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Putting $400M of Bitcoin on your company balance sheet

Also posted on my blog as usual. Read it there if you can, there are footnotes and inlined plots.
A couple of months ago, MicroStrategy (MSTR) had a spare $400M of cash which it decided to shift to Bitcoin (BTC).
Today we'll discuss in excrutiating detail why this is not a good idea.
When a company has a pile of spare money it doesn't know what to do with, it'll normally do buybacks or start paying dividends. That gives the money back to the shareholders, and from an economic perspective the money can get better invested in other more promising companies. If you have a huge pile of of cash, you probably should be doing other things than leave it in a bank account to gather dust.
However, this statement from MicroStrategy CEO Michael Saylor exists to make it clear he's buying into BTC for all the wrong reasons:
“This is not a speculation, nor is it a hedge. This was a deliberate corporate strategy to adopt a bitcoin standard.”
Let's unpack it and jump into the economics Bitcoin:

Is Bitcoin money?

No.
Or rather BTC doesn't act as money and there's no serious future path for BTC to become a form of money. Let's go back to basics. There are 3 main economic problems money solves:
1. Medium of Exchange. Before money we had to barter, which led to the double coincidence of wants problem. When everyone accepts the same money you can buy something from someone even if they don't like the stuff you own.
As a medium of exchange, BTC is not good. There are significant transaction fees and transaction waiting times built-in to BTC and these worsen the more popular BTC get.
You can test BTC's usefulness as a medium of exchange for yourself right now: try to order a pizza or to buy a random item with BTC. How many additional hurdles do you have to go through? How many fewer options do you have than if you used a regular currency? How much overhead (time, fees) is there?
2. Unit of Account. A unit of account is what you compare the value of objects against. We denominate BTC in terms of how many USD they're worth, so BTC is a unit of account presently. We can say it's because of lack of adoption, but really it's also because the market value of BTC is so volatile.
If I buy a $1000 table today or in 2017, it's roughly a $1000 table. We can't say that a 0.4BTC table was a 0.4BTC table in 2017. We'll expand on this in the next point:
3. Store of Value. When you create economic value, you don't want to be forced to use up the value you created right away.
For instance, if I fix your washing machine and you pay me in avocados, I'd be annoyed. I'd have to consume my payment before it becomes brown, squishy and disgusting. Avocado fruit is not good money because avocadoes loses value very fast.
On the other hand, well-run currencies like the USD, GBP, CAD, EUR, etc. all lose their value at a low and most importantly fairly predictible rate. Let's look at the chart of the USD against BTC
While the dollar loses value at a predictible rate, BTC is all over the place, which is bad.
One important use money is to write loan contracts. Loans are great. They let people spend now against their future potential earnings, so they can buy houses or start businesses without first saving up for a decade. Loans are good for the economy.
If you want to sign something that says "I owe you this much for that much time" then you need to be able to roughly predict the value of the debt in at the point in time where it's due.
Otherwise you'll have a hard time pricing the risk of the loan effectively. This means that you need to charge higher interests. The risk of making a loan in BTC needs to be priced into the interest of a BTC-denominated loan, which means much higher interest rates. High interests on loans are bad, because buying houses and starting businesses are good things.

BTC has a fixed supply, so these problems are built in

Some people think that going back to a standard where our money was denominated by a stock of gold (the Gold Standard) would solve economic problems. This is nonsense.
Having control over supply of your currency is a good thing, as long as it's well run.
See here
Remember that what is desirable is low variance in the value, not the value itself. When there are wild fluctuations in value, it's hard for money to do its job well.
Since the 1970s, the USD has been a fiat money with no intrinsic value. This means we control the supply of money.
Let's look at a classic poorly drawn econ101 graph
The market price for USD is where supply meets demand. The problem with a currency based on an item whose supply is fixed is that the price will necessarily fluctuate in response to changes in demand.
Imagine, if you will, that a pandemic strikes and that the demand for currency takes a sharp drop. The US imports less, people don't buy anything anymore, etc. If you can't print money, you get deflation, which is worsens everything. On the other hand, if you can make the money printers go brrrr you can stabilize the price
Having your currency be based on a fixed supply isn't just bad because in/deflation is hard to control.
It's also a national security risk...
The story of the guy who crashed gold prices in North Africa
In the 1200s, Mansa Munsa, the emperor of the Mali, was rich and a devout Muslim and wanted everyone to know it. So he embarked on a pilgrimage to make it rain all the way to Mecca.
He in fact made it rain so hard he increased the overall supply of gold and unintentionally crashed gold prices in Cairo by 20%, wreaking an economic havoc in North Africa that lasted a decade.
This story is fun, the larger point that having your inflation be at the mercy of foreign nations is an undesirable attribute in any currency. The US likes to call some countries currency manipulators, but this problem would be serious under a gold standard.

Currencies are based on trust

Since the USD is based on nothing except the US government's word, how can we trust USD not to be mismanaged?
The answer is that you can probably trust the fed until political stooges get put in place. Currently, the US's central bank managing the USD, the Federal Reserve (the Fed for friends & family), has administrative authority. The fed can say "no" to dumb requests from the president.
People who have no idea what the fed does like to chant "audit the fed", but the fed is already one of the best audited US federal entities. The transcripts of all their meetings are out in the open. As is their balance sheet, what they plan to do and why. If the US should audit anything it's the Department of Defense which operates without any accounting at all.
It's easy to see when a central bank will go rogue: it's when political yes-men are elected to the board.
For example, before printing themselves into hyperinflation, the Venezuelan president appointed a sociologist who publicly stated “Inflation does not exist in real life” and instead is a made up capitalist lie. Note what happened mere months after his gaining control over the Venezuelan currency
This is a key policy. One paper I really like, Sargent (1984) "The end of 4 big inflations" states:
The essential measures that ended hyperinflation in each of Germany,Austria, Hungary, and Poland were, first, the creation of an independentcentral bank that was legally committed to refuse the government'sdemand or additional unsecured credit and, second, a simultaneousalteration in the fiscal policy regime.
In english: *hyperinflation stops when the central bank can say "no" to the government."
The US Fed, like other well good central banks, is run by a bunch of nerds. When it prints money, even as aggressively as it has it does so for good reasons. You can see why they started printing on March 15th as the COVID lockdowns started:
The Federal Reserve is prepared to use its full range of tools to support the flow of credit to households and businesses and thereby promote its maximum employment and price stability goals.
In english: We're going to keep printing and lowering rates until jobs are back and inflation is under control. If we print until the sun is blotted out, we'll print in the shade.

BTC is not gold

Gold is a good asset for doomsday-preppers. If society crashes, gold will still have value.
How do we know that?
Gold has held value throughout multiple historic catastrophes over thousands of years. It had value before and after the Bronze Age Collapse, the Fall of the Western Roman Empire and Gengis Khan being Gengis Khan.
Even if you erased humanity and started over, the new humans would still find gold to be economically valuable. When Europeans d̶i̶s̶c̶o̶v̶e̶r̶e̶d̶ c̶o̶n̶q̶u̶e̶r̶e̶d̶ g̶e̶n̶o̶c̶i̶d̶e̶d̶ went to America, they found gold to be an important item over there too. This is about equivalent to finding humans on Alpha-Centauri and learning that they think gold is a good store of value as well.
Some people are puzzled at this: we don't even use gold for much! But it has great properties:
First, gold is hard to fake and impossible to manufacture. This makes it good to ascertain payment.
Second, gold doesnt react to oxygen, so it doesn't rust or tarnish. So it keeps value over time unlike most other materials.
Last, gold is pretty. This might sound frivolous, and you may not like it, but jewelry has actual value to humans.
It's no coincidence if you look at a list of the wealthiest families, a large number of them trade in luxury goods.
To paraphrase Veblen humans have a profound desire to signal social status, for the same reason peacocks have unwieldy tails. Gold is a great way to achieve that.
On the other hand, BTC lacks all these attributes. Its value is largely based on common perception of value. There are a few fundamental drivers of demand:
Apart from these, it's hard to argue that BTC will retain value throughout some sort of economic catastrophe.

BTC is really risky

One last statement from Michael Saylor I take offense to is this:
“We feel pretty confident that Bitcoin is less risky than holding cash, less risky than holding gold,” MicroStrategy CEO said in an interview
"BTC is less risky than holding cash or gold long term" is nonsense. We saw before that BTC is more volatile on face value, and that as long as the Fed isn't run by spider monkeys stacked in a trench coat, the inflation is likely to be within reasonable bounds.
But on top of this, BTC has Abrupt downside risks that normal currencies don't. Let's imagine a few:

Blockchain solutions are fundamentally inefficient

Blockchain was a genius idea. I still marvel at the initial white paper which is a great mix of economics and computer science.
That said, blockchain solutions make large tradeoffs in design because they assume almost no trust between parties. This leads to intentionally wasteful designs on a massive scale.
The main problem is that all transactions have to be validated by expensive computational operations and double checked by multiple parties. This means waste:
Many design problems can be mitigated by various improvements over BTC, but it remains that a simple database always works better than a blockchain if you can trust the parties to the transaction.
submitted by VodkaHaze to badeconomics [link] [comments]

How To Use The Bitcoin Calculator App

How To Use The Bitcoin Calculator App

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Visit us at https://bitcoincalculator.org
Use this bitcoin calculator to find out exactly how much your bitcoin is worth in any of the supported global currencies, using accurate, up-to-date exchange rates.
Get real-time and historical trends in the BTC value for your selected currency and easily perform any of the following currency conversions:

- BTC to USD
- BTC to AUD
- BTC to BRL
- BTC to CAD
- BTC to CHF
- BTC to CLP
- BTC to CNY
- BTC to DKK
- BTC to EUR
- BTC to GBP
- BTC to HKD
- BTC to INR
- BTC to ISK
- BTC to JPY
- BTC to KRW
- BTC to NZD
- BTC to PLN
- BTC to RUB
- BTC to SEK
- BTC to THB
- BTC to TRY
- BTC to TWD

Sign up to any of our recommended bitcoin exchanges to start buying and selling BTC today.
Features:
- Backed by real-time price data and interactive charts
- Total circulating BTC
- Market capitalization
- Daily trade volume
- Easy access to your favorite exchanges
submitted by seoexpertdipum0 to u/seoexpertdipum0 [link] [comments]

Large-scale updates of Tkeycoin. What’s next? — listing on the crypto exchange. Are you with us?

Large-scale updates of Tkeycoin. What’s next? — listing on the crypto exchange. Are you with us?

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Hello, everyone, It’s been a long time since you heard our team, someone thought we were gone, someone was waiting, and someone disappeared himself.
All this time we have worked hard to bring you good news. We will tell you what we have prepared for you, what events will be soon, what you can use right now and what else will be new in the year. And so, let’s go!

Preparing for listing on the exchange

The pandemic period played into the hands of the entire team and we managed to build beauty in our services. In anticipation of the exchange, the team tidied up the sites and services and connected new tools. First of all, we paid attention to the preparation of all services for a foreign audience, taking into account its mentality.
New sections, localizations, nice things, and much more to ensure the most efficient use of the TKEY resource. In addition to the new tabs, the services that we will talk about in this material, there is a special page for representatives of the exchange with the necessary documentation for listing — https://tkeycoin.com/en/documentation/.

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Full localization

Already today the official website tkeycoin.com available in 5 languages: Russian, English, Korean, Chinese (Simplified), Chinese (Traditional).

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We made adjustments to the Russian and English versions of the site, including support for Korean and Chinese for each section of the site. Professionals in their field, native speakers translated and adapted the information as it should be, and we, in turn, structured and framed it properly. So welcome!

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We will update language support for the site, and soon it will include support for all languages that are available in the mobile app.

QR Codes for Asian Audience


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Our friends and residents of Asian countries actively use QR codes in their lives, both when paying in stores and when working with websites. QR codes are used almost everywhere when renting a car or bike, we just open the phone, scan and the mode of transport becomes available for use, anything is available for rent, even a battery, even an umbrella.
“It was a hot May day. Seven-year-old Wang Jiaozui came out of school and saw his grandfather, who came to pick him up. He was standing in the sun, and his shirt was soaked with sweat. Jiaozui invited the grandfather to buy a cold Cola in the shop, but he forgot her purse at home. It turned out that this is not important — the boy took his grandfather’s smartphone and called the payment app with a QR code on the screen.” ©
What to say if QR codes are used even to identify entire farms. By pasting QR codes on farm buildings and then scanning them, government inspectors can quickly figure out who owns the building and whether its owners are violating any laws.

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We must be on the trend! Now a special library generates QR codes for the desired page, any tab on the site tkeycoin.com in Chinese and Korean-accompanied by a QR code that leads to the requested page: fast, convenient, and simple.
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Providing this opportunity to our colleagues and future users of Tkeycoin from Asia is a friendly approach and most importantly, a strategic step on our part. After implementing QR codes, we are undoubtedly drawn into the convenience of this function, which we recommend to You:) If you like it, we will make QR codes on the Russian and English versions of the site.

Buying and withdrawing cryptocurrency to a Bankcard


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On the site, you can now buy Bitcoin for pound, dollars, euro, and any other currency. This is a powerful automated service for instant exchange of fiat currencies for cryptocurrencies. The system works around the clock and seven days a week, allowing everyone to conduct exchanges at any time of the day and in the shortest possible time.
Withdrawal to a Bank card will be available until the end of the month, we finish the details, the page is available now, and the withdrawal itself will be activated during this week. You can buy Bitcoin, Ethereum, or any other currency right now.

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These features are the future for the function of purchasing any product or service for TKEY at any point of sale, which will form the basis of the mobile app, quickly, conveniently, and most importantly, observing the letter of the law.
All we do is build an Empire that is being built before your eyes. Every service and product is connected, so any update promises the appearance of even more cool and effective features than before.

Buying cryptocurrency for pound, dollars, euros, and other currencies

At the end of February, we told you that we are working on building a payment service that will include the provision of services: buy cryptocurrencies, sell a cryptocurrency, withdraw cryptocurrency to Bank cards, etc.
This day has come, now you can buy Bitcoin (BTC), Ethereum (ETH), Tether USDT, Basic Attention Token (BAT), Algorand (ALGO), Tron (TRX), OKB (Token Okex.com).

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The purchase is available in any currency: Russian ruble, US Dollar, Euro, British pound, Ukrainian hryvnia, Indonesian rupiah, South Korean won, Japanese yen, Turkish Lira, Argentine peso.
As you can see, the currency corridors are quite extensive, which allows you to make exchanges fast and at a favorable rate. Just choose the right pair to exchange or buy, available fiat currencies: RUB, USD, EUR, GBP, UAH, IDR, KRW, JPY, TRY, ARS, available cryptocurrencies: BTC, ETH, BAT, USDT, ALGO, TRX, OKB.
Even if this wide list does not include the currency you want to buy, such as Bitcoin or USDT, it’s okay — the service will automatically convert your currency into the payment currency and the Bank will make the exchange. Exchanges take place within 1–3 minutes, it is enough to pass quick verification once, which allows you to work with a volume of > 15,000 euros per month.

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Exchange of cryptocurrencies for pound, dollars, euros, and withdrawal of Bankcard

In addition to the fact that you can now easily buy a cryptocurrency for fiat currencies, pound, dollars or any other, during this week we will finish work on the withdrawal to a Bank card and you can easily withdraw your profit to the card, the most important thing is that this is a completely legal method, and all operations pass through banks and jurisdictions where work with digital assets is legalized.
This means that when you buy or make a withdrawal to the card, you get legal funds that are credited to you by the Bank or payment system.
If you are used to working with effective tools that work in a new way, or rather correctly and legally, then this service is for you. Fast crediting, easy exchange, a large selection of currency pairs, that’s what the company is betting on.
We work with the most reliable third-party partners to make your cryptocurrency process easy and convenient, and most importantly safe for You. The service supports plastic and virtual Bank cards VISA, MasterCard, MIR, and other payment systems for fast payment processing.

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On the exchange page, you can choose any currency pair to exchange in the opposite direction, for example, GBP to BTC or USD to BTC. Choose a suitable pair for exchange, available fiat currencies: RUB, USD, EUR, GBP, UAH, IDR, KRW, JPY, TRY, ARS, available cryptocurrencies for exchange: BTC, ETH, BAT, USDT, ALGO, TRX, OKB.
How it works
When buying cryptocurrency for the first time, your Bank reserves (holds) the requested amount, then this amount is transferred to the authorization waiting state. As soon as the Bank freezes the fiat funds, the service fixes the exchange rate at the time of creating the application, reserves the cryptocurrency, and provides you with 30–40 minutes to complete verification. After successful verification, the service charges cryptocurrency to the wallet.

Quick verification

Verification takes 2–3 minutes and requires only one time to perform operations every day. The “Know Your Customer” (KYC) procedure is necessary to exchange cryptocurrencies for fiat currencies.

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As you understand, you need to pass verification 1 time, regardless of whether you withdraw funds or buy currency, after passing verification, all services are available to You without any further confirmation.

New currency

Support for other currencies, including TKEY, will be added gradually and highlighted through service updates. As for the TKEY exchange, it will become available in exchange services after listing on the exchange. Listing on an exchange allows you to automate the exchange process, link the necessary services, and most importantly, the exchange provides liquidity, which is key when we talk about exchanging for a particular currency.
We will tell you more about the operation of the service and its advantages, chips, in a separate material dedicated to the withdrawal and purchase of cryptocurrencies for fiat currencies, as well as touch on various banking issues and tell you how you can combine the SWAP service for more efficient exchange and withdrawal to the card.

Charitable activity

By making an exchange or purchase of cryptocurrency, you help children and people who need our help. We deduct 0.1% of the profit from each transaction to charity funds.
This is the fastest and most comfortable way of charity, which allows you to bring together people who are not indifferent to other people’s problems. TKEY enables people to do good deeds, and the resulting turnover profit of 0.1% is sent to charity funds every month. Together with You, we create new opportunities for people in need who need help — “Big things have small beginnings”.
How does it work?
You have made an exchange or purchase operation, the company has accumulated the volume of these operations for a month->the company has chosen a charity Fund->sent funds to the charity Fund’s account. Priority charity funds are children’s aid funds. You can always suggest a candidate for a particular Fund by sending a message to [[email protected]](mailto:[email protected]).
Why do we write Funds and not a Fund?
This is the first launch of the service, so depending on the monthly volume, we will focus on distributing funds to one charity or several. For example, if we have accumulated $ 10,000, we can distribute $ 5,000 to 2 funds. if we have accumulated $ 100, it is logical that we will only send this amount to 1 Fund. With the development of the service, we will be able to focus on several funds, which we will actively help due to the received volume.

New sections, improvements for existing services

Menu logic and site structure

The menu logic has been revised. now more items are available on the menu and they are divided into sections. Navigation through the sections has become much easier and more convenient. for some sections, QR codes are available for Russian and English-speaking audiences, and for representatives of Asian countries, all sections are available by QR code.

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TKEYSPACE Promo Page

New blocks were added, the entire page was fully localized and is available in Chinese, Korean, English and Russian, and QR codes were added for easy navigation for the Asian audience.

Documentation for the exchange

We have already mentioned that there is a section for exchanges with the necessary documentation for listing, now it is available in English. In the next updates, it will be translated into Russian, Chinese (Traditional and Simplified), and Korean.

Market Data (Coin Data)

The market data section has been optimized for mobile apps. Charts are expanded and optimized page borders for most mobile devices, and you can search for cryptocurrencies and tokens that interest you.

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FAQ

Added answers to frequently asked questions in various sections of the site, You can find the information directly on the section page, for example, TKEY-QT, SWAP or Core. Right on the page there is a FAQ section, in which we disclose answers to questions, for example: How are You going to solve the scalability problem, or why did you choose Phoenix as the logo and symbol of the project, or how do you exchange cryptocurrency for pound or dollars? As you can see, you can get answers to different questions, depending on the topic of the site section.

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Footer

For convenience, the site’s footer has been expanded and new sections (quick tabs) are included, which are also available in the QR-code format. In addition to various details, the footer is now accompanied by the company’s coat of arms — the Phoenix, which is the symbol of the entire community, the Phoenix Alliance.

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Page 404

Added page 404, which is also an integral part of the site. now when you go to a non-existent site page, all the necessary menu items are fully available to us, which will quickly Orient You and direct you to the desired section.

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What is waiting for us in the nearest future?

In addition to various improvements, connecting services, our team has been working every day on other main areas of the Tkeycoin project, which are already being prepared for the next release and we will tell you what updates, what plans, events, and what else will be interesting this year.

Online conference with management

An online conference in question-answer format will be organized. The main task of the conference, in addition to questions and answers, is to discuss plans, talk about new directions, touch on issues of legislation, and analyze current issues of users.
The online meeting format will allow you to get feedback and discuss a large number of issues in a short time. Questions related to technical support and other questions that can be answered through the administration will not be discussed.
The meeting involves the development, constructive, and suggestions from users for further development of the Tkeycoin project. If you are interested in participating in the conference, you can also make business proposals during it, please use the time to your advantage. We work for you.

New content: reports, new categories, useful information

Based on user feedback, we introduce new categories to our content plan:
Reports This section will be accompanied by information about the work done by the team for the month, the format of submission — abstracts, highlights. This format will help establish feedback between users and developers.
Question-answer
In addition to the content that we produce ourselves, users have questions that arise during the process of working with the project’s services, as well as during interaction with the project itself. To avoid making guesses and making up stories, we have introduced the question-answer category.
Users ask questions in comments, and the company prepares answers based on the questions and they are published in the post. Depending on the number of questions, the post generates all the answers, or the post is divided into parts if the number of questions for the past period was the largest. In addition to asking questions, you can make suggestions to the project, for example, about new features or directions.
This format also builds feedback and helps to improve all services. the most important thing is that it can not only help us but also you, as the offer and questions will help you focus on the tasks that the end-user wants to see.

TKEY-POOL (Tkeycoin pool)

We are completing the work and debugging of the official pool for Tkeycoin, this is a completely new approach for mining Tkeycoin. The pool will feature higher performance and stable architecture, a light interface, and objective commissions.
A pool is a highly loaded system that works 24/7/365, it turns out that such a product hides a sufficient number of lines of code and, most importantly, is built on a reliable architecture that can withstand +50000–100000 miners, not to mention the number of connected devices for this number of miners.
A cryptocurrency pool is a combination of the hardware power of many miners at once to increase the probability of finding a block. The reward for a block obtained by the pool is distributed among all participants.
The TKEY pool is developed taking into account the features of the Tkeycoin blockchain, including multi-blockchain, transaction model, hashing, blocks, and other nuances that are an upgrade of the blockchain among others. Together with the pool, the TKEY network is being tested: high loads, attacks, and other tests that show positive results, proving that the TKEY blockchain can work under any loads and is protected from attacks.
Our task was to: 1. Stable system for handling high loads; 2. Adaptation pool for any software; 3. Connecting any hardware for mining cryptocurrency Tkeycoin; 4. Fair remuneration calculation; 5. Security.
The main goal is for any user, regardless of the software and hardware used, to be able to connect to Tkeycoin mining via a pool. The first releases will be accompanied by a simple user-friendly interface, easy connection, instructions for various mining programs that can be connected.
In future releases, we will optimize the operation of the pool, add new features, as well as tracking functions and other nice things. any suggestions from miners and the community are interesting to us and will be implemented, so do not hesitate to send your suggestions after the launch.

TKEYSPACE updates


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Work on the TkeySpace mobile app is also not standing still. We will soon release updates for TkeySpace on Android and iOS.
This release is a complete transition to the most stable version of the mobile wallet. This means that after the update, even with the largest changes, the user will not need to completely reinstall or restore to use the new features, as before, just update the app via the AppStore or GooglePlay.
Between the previous update has been a sufficient amount of time, on average, updates are released once a month. This update will be one of the major ones. We are finishing work on the code to prepare the app for the new features that will be available this year. Besides, we are improving the app’s logic, data processing speed, optimizing the code, restoring order, and preparing for the global market.

Exchange, purchase of cryptocurrency and withdrawal to the Debit/Credit Card


https://preview.redd.it/1maxjrqowe151.png?width=700&format=png&auto=webp&s=cefd5bf1ec823049eeb25640c470024a41c0430c
In addition to pleasant optimizations, the app will display the exchange and withdrawal to a Bankcard, tab with an optimized page for exchange, withdrawal, and the purchase will be available directly in the mobile app. This upgrade will also capture the cryptocurrency exchange SWAP page, which can be evaluated after the update. Other features and new features will be announced by the developers immediately after the release.

SWAP Update

The development team is finishing work on optimizing the SWAP service. Regardless of updates, it is available in working mode 24/7/365. The team is working on improving the operation, optimizing the page, changing the interfaces, improving navigation, and speeding up query processing. This update is also among the upcoming ones, along with the pool, mobile wallets, and other news that will excite.

Network Statistics

In the network statistics section, there are several sections that will be fixed — this is the hash rate of the network and the volume of Tkeycoin. Now the volume of Tkeycoin is displayed by mTKEY, and the graph itself indicates M TKEY, the user may incorrectly understand the volume of transactions in the network, so, given the current volume, it is advisable to switch the display to TKEY, and in the future switch to mTKEY for large volumes.
TKEY is divided into cryptograms (CryptoGramm, cgr), uTKEY (keys), and mTKEY. 1 TKEY = 100 000 000 cryptograms. 1 mTKEY = 100,000 cryptograms. 1 TKEY contains 1000 mTKEY. 1 mTKEY = 0.00100000 TKEY 1 uTKEY =100 cryptograms 1 TKEY contains 1,000,000 utkeys. 1 uTKEY (keys) = 0.00000100 TKEY 1 cgr = 0.00000001 TKEY

Cryptocurrency Exchange

This issue has become the cause of mass discussions, disputes, investigations, the subject of memes, kitchen, and online conversations, that just did not happen, that TKEY is not taken anywhere, someone made guesses that we are waiting for everyone to run away, or TKEY is a world conspiracy and around some actors, you can write a book or shoot a great series, not worse than Breaking Bad.
Jokes, jokes, but the question is serious. Since the 4th quarter of last year, the company has been actively working on the issue of listing, prepared the necessary platform for this, held several meetings, negotiations, released the necessary products, figured out various transfers of funds to the blockchain, worked out many small things, many major issues that were behind the scenes. Everything is ready, and it’s time to start soon. This will be a surprise, believe it or not, and we will meet you on the stock exchanges :)

What other plans does the company have?

Enabling payment at retail outlets

After entering the exchange, we will actively engage in connecting payments to implement them and link them to TKEY. The plan, strategy, and legal component are ready.

Payment development

This implies the development of payments and services that will expand the use of digital currencies in the commercial sphere. Application on the territory of Russia will depend on the Federal law on the CFA, in any case, we plan to analyze the law, after its release, to find a legal way to implement payments based on blockchain and digital assets. Therefore, until the law is released, we are keeping this initiative in the future, and we will work on other jurisdictions that will support it.
We left some plans behind the scenes, because they will make the greatest impact on the market and the value of our asset, and this — likes silence.

What useful materials will be released soon?

How to effectively use the SWAP service together with the exchange and purchase of cryptocurrency from a Bank card?

We will tell you in detail how to use these 2 services, how to save on payments and purchases, how to exchange tokens that are very difficult to exchange, how to quickly get money for them to the card, and much more.

The law CFA

Our opinion about the law of cryptocurrencies in Russia, what to pay attention to, what to prepare for, how to act if there is a complete ban. Let’s talk about legal nuances and banking practices.

TKEY blockchain

In this material, we will talk about the blockchain, analyze the issues of the system, expand the questions on attacks, payment processing, and touch on the system of multiple chains. The article suggests your suggestions, perhaps someone will have ideas that we will implement in the chain.
At the end,
Don’t forget to ask questions in the comments or send suggestions to [[email protected]](mailto:[email protected]) we will be happy to respond and consider your requests for any of our services. Collaboration, feedback, help us make the whole platform better.
Thank you for being with us! Until new meetings, stay tuned for news, updates, because the most unexpected news comes spontaneously.
submitted by tkeycoin to Tkeycoin_Official [link] [comments]

Crypto Story Time

Evening all,
 
Slightly different flavour here, which I hope will be insightful to those who take the time to read. Tonight I'm going to talk about my learnings in this market so far; my biggest mistakes; how you can avoid making them yourself; and the strategy I intend to follow from now on. It’s a long old read, but it contains months worth of knowledge, which could only be gained from first-hand experience. So pour yourself a drink, settle in, and let me take you through a brief history of my first two months in crypto.
 

TL;DR: Been in crypto 2 months, after years trading forex. Learnt a lot, and passing on the knowledge. Hope it helps some of you to become better investors.

 

CHAPTER 1: New market; new opportunity

 
I came into crypto with a real excitement. Finally a market that resonates with me. The ability to buy into something I believe in - something that could change the world for the better - and to make money along the way. I was excited that I could apply my trading background, something that not many in the market possess, to my advantage. I was excited at the prospect of being on the curve of early adoption, in a market that had demonstrably meteoric potential. But I was patient. I knew that I would be risking a substantial amount of money in this space, and potentially other peoples’ too, so I had to approach it sensibly. I was going to invest (hold long-term) the vast majority and day trade just a small portion. I spent many weeks researching before considering pulling the trigger even once. I didn’t come into this without a plan. But looking back on it now, it really was only scratching the surface on what a serious investment strategy should be.
 

CHAPTER 2: Early Strategy

 
In brief, my plan was to research a load of coins that I’d heard have good potential – solid projects which make unique & warranted use of blockchain technology; are disruptive to their industry; are developed by a competent & active team; and are backed by a loyal community. I shortlisted maybe 40 coins through articles, videos and general conversation, and I added them to my watchlist. Admittedly I became a bit lax in completing the deep level of research I told myself I’d do for each – scrutinizing the whitepaper became skimming the whitepaper, which then became watching a video analysis, which then became “oh that sounds interesting I’ll keep an eye on it”. But this was just a watchlist. And still an educated one.
 
I knew that I wanted to wait for an inevitable dip in Bitcoin’s value to enter the market, but it just wasn’t coming. $6k, $8k, $10k… the bullish momentum couldn’t be tamed. Was I missing out? Was Bitcoin going to continue its parabolic move while I sit here waiting for a dip that could never come?
 

LEARNING 1: There are an unlimited number of opportunities

 
At this stage I was ready to get involved, and I’d scouted a few alt coins that had good technical entry points approaching. Do I need to keep waiting for a good Bitcoin price even when there’s a good alt price? In short, if you’re confident enough about a trade, it doesn’t really matter what price you pay to get the BTC (or other major alt coin) needed to trade it, as long as you believe that your trade will outweigh any potential drop in Bitcoin’s value. If your trade goes up 100% and BTC’s value drops 50%, at that point you’re break even. Plus if you keep holding and BTC returns back to its previous value, now you’re in 100% profit. For me this meant that even after buying some Bitcoin at its ATH (all-time high) and having it correct over 40%, I was still in profit, because this particular trade was up over 100%. More on this later.
 
So I bought some Bitcoin! Not all at once – generally a decent strategy is called dollar-cost averaging. In essence, buying a little bit every week at whatever the price at the time is, so that your entry price averages out over time. A better strategy is to only buy if it’s at a good price, or when you need it for a trade setup – not just arbitrarily every week even if the price is high. But I digress, I had some Bitcoin now and I wanted to diversify. Time to buy some alts.
 

LEARNING 2: Every trade is a decision to have the coin you’re buying instead of the coin you’re using to buy it

 
If an alt coin is gaining value against Bitcoin, it’s better to be holding that alt coin than Bitcoin. And if it’s losing value against Bitcoin, you’d be better off keeping it as BTC. Simple, but easy to forget when you load up Coinmarketcap and see all of the price changes in USD. You’ve gone up by 4% today – great! But BTC went up 10%, so you’d have been better off holding BTC. Buying a coin is an active decision that you make to hold the coin you’re buying instead of the coin you’re selling for it, for the period of time until you close that position. So if I buy 1000 XEM using BTC, that XEM/BTC trade is me saying “I think that XEM will increase in value at a greater rate than BTC will”. If both of them increase in value but BTC does it faster, that was a sub-optimal decision.
 

LEARNING 3: Satoshis are your friend. Accumulate as many of them as possible

 
So how does one measure profit on a trade? It’s intuitive to think of it in fiat terms – how many £££ did I make? Something tangible. But really everything should be measured in the smallest unit of Bitcoin (1 satoshi = 0.00000001 BTC). It’s easier to migrate to this way of thinking if you think of your total investment as the total amount of BTC (or the other major alt coin) that you were able to buy with it. Say I invested £1000 in crypto, and with that I managed to buy 0.1 BTC – that’s my total investment. If I want to diversify and put 10% of that into each of my favourite alt coins, I’d buy 0.01 BTC worth of each of them. Let’s say Litecoin was one of them and I got 1 LTC for my 0.01 BTC. Litecoin’s rocket then fuelled up and started on its journey to the moon, and I decide to bank my profit. I now trade it back for 0.015 BTC. From 0.01 BTC to 0.015 BTC is a profit of 0.005 BTC, or 500,000 satoshis!
 
“But why not just measure it in £££ - that’s far less complicated?!”
 
Well here’s the kicker. Let’s say Bitcoin’s value plummeted over the course of that trade. I’ve got more BTC, but because the value of each one decreased, I may still have lost money. So does that mean that trade was a bad decision? Not at all. That trade was a decision between BTC and LTC, and you made the right call. LTC held its value better than BTC did, so you would have lost more if you didn’t take the trade. Profit measured in satoshis allows you to strip away the financial layer and answer the most important question – “was it a good decision to make that trade?” A gain in satoshis is always a win. A gain in £££ is not.
 
Taking that same scenario in which I’ve got an equal amount of my 10 favourite alt coins. Let’s say 9 out of 10 of them stay at exactly the same value, but the other one shoots to the moon on a lambo all the way to 100%. Woohoo! Shame that was only 1/10 of my portfolio - overall it’s worth 10% more now – but if I’d have invested all my money in that one coin I’d be up 100% overall. Now I’m certainly not advocating putting all your eggs in one basket. Rather, in reference to my previous learning, this helped me realised another very important point.
 

LEARNING 4: Understanding opportunity cost is a must

 
Any trade I make is not only a decision between the two coins I’m trading; it’s also a decision to buy that coin instead of any of the other coins I might be interested in. I have 0.1 BTC to spend and 10 alts I want to spend it on – should I just divide it equally? Not necessarily. If you’re super confident about a couple of them, but not so much on the others, spreading it equally doesn’t sound like such a good plan after all does it? Take your time analysing each trade / investment and rank them in order of confidence. In order of potential (risk:reward if you’re a trader). Invest more in the ones you’re more confident in. It’s a really basic point, but one that’s so often forgotten when there are so many exciting prospects out there. Holding a particular coin doesn’t just cost the price that you paid for it, it costs the opportunity to buy something else instead. One of the first things I learnt in trading was to cut your losers short and let your winners run. Why should crypto be any different? Even when you’re in a trade, every moment is an active decision to keep holding it instead of trading it for something else. Don’t blindly HODL hoping for a bad decision to improve, when there are better decisions you can take to re-coup that loss. Equally, don’t sell for a loss just because the value goes down. Re-analyse. Has anything changed? If every reason you had to buy it in the first place still applies, HODL. If something’s changed, including your confidence in it compared to other cryptos, consider switching it for a better opportunity.
 
So I learnt all of this in my first month – December 2017. Did I make optimal decisions all the time? Absolutely not, but with cryptos riding to all-time highs, my investors were very happy, as was I. It’s not often that you can get a 100% return on investment in just one month in a market. But it’s easy to profit in a bull market.
 

CHAPTER 3: It’s not all sunshine and lambos

 
It was around the end of December in which things started to get a bit too parabolic, and I was naturally suspicious of how long this could last. But you find yourself, inexperienced in a new market, eager to see how far you can ride the wave. The fear of missing out on further exponential gains becomes as much of a psychological challenge as taking a loss. In short, you get greedy. Highs that I had once been ecstatic with, a few days later became lows. I told my investors not to expect anything like this in future months. In my monthly summary I said “we are in perhaps the most bullish market the world has ever seen”, and I estimated that we had “a maximum of 1-2 more weeks to ride this momentum”. Prophetic, no? Well it’s easy to make predictions that come true – even a broken clock is right twice a day. What’s difficult is having enough conviction to take your own advice.
 

LEARNING 5: Make your rules and stick to them, no matter what

 
This is without a doubt the biggest thing I’ve learnt over the months. If one day you set yourself a target of £X profit – a level you’d be really happy to achieve, be that on a trade or overall – take it. Cash out as soon as you reach it and buy yourself something nice. Make it tangible. It’s easy for the world of online trading to feel gamified, but remember what you’re staking – this is real money. But it’s easier said than done. If you rise suddenly to that target I can tell you your first thought will be “whoa look at it go, I’m gonna see how much further it can get before I cash in”, rather than “mission accomplished, time to get out”. Humans are greedy. We want to take shortcuts – to our dreams, to wealth – but this isn’t a get rich quick scheme. If someone told you they could get you 10%/month gain on your savings (that triples your money every year) you’d probably bite their hand off. So why in crypto would you not be chuffed with 50%, or 20%, or 10%? Don’t move the goalposts. Decide in advance when to take profit and take it.
 
First off, it’s always a good idea to take out your initial investment at a level after which you’d be psychologically happy if the market goes down or up. For example, if I took out my initial investment (say £1000) when it went up 50% to £1500, and then the market went lunar and doubled the next month, I’d personally feel a bit annoyed at myself for not leaving more money in. That £1000 would’ve been £3000 had I kept it invested…shit. However if I took out my initial investment when it went up 200% - I’d now have £2000 left of my £3000 investment, and if it doubled the next month, I’d be happy with the stake I had remaining, not regretting my decision. That level can only be decided by you, based on your attitude towards risk. Obviously the higher that value is before you cash out your profits, the greater the risk you’re taking since it may never reach that level. Taking out your investment as soon as you’re happy to is a good move because from then on in you’re riding on pure profits. If the market were to crash to zero, you’d still be break even, so it’s much easier to detach yourself from the emotions involved (and we all know how emotional this market is). And if you’re a technical trader, rejoice at the fact that this market is hugely technical, and you can very often predict good levels to get out at – often doubled with buying back in cheaper. I highly recommend for everyone to spend some time learning to analyse charts - even at a basic level. It works. And for heaven's sake if you're day trading don't do what I did and "neglect" to apply basic trading principles like setting a stop loss and sizing each position at maximum ~1% risk. You can call it investing; you can call it speculative buying; but at the end of the day that's just gambling. Don't be lazy. Don't be wreckless. Apply what you've learnt in other markets - crypto is no different.
 
And for context, no I did not take my own advice. The correction shocked me. Not the fact that it happened, but the fact that it happened so hard and fast. At first I thought it was a healthy dip, and that the uptrend would resume soon enough – no reason to sell. But then the bears took over, and we were in a full on downwards movement. News emerged from South East Asia which caused a great deal of negative sentiment, and Bitcoin’s value tumbled (even when some of the speculation was later deemed invalid), and with that I realised how inherently linked to Bitcoin that all other cryptocurrencies are. You may dislike Bitcoin - the slow transactions; the high fees – but you can’t argue how critically important it is to this market.
 

LEARNING 6: 40+% market corrections are normal in crypto, but they still hurt

 
I neglected to mention earlier, but I have a background in trading forex. I understand market patterns, cyclicity and technical analysis such as Elliott Wave Theory and Fibonacci ratios. It is foolish to think that charts will continue indefinitely in a given direction – there will always be corrections and reversals. All through the correction we’ve started this year with, I have remained very optimistic. Nothing at all has changed to make any of the leading crypto projects less credible or via as future industry disruptors. This is why it’s important to do your own research on coins you invest in – so that you’re psychologically happy holding them long term through price corrections. But I’ll be honest, when Bitcoin broke down through several technical support levels a few days ago, I became apprehensive. Not even close to panic, or tempted to sell. After all I am investing long term, and I still see this as a requisite correction in a much larger up-trend. Or at least the upside potential of that outcome is comfortably worth the risk for me – it’s the opportunity of a lifetime. But even as an experienced trader, doubts can set in. All of the profits I had gained in month 1 were gone, and I have now slightly dipped into loss. As I say, I’m not selling, and my analysis is still very bullish. But HODLing is not always the best strategy.
 

LEARNING 7: When things are looking bearish, consider the trade to fiat

 
With the benefit of hindsight, and now having dedicated substantially more time to learning Elliot Wave Theory and studying crypto charts, there were a number of points at which you could have predicted a big ol’ correction was on the cards, before it fully developed. A quick ‘n dirty rule of thumb, for those of you who don’t know how to read charts, is: “Don’t buy into a parabolic market or at an all-time high – it’ll likely correct soon”. But I’d also like to add an addendum to what is a common mantra in the crypto community: “Buy the dip” – this is for day trading. If you’re intending to hold a coin long term, zoom right out and look at the entire coin’s price history. Wait for a macro scale correction, not a micro scale dip. A lot of people got excited the other day at Bitcoin rising 10% - I saw tonnes of calls saying “the correction is over” or “Bitcoin to the moon” – but when you zoom out, we’re still in a downtrend with room to go lower, and substantial resistance to get through before we can rise to new highs. Play the long game and look for long-term signals. And if you are in that subset of people who can predict an imminent correction, or indeed if you’re halfway through a correction with a good chance of it continuing, the best decision may well be to get out of the market until it’s over. Trade your positions back to fiat, and wait for clear recovery to the upside. It’s much more difficult to trade profitably in a down-trend. Most of us could have doubled our BTC holdings just by getting out of crypto before the correction and buying back in cheaper now. So make sure you have an exit plan. Know the steps that you’d need to take to get your money off exchanges / wallets and back into your bank account. Getting out of crypto doesn’t have to be a permanent move. There’s no harm in waiting things out until you’re confident again. After all, refer back to Learning 1 – there are always more opportunities.
 

CHAPTER 4: Moving forwards

 
At last, filled with learnings and plenty of inactive time spent refining my strategy, I’ve gone back to my technical analysis roots and really analysed why I’m in my positions.
 

LEARNING 8: Never stop analysing. You will make mistakes. Learn from them.

 
Does my portfolio need to be this diverse? Are my invested amounts proportional to my confidence in them? Probably not, so I’ve taken this opportunity to start shifting around. Don’t be precious about losses – losing is a natural part of trading – you only need one 10:1 winning trade to offset ten losing ones. So take some losses and make some mistakes. I’m sure glad I did, because it’s made me a much more confident and competent investor today.
 
And since everyone always looks around for opinions on the market, I will leave you with one bit of bullish technical insight on our King, Bitcoin. Basic Elliot Wave Theory says that markets move in ebbs and flows – 5 waves in the direction of the trend, followed by 3 waves of correction. And these waves are fractal in nature, meaning that a full 5-wave pattern forms a single larger wave within a higher degree pattern. All that being said, IF Bitcoin’s run up to its ATH in December constitutes a completed 5-wave pattern, we could consider that history as Wave 1 of a larger up-trend. Using Fibonacci extension ratios that appear in all markets (including crypto, very prominently, even with BTC), we can project the likely extensions of the Wave 3 that would come after we’re done correcting here. Based on analysis run by eSignal, a popular trading platform, the length of Wave 3 will likely reach either 1.62, 2.62 or 4.25 times the length of Wave 1. That means our Wave 3 high would take the price of a single Bitcoin to roughly $32,000, $64,000 or $98,000.
 
You can view these Elliot Wave Projections (in GBP) here
 
Technical analysis is very subjective, this is merely one possible outcome. But ask yourself, if you had the chance to invest in something with global reach that could make a 5x or even 10x return on your investment, what would you risk for that opportunity?
 
Thanks for taking the time to read, and I hope this helps some of you.
 
Happy investing, Andy
submitted by StrengthGoals to CryptoCurrency [link] [comments]

I've been working on a bot for crypto subs like /r/bitcoin for a few days now. Say hello to crypto_bot!

Hey guys, I've been working on crypto_bot for some time now. It provides a bunch of features that I hope will enhance your experience on /bitcoin (and any other subreddit). You can call it by mentioning it in a comment. I started working on this a few days ago. I'm constantly adding new features and will update this post when I do, but if you're interested I'll post all updates and some tips at /crypto_bot. Please either comment here, message me, or post there if you'd like to report a bug, request a feature, or offer feedback. There's also one hidden command :)
You can call multiple commands in one comment. Here's a description of the commands you can use:

Market Data:

crypto_bot 
Responds with the USD price of one bitcoin from an average of six of the top bitcoin exchanges (BTC-E, Bitstamp, Bitfinex, Coinbase, Kraken, Cryptsy).
crypto_bot ticker 
Responds with the USD price of one bitcoin at seven exchanges (all of the ones listed above, plus LocalBitcoins). Also lists the average at the bottom.
crypto_bot [exchange] 
Responds with the USD price of one bitcoin from [exchange] (any of the seven listed above).
crypto_bot [litecoin|ltc|dogecoin|doge] 
Responds with the USD price of one litecoin, or the price of 1 doge and 1,000 doge.
crypto_bot litecoin|ltc [exchange] 
Responds with the USD price of one litecoin from BTC-E, Bitfinex, Kraken, or Cryptsy.
crypto_bot [currency] 
Responds with the price of one bitcoin in the specified currency. Available currencies (symbols): JPY, CNY, SGD, HKD, CAD, NZD, AUD, CLP, GBP, DKK, SEK, ISK, CHF, BRL, EUR, RUB, PLN, THB, KRW, TWD.

Information:

crypto_bot [about|info] [arg] 
Responds with a short description about [arg], as well as a link to an external site (Wikipedia, bitcoin.it, and some others) for more information. You can list multiple arguments and get a description for each. Available arguments: bitcoin, block chain, transaction, address, genesis, satoshi, mining, confirmation, coinbase, gox, cold wallet, hot wallet.
crypto_bot legal 
Responds with a chart about the legality of bitcoin in 40 countries, copied straight from Wikipedia.
crypto_bot [explain transaction delay|explain tx delay] 
Responds with an explanation of why transactions may take longer to confirm (the bot specifically discusses spam-transaction attacks in this command).

Network information/tools:

crypto_bot difficulty 
Responds with the current difficulty of the bitcoin network.
crypto_bot [height|number of blocks] 
Responds with the current height of the block chain.
crypto_bot retarget 
Responds with what block the difficulty will recalculate at, as well as how many blocks until the network reaches that block.
crypto_bot [unconfirmed transactions|unconfirmed tx] 
Responds with the current number of unconfirmed transactions.
crypto_bot [new address|generate address] 
Responds with a newly-generated public and private key. This is mainly to provide an explanation of what both look like, and contains a clear warning to not use or send bitcoins to the address.
crypto_bot blockinfo [height] 
Responds with information about block #[height], including its hash, time discovered, and number of transactions.
crypto_bot [address] 
Responds with information about [address], including its balance and number of transactions.
crypto_bot [transaction_id] 
Responds with information about [transaction_id], including what block it was included in, its size, and its inputs and outputs.

Calculators:

crypto_bot calc <# miningspeed> [#][w] [#][kwh] [#][difficulty] [hc$#] [$#] [#%] 
Responds with calculations and information about how a miner would do with the above data (mining calculator). The only required field is mining speed. Order of the arguments does not matter. Everything other than hashrate defaults to the following if not given: w (watts): 0, kwh ($kilowatt cost/hour): 0, difficulty: current network difficulty, hc$ (hardware cost): $0, $: current bitcoin price in usd (according to Coinbase), % (pool fee): 0. The calculator does not account for nor allow for input of the increase/decrease of difficulty over time, though I may add this feature soon. Working hashing speeds: h/s, kh/s, mh/s, gh/s, th/s, ph/s.
Example usage: "crypto_bot calc 30th/s 10w .12kwh hc$55 1.5%" (to make it easier to remember, th/s can also be inputted as ths). This calls the bot with a hashrate of 30 th/s, electricity usage of 10w, a cost of $.12 kWh, a hardware cost of $55, and a pool fee of 1.5%.
crypto_bot number of btc <$amount to convert> [bp$bitcoin price] 
Responds with the number of bitcoins you could buy with <$amount to convert>. If the comment specifies a [bp$bitcoin price], it calculates it with that exchange rate. Otherwise, it uses the rate from Coinbase.
Example usage: "crypto_bot $419.29 bp$180.32" This calculates how many bitcoins you can buy if you have $419.29 and the bitcoin exchange rate is $180.32.

Broadcasting

SignMessage! "" 
Signs a message in the bitcoin block chain in a transaction using OP_RETURN. The message must be less than 40 characters.
Example usage: "SignMessage! "Post messages in the block chain!""
I hope you find this bot useful! Again, if you have any questions or comments, please either comment on this post, message me, or post on /crypto_bot.
Update 1 (June 24, 2015, 17:35): The bot now responds with information if you post a link to a block, transaction, or address on Blockchain.info in a comment, even if you don't call it. For example, if I wrote "https://blockchain.info/block/0000000000000000126448be07fb1f82af19fbbf07dd7e07ebcd08d42c2660cb" in a comment, it would respond with information about block #362,377.
Update 2 (July 10, 2015, 1:59): The bot now has two additional commands: "unconfirmed transactions" (or "unconfirmed tx") and "explain transaction delay" (or "explain tx delay"). The first command responds with the number of unconfirmed transactions, and the second explains why transactions might take extra time to confirm.
Update 3 (August 24, 2015, 1:34): The bot now responds in a better way than before when transaction ids or addresses are posted. Before, it only responded when the transaction id or address was used in a link to Blockchain.info. Now the bot will respond whenever a transaction id or address is posted at all; a link to Blockchain.info is no longer necessary.
Update 4 (August 27, 2015, 3:00): The bot can now sign messages in the Bitcoin block chain using OP_RETURN.
submitted by busterroni to Bitcoin [link] [comments]

Binance Jersey: Everything You Need To Know

Sign-up for Binance Jersey Fiat Exchange
At this time, the digital currency exchange market is filled with a wide variety of choices, therefore choosing the right exchange or trading platform can be quite a headache for both novice and veteran cryptocurrency users.
Binance is a popular cryptocurrency exchange which was started in China but recently moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. While the company is still fairly new on the market ( it launched last year ), it has managed to gain a lot of popularity thanks to its impressive number of Initial Coin Offering listings, professional attitude and friendly CEO and also due to its low trading fees.
Binance Website
In our review, we will attempt to outline everything that you must know about Binance, including how it works, the crypto pairs that you can exchange, trading fees/limits, security aspects, and customer support.
Visit Binance »
How the Exchange Works Contents [Show]
Those who visit Binance for the first time will quickly notice that the platform offers two options for digital currency trading- basic and advanced. Neither the basic, nor the advanced versions are bound to be easy to use for complete beginners. However, anyone with a background in digital currencies and with a bit of knowledge into how exchanges work should be able to use the platform and its different services.
The main difference between the basic and the advanced version is that the advanced one offers more-in-depth technical analysis of digital currency value over time. At this time, the dashboard for the basic version offers several graphs and charts for the pairs that you’re trading, order books, and trade history.
3Commas This is what the basic view looks like :
Binance Trading View
The Basic view is nicely designed and well laid out, all the information you need is clearly presented with prices on the left, graphs in the center along with the buy and sell boxes and the trade history is presented on the right so you can quickly see what the latest trade prices were.
And this is what the advanced view looks like:
Advanced View
The advanced view uses a dark theme and makes the trading charts larger and the latest trade prices are displayed on the right with the buy sell boxes underneath.
Which you choose is a matter of preference really, I like the lighter colored basic view and find the layout a little easier to use.
Binance Signup & Login To use the exchange, users will first have to create an account. The process behind this is fairly simple and straight-forward and you don’t have to verify your account for level 1 which is a 2BTC daily withdrawal limit. For level 2 which allows up to 100BTC per day, you need to upload a photo ID and wait till you are approved. There are higher limits still, but you will need to contact them directly to arrange that.
Time for verification can vary depending on how busy the site support staff are, so make sure to plan ahead if you wish to withdraw larger amounts and make sure this step is complete before depositing and trading large sums on the exchange.
ID Verification
Now, that this is out of the way, users can go ahead and fund their Binance account. While you can choose from a multitude of digital currencies, it is recommended that you stick with either BTC or ETH.
To fund your account visit the “Funds” > “Deposits / Withdrawals” link at the top of the site and find the currency you wish to send, then click the “Deposit” button next to it which will then you give you the wallet address. You can then send your funds to this address to begin trading on the platform, depending on which currency you deposit it will take different times to show up as this is reliant on that currencies blockchain. Some currencies like Ethereum are faster than Bitcoin which can take a while.
Binance Wallets
Now that your account is funded, you can simply start trading, exchanging and investing in various digital currency pairs. Binance offers plenty of choices, as they support all major digital currencies, but also numerous ICO listings and their respective tokens.
At this time, the platform can only be used to generate limit and market orders. This has been considered a disadvantage by some, as many expected trading options that would be more advanced. Following the placement of your order, simply wait for it to be fulfilled according to the terms that have been set.
How to Trade on Binance Trading on Binance is fairly straight-forward if you have used any other cryptocurrency exchange before. To get started, make sure you have deposited some funds – there are options for trading pairs in BTC, ETH, BNB and USDT. Once you have your funds, at the top right menu, select “Exchange” > “Basic” or “Advanced” to load the trading screen. We will be using the Basic view.
Binance Trading View
On the right hand side, of the screen select a tab from BTC, ETH, BNB or USDT this is what you will be trading in. Then choose your desired currency from the list. You can also search here and you can create a favorites list by clicking the star next to any currencies.
Choose currency to buy
Once your desired currency has loaded, take note of the left-hand column which shows prices that people are willing to sell at in the top half in red and prices people are willing to buy at in green in the bottom half. The number in the middle shows the last sale price.
Buy and Sell Prices
Now to place a buy order, use the center box underneath the graphs and you will see the buy box is in green on the right. You can manually enter a price you wish to purchase at, but a better way is to click a number on the left-hand column. You can then enter the amount of the currency you wish to buy or click the 25%, 50%, 75% or 100% buttons which will fill it with an amount based on how much of the buying currency you have ( in this case BTC ).
Buy Order
Once your order is placed it will be show underneath in the “Open Orders” section until it is filled. At that point your new currency will be available under the “Deposits / Withdrawals” menu where you can withdraw it to the wallet of your choice.
Supported Crypto Currencies Binance has often been praised for its wide variety of support coins. Traders can use the platform for multiple digital currencies, including, but not limited to Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, EOS, Dash, LiteCoin, NEO, GAS, Zcash, Dash, Ripple and more. As mentioned before, Binance also supports numerous tokens, as part of ICO listings. With this in mind, traders can use the platform to trade these tokens for a profit as well.
Binance is currently very quick to add new coins and tokens after their ICO which usually means you can purchase them cheaply which allows for greater profit down the road.
They currently offer trading pairs in BTC, BNB, ETH and USDT.
Binance Markets
Binance ICO & BNB Coin Another thing to note is the Binance Coin, which was issued during their own ICO. The Binance coin can be used to pay fees and it will also feature in their future plans to create a Decentralized Exchange where it will form one of the key base currencies. Purchasing the Binance coin itself looks like a good investment for the future as the exchange plans to use their profits to buy back a portion of the coins every quarter and destroy them: hence decreasing the supply and making them more valuable for holders.
Every quarter, we will use 20% of our profits to buy back BNB and destroy them, until we buy 50% of all the BNB (100MM) back. All buy-back transactions will be announced on the blockchain. We eventually will destroy 100MM BNB, leaving 100MM BNB remaining.
Binance BNB Coin
If you’d like to read more about the BNB Coin, check out our indepth guide.
Binance Fees & Limits At the time of writing, Binance charges an average fee of 0.1% on each trade that a user makes. Those who choose to pay via the Binance token can get a 50% discount on the trading fee, which is absolutely great news. These are surely some of the lowest fees available at this time.
Withdrawal fees tend to vary for each digital currency. For instance, 0.0005 is charged for Bitcoin withdrawals, and 0.005 is charged for ETH withdrawals. Here are some examples to give you an idea of the fees you will be paying for withdrawals:
COIN CODE Fee Unit Binance Coin BNB 1 BNB Bitcoin BTC 0.001 BTC Ethereum ETH 0.01 ETH Litcoin LTC 0.01 LTC Neo NEO Free NEO Qtum QTUM 0.01 QTUM Status SNT 10 SNT Bancor BNT 1.2 BNT Eos EOS 0.7 EOS Bitcoin Cash BCC 0.0005 BCC Gas GAS Free GAS USDT USDT 50 USDT When it comes down to transfer limits, there is no limit on the number of coins that you can deposit. However, without getting verified, users are limited in terms of how much they can withdraw. Verification will establish you as a level two users, thus lifting these limits and providing a lot more freedom when using the platform. The verification process requires users to provide Binance with their full name, country, gender, a photo of passport/government-issued ID, and even a selfie with the passport.
Binance Competitions A unique feature of Binance you will notice is that they regularly hold competitions with some amazing prizes. Some examples of competitions in the past include Waves and Tron. The waves competition gave away 20,000 Waves to Traders based on how many trades they have made of this currency.
The other competition for Tron (TRX) gave participants the chance to win a Maserati car, Mercedes Benz car, a Macbook Pro or a iPhone X. Again, the winners were the people with the highest trading volume of this currency.
The current rankings show that the person in first place had over 358 BTC volume in trades so you will need to be a whale to be in with a chance of winning first prize. There are other regular competitions though, so keep an eye on the site for your chance to enter.
Is Binance Safe? While Binance is one of the newest cryptocurrency exchanges available on the market, it has quickly managed to attain a high level of trust from its users and the digital currency community. However, the exchange fails to provide users with enough information on how the funds are being secured, yet we like to believe that security is taken seriously. Two-factor authentication is available and is always a nice sight. It is however known that the platform offers a multi-tier and multi-tier system architecture.
Update: In March 2018 Binance suffered a hacking attempt.
The hackers tried to pull off an audacious move which was luckily caught by the automated systems in place at the exchange. For months the hackers had been accumulating people’s logins via a phishing website and secretly installing API access on the affected accounts. They then struck, converting all the victims altcoins to BTC and purchasing Viacoin, pumping the coin to a huge price and then selling their own supply of Viacoin at the high point, before trying to withdraw the BTC to their own wallets. Luckily no one lost funds as the hack was caught and the only people to lose out were the hackers, whose funds will be donated to charity.
As this hack was made possible by people entering their site logins and 2FA details into a fake website, you should always make sure you are on the correct Binance url before logging in. We recommend you bookmark the site and only use that to access it, never click links from emails, Twitter, Telegram etc.
This event has done a lot to instill confidence around Binance, not only did their automated processes catch the attempted hack before anyone lost any funds, they have since offered a $250,000 bounty to anyone who can help catch the hackers. Throughout this event, Binance acted exemplary and have been praised for their swift action in resolving this.
Binance Customer Support For an exchange to be successful, it requires a great customer support team, capable of answering all user questions and requests in a timely manner. While the support area on Binance could use a little work, the team is responsive and capable of offering professional aid to traders in need. Support tickets are submitted via an online form featured on the website, and responses are made via email. There is currently no live chat support, nor a phone number where customers can get in touch with the support team.
Binance Customer Support
Other than the CS team, Binance offers a couple of FAQs and articles meant to help users get accustomed to the exchange and the way it works.
Binance FAQs
It should be noted that customer support on Binance has been known to be slow to respond to customer requests. This is a familiar phenomenon with most of large exchanges and is due simply to the volume of users and amount of support staff. The exchanges have grown at an explosive rate this past year and the companies simply haven’t been able to keep up with demand. Binance grew fast especially, going from launch to the largest exchange on the planet in a few short months. Support staff for exchanges have to be carefully vetted and trained due to the technicalities and security requirements involved – unlike other traditional companies where staff can be trained quicker.
Some things to bare in mind are double-checking wallet addresses, make sure you are sending the correct cryptocurrency to it’s corresponding address on the site. Mixups with wallets are one of the biggest mistakes people make when using exchanges. Other things to note are, try a smaller test payment first if you plan to transfer large sums – it may cost you a little more in fees but will be worth it for peace of mind.
If you do need to contact support, make sure you provide them with enough information to be able to help you first time. Include wallet addresses, times of transactions and any other information you think they might need to help speed up the process.
The Move to Malta In March 2018, Japanese Newspaper Nikkei reported that Binance was trading in Japan and not following their official regulations. This caused some turbulence in the markets until Binance made an official announcement that they were going to be moving operations to the crypto-friendly island of Malta in Europe, stating :
After reviewing several different locations, the company decided to invest in the European nation due to its existing pro-blockchain legislation and the stability that it offers financial technology companies through its regulatory framework.
This is good news for the company and they even received a warm welcome from the Prime Minister of Malta on Twitter. Binance also announced that they were in talks with Maltese banks with the goal of providing Fiat transactions, meaning they can offer an on-ramp for fiat to crypto transactions in future along with fiat trading pairs on the exchange.
More good news for Binance, it seems as their profile and reputation within the industry continues to grow.
Launching a Decentralized Exchange More recent news for Binance and what seems like good news BNB holders is the fact that they are planning to launch their own Decentralized Exchange ( DEX ):
“After extensively researching decentralized exchange frameworks and analyzing existing implementations, we believe significant improvements can be made in providing Binance users with a level of trading experience to which they are already accustomed. Centralized and Decentralized exchanges will co-exist in the near future, complementing each other, while also having interdependence.”
The BNB digital asset, now an ERC-20 token, will migrate as the native token of that network and be used for paying the trading fees on the new exchange.
Launching a Decentralized Stock Exchange More good news recently for Binance is that they are partnering with Neufund to build the world’s first Decentralized Stock Exchange. Alongside the Malta Stock Exchange, they are aiming to create a regulated and decentralized, global stock exchange for listing and trading tokenized securities alongside crypto-assets.
According to CapLinked, the market cap of equity tokens alone is projected to reach $1 trillion by 2020 and thanks to the partnership with MSX, a subsidiary of the Malta Stock Exchange and Binance, Neufund will become the first end-to-end primary issuance platform for security tokens, in particular, equity tokens. It will secure ways for secondary trading of equity tokens and enable companies around the world to fundraise on Blockchain in a legal way while offering much-needed liquidity.
This is more positive news for Binance as they aim to consolidate their position as the world’s number one Crypto Exchange.
Binance Jersey Launch – Now Supports Fiat to Crypto As of 16th January 2019, Binance has announced the launch of a new Fiat to Crypto exchange named “Binance Jersey“. The trading platform is live and active and allows you to trade in fiat currencies such as euros and pound sterling, with Europe being their target market.
We have now carried out a full review of Binance Jersey, so take a look for more indepth details about the new platform.
Binance Jersey
Visit Binance Jersey »
At the time of writing they are only offering four trading pairs with more to follow soon:
BTC / EUR BTC / GBP ETH / EUR ETH / GBP Supported Jurisdictions: Argentina Eswatini (formerly Swaziland) Latvia Romania Armenia Finland Liechtenstein Singapore Australia France Lithuania Slovakia Austria Germany Luxembourg Slovenia Azerbaijan Gibraltar Macau South Africa Belgium Greece Malta South Korea Brazil Hong Kong Mauritius Spain Bulgaria Hungary Mexico Sweden Canada Iceland Monaco Switzerland Chile Ireland Netherlands Turkey Croatia Israel New Zealand United Arab Emirates (UAE) Cyprus Italy Norway United Kingdom (UK) Czech Republic Jamaica Peru Uruguay Denmark Japan Poland Estonia Jersey Portugal Customers who wish to trade in the support fiat currencies will need to carry our KYC procedures by uploading their ID documents such as passport and driving license.
Wei Zhou, Binance’s CFO released this statement about the launch :
“Expanding the cryptocurrency exchange markets with fiat currencies in the European region is opening new economic opportunities for Europeans as well as freedom from looming Brexit uncertainty where the pound and euro are also in concern. Through Binance Jersey, we want to help bridge the crypto-fiat channel for Europe and the U.K. as part of our global expansion to support broader cryptocurrency adoption”.
If you are familiar with trading on Binance, then you will feel at home on their new exchange – it uses the same engine and the trading screen is laid out in the same fashion with the option to choose between Basic and Advanced views:
Binance Jersey Trading Screen
To fund your account in fiat, you will first need to complete the KYC process, once that is done you can then deposit funds directly from your bank account by linking it from the Deposits screen. You can also fund your account with BTC or Ethereum. Once you have your account setup and bank account linked, you can also withdraw funds in fiat currency – this is great news as Binance is now able to offer a way for investors to cash out their cryptocurrencies.
We have upgraded our review scores below and we feel this is a huge improvement to Binance’s Exchange offering, if they manage to roll this out to even more countries ( USA is currently excluded) it could be a game changer as people now have an extra, regulated fiat on and off ramp for their holdings.
Buying Bitcoin with Australian Dollars On March 20, 2019, Binance announced the launch of Binance Lite Australia, the continent’s first fiat gateway to the world of cryptocurrencies which provides a secure, reliable, and easy to use way to buy Bitcoin with cash in Australia.
The cash-to-Bitcoin brokerage service operates via a network of over 1,000 newsagents across Australia, and currently allows anyone to buy Bitcoin using Australian Dollars (AUD), and there are plans to include additional digital currencies and fiat purchasing options in the future.
Users must first undergo account verification on Binance Lite, and after being successfully verified, users can place online orders and deposit cash at their nearest newsagent, in order to receive their pre-ordered Bitcoin.
The Binance Lite brokerage service is operated by InvestbyBit, an independently operated subsidiary of the Binance.com cryptocurrency exchange. The service aims to simplify the process of purchasing cryptocurrencies and make digital assets such as Bitcoin readily accessible across Australia.
Fees A 2.5% transaction fee (50% discount applied) plus GST on the transaction fee for each purchase is currently being charged as an introductory rate. Therefore, for a $50 order, the transaction fee will be $1.22 and the GST will be 10% of the transaction fee, which is $0.12. Limits The system is currently in its Beta phase, and the minimum purchase amount has been lowered to $30 with the maximum purchase amount capped at $1000. These limits may change over time and only multiples of $10 are being accepted, such as orders for $50, $60, $70 etc. Verification First time customers are required to go through a one-time Know Your Customer (KYC) document verification. When using the service, it’s necessary to follow the instruction prompts after the order page and go through the verification.
In order to complete the verification process, it’s necessary to submit 1 or 2 forms of government issued ID documents as a Passport, Driver’s Licence, or Medicare card, in addition to your residential address. Any returning customers, who have already completed KYC verification, will be sent to the order summary page directly after opening a new order.
Each account is linked to a mobile number, and users should ensure to use the mobile number provided when first completing the verification process. Anyone choosing to use a new mobile number will be required to complete the ID verification process once again.
Paying by Debit and Credit Card Binance allows users to make debit and credit card payments for cryptocurrencies via a partnership with Simplex. It’s possible to purchase Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and XRP tokens by Visa and MasterCard and the benefits of using a debit or credit card on Binance include:
Swift Transfers: Average 10-30 mins for cryptocurrency to reach your wallet Low Fees: only 3.5% per transaction or 10 USD, whichever is higher Convenient: Visa and MasterCard accepted In order to purchase the supported cryptocurrencies with a debit or credit card, users can first go through the official instructions page and then visit: https://www.binance.com/en/creditcard.
Binance Launchpad and Initial Coin Offerings (IEOs) Binance Launchpad is the exchange’s token launch platform that aims to connect blockchain projects with the greater cryptocurrency community and enable projects to raise funds while interacting with Binance’s significant user base. In December 2017, the BREAD and GIFTO projects were able to hold successful token sales on Binance Launchpad and projects such as BitTorrent and Fetch.AI have also held successful launches in 2019. The platform makes use of the exchange’s native BNB token and rewards users for holding the token as well as allowing it to be used to participate in token sales.
Read: What is an IEO?
How Token Offerings Work on Binance Launchpad The ability to part in token offerings continues to attract a significant amount of users to Binance and it’s necessary to go through a number of steps in order to get used to the Launchpad platform. Anyone interested in a project should first go to the Binance Launchpad website and click on the project page and thoroughly research any of the projects on offer. If not already done, it’s also necessary to complete your Binance account verification, as token sales are carried out in compliance with the regulatory requirements in supported user jurisdictions.
The Lottery System Binance Launchpad operates a lottery system which sees that the number of lottery tickets you can claim being dependant on the amount of BNB tokens you hold in your Binance account over a 20-day period leading up to the day of the lottery, with a maximum of up to 5 tickets per eligible account.
The 20 days leading up to the lottery draw date is represented by X below, and by example, 100 ≤ X < 200 means that your BNB balance over the entire 20-day period is kept at 100 BNB or more, but does not exceed or reach 200 BNB.
A snapshot at 0:00 AM (UTC) each day records each user’s BNB balance, and should your BNB balance drop below the minimum balance required on any given day during the 20-day period, they will be put into the lower threshold. For example, if User A holds 301 BNB for 19 of the 20 days but their balance drops to 299 BNB on one day. They will move to the lower threshold and only be eligible to claim 2 lottery tickets.
Before the actual lottery date, users are given a 24 hour period to select how many lottery tickets they wish to enter, with the maximum number based upon their BNB holdings over the previous 20 days. Here, if a user submits an entry of 5 tickets and 2 tickets end up winning, they are committed to pay for 2 ticket allocations (in BNB) for the tokens.
Each lottery ticket has a unique number with multiple lottery ticket holders, obtaining tickets with consecutive numbers. For example, when claiming 5 tickets, the tickets may be numbered 100010, 100011, 100012, 100013 and 100014.
Once the 24 hour period ends and all tickets have been fully issued, Binance begins to randomly select multi-digit numbers. These are matched against the tail digits of all issued tickets in order to determine the list of winners. The selection process continues until the maximum number of winners are matched, and the respective BNB is deducted from each winning user’s balance, as soon as they are deemed a winner.
Binance announces the maximum number of potential lottery ticket winners, and the allocation amount corresponding to each winning ticket in advance.
Conclusion Currently, the matching engine of the exchange is capable of processing approximately 1.4 million orders each second, hence making it one of the fastest exchanges available on the market. Additionally, the exchange works on all forms of devices, including web, Android, WeChat, and HTML5. Non-English speakers will be happy to know that Binance offers multiple-language support in Chinese, English, Korean and Japanese.
Based on everything that has been outlined so far, Binance is undoubtedly the leading Cryptocurrency Exchange and offers great fees and awesome digital currency support. As it reportedly has access to abundant resources and partners, chances are that Binance will continue to evolve and offer great digital currency exchange services to its clients. We are happy to recommend Binance and have added it to our list of the Best Cryptocurrency Exchanges.
Update, April 2019: We have continued to update this review since Binance was first launched ( we were one of the first to offer a review of the platform at the time ). And as time has progressed, time and time again Binance have proven to be one of the very best, if not the best, exchanges available. Their CEO Changpeng Zhao (CZ for short) has been part of the cryptocurrency community and shown high standards of integrity. Binance the exchange has continued to innovate, bringing new products to market and new options for purchasing and trading cryptocurrencies to all corners of the globe.

Read w/ Proper Formatting & Illustrations
submitted by rulesforrebels to BinanceTrading [link] [comments]

A more detailed look into Localbitcoins.com data

TL;DR
Localbitcoins.com did 34,000 BTC a week ago, spread out over ~50 local currencies. Check out the graphs!
Summary
Last week I did a short analysis on trades at Localbitcoins.com (LBTC). I wasn't satisfied with the incomplete data Bitcoincharts.com gave me and decided to delve a bit deeper, with some nice data and graphs as a result!
Problem
LBTC doesn't publicly summarize their own statistics, they only provide historical trade data via their API. Bitcoincharts.com does a decent summary but only for ~15 currencies. Big LBTC currencies like CNY are not listed there.
Questions
The questions I wanted answered from LBTC's API was:
Approach
So to get a complete picture I sharpened my Python skills and went straight into the LBTC API myself, scraping all currencies I could find and summing the numbers on a weekly basis, starting at 11 march 2013 (the start of LBTC trading).
My aggregates differ from Bitcoincharts as I believe they take a different weekly cutoff point. As of right now, their new week with timestamp "2015-06-15" has already started even though in GMT terms it's still 2015-06-14. (My next week starts at 2015-06-15 00:00 UTC which I believe is in line with GMT?) In that light, the week isn't over yet, so my data will seem incomplete.
To calculate total Fiat volume, I calculated the weighted USD price per BTC on LBTC and applied it to every currency. This is not ideal, however since USD accounts for over 50% of all LBTC trades, it's close enough. Note that the LBTC price per BTC is usually 5-10% higher than on centralized exchanges.
Data
Summary Graphs
I was going to write something interesting, but a picture says a thousand words:
The top 5 currencies (USD, GBP, EUR, AUD, RUB) account for roughly 80% of LBTC's volume. What's interesting though is that smaller currencies are growing rapidly:
Interesting currencies
Here are some interesting currencies that are trading on LBTC and not visible on Bitcoincharts.com:
Conclusion
I don't know how trustworthy LBTC is as a source. All I can say is, if it's data is valid, we're only at the beginning of global BTC acceptance -- which of course doesn't mean the growth we see now is going to continue.
I'm personally very excited to see hard numbers for Kenya, Philippines, Ukraine, Venezuela etc. etc. even though those numbers are still very small.
Thanks for your attention!
Edited for layout
Edit2 Thanks everyone for the kind remarks and generous tips, true gentlepeople all around! I will try to update the data now and then, but don't take my word for it :)
submitted by Caprica__One to Bitcoin [link] [comments]

The intelligent investors guide to cryptocurrency: Part 3a - The value proposition

*Introductions: I'm joskye. A cryptocurrency investor and SDC holder. *
...
Hi again. This is the third part in our ongoing series on how to trade better and determine intelligent investments in cryptocurrency for the future.
In part 3 I will now discuss Cryptocurrency valuations, price metrics and identifying coins of value, worth holding.
...
What makes a coin worth holding: The value proposition
What makes anything worth holding? How much of themselves is a person willing to put into it - that's how much.
Cryptocurrency is largely driven by faith. It is a speculative enterprise i.e. people mostly put money into cryptocurrencies believing they will go up in value in the future; their plan to sell at a higher price when it does.
Currently most cryptocurrencies serve no function than being currencies in themselves. Unfortunately these currencies are largely not recognised by governments, most institutional investors or companies are legitimate stores of value or legitimate currencies of transaction. As such legislation and rules around the world regarding them vary considerably and are often absent.
There are very few cryptocurrencies that have legitimised backing, are insured or supported by enterprises that are insured for their loss and essentially there is little to protect you if you lose money through them.
So why do people bother putting money into cryptocurrencies it in the first place?
If the present and future value of a cryptocurrency is driven purely by speculation then you are essentially gambling by putting your money to buy that coin and joining the pool of other gamblers who are doing so. You are essentially joining a ponzi scheme and waiting game hoping you've gotten in early enough and convinced enough people to buy more of the asset you hold at slightly higher prices until a price is reached that you can cash out at (or until that thing becomes so big that everyone starts using it as their store of value).
This type of dynamic essentially underpins the mentality of most investments and trades i.e. buy low and sell high. I'd like to add buy early for investors since buying during a low in an already established asset may be setting yourself up for being forced to sell at a lower low later (especially if you don't understand the fundamentals of that asset).
If however the present or future value of a cryptocurrency is driven by some service other than speculation which can attract and drive fiat currency into it's ecosystem then it is potentially valuable.
I.e. will people actually use their USD/Yuan/Euro/GBP/Yen/INR etc to actually purchase the coin in question to do something useful with it (other than gamble on it's future price).
There are some cryptocurrencies which satisfy this criteria:
...
Bitcoin
It is not a currency, it is a remittance system and store of value. It has a reputation increasingly to being seen as a digital version of gold.
Bitcoin has the cultural and historical advantage of being the first cryptocurrency. It is also still the largest cryptocurrency by a long way with the largest marketcap i.e. price per bitcoin [$952 as of writing] x the number of bitcoin in circulation [16,074,687] which is $15.3 billion. Compare to it's next biggest competitor Ethereum which has a marketcap of $700 million (i.e. only 4.57% of Bitcoin's).
Bitcoin's value proposition is that it is a store of value. It may not be able to sustain this without significant upgrades to it's underlying software.
...
Monero (XMR)
Bitcoin does not have anonymity inherently built into it's software. Therefore if you buy and sell Bitcoin especially on cryptocurrency exchanges (where user registration is required), it is possible to trace whom Bitcoin is being transferred from and to.
For this reason I see Monero as Bitcoin + anonymity. I.e. it's value proposition is as store of hidden wealth. I also believe it does not have the issues that bitcoin does namely, same level of mainstream recognition, spotlight of regulatory awareness and developers do seem to be more focused on achieving better scalability and transaction times (it already does 10-20 minute verification time vs bitcoins 1 hour) which gives it better potential as a currency presently compared to Bitcoin.
-This sort of market cap dwarfs gold. However this type of up-scaled usability will not occur until the transaction verification times are much faster (nanoseconds) and the protocol is enhanced to cope with much larger transactions volumes and frequency at that speed; We are a long way off that.
I do believe fiat stored in Bitcoin will gradually transfer into Monero boosting it's value. I am not sure Monero though can presently bring fresh fiat currency (USD, Yuan etc) into it's ecosystem beyond outsider speculation in future price.
It is not unique in it's function or potential value proposition. My warning about holding Monerofor the long term is that it has competition for it's function not just from Bitcoin itself but from other anonymous coins such as Zcash, DASH (which provides instantaneous settlement) and SDC. Perhaps more importantly, Ethereum (ETH) is now planning to implement optional anonymity (via zSNARKs) in it's transaction network; if it does when combined with Ethereum's own functionality and well defined development roadmap (that will likely several second verification times in late 2017) would render XMR potentially redundant.
...
Ethereum (ETH)
The value proposition for Ethereum is that it allows for complex, trustless settlement systems to be built on it. This is a huge deal because the scope of applications is wide and although the technology needs to mature (to support greater transaction volume, frequency and more secure functionality) the sheer amount of fiat such a platform could attract through conversion of traditional centralised settlement and contract services to more secure decentralised platforms is very huge.
...
Shadowcash (SDC)
The value proposition is a double escrow, fully anonymous, decentralised privacy platform which incorporates private chat, private marketplace and secure, trustless private settlement system into one platform that is fully integrated into it's own blockchain.
Shadowcash already has multiple features that make it an excellent store of value: Low coin supply, potential for great demand, near instantaneous transaction verification times, ability to earn interest for simply holding it.
Shadowcash is incredibly easy to use and is heavily focused on usability. This is absolutely essential to it's end users: customers who seek convenient easy and speedy secure anonymous transaction. This will be a dream come true for traditional users of darknet markets.
To explain why lets elaborate on traditional darknet markets where in order to transact anonymously you have to:
1. Download the TOR browser. 2. Learn how to use it. 3. Buy XMR or Bitcoin. 4. Learn how to transact with these coins *safely* (yes this is still an issue with XMR in spite of it's built in privacy). 5. Learn how to and where to find reliable secure darknet markets. 6. Create accounts on these markets to access them *and* 7. Have faith that the websites and the highly centralised (and thus much more vulnerable) servers hosting those markets you use will not get shut down, not disappear with your money and not betray your transaction details and potentially identities to the authorities should they be infiltrated by them. 
Whereas with Shadowcash's market place this process will become:
1. Download the Shadowcash Umbra client (https://shadowproject.io/en/gettingstarted) 2. Buy some SDC on an exchange and transfer it to your Umbra client. 3. Browse the Shadowcash marketplace and transact securely, safely and anonymously. 
In summary I think Shadowcash can be a very useful application as a privacy platform for private communications and transactions.
...
ICONOMI (ICN)
Those two points constitute it's value proposition. By nature of the way it works it has an easily identifiable P/E ratio based on the amount used to create the fund ($10.5 million) against the current value of that fund based on it's
...
Summary lessons
The first rule in investing or trading in a given cryptocoin is deciding if it has a value proposition:
1. *Can it draw fiat currency (USD, Euro, Yuan etc) in such a way as to give it a valuation that is fully independent of pure speculation?* 2. *Is it unique?* 3. *Is it rare?* A limited supply with a low or negative inflation rate will lead to increasing price as demand goes up. 4. Are there significant risks associated with the value proposition? 
In the next article I will cover lesson 3b: Price metrics and valuations. It will be much shorter I promise but equally informative and we will cover topics such as price determination, impact of speculation, price manipulation, whales and their impact and the impact of bitcoin on the entire cryptocurrency ecosystem.
Finally just to really hammer it home; why am I posting this on the Shadowcash subreddit?
It is because Shadowcash is the best cryptocurrency investment of 2016 and I believe it will be again by March 2017.
...
References:
1. Crypto-Currency Market Capitalizations, https://coinmarketcap.com/, Last Checked 30/01/2017 2. What is the value of all the Gold in the world? http://onlygold.com/Info/All-The-Gold-In-The-World.asp, Last Checked 30/01/2017. 3. ICONOMI Cryptocurrencies Index (ICNX) 21 December 2016 Rebalancing, https://medium.com/iconominet/iconomi-cryptocurrencies-index-icnx-21-december-2016-rebalancing-transformation-into-iconomi-8e31e48493ab#.sptgljv1c 4. ICNx trend chart, https://medium.com/iconominet/iconomi-cryptocurrencies-index-icnx-30-november-2016-monthly-rebalancing-update-3402866243d9#.kw7g4fqcd, Last updated 30th Nov 2017 5. Shadowcash (SDC) - The billion dollar baby!, https://medium.com/@paradox_/shadowcash-sdc-the-billion-dollar-baby-6b86f0660739#.ypz9yme5a, Last updated 16 August 2016. 
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Disclaimer: I am not responsible for your financial decisions, nor am I advising you take a particular financial position. Rather I am sharing my experiences and hoping you form your own opinions and insights from them. Full disclosure: I have long positions in Ethereum (ETH), Shadowcash (SDC), ICONOMI (ICN), Augur (REP) and Digix (DGD).
submitted by joskye to Shadowcash [link] [comments]

The intelligent investors guide to cryptocurrency: Part 3a - The value proposition

Introductions: I'm joskye. A cryptocurrency investor and holder.
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Hi again. This is the third part in our ongoing series on how to trade better and determine intelligent investments in cryptocurrency for the future.
 
 
In part 3 I will now discuss Cryptocurrency valuations, price metrics and identifying coins of value, worth holding:
 
...
 
What makes a coin worth holding: The value proposition
 
What makes anything worth holding? How much of themselves is a person willing to put into it - that's how much.
Cryptocurrency is largely driven by faith. It is a speculative enterprise i.e. people mostly put money into cryptocurrencies believing they will go up in value in the future; their plan to sell at a higher price when it does.
Currently most cryptocurrencies serve no function than being currencies in themselves. Unfortunately these currencies are largely not recognised by governments, most institutional investors or companies are legitimate stores of value or legitimate currencies of transaction. As such legislation and rules around the world regarding them vary considerably and are often absent.
There are very few cryptocurrencies that have legitimised backing, are insured or supported by enterprises that are insured for their loss and essentially there is little to protect you if you lose money through them.
 
So why do people bother putting money into cryptocurrencies it in the first place?
 
 
If the present and future value of a cryptocurrency is driven purely by speculation then you are essentially gambling by putting your money to buy that coin and joining the pool of other gamblers who are doing so. You are essentially joining a ponzi scheme and waiting game hoping you've gotten in early enough and convinced enough people to buy more of the asset you hold at slightly higher prices until a price is reached that you can cash out at (or until that thing becomes so big that everyone starts using it as their store of value).
 
This type of dynamic essentially underpins the mentality of most investments and trades i.e. buy low and sell high. I'd like to add buy early for investors since buying during a low in an already established asset may be setting yourself up for being forced to sell at a lower low later (especially if you don't understand the fundamentals of that asset).
 
If however the present or future value of a cryptocurrency is driven by some service other than speculation which can attract and drive fiat currency into it's ecosystem then it is potentially valuable.
 
I.e. will people actually use their USD/Yuan/Euro/GBP/Yen/INR etc to actually purchase the coin in question to do something useful with it (other than gamble on it's future price).
 
There are some cryptocurrencies which satisfy this criteria:
 
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Bitcoin
It is not a currency, it is a remittance system and store of value. It has a reputation increasingly to being seen as a digital version of gold.
 
 
 
 
 
Bitcoin has the cultural and historical advantage of being the first cryptocurrency. It is also still the largest cryptocurrency by a long way with the largest marketcap i.e. price per bitcoin [$952 as of writing] x the number of bitcoin in circulation [16,074,687] which is $15.3 billion. Compare to it's next biggest competitor Ethereum which has a marketcap of $700 million (i.e. only 4.57% of Bitcoin's).
 
 
 
 
Bitcoin's value proposition is that it is a store of value. It may not be able to sustain this without significant upgrades to it's underlying software.
 
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Monero (XMR)
Bitcoin does not have anonymity inherently built into it's software. Therefore if you buy and sell Bitcoin especially on cryptocurrency exchanges (where user registration is required), it is possible to trace whom Bitcoin is being transferred from and to.
 
 
For this reason I see Monero as Bitcoin + anonymity. I.e. it's value proposition is as store of hidden wealth. I also believe it does not have the issues that bitcoin does namely, same level of mainstream recognition, spotlight of regulatory awareness and developers do seem to be more focused on achieving better scalability and transaction times (it already does 10-20 minute verification time vs bitcoins 1 hour) which gives it better potential as a currency presently compared to Bitcoin.
 
 
I do believe fiat stored in Bitcoin will gradually transfer into Monero boosting it's value. I am not sure Monero though can presently bring fresh fiat currency (USD, Yuan etc) into it's ecosystem beyond outsider speculation in future price.
 
 
It is not unique in it's function or potential value proposition. My warning about holding Monero for the long term is that it has competition for it's function not just from Bitcoin itself but from other anonymous coins such as Zcash, DASH (which provides instantaneous settlement) and SDC. Perhaps more importantly, Ethereum (ETH) is now planning to implement optional anonymity (via zSNARKs) in it's transaction network; if it does when combined with Ethereum's own functionality and well defined development roadmap (that will likely several second verification times in late 2017) would render XMR potentially redundant.
 
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Ethereum (ETH)
The first cryptocurrency which was built with the specific intent of incorporating 'smart contracts' into it's platform.
 
 
The value proposition for Ethereum is that it allows for complex, trustless settlement systems to be built on it. This is a huge deal because the scope of applications is wide and although the technology needs to mature (to support greater transaction volume, frequency and more secure functionality) the sheer amount of fiat such a platform could attract through conversion of traditional centralised settlement and contract services to more secure decentralised platforms is very huge.
 
 
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PARTICL (PART) (formerly Shadowcash SDC)
The value proposition is a double escrow, fully anonymous, decentralised privacy platform which incorporates private chat, private marketplace and secure, trustless private settlement system into one platform that is fully integrated into it's own blockchain.
 
 
Particl has multiple features that make it an excellent store of value: Low coin supply, potential for great demand, near instantaneous transaction verification times, ability to earn interest for simply holding it.
 
Particl is incredibly easy to use and is heavily focused on usability. This is absolutely essential to it's end users: customers who seek convenient easy and speedy secure anonymous transaction. This will be a dream come true for traditional users of darknet markets.
 
To explain why lets elaborate on traditional darknet markets where in order to transact anonymously you have to:
1. Download the TOR browser. 2. Learn how to use it. 3. Buy XMR or Bitcoin. 4. Learn how to transact with these coins *safely* (yes this is still an issue with XMR in spite of it's built in privacy). 5. Learn how to and where to find reliable secure darknet markets. 6. Create accounts on these markets to access them *and* 7. Have faith that the websites and the highly centralised (and thus much more vulnerable) servers hosting those markets you use will not get shut down, not disappear with your money and not betray your transaction details and potentially identities to the authorities should they be infiltrated by them. 
Whereas with Particl's market place this process will become:
1. Download the Particl client. 2. Buy some PART on an exchange and transfer it to your Umbra client. 3. Browse the Particl marketplace and transact securely, safely and anonymously. 
 
 
In summary I think Particl can be a very useful application as a privacy platform for private communications and transactions.
 
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ICONOMI (ICN)
Those two points constitute it's value proposition. By nature of the way it works it has an easily identifiable P/E ratio based on the amount used to create the fund ($10.5 million) against the current value of that fund based on it's
 
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Summary lessons
 
The first rule in investing or trading in a given cryptocoin is deciding if it has a value proposition:
 
1. *Can it draw fiat currency (USD, Euro, Yuan etc) in such a way as to give it a valuation that is fully independent of pure speculation?* 2. *Is it unique?* 3. *Is it rare?* A limited supply with a low or negative inflation rate will lead to increasing price as demand goes up. 4. Are there significant risks associated with the value proposition? 
 
 
In the next article I will cover lesson 3b: Price metrics and valuations. It will be much shorter I promise but equally informative and we will cover topics such as price determination, impact of speculation, price manipulation, whales and their impact and the impact of bitcoin on the entire cryptocurrency ecosystem!
...
 
References:
1. Crypto-Currency Market Capitalizations, https://coinmarketcap.com/, Last Checked 30/01/2017 2. What is the value of all the Gold in the world? http://onlygold.com/Info/All-The-Gold-In-The-World.asp, Last Checked 30/01/2017. 3. ICONOMI Cryptocurrencies Index (ICNX) 21 December 2016 Rebalancing, https://medium.com/iconominet/iconomi-cryptocurrencies-index-icnx-21-december-2016-rebalancing-transformation-into-iconomi-8e31e48493ab#.sptgljv1c 4. ICNx trend chart, https://medium.com/iconominet/iconomi-cryptocurrencies-index-icnx-30-november-2016-monthly-rebalancing-update-3402866243d9#.kw7g4fqcd, Last updated 30th Nov 2017 5. Shadowcash (SDC) - The billion dollar baby!, https://medium.com/@paradox_/shadowcash-sdc-the-billion-dollar-baby-6b86f0660739#.ypz9yme5a, Last updated 16 August 2016. 
...
 
Further articles in this series:
 
"The intelligent investors guide to cryptocurrency"
 
Part 0 -
Part 1 -
Part 2 -
Part 3a -
Part 3b -
Part 4 -
Part 5 -
Part 6 -
Part 7a -
 
"The intelligent investors guide to Particl -"
 
 
Full disclosure/Disclaimer: At time of original writing I had long positions in Ethereum (ETH), Shadowcash (SDC), Iconomi (ICN), Augur (REP) and Digix (DGD). All the opinions expressed are my own. I cannot guarantee gains; losses are sustainable; do your own financial research and make your decisions responsibly. All prices and values given are as of time of first writing (Midday 30th-Dec-2016).
 
Second disclaimer: Please do not buy Shadowcash (SDC), the project has been abandoned by it's developers who have moved on to the Particl Project (PART) (www.particl.io). The PARTICL crowd fund and SDC 1:1 token swap completed April 15th. You can still exchange SDC for PART but only if it was acquired prior to 15th April 2017 see: https://particl.news/a-community-driven-initiative-e26724100c3a for more information.
 
Addendum: Article updated 23-11-2017 to edit references to SDC (changed to Particl where relevant to reflect updated status) and clean up formatting.
submitted by joskye to Particl [link] [comments]

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The True Facts of Bitcoin

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