, has probably been holding for years, and during this time he had the market moved against him by more than 80% from the top. In this context, the seller will disregard your bid and won't take you seriously if you start bargaining for 2% discount.
The economic rational of cross-trades and the philosophical issue My personal opinion is that direct cross trades should be settled at market though a predetermined fixing date & time agreed contractually, based on a reference website price like blockchain.info or coinmarketcap for greater transparency. The escrow or financial intermediary in between should not take more than 1% flat of the trade to be split 50-50 by both parties. Then it becomes rational to trade in block for everyone, as it is actually cheaper and quicker than trading in tranches of $1m btc equivalent on Genesis. 0.5% for each leg on trades of 50k btc, that's what my company does when I have selling and buying interest I can match. It is a price no one can compete with. Now, because it is a young market and so many introducing agents are typically involved in connecting buyers and sellers, the anarchy prevails. But I can tell you already from experience what will happen soon: Goldman will enter the market, they will open their crypto desk and they will try to crush everyone. Buyers will rush to trade there because hey, it's Goldman Sachs, and sellers who actually hate the banking industry will have no choice but to hand over their BTC to an investment bank if they want to sell in bulk. Sad, but true.
Cross trades would make Satoshi cry out from his grave in its current form: Crypto was created to exchange peer to peer, without midlemen of financial intermediation. Bulk cross trades right now involve several layers of intermediraies. Besides, it is currently a mecanisme that transfers the wealth from miners and early adopters to the hands of financial institutions. Most of the buyers I have seen in all these trades were financial institutions or banks. It's not a surprise for this amount. There were some individuals amoung the buyers: late comers rich sheiks or rich families from Emerging Markets. But generally speaking it was the financial world buying bitcoin. Shockingly, I can even reveal a central bank was involved in a very large block trade. When all the banks will have acquired bitcoin, the same thing will happen to this market as what happened to gold. The price will be manipulated. Having gold in collateral, banks like JP Morgan were able to neutralize the price by shorting the futures safely. For each ounce of physical gold now, you have 400 ounces of paper gold in existence. Physical gold is only $8 trillion market cap, so it can be manipulated easily. Unfortunnately, the same might happen to bitcoin when the transfer from individuals to financial institutions is complete. I do not judge what's happening right now, I just feel a little sad about it. I have banks willing to buy in my book. I have hedge funds. I try to execute in the most professional way. And if I close a trade after working so hard, I am happy. The buyer and seller are happy because the trade was cheap and fast, and somehow I have modestly contributed a little more, at my level, to global adoption. I know you guys do not like this theme but some banks entering the crypto scene is a way for us to introduce our trojan horse: Adoption is closer than it ever was before. At the end of the day, Goldman might open a crypto desk, they will certainly get the buyers, but I doubt they will get the sellers so easily. A lot of sellers are still ideologically oriented and biased negatively towards banks, and fortunately they still prefer to deal with crypto intermediaries like my company than with a bank.
KYC...KYC is mandatory. So let me get this straight: If you intend to make a 40k BTC deal (>$400m) without showing a passport, think again. It won't work. If you are not willing to show it to a Swiss regulated entity, bound by banking secrecy laws, then you will never show it to anyone, and you will never do the trade. Besides, if you are not ready to give me information about you, and I can't draft your kyc for my records, I cannot include you in my book and show your interest to other counterparties. It means that even if you are legit and can proof ownership over 40k BTC, I will not show your offer to a potential buyer because I cannot certify you are AML compliant. Same thing for buyers: You are an asset manager and you claim you have a buyer for $400m, but you have no power of attorney nor are willing to disclose the kyc and Id of your buyer, then I am not interested. I only deal in direct. I would share revenue with you and would consider you as an introducing agent obviously, but I want to deal in direct with the end party. If I don't know the end client, how will I be able to show any legitimacy to a potential seller ? In any case, kyc is the first mandatory step for a X-trade. I would keep the info confidential, but I badly need it. I am audited, and anyway nowadays it has become impossible to transit fiat in the banking system without establishing and documenting an extensive profile and full paper trail for any client. As a financial intermediary subject to Swiss Anti-Money Laundering Act, we shall be provided with extensive KYC information relating to the buyer and the seller. It protects everyone in the trade, not just us.
*kyc for seller.
The kyc for the seller is the most difficult to write. I will refer you to my reddit post where I explain in detail what's needed. If we meet physically, and you collaborate on every aspect of your story, the documentation for your kyc can be done in half a day and the drafting would take another couple of days. What takes longer is the account opening. If you sell 40k BTC, you do need an account that will not freeze the money after execution. This is something I can provide, but account opening can take up to 4 weeks in Switzerland, even with a crypto friendly bank like the ones I work with. You have to start the account opening process early before we start negociations with prospective buyers. Besides we will need an extract from your wallet to run services like elliptic.co, chainanalysis.com or scorechain.com
*kyc for buyer
As I said, buyers for this kind of amounts are generally financial institutions. If you are a bank or a hedge fund I need: Shareholding structure Regulatory status from your financial supervision authority Trade registry extract with authorized signatories list Bylaws Board resolution to show the intention to buy X btc, and formally authorizing the signatories of the contract to represent the bank in this context ID, CV,and proof of Address of the representative appointed by the board resolution. Proof of funds.
If you are an individual: Copy of the passport CV, name, surname, date of birth, address, country of residence, professional activity proof of residence, and explain to me how in the world you are able to buy half a billion USD of bitcoin in one shot. If you want to buy for $10m "only" ;) it is the same, I need to understand your background and source of wealth. Also tell me where the funds will be wired from (Bank, country, city of provenance) ., so I can liaise with your bank officer.
*kyc for the introducing agent. just because you introduce me to a bitcoin whale or to a large buyer won't save you from a kyc sorry guys. pm me to see what's needed.
the procedure and the solution After failing consistently to close block trades for over a month, I realized something was wrong- Buyers and sellers of bulk trades all have their own procedure, which has been generally drafted to their advantage, in detriment to the other party. One seller would insist for instance to install bitcoin core on the buyer's computer; the buyer couldn't care less.
There are two ways to solve the problem: 1.the first solution is what actors like Jonathan De Rin and his group, Nordic partneSatoshi trading have adopted. They would force their way up the chain of intermediaries to try to take control over all introducing agents, connect the buyer and seller in direct, and re-structure the deal holistically rather being confined in the russian doll problematics of layers of introducers. It is agressive, requires a lot of nogociation and bargaining, but could work. The problem with this approach is that it only solves part of the solution: when buyer and sellers are eventually connected they can decide to squeeze everyone in the chain. you generally need an escrow account to settle the transaction. setting up an escrow for a crypto transaction is not so easy and takes time. Unlike the buyer, the seller often has no connection to the finance industry so he would have to rely on the buyer for the escrow set up: At that point the seller would be giving his counterparty more power, or he would need to involve a lawer who would take an additional cut. Besides, an escrow account belongs to both the buyer and the seller. Both of them are the beneficial owners. Let's be honnest, because of price fluctuations, the deal can fail at any time before execution. So once you have set up two escrows for nothing the bank will be nervous and will never want to do business with you again. Setting up a escrow costs about 0,25% of the amount of the trade. But as usual some banks and lawyers will try to benefit from the situation and try to ask for way above than 1% for the set up ( Abusive, once again)
2.our solution is different. We do not act as traditional intermediary. We are the direct counterparty to the buyer and the seller. It changes everything: We build a book of interests so we are ready to pull the trigger when another leg arrives to the party. Buyers and sellers don't need to be connected directly. A seller could be selling against 3 different buyers in a real OTC way. When the funds arrive on our corporate account/wallet we become the beneficial owner of the funds. This model is backed by strong legal opinion drafted by Pr. Bahar from Bär karrer, an expert in Switzerland, it was validated by VQF our SRO, and approved by the Finma. Sellers and buyers get comfort from the fact we are regulated. If the deal fails we return the fiat. similarly if a buyers vanishes, we return the crypto to the seller. Funds transit and clear properly through a Swiss Private Bank. We give a dedicated IBAN for each buyer, even though all your funds are belong to us, during the deal. it's all agreed by contract. From a contractual viewpoint, we would simultaneously sign a purchase agreement with the seller and a sale agreement with the buyer, both contracts being subject to the delivery of the cryptocurrencies, respectively the official currencies (ie. If one party fails to deliver in the predetermined deadline, the deal would fail and any paid amount reimbursed) It's a mystery to me why Genesis or other OTC desks focus only on tranches between 50 and 100btc and do not facilitate large trades. My fee is the same, whether you trade 100btc through my company or 10k btc, I do not increase the spread. 1% for each block trade, 0.5% for each party. Quite cheap. Dealing as a direct counterparty to the seller and buyer gives us the power to close the trade swiftly, because when the end party asks "show me your funds, if you want me to believe you", we can go ahead and show proof of life of wallet or proof of funds. our limitation is we cannot park cash for more than 60 days because of Swiss laws on public deposit for non-bank. Fortunately such trade settle in less than 60days. If you fly to Geneva to do your kyc, chances are the other party will be in the next desk, doing the same. And we might probably be able to settle the next day.
here is our procedure:
  1. KYC checks and NDA signed with business introducers;
  2. Business introducers disclose the identities of the buyer and the seller;
  3. We perform a full KYC check on both buyer and seller, including a physical meeting with both parties preferably at our office in Geneva (or travel expenses at the charge of the party to be met);
  4. The seller provides us with (i) a wallet extract so the balance in BTC can be checked and address can be scanned through dedicated forensics services, (ii) a proof of ownership of the wallet (message signature or micro transaction), and (iii) any KYC/AML information required in relation to the origin of the BTC;
  5. The buyer provides us with a proof of funds and any KYC/AML information required in relation to the origin of the funds;
  6. Once the buyer and the seller are cleared, we discuss with both side to fix the price for the BTC and any other specific conditions;
  7. Simultaneously, we makes sure that (i) the seller has a bank account where the proceeds of the transaction can be transferred and (ii) the buyer has a wallet where the purchased BTC can be transferred;
  8. Purchase and sale agreement stating the number of BTC and the applicable price as well as fees are entered into between our company and the buyer, respectively the seller;
  9. Business Introducer Agreements are entered into between our company and the parties introducing the buyer and the seller;
  10. Transfer of the BTC to our company's wallet;
  11. Once the BTC are received, transfer of the payment to our companie’s bank account;
  12. Once the payment is received, transfer of the BTC to the buyer and the payment to the seller, less 1% of each leg if the deal involves business introducers, 0.5% if the deal is in direct.
Regarding the involvement of business introducers, we suggest them to sign a “Business Introducer Agreement” in relation to the leg of the deal they introduce to us. Specific conditions such as a premium or a discount negotiated by the business introducer will be reflected in the Purchase and/or the Sale Agreement between our company and the buyer respectively the seller so all the parties have a clear and transparent view of the deal. In this context, the business introducers’ cut will be adapted accordingly, our company will not claim any of the special discount/premium negotiated. we do not want to be greedy. We just want to make some trades and as said earlier, we prefer to deal in direct with end buyeseller.
Bulk trade of Altcoins. At the moment BTC/Fiat is the main market for block trades. However, I had a specific request for BTC/ETH for a very large amount and also IOTA/BTC. If you are looking to buy IOTA in bulk, please contact me on pm. As long as atomic swaps have not avanced to the next level, cross trades of Altcoins might be needed, and they should be operated through transit wallets, in a similar way as what I described above.
bottom line Again, it's a crazy long post. Sorry if I sounded doctrinal. I have spent countless hours on deals that went nowhere, and had a lot on my chest. Bitcoin is a fascinating market. Now that some deals are closing, and central banks are getting involved in crypto very discretly, I thought a clarification post was needed. If you are a large crypto holder, interested in such transactions, then please contact me on telegram or signal @swisspb. I will try to make it work for you. If you are Mtgox trustee, I know you dont care about where bitcoin is headed. you just want to get rid of it asap. Please consider cross trades, for the sake of all the people you are representing in this trade. They have suffered goxing 1.0 and don't want to be involved in goxing 2.0 just because you do not know how to execute!
Cheers, @ swisspb on telegram
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US CRYPTO REGULATIONS SOON Steve Mnuchin Trump IMF - Binance US & BRD XRP - Bitcoin Miner Stock Up Bitcoin Regulation in the US -- July 2015 Bitcoin: Regulators Are Circling Bitcoin Report Volume 47 (CFTC FUD) Regulation And Bitcoin

US regulators eye Bitcoin supervision. May 07. From: Financial Times. By Tracy Alloway, Gregory Meyer and Stephen Foley in New York . Senior officials at a top US financial regulator are discussing whether Bitcoin, the controversial cyber-currency, might fall under their regulatory remit. Bitcoin “is for sure something we need to explore”, Bart Chilton, one of the five commissioners at the ... US regulators eye Bitcoin supervision. by homment 07.05.2013 Views: 179 . As The FT reports, CFTC's Bart Chilton notes "it's not monopoly money - real people have real risk in these instruments," and that regulating the controversial cyber-currency "is sure something [CFTC] needs to explore." Chilton's remit to regulate this "shadow currency" is predicated on it becoming a basis for ... limit my search to r/Bitcoin. use the following search parameters to narrow your results: subreddit:subreddit find submissions in "subreddit" author:username find submissions by "username" site:example.com find submissions from "example.com" url:text search for "text" in url selftext:text search for "text" in self post contents self:yes (or self:no) include (or exclude) self posts nsfw:yes (or ... Roger Ver, founder of Bitcoinstore.com and an angel investor in Bitcoin start-ups, said that he knew of some entrepreneurs who had moved to Panama to explore setting up operations outside of the US. "Even if US regulations make it hard for Bitcoin businesses to operate in the US, that doesn't mean it will make it difficult for people to use Bitcoin as a currency in the US. Roger Ver, founder of Bitcoinstore.com and an angel investor in Bitcoin start-ups, said that he knew of some entrepreneurs who had moved to Panama to explore setting up operations outside of the US. "Even if US regulations make it hard for Bitcoin businesses to operate in the US, that doesn't mean it will make it difficult for people to use Bitcoin as a currency in the US.

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US CRYPTO REGULATIONS SOON Steve Mnuchin Trump IMF - Binance US & BRD XRP - Bitcoin Miner Stock Up

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