Bitcoin to Chinese Yuan (Renminbi) Rate — Bitcoin Live ...
How developed are the fundamentals of Bitcoin to justify a 3000 CNY price tag? Please remind me.
I'm looking for a comprehensive discussion on segregated witness/ Lightening network, and even the halving to have a objective view on where Bitcoin is going right now. edit - prohashing have you changed your stance on Bitcoin recently.. or is it the predicted halving pump and backlog dump?
Chinese exchange volume hasn't really changed much, it seems. Price drop seems to reflect speculation of exchanges halting trading. Buy now, while the Chinese can cash out to CNY? Or do you think we'll have a bigger dip when the Chinese can no longer buy? Thoughts? /r/Bitcoin
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36mm Ballon Bleu de Cartier Ronda Quartz w/White MOP Dial (V6 Factory) from Chazingtime
Hi Everyone! I'm so excited to post what everyone needs right now (j/k) : A watch review, and a very nice one at that! I've been on a serious Cartier jewelry kick for the past year or so and I've fallen in love with the Ballon Bleu. This is my second rep watch purchase (the first being a 31 mm Rolex DateJust w/a 2816 movement in 2015 that's still going great). Unfortunately I was a bit thirsty and being cheap during a DH Gate binge that I purchased what I thought was a decent one in December via DHL and got a complete shitter for $93! I took pics of it and immediately shipped it back via USPS Priority Mail International ($31) for a full refund ($126), which I received two weeks later. I totally forgot that I'm a longtime member of RWI and realized that I could have gotten a much better watch for only $100 more. I checked the Trusted Dealers (TD) list and saw that Chazingtime and PureTime had the watch I wanted, a Ronda Quartz, because I didn't want to get it serviced like my DateJust rep. I chose 36 mm size because I'm tall and wanted something bigger than my Rolex. It was a LONG and arduous process, but I'm glad to finally have it. Seller: Chazingtime Item: Ballon Bleu de Cartier watch, 36mm stainless steel bracelet with white mother-of-pearl (MOP) dial from V6 Factory. Price: $198 USD. Payment Method Used: Bank Wire. TD also accepts PayPal for established customers and WU. Price of Shipping: $35 to the USA. Order Timeline (I'm having a near-anxiety flashback just thinking about this):
1/11: Placed order. Initiated bank wire via my financial institution.
1/15: Wire received by seller's bank.
1/18: Payment acknowledged; order placed in "Processing" status, then...
RADIO SILENCE due to CNY then COVID-19 outbreak in China.
2/11: Ken from Chazingtime posted in RWI about factory delays and COVID-19 complications.
2/17: RWI and RepTime members post that V6 factory has reopened.
2/29:RepTime member posted that Chazingtime is back in business.
3/5: After not hearing anything from seller but seeing RepTime members post QC pics from the seller, I contacted him for an update. He sent QC pics immediately. I approved them.
3/7: Watch shipped via DHL through HK.
3/11: Watch received.
Seller Communication and Service-10/10 I tried to use PP but Ken immediately messaged to apologize and tell me that he only accepts it from established customers who have bought several watches from him. He gave me a really nice discount to use WU. I attempted to use it, but discovered that I'm banned from WU for some inexplicable reason (but I think it's because I have a federal security clearance for work, but I really believe that I've bought so many rep bags, hair extensions, and jewelry over the past dozen years that I got myself flagged). *face palm* I then messaged him to tell him that I was banned from using WU, so he immediately replied with his SWIFT code to have a wire transfer initiated, again with a nice discount for my trouble. I love how Ken was sooo responsive to my messages. I emailed him at 2:15 am EST and he replied immediately with the QC photos even though he was swamped with fulfilling new and established orders after the holiday and factory shutdown. I'd most definitely purchase from him again. Photos:
Mine. I also included a video to show how exquisite the MOP dial is! EDITED TO ADD ADDITIONAL PICS of watchAdditional pics .
Quality - 10/10 The watch is pretty well made. The Sapphire crystal glass is thick and is literally scratch proof. The blue cabochon crown is correct, easy to pull out and set the time, and the loop that surrounds it does not gap like other reps I've seen. The dial markings are clear, the CARTIER font is properly inked and spaced and, since it's quartz movement, there's no winding needed. I was really confused about the bracelet clasp; I had to watch YT videos until I got the hang of it! Accuracy - 10/10 This watch is EVERYTHING! It came fully branded and tagged, has a nice "heft" to it, and looks incredible. It has the exact markings as the authentic, and I wouldn't hesitate to wear it in a Cartier store. Unfortunately, there aren't many auth white MOP dials to compare this one to; however, I've seen a lot of pink MOP dials on Google. I actually prefer the pink MOP but the RWI guys say that the pink MOP reps aren't 100% to the authentic and are calloutable by those who know Cartier. I think the white MOP is called silver opaline, but I'm not 100% sure of it and I love this version. I've even scanned the QC and barcode that were attached to the bracelet and they took me to the leather band version on the Cartier website! Satisfaction - 10/10 Aside from waiting nearly two months for it, I'm beyond satisfied with this gem. I've also not taken it off; I've even showered and slept in i! I'm home-bound due to my workplace shutting down, so I've got to wear it somewhere! I could have easily have worn it as a dangle, but decided not to because of the dial size and weight; I didn't want to scratch or ding it. I took it to my non-judgmental (because he and his sons repair my rep Rolex without judgment) nonagenarian watchmaker in town and he removed one link and chided me to hold on to that link and charged me only $10. It now fits pretty snug on my 7.5 inch wrist but I actually prefer it this way. (I can fit one finger under the bracelet, so it's not too tight.) Lessons Learned: I know that I would have had a much better experience had I planned my purchase sooner and not wasted time with DH Gate. I also would have received my watch within the week had I been able to use WU or PP. The entire bank wire process really wore me out and extended the processing time. I learned from RWI and RepTime that some of the TDs' credit card processing software is prone to hacking and that Bitcoin or using TransferWise or Xoom are safer options for TDs who won't accept PP. Anyway, enjoy and let me know if you have any questions. 11/10 will recommend! :)
List of bitcoin person-to-person (P2P) bitcoin exchanges (e.g., Bisq, HodlHodl, LocalCoinSwap, etc.)
Following is a list of P2P exchanges for trading Bitcoin. Common payment methods include bank transfer, cash deposited in the seller's bank account, in-person cash (face-to-face) trades as well as payment networks such as Zelle, Alipay, even Cash App and PayPal, for example. Any that I am missing?
Well, it's maintenance again! Meaning it's time for another shitpost from the future to keep you guys entertained before we get sucked back into our robotic and addicting routine of playing this god-forsaken game! Before I begin, I would like to thank the 4 people that built MAG Daddy Raegen. CG Emperor Raegen was NOT released in the future and the meta was saved from his unholy grasp. You are the true pioneers of the game. I would also like to give a shoutout to Evil Laughter 01 with the release of his favorite unit Rosa. I still have mine from the time I used to watch his videos and I would like to personally thank him for his amazing guides wherever he may be.
Who is Assassin Ling?
Today, we'll be talking about Assassin Ling, a Physical attackebuffedebuffer. She finally got a rework after losing the Unit Popularity contest 14 times in a row, getting beaten by Elena this year, twice by Esther, Ricardo, three times by Foo, Madam, Regina, and four times by Medius. Let's just say the u/FlipMethod had some of the best 4 years of his life. With the vengeance of a million daggers, Ling finally got reworked and re-released during the CNY event of 2033, the year of the Water Ox. And boy does she hit hard like one... With the release of CG King Edge (FFIV) (yes, his sprite also has a chair), FFBE introduced a new mechanic called assassinate. Imagine Jump skills mixed with Ang's Shot skills. The user hides for one turn, then the player taps on which enemy they want to damage. Here's the kicker, the damage is dealt immediately after tapping. Meaning, you could build a 300 chain then cap it with an assassination. Assassin Ling had a Mega Magnus Ability called "Call of the Oxen Clan" where she grants all allies a 300% stat buff for 4 turns, and grants them the 2-hit assassinate Magnus ability "Oxassinate" (2 uses per battle). In effect, A.Ling would grant all her allies a free Hide ability that deals damage and an insane stat buff. Meaning you could cheese trials with thresholds, and turn your units into chain finishers. The downside is that assassinate skills can't chain with other assassinate skills because every unit will get highlighted for the player to tap on the enemy in succession. So if you used 3 assassinate abilities with Medius, Ricardo and Rosa, Medius' icon would appear, you tap, he deals damage, he gets back on the field, then Ricardo's icon would appear, you tap, etc. Assassin Ling's ability makes her a very niche unit that isn't broken or anything. Other utilities she has includes on-demand 70% debuffs, 180% buffs, 70% elemental resists and a couple of enfeeblements like poison and paralyze. Not impressed? Well what if I told you that these are her 6-star skills. Her 7 star skills include, but are not limited to: 74% debuffs, 220% buffs, and 110% fire, earth and thunder resist breaks. To top it off, her LB grants a 2-hit AoE Mirage. What she lacks in her kit is physical mitigation, magical mitigation, general mitigation, killers, stat reduction resistance buffs and status ailments resistance buff, again, a very niche character. A few years after she got released, they gave her EP Skills with some killers (human, beast, machine and dragon), awakened skills (more stat buffs and they added mitigation) and Transcendence Skills which change the way you use her altogether.
What makes her really good?
The Transcendence skills system (TSS) is an Esper enhancement type of system for units. You use points to unlock nodes that grant you abilities and stats. Getting Transcendence Points (TP) is ... shitty. There's a monthly trial that grants you coins that you use to buy Job Points that you use for your units. So let's say that you have an awesome unit like MAG Daddy Raegen. He's a physical attackesupport character in his character listings. You're going to need physical attacker job points to unlock the physical attacking skills, killers and ATK stat buffs from his tree, and support job points to unlock his buff skills. He does have a few random healing skills that use healer job points but those are just there as a big F-U to the players with love from Coomie. Now back to Ling. What makes her really broken is her TSS Skill called Oxen Slash: a 30x modifier Pyro Strike chaining family T-castable skill that powers up with consecutive uses up to 150x (5 times). Here's the kicker: she has another TSS skill that reapplies whatever buffs she had before dying after being raised. Had her 300% stat buff with a fully stacked Oxen Slash and killers but you died because of fixed damage? Raise, she got them back. She also gets magical provoke, magical cover, and innate 70% magical evasion and 30% physical evasion from her TSS tree. I managed to max out her tree and oh boy... was she interesting. I was lucky enough to pull enough of her to make two 9-stars Assassin Lings after spending 50 Bitcoin to buy Lapis, and an extra 12 Bitcoin to max both of them after 5 months of non-stop grinding. For reference, in 2033, 1 Bitcoin = $20,000 at the time of Ling's release and they reduced the price of purchasing Lapis. If you think this is bad, wait till I tell you about the time I sold 3 generations worth of my kids into unpaid, lifetime labor at Square Enix's cafeteria to raise enough money to pull for and build five 10-star CG Warrior of Light, Darkness, Void, Dreams, Nightmares, Dusk, Dawn and Sexiness Bunny Paladin Awakened Magitek Enhanced Triple Asura Akstar of the Alpha to Omega Super Nova Star or simply, Nova Akstar. But I digress. 2 Fully built Lings can clear every single content in the game released before 2033 period. However, you might need 4 of her own Ultimate Giga Three Mega Hyper Super Trust Master Rewards. Scorn of the quad-reborned moon? OTKO. Scorn of the scorn of the Re-awakened Iron Giant precursor of doom? 2TKO. Scorn of the Great Explosion Festival? Sorry buddy, but the game would crash whenever you entered that trial. Should've cleared it in 2022 when you had the chance! Anyways, I will end my post with a huge congratulations to Elena and all the people who voted for her. Just know that because of you, Coomie delayed the release of a reworked Ling, and I'm now living in a cardboard box next to a telephone booth in North-West London eating nothing but the leftovers of Briton Fried Chicken found in dumpsters. Selling everything you own for a virtual character of the game you love not as much as your wife can really change your life. Be smart, vote Ling 2021. Night out! Edit: Formatting
Hey guys! I wanted to share my experience from buying my first rep ever! Maybe some help for other new buyers to get an overview how long shipping can take, how the order process is and so on. It all started when i was at a meeting from my company in Greece at the beginning of February. A colleague from England was wearing a nice and shiny watch. Up until this day i never really paid much attention to watches or watch brands. I just used them to fit to my outfits. All in all i owned like 4 watches, all noname brands from Amazon. So as i mentioned, this guy was wearing a nice watch. When we were at dinner, i asked him what brand and model he is rocking there and he told me it was a Rolex Sea Dweller. I knew that Rolex was an expensive brand, but i had no idea how expensive those watches are. After some research i decided, that i want a Day Date, but was not willing to pay the price it is worth. Stumbling across this subreddit, I immediately started smiling. After reading post after post here and on RWI i decided to go with Li, as he has so many positiv reviews. I contacted him on WhatsApp and he answered 5 minutes later. Telling him my wish for a Day Date, he suggested to go for an BP, which i did. Li told me all the different payment methods he offers and I chose to pay with Bitcoin, as I have a fair amount of them. Like 2 minutes after i sent him the payment, he said he received it and Lana will contact me with the QC pictures in 3-5 days. Keep in mind that this was shortly after CNY and covid-19 already was rising. I received the QC pictures from Lana (a timeline overview is under this wall of text) and got some feedback from you guys. As there was only a remark for the datewheel not being in perfect center, i decided to GL. Now comes the second most painful part (beware as the most painful part is yet to come :D), shipping. After receiving the tracking number, i checked daily, sometimes even after some hours for status updates. Nothing. After 3 weeks I decided to contact Li and ask him, if he can tell me whats going on (I was aware of the situation in China, still i thought i give it a shot). He told me to be patient, it sometimes takes some time until the packages get delivered. Okay i told myself, lets wait some more. I woke up in the morning a few days later and checked the tracking. It has updated to "in delivery" and i almost shat my pants. I was super excited. When I came home from work, i picked up the package from my local post office, as I was not home when the delivery attempt took place. Maybe i was driving a bit too fast when leaving the post office, but i had to get home to unpack my new watch. And now comes the most painful part... I cannot wear the watch. The clasp closing mechanism is just shit. The jubilee bracelet clasp mechanism is not closing. It keeps unlocking at the slightest movement from my wrist. So i contacted Li and told him whats going on. He was very helpful and suggest a few things that i can do now. First of all he asked me if i could visit a watch smith and ask him if he can do any repair. So I did. I went over to my local watch smith, told him i own a Rolex rep and the problem. He agreed to take a look at it. I had to run some errands and when I came back the watch smith told me, that there is nothing he can to. The clasp is just not repairable. I texted Li the bad news. But Li was again very helpful and immediately offered to send me a new clasp. This was today. So now i have to wait. Again. Please keep in mind, that this is not a rant nor complaining. I know that i am buying a rep. Also theres nothing that Li could have done better. He is an awesome humble dude and i am very thankful that he offered some tips to fix this issue and is sending over a new clasp! Props to him! Here a little overview from the whole process: Order placed at Li (all times are in CET/MEZ): 12.2.2020, 7:59 am: texted Li about the day date 12.2.2020, 8:02 am: Li answered. We sorted everything out 12.2.2020, 8:23 am: used BTC to pay 12.2.2020, 8:39 am: Li thanked for the payment and told me about QC 16.2.2020, 1:21 pm: received QC 17.2.2020, 0:59 am: approved, told her she can ship 20.2.2020, 6.34 am: received tracking info 21.2.2020, 3:08 pm: item posted abroad. 10.3.2020, 8:38 am: item run through customs 12.3.2020, 4.38 pm: item picked up 13.3.2020, 10:40 am: texted Li and we sorted everything out. If anyone is interested in an update, i surely will tell you in the comments. Oh and not to forget, here is a pic of my beauty (i really dont know why reddit keeps rotating my picture counterclock wise, I am sorry for that, I am not an experienced reddit poster ;)) https://preview.redd.it/yip7g72ajhm41.jpg?width=3024&format=pjpg&auto=webp&s=862bb35e257719475445977e611cbb66243bf39b
arriving at consensus AND distributing coins via burning Bitcoin instead of electricity/equipment to create permissionless, unfakeable, green, and trust minimized basis over every aspect of sidechain control.
creating Bitcoin peg from altcoin chain to mainchain (the hard direction) by allocating small percentage of Bitcoin intended for burning to reimbursing withdrawals, effectively making it a childchain/sidechain (no oracles or federated multisigs)
This is not an altcoin thread. I'm not making anything. The design discussed options for existing altcoins and new ways to built on top of Bitcoin inheriting some of its security guarantees. 2 parts: First, the design allows any altcoins to switch to securing themselves via Bitcoin instead of their own PoW or PoS with significant benefits to both altcoins and Bitcoin (and environment lol). Second, I explain how to create Bitcoin-pegged assets to turn altcoins into a Bitcoin sidechain equivalent. Let me know if this is of interest or if it exists, feel free to use or do anything with this, hopefully I can help.
how to create continuous sunk costs, permissionless entry, high cost of attacks?
how to do it without needing to build up a new source of hardware capital or energy costs?
how to peg another chain's token value w/o incentivized collusion risk of federation or oracles?
how to make sidechain use fully optional for all Bitcoin parties?
how to allow programmable Bitcoins w/ unlimited permissionless expressiveness w/o forcing mainchain into additional risks?
Solution to first few points:
Continuous Proof of Bitcoin Burn (CPoBB) to distribute supply control and sidechain consensus control to independent parties
Distributes an altcoin for permissionless access and sidechain-only sybil protection.
In case of sidechain block-producer censorship, Bitcoin's independent data availability makes sidechain nodes trivially aware
PoW altcoin switching to CPoBB would trade:
cost of capital and energy -> cost of burnt bitcoin
finality of their PoW -> finality of Bitcoin's PoW
impact on environment -> 0 impact on environment
unforgeable costliness of work -> unforgeable costliness of burn
contract logic can include conditions dependent on real Bitcoins as it's Bitcoin-aware
PoS altcoin switching to CPoBB would trade:
permissioned by coin holders entry -> permissionless entry by anyone with access to Bitcoin
no incentive to give up control or sell coins -> incentive to sell coins to cover the cost of burnt bitcoin
incentivized guaranteed centralization of control over time by staking -> PoW guarantees with same 0 environmental impact
nothing at stake -> recovering sunk costs at stake
contract logic can include conditions dependent on real Bitcoins as it's Bitcoin-aware
We already have a permissionless, compact, public, high-cost-backed finality base layer to build on top - Bitcoin! It will handle sorting, data availability, finality, and has something of value to use instead of capital or energy that's outside the sidechain - the Bitcoin coins. The sunk costs of PoW can be simulated by burning Bitcoin, similar to concept known as Proof of Burn where Bitcoin are sent to unspendable address. Unlike ICO's, no contributors can take out the Bitcoins and get rewards for free. Unlike PoS, entry into supply lies outside the alt-chain and thus doesn't depend on permission of alt-chain stake-coin holders. It's hard to find a more bandwidth or state size protective blockchain to use other than Bitcoin as well so altcoins can be Bitcoin-aware at little marginal difficulty - 10 years of history fully validates in under a day.
What are typical issues with Proof of Burn?
limited burn time window prevents permissionless entry in the future. how many years did it take for most heavily mined projects to become known and well reviewed? many. thus entry into control of supply that's vital to control of chain cannot be dependent on the earliest stage of the project. (counterparty)
"land grabs" - by having limited supply without continuous emission or inflation we encourage holding vs spending.
These issues can be fixed by having Proof of Burn be permanently accessible and continuous: Continuous Proof of Bitcoin Burn CPoBB
This should be required for any design for it to stay permissionless. Optional is constant fixed emission rate for altcoins not trying to be money if goal is to maximize accessibility. Since it's not depending on brand new PoW for security, they don't have to depend on massive early rewards giving disproportionate fraction of supply at earliest stage either. If 10 coins are created every block, after n blocks, at rate of 10 coins per block, % emission per block is = (100/n)%, an always decreasing number. Sidechain coin doesn't need to be scarce money, and could maximize distribution of control by encouraging further distribution. If no burners exist in a block, altcoin block reward is simply added to next block reward making emission predictable. Sidechain block content should be committed in burn transaction via a root of the merkle tree of its transactions. Sidechain state will depend on Bitcoin for finality and block time between commitment broadcasts. However, the throughput can be of any size per block, unlimited number of such sidechains can exist with their own rules and validation costs are handled only by nodes that choose to be aware of a specific sidechain by running its consensus compatible software. Important design decision is how can protocol determine the "true" side-block and how to distribute incentives. Simplest solution is to always :
Agree on the valid sidechain block matching the merkle root commitment for the largest amount of Bitcoin burnt, earliest inclusion in the bitcoin block as the tie breaker
Distribute block reward during the next side-block proportional to current amounts burnt
Bitcoin fee market serves as deterrent for spam submissions of blocks to validate
sidechain block reward is set always at 10 altcoins per block Bitcoin block contains the following content embedded and part of its transactions: tx11: burns 0.01 BTC & OP_RETURN tx56: burns 0.05 BTC & OP_RETURN ... <...root of valid sidechain block version 1> ... tx78: burns 1 BTC & OP_RETURN ... <...root of valid sidechain block version 2> ... tx124: burns 0.2 BTC & OP_RETURN ... <...root of INVALID sidechain block version 3> ...
Validity is deterministic by rules in client side node software (e.g. signature validation) so all nodes can independently see version 3 is invalid and thus burner of tx124 gets no reward allocated. The largest valid burn is from tx78 so version 2 is used for the blockchain in sidechain. The total valid burn is 1.06 BTC, so 10 altcoins to be distributed in the next block are 0.094, 0.472, 9.434 to owners of first 3 transactions, respectively. Censorship attack would require continuous costs in Bitcoin on the attacker and can be waited out. Censorship would also be limited to on-sidechain specific transactions as emission distribution to others CPoB contributors wouldn't be affected as blocks without matching coin distributions on sidechain wouldn't be valid. Additionally, sidechains can allow a limited number of sidechain transactions to happen via embedding transaction data inside Bitcoin transactions (e.g. OP_RETURN) as a way to use Bitcoin for data availability layer in case sidechain transactions are being censored on their network. Since all sidechain nodes are Bitcoin aware, it would be trivial to include. Sidechain blocks cannot be reverted without reverting Bitcoin blocks or hard forking the protocol used to derive sidechain state. If protocol is forked, the value of sidechain coins on each fork of sidechain state becomes important but Proof of Burn natively guarantees trust minimized and permissionless distribution of the coins, something inferior methods like obscure early distributions, trusted pre-mines, and trusted ICO's cannot do. More bitcoins being burnt is parallel to more hash rate entering PoW, with each miner or burner getting smaller amount of altcoins on average making it unprofitable to burn or mine and forcing some to exit. At equilibrium costs of equipment and electricity approaches value gained from selling coins just as at equilibrium costs of burnt coins approaches value of altcoins rewarded. In both cases it incentivizes further distribution to markets to cover the costs making burners and miners dependent on users via markets. In both cases it's also possible to mine without permission and mine at a loss temporarily to gain some altcoins without permission if you want to. Altcoins benefit by inheriting many of bitcoin security guarantees, bitcoin parties have to do nothing if they don't want to, but will see their coins grow more scarce through burning. The contributions to the fee market will contribute to higher Bitcoin miner rewards even after block reward is gone.
What is the ideal goal of the sidechains? Ideally to have a token that has the bi-directionally pegged value to Bitcoin and tradeable ~1:1 for Bitcoin that gives Bitcoin users an option of a different rule set without compromising the base chain nor forcing base chain participants to do anything different. Issues with value pegs:
federation based pegs allow collusion to steal bitcoins stored in multi-party controlled accounts
even if multisig participants are switched or weighted in some trust minimized manner, there's always incentive to collude and steal more
smart contract pegs (plasma, rollups) on base chain would require bitcoin nodes and miners to validate sidechain transactions and has to provide block content for availability (e.g. call data in rollups), making them not optional.
bitcoin nodes shouldn't be sidechain aware so impossible to peg the value
Let's get rid of the idea of needing Bitcoin collateral to back pegged coins 1:1 as that's never secure, independent, or scalable at same security level. As drive-chain design suggested the peg doesn't have to be fast, can take months, just needs to exist so other methods can be used to speed it up like atomic swaps by volunteers taking on the risk for a fee. In continuous proof of burn we have another source of Bitcoins, the burnt Bitcoins. Sidechain protocols can require some minor percentage (e.g. 20%) of burner tx value coins via another output to go to reimburse those withdrawing side-Bitcoins to Bitcoin chain until they are filled. If withdrawal queue is empty that % is burnt instead. Selection of who receives reimbursement is deterministic per burner. Percentage must be kept small as it's assumed it's possible to get up to that much discount on altcoin emissions. Let's use a really simple example case where each burner pays 20% of burner tx amount to cover withdrawal in exact order requested with no attempts at other matching, capped at half amount requested per payout. Example:
withdrawal queue: request1: 0.2 sBTC request2: 1.0 sBTC request3: 0.5 sBTC same block burners: tx burns 0.8 BTC, 0.1 BTC is sent to request1, 0.1 BTC is sent to request2 tx burns 0.4 BTC, 0.1 BTC is sent to request1 tx burns 0.08 BTC, 0.02 BTC is sent to request 1 tx burns 1.2 BTC, 0.1 BTC is sent to request1, 0.2 BTC is sent to request2 withdrawal queue: request1: filled with 0.32 BTC instead of 0.2 sBTC, removed from queue request2: partially-filled with 0.3 BTC out of 1.0 sBTC, 0.7 BTC remaining for next queue request3: still 0.5 sBTC
Withdrawal requests can either take long time to get to filled due to cap per burn or get overfilled as seen in "request1" example, hard to predict. Overfilling is not a big deal since we're not dealing with a finite source. The risk a user that chooses to use the sidechain pegged coin takes on is based on the rate at which they can expect to get paid based on value of altcoin emission that generally matches Bitcoin burn rate. If sidechain loses interest and nobody is burning enough bitcoin, the funds might be lost so the scale of risk has to be measured. If Bitcoins burnt per day is 0.5 BTC total and you hope to deposit or withdraw 5000 BTC, it might take a long time or never happen to withdraw it. But for amounts comparable or under 0.5 BTC/day average burnt with 5 side-BTC on sidechain outstanding total the risks are more reasonable. Deposits onto the sidechain are far easier - by burning Bitcoin in a separate known unspendable deposit address for that sidechain and sidechain protocol issuing matching amount of side-Bitcoin. Withdrawn bitcoins are treated as burnt bitcoins for sake of dividing block rewards as long as they followed the deterministic rules for their burn to count as valid and percentage used for withdrawals is kept small to avoid approaching free altcoin emissions by paying for your own withdrawals and ensuring significant unforgeable losses. Ideally more matching is used so large withdrawals don't completely block everyone else and small withdrawals don't completely block large withdrawals. Better methods should deterministically randomize assigned withdrawals via previous Bitcoin block hash, prioritized by request time (earliest arrivals should get paid earlier), and amount of peg outstanding vs burn amount (smaller burns should prioritize smaller outstanding balances). Fee market on bitcoin discourages doing withdrawals of too small amounts and encourages batching by burners. The second method is less reliable but already known that uses over-collateralized loans that create a oracle-pegged token that can be pegged to the bitcoin value. It was already used by its inventors in 2014 on bitshares (e.g. bitCNY, bitUSD, bitBTC) and similarly by MakerDAO in 2018. The upside is a trust minimized distribution of CPoB coins can be used to distribute trust over selection of price feed oracles far better than pre-mined single trusted party based distributions used in MakerDAO (100% pre-mined) and to a bit lesser degree on bitshares (~50% mined, ~50% premined before dpos). The downside is 2 fold: first the supply of BTC pegged coin would depend on people opening an equivalent of a leveraged long position on the altcoin/BTC pair, which is hard to convince people to do as seen by very poor liquidity of bitBTC in the past. Second downside is oracles can still collude to mess with price feeds, and while their influence might be limited via capped price changes per unit time and might compromise their continuous revenue stream from fees, the leverage benefits might outweight the losses. The use of continous proof of burn to peg withdrawals is superior method as it is simply a minor byproduct of "mining" for altcoins and doesn't depend on traders positions. At the moment I'm not aware of any market-pegged coins on trust minimized platforms or implemented in trust minimized way (e.g. premined mkr on premined eth = 2 sets of trusted third parties each of which with full control over the design). _______________________________________
Brief issues with current altchains options:
PoW: New PoW altcoins suffer high risk of attacks. Additional PoW chains require high energy and capital costs to create permissionless entry and trust minimized miners that are forever dependent on markets to hold them accountable. Using same algorithm or equipment as another chain or merge-mining puts you at a disadvantage by allowing some miners to attack and still cover sunk costs on another chain. Using a different algorithm/equipment requires building up the value of sunk costs to protect against attacks with significant energy and capital costs. Drive-chains also require miners to allow it by having to be sidechain aware and thus incur additional costs on them and validating nodes if the sidechain rewards are of value and importance.
PoS: PoS is permissioned (requires permission from internal party to use network or contribute to consensus on permitted scale), allows perpetual control without accountability to others, and incentivizes centralization of control over time. Without continuous source of sunk costs there's no reason to give up control. By having consensus entirely dependent on internal state network, unlike PoW but like private databases, cannot guarantee independent permissionless entry and thus cannot claim trust minimization. Has no built in distribution methods so depends on safe start (snapshot of trust minimized distributions or PoW period) followed by losing that on switch to PoS or starting off dependent on a single trusted party such as case in all significant pre-mines and ICO's.
Proof of Capacity: PoC is just shifting costs further to capital over PoW to achieve same guarantees.
PoW/PoS: Still require additional PoW chain creation. Strong dependence on PoS can render PoW irrelevant and thus inherit the worst properties of both protocols.
Tokens inherit all trust dependencies of parent blockchain and thus depend on the above.
Embedded consensus (counterparty, veriblock?, omni): Lacks mechanism for distribution, requires all tx data to be inside scarce Bitcoin block space so high cost to users instead of compensated miners. If you want to build a very expressive scripting language, might very hard & expensive to fit into Bitcoin tx vs CPoBB external content of unlimited size in a committed hash. Same as CPoBB is Bitcoin-aware so can respond to Bitcoin being sent but without source of Bitcoins like burning no way to do any trust minimized Bitcoin-pegs it can control fully.
Few extra notes from my talks with people:
fees must be high to be included in next block (and helps pay and bribe bitcoin miners), RBF use is encouraged to cancel late transactions
what if not enough burners, just passive nodes? you can burn smallest amount of bitcoin yourself when you have a transaction you want to go through
using commit hashes on bitcoin to lock altcoin state isn't new (e.g. kmd) but usually those rely on some federation or permissioned proof of stake mechanism with no real costs. this is combination of both.
this is not exactly like counterparty's embedded consensus as block data and transactions are outside Bitcoin, but consensus is derived with help of embedded on Bitcoin data.
deterministic randomness (e.g. via that block's hash) could be used to assign winning sidechain block weighted by amount burned to allow occasional blocks formed by others curbing success rate of censorship by highest burner
wants to transition away from using proof of burn via tunable proofs and native proof of work (whitepaper)
a dominant premine (trust maximized) relative to emission that defeats the purpose of distributing control over incentives (figure 3 in tokenpaper suggests premine still ~30%-70% by year 2050)
variable emission rate "adaptive mint and burn" makes supply unpredictable (and possibly gameable)
additional rewards that aren't trust minimized like "app mining" and "user incentives" possibly gameable with premine
election of a leader includes their own PoW to be elected even at start (5% cap), why lol?
blockstack also suggested use of randomness that depends on that block so Bitcoin miners that already spent energy mining that block can't just re-do it to get picked at no cost
if can burn bitcoins directly via op_return tx would help to use 1 less output and be provably prunable for utxo set (not sure if that's relayed as standard)
Main questions to you:
why not? (other than blocktime)
can this be done without an altcoin? (Not sure and don't think so w/o compromising unforgeable costliness and thus trust minimization. At least it's not using an altcoin that's clearly centralized.)
how to make it less detectable by Bitcoin miners? ( BMM could use some techniques described here: https://twitter.com/SomsenRuben/status/1210040270328254464 ) ( Perhaps since sidechain nodes receive proposed blocks independently and can figure out their hash, the commit message ( sidechain id + block commit + miner address) can be hashed one more time before its placed on Bitcoin, making miners unaware until after Bitcoin block is found that this is that sidechain's burn. Sidechain block producers would have to delay sidechain block propagation until after Bitcoin block is propagated, 10 minutes blocktime helps here. Hiding the fact that Bitcoin is burnt until after the fact is another possibly important matter. )
Should reward be split between all valid blocks or just winner gets all? (Blockstacks approach does not reward blocks marked by different from leader chaintip. That seems dangerous since sidechain tx sorting would be difficult to match and could take significant time to be compensated for perfectly valid work and coins burned. It doesn't seem as necessary in burning since we're not expending costs based on only one previous block version, the costs are independent of block assembly. Tradeoff is between making it easier for independent "mining" of sidechain and making it easier to validate for full nodes on sidechain)
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Goldman Sachs on why you should in invest in gold and cryptocurrency
GOLDMAN REPORT ADVISES NOW IS THE TIME TO BUY BITCOIN, GOLD Recent analyst reports from Goldman Sachs suggests investors should take advantage of the current Bitcoin price dip and buy now. In a series of slides prepared by one of Goldman’s technical analysis teams and distributed to clients, the bank included one that put the short-term target Bitcoin price at $13,971. They echo the sentiment shared by many that we are currently in a dip and that now is an idea time to buy. (You can invest in Gold , Bronze , Silver and cryptocurrency. Here’s the link to the website) https://regalassets.com/a/20538 Source: Goldman Sachs According to the report, there is also the potential that this could be the first leg of a five wave count of price rises. This means that any decrease in Bitcoin price from the $12,916-$13,971 levels (where we’re currently at and have been for a few months) would be a smart buying opportunity. This latest report from Goldman Sachs further adds to the sentiment that investors are once again eyeing the crypto industry. Last year, Fidelity Investments revealed they would be launching a digital assets division, and earlier this year JP Morgan analysts claimed that Bitcoin has “intrinsic value”. More recently, billionaire VC investor Tim Draper reaffirmed his belief in a $250k Bitcoin price by Q1 2023 at the latest. These increasingly bullish feelings from Wall Street and institutional investors around the world will no doubt help drive up the price of Bitcoin in the coming months and years. Gold was also mentioned favorably in the series of slides from Goldman, particularly in a scatter chart (see below) that “helps to identify where trends in the market are extending or turning on a week by week basis.” Gold is featured in the “Strong and Stronger” quadrant, which means it has strengthened for both of the past two weeks. The chart also includes a note indicating that it is yet “another week in the top right quadrant for Gold/precious metals”. Source: Goldman Sachs This comes in conjunction with a recent note sent to clients by Goldman Sachs saying that the bank expects the US-China trade war won’t be resolved before the 2020 presidential election. They also said they believed that the economic slowdown will continue and that a recession is likely. Investors have already seen the stock market take a tumble as a result of geopolitical instability, and the U.S. has accused China of manipulating the value of the yuan to damage the profitability of American exports. These economic conditions have caused analysts to speculate that the recent run up in cryptocurrency and gold prices has in part been caused by Chinese investors wanting to protect their assets against a devaluing yuan. This would mean that Bitcoin and gold prices would benefit even further from the continuation of the trade war and a subsequent recession. BITCOIN DOMINANCE CONTINUES Bitcoin’s dominance was down slightly this week, to 66% total. BTC saw significant growth in activity on futures markets, and many feel that we are currently in a bottom. Several major analysts see a Falling Wedge pattern on the charts though, indicating that the Bitcoin price has a 70 percent chance of a bullish breakout China’s digital currency is ready after five years of R&D. An official from the People’s Bank of China (PBOC) recently stated that the CBDC (Central Bank Digital Currency) prototype exists and that the PBOC’s Digital Money Research Group has already adopted the blockchain architecture for the currency. China’s CBDC won’t rely purely on the blockchain however, as they want a solution that has sufficient throughput required for retail use. Mastercard recently added three job openings to their website pertaining to blockchain product management. According to the job description, they are developing a blockchain wallet solution that will likely be a rival to Facebook’s upcoming wallet Calibra. GOLD PRICE NOW TARGETING $1,550 LEVEL After overnight buying took gold to $1,470 an ounce, the precious metal is now targeting the $1,500 level. According to the MKS PAMP Group, an investment firm, “Early European bids underpinned the metal to a USD $1,470 high, with consolidation above USD $1,500 the key to a further extension of the recent move higher. Gold will now look to target resistance toward USD $1,480-$1,500, while USD $1,520 looms as a pivot for near-term pricing.” Goldman Sachs also sees gold’s rally as far from over, with analysts saying that ““Gold prices have increased further as a weaker CNY sparked substantial U.S. and global growth fears. With growth worries likely to persist, gold could rise further, driven by an increased ETF allocation from portfolio managers, who continue to under-own gold.” With no trade deal expected before the 2020 presidential election, investors will see higher gold prices due to increased global growth fears, added Goldman. Gold’s ETF demand is also on a strong upwards trend, with the bank upping its 2019 forecast from 300 to 600 tonnes. Now is the time to take advantage of the rising price of gold and protect yourself from stock market volatility. Indicators are showing that these bullish trends will continue in the gold markets, giving you an excellent opportunity for immediate growth and providing protection for your assets against future economic downturns. Don’t miss out on this opportunity. Act now and reap the benefits. You can invest in Gold , Bronze , Silver and cryptocurrency. Here’s the link to the website.... https://regalassets.com/a/20538Regal Assets
AgoraDesk/LocalMonero [NO KYC] - XMCNY: Buy/Sell <-- Mostly Alipay and WeChat Paxful - BTC/CNY: Buy / Sell: (Due to Reddit filtering, any link to Paxful will shadow ban the comment. So to get the URL, you'll need to copy and paste the URL below, then remove the space before the ".com"):
Bitshares has gone ahead to the forefront of the battle to regulate cryptocurrencies. The Securities and Exchange Commission has been reviewing Ethereum and Bitcoin to determine what differentiates a crypto token acting as a security. Many crypto exchanges are in a mad rush to submit the proper forms to get SEC approval and some are pulling out of the U.S market completely. The subject of cryptocurrencies as a security, commodity or currency is being debated for many of the top 100 cryptos. In the U.S., regulators like SEC and DOJ are being careful to research and classify cryptos, blockchains, ICOs and exchanges on an individual basis. Enter Dan Larimer, with a clear vision of building towards a massive section of the decentralized exchange market. Legal issues would prove to be nothing if the cryptocurrency exchange is competitive. Bitshares is based on a delegated Proof-of-Stake verification system and the blockchain technology of the network is revolutionary.
Benefits of Bitshares
Transaction speed: Bitshares’ blockchain offers transaction speeds of less than 5 seconds to conclude. Decentralization: The Bitshares exchange is fully decentralized which ensures users are protected. Hacking is impossible and the cryptocurrency is seen as highly reliable. Minimum commission: Bitshares offers special solutions that make transactions in the system very fast and cheap. One of the main goals in the development of the BTS cryptocurrency was to reduce transaction fees. Real value: Bitshares is not like other cryptocurrencies that are not backed by anything. Bitshares comes with the benefits of the trading platform as well as its services. Thus, predicting the value of assets is much easier than for example, Bitcoin. Increased throughput of the system: The trading platform’s technical capabilities allow for more than 10,500 transactions per second. Bitcoin, on the other hand, can conduct no more than 7 financial transactions per second. https://preview.redd.it/ad4s8l7bcnx31.png?width=1080&format=png&auto=webp&s=1c77f313c78114aca4fd0a6f5cbb36a0fa88b00e
Breakdown of BTS
The total supply of Bitshares is 3,600,570,502 BTS with the price peaking on January 2, 2018, at $0.907259. BTS cannot be mined. It is regarded as a legacy coin because it existed long before most exchanges and is responsible for the concept of crypto trading pair. Bitshares is the first delegated Proof of Stake blockchain and is governed by community-elected delegates. Bitshares runs a referral rewards program to drive mass adoption. At the moment, opening a Bitshares account is free, but a lifetime members account costs $100 and comes with 80% fee discounts. Also, lifetime members earn $80 for referring another Lifetime member. BTS coins cannot be mined. Tokens can be created on the Bitshares network and can be converted to BTS, then converted to BitAssets, which are tied to real-world markets. bitUSD, bitEUR, and bitCNY are based on real-world fiat currencies, U.S. Dollar, Euro, and Yuan, respectively. Meanwhile, bitGOLD and bitSILVER are based on gold and silver prices. People in volatile markets such as South America where hyperinflation is rife will enjoy the stability this crypto option provides at a time local fiat currency is struggling.
What is BitAsset?
Online exchanges are centralized and databases are stored on servers only the exchange can control. To use their services, you must first create verified accounts which often involves scanning an ID. Bitcoin and altcoins are still relatively new and this is why they suffer wild swings from time to time. This essentially necessitates converting crypto coins into a stable asset, usually USD. This need is served by exchanges as they allow users to buy and sell crypto coins by converting to and from fiat currencies like USD, EUR, YUAN, and so on. Bishares’ answer to this is BitAsset. A BitAsset is a coin pegged to a real-world asset. Its value is a mirror of the value of the real-world’s asset. For instance, the BitAsset BitUSD mirrors the value of USD. This means BTS can be converted into BitUSD, and BitUSD to BTS without exiting the blockchain.
How to Buy and Store BitShares (BTS)
BTS can be bought and sold on several crypto exchanges which include Binance, HitBTC, Huobi, OpenLedger, CoinEgg, and Poloniex. However, the coin is not offered by many. Most of the active work is done on lesser-known sites. One in particular is zb.com, which executes transactions in the BTS/ZB pair reaching over $600,000 in total. Still, on the same platform, the BTS/USDT pair is traded for only $300,000 in total. More than $5 million BTS is traded every day in trading pairs with BTC, ETH, and USDT. Bitshares can be stored through the official Bitshares wallet.
Difference Between BitShares and Other Cryptocurrencies
The key difference Bitshares has with other cryptocurrencies is that it is based on Delegated Proof of Stake. Other systems utilize confirmation of financial transactions involving miners. However, rather than pay millions to people for this, the BTS team thought differently. Special delegates are called on to confirm financial transactions. These delegates are selected by the holders of the coin. In theory, anyone with a Bitshares account can become a delegate. There are currently 101 delegates in total. Each delegate can sign at most 1% of transactions. For Bitcoin, most financial transactions are confirmed by 4–5 major users. If you aren’t satisfied with your delegate, you can refuse his services and choose another delegate.
Crypto investment can be really profitable, but with profit comes danger. In financial services, transparency is the watch-word, and while the other cryptos aim to redefine banking, BTS is focused on Wall Street. It remains to be seen whether it is a kill shot or they will both learn to live together.
Bitcoin as the Ultimate Haven from Hyperinflation: A Country By Country Analysis Of Worldwide Fiat Currency Inflation
https://cryptoiq.co/bitcoin-as-the-ultimate-haven-from-hyperinflation-a-country-by-country-analysis-of-worldwide-fiat-currency-inflation/ Bitcoin was created during the Great Recession that started in 2008, when the governments of the world printed trillions of dollars to bail out banks and corporations. Satoshi Nakamoto intended Bitcoin to be a decentralized form of money that could not be printed by governments at will. In the the Genesis Block Satoshi included the message “The Times 03/Jan/2009 Chancellor on brink of the second bailout for banks.” Fiat currencies continue to be the dominant form of global currency, but it seems logical that, if fiat currencies were to hyperinflate and collapse, Bitcoin would become the dominant global currency. This is because Bitcoin can be sent instantly anywhere in the world and is cryptographically secure. It is easy enough to integrate Bitcoin into any e-commerce store or physical store, and the customers of the future will be able to send Bitcoin from their smartphones via QR codes. Therefore, if fiat currency becomes obsolete, Bitcoin could seamlessly take its place and keep the global economy running. There has been plenty of hype that fiat currencies are collapsing, but this article will explore the current state of major fiat currencies in the world to ascertain the true situation. This is important information since the rate of fiat currency inflation by country is an important factor that will determine Bitcoin adoption rates and ultimately Bitcoin’s price. United States’ Inflation Rate The United States is perhaps the best place to start an analysis of global fiat inflation, since the USD is the world’s dominant fiat currency and perhaps the most stable long term. That being said, there is 2-3 percent annual inflation in the United States. If we split the difference at a 2.5 percent annual inflation rate, it means $100,000 stored in a bank will lose a whopping $22,400 of value over the course of 10 years, corresponding to 22.4 percent inflation per 10 years. Therefore, even in the United States, saving money long term seems impractical, and this essentially forces people to risk their savings by investing in the hopes that the money earned from investing will outpace inflation. It appears inflation will only worsen in the United States since the national debt is approaching $22 trillion, with a budget deficit of $1 trillion per year and growing. This situation will likely lead to increased money printing, which would increase the inflation rate. Therefore, saving money in USD long term does not make financial sense. Bitcoin is an alternative way to store money long term, although Bitcoin has yet to mature and can be extremely volatile from year to year. Euro (EUR) Inflation Rate Is 37.5 percent Relative To USD During The Last 10 Years One of the primary global currencies besides the USD is the Euro (EUR). For the rest of this global analysis, fiat currencies will be compared to the USD exchange rate to determine inflation, but it must be kept in mind that the USD itself is inflating at the rate of 2 to 3 percent per year. When the EUR launched in 1999, the exchange rate was one USD per 0.85 EUR. By 2002 the EUR weakened to 1.16 EUR per USD. The EUR then entered a period of vigorous strengthening, and the exchange rate fell to 0.64 EUR per USD by 2008. The Great Recession caused the EUR to begin weakening versus the USD long term, and currently each USD is worth 0.88 EUR. This represents 37.5 percent inflation relative to the USD in roughly 10 years. Back to the storing money in a bank analogy, $100,000 of EUR stored over the past 10 years would have lost the EUR inflation rate + the USD inflation rate. With this sort of inflation rate it seems dangerous to store money in EUR long term. It gets worse. The EUR is one of the top global fiat currencies, and there are many currencies doing worse than the EUR. United Kingdom’s Pound Has 65 Percent Inflation Relative to USD in 11 Years The United Kingdom (UK) is one of nine European Union (EU) countries that does not use the EUR, and eventually, the UK will leave the EU via the Brexit. However, the native Great Britain Pound (GBP) has done far worse than the Euro, with the exchange rate going from 0.48 GBP per USD in 2007 to 0.79 GBP per USD currently. This is 65 percent inflation relative to the USD during the past 11 years. Canada’s Inflation Rate Is 45.2 Percent Relative to USD During the Last 7 Years The United States’ neighbor to the north is similar to the United States in many respects. It is a fully developed and industrialized first world country. However the native fiat currency, the Canadian Dollar (CAD), has been experiencing severe inflation since the Great Recession. In 2011 1 USD was worth 0.95 CAD, and now the exchange rate is 1.36 CAD per USD. This represents 43.2 percent inflation relative to the USD since 2011, and of course, the USD has an underlying inflation rate as well of 16.2 percent during the last 7 years. Even in the first world country of Canada, it is becoming impossible to save cash for retirement or even for short-term goals like buying a house, forcing people to invest in the risky stock market. Mexico’s Inflation Rate Is 97.6 Percent Relative to the USD During Past 10 Years Since the 2008 financial crisis, the exchange rate of the Mexican Peso (MXN) has gone from 10.12 MXN per USD to 20 MXN per USD. This represents 97.6 percent inflation relative to the USD, and USD inflation means the true Mexican inflation rate is well over 100 percent per 10 years. This sort of inflation rate ensures that people have to work their entire lives and can never retire, and overall, this sort of inflation can cause the entire economy of Mexico to struggle. Bitcoin seems like an obvious alternative to holding MXN long term. It is quite shocking that a country bordering the United States has such high inflation, yet the mainstream media never mentions it. Russia Has 194 Percent Inflation Relative to USD Since the 2008 Great Recession Russia is a global superpower, with a gross domestic product (GDP) of $1.58 trillion versus the United States’ $19.39 trillion GDP. Despite being a superpower, the native currency of Russia, the Russian Ruble (RUB), has gone from 23.48 RUB per USD in 2008 to 69.08 RUB per USD currently. This yields a 194 percent 10 year inflation rate relative to the USD. Clearly, the Great Recession that started in 2008 is a common point when fiat inflation accelerated in many countries around the world. Japan’s Inflation Rate Is 46 Percent Relative to USD Over the Past 7 Years Japan is a first-world country and has one of the most important stock markets in the world. The GDP of Japan is ranked number three in the world at nearly $5 trillion. However, its inflation rate is far higher than the United States, at least since 2011. In 2011, the exchange rate was 76 JPY per USD, but it has now risen to 111 JPY per USD, a 46 percent inflation rate relative to the USD over the past 7 years. This is actually almost exactly the same as Canada’s inflation rate. China’s Inflation Is Only 14.4 Percent Relative to USD Since 2013, but China Tightly Controls the CNY China is the second ranking economy in the world with a $12 trillion GDP. Its position as the number one trading partner of the United States gives it power to manipulate the exchange rate of its native currency the Chinese Yuan (CNY). The CNY actually strengthened greatly versus the USD until 2013, when China relaxed its control over the CNY exchange rate to make it more competitive in the global import and export markets. Chinese control over the CNY and therefore, control over the profitability of Chinese imports, is a primary reason for the “trade war” between China and the United States. Since allowing the CNY to lose value relative to the USD, the exchange rate has gone from 6.04 CNY per USD in 2013 to 6.91 CNY per USD currently, a 14.4 percent inflation relative to the USD in 5 years. China is an outlier and has one of the lowest inflation rates relative to the USD. Switzerland Has One Of The Lowest Inflation Rates At Less Than 5 percent Relative To The USD In 7 Years Switzerland has remained independent of the European Union and does not use the EUR. Instead, it uses the Swiss Franc (CHF). The CHF actually strengthened greatly relative to the USD during the Great Recession, but the trend reversed in 2011. There was a rapid devaluation of the CHF relative to the USD from 0.76 CHF per USD to 0.94 CHF per USD during 2011. In The 7 years since then, the CHF has roughly five percent inflation relative to the USD and sits at 0.99 CHF per USD currently. That being said, it cannot be forgotten that the USD itself is experiencing 2.5 percent inflation per year, so even countries that have low inflation rates relative to the USD have a significant inflation rate overall. India Has Seen 79 Percent Inflation Relative to USD Since the Great Recession Began India has the sixth highest GDP in the world at $2.6 trillion, and the second highest population at 1.34 billion. Since the Great Recession began, the Indian Rupee (INR) has gone from 39.18 per USD to 70.14 INR per USD, a 79 percent inflation relative to the USD in 11 years. Unfortunately, India is slowly making Bitcoin more illegal and could fully outlaw it, so citizens may have to break the law in the future in the event that inflation accelerates and Bitcoin becomes a preferred way to store money. Indonesia Has 76 Percent Inflation Relative to the USD in Seven Years Indonesia has a population of 265 million, not far behind the United States, but its GDP is 20 times less than the United States at $1 trillion. Part of the reason Indonesia’s economy is weaker may be that the native fiat currency, the Indonesian Rupiah (IDR) has gone from 8,250 per USD in 2011 to 14,550 IDR per USD currently. This is 76 percent inflation relative to the USD in 7 years, around the same rate as India. However, Indonesia has banned Bitcoin as of 2018, which would make it difficult for citizens to use Bitcoin in the event inflation spirals out of control. Brazil Has 152 percent Inflation Relative To USD In Past Seven Years, Despite Being the Strongest Economy In South America Brazil has the most powerful economy in South America with a $2 trillion GDP. However, South America as a whole is experiencing out of control hyperinflation, and Brazil seems to be feeling the effects. The Brazilian Real (BRL) has gone from 1.55 per USD in 2011 to 3.91 BRL per USD currently. This is 152 percent inflation relative to the USD in 7 years. There does not appear to be any inflation safe haven in South America, and this could make South America a Bitcoin adoption hotspot. Venezuela Has Ridiculous Inflation Around One million percent Per Year; Bolivar Collapsing The end game of fiat currency inflation, if left unchecked, is currency collapse. A classic example of currency collapse is the situation in Venezuela, where the Cafe Con Leche Index suggests 400,000 percent inflation per year, although if a shorter term average is used it is 1 million percent per year or more. It would be shocking if the native fiat currency of Venezuela, the Sovereign Bolivar (VES), is still usable one year from now. Bitcoin is legal in Venezuela, and there is plenty of news which indicates people are abandoning the VES for Bitcoin. South Korea Has Zero Inflation Relative to the USD South Korea is considered a powerful economy relative to most of the world, with a GDP of $1.5 trillion despite the country’s small size. The South Korean Won (SKW) has essentially zero inflation relative to the USD long term aside from an exchange rate shock during the 2008 Great Recession. That being said, inflation is still a reality in South Korea since the USD has average inflation of 2.5 percent per year. Australia Has 53 Percent Inflation Relative to the USD in Seven Years Australia essentially has a continent to itself, but it is not isolated from the global fiat inflation crisis. The AUD actually strengthened massively versus the USD from 2001 to 2011. However, the trend reversed, and the exchange rate has gone from 0.93 AUD per USD in 2011 to 1.42 AUD per USD currently. This is 53 percent inflation relative to the USD in seven years. Israel Has Zero Inflation Relative To USD Long Term Israel is in the Middle East but does not have strong connections to the economy of the rest of the Middle East and, apparently, a different monetary policy than most of the rest of the world. Israel is only comparable to the United States, South Korea, and perhaps Switzerland when it comes to fiat currency since the Israeli New Shekel (ILS) has practically zero inflation relative to the USD long term although there are shorter term oscillations. Like the other countries listed with zero USD relative inflation, inflation still exists because the USD itself is inflating. In total, there are 180 fiat currencies in the world, and here, we’re covering just 16 of them. We could keep going, but the trend is already clear. Even in major countries with powerful economies, inflation has become a serious issue, with some major countries experiencing 50-200 percent inflation relative to the USD over the past decade, and those numbers don’t even take in the 2.5 percent per year USD inflation underlying them. It is possible that worldwide fiat inflation will accelerate due to the growing global debt crisis. That’s especially true if an economic recession occurs since that would force a rapid increase in money printing. So we’re in a global situation that needs to be actively monitored. Even if the status quo is maintained long term, most of the world’s population cannot realistically save money for the future because it’s going to lose value over time. This is a major shift from our parents’ generation when saving money was the smart thing to do. The good news is Bitcoin is waiting on the sidelines. It’s ready to become the global currency if fiat currency collapses worldwide. Even if fiat does not totally collapse, perhaps once Bitcoin matures and becomes more stable, it will be a good option for saving money long term since its value is independent of fiat inflation.
I am really concerned and disappointed with the current situation of this project.
I am really concerned and disappointed with the current situation of this project. I am worried competition will come and take a huge market share from Request Network and do so fairly easily. The following is a list of concerns I currently have for the team and community. I would appreciate it "if" this gets enough up votes that an actual team member addresses these concerns.
The first major concern is the roadmap. In my opinion, this is one of the main reason the price is suffering. The road map has changed since the whitepaper. Understandably, things change but the new “dynamic” roadmap is inexcusable. The roadmap doesn’t show progress, too generic to grab investors’ attention, and hard to tell what the team is really working/focused on. Sure it shows what the team is working on, but where are all those promised items in the whitepaper? I keep hearing that on-boarding PwC took time. But that does not excuse the multiple missed objectives from the whitepaper. The following is the original roadmap: Request Colossus: Q4 2017 -Token Launch -First version of Request working with Ethereum on Test Net -Deploy the website to Create/Visualize and interact with Requests -Add Request management of accounting concepts such as refund, credit note and purchase orders -Release the API to create/read/update Requests -Release technical papers about architecture, upgrades and accounting implementation Request Great Wall: Q1 2018 -First version of Request working with Ethereum on Main Net -Deploy management of Crypto-currencies on Request (ERC20 tokens) -Proof of concept: Request Core working with a Bitcoin Oracle -Work on partnerships with Accounting, Payment and Audit firms -Launch the Pay with Request project: an online button which offers an alternative to the traditional Pay with PayPal and Pay with credit card -Outside audits of the Request Contracts Request Stonehenge: Q2 2018 -POC of Scaling Request through a Plasma chain with PoS. Request will have to handle a heavy load of transactions -POC of Increased Request Privacy using ZkSnarks20 -Add management of Fiat-currencies to Request (USD, EUR, CNY) -Launch the Request and Transparency project. We will work with city halls, associations and government to publish real time information on their budget -Organize discussion groups around Payment Requests with institutions such as World bank/IMF/ECB and the UN Request Colosseum: Q3 2018 -Deploy the Escrow extension to allow the release of funds upon delivery or upon satisfaction of other conditions -Deploy the Tax extension to automatically pay taxes in real time -Deploy the Down Payment extension to specify an amount to pay and a specific date on which to process it -Deploy the Late Fees extension to specify penalties if a Business is not paid on time -Add a Reputation Offchain layer Request Petra: Q4 2018 and after -Deploy the governance system (Vote/Token Chat) -Launch the “Internet of Things framework” project -Deploy Inter-currency settlement through REQ to facilitate international payments -Launch the Continuous Payment extension which will act as a Down payment with an infinity of micro payments According to the whitepaper roadmap it looks like the team over-promised and under delivered. What would any rational person call this? Would they say we got duped to give them our ICO money? The team is under-performing? Did the team over-promise us just to get the funding they need? I don't know how to feel about this, but the least I expect is an explanation for all the missed items on the whitepaper. Line by line I'd like an explanation. Simply stating, “We are moving to a dynamic roadmap to be flexible in the fast changing crypto world,” isn't enough. What did the team do if they didn't do what was promised? At the very least, the team can provide an explanation after taking 33.6 million dollars from investors with a promise that fell short. Yes, I understand it’s harder than it looks, but why promise it in the first place? And it’s okay to fall short, but we still need an explanation....item by item. And I don't want to hear the team doesn't owe us anything. Yes they do, we trusted them and gave them our money based on the whitepaper. If there is something the team is working on that they cannot discuss that's fine, but there are ways around this. They can simply say we are currently working on an item that can't be discuss, more news to come in the future. Right now what I see is an overpromised and under delivered project. The team realized that the new dynamic roadmap was not well received by the community, so they said they will update the road map with progress bars…still waiting... and they need to add a lot more than just progress bars. They need to regain confidence in the community.
Marketing is the second major concern and another reason the price is suffering. I cannot stress enough how important this is. When I tell an outsider about Request Network they are usually really interested. However, if I don't tell them or another member of the community does, then they won’t know. It is not my job or the community’s job to be doing this. Marketing doesn’t have to be expensive. All it takes is a simple active social media account. Hire an intern to do it. Shoot I bet members from the community would do that for free, not that they should. I understand the team doesn’t want to put a face on the project because it’s decentralized. However, currently we have nothing. ETH is decentralized, but Vitalik is very involved in the public eye. He has videos and presentations out there talking and explaining ETH. Request Network has nothing. Not a single video of a team member explaining Request Network on a grand scale. It’s unrealistic to expect everybody to read and understand the whitepaper without further clarifying the objectives of the project. Explain to investors and the average Joe that Request Network is more than a click to pay with crypto button. A video would do wonders. We have an old and outdated website after being promised a new one in the AMA. I don’t want to hear it’s on the way. It’s either here or not. You claim crypto is fast paced and changing to justify the dynamic roadmap, yet everything you do is at a sloths pace. This new website is starting to sound like a false promise, just like the original roadmap. "Ohh boy we got all this amazing stuff coming" a year later and a lot is missing. Are we going to be waiting a full year for the new website...Come on fool me once shame on you, fool me twice shame on me... Additionally, I don’t want to hear the team is involved with the community. They post once every two weeks. Each update is less and less informative. I want to see engagement. I want to see YouTube videos, I want to see live AMA, I want to see activity. Right now it’s like the team is hidden in a cave and we don’t know what they are doing. I want to see the team with a smile on and confidently say for example “Fiat is coming! However, these are the issues we are facing now.” I don’t want them to hide behind a keyboard anymore. When Apple releases a new phone, do they wait till the new phone/laptop/iPad/etc. are done to market it? I don’t want to hear, “We aren’t Apple.” We should aim to be a top company, hence, use top company marketing strategies. It’s not the community’s job to spread the word about Request. Shoot didn’t know Apple expected me to go out and market their product when I bought their stock. There are some unrealistic expectations going on. Investors gave money to the team to develop the product and that includes marketing. And I don’t want to hear the team is planning to market soon, because we are already late. And what I’m asking for can be done right now, without much cost. Making a video won’t take money away from developing…
Can anybody point me to a list of Dapps on the network? Nope because there isn't one... I understand developers don’t need approval to build on network, but the team needs to keep track of this and publicize it. It will help with adoptions when people see all the capabilities. No hype around Dapps. Chango reddit has 15 subscribers. Let me repeat that, 15 subscribers. How will we get adoptions with no awareness? We live in an age of social media. How will people know about Request Network if they aren’t active on social media? And I’m not saying post a bunch of hype crap, just do something like post on Twitter about the Dapps. For example, “Chango app is now in the beta phase! Chango is a payment app similar Venmo. Link for more info”
We are under ICO price which is inexcusable even in a bear market, but price is a reflection of market perception of the project. Yes, there may be some irrational pricing, but not to this extent. Currently, the price justifies how the team has been performing, plain and simple. If it was valued more the market would value it more. REQ lost 95% in value from ATH. Don’t want to hear that most coins lost this much. Most coins will go to zero. So are we in the crapcoins category now? We lost 60-70 places on the market cap rankings. Clearly that means we are being out performed. And I don’t want to hear there are new coins that pushed us down. That would be a fair thing to say if we dropped a few spots, but interest and volume stayed decent. We claim to be a top coin but all indications are we are just an “average joe” coin. I don’t want to hear the team doesn’t care about price. They took money from investors, it’s their responsibility to perform. The team owns 15% of the coins, so they should care. I don’t want to hear "then sell if you aren’t happy". I can voice my opinion. Most jobs have performance appraisals. This is my view of the current situation. If I’m wrong then it’ll show in the votes and comments. If people feel the same way it’ll show too. I’m tired of this constant “You’re FUDing because you don’t kiss the floor the team walks on” mentality. If you can’t take criticism then this is not the space for you. If I was FUDing I wouldn’t take the time to give an in depth analysis of what my concerns are. I don’t want to hear, “It has only been a few months and this is a long term project.” Yes, this is a long term project; however, each step along the way matters and we have missed a few steps already. I have real concerns and want real answers. I wouldn't be asking the team to respond. Sometimes the team needs a wakeup call. There is always room for improvements. And the items I'm asking for shouldn't take that long to fix/address; however, they should have a huge positive impact on the sentiment around this project.
Beginners guide to Syscoin (SYS) and why you should be investing in this cryptocurrency in 2018
What is Syscoin?
Some have described Syscoin(SYS) as the Shopify, Amazon and Ebay of the blockchain world. Syscoin is a revolutionary cryptocurrency that offers near zero cost financial transactions, incredible speed and provides businesses the infrastructure to trade goods, assets, digital certificates and data securely. Syscoin isn’t just about money and trading, it has the ability to attract various business types thanks to its native set of features geared towards business on the blockchain. From eBay traders and High Street shops to Medical applications, Insurance and Gaming, Syscoin’s decentralized network benefits everyone! Syscoin is developed by Blockchain Foundry (BF). BF provides blockchain technology based services, projects and products for a wide variety of use cases with the stated aim of disrupting markets by leveraging the potential of blockchain technology. Syscoin is mainly known to be the first cryptocurrency to offer a fully decentralized marketplace based on blockchain. What is lesser known is that this is only a part of what Syscoin offers. With the introduction of Masternodes in February or March 2018 SYS will be transformed from just a ’marketplace coin’ to a completely ‘utilitarian coin’. The Masternode infrastructure allows the addition of decentralized databases and file storage, increased transaction speed to surpass POS/Visa/Mastercard capabilities, true Turing complete smart contract capabilities for unlimited business logic, sidechains, application layers and an identity layer. This will all be accessible through an API, rather than a new language, enabling nearly any developer to create any blockchain application they can conceive. This will usher in the next generation of blockchain applications - made for new or existing businesses - by conveniently offering everything available from the blockchain space today.
The blockchain as conceptualized by Satoshi Nakamoto back in 2008 envisioned a peer-to-peer electronic cash network that would prevent double-spending. A year later, the blockchain became an integral part of bitcoin, serving as the latter's public ledger of transactions. Although Nakamoto's reference client mentioned a decentralized marketplace service, the subsequent implementation did not incorporate this due to a lack of resources. Syscoin was initially described in a 2014 draft whitepaper that envisioned Decentralized Marketplace Creation, Decentralized Smart Contracts and Documents, Decentralized Certificate Issuance and Transfer, and Decentralized Data Storage and Retrieval, as among the services that it would offer upon its release. Syscoin aimed to bring Nakamoto's vision of a decentralized marketplace back into the blockchain, among the other commercial-grade services it aims to deliver to clients. Other services that Syscoin plans to provide include secure data storage and transfer, and unique user aliases that link their owners to the services controlled by the alias. The early Syscoin wallet was superseded by the release of Blockmarket Desktop 1.0 on September 12, 2017, marking the culmination of Syscoin's vision of a fully decentralized marketplace with a desktop GUI based on the blockchain. The planned release of Blockmarket Web, a fully web-based version, and Blockmarket Professional in 2018 takes that vision one step further, as more advanced seller stores become a reality.
The Team that NEVER quits! Before the launch of Syscoin (Q3 2014), there was a presale ICO by Moolah (as a partner), which turned out to be detrimental for Syscoin. The project raised around 1,000BTC for development but the Syscoin Team only managed to access 250BTC which were used for price support. Moolah (Ryan Kennedy) absconded with the bulk of the ICO funds and the Syscoin team were left with ~30million Syscoin at a price around 400 satoshi. Even after this tragic event, the devs didn’t quit and continued to work on the project without stopping. The case against Moolah is still on-going. See the article from CoinDesk here: http://www.coindesk.com/uk-court-syscoin-injunction-moolah-750-btc/. What is this detail telling us about the dev team? While some crypto projects are just scams and bring little to no innovation, they’ve proven that they are in it for the long term - ably demonstrated by the fact that they continued to work despite their funds being stolen. And now that hard work is beginning to pay off with the entire team going full-time for the first time in January 2018 and new developers being hired following VC funding for BF.
Building on the World's First Decentralized Marketplace, Blockmarket is the newest generation of Syscoin's Desktop wallet with a complete, state-of-the-art marketplace built-in where you can securely and reliably buy and sell any items you wish. Entire stores can be created directly through the marketplace where you can sell your own products or re-sell others’ products for commission. Use of blockchain technology eliminates middlemen, credit card fees, maintenance fees, downtime and political interference. Persons are literally able to buy or sell anything to anyone, anytime, anywhere on Earth! Blockmarket Desktop was launched on September 12, 2017.
Key Blockmarket Features
Decentralized Marketplace The marketplace platform provides a decentralized and high redundant channel for selling goods and services. Features include:
• Price Pegging to currencies such as USD, EUR, GBP, CAD, CNY and BTC • Bitcoin and Zcash as payment options • Arbitrated Escrow • Encrypted Messaging • KYC/AML Compliance • Images • Unlimited Inventory Items
Wallet addresses for cryptocurrencies generally consist of a unique string of between 27-34 alphanumeric characters. Such an address isn’t easy to memorize. Although the addresses can be added to an address book within the wallet, Syscoin has taken the user's convenience one step further, allowing you to create a unique Alias for your wallet address, such as a name, title, or characters specific to a username. These can be used to send SYS from home, to a mobile wallet, to work, to friends, to common suppliers or to repeat customers easily, without requiring any memorizing, writing it down, copy & pasting or emailing yourself the address.
Using the cryptography of the blockchain persons can issue, authorize, and exchange digital certificates of any kind. With Syscoin anyone can issue provably-unique certificates with text or ASCII content to one or multiple parties on the Syscoin blockchain. These certificates can be authenticated by anyone via Syscoin’s cryptographic proof of work. This allows for the creation and free exchange of any kind of digital asset such as ownership certificates, warranties, receipts, tickets, certifications, diplomas, software licenses and more.
Integrated Crypto exchanges - Flypme and Changelly will facilitate exchanging 30+ cryptos for SYS, directly within the Blockmarket wallet.
BM web will bring SYS’s existing decentralized marketplace and all its features into a web-based version, enabling ease of use with a simple email and password login (grandma friendly) without any need for downloading a wallet or waiting for sync. Blockmarket web will be launched in February 2018.
Ability for world-class transactions-per-second performance to scale-out with added nodes (theoretically 100k TPS per 1000 Masternodes, 300k TPS/3k masternodes, etc). In later releases, masternodes will also process smart contracts and facilitate sharded+encrypted offchain file-storage (with onchain anchors), among other touted functionality. They should also result in steadying the price movements - less volatility as holding will be incentivized
Scalable Ethereum Virtual Machine: Allows Turing complete smart contracts to be executed following the ethereum protocol at a much faster speed and at a fraction of the ethereum gas price.
Assets & Token Issuance
With its token issuance service, Syscoin allows anyone to create a custom asset token which can then be sent directly to anyone else on the network. This facilitates a variety of use cases including ICO token issuance, supply chain management, reward points, and loyalty programs.
Anonymous transactions: via mixing/shuffling at user-specified denomination. Afterwards, additional tech will be added in the near future which will further compound the degree of anonymity provided -Add ValueShuffle running on top of the masternode layer and you have the world's most advanced privacy tech in any coin. This brings true money fungibility to Syscoin and the missing link for true economic sovereignty. https://twitter.com/realSidhuJag/status/948588279540035584
Transactions can be sent and received instantly. This represents a similar sending capability as Dash, but is a step beyond- A type of backend node locking will allow an instantly received sum to be sent immediately, without delay, and without network risk of double-spend.
At a high-level, that's all the math there is to it, honestly. X / 21 million. X divided by 21,000,000, where X is the number of BTC that you own. But please hear me out. Additional considerations can be made. For instance:
The current circulating supply is increasing (block rewards for mining), but one can easily deduce the current supply at any given time by multiplicating the block reward by the number of total blocks in the blockchain, keeping in mind the 'halvening' that takes place every 210,000 blocks (roughly every four years; next one expected to take place in May 2020).
Something close to a million BTCs are owned by Satoshi himself, which remain untouched until today.
A few million BTCs have been lost and are unrecoverable. Hard drives with mined BTCs got formatted at times where BTC was still worthless. BTCs have been sent, purposely and not, to un-spendable addresses. Seeds written down on papers have gotten destroyed. Brain wallets in the heads of people incapable of properly memorizing their seeds.
Some Bitcoin in the scenarios I mentioned above can be numbered. The number of BTCs that have been sent to un-spendable addresses can be determined by analyzing the blockchain, consisting of every transaction that took place since Bitcoin's inception. Plug those numbers into the equation, by reducing the maximum number of Bitcoins (21,000,000) by the number of Bitcoins that can't ever be spent, and that answer is the number of BTCs you own. The Private Key to the wallet containing whatever amount of BTC you have, is the only thing that will allow those BTCs you hold to be spent. That's a true Store of Value, if you ask me. BTC is Bitcoin's currency. Not the USD, not the EUR, not the CNY, and not any other sort of currency or commodity - be it fiat, gold, or even any other cryptocurrency. To me, a true Store of Value cannot be measured in terms of another Store of Value. For example, while relevant, the price of Gold in terms of USD matters much less than the amount of gold you have in comparison to the total amount of gold. If the USD goes down, you still have the same fraction of all of the gold that exists on Earth. The same can be said for Bitcoin. I find people mistakenly think that Bitcoin is not a Store of Value because of fluctuations in prices in terms of fiat. As with the example of gold, Stores of Values should not be measured in terms of another Store of Value. Bitcoin as a Store of Value should be thought of as 'a fraction of all of the Bitcoin that can ever exist (21,000,000)'. Forget about how many BTC Satoshi has. Forget about how many have been sent to un-spendable addresses. Forget about the lost coins. 21 million is the maximum that can ever exist. Whatever you own is a fraction of a maximum of 21 million BTC that can ever circulate the hands of the entire world's population. The maximum supply will never change, and the coins you hold will remain to be yours unless you spend them. From this perspective, Bitcoin makes a pretty good Store of Value, no?
EDIT: I realize this is long, but I feel it's important to have this info out there. Maybe save it for later when you see this narrative being pushed around so you can come back and get the other side. EDIT 2: TL:DR - Most negative analysis on this sub lately of Tether are likely from a single biased source that stretches a lot to make his points, and there is simply not enough Tether in the market nor is it concentrated enough to create a catastrophic problem or significant inflation for any USDT currency pair. Like many of you, I have heard the stories and posts about the fraudulent tether, I trade in this space on many exchanges and the growing concern is worrying, so I did my due diligence, and I would like to share it with the community. First and most importantly IMO, all this controversy stems from just one account/person. A person on twitter going by the handle @Bitfinexed - https://twitter.com/Bitfinexed Here you can see this person's writings - https://medium.com/@bitfinexed/latest Spoofy, Tethers and institutional investors are what they contend to be the lies and fraud, AND that this entire rally in 2017 is based on fraudulent Tethers and spoofing, and that this will implode the markets. I feel this is also important… Turns out this person sold at $1000, maybe the real reason he is on this mission??… https://twitter.com/whalepool/status/896460700461277185 Now for some troubling info, the majority of this narrative (FUD??) here on Reddit in the last month come from just three accounts. https://www.reddit.com/useAtlasRand1/submitted/ https://www.reddit.com/usecetusfund/submitted/ https://www.reddit.com/useAnythingForSuccess As you can see these accounts entire mission is to post constantly about this. They all show up on the other’s post to comment regularly. Btw, some people on the pro-finex side think this is a smear campaign from other exchanges. I don’t believe this to be the case. This person(s) only talk about TetheFinex, yet Tether is used and traded by the $millions daily on 3 of the top 5 exchanges, Finex, Bittrex, Polo, yet never a word about those other exchanges. (Check the USDT volume on other exchanges) https://coinmarketcap.com/assets/tethe#markets Therefore, if it is an exchange, it isn’t Trex/Polo because this would affect them as well. If it was an exchange other than Trex/Polo they would have plenty of fire power against 3 of the top 5 exchanges with Tether fraud. This leads me to believe it is most likely a sad person(s) with an ax to grind. They might have lost their $ on Finex to what they believe are spoofers/fraud and or they were part of the finex hack and sold there BFX too early. Btw I see contention that Bitfinex did NOT pay back the $ from the hack. They did, but some people are mad because they sold BFX early and didn’t recoup full $ amount from haircuts, but that was their decision. ~ POINTS OF CONTENTION SPOOFING This is what set my alarm bells off about these articles I read from Bitfinexed. Specifically spoofing… https://hackernoon.com/meet-spoofy-how-a-single-entity-dominates-the-price-of-bitcoin-39c711d28eb4 and this nugget…“And who the hell is going to go margin long so dramatically after a huge crash?” from this article… https://medium.com/@bitfinexed/are-fraudulent-tethers-being-used-for-margin-lending-on-bitfinex-5de9dd80f330 Claiming spoofing shows this person has limited markets/trading knowledge. Clearly they haven’t watched an order book of any exchange in crypto, equities, or Forex. This is called scalping or scare walls. Again this is done in every market around the globe. Here is a professional FOREX trader talking about scalping, how it works, who/why they do it. https://www.youtube.com/watch?v=EYMIPmgRb_M&list=WL&index=94 TL;DW - they do this to get the price where they want it because they know people are watching the order book (the video is quite enlightening), and the key point that keeps this from being an illegal activity (on regulated exchanges) is THAT THEY DO MAKE TRADES FOR THOSE SIZES eventually. This doesn’t always work and they get stuck in these positions. Risk/reward. The ironic part about this spoofing idea is Finex is one of the few, if not only exchanges, that offer hidden orders. So people trying to scalp always have to worry if there is a monster hidden order lurking. Go to the UPDATE: AUGUST 7TH of this story and watch the video he claims proves spoofing and Phil Potter admitting it in the voice over. https://hackernoon.com/meet-spoofy-how-a-single-entity-dominates-the-price-of-bitcoin-39c711d28eb4 I see nothing wrong with what Phil says and no proof of anything in the video. Again this is true on every exchange trading anything of volume in the world. People with large amounts of money move markets, oh the horror. I “technically” do this when I place an order and pull it for whatever reason (scared, mistake, etc.) just not in large sums, but I would if I had large sums. “And who the hell is going to go margin long so dramatically after a huge crash?” The crash they are referring to is from the early June ATH to the mid-July correction. A 45-day crash? Well, I am one of those people that went margin long. And many many others who read charts, resistance, support, retracement info. Again, this smacks of someone who doesn’t know what they are talking about. REASON FOR PRICE RISE/BTC GOES UP WHEN TETHERS ARE CREATED This is absurd. This completely negates everything else, the Japanese currency ruling and them entering the market, Koreans coming into the market in a huge way (they now have the largest exchange by far with close to a Billion traded DAILY, oh and they don’t use Tether at all), the successful hard fork, or the more (positive!) interest from the media and people than ever before in BTC history. Instead, we are supposed to think that $395 million dollars of tethers are the reason for this rise in a $160+ Billion market cap. ￼ C’mon people! Look at that volume for the last 30 days. https://imgur.com/a/vKJ5g Also, the overwhelming majority of trade does not exist in Tether but KRW, CNY, USD, JPY. Tethers are usually created when extra liquidity is needed, be it a crash or a spike. Because more people are trading. They try to prove Tether boosts the market with this picture in their article. https://imgur.com/a/274SE The problem is 2 of the last 3 tether dumps coincide with a downturn. In fact, there is nothing in this graph that proves this theory. Also, the last tether dump/price rise coincides perfectly with the news of the majority of miners signaling segwit2x for the first time (search bitcoin or btc around that date). So do you think the market traded billions of $ at that time because of a $50 million Tether dump or because for the first time in YEARS a solution and path forward became visible?? THEY DON’T HAVE BANKING//NO INSTITUTIONAL INVESTORS/FAKE TETHERS-TERMS OF SERVICE In regards to banking, clearly they have some kind of banking and a way for large amounts of fiat to get in and out. The banking is not for you and me but for regional bitcoin exchanges and other large customers. You know how I know this? If they didn’t the internet would be flooded with Finex withdrawal issues, there would be a price premium on Bitfinex compared to other exchanges, just like Mt. Gox had for so long and also Bitfinex earlier in the year when the banking issues started. This article explains it very clearly (seriously read this article), it has nothing to do with this controversy, just the banking issue in April. https://medium.com/@Austerity_Sucks/why-bitfinex-went-from-a-premium-in-its-crypto-usd-pairs-to-now-a-significant-discount-e7be193d7cb0 TL;DR - All of the imbalances discussed (Finex premium) have been a result of USD frictions into Bitfinex. It has been a chain reaction resulting from the initial freeze to the various gradual withdrawal options. As soon as Bitfinex conclusively addresses the USD flow issues, the crypto pair prices will normalize (which they did) with other exchanges that don’t have banking frictions and USDT price will return to par (which it did). The premiums on Finex and Tether are what would prove something is wrong, yet they are not here. Surprisingly Finex has been at a discount to GDAX and GEMINI recently. Meaning people are willing to take a loss on prices to be able to lend on Finex. This too will normalize as people/bots arb. Aug 9th… From “arguably” bank fraud https://twitter.com/Bitfinexed/status/895339675120013313 Aug 22nd…. To “admitting” bank fraud https://twitter.com/Bitfinexed/status/900230917196836864 Listen to that audio in the second link, listen carefully. His explanation is perfectly reasonable. Banks don’t work well, consistently, or at all with crypto related companies (marijuana companies too for that matter) especially in jurisdictions that are outside US/Europe. Surprise surprise, this is nothing new. When they find out customers, deposits/wire are cryptos related they pull the plug (a reason why Trex/Polo don’t mess with USD). Also, they gave their customers a haircut, probably a lot of complaints about the hack to Wells Fargo and other banks. These are the correspondent's banks, not Finex’s, they have banking. This is how they can receive large institutional deposits and withdrawals. Which I bet make up the majority of the fiat deposits and withdrawals. Classic 80/20 business rule, 20% of your clients are providing 80% of the liquidity plus you are having banking issues (which is expected in crypto-land), so you cut this service to the 80% saving time/resources/headaches for the 20% loss in a single service to them (no fiat withdrawal/deposits- but crypto flows in and out with ease). Again if they weren’t able to get money in and out there would be a premium, there would be a long line of complaints online. I have no reason (or proof) to believe that money is NOT coming into/out of the exchange. It makes total sense too, they are the best lending platform, have one of the most liquid exchanges, and have by far the most reliable and best software/servers/UI/order options. You cannot deny this fact, they are constantly a top 3 exchange in volume, even after a hack. I use Finex (as well as others) because of all those things. Also, they have already been hacked, a second hack seems less likely (IMO, they have more to lose with another hack). They have many big events on the horizon (Ethfinex). Would a company be putting resources into these things if this is all fraud or an exit scam? I find that unlikely. Is this 100% full proof? Of course not, nothing is, especially in crypto, just my reasons for trading there. Institutional Investors - https://medium.com/@bitfinexed/are-legitimate-institutional-investors-really-coming-onto-bitfinex-s-platform-i-don-t-think-so-cb4ed5175092 Here is what this person doesn’t comprehend, what if these institutional investors are… you ready… here it comes… other exchanges that use Tether, as well as other crypto related businesses. It is only $395 million Tethers. These exchanges (Trex, Finex, Polo) are printing money. This isn’t “someone” with 100’s of millions of dollars as the article suggests, it’s many people with millions/thousands of dollars. Again this all ignores the fact that many more people have entered the ecosystem this year. This is proven by Coinbase growth, transaction growth, and exchange growth (both in volume and # of exchanges), and growth in crypto-related sub-Reddits. Yet Bitfinexed is shocked that lending hits ATH’s, but it is perfectly explainable and reasonable based on the evidence and data of gthe ecosystem. Let us not forget BTC is a finite amount, more people are going to increase demand/price, if you think this is a bubble... you haven’t seen anything yet. The TOS are sketchy and a point of concern but there are two things to keep in mind- It was necessary to word it that way, and the market clearly doesn’t care. If they had worded it that they will redeem no matter what, they would have money launderers flocking to the service (bogging down resources), plus law enforcement knocking. Tethers weren’t created to get $ in/out of crypto but to provide a safe haven and liquidity on exchanges that don’t use USD. And I would say they are working perfectly. Very few are withdrawing USDT for USD. I think it is precisely because of what the co-founder of tether refers to here (and below)… “If you want to convert USD₮ into fiat currency (or vice-versa) at tether.to, you must go through the whole “aggressive” KYC/AML process and get verified. I’ve heard from many who tried and were unable to provide sufficient documentation. Tether’s KYC/AML policies were written by experienced compliance officers and it’s critical that it be done properly and with diligence. It really is about “knowing your customer” and making sure that their uses are legitimate.” This is a perfectly reasonable explanation why people are not lining up to cash out of Tether, and also why large/reputable institutions can (exchanges, investors, etc.). TETHERS REPLY TO ALL THIS, PLUS UPCOMING AUDIT https://tether.to/tether-update/ Now ask yourself this, would a company that is operating fraudulently have a roadmap of all these new features that no one will ever use if they don’t provide these promised audits as they say they will by the end of the year? So as of now they have enough runway until the end of the year. I say we give TetheFinex the benefit of the doubt. While Tether could be operating fractionally (so to could any exchange in crypto btw), there is no proof or evidence of it today. It trades at normalized rates. You can’t just create 100’s of million of dollars without the marketing realizing somewhere. Sure, you can say this is a confidence game, but so is crypto, so is the USD, so is the concept of money. I see no reason to be more concerned with this risk than the already risky environment we trade in with exchanges. WHAT IF I”M WRONG? CRYPTO WILL IMPLODE! No it won’t. Sure there will be a dip maybe even a correction, but there are only 395 million Tethers. People will get out of Tether even at massive discounts (until $0) into crypto because they can’t get USD, but not more than the 395 million tethers circulating (at this time). At a certain discount people will understand what is going on and stop trading for Tether. BTC + ETH is worth over $100 billion, how many time does the entire amount of USDT have to turn over to cause a massive crash? What will get hit the hardest are the people left holding tether (if/when they implode) and Trex/Polo/Finex. To think Polo/Trex would rely so much on USDT that they didn’t fully vet it is absurd as well. Whats more likely, Polo/Trex’s due diligence or this @Bitfinexed person based on conjecture? I’ve already seen a Forbes contributor try and get ahold of Bitfinexed on twitter. https://twitter.com/laurashin/status/894437272241569792 Could I be wrong about all of this??? Of course, but, I feel I have provided more evidence than the other side. You are the Judge :) USEFUL INFO Some from u/udecker - Tether co-founder Tether.to is who has the backing for the token, not Bitfinex. Bitfinex is a customer of Tether. If Bitfinex wants more Tether, they make a request to Tether, just like all other Tether customers. Tether waits for USD to show up, and when it does, creates the necessary tethers and credits Bitfinex. They both have Tawainese banking so money can flow back and forth easily. (The banking industry in the country of Taiwan are under scrutiny lately because of larger legal issues not involving crypto, but clearly affecting crypto companies) https://wallet.tether.to/transparency Tether wasn’t designed to be a profit machine. It was designed to be a utility for the crypto community to provide a stable token (with all the benefits of this). Tether’s business model is this: 1. Generate fees from wire deposits and withdrawals and conversions. 2. Interest income on the reserve. Bitfinex’s parent company owns a 20% stake in Tether. People say Tether isn’t being burned. But they are being recycled which is/was always an option. I hope we can have a productive conversation around this without the usual Gox 2.0, sell it all, Bitfinex is the anti-christ comments with no substance. Give us your opinion and perspective because maybe I am missing something… but, maybe you are too. This was quite time consuming (just ask my kids and boss, lol) So if you found this info helpful you can donate if you’d like here, if not, no biggie smalls :) ETH - 0x0181D1C82229BAD741BB6c302ae523aE6DC9a1EE BTC - 14Wz4SCuKwa81UBh1U7mcaCTxMsYLLuGZK BCH- 16uby9gW79tjn5guQG8v5mTsdu6V6cYyKF
A Couple of Notes on the 2013/14 Bubble VS. 2017 Bubble
I'm seeing a lot of posts comparing the 2017 Bubble to the 2013-14 Bubble. I think the comparisons are fair. However, many people are mixing up what happened in 2013-14 and the timeline. One of the most common mistakes I'm seeing is that the 2013-14 bubble popped due to Mt. Gox insolvency. That is false. The 2013-14 bubble was abrupt, even when compared to the 2017 bubble. The price skyrocketed from $200 USD to $1200 USD in one month. From November 1st to November 30th, BTC went up basically 6X. Back in 2013-14, there were basically two markets which were getting solid volume. BTC/USD and BTC/CNY. BTC/USD was mostly taking place on Mt. Gox, Bitstamp, Coinbase, and BTC-e. BTC/CNY was mostly taking place on OKCoin and BTCChina. There was no Korea or Japan back then, which definitely played a major role in the recent bull market. And while Chinese exchanges were creating a lot of fake volume back in 2013-14 through 0% exchange fees, the fact was that China was leading the markets.  They consistently held a 10%+ premium over USD exchanges during the bull run. At the height of the bubble in China, before the PBOC stepped in with its clampdown on Bitcoin, China Telecom and Baidu announced support for Bitcoin. It was on the verge of literally replacing the CNY.  On November 30th, 2013, a rumor emerged that the PBOC (People's Bank of China / China Government) was about to crack down on Bitcoin. A mass panic ensued. The price crashed from $1200 USD to $780 USD. In one day. That's a 35% crash in a single day. However, the market quickly bounced back as people argued that these rumors were fabricated. However, this rebound was short lived. On December 5th, 2013, the PBOC made an official announcement. The government banned financial institutions from interacting with Bitcoin. They also clarified that products / services in China could not be priced in BTC (they must be priced in CNY). The markets went straight down on this news. From $1150 USD when it broke to $540 on December 7th. A 3 day drop of over 50%. Where was Mt. Gox in all this? They were chugging along, delaying fiat withdrawals. Bitcoin withdrawals were working fine. Deposits too. For much of November and December there was very little noise about Mt.Gox actually being insolvent. The overwhelming market sentiment on the matter was that their banks were being disrupted by the US Government investigations into Silkroad. This was true to a very mild extent. If you'd like to argue that people knew Mt. Gox was insolvent at the time of the 2013-14 bubble crash, I'd like to point out that Bitfinex basically had the exact same issues arise in 2017. Fiat withdrawals and deposits were basically turned off. Clearly Bitfinex was a different situation in hindsight (we hope!), but initially it was playing out just the same as Mt. Gox. The markets never really reacted to Bitfinex fiat issues, just as they didn't react to the Mt. Gox issues. There was so much money going through Mt. Gox that it had a Titanic feel to it. The majority of people bought their first BTC on Mt. Gox. The Chart: https://www.tradingview.com/chart/BTCUSD/wlTsEFJ4-Reason-Behind-2013-14-Bitcoin-Bear-Market/ This chart outlines the dates of the key events in the 2013-14 bubble crash. The most significant event in the crash was absolutely the China ban. That is what kicked off the 2013-14 bubble crash, and it definitely had the most profound impact on price. While the Mt. Gox fiasco certainly did not help the markets, it's not the reason for the bubble and should not be quoted as the reason.  So in conclusion, when people are comparing the 2014 bubble with the 2017 bubble, it should be noted that they are very different. But not for the reasons most people assume. They are different because the 2014 bubble was almost entirely based on the Chinese market, and it was squashed by the PBOC themselves by imposing big regulations. Today, the markets are certainly more spread out and there are less single points of failure. There is no single event which turned the bull market to a bear market this time around, although I personally believe we ran out of gas this time around because of regulation in Korea and China.  https://www.cnbc.com/2013/11/28/buyer-beware-bitcoins-fate-could-rest-with-china.html  https://www.coindesk.com/baidu-stops-bitcoin-price-slumps-again/  https://en.wikipedia.org/wiki/Mt._Gox
Sharpay.io released new animated direct share buttons for sites with mobile responsive design
https://i.redd.it/llv22d059pw31.gif Dear Webmasters! Sharpay.io is excited to announce that new animated direct share buttons for sites with mobile responsive design and additional new features are now available to all webmasters. After a long period of development, and we considered different users and their sharing styles, we are so excited that we made some major improvements in direct share buttons and added lots of new features. Webmasters now have a greater degree to customize their own direct share buttons for different users. We also refined the appearance of direct share buttons, making them more attractive and informative in desktop and mobile devices. Where are they? For example, we install the latest direct share buttons on our FAQ, try it and share with your friends! Let’s see some key improvements we have made for direct share buttons: 🔸 Cool share and reward animation. We designed a very cool, eye-catching share and reward animation for direct share buttons. Users can see a share caption and token reward flipping next to the direct share buttons. The token reward is displayed in the currency that set in “User’s Rewards”, and is synced with CoinMarketCap, that means users can always get the real time price calculated by CoinMarketCap. Now users are able to see what token rewards and how much they are going to get from each visit via their shared link! It can definitely attract more users to share! 🔸 Minimized aggregated share button for iOS and Android mobile devices. Our system will detect the user’s device and change the direct share button accordingly. If users are using a mobile device, the direct share buttons will be minimized and combined all social network icons into one share button icon, and that icon design will change based on the mobile device operating system. That is the minimized share icon will have two different designs, for iOS devices and Android devices. Users can click on the minimized share button, and it will expand a list of social networks for them to share news to. Users are able to see the sharing icons familiar to them. That is a high customized share button design for better user experience. 🔸 Comfortable and easy to click share icon for mobile devices. The size of share icon for mobile devices is selected taking into account the studies that we have found. The optimal size of touching elements on the screen of mobile devices is 11mm which we chose and it is correspondent to the average size of the point of contact of the finger with the surface of the screen. We take care of every users, and make sure everyone can share news easily. 🔸 Optimized share icon shapes and display. We spent a lot of time optimizing the display location of social media icons relative to neighboring icons. Because all the icons are different in shape and it is not easy to bring them together with the best visual effect, but we did finally did it! In the widget code, we added a spacing and size calculation depending on the selected display options of the widget buttons. 🔸 Up to date reward size display. To show the token reward size in the direct sharing’s animation, we added the action controller to “Rest” file to get the reward amount for widgets. Now, the token reward size is displayed for direct sharing. 🔸 Worldwide currency for showing reward. There are 7 top currency units webmasters can choose to display the token reward size, they can show the token reward in Bitcoin (BTC), Ethereum (ETH), U.S. dollar (USD), Euro (EUR), Chinese yuan (CNY), Korean won (KRW) and Russian ruble (RUB). 🔸 Diversified button shapes. We added different shape options (Square, Rounded, Circle) for direct share buttons, webmasters can change different button shapes to fit their web design. 🔸 Customized icon background color. In the “No background color” option, webmasters are able to remove the background color of the social network button icons and select “Color icons” to choose their favorite color for their button icons. 🔸 Additional “copy link” button. We added “copy link” button for direct sharing. Webmasters can add a button for users to just copy the website link and share it to other social networks and friends. 🔸 Handy share via email button. We added “share via email” button for direct sharing. Webmasters can add a button for users to just copy the website link and share it to other social networks and friends. 🔸 Limited icons display with smart social network sorting. We recommend displaying 3 social media icons. According to recent studies, this increases the conversion of sharing. Together with our smart social network sorting, users will see their favorite ones first. Others will be available in the next button. 🔸 Flexible button size option for desktop direct share buttons. Beside the standard button sizes (16px, 24px, 32px, 48px) for desktop direct share buttons, we added a sliding bar for webmasters to adjust and change their button size. 🔸 Real time desktop and mobile buttons design preview. You can switch and instantly preview your customized direct share button design in desktop and mobile version. It saves a lot of time in designing your own direct share buttons to fit your websites! Don’t forget to check out the latest direct share buttons on our FAQ! If you have any questions or problems setting up direct share buttons, please feel free to contact our Admin (https://t.me/sharpay_admin). In Sharing We Trust! Sharpay.io Team
Bitcoin price today is $13,073.32 USD with a 24-hour trading volume of $23,603,626,066 USD. Bitcoin is up 0.48% in the last 24 hours. The current CoinMarketCap ranking is #1, with a market cap of $242,210,721,011 USD. It has a circulating supply of 18,527,100 BTC coins and a max. supply of 21,000,000 BTC coins. You can find the top exchanges to trade Bitcoin listed on our Gate.io.Buying, selling Legal Tender Bitcoin(BTC).At Gate.io, a global top 10 digital currency trading platform, we provide safe,open,transparent Bitcoin (BTC) trading service and market info with real-time chart and fair price. Bitcoin USD price, real-time (live) charts, bitcoin news and videos. Learn about BTC value, bitcoin cryptocurrency, crypto trading, and more. Bitcoin BTC price graph info 24 hours, 7 day, 1 month, 3 month, 6 month, 1 year. Prices denoted in BTC, USD, EUR, CNY, RUR, GBP. Live BTC Price LiveBTCprice.com provides the most current bitcoin and ethereum prices from popular coin markets. Currencies are updated each second. (BTC, ETH, LTC, USD, EUR) . High, Low, Average values are calculated according to timezone UTC starting from 00.00 to 23.59.
Coinmon – Check Bitcoin & Other Crypto Currency Prices from Terminal
YouTube live - This is the day Bitcoin resume going to the moon again (NOV 28, 2018) - Duration: 43 minutes. https://bitcoin-geekend.teachable.com... We see a heavy drop of the price after CNY hitting 3000. Is this the end of BitCoin or the buy chance?? In this video, I look inside the price. What is the ... Welcome to the official YouTube channel for Mediacorp Channel 8, featuring episode highlights, previews, and online exclusives! We upload new content every w... Check cryptocurrencies' prices, changes on your console. Best CLI tool for those who are both Crypto investors and Engineers. All data comes from coinmarketcap.com APIs. Install : In order to use ... LINK: https://bit.ly/BCD800 Happy Chinese New year! BCD latest community giveaway is now live, be rewarded for showing your support for Bitcoin Diamond, join the giveaway today! Moreover, it still ...