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How will Difi Block Chain Fund continue outstanding, the old fund newly into the block chain field?

How will Difi Block Chain Fund continue outstanding, the old fund newly into the block chain field?

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In 2017, Singapore's established fund Seren Difi Fund officially announced its expansion into the block chain sector, making a complete transformation from the traditional stock, bond and financial derivatives markets,into investment in block chain digital assets, while renaming the fund as Singapore's Difi Block Chain Fund. Piyush Gupta, CEO of the foundation, once said, "Bit coins value in that they are completely different from any previous asset type;they cannot be destroyed;they become increasingly difficult be ignored. Following Bit coins' development,the block chain will become an important asset type in the next era, and we should actively participate in it. " After three years, how does this old fund perform in the block chain market?

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The Leap of Old-money Funds
As an established private equity fund, Singapore's Seren Fund was established in 1996 with its headquarters in Singapore and branches in the United States, Europe and China. The foundation mainly invests in the global stock, bond and financial derivatives markets. It owns a number of hedge funds and private equity investment funds. From 2009 to 2017, the Seren Difi Fund has achieved a compound investment return of about 20% for eight consecutive years, with remarkable performance. It was once rated as the most stable private equity fund in Asia by US Business Week (Asia Pacific Edition).

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The transformation of Seren Fund is completely different from the transformation mode in the past. In the financial investment field , private equity funds are mainly divided into investment strategies and investment targets. Some funds are specialized in global bond investment;some funds are specialized in portfolio investment of equity assets;the other funds are mainly engaged in arbitrage and speculation through macro hedging. Funds may change their investments slightly or increase their investment targets, such as entering new markets. However, they will not give up their previous investment targets, because diversification is generally considered a necessary condition. Yet, Seren's transformation is very thorough, and it is said that it has made a leap towards the blue sea.
Before decision on the transition, they have gone through sufficient market research, recruited a group of professionals in the area of block chain, and tested the market through a private equity fund set up in their branch that mainly invests bitcoin. The fund has performed well. In the bull market of bitcoin in 2017, it achieved a high return of over 350%. Not only that, the fund also contacted a large number of block chain project parties and selected out a number of very promising block chain projects. They saw the future of the world through the rapid development of the block chain and the rapid iteration of technology, and so they finally decided to all in block chain. All of the fund's traditional private equity products and asset management businesses will not be renewed upon expiration, and investors will instead be invited to participate in their new block chain investment funds.
Brand New Difi Block Chain Fund

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After Difi Block Chain Foundation announced its transformation, it has laid out a comprehensive of the block chain industry, including mainstream currency trading, arbitrage in the secondary market, initial investment in public chain projects, encrypted currency exchanges, and ecological construction of block chains. Accordingly, it has set up a block chain quantitative fund focusing on secondary market investment, a private equity fund specializing in block chain start-up projects, and a strategic investment fund specializing in industrial chain layout. For more than three years, the foundation has performed very well. Quantitative funds have achieved 30% of good performance for three consecutive years. Private equity funds and strategic funds have successfully invested in a number of excellent block chain projects, including COSMOS, the world's first cross-chain project, EOS, the world's first DPOS consensus mechanism, and IPF, a star project to be launched this year.
The first star project invested by Difi Block Chain Fund is the cross-chain project COSMOS of Tendermint team. Private placement expects to earn more than 40 times the income of ATOM. Subsequently, the Foundation continues to increase its ATOM tokens in the secondary market, with a total investment of more than US$ 10 million. The main online line of COMOS project in 2019, with an overall valuation of over US$ 1 billion, is the current maturest cross-link solutions in the market.
Difi Block Chain Fund is optimistic about the prospect of cross-chain technology. The rise of DiFi (decentralized finance) in 2019 proves the fund's keen investment sense. In order to invest well in block chain projects, Difi went to see the fund and assembled some excellent senior talents in block chain and financial fields to join the management team, creating an international professional block chain investment team.

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In addition to investing in the block chain, Difi Block Chain Fund has already begun to set foot in the research and development of the block chain project. It is said that they are preparing a new project led by the fund, which will build a brand-new decentralized financial system with COSMOS based on the cross-chain engine of Tendermint. It is believed the new project of Difi Fund will definitely refresh the market and let time tell the story.
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Wealth Formula Episode 188: Ask Buck Part 2

Catch the full episode: https://www.wealthformula.com/podcast/188-ask-Buck-part-2/
Buck: Welcome back everybody this is Buck Joffrey and we are ready to go here with the week two or part two of Ask Buck. I should point out that if we start running a little late and there's still a lot of questions there may be a part three here because I understand that there is only so much information that can be absorbed or should be absorbed at one time so keep an eye on if if this part part is going longer than thirty minutes or so we will have a part three as well. So before we get started with the questions one question that came up quite a bit in terms of recently from something in the accredited investor club by the way if you're interested in joining investor club you should go to wealthformula.com if you are an accredited investor and sign up because that's where the action happens, that's where the fun stuff actually happens. Here we just talk about it you know it's sort of like reading a book but once you read a book you can only learn so much. You got to go out there and start putting it to work and that's exactly what the accredited investor group is. So if you're lucky enough to be accredited go and join it.
So I do want to address one thing which was that there was a divestment or an upcoming divestment in other words a building that we were invested in as a group was being sold and it's getting some nice returns you know annualized returns of 20% and the question I got from a lot of people on that was is there any way to roll this over into like some sort of 1031 Exchange? Because you know all of a sudden you've got them some profits and you know the reality of profits and recapture and and all that starts to come. The answer is no, you can't do a 1031. Typically if you know if you're a limited partner there are circumstances in which you could potentially do that as a tenant and common structure or something like that but what I'll tell you is that the majority of of syndicators who have experience and that sort of thing do not do it because it's a pain there is a lot of moving parts to it. You have to trust a lot of people that you don't necessarily know all that well and frankly if a syndicator group an operator doesn't have trouble raising capital for their opportunities. They're gonna be like why would I do that, I'm just gonna raise capital. So in reality if you're dealing with professional operators generally speaking you're not gonna be able to do anything on a 1031 basis. There are these other options though shall we say in terms of you know how can you potentially mitigate taxes using real estate? If you can't 1031 the other option of course is what we talk about all the time which is bonus depreciation. Now you know the bonus depreciation doesn't necessarily help you as much if you have active income but here's how it can help you okay because say for example you have invested in five properties and then for each one of those properties there was a cost segregation analysis done and then the cost segregation analysis was taken and bonus depreciation was applied and you got a K1 right and so you're getting these big losses now if you're a w-2 person anybody who is not a real estate professional you're not going to be able to apply those losses to active income anyway so they're gonna be sitting out there. You don't lose them they're just there so when you need them now if you do that five times all of a sudden you've got a massive amount of depreciation sitting there and then all of a sudden one of those five property sells and you've got capital gains. Well guess what, the capital gains is passive capital gains so you can use the you know you can use your depreciation. All that was losses that you've accumulated to offset the gains and the recapture. So again I'm not a CPA but I will tell you that I know this stuff reasonably well because I do a lot of this stuff and if your CPA is not seeing it the same way I highly recommend you talk to a more competent CPA and see what they think so. Anyway that is something to think about as divestments happen and again it incentivizes you to invest in multiple projects and to sort of do this diversify your passive portfolio as well so that you can constantly offset new gains. So that's something I think is a very useful thing and I know you didn't ask me about it but I have decided to tell you about it anyway.
So let's see now the first question from you, you meaning the audience is from Mike who asks, what are your thoughts about estate planning as we are all starting to build wealth, do you have any strategies or tips for us to consider? Anything else we should be thinking about as we build wealth and syndications presumably as limited partners? Of course this could also be an interesting future show to bring a guest to discuss, as always thanks for your thoughts and insight. Keep up the good work. Thanks, Mike. So you're right, it would make a good guest. We've had people talk about that in the past but I think it's been a while so I have invited, based on your email, I did invite an estate planning attorney who will be coming up in in the near future on our shows. But let me give you a little bit of what I know, and again I'm not an attorney but I am deeply steeped in this stuff. So think of these as my opinions and you know you heard it from a guy who heard it from a guy, but ultimately you have to get these things this advice confirmed or denied and applied by your own attorney, but let's start with the most basic thing and that I know of and one thing that I'm always amazed at how few people know about and this is regarding estate planning. The bare minimum that you need is not just the will, okay? Hey people think it's a will but it is not just a will, it's a will and a living trust and let me explain why that is so important. Okay everyone knows you need a will, but if you die and you and you do not have a living trust, your estate will go into something called probate. So probate is this thing it's where the court’s going to decide whether your will is valid or not and probate can affect you know his state's literally as fused as literally they're just a few thousand dollars so it almost certainly does affect most if not all of the Wealth Formula Community probate. It's also extremely expensive right and it may take you know five percent of your estate to get this resolved and guess what it can take up to two years to resolve as well. So expensive, it takes a long time, so imagine for a second god forbid something happens to you and your family gets stuck for two years not able to access your estate that you left in your name they have to pay thousands of dollars and they have to deal with the fact that you're gone that is a terrible situation to be. Don't do it, okay. A living trust is this very simple thing to do just a couple hundred not a couple hundred but maybe a thousand dollars a couple thousand dollars and once you get one, you just put your assets under the name of the living trust and you can sleep well at night knowing you are avoiding this thing called probate easiest thing you can do the most high-impact thing you can do and if you don't have that you need that and and go get it done. Now for those of you with growing and larger estates, you might want to do something else on top of that you see there is a stink all the estate tax right if you die and right now there's you know these limits are pretty high right I mean our minimums I should say that it affects people who are if you're just by yourself like I think it's ten or eleven million dollars and then jointly it's twenty two million but that in 2025 you know so though your estate taxes kick in after that point right now they're really hefty, they're like 40 percent but in 2025 that minimum of you know 20 million if you're a couple or 10 million individual whatever it's all gonna go down the previous minimum which is half of that so I know for a fact that many of you out there because I talk to you and I deal with you know a lot of folks in investor club already have an estate that's you know five million and growing and you're young, so take it seriously. And also remember that there's a very good chance that there'll be somebody in office eventually that maybe like an Elizabeth Warren or Bernie Sanders. Bernie Sanders by the way once that estate tax to go down to 1 million dollars and to kick into after 1 million dollars and I know that would affect an enormous number of you, but anyway the bottom line is you've got to start thinking about this now because if you put some of these things into place now you potentially can if you act quickly, you can potentially get grandfathered into some of these strategies. Now bottom line is that these strategies that I'm alluding to are actually quite easy right now to do and that's why a lot of people call the estate tax the dumb tax because I mean honestly it's not terribly challenging for people to if they do some proper planning to you know get their estate into a trust and there's lots of ways to do that. I have something myself called a Nevada Dynasty Trust. I don't want to play lawyer too much so I'll get an estate planning attorney on so you can dive into some of those options and by the way if you use Doug Lodmell for asset protection like I do, you certainly can reach out to him as well to connect you with an estate attorney in your state because that's really what you need it's important for the estate and asset protection teams to kind of see eye to eye, I can tell you that from personal experience because what they do sometimes is at odds with one another and you also need make sure that there is some tax implications that are considered in this and those are so you should potentially have your tax advisor in those conversations as well ask me how I know that. So okay so that's probably a pretty good answer to that right or at least a long answer. Let's see let's go to the first audio question and this one is from Garth.
Garth: Hello Dr. Joffrey. This is Garth from Portland Oregon. My question might be really basic but I am wondering the difference between money and currency if there is any difference and if there is where does cryptocurrency land on this? Thanks.
Buck: Well thanks Garth, and you don't need to call me Dr. Joffrey. Buck is just fine. I have left my doctor coat behind in Chicago a few years ago now, but thank you for your question and it's a good question. It's a complicated one so let's just go to the basics. First money by definition is a store of value. It's an intrinsic store of value within itself and then so that's money now currency typically refers to fiat currency and it has buying power because the government says it has value. You know there's this important quote that everybody talks about. I hear it in the gold communities all the time you get in 1912, you hear JP Morgan saying money's gold. Money is gold, nothing else. What he meant was that everything else was credit and these days that's very true of course the dollar is nothing more than debt and when you're paying somebody in dollars you're not paying them in money because that has no intrinsic value but all you're doing is you’re transferring over receivables, right? The government owes you money. Government owes you money, that kind of thing, but for everyday practical use they are you know one in the same, we think about them the same way. So now cryptocurrency is really not that straightforward and I do think that it's to distinguish between Bitcoin and the other currencies that I think are still need to be better defined but let's just talk about Bitcoin, okay. Now I believe personally that bitcoin is money. Why? Because it has intrinsic value, because it is scarce, and because it must be created through a process called mining, which costs time and money and is not easy to do. You have to spend a lot of resources to do it and in this regard it's really not that dissimilar from gold, right? And then you know the gold bucks said well yeah you can use gold for something, you can't use Bitcoin for anything. Well let's get serious here. I mean most of the time people are just you know Gold's a nice shiny pretty metal right, I mean there's nothing inherent about it. That's any more valuable. It's all in the eye of the beholder. So the same kind of thing it's scarce and it's pretty. People say it's gold so to me it's not that different from Bitcoin and it's scarce you know. Listen at the end of the day the reality is that Bitcoin has more similarities with gold than it does with the US dollar. Think about it. Scarce, can't print it, can't you know it's not a inflationary etc. However I got to be clear about this because this is where I get into this you know question about gold in the first place right why do people hold gold because they say it has intrinsic value. Why does it have intrinsic value? Well maybe you can you know wear it and put it in some machines and stuff like that and you're building them but here's the thing, wouldn't by that definition wouldn't real-estate then be money as well? Because it has intrinsic value, I mean personally you know I don't see why gold has any more value than real estate I mean real estate you actually live there, you work there, it's a structure, it has a function, right? Well listen, bottom line is to me you know gold has one major function that is to hedge inflation. Real estate has that same function and real estate can cash flow so that's why I'm not a gold-bug but I know that's a controversial topic in and of itself and we'll leave it at that.
All right, next question is from Caliche and it's a written question. He says hello Buck, hope you're well. This question is about Wealth Formula Banking. You actually know anyone who has retired and it is drawing free income from their policies? Assuming I have five million cash, five million dollars of cash value in the whole life policies specifically we're talking about Wealth Formula Banking growing roughly at five percent a year, can I really withdraw two hundred fifty thousand dollars every year tax-free forever while leaving five million dollars principle intact is that really that simple? What's the catch? If there's no catch, why isn't everyone doing this? Seems to me that all one has to do is to do whatever they love to do that pays well and throw their savings into whole life and ten to twenty years from now they will definitely as per the contractual guarantees be able to retire very comfortably on tax-free income forever. Why bother with other risky investments like crypto, options, money lending, oil, gas, real estate, stocks, bonds, mutual funds, etc. Again is the above simplistic description of the whole life ie Wealth Formula Banking strategy accurate or am I missing something? Thanks, Caliche.
Ok so great question and my knee-jerk response is yes you are correct. That's exactly how it works. But let me get Rod involved. Rod is with obviously one of the Wealth Formula Banking experts and I actually had him record an answer. Yes the simple answer is that yes you understand it correctly. So if you had built up five million dollars inside of your cash value inside of that whole life policy and you're ready to try and live off of that then easily the 250,000 a year, you would be able to take this income and it would last perpetually. So he goes on as you know if that's the case then why doesn't everybody throw their savings into whole life and 10 to 20 years from now though with definitely as part as per the contractual guarantees be able to retire very comfortably on tax-free income forever, so why bother with other risky investments? So for somebody who's content earning that 5% and living off of it tax-free like you say then I agree there's not a catch, it's pretty simple the way that the contracts work. You could do that. So now I know that a lot of the listeners use it for the purpose of wealth for me the banking when I'm using it in conjunction with the investments and doing a lot more outside of the policy in addition to getting that growth that compounding growth inside the policy and so for somebody who is not actively involved in the other investments maybe I would suggest shifting over to Velocity Plus where you can do you know contribute a similar amount of money but actually grow it a lot better because we're getting the leverage from the bank loan and if you're not familiar with with what I'm talking about then go to wealthformulabanking.com and we have a webinar there where you can learn more about it but the idea is that when you get to retirement and you're looking at what your net equity is in the policy, it's not just a 5% income that we're producing off of that, it's more like you know 10 to 13 percent and so it's much more substantial in spite of the leverage piece that we're we're using in inside of that and so if you're not someone who wants to be actively investing in you know the real estate and the other things their cash flow investments that we talked about then Velocity Plus is a great way to see that grow in a passive way but it also turned into that same you know kind of tax-free income in retirement. So that's the story on that one. So listen, that was a very nice answer from Rod. So basically the answer in short is glitchy it sounds like you have got it right. Let me address this question that you have. Why bother with other investments? You know I've got this thing, the answer is you don't have to. I mean listen for people who are investing in real estate, people who are investing in you know some of these other things, I think the reality is what we're trying to do is to make even more money and frankly there's like this level of okay I want to expand my means even more. Now you're you're looking at this thinking I can do five million at some point and you know I can live off of that over a period of time and I love being a physician because I know you're a physician, I get that. But I think the bottom line is like if you go across the board you'll find a lot of people have a lot of different goals and ambitions. For me too I mean I would say I'm one of them I would say I'm probably too greedy to think of it that way I like the idea of being you know constantly creating more and more wealth and for me it's a lot of fun to invest in these things and watch them grow and make more and more money, but that being said you know I've said this in the past where over and over again why one of the reasons that I like Wealth Formula Banking in particular is the contractual nature of that income and it's you know we're talking about some significant returns over a period of time. The contractual nature of that money is a very compelling thing and I've also said that if you don't listen to me and you don't want to invest in real estate and all you ever did was do Wealth Formula Banking, I'd feel pretty good about that because I think you're gonna still finish way ahead of the majority of people out there who are you know sinking their money in equities because they have no idea what's going to happen with the equity markets at any given time and I don't think they're protected. This basically is all on the upward trajectory right, you don't have to deal with the up-and-down sort of trajectory that you deal with when it comes to the equity markets. For me this represents you know if you think about the way investors usually hit things they hit their stocks and bonds right? They think about stocks and anything about bonds where this fits in for me banking is sort of analogous to the bond portfolio. What is the bond portfolio? Well the bond portfolio is the safe thing, the super safe thing that you know just puts out a fixed amount of return. Bonds have a certain return like you know a couple percent or whatever this is similar to that and it just it's much it's higher than bonds and it has this death benefit which is great as well. It grows tax-free which is great as well. So there's all these benefits to it that I think replace a necessity for me to leave and look at the bond market. The other thing about it is that you can borrow against it and you can borrow against it for arbitrage. We've talked about this plenty of times before but when you borrow against the cash value of your Wealth Formula Banking account, what you're doing effectively is borrowing from the insurance company. So your money's still growing at that same compounding rate but you're borrowing at a simple interest rate and that creates this you know very nice arbitrage. So some people like the idea of rather than just saying this is all the returns I want they say I'm not gonna use this as my returns I'm going to use this to juice my other returns and that's the way a lot of other people use it as well. But bottom line is it sounds like if you're happy doing what you're doing more power to you. You don't have to think about anything, just practice medicine you know keep putting money into this thing and you know just like you said when you get to that point you know you don't have to worry about the markets crashing at the last second and your kids will be taken care of.
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Survivors of market disasters: In this disaster, some people actually made money

There is no need to repeat the tragic market. Various historical figures are present, and they all reveal a signal: this disaster is like an earthquake with no warning signs. The victims are everywhere, and the survival is a fluke.
But in this disaster, there are still people who make money.
If you still have the impression, on August 23 of last year, there was a problem with Amazon AWS 'server in Japan, which caused the products using the region's services to be affected to varying degrees, including the cryptocurrency trading platform. After discovering a problem with Binance using AWS, the user's deposit and withdrawal were suspended, but the trading platform using the Binance Quotation API failed to take timely measures, resulting in loopholes in market makers' strategies.
That day, while Bitcoin was still steadily maintained at 10,000 USD, some users bought Bitcoin at a unit price of 0.32 USD, and when there was almost no fluctuation in the market, they used the mistake of the server to add western food for the night. A bottle of champagne.
In this disaster after 5 months, some people still use the environment to find a way to survive.
Ethereum 0 dollar purchase?
A $ 0 purchase of Ethereum happened on March 13. The market plummeted, many mortgagors' positions were exploded, and ETH fell from $ 180 to less than $ 100 without resistance. The decentralized Defi market that depends on the value of ETH is naturally not immune, such as the MakerDAO platform. MakerDAO's borrowing logic is that users over-collateralize ETH to lend USD stablecoin DAI, but when the value of ETH fell rapidly, a large number of loans fell below the threshold and the system had to be liquidated. In other words, the user's loan was not repaid. Mortgage of ETH is also not available.
So MakerDAO has a bad debt, the amount exceeds USD 4 million. In order to repay this bad debt, MakerDAO chooses to auction the collateral, that is, ETH, BAT, etc., and uses the stable currency DAI to bid. They need to use the auction proceeds to obtain repay loan.
Under normal circumstances, such auctions are not too accidental. The feeding system reports the current price of ETH, and the bidders will probably trade at a price slightly lower than the market price.
However, the background of this auction is the market's plunge. The transaction caused investors to intensive operations, which blocked the Ethereum network. It takes far more than usual gas fees to allow the miners to confirm the transfer as soon as possible.
According to the browser, on the morning of the 13th, if only 44 gwei is used, the transfer confirmation time on the Ethereum network will take 72958 seconds, which is 20 hours.
The MakerDAO debt auction on the Ethereum network has also been affected. The blockage of the network has prevented bidders with low gas costs from bidding in time, which caused participants to bid 0 DAI / ETH to drop the hammer.
It can also be seen from the transaction records that the auction of 0 DAI was indeed successful. These lucky bidders only paid a transfer fee of US $ 1 and transferred 0 amount to obtain an ETH worth US $ 122 at the time.
These people are undoubtedly fortunate. The external environment helped them to become the only game participants. The exchange of $ 1 for $ 120 and a profit of 11900% was much higher than the odds of players who risked bottom-swinging in fluctuations.
However, from another perspective, MakerDAO's auction is to use the DAI obtained from the auction to pay off debts. However, due to network congestion, this situation has caused several free gifts, and MakerDAO's debt repayment is even worse.
Pick up goods by luck
If it is said that MakerDAO launches the auction, it is a helpless action of the team under extreme conditions. Bidders still need a bit of technical barriers to participate, but there is nothing to worry about, and there is almost no difficulty and cost.
On the evening of March 12, investors discovered that the LINK / USDT trading pair of the Binance trading platform experienced a short-term flash collapse and once fell to the bottom 0.0001 USD. What's going on?
Twitter netizens then asked Zhao Changpeng about the matter, and the latter's response was a shock. It turned out that someone had already launched the LINK trading pair as early as Binance, that is, on January 16 last year, a low was hung within 8 seconds after the real-time trading was opened. Price list, but it has not been closed because no fool will sell it at this price.
Unexpectedly, more than a year later, this pending order was sold "strangely". "At that time we had no price range restrictions. We will not cancel user orders." Zhao Changpeng said that the platform will not deny this order because the operation is completely reasonable.
It will not be rolled back for various reasons. In other words, even if LINK has experienced a large decline recently, at the current price of 2.3 US dollars, the profit of this transaction will exceed 2 million US dollars. US dollars, then he instantly won nearly 5 million US dollars.
The cost of 100 dollars, the income of 2.4 million dollars, a real profit.
In fact, similar examples of this kind of luck are not rare in the crypto industry. Except for Binance and the previous examples, BitMex and OKEx have also experienced similar situations, and more than once.
For example, on December 6, 2017, Binance's XRP / BTC trading pair experienced a breakdown of the list. In a very short period of time, the XRP price was oversold to 0.0000002 BTC, which is basically negligible. On January 29, 2018, the price of the ADA contract on BitMEX also fell to 0.00000005 US dollars, which was also nearly 0; another trading platform, OKEx, also saw a large amount of 0.002 USD on January 14, 2018. Case, according to the official statement at that time, "a certain trader" quickly sold a large amount of ETH through market orders within 12 minutes. Interestingly, at the time, some people analyzed that "a certain trader" was actually an official market-making robot, and "a large amount" of 100 million Ethereum was eventually sold for 20 dollars.
However, for ordinary people, if you want to encounter this kind of opportunity for leak detection, unless you are bored and place an order in advance, such a price is fleeting, and you ca n’t seize the opportunity simply by hand speed. In fact, at present, many trading platforms have actually adopted corresponding price amplitude filters, which specify the maximum / minimum price range of pending order prices. Oolong trading is very rare. Even if luck hits and catches up, it is very likely that the platform will intervene and the transaction will be rolled back. This situation has not happened before.
Only this time, the trader who had placed an order on Binance for more than a year, even if he successfully leaked and successfully withdrew the coin, it can only be said that he hit the Grand Canal.
Safe moving of bricks
Buying a certain kind of token on a crypto trading platform, and then selling the token to another trading platform, earning the price difference is a moving brick in the crypto circle. Moving bricks has been an arbitrage behavior since the birth of the transaction. It belongs to a very old business. Arthur, the founder of BitMex, who now operates a trading platform, and Xu Mingxing of OKEx, were once members of the army of moving bricks. . This kind of brick moving was the most prosperous at the end of 2017. At that time, trading platforms such as Bithumb in South Korea also called the "Kimchi premium" due to the price difference between other platforms. Moving bricks is a kind of risk-free arbitrage. Players use energy to gain profits, although the single profit is not much. However, with the maturity of trading robots and quantitative trading teams, the spread of tokens between multiple regions or platforms is often wiped out in a matter of seconds. Therefore, the profit margin of manually moving bricks is now very small.
Of course, it is not to say that there is no opportunity. Such an opportunity to make money is indeed hidden under the volatile market.
"Buy at a low price and sell at a high price, this is simply the most secure way to make money in a plunging market!" Investors are excited about cryptography. Starting at 6:30 pm on March 12, cryptocurrencies have experienced sharp fluctuations, while Binance and Huobi When the bitcoin spread between the three trading platforms and OKEx was the largest, it even reached more than 700 US dollars. The discerning player quickly discovered the opportunity, "For half an hour, I made more than 10,000 with a principal of 20,000 yuan. Such an opportunity is usually not available."
Buy and sell orders executed by the above investors at almost the same time, with a spread of nearly $ 450
When it comes to moving bricks, time is money. It is definitely too late to shuttle between multiple trading platforms. Many investors have now transferred the "battlefield" to the platform that focuses on aggregated trading. "The aggregated trading platform integrates the depth of multiple platforms. As long as there is a price difference between supported platforms, users only use One account can be bought and sold on multiple platforms, and it can be operated in a few seconds. "Wu Ling, who seized the opportunity from the extreme market in these two days, made nearly 50,000 by moving bricks in just a few hours. Yuan, the principal is no more than tens of thousands of yuan.
It is understood that there are already multiple platforms targeting the aggregate trading business on the market, and the opportunity to move bricks does not often appear, unless similar to the extreme market appearing in the past few days, or some unique tokens, there may be soaring and plunging. Opportunities, as a whole, are not met a few times a year, and they are fleeting.
However, whether it is MakerDAO auctions, ultra-low-priced pending order transactions, or arbitrage moving bricks under the new situation, these opportunities to make money are actually small probability and cannot be used as conventional investment methods.
These seemingly easy profits are in the end a few people. Many people are trapped in extreme quotes in stuns. Most investors have no assets left on the trading platform overnight.
Maybe this also makes many investors lose confidence in the industry, but in fact, in the face of such a market, after finishing our mood, we are more learning from changes.
Learn the reasons for this disaster, learn the logic of the main control panel, learn what signals were ignored before the disaster, and prepare for the next time. At the same time, we can also see the development of the industry. For example, when all centralized trading platforms are down, DEX can still be implemented despite various problems.
I hope that everyone still has confidence in the blockchain and cryptocurrency industries. Finally, I would like to remind everyone that the recent market changes are unpredictable. Please pay attention to risks and exercise caution.
submitted by FmzQuant to u/FmzQuant [link] [comments]

⚡ Lightning Network Megathread ⚡

Last updated 2018-01-29
This post is a collaboration with the Bitcoin community to create a one-stop source for Lightning Network information.
There are still questions in the FAQ that are unanswered, if you know the answer and can provide a source please do so!

⚡What is the Lightning Network? ⚡

Explanations:

Image Explanations:

Specifications / White Papers

Videos

Lightning Network Experts on Reddit

  • starkbot - (Elizabeth Stark - Lightning Labs)
  • roasbeef - (Olaoluwa Osuntokun - Lightning Labs)
  • stile65 - (Alex Akselrod - Lightning Labs)
  • cfromknecht - (Conner Fromknecht - Lightning Labs)
  • RustyReddit - (Rusty Russell - Blockstream)
  • cdecker - (Christian Decker - Blockstream)
  • Dryja - (Tadge Dryja - Digital Currency Initiative)
  • josephpoon - (Joseph Poon)
  • fdrn - (Fabrice Drouin - ACINQ )
  • pmpadiou - (Pierre-Marie Padiou - ACINQ)

Lightning Network Experts on Twitter

  • @starkness - (Elizabeth Stark - Lightning Labs)
  • @roasbeef - (Olaoluwa Osuntokun - Lightning Labs)
  • @stile65 - (Alex Akselrod - Lightning Labs)
  • @bitconner - (Conner Fromknecht - Lightning Labs)
  • @johanth - (Johan Halseth - Lightning Labs)
  • @bvu - (Bryan Vu - Lightning Labs)
  • @rusty_twit - (Rusty Russell - Blockstream)
  • @snyke - (Christian Decker - Blockstream)
  • @JackMallers - (Jack Mallers - Zap)
  • @tdryja - (Tadge Dryja - Digital Currency Initiative)
  • @jcp - (Joseph Poon)
  • @alexbosworth - (Alex Bosworth - yalls.org)

Medium Posts

Learning Resources

Books

Desktop Interfaces

Web Interfaces

Tutorials and resources

Lightning on Testnet

Lightning Wallets

Place a testnet transaction

Altcoin Trading using Lightning

  • ZigZag - Disclaimer You must trust ZigZag to send to Target Address

Lightning on Mainnet

Warning - Testing should be done on Testnet

Atomic Swaps

Developer Documentation and Resources

Lightning implementations

  • LND - Lightning Network Daemon (Golang)
  • eclair - A Scala implementation of the Lightning Network (Scala)
  • c-lightning - A Lightning Network implementation in C
  • lit - Lightning Network node software (Golang)
  • lightning-onion - Onion Routed Micropayments for the Lightning Network (Golang)
  • lightning-integration - Lightning Integration Testing Framework
  • ptarmigan - C++ BOLT-Compliant Lightning Network Implementation [Incomplete]

Libraries

Lightning Network Visualizers/Explorers

Testnet

Mainnet

Payment Processors

  • BTCPay - Next stable version will include Lightning Network

Community

Slack

IRC

Slack Channel

Discord Channel

Miscellaneous

⚡ Lightning FAQs ⚡

If you can answer please PM me and include source if possible. Feel free to help keep these answers up to date and as brief but correct as possible
Is Lightning Bitcoin?
Yes. You pick a peer and after some setup, create a bitcoin transaction to fund the lightning channel; it’ll then take another transaction to close it and release your funds. You and your peer always hold a bitcoin transaction to get your funds whenever you want: just broadcast to the blockchain like normal. In other words, you and your peer create a shared account, and then use Lightning to securely negotiate who gets how much from that shared account, without waiting for the bitcoin blockchain.
Is the Lightning Network open source?
Yes, Lightning is open source. Anyone can review the code (in the same way as the bitcoin code)
Who owns and controls the Lightning Network?
Similar to the bitcoin network, no one will ever own or control the Lightning Network. The code is open source and free for anyone to download and review. Anyone can run a node and be part of the network.
I’ve heard that Lightning transactions are happening “off-chain”…Does that mean that my bitcoin will be removed from the blockchain?
No, your bitcoin will never leave the blockchain. Instead your bitcoin will be held in a multi-signature address as long as your channel stays open. When the channel is closed; the final transaction will be added to the blockchain. “Off-chain” is not a perfect term, but it is used due to the fact that the transfer of ownership is no longer reflected on the blockchain until the channel is closed.
Do I need a constant connection to run a lightning node?
Not necessarily,
Example: A and B have a channel. 1 BTC each. A sends B 0.5 BTC. B sends back 0.25 BTC. Balance should be A = 0.75, B = 1.25. If A gets disconnected, B can publish the first Tx where the balance was A = 0.5 and B = 1.5. If the node B does in fact attempt to cheat by publishing an old state (such as the A=0.5 and B=1.5 state), this cheat can then be detected on-chain and used to steal the cheaters funds, i.e., A can see the closing transaction, notice it's an old one and grab all funds in the channel (A=2, B=0). The time that A has in order to react to the cheating counterparty is given by the CheckLockTimeVerify (CLTV) in the cheating transaction, which is adjustable. So if A foresees that it'll be able to check in about once every 24 hours it'll require that the CLTV is at least that large, if it's once a week then that's fine too. You definitely do not need to be online and watching the chain 24/7, just make sure to check in once in a while before the CLTV expires. Alternatively you can outsource the watch duties, in order to keep the CLTV timeouts low. This can be achieved both with trusted third parties or untrusted ones (watchtowers). In the case of a unilateral close, e.g., you just go offline and never come back, the other endpoint will have to wait for that timeout to expire to get its funds back. So peers might not accept channels with extremely high CLTV timeouts. -- Source
What Are Lightning’s Advantages?
Tiny payments are possible: since fees are proportional to the payment amount, you can pay a fraction of a cent; accounting is even done in thousandths of a satoshi. Payments are settled instantly: the money is sent in the time it takes to cross the network to your destination and back, typically a fraction of a second.
Does Lightning require Segregated Witness?
Yes, but not in theory. You could make a poorer lightning network without it, which has higher risks when establishing channels (you might have to wait a month if things go wrong!), has limited channel lifetime, longer minimum payment expiry times on each hop, is less efficient and has less robust outsourcing. The entire spec as written today assumes segregated witness, as it solves all these problems.
Can I Send Funds From Lightning to a Normal Bitcoin Address?
No, for now. For the first version of the protocol, if you wanted to send a normal bitcoin transaction using your channel, you have to close it, send the funds, then reopen the channel (3 transactions). In future versions, you and your peer would agree to spend out of your lightning channel funds just like a normal bitcoin payment, allowing you to use your lightning wallet like a normal bitcoin wallet.
Can I Make Money Running a Lightning Node?
Not really. Anyone can set up a node, and so it’s a race to the bottom on fees. In practice, we may see the network use a nominal fee and not change very much, which only provides an incremental incentive to route on a node you’re going to use yourself, and not enough to run one merely for fees. Having clients use criteria other than fees (e.g. randomness, diversity) in route selection will also help this.
What is the release date for Lightning on Mainnet?
Lightning is already being tested on the Mainnet Twitter Link but as for a specific date, Jameson Lopp says it best
Would there be any KYC/AML issues with certain nodes?
Nope, because there is no custody ever involved. It's just like forwarding packets. -- Source
What is the delay time for the recipient of a transaction receiving confirmation?
Furthermore, the Lightning Network scales not with the transaction throughput of the underlying blockchain, but with modern data processing and latency limits - payments can be made nearly as quickly as packets can be sent. -- Source
How does the lightning network prevent centralization?
Bitcoin Stack Exchange Answer
What are Channel Factories and how do they work?
Bitcoin Stack Exchange Answer
How does the Lightning network work in simple terms?
Bitcoin Stack Exchange Answer
How are paths found in Lightning Network?
Bitcoin Stack Exchange Answer
How would the lightning network work between exchanges?
Each exchange will get to decide and need to implement the software into their system, but some ideas have been outlined here: Google Doc - Lightning Exchanges
Note that by virtue of the usual benefits of cost-less, instantaneous transactions, lightning will make arbitrage between exchanges much more efficient and thus lead to consistent pricing across exchange that adopt it. -- Source
How do lightning nodes find other lightning nodes?
Stack Exchange Answer
Does every user need to store the state of the complete Lightning Network?
According to Rusty's calculations we should be able to store 1 million nodes in about 100 MB, so that should work even for mobile phones. Beyond that we have some proposals ready to lighten the load on endpoints, but we'll cross that bridge when we get there. -- Source
Would I need to download the complete state every time I open the App and make a payment?
No you'd remember the information from the last time you started the app and only sync the differences. This is not yet implemented, but it shouldn't be too hard to get a preliminary protocol working if that turns out to be a problem. -- Source
What needs to happen for the Lightning Network to be deployed and what can I do as a user to help?
Lightning is based on participants in the network running lightning node software that enables them to interact with other nodes. This does not require being a full bitcoin node, but you will have to run "lnd", "eclair", or one of the other node softwares listed above.
All lightning wallets have node software integrated into them, because that is necessary to create payment channels and conduct payments on the network, but you can also intentionally run lnd or similar for public benefit - e.g. you can hold open payment channels or channels with higher volume, than you need for your own transactions. You would be compensated in modest fees by those who transact across your node with multi-hop payments. -- Source
Is there anyway for someone who isn't a developer to meaningfully contribute?
Sure, you can help write up educational material. You can learn and read more about the tech at http://dev.lightning.community/resources. You can test the various desktop and mobile apps out there (Lightning Desktop, Zap, Eclair apps). -- Source
Do I need to be a miner to be a Lightning Network node?
No -- Source
Do I need to run a full Bitcoin node to run a lightning node?
lit doesn't depend on having your own full node -- it automatically connects to full nodes on the network. -- Source
LND uses a light client mode, so it doesn't require a full node. The name of the light client it uses is called neutrino
How does the lightning network stop "Cheating" (Someone broadcasting an old transaction)?
Upon opening a channel, the two endpoints first agree on a reserve value, below which the channel balance may not drop. This is to make sure that both endpoints always have some skin in the game as rustyreddit puts it :-)
For a cheat to become worth it, the opponent has to be absolutely sure that you cannot retaliate against him during the timeout. So he has to make sure you never ever get network connectivity during that time. Having someone else also watching for channel closures and notifying you, or releasing a canned retaliation, makes this even harder for the attacker. This is because if he misjudged you being truly offline you can retaliate by grabbing all of its funds. Spotty connections, DDoS, and similar will not provide the attacker the necessary guarantees to make cheating worthwhile. Any form of uncertainty about your online status acts as a deterrent to the other endpoint. -- Source
How many times would someone need to open and close their lightning channels?
You typically want to have more than one channel open at any given time for redundancy's sake. And we imagine open and close will probably be automated for the most part. In fact we already have a feature in LND called autopilot that can automatically open channels for a user.
Frequency will depend whether the funds are needed on-chain or more useful on LN. -- Source
Will the lightning network reduce BTC Liquidity due to "locking-up" funds in channels?
Stack Exchange Answer
Can the Lightning Network work on any other cryptocurrency? How?
Stack Exchange Answer
When setting up a Lightning Network Node are fees set for the entire node, or each channel when opened?
You don't really set up a "node" in the sense that anyone with more than one channel can automatically be a node and route payments. Fees on LN can be set by the node, and can change dynamically on the network. -- Source
Can Lightning routing fees be changed dynamically, without closing channels?
Yes but it has to be implemented in the Lightning software being used. -- Source
How can you make sure that there will be routes with large enough balances to handle transactions?
You won't have to do anything. With autopilot enabled, it'll automatically open and close channels based on the availability of the network. -- Source
How does the Lightning Network stop flooding nodes (DDoS) with micro transactions? Is this even an issue?
Stack Exchange Answer

Unanswered Questions

How do on-chain fees work when opening and closing channels? Who pays the fee?
How does the Lightning Network work for mobile users?
What are the best practices for securing a lightning node?
What is a lightning "hub"?
How does lightning handle cross chain (Atomic) swaps?

Special Thanks and Notes

  • Many links found from awesome-lightning-network github
  • Everyone who submitted a question or concern!
  • I'm continuing to format for an easier Mobile experience!
submitted by codedaway to Bitcoin [link] [comments]

Notes from the Hearing Today

Apologies for typos and grammatical errors; wanted to get this out as soon as possible for those that weren't able to watch the live stream. Cleaned up formatting to make it more readable.

While this isn't a 100% word-for-word transcript, the overtone of the meeting should have been conveyed. SEC and CFTC want protections for consumers, but don't want to outright ban crypto. I was under the impression that both agencies were well-educated, but understaffed. They both want to introduce protections for customers and investors and go after scam artists, but don't want to impose any restrictions or regulations that would be bad for crypto as a whole (both from a security perspective, and a technological innovation perspective). Overall a huge positive.

Crapo
Brown
Clayton
Giancarlo
Crapo
Clayton
Giancarlo
Crapo
Clayton
Giancarlo
Crapo
Brown
Clayton
Brown
Clayton
Brown
Clayton
Brown
Clayton
Brown
Clayton
Brown
Clayton
Sen. Shelby
Clayton
Giancarlo
Sen. Shelby
Clayton
Sen. Shelby
Giancarlo
Clayton
Sen. Shelby
Sen Reed
Clayton
Giancarlo
Sen Reed
Giancarlo
Clayton
Sen Reed
Rounds
Clayton
Rounds
Giancarlo
Ms. Warren
Clayton
Ms. Warren
Clayton
Ms. Warren
Clayton
Ms. Warren
Clayton
Ms. Warren
Clayton
Ms. Warren
Perdue
Clayton
Perdue
Giancarlo
Perdue
Clayton
Giancarlo
Donnelly
Giancarlo
Clayton
Donnelly
Giancarlo
Donnelly
Giancarlo
Clayton
Donnelly
Giancarlo
Clayton
Sen. Kennedy
Giancarlo
Sen Kennedy
Giancarlo
Sen Kennedy
Giancarlo
Sen Kennedy
Clayton
Sen Kennedy
Warner
Clayton
Giancarlo
Warner
Clayton
Warner
Giancarlo
Clayton
Cotton
Giancarlo
Clayton
Cotton
Giancarlo
Clayton
Cotton
Clayton
Cotton
Menendez
Giancarlo
Menendez
Giancarlo
Menendez
Giancarlo
Menendez
Clayton
Menendez
Clayton
Moran
Ms. Masto
Clayton
Giancarlo
Ms. Masto
Clayton
Giancarlo
Ms. Masto
Sen Shelby
Clayton
Sen Shelby
Clayton
Giancarlo
Ms. Warren
Clayton
Ms. Warren
Clayton
Ms. Warren
Clayton
Crapo
submitted by cembry90 to CryptoCurrency [link] [comments]

Overview of Asset-Backed Tokens

Overview of Asset-Backed Tokens


https://preview.redd.it/xkr918vqkjl11.png?width=1084&format=png&auto=webp&s=0ddee44da9e6ae06026ea4c9b7243c11e05e03fd

What are asset-backed tokens?

Asset-backed tokens, a growing class of tokens, are by definition worth exactly what they are backed by. For instance, a representative token that corresponds to a real-world asset such as a unit of fiat currency, a security or even gold, will be valued at a 1:1 ratio. They are assets represented as tokens to be transferred and traded trustfully on a blockchain. Although tokens, most of the asset-backed tokens are classified as securities throughout the globe. More obvious is the tokenization of real estate, art, derivatives markets, attention, and other non-fungible assets that are currently festering in illiquid markets that are ripe with middlemen who assume counterparty risk. With $256 trillion of real-world assets in the world, the opportunity for asset-backed tokens is truly massive, especially with regards to asset classes like real estate and fine art that have historically suffered from limited commerce and liquidity.
Asset-backed tokens also offer an alternative to traditional cryptocurrencies (e.g. stablecoins), as well as traditional crypto investing (e.g. crypto-trackers, coin traded indices). Various kind of asset-backed tokens have emerged these past months, and we aim to provide with a short overview of these.

Various kinds of asset-backed tokens

· Fiat Stablecoins: Tether (USD backed), EURS by Statis (EUR backed), TrueUSD (USD backed)
Fiat stablecoins are crypto-assets that maintain a stable value against a target price (e.g. USD). Different kind of stablecoins exist (e.g. asset-backed, algorithmic and hybrid). Stablecoins aim to solve the volatility challenge posed by cryptocurrencies. Volatility, among others, is one of the key factor preventing the widespread adoption of cryptocurrencies as a mean of payment. With cryptocurrencies subject to large fluctuations, business owners are less tempted to accept digital currencies. With stablecoins, whether backed by fiat or real world assets, blockchain entrepreneurs are facilitating the massive adoption of cryptocurrencies.
· Metal Stablecoins: Digix Gold Tokens (Gold backed), Goldmint (Gold backed), Tiberius (Backed by a basket of physically-deliverable metals)
Similar to fiat stablecoins, metal stablecoins maintain a stable value against a selected metal. For instance, in the case of gold, they are issued tokens representing a value of gold (for example 1 gram of gold equals 1 coin). The gram of gold is stored by a trusted custodian (preferably third party), and can be traded with other crypto holders. Gold has proved itself as a stable asset over the past decades, and gold stablecoins are one of the most interesting alternatives to fiat ones at the moment.
· Cryptos: C20 (Top 20 weighted market cap backed), TaaS (Tokenized Crypto Asset Management), BCAP (Tokenized VC Fund), Trakx Crypto Trackers
Asset-backed tokens allow for the creation of tokenized investment vehicles where the token represent shares into the fund. Several crypto funds with different strategies have appeared, with the specific goal to invest in assets related to the cryptocurrency and blockchain space. These companies may invest into Bitcoin, Ethereum, Ripple, Litecoin and other major cryptocurrencies directly. They may purchase altcoins at ICO or pre-ICO sales. Some funds invest in emerging blockchain startups, others still invest in companies that benefit from the boom in crypto. Some more, like Trakx, aim to offer simple and cheap crypto passive investment solutions.
· Real estate, art and other real-world assets: Property Coin (Real Estate backed), Maecenas (Tokenized Art Platform), KWHCoin (Clean energy backed)
Tokenization is also happening with real things like KWH of energy, art, real estate, and even identity. It brings tremendous efficiency by creating liquidity pools thereby eliminating liquidity premium and driving price discovery. Asset-backed token, when regulated, will bring a truly new opportunity to these very illiquid asset classes.
· Equity and Debt tokens: tZero (Preferred equity token), Kairos Class T (Equity asset-backed), Steem Dollars (Debt token)
Equity and debt tokens represent ownership in a real-world security, whether that is equity, debt. As a fundraising vehicle, security tokens allow companies to raise capital without having to lean on investment banks and stock exchanges as intermediaries. Given the oversight from regulatory bodies that security tokens are subject to, investors are able to invest in an opportunity without worrying about lack of transparency and potential scams.

Why good practices are important

Examples above also include some disputable asset-backed tokens. Some, although widely used (such as Tether), have come to a point where the community is heavily doubting their real backing. Our view is that good practices in this domain are important if we would like to see emerging a real asset-backed token market. At Trakx, our plan is to implement good practice in terms of transparency and management of our crypto-trackers:
• With reserves maintained in one-to-one ratio, Trakx.io crypto trackers should not face any market risk such as liquidity crunches and Black Swan events.
• One-to-one backing of offers the benefit of an easy understanding for non-technical users
• Trakx.io will offer a total transparency of its reserves. At any given time, the balance held in reserves will be equal to the number of crypto trackers in circulation, and easily verifiable. As the custodian of the backing asset, Trakx.io will act as a trusted third party responsible for that asset. The corresponding total amount of crypto held in reserves for crypto trackers will be proved by regularly publishing our balance and undergoing periodic audits by renown professionals (Big 4).
  • Market makers will be able to intervene and benefit from arbitrage opportunities, always guaranteeing that our crypto tracker trade at their net asset value.
Trakx is building a one-stop shop for Crypto Trackers. Discover more about our project on our website and social media channels, such as Telegram http://t.me/trakx_io.
submitted by Trakx_io to Trakx [link] [comments]

Revolution!! *Prelaunching* Alert! HitPay Wallet & Token Global Launch will be on 1st February’2020.

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Totally different strategy with their own HitPay(HITT) Token — will be launch on external exchange also.
HitPay is an all-in-one online fingerprint enabled secured crypto wallet which supports multiple cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and others. HitPay wallet offers free multi-cryptocurrency accounts, which are accessible 24/7 worldwide on your Android, iOS device and web wallet also.
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submitted by jhonsmithbitcoin to u/jhonsmithbitcoin [link] [comments]

On the new batch of comments to the SEC about the SolidX ETF, some honorable mentions, and some negative comments

The SEC just posted a new batch of 286 comments on the SolidX ETF, bringing the total to 1147. I am skimming through them and posted some of the best already to this sub.
The vast majority are short comments, obviously submitted in response to some mail-in campaign. The names sound very much like the invented ones of spam emails that I have been receiving for years. A telling detail is the lack of a middle initial.
They also mostly repeat the same arguments, and many are obviously written by people who don't understand what is the ETF, only that if that SEC thing approves it then the bitcoin price will go to the moon. I have just seen a dozen that start with the same phrase "I hearby[sic] state my acceptance and full support..."
Some are so sloppy that they submit with one name but sign with a different name.
Here are some honorable mentions:
A few negative comments:
submitted by jstolfi to Buttcoin [link] [comments]

After researching what is currently available, I've come to my conclusion of what happened with the BitGrail fiasco.

There are plenty of resources out there to explain all of the different transactions being moved around and plenty of different related bugs that have been reported. I was one of the original ones that realized there were some very suspicious transactions moving large quantities off the exchange. After spending the past few days digging through everything it seems pretty obvious to me what's occurred. Again unless we can get access to BitGrail's database and actually view transactions inside his application before it's broadcasted on the node there's no way to be sure of any of this. This is just an educated guess and again it's just my opinion on what has occurred over the last few months after weeks of research.
Back in OctobeNovember there were reports of double deposits of mainly Ethereum (probably due to the congestion at the time somehow related to his code) as well as some other currencies on the exchange. This combined with a javascript bug on the withdrawal button click where instead of doing all business logic on the back end the business logic seemingly just returned an abort message if the user either, didn't have enough funds, etc. This could easily be bypassed after finding what the actual post call was going to if it was not aborted and filling out the parameters correctly. I'm still unsure whether this let users simply withdrawal additional funds over the withdrawal limit or not but definitely funds they didn't have (and this was not just related to nano but all funds).
So what happened after that and why is only Nano effected?
Simply, it wasn't.
I truly believe Bomber became WAY more insolvent then he currently is and actually used the market effectively to recoup a ton of his stolen funds. I do believe the funds originally were stolen and don't believe (outside of it being his fault for shit code) that he meant to steal funds. If you've followed his twitter you will know how incompetent he actually is. He clearly has mislead the public, in likely a criminal manner, to buy himself time to try and recoup the funds.
I believe what followed though was a well thought out attempt to avoid jail time once he realized the situation he was in and the nano price started to surge. He used the insane increase in nano price to move large quantities off the exchange and sell on mercatox and kucoin. You can see in my previous post and others the insane withdrawals that started to take place. I do believe this was Bomber trying to sell off nano at what he perceived was a high price to recoup his funds. At the time he controlled the market and he could seemingly close withdrawals, or do something else to crash the market.
Then Kucoin happened...
Then Binance happened...
The price was at $10 which everyone thought was insane, and there goes 15...20...25... Around this time with all the hype was when the "problems" with BitGrail started and seemingly he couldn't keep the price down. He started moving more nano off during this time but it wasn't enough. Now he had become solvent in all currencies except he sold off the majority of his nano to recoup his losses on others.
This is when the KYC bull shit and withdrawal freezes started to kick off. They tried to drive the price down, specifically on his own exchange and started to buy up nano from his own exchange's users using excess bitcoin to make him seem even more solvent. But this clearly wasn't going to work as more and more people were leaving the exchange and clearly no one was going to deposit to him anymore. DKmastaPLayA also pointed out about trying to push people for the account closure option. Already seemingly solvent in bitcoin, he is forcing people to exit the exchange in a solvent currency and using the fees to buy cheap nano which he can continually arbitrage. He probably thought way more people would do this than they did, so he even lowered the withdrawal fees and started getting more and more people to do it (myself included) by processing them within hours of going through. Then the account closures stopped and way more people chose to leave their nano on BitGrail and not choose this option than he thought. He was out of ideas.
His last decision was to leave him only insolvent in nano and try to blame it on a protocol bug. Actually pretty clever as obviously no one is going to believe that if he wasn't solvent in every other coin, or if he tried to blame a coin that has been around as long as ethereum/bitcoin.
People do crazy things when faced with things like this and after he lost what was at the time probably millions of dollars that turned into much much more, he probably panicked. But simply, he is screwed. There's way too much evidence he refused to cooperate with the team, and let's be real, if it was a protocol problem all our wallets would be fucked. His only hope of avoiding jail time is if the nano team is too busy to fly out to Italy to testify in a year or two to correct Francesco when he starts spewing bull shit technical terms to a jury of peers.
submitted by dles to nanocurrency [link] [comments]

Three Laws of BTC Bull and Bear Cycle and Its Applications — Freezing Point Forecast — One

Three Laws of BTC Bull and Bear Cycle and Its Applications — Freezing Point Forecast — One
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TOKEN Roll x FENBUSHI DIGITAL
Analyst: Song Shuangjie
Special Adviser: Shen Bo Rin
Guide:
The fourth price-rising cycle of BTC might commence around May 2019. The mainstream institutions join the game and ETF might be the driving force of the fourth round of price cycle.
Summary:
BTC has undergone three rounds of price cycles. ‘It is different this time’ has always been a terrible lesson for investors. The tokens, typical represented by BTC, are special in nature to other financial products, which makes it easily get mistaken that BTC will go up straightly and never decline. When the cycle power works, the asset price, which was thought to create a different history, will collapse. There are 3 major rules of the BTC price cycle:
A. BTC price cycle is closely related to its halving cycle. A complete BTC price cycle lasts for about four years. The price-rising section will commence one year ahead of the time before the output is halved. The BTC output was halved for the first time at the end of November 2012, and before that the BTC price touched the bottom in November 2011. The BTC output was halved for the second time in July 2016, as the BTC price touched the bottom in August 2015. As you can see, each time BTC output halving, is the start of a price-rising cycle, and the price speeding up begins with it.
B. BTC price fluctuation range decreases as market value increasing. The BTC’s (in circulation) market value varies with its price fluctuations, which means BTC’s price rising makes its market value increases, and the price fluctuation range decreases. It is similar to the historical process of other asset classes. During the first price cycle, the price of BTC rose by 10636 times which was the biggest gain, and the maximum drawdown was declined by 93.76%. During the second price cycle, the price of BTC rose by 623 times, and declined by 83.93% maximum. During the third price cycle, BTC rose by 98.57 times at most, the maximum declining has not been confirmed yet.
C. The innovation led by BTC is constantly evolving and more and more approved by the mainstream. From BTC to Altcoin, from Altcoin to Crowdsale, there are iconic innovations and applications in every price cycle. In the first cycle, the birth and gradual application of BTC was a landmark event. In the second cycle, with the re-emergence of BTC in 2013, the tide of the Altcoins was rampant, and a large number of Altcoins appeared. In the third cycle, Crowdsale began to be popular around the world, and many websites started to provide Crowdsale's news and discussion forum. Since 2017, Crowdsale has dominated the blockchain investment, far exceeding VCs and corporate investment. With the development of blockchain technology, the evolution of digital certification, the improvement of practitioners' awareness, and the evolution of government regulation, the innovation led by BTC has evolved and is more approved by the mainstream.
The third round of the price cycle might come to an end around May 2019, and followed by the fourth round of price cycle. The maximum rise in the BTC's fourth price-rising cycle will be smaller than last three cycles. BTC's increasing market value demands more capital. Digital token shall embrace supervision to absorb more institutional funds. ETF will be a viable solution. In the future, it will shift from Crowdsale to ETF, and from deregulation to embracing supervision.
Risk Tips: ETFs have put capital amount into this market less than that we expected. Quantum computer technology is advancing by leaps and bounds
Content
1 The First Round of Price Cycle .
2 The Second Round of Price Cycle
3 The Third Round of Price Cycle
4 Three Major Rules of BTC Price Cycle
4.1 BTC price cycle is closely related to its halving cycle
4.2 BTC price cycle is closely related to its halving cycle
4.3 BTC-led innovatioized by the mainstream
5 The new journey of BTC will Start in May 2019
List of Graphs
Graph 1: BTC Price Trend in The First Price Cycle (in USD)
Graph 2: BTC price trend in the second round of price cycle (in USD)
Graph 3: The number of tokens in 2013 has increased significantly Graph 4: BTC price trend in the third round of price cycle (in USD)
Graph 5: VIX index and BTC price are negatively correlated
Graph 6: Crowdsale has dominated blockchain investment since 2017 (millions of US dollars)
Graph 7: A large number of Crypto Funds were established in recent years.
Graph 8: ETH price trend (in USD)
Graph 9: ETH price is positively related to the size of Crowdsale financing
Graph 10: Lightning network capacity continues to grow
Graph 11: The number of lightning network channels continues to grow
Graph 12: The global Crowdsale growth rate slows down in 2018 .
Graph 13: Crowdsale’s fundraising has started to decline since 2018 .
Graph 14: Significant growth in venture capital in the blockchain sector in 2018
Graph 15: BTC block reward trend reduction
Graph 16: BTC price cycle and halving mechanism (in USD)
Graph 17: BTC market value scale trend increase
Graph 18: BTC price fluctuations become smaller
Graph 19: Admission to mainstream institutions has continued since the end of 2018
Graph 20: The third round of the price cycle may be completed around May 2019
Graph 21: The current stage of the price cycle has been probable more than half, and the downside space is limited
History doesn't repeat itself, but it does rhyme. --Mark Twain
‘It is different this time’ has always been a terrible lesson for investors. The tokens, typical represented by BTC, are special in nature to other financial products, which results in producing an idea, in some investors’ mind, that the price of BTC will go up straightly and never decline. When the cycle power works, the asset price, which was thought to create a different history, will collapse. No matter it is the A-share market of 2007 or the one of 2015, or any ‘bubble time’ in human history, the cycle power played its role. As far as BTC is concerned, its price has also experienced three rounds of cycles.
In addition, when the asset price is in a dark period of continuous decline and weak rebound, the power of the cycle also works. As long as it is a valuable asset, its price will eventually bounce back from the bottom. Opportunities have always been there, if you have an asset with high potential in hand. In the dark moments before dawn, the more you are afraid, the more you will be confused. At this time, you have to believe in the value investing. ‘Be fearful when others are greedy and be greedy when others are fearful’, not the other way around. That means, we shall invest reversely, buying undervalued assets gradually in the bottom region of price decline cycle; selling overvalued assets gradually in the top region of price-rising cycle; and following the trend in other time region of the cycle.
1 The First Round of Price Cycle
The first round of BTC price cycle lasted for 610 days, from March 2010 to November 2011, and in this cycle, BTC price rise rate was the highest of BTCs three price cycles.
The price rise stage of the first round of price cycle, from March 2010 to June 2011, lasted for 447 days. The starting price was 0.003 USD/piece, and the highest price was 31.91 USD/piece, the rise rate reached 10,636 times. The price decline section of the first round of price cycle, from June 2011 to November 2011, lasted for 163 days. In this price decline section, the starting price of BTC was $31.91 per piece, and the lowest price was $1.99 per piece. The decline rate was 94%.
On May 22, 2010, the famous BTC Pizza dealt. Laszlo Hanyecz from Jacksonville, FL, bought two pizzas with 10,000 BTCs. Each price ofBTC is less than 0.01US dollars.
In the first round of the price cycle, there is no explicit positive or negative factors causing BTC's price huge fluctuation. Fluctuations are more like in a “natural” situation. Before the first BTC bubble bursted in November 2011, its price was in a trend of increasing. The reason of rise was that the price base of BTC was very low. With the understanding of BTC gradually getting better, the demand increased, and then, the price rose. For example, June 2011, WikiLeaks and some organizations began accepting BTC donations.
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2 The Second Round of Price Cycle
The second round of BTC price cycle lasted for 1377 days, from November 2011 to August 2015, and in this cycle, the price of BTC exceeded gold for the first time.
The price rise stage of the second round of price cycle, from November 2011 to November 2013, lasted for 743 days. The starting price was $1.99 USD/piece, and the highest price was 1,242 USD/piece, the rise rate reached 623 times. The price decline section of the second round of price cycle. From November 2013 to August 2015, lasted for 634 days. In this price decline stage, the starting price of BTC was 1,242 USD per piece, and the lowest price was 199.57 USD per piece. The decline rate was 84%.
At the second price cycle, the range of application of BTC has been greatly expanded. In November 2012, WordPress began to accept BTC; and in October 2013, the world's first BTC ATM was deployed in a coffee shop in Vancouver where customers could buy and sell BTC. In November 2013, the University of Nicosia announced accepting BTC for tuition, the university's chief financial officer called it "gold of tomorrow"; In addition to some underground economy and gray economy began to accept BTC, BTC is also getting closer to daily life.
The success of BTC popularized altcoins. The first type of altcoin LTC (Litecoin) was created in October 2011, and it is the time when the BTC price came to the end of price decline. In 2011, Namecoin and SwiftCoin were born successively. In 2012, Bytecoin and Peercoin were issued, however, BTC was still in the stage of rising slowly from the bottom, and the market was not hot. Along with the re-emergence of BTC in 2013, the tide of the altcoins is rampant, and a large number of altcoins are issued. According to CoinMarketCap data, there were 66 kinds of altcoins at the end of 2013, while there were less than 10 at the beginning of the year.
The safe-haven properties of BTC are widely approved. BTC was a choice for people in many countries that are in crises. The residents flocked to BTC, hoping to maintain assets value through BTC. This phenomenon has occurred many times during the European debt crisis. For example, in early 2013, in order to get the bailout, the Cyprus government imposed taxes on deposits and imposed strict capital controls. In order to prevent property from shrinking, the Cypriot people rushed to bank runs and exchanged their currencies for BTC. The price of BTC quickly rose from 30 something to 265 US dollars.

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Due to the lack of supervision, BTC is often affected by negative events, which makes the market confidence in the danger of collapsing. In October 2013, the FBI seized approximately 26,000 BTCs from the Silk Road website, causing the BTC price to collapse to 110 US dollars. On December 5, 2013, the People's Bank of China banned the use of BTC by Chinese financial institutions, which made the price of BTC declined. In February 2014, Mt. Gox, the largest BTC exchange at the time, said that 850,000 BTCs of its customers were stolen, worth nearly 500 million US dollars, and BTC prices fell nearly half, from 867 to 439 US dollars.
The emergence of a large number of altcoins caused market bleeding. Since 2014, the number of altcoins has exploded. By August 2015, the number has reached 556, resulting in diversion of funds and market expansion. On May 1, 2013, BTC accounted for 94.29% of the market value of all tokens, and the market value of other tokens except the top 10 tokens was about 1%. By August 25, 2015, the proportion of BTC is about 83%, and the other tokens account for 4%, which is obvious.
No matter how magical token is, it is still a kind of asset. The mean return of value is a basic common sense of investment. The value will pull the price back to it, just like the gravity. The risk increases with the price rises, and the value appears when the price declines. In the rising section of this cycle, the price of BTC rose by 623 times, which is a great rise rate. When the price is too high, and the potential return in the future is insufficient, the attractiveness to new investors will fall, and the old investors will leave and look for more lucrative assets. Once the power of trend investors exhausted, the trend will reverse.
3 The Third Round of Price Cycle
The third round of price cycle of BTC is not over and is currently in the downward phase of the cycle. The price increased from August 2015 and lasted for 845 days till December 2017. The starting price of the price-rising cycle BTC was 199.57 USD/piece, and the highest price was close to 20,000 USD/piece. The rise rate is up to 99 times. Since December 2017, the price started to decline. The price has fallen to the lowest 3,191.30 US dollars up to now, a drop of 84%.
BTC networks expanded rapidly, and BTC has gained increasing recognition among legislators and traditional financial companies. Studies have shown that by November 2013, the commercialization of BTC is no longer driven by the underground economy, but by legitimate businesses. During this price cycle, people from more countries can get in touch with, select, trade and use BTC on a daily basis. In January 2016, Bitcoin computing capacity reached 1 exahash/S for the first time; In March 2016, the Japanese cabinet acknowledged that BTC has a function similar to real money. In 2017, Norway's largest online bank Skandiabanken integrated BTC accounts. In December 2017, Chicago Mercantile Exchange (CME) officially launched BTC futures, which is an important step for BTC to take toward mainstream investment. In October 2018, Fidelity launched its independent subsidiary Fidelity Digital Asset Services to provide digital asset services to institutional customers. In December 2018, the first round of financing was completed by the token exchange Bakkt launched by the Intercontinental Exchange. In February 2019, Nasdaq officially launched - Bitcoin Liquid Index (BLX) and Ethereum Liquid Index (ELX)- two indexes. The pension fund of US invests in the encryption fund, the mainstream organization is accelerating, and the relevant infrastructure is gradually improved.
BTC has become a risky asset. Under the current “three lows” environment - low interest rates, low spreads and low volatility, investors are seeking high returns, which leads to excessive financial risk behaviors and complacency, investors' risk appetite, and high leverage tools and the acceptance of high-risk products has increased, arbitrage transactions have prevailed, liquidity mismatches have been severe, and the overall market is fragile. As the results we can see that, the price of BTC is increasingly correlated with the VIX index (Chicago Options Exchange Volatility Index). A lower VIX index indicates that investors expect less volatility, while a higher VIX indicates higher expected volatility. The lower VIX index indicates that investors are optimistic about S&P 500, while the higher VIX means that investors are uncertain about the market outlook. When market volatility declines, investors buy stocks and other types of risk assets, when the market volatility rises, investors sell risky assets.
Risk assets will be dumped when risk appetite reduces panic market. BTC bid farewell to the nature of safe-haven assets and become a risky asset. Since December 2017, with the decline of the VIX index, the price of BTC rises, and the price of BTC is negatively correlated with the VIX index. At the beginning of 2018, the VIX index skyrocketed and BTC fell rapidly. In October 2018, the global market risk aversion trend increased, the VIX index went up, and the BTC price also fell sharply.

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Crowdsale has become the main financing method in the blockchain field. Crowdsale was born in the second round of the price cycle, Mastercoin did the world's first Crowdsale in July 2013. In 2014, Ethereum also raised funds through Crowdsale, when the price of ETH was less than 0.22 USD per piece. After 2016, when it is in the third price cycle, Crowdsale is popular around the world, and many websites began to provide information and discussion communities for Crowdsale. From a global perspective, Crowdsale has dominated the blockchain investment since 2017, far exceeding VCs and corporate investment. In 2017, Crowdsale raised 7.4 billion US dollars, and in the first half of 2018, Crowdsale Raised 12 billion US dollars.
The Crypto Fund emerged. Along with the Crowdsale boom, a large number of Crypto Funds were created. The number of Crypto Funds newly established in 2017 was nearly 200, far exceeding the total amount of the Crypto funds created in previous years, which fully demonstrated that, with the rise in the price of the token, the enthusiasm of funds to blockchain field is high.

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The rise of blockchain 2.0, the Crowdsale tide pushed ETH up nearly 10,000 times. In the third round of the BTC (Token) price cycle, the biggest star is not BTC, but ETH. Crowdsale after 2016, issued tokens mainly through Ethereum, which represented the rise of ETH in the blockchain 2.0 era. Crowdsale prosperity boosted the rise of ETH. On January 13, 2018, the price of ETH rose to a peak of 1,432.88 US dollars per piece, which is 6512 times rise rate comparing to its initial price.
The ETH price has a significant positive correlation with the growth rate of Crowdsale financing. The growth rate of Crowdsale financing decreased by 69.23% in 2015, the price of ETH decreased by 66.30% in the same year. In 2016, the growth rate of Crowdsale financing increased by 2737.5%, and ETH increased by 753.74%. In 2017, the growth rate of Crowdsale financing increased by 3,159.91%, and ETH rose by 8809.91%.

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Plan for public blockchain performance improvement emerged, and significant progress were made in lightning network. With the popularization of blockchains, the congestion of BTC and other public chains has gradually emerged, and performance has become one of the bottlenecks in the blockchain industry. In 2018, the performance-improvement plan of the public blockchain emerged. Improvements were made to the difference in blockchain logical architecture, including on-chain capacity expansion schemes by improving consensus mechanism and sharing, and off-chain capacity expansion schemes by status channel, sidechain, off-chain computing, and Layer 0 expansion scheme that enhance the scalability of the blockchain by optimizing the underlying data transmission protocol of the blockchain. Since the main net of BTC lightning network goes live, the number and capacity of channels have been increasing. As of March 10, 2019, the capacity has reached 790 BTC, and the number of channels has reached 35,464.

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Note: The Unique channel refers to the channel that is directly connected to the node for the first time, and the Duplicate channel refers to the channel between the nodes that have been connected.
The standardization of the token is promoted. On January 22, 2018, South Korea required all BTC dealers to disclose their identity, thereby prohibiting anonymous trading of BTC. During the first quarter of 2018, Facebook, Google and Twitter prohibited the promotion of Crowdsale, while the US Securities and Exchange Commission investigated a large number of Crowdsale projects, and issued bans to some Crowdsale projects. Regardless of the government's attitude towards the token, it is committed to incorporating the token into the regulatory framework for legal compliance.
The Crowdsale bubble bursted and the magical story is no longer magical. According to incomplete statistics, in 2017, 871 Crowdsale were completed in the world. These projects involved directions as distributed analogous Facebook, twitter, amazon, and next-generation public chain (blockchain 3.0), etc. These projects have raised a large amount of funds, but the actual operating is worrying. The promotion of the project dissipated a large amount of funds, but the actual development progress was far less than expected, resulting in the market's expectation failure and the diversion of funds from the mainstream token. Superimposed the impact of more and more negative news, technical adjustment requirements and market sentiment fluctuation. The market enters a negative cycle, as the decline begins.

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In 2018, there has been rapid growth in venture capital in the blockchain sector, indicating that venture capital still have good expectations about the application and future prospects of the blockchain. According to Coindesk data, the risk investment in the blockchain sector in 2018 reverse the decline of 2017, year-on-year increase of 257%, and the total amount for the year 2018 reached 3.1 billion US dollars.

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BTC peaked first. In terms of time, in the third round of the price cycle, the first to peak is BTC, which reached 19,870.62 USD per piece in December 2017. The peak of ETH happened later than BTC, in January 2018. EOS did not peak until April. The important reason for BTC to peak first is that the amount of funds needed to support the BTC market value scale is the largest. When the market’s ability to carry on is not enough, it is inevitable for the price of BTC to react first.
4 Three Major Rules of BTC Price Cycle
The price cycle of BTC has obvious regularity, and some unchanging factors determine the price fluctuation of BTC.
4.1 BTC price cycle is closely related to its halving cycle
One full BTC price cycle lasts approximately four years. In the first round of price cycles, the measure of time span is not reliable because of the availability of BTC trading prices. The second round of the price cycle lasted for 1,377 days, from November 2011 to August 2015, about four years.
The price-rising cycle of BTC is closely related to its halving period, and the price-rising cycle starts one year before each halving. At the end of November 2012, the first production of BTC was halved, that is, the number of BTC generated by each block was 25, and in November 2011, the price of BTC has bottomed out, and the halving of BTC is one year after the second price-rising cycle. In July 2016, production of BTC was halved the second time, that is, the number of BTC generated by each block was 12.5. In August 2015, BTC had already bottomed out, and BTC's production was reduced again one year after the third price-rising cycle started.

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BTC output halving blows the horn of each price-rising cycle, and the price speeding up begin. Although it is not BTC output halving that brings the price-rising cycle, but the halving of BTC output significantly reduced the growth rate of BTC supply, speeding up the rise of BTC price and the price-rising cycle. From November 2011 to November 2012, before the halving of BTC output, BTC increased by 6.74 times in one year. From November 2012 to November 2013, BTC price increased by 99.57 times. In the third price-rising cycle, BTC price rose by a maximum of 2.87 times in about 11 months before the production cut. After halving, BTC price rose by a maximum of 29.73 times in about 11 months.

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4.2 BTC price cycle is closely related to its halving cycle
The change in the market value scale of BTC (circulation) is mainly caused by its price fluctuations, and has little to do with the changes in the total amount of BTC output. According to CMC data, by April 28, 2013, the total amount of BTC that had been mined was about 11.18 million pieces, which is more than 53% of the total amount of BTC of 21 million pieces. The halving mechanism of BTC also accelerated the marginal decline of BTC total growth rate. Compared with the amount of BTC already mined, the new supply of BTC is very insignificant. In addition, the volatility of BTC prices far exceeds the volatility of BTC's total output, and the market value of BTC fluctuates with its price.
The market value of BTC has increased in trend. Because of the trend of BTC price-rising, the number of BTC total output has also increased in one direction, and the market value of BTC has increased in the long run. According to CMC data, on April 28, 2013, BTC's market value in circulation was only 1.5 billion US dollars. By the peak of the third price-rising cycle, the market value increased to 326.1 billion US dollars, and the current market value also reached 113.8 billion US dollars, increased by 74.87 times.
The price volatility of BTC is gradually getting smaller. With the increasing of BTC market value in trend, the BTC market is becoming more and more mature, more and more accepted by the public, more and more professional organizations are participating, the compliance operation is becoming mainstream, and the BTC price volatility is decreasing. Similar to the historical process of other asset classes, and the same thing is repeated again and again. In the first price cycle, the price of BTC increased by 10636 times, and the fell by 93.76% maximum. In the second price cycle, the price of BTC increased by 623 times, and fell by 83.93% maximum. In the third price cycle, the maximum increase of BTC price was 98.57 times, and the biggest decline has not been confirmed

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4.3 BTC-led innovation continues to evolve and is more and more recognized by the mainstream
From BTC to Altcoin, from Altcoin to Crowdsale, there are iconic innovations and applications in every price cycle. In the first cycle, the birth and gradual application of BTC was a landmark event. In the second cycle, with the re-emergence of BTC in 2013, the tide of the Altcoins was rampant, and a large number of Altcoins appeared. In the third cycle, Crowdsale began to be popular around the world, many websites started to provide Crowdsale's news and discussion forum. Since 2017, Crowdsale has dominated the blockchain investment, far exceeding VCs and corporate investment.
The original intention of Nakamoto to create BTC is to establish a more efficient means of trading that can be electronically transferred in a safe, verifiable and non-tamperable form. During the early days of bitcoin and blockchain development, this drove the development of most applications of BTC and blockchain. However, with the development of blockchain technology, the evolution of digital token, the recognition of practitioners, and the evolution of government regulation, the changes led by BTC continue to evolve and gain more mainstream recognition.
More and more countries recognize that the blockchain reflects its unique value in many fields. The government has gradually incorporated digital token into regulation, and mainstream institutions are increasingly recognizing BTC. In 2017, the Chicago Mercantile Exchange (CME) officially launched BTC futures, as BTC took an important step toward mainstream investment, improving the accessibility of BTC to traditional financial institutions. In March 2017, Cameron's Cliveworth and Taylor W. Crawworth brothers attempted to submit an application to the US Securities and Exchange Commission for BTC ETF (transactional open-ended index fund). Although on September 22, 2018, US Securities and Exchange Commission rejected nine BTC ETF applications, the approval of BTC ETF application is a high probability event in the long run. With the continuous improvement of related infrastructure and the gradual maturity of the market, the pace of institutional entry has shown signs of acceleration. Since the end of 2018, news about the organization of encrypted assets by mainstream institutions has continued.

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5 The new journey of BTC will Start in May 2019
The fourth price-rising cycle of BTC will start in May 2019, and mainstream institutions will enter the market, while ETF may become the core trend of the fourth round of BTC price cycle.
From the perspective of supply, the third halving of BTC begins around May 21, 2020. The price-rising cycle of BTC is closely related to its halving period. The price-rising cycle starts about one year before halving. From this perspective, the BTC price-rising cycle may be opened around May 2019.

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From the time dimension, the complete BTC price cycle lasts for about four years. The third round of the price cycle, which started in August 2015, will be completed around August 2019, and the fourth round of the price cycle of BTC will begin thereafter. Considering that the data in the second round of the price cycle is more reliable, only the second round of price cycle data is used as the measurement standard, the complete price cycle is 1377 days, about 3 years and 9 months, and the third round price cycle may end around May 2019.
Combined with the previous two BTC price cycles, the downturn phase of the current price cycle has been probably more than half, and further downside space is limited. In the first two rounds of the price cycle, the duration of the downlink phase is less than the duration of the uplink phase. The duration of the third phase of the price cycle has been confirmed (845 days), while the duration of the downturn phase has been more than half of the upstream phase (450 days). From the first two rounds of the price cycle, the rapid decline in prices occurred in the early stage of the downtrend phase. The price fluctuations of BTC in the second half of the downturn phase have been significantly reduced. The BTC price declines reached 61% in the first half and 74% in the second round of the price cycle, and the corresponding maximum declines in BTC were 94% and 84% respectively. In the current round of the price cycle, the biggest drop has reached 84%, so take it from now, even if the price is further down, the downside space is already limited.
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Note: The data of the third round of the price cycle and the total duration are up to March 12, 2019.
From the price dimension, the downside space of the current round of BTC prices is limited, and the maximum increase of BTC's fourth price-rising cycle will become smaller. In the first price cycle, the price of BTC increased by 10636 times, and fell by 93.76% maximum. In the second price cycle, the price of BTC increased by 623 times, and fell by 83.93% maximum. In the third price cycle, the maximum increase of BTC price was 98.57 times, and the biggest decline has not been confirmed. On February 6, 2018, BTC fell to a minimum of 3,191.30 US dollars per piece, drop by 84.07%, has reached the low of second round of price cycle, from the perspective of price adjustment, BTC price downside has been more limited. The maximum increase in the fourth price-rising cycle of BTC will be smaller.
From the perspective of risk, after a year of continuous adjustment, BTC prices have fully fallen, risks have been gradually released, and investor’s risk appetite has risen to create favorable conditions for BTC prices to stabilize. Beginning at the end of December 2018, the VIX index has fallen, and now it has reached 15 or below. The investor's risk appetite has gradually picked up, creating favorable conditions for the BTC price to rise stably.
Last but not least, from the perspective of capital, the mainstream institutions accelerated their entry and many positive signals were released. With the continuous improvement of related infrastructure and the gradual maturity of the market, the pace of institutional entry has shown signs of acceleration. Since 2018, on the one hand, the entry of mainstream institutions can bring incremental funds to the entire market, on the other hand, it also contributes to the formal development of the entire industry.
The value of the BTC's market value in circulation continues to increase, and the digital token embraces regulation. It is expected that the ETF will be the core trend in the fourth price cycle. As the value of the BTC and digital token market increases, their use will be more tied-up to legitimate use than illegal activities. According to the US Drug Enforcement Administration (DEA) data, only 10% of the current BTC transactions is related to illegal activities and 90% is used for legal transactions. BTC's increasingly large market value requires more financial support. Digital token will embrace supervision to absorb more funds, and ETF will be a viable solution. In the future, there is going to be an evolution from Crowdsale to ETF, from regulation to embrace supervision.
Note:
Although in this report, we try to predict the bottom and time of Token, especially BTC, by using time and space cycle, we would like to tell investors that it is very dangerous to invest basing on a specific dot and time. An investment shall base on the assessment of the value of the token.
Here are our suggestions: 1. Do not try to predict the market. Mistakes are liable to happen when you try to predict market harshly. 2. Feel the cycle. Cycle is always there, because of the constant human nature;3. Be with a good Token, which will bring you more chance to win. 4.Keep valuation in mind. The most important thing in value investing is to keep the valuation in mind. If the price is reasonable, everything is getable. The key is the difference between price and value (Absolute valuation method is not available with Token because of its specialty. However, a relative valuation method can be applied. Please refer to Token Toll’s report series).
Notions:
For some reasons, some definition in this report are not very defined, such as: Token, Digital Token, Digital Currency, Currency, Crowdsale, etc.
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Bitcoin arbitrage platform  Video 2 of 3 Turn $50 into $200 in a day with Crypto Arbitrage? - YouTube How I Made $2200 In An Hour With Bitcoin Crypto Arbitrage Trading Bitcoin Arbitrage Bots Profit Strategy - YouTube Arbitrage Bitcoin On PAXFUL For An Easy 20% Profit In Your ...

Unlike other Bitcoin arbitrage systems, Blackbird doesn't sell but actually short sells Bitcoin on the short exchange. The problem is only Bitfinex allows short selling. So, the example is an excellent case of cherry picking. There are other issues with their strategy too. Bitcoin Arbitrage; Hi, I want to know if crypto arbitrage is illegal in India or not i.e.if government can take any action on someone doing bitcoin arbitrage or not. Even if he is paying all taxes on earnings to Income Tax as per provisions. ... Bitcoins cannot be used as a currency under the present regulations as the definition of currency ... Bitcoin Arbitrage is the simultaneous buying and selling of securities, currency, or commodities in different markets or derivative forms to take advantage of differing prices for the same asset. So, coming back to the crypto currency traders that claim to have monetized some arbitrage opportunities out there; in my opinion they have not realized arbitrage profits in the strict sense of the word. The definition of arbitrage states that “arbitrage occurs when an investor simultaneously buys and sells an asset”. Currently, with the ... Arbitrage applied to cryptocurrencies. There are many different exchanges that require little verification to begin trading in Bitcoin, Ether, or any other crypto assets. With such diversified options available, arbitrage opportunities often present themselves within the various markets available.

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Bitcoin arbitrage platform Video 2 of 3

Crypto arbitrage is almost risk free profits. Do you have what it takes to make bank with Bitcoin? For consulting, speaking, or other business inquiries, please feel free to reach me at ... In this video I show step by step how to increase your Bitcoin get access to this mind blowing tool for FREE https://jonnyblockchain.com #Bitcoin #arbitrage #platform video 1 https://youtu.be ... Write a simple bot on exchanges and get them to communicate with other bots over a server to take advantage of bitcoin arbitrage. Each bot needs to: 1) Send ... https://CryptoCrow.io - https://CrowTrader.com https://partner.bybit.com/b/TeamCrow ByBit - Not Intended for US Based Traders Bybit is a Tool to be used resp... Paxful P2P Marketplace makes it easy to arbitrage bitcoin for instant profits.Bitcoin Arbitraging has never been easier you literally can set your own bitcoi...

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