There are so many cryptocurrencies andso many exchanges in the market. How about the prices among all these different exchanges? Just a small price difference? Certainly NOT! Take Bitcoin for example, the price difference can be 21% at the same time! The exchange with the best liquidity is the place with the best price? Hmm, not really. Then how can you find the best price to buy crypto in order to maximize your profit? The 3 products below are what you need.
Cryptoradar - Find The Best Places To Buy Cryptocurrencies
Cryptoradar covers 15 cryptocurrencies and 3 fiat currencies. You can find the best buy and sell prices for Bitcoin, Ethereum, Ripple, Cardano, Monero, Tezos, Chainlink, Litecoin, etc. 3 fiat currencies are supported - USD, GBP and EUR. Just simply choose the crypto you want to buy or sell and click search. You will see all the prices of different exchanges around the world. You can choose the criteria according to your preferences on the left-hand side. What makes your trade not so convenient is that you need to go to different exchanges to register and buy crypto.
If you are an altcoin lover, you must have a look at Swapzone. It covers the most cryptocurrencies of different prices in 9 exchanges all over the world. Instead of just comparing the price, it also considers the amount of crypto you can buy at a certain price. Simply choose the crypto you want to buy/sell, enter the amount you want to exchange, then you will see all the offers available. Select an offer in the list, click “exchange”. The most convenient point is you do not need to go to that exchange to register and go through all the KYC process. You can do it at one stop inSwapzone.
Bitpreco - Best Place If You Live In Latin America
If you live in Latin America, Bitpreco is the best place for you to find the best price. It only supports 3 main cryptos - Bitcoin, Ether, and USDT. You can find the buy/sell prices of these 3 cryptos to BRL fiat. The other function you can explore is the arbitrage. Bitprecolists the current buy price and sell price. You can find the arbitrage opportunity directly. What’s more, you can do the arbitrage at one stop in Bitpreco after your registration. You may also like
https://preview.redd.it/6w93e0afttx41.png?width=1400&format=png&auto=webp&s=c00989612ec2d52eb522405e6b6a98bf875e08bb Version 1.3.0 is a powerful update to TkeySpace that our team has been carefully preparing. since version 1.2.0, we have been laying the foundation for implementing new features that are already available in the current version. Who cares about the security and privacy of their assets is an update for you. TkeySpace — was designed to give You full control over your digital assets while maintaining an exceptional level of security, which is why there is no personal data in the wallet: phone number, the email address that could be compromised by hackers — no identity checks and other hassles, just securely save the backup phrase consisting of 12 words.
Briefly about the TkeySpace 1.3.0 update :
Code optimization and switching to AndroidX;
Selecting the privacy mode;
Selecting the recovery method for each currency;
Choosing the address format for Litecoin;
Enhanced validation of transactions and blocks in the network;
Starting with the current update, the TkeySpace wallet can communicate via the TOR network, includes new privacy algorithms, and supports 59 different currencies. https://i.redd.it/kn5waeskttx41.gif Tor is a powerful privacy feature for those who own large assets or live in places where the Internet is heavily censored.
Tor technology provides protection against traffic analysis mechanisms that compromise not only Internet privacy, but also the confidentiality of trade secrets, business contacts, and communications in General.
When you enable TOR settings, all outgoing traffic from the wallet will be encrypted and routed through an anonymous network of servers, periodically forming a chain through the Tor network, which uses multi-level encryption, effectively hiding any information about the sender: location, IP address, and other data. This means that if your provider blocks the connection, you can rest easy — after all, by running this function, you will get an encrypted connection to the network without restrictions. https://preview.redd.it/w9y3ax4mttx41.png?width=960&format=png&auto=webp&s=972e375fc26d479e8b8d2999f7659ec332e2af55 In TOR mode, the wallet may work noticeably slower and in some cases, there may be problems with the network, due to encryption, some blockchain browsers may temporarily not work. However, TOR encryption is very important when Internet providers completely block traffic and switching to this mode, you get complete freedom and no blocks for transactions.
Confidentiality of transactions (the Blockchain transaction)
The wallet can change the model of a standard transaction, mixing inputs and outputs, making it difficult to identify certain cryptocurrencies. In the current update, you can select one of several modes for the transaction privacy level: deterministic lexicographic sorting or shuffle mode.
Mode: Lexicographic indexing
Implemented deterministic lexicographic sorting using hashes of previous transactions and output indexes for sorting transaction input data, as well as values and scriptPubKeys for sorting transaction output data; We understand that information must remain confidential not only in the interests of consumers but also in higher orders, financial systems must be kept secret to prevent fraud. One way to address these privacy shortcomings is to randomize the order of inputs and outputs.
Lexicographic orderingis a comparison algorithm used to sort two sets based on their Cartesian order within their common superset. Lexicographic order is also often referred to as alphabetical order or dictionary order. The hashes of previous transactions (in reverse byte order) are sorted in ascending order, lexicographically.
In the case of two matching transaction hashes, the corresponding previous output indexes will be compared by their integer value in ascending order. If the previous output indexes match, the input data is considered equal.
Shuffle Mode: mixing (random indexing)
To learn more about how “shuffle mode” works, we will first analyze the mechanisms using the example of a classic transaction. Current balance Of your wallet: 100 TKEY, coins are stored at different addresses: x1. Address-contains 10 TKEY. x2. Address-contains 20 TKEY. x3. Address-contains 30 TKEY. x4. Address-contains 15 TKEY. x5. Address-contains 25 TKEY.
Addresses in the blockchain are identifiers that you use to send cryptocurrency to another person or to receive digital currency.
Let’s look at a similar example: you have 100 TKEY on your balance, and you need to send 19 TKEY. x1. Address-contains 10 TKEY. x2. Address-contains 20 TKEY. x3. Address-contains 30 TKEY. x4. Address-contains 15 TKEY. x5. Address-contains 25 TKEY. You send 19 TKEY, the system analyzes all your addresses and balances on them and selects the most suitable ones for the transaction. To send 19 TKEY, the miners will be given coins with x2. Addresses, for a total of 20 TKEY. Of these, 19 TKEY will be sent to the recipient, and 0.99999679 TKEY will be returned to Your new address as change minus the transaction fee. https://preview.redd.it/doxmqffqttx41.png?width=1400&format=png&auto=webp&s=5c99ec41363fe50cd651dc0acab05e175416006a In the blockchain explorer, you will see the transaction amount in the amount of 20 TKEY, where 0.99999679 TKEY is Your change, 19 TKEY is the amount you sent and 0.00000321 is the transaction fee. The shuffle mode has a cumulative effect. with each new transaction, delivery Addresses will be created and the selection of debit addresses/s that are most suitable for the transaction will change. Thus, if you store 1,000,000 TKEY in your wallet and want to send 1 TKEY to the recipient, the transaction amount will not display most of your balance but will select 1 or more addresses for the transaction.
Selecting the recovery method for each digital currency (Blockchain restore)
Now you can choose the recovery method for each currency: API + Blockchain or blockchain.
Note: This is not a syncing process, but rather the choice of a recovery method for your wallet. Syncing takes place with the blockchain — regardless of the method you choose.
What are the differences between recovery methods?
API + Blockchain
In order not to load the entire history of the blockchain, i.e. block and transaction headers, the API helps you quickly get point information about previous transactions. For example, If your transactions are located in block 67325 and block 71775, the API will indicate to the node the necessary points for restoring Your balance, which will speed up the “recovery” process. As soon as the information is received, communication with the peers takes place and synchronization begins from the control point, then from this moment, all subsequent block loading is carried out through the blockchain. This method allows you to quickly restore Your existing wallet. ‘’+’’ Speed. ‘’-’’ The API server may fail.
This method loads all block headers (block headers + Merkle) starting from the BIP44 checkpoint and manually validates transactions. ‘’+’’ It always works and is decentralized. ‘’-’’ Loading the entire blockchain may take a long time.
Why do I need to switch the recovery method?
If when creating a wallet or restoring it, a notification (!) lights up in red near the selected cryptocurrency, then most likely the API has failed, so go to Settings — Security Center — Privacy — Blockchain Restore — switch to Blockchain. Syncing will be successful.
Enhanced validation of transactions and blocks in the network
Due to the increased complexity in the Tkeycoin network, we have implemented enhanced validation of the tkeycoin consensus algorithm, and this algorithm is also available for other cryptocurrencies.
What is the advantage of the enhanced validation algorithm for the user
First, the name itself speaks for itself — it increases the security of the network, and second, by implementing the function — we have accelerated the work of the TkeySpace blockchain node, the application consumes even fewer resources than before.
High complexity is converted to 3 bytes, which ensures fast code processing and the least resource consumption on your device.
The synchronization process has been upgraded. Node addresses are added to the local storage, and instant synchronization with nodes occurs when you log in again.
Checking for double-spending
TkeySpace eliminates “double-spending” in blockchains, which is very valuable in the Bitcoin and Litecoin networks.
For example, using another application, you may be sent a fake transaction, and the funds will eventually disappear from the network and your wallet because this feature is almost absent in most applications.
Using TkeySpace — you are 100% sure that your funds are safe and protected from fraudulent transactions in the form of “fake” transactions.
The bloom filter to check for nodes
All nodes are checked through the bloom filter. This allows you to exclude fraudulent nodes that try to connect to the network as real nodes of a particular blockchain. In practice, this verification is not available in applications, Tkeycoin — decided to follow a new trend and change the stereotypes, so new features such as node verification using the bloom filter and double-spending verification are a kind of innovation in applications that work with cryptocurrencies.
Updating the Binance and Ethereum libraries
Updated Binance and Ethereum libraries for interaction with the TOR network.
Function — to hide the balance
This function allows you to hide the entire balance from the main screen.
Advanced currency charts and charts without authentication
Detailed market statistics are available, including volumes, both for 1 day and several years. Select the period of interest: 1 day, 7 days, 1 month, 3 months, 6 months, 1 year, 2 years.
In version 1.3.0, you can access charts without authentication. You can monitor the cryptocurrency exchange rate without even logging in to the app. If you have a pin code for logging in, when you open the app, swipe to the left and you will see a list of currencies.
Transaction verification for Tkeycoin is now available directly in the app.
Independent Commission entry for Bitcoin
Taking into account the large volume of the Bitcoin network, we have implemented independent Commission entry — you can specify any Commission amount. For other currencies, smart Commission calculation is enabled based on data from the network. The network independently regulates the most profitable Commission for the sender.
New digital currencies
The TkeySpace wallet supports +59 cryptocurrencies and tokens.
Exchanges The best way to support XRP is to buy/sell XRP directly with your local currency, not with USDT, ETH, LTC, or BTC. Available XRP pairs - AUD, BRL, CAD, CNY, EUR, GBP, IDR, INR, JPY, KRW, MXN, PHP, RUB, THB, TRY, UAH, USD, ZAR. You can find the complete list of XRP exchanges and supported XRP/fiat pairs Here.
An extensive guide for cashing out bitcoin and cryptocurrencies into private banks
Hey guys. Merry Xmas ! I am coming back to you with a follow up post, as I have helped many people cash out this year and I have streamlined the process. After my original post, I received many requests to be more specific and provide more details. I thought that after the amazing rally we have been attending over the last few months, and the volatility of the last few days, it would be interesting to revisit more extensively. The attitude of banks around crypto is changing slowly, but it is still a tough stance. For the first partial cash out I operated around a year ago for a client, it took me months to find a bank. They wouldn’t want to even consider the case and we had to knock at each and every door. Despite all my contacts it was very difficult back in the days. This has changed now, and banks have started to open their doors, but there is a process, a set of best practices and codes one has to follow. I often get requests from crypto guys who are very privacy-oriented, and it takes me months to have them understand that I am bound by Swiss law on banking secrecy, and I am their ally in this onboarding process. It’s funny how I have to convince people that banks are legit, while on the other side, banks ask me to show that crypto millionaires are legit. I have a solid background in both banking and in crypto so I manage to make the bridge, but yeah sometimes it is tough to reconcile the two worlds. I am a crypto enthusiast myself and I can say that after years of work in the banking industry I have grown disillusioned towards banks as well, like many of you. Still an account in a Private bank is convenient and powerful. So let’s get started.
A. What is required to open an account in a Private bank when you made your fortune through crypto.
There are two different aspects to your onboarding in a Swiss Private bank, compliance-wise. *The origin of your crypto wealth *Your background (residence, citizenship and probity) These two aspects must be documented in-depth. How to document your crypto wealth. Each new crypto millionaire has a different story. I may detail a few fun stories later in this post, but at the end of the day, most of crypto rich I have met can be categorized within the following profiles: the miner, the early adopter, the trader, the corporate entity, the black market, the libertarian/OTC buyer. The real question is how you prove your wealth is legit. 1. Context around the original amount/investment Generally speaking, your first crypto purchase may not be documented. But the context around this acquisition can be. I have had many cases where the original amount was bought through Mtgox, and no proof of purchase could be provided, nor could be documented any Mtgox claim. That’s perfectly fine. At some point Mtgox amounted 70% of the bitcoin transactions globally, and people who bought there and managed to withdraw and keep hold of their bitcoins do not have any Mtgox claim. This is absolutely fine. However, if you can show me the record of a wire from your bank to Tisbane (Mtgox's parent company) it's a great way to start. Otherwise, what I am trying to document here is the following: I need context. If you made your first purchase by saving from summer jobs, show me a payroll. Even if it was USD 2k. If you acquired your first bitcoins from mining, show me the bills of your mining equipment from 2012 or if it was through a pool mine, give me your slushpool account ref for instance. If you were given bitcoin against a service you charged, show me an invoice. 2. Tracking your wealth until today and making sense of it. What I have been doing over the last few months was basically educating compliance officers. Thanks God, the blockchain is a global digital ledger! I have been telling my auditors and compliance officers they have the best tool at their disposal to lead a proper investigation. Whether you like it or not, your wealth can be tracked, from address to address. You may have thought all along this was a bad feature, but I am telling you, if you want to cash out, in the context of Private Banking onboarding, tracking your wealth through the block explorer is a boon. We can see the inflows, outflows. We can see the age behind an address. An early adopter who bought 1000 BTC in 2010, and let his bitcoin behind one address and held thus far is legit, whether or not he has a proof of purchase to show. That’s just common sense. My job is to explain that to the banks in a language they understand. Let’s have a look at a few examples and how to document the few profiles I mentioned earlier. The trader. I love traders. These are easy cases. I have a ton of respect for them. Being a trader myself in investment banks for a decade earlier in my career has taught me that controlling one’s emotions and having the discipline to impose oneself some proper risk management system is really really hard. Further, being able to avoid the exchange bankruptcy and hacks throughout crypto history is outstanding. It shows real survival instinct, or just plain blissed ignorance. In any cases traders at exchange are easy cases to corroborate since their whole track record is potentially available. Some traders I have met have automated their trading and have shown me more than 500k trades done over the span of 4 years. Obviously in this kind of scenario I don’t show everything to the bank to avoid information overload, and prefer to do some snacking here and there. My strategy is to show the early trades, the most profitable ones, explain the trading strategy and (partially expose) the situation as of now with id pages of the exchanges and current balance. Many traders have become insensitive to the risk of parking their crypto at exchange as they want to be able to trade or to grasp an occasion any minute, so they generally do not secure a substantial portion on the blockchain which tends to make me very nervous. The early adopter. Provided that he has not mixed his coin, the early adopter or “hodler” is not a difficult case either. Who cares how you bought your first 10k btc if you bought them below 3$ ? Even if you do not have a purchase proof, I would generally manage to find ways. We just have to corroborate the original 30’000 USD investment in this case. I mainly focus on three things here: *proof of early adoption I have managed to educate some banks on a few evidences specifically related to crypto markets. For instance with me, an old bitcointalk account can serve as a proof of early adoption. Even an old reddit post from a few years ago where you say how much you despise this Ripple premined scam can prove to be a treasure readily available to show you were early. *story telling Compliance officers like to know when, why and how. They are human being looking for simple answers to simple questions and they don’t want like to be played fool. Telling the truth, even without a proof can do wonders, and even though bluffing might still work because banks don’t fully understand bitcoin yet, it is a risky strategy that is less and less likely to pay off as they are getting more sophisticated by the day. *micro transaction from an old address you control This is the killer feature. Send a $20 worth transaction from an old address to my company wallet and to one of my partner bank’s wallet and you are all set ! This is gold and considered a very solid piece of evidence. You can also do a microtransaction to your own wallet, but banks generally prefer transfer to their own wallet. Patience with them please. they are still learning. *signature message Why do a micro transaction when you can sign a message and avoid potentially tainting your coins ? *ICO millionaire Some clients made their wealth participating in ETH crowdsale or IOTA ICO. They were very easy to deal with obviously and the account opening was very smooth since we could evidence the GENESIS TxHash flow. The miner Not so easy to proof the wealth is legit in that case. Most early miners never took screenshot of the blocks on bitcoin core, nor did they note down the block number of each block they mined. Until the the Slashdot article from August 2010 anyone could mine on his laptop, let his computer run overnight and wake up to a freshly minted block containing 50 bitcoins back in the days. Not many people were structured enough to store and secure these coins, avoid malwares while syncing the blockchain continuously, let alone document the mined blocks in the process. What was 50 BTC worth really for the early miners ? dust of dollars, games and magic cards… Even miners post 2010 are generally difficult to deal with in terms of compliance onboarding. Many pool mining are long dead. Deepbit is down for instance and the founders are MIA. So my strategy to proof mining activity is as follow: *Focusing on IT background whenever possible. An IT background does help a lot to bring some substance to the fact you had the technical ability to operate a mining rig. *Showing mining equipment receipts. If you mined on your own you must have bought the hardware to do so. For instance mining equipment receipts from butterfly lab from 2012-2013 could help document your case. Similarly, high electricity bill from your household on a consistent basis back in the day could help. I have already unlocked a tricky case in the past with such documents when the bank was doubtful. *Wallet.dat files with block mining transactions from 2011 thereafter This obviously is a fantastic piece of evidence for both you and me if you have an old wallet and if you control an address that received original mined blocks, (even if the wallet is now empty). I will make sure compliance officers understand what it means, and as for the early adopter, you can prove your control over these wallet through a microtransaction. With these kind of addresses, I can show on the block explorer the mined block rewards hitting at regular time interval, and I can even spot when difficulty level increased or when halvening process happened. *Poolmining account. Here again I have educated my partner bank to understand that a slush account opened in 2013 or an OnionTip presence was enough to corroborate mining activity. The block explorer then helps me to do the bridge with your current wallet. *Describing your set up and putting it in context In the history of mining we had CPU, GPU, FPG and ASICs mining. I will describe your technical set up and explain why and how your set up was competitive at that time. The corporate entity Remember 2012 when we were all convinced bitcoin would take over the world, and soon everyone would pay his coffee in bitcoin? How naïve we were to think transaction fees would remain low forever. I don’t blame bitcoin cash supporters; I once shared this dream as well. Remember when we thought global adoption was right around the corner and some brick and mortar would soon accept bitcoin transaction as a common mean of payment? Well, some shop actually did accept payment and held. I had a few cases as such of shops holders, who made it to the multi million mark holding and had invoices or receipts to proof the transactions. If you are organized enough to keep a record for these trades and are willing to cooperate for the documentation, you are making your life easy. The digital advertising business is also a big market for the bitcoin industry, and affiliates partner compensated in btc are common. It is good to show an invoice, it is better to show a contract. If you do not have a contract (which is common since all advertising deals are about ticking a check box on the website to accept terms and conditions), there are ways around that. If you are in that case, pm me. The black market Sorry guys, I can’t do much for you officially. Not that I am judging you. I am a libertarian myself. It’s just already very difficult to onboard legit btc adopters, so the black market is a market I cannot afford to consider. My company is regulated so KYC and compliance are key for me if I want to stay in business. Behind each case I push forward I am risking the credibility and reputation I have built over the years. So I am sorry guys I am not risking it to make an extra buck. Your best hope is that crypto will eventually take over the world and you won’t need to cash out anyway. Or go find a Lithuanian bank that is light on compliance and cooperative. The OTC buyer and the libertarian. Generally a very difficult case. If you bought your stack during your journey in Japan 5 years ago to a guy you never met again; or if you accumulated on https://localbitcoins.com/ and kept no record or lost your account, it is going to be difficult. Not impossible but difficult. We will try to build a case with everything else we have, and I may be able to onboard you. However I am risking a lot here so I need to be 100% confident you are legit, before I defend you. Come & see me in Geneva, and we will talk. I will run forensic services like elliptic, chainalysis, or scorechain on an extract of your wallet. If this scan does not raise too many red flags, then maybe we can work together ! If you mixed your coins all along your crypto history, and shredded your seeds because you were paranoid, or if you made your wealth mining professionally monero over the last 3 years but never opened an account at an exchange. ¯_(ツ)_/¯ I am not a magician and don’t get me wrong, I love monero, it’s not the point. Cashing out ICOs Private companies or foundations who have ran an ICO generally have a very hard time opening a bank account. The few banks that accept such projects would generally look at 4 criteria: *Seriousness of the project Extensive study of the whitepaper to limit the reputation risk *AML of the onboarding process ICOs 1.0 have no chance basically if a background check of the investors has not been conducted *Structure of the moral entity List of signatories, certificate of incumbency, work contract, premises... *Fiscal conformity Did the company informed the authorities and seek a fiscal ruling.
B. The tax issue I am not a tax specialist, but I can say that this year I have seen it all. Again I am not judging. You made $100m hodling, and still wouldn’t pay your taxes ? Your decision.I personally advise everyone to pay their taxes, but also to be generous, to give to charities. I mean you eventually made it. Good for you. What about you contribute to make the world a better place now? I will stop patronizing you. It’s just my 2cts, and it’s your money.
For the record, I am not into the tax avoidance business, so people come to me with a set up and I see if I can make it work within the legal framework imposed to me. First, stop thinking Switzerland is a “offshore heaven” Swiss banks have made deals with many governments for the exchange of fiscal information. If you are a French citizen, resident in France and want to open an account in a Private Bank in Switzerland to cash out your bitcoins, you will get slaughtered (>60%). There are ways around that, and I could refer you to good tax specialists for fiscal optimization, but I cannot organize it myself. It would be illegal for me. Swiss private banks makes it easy for you to keep a good your relation with your retail bank and continue paying your bills without headaches. They are integrated to SEPA, provide ebanking and credit cards. For information, these are the kind of set up some of my clients came up with. It’s all legal; obviously I do not onboard clients that are not tax compliant. Further disclaimer: I did not contribute myself to these set up. Do not ask me to organize it for you. I won’t. EU tricks Swiss lump sum taxation Foreign nationals resident in Switzerland can be taxed on a lump-sum basis if they are not gainfully employed in our country. Under the lump-sum tax regime, foreign nationals taking residence in Switzerland may choose to pay an expense-based tax instead of ordinary income and wealth tax. Attractive cantons for the lump sum taxation are Zug, Vaud, Valais, Grisons, Lucerne and Berne. To make it short, you will be paying somewhere between 200 and 400k a year and all expenses will be deductible. Switzerland has adopted a very friendly attitude towards crypto currency in general. There is a whole crypto valley in Zug now. 30% of ICOs are operated in Switzerland. The reason is that Switzerland has thrived for centuries on banking secrecy, and today with FATCA and exchange of fiscal info with EU, banking secrecy is dead. Regulators in Switzerland have understood that digital ledger technologies were a way to roll over this competitive advantage for the generations to come. Switzerland does not tax capital gains on crypto profits. The Finma has a very pragmatic approach. They have issued guidance- updated guidelines here. They let the business get organized and operate their analysis on a case per case basis. Only after getting a deep understanding of the market will they issue a global fintech license in 2019. This approach is much more realistic than legislations which try to regulate everything beforehand. Italy new tax exemption. It’s a brand new fiscal exemption. Go to Aoste, get residency and you could be taxed a 100k/year for 10years. Yes, really. Portugal What’s crazy in Europe is the lack of fiscal harmonization. Even if no one in Brussels dares admit it, every other country is doing fiscal dumping. Portugal is such a country and has proved very friendly fiscally speaking. I personally have a hard time trusting Europe. I have witnessed what happened in Greece over the last few years. Some of our ultra high net worth clients got stuck with capital controls. I mean no way you got out of crypto to have your funds confiscated at the next financial crisis! Anyway. FYI Malta Generally speaking, if you get a residence somewhere you have to live there for a certain period of time. Being stuck in Italy is no big deal with Schengen Agreement, but in Malta it is a different story. In Malta, the ordinary residence scheme is more attractive than the HNWI residence scheme. Being an individual, you can hold a residence permit under this scheme and pay zero income tax in Malta in a completely legal way. Monaco Not suitable for French citizens, but for other Ultra High Net worth individual, Monaco is worth considering. You need an account at a local bank as a proof of fortune, and this account generally has to be seeded with at least EUR500k. You also need a proof of residence. I do mean UHNI because if you don’t cash out minimum 30m it’s not interesting. Everything is expensive in Monaco. Real Estate is EUR 50k per square meter. A breakfast at Monte Carlo Bay hotel is 70 EUR. Monaco is sunny but sometimes it feels like a golden jail. Do you really want that for your kids? Dubaï
Set up a company in Dubaï, get your resident card.
Spend one day every 6 month there
Be tax free
US tricks Some Private banks in Geneva do have the license to manage the assets of US persons and U.S citizens. However, do not think it is a way to avoid paying taxes in the US. Opening an account at an authorized Swiss Private banks is literally the same tax-wise as opening an account at Fidelity or at Bank of America in the US. The only difference is that you will avoid all the horror stories. Horror stories are all real by the way. In Switzerland, if you build a decent case and answer all the questions and corroborate your case in depth, you will manage to convince compliance officers beforehand. When the money eventually hits your account, it is actually available and not frozen. The IRS and FATCA require to file FBAR if an offshore account is open. However FBAR is a reporting requirement and does not have taxes related to holding an account outside the US. The taxes would be the same if the account was in the US. However penalties for non compliance with FBAR are very large. The tax liability management is actually performed through the management of the assets ( for exemple by maximizing long term capital gains and minimizing short term gains). The case for Porto Rico. Full disclaimer here. I am not encouraging this. Have not collaborated on such tax avoidance schemes. if you are interested I strongly encourage you to seek a tax advisor and get a legal opinion. I am not responsible for anything written below. I am not going to say much because I am so afraid of uncle Sam that I prefer to humbly pass the hot potato to pwc From here all it takes is a good advisor and some creativity to be tax free on your crypto wealth if you are a US person apparently. Please, please please don’t ask me more. And read the disclaimer again. Trust tricks Generally speaking I do not accept fringe fiscal situation because it puts me in a difficult situation to the banks I work with, and it is already difficult enough to defend a legit crypto case. Trust might be a way to optimize your fiscal situation. Belize. Bahamas. Seychelles. Panama, You name it. At the end of the day, what matters for Swiss Banks are the beneficial owner and the settlor. Get a legal opinion, get it done, and when you eventually knock at a private bank’s door, don’t say it was for fiscal avoidance you stupid ! You will get the door smashed upon you. Be smarter. It will work. My advice is just to have it done by a great tax specialist lawyer, even if it costs you some money, as the entity itself needs to be structured in a professional way. Remember that with trust you are dispossessing yourself off your wealth. Not something to be taken lightly. “Anonymous” cash out. Right. I think I am not going into this topic, neither expose the ways to get it done. Pm me for details. I already feel a bit uncomfortable with all the info I have provided. I am just going to mention many people fear that crypto exchange might become reporting entities soon, and rightly so. This might happen anyday. You have been warned. FYI, this only works for non-US and large cash out. The difference between traders an investors. Danmark, Holland and Germany all make a huge difference if you are a passive investor or if you are a trader. ICO is considered investing for instance and is not taxed, while trading might be considered as income and charged aggressively. I would try my best to protect you and put a focus on your investor profile whenever possible, so you don't have to pay 52% tax if you do not have to :D
C. The cash out itself So you have accumulated patiently a good amount of wealth. For some of us who have been involved in crypto since 2010, it took years. Remember when BTC was stuck at 200$ for months? I personally feel like it was yesterday. There is no way you screw up your wealth by cashing out in a hurry or with low security standards. Here is how the cash out takes should place.
Full cash out or partial cash out? People who have been sitting on crypto for long have grown an emotional and irrational link with their coins. They come to me and say, look, I have 50m in crypto but I would like to cash out 500k only. So first let me tell you that as a wealth manager my advice to you is to take some off the table. Doing a partial cash out is absolutely fine. The market is bullish. We are witnessing a redistribution of wealth at a global scale. Bitcoin is the real #occupywallstreet, and every one will discuss crypto at Xmas eve which will make the market even more supportive beginning 2018, especially with all hedge funds entering the scene. If you want to stay exposed to bitcoin and altcoins, and believe these techs will change the world, it’s just natural you want to keep some coins. In the meantime, if you have lived off pizzas over the last years, and have the means to now buy yourself an nice house and have an account at a private bank, then f***ing do it mate ! Buy physical gold with this account, buy real estate, have some cash at hands. Even though US dollar is worthless to your eyes, it’s good and convenient to have some. Also remember your wife deserves it ! And if you have no wife yet and you are socially awkward like the rest of us, then maybe cashing out partially will help your situation ;) What the Private Banks expect. Joke aside, it is important you understand something. If you come around in Zurich to open a bank account and partially cash out, just don’t expect Private Banks will make an exception for you if you are small. You can’t ask them to facilitate your cash out, buy a 1m apartment with the proceeds of the sale, and not leave anything on your current account. It won’t work. Sadly, under 5m you are considered small in private banking. The bank is ok to let you open an account, provided that your kyc and compliance file are validated, but they will also want you to become a client and leave some money there to invest. This might me despicable, but I am just explaining you their rules. If you want to cash out, you should sell enough to be comfortable and have some left. Also expect the account opening to last at least 3-4 week if everything goes well. You can't just open an account overnight. The cash out logistics. Cashing out 1m USD a day in bitcoin or more is not so hard. Let me just tell you this: Even if you get a Tier 4 account with Kraken and ask Alejandro there to raise your limit over $100k per day, Even if you have a bitfinex account and you are willing to expose your wealth there, Even if you have managed to pass all the crazy due diligence at Bitstamp, The amount should be fractioned to avoid risking your full wealth on exchange and getting slaughtered on the price by trading big quantities. Cashing out involves significant risks at all time. There is a security risk of compromising your keys, a counterparty risk, a fat finger risk. Let it be done by professionals. It is worth every single penny. Most importantly, there is a major difference between trading on an exchange and trading OTC. Even though it’s not publicly disclosed some exchange like Kraken do have OTC desks. Trading on an exchange for a large amount will weight on the prices. Bitcoin is a thin market. In my opinion over 30% of the coins are lost in translation forever. Selling $10m on an exchange in a day can weight on the prices more than you’d think. And if you trade on a exchange, everything is shown on record, and you might wipe out the prices because on exchanges like bitstamp or kraken ultimately your counterparties are retail investors and the market depth is not huge. It is a bit better on Bitfinex. It is way better to trade OTC. Accessing the institutional OTC market is not easy, and that is also the reason why you should ask a regulated financial intermediary if we are talking about huge amounts. Last point, always chose EUR as opposed to USD. EU correspondent banks won’t generally block institutional amounts. However we had the cases of USD funds frozen or delayed by weeks. Most well-known OTC desks are Cumberlandmining (ask for Lucas), Genesis (ask for Martin), Bitcoin Suisse AG (ask for Niklas), circletrade, B2C2, or Altcoinomy (ask for Olivier) Very very large whales can also set up escrow accounts for massive block trades. This world, where blocks over 30k BTC are exchanged between 2 parties would deserve a reddit thread of its own. Crazyness all around. Your options: DIY or going through a regulated financial intermediary. Execution trading is a job in itself. You have to be patient, be careful not to wipe out the order book and place limit orders, monitor the market intraday for spikes or opportunities. At big levels, for a large cash out that may take weeks, these kind of details will save you hundred thousands of dollars. I understand crypto holders are suspicious and may prefer to do it by themselves, but there are regulated entities who now offer the services. Besides, being a crypto millionaire is not a guarantee you will get institutional daily withdrawal limits at exchange. You might, but it will take you another round of KYC with them, and surprisingly this round might be even more aggressive that the ones at Private banks since exchange have gone under intense scrutiny by regulators lately. The fees for cashing out through a regulated financial intermediary to help you with your cash out should be around 1-2% flat on the nominal, not more. And for this price you should get the full package: execution/monitoring of the trades AND onboarding in a private bank. If you are asked more, you are being abused. Of course, you also have the option to do it yourself. It is a way more tedious and risky process. Compliance with the exchange, compliance with the private bank, trading BTC/fiat, monitoring the transfers…You will save some money but it will take you some time and stress. Further, if you approach a private bank directly, it will trigger a series of red flag to the banks. As I said in my previous post, they call a direct approach a “walk-in”. They will be more suspicious than if you were introduced by someone and won’t hesitate to show you high fees and load your portfolio with in-house products that earn more money to the banks than to you. Remember also most banks still do not understand crypto so you will have a lot of explanations to provide and you will have to start form scratch with them! The paradox of crypto millionaires Most of my clients who made their wealth through crypto all took massive amount of risks to end up where they are. However, most of them want their bank account to be managed with a low volatility fixed income capital preservation risk profile. This is a paradox I have a hard time to explain and I think it is mainly due to the fact that most are distrustful towards banks and financial markets in general. Many clients who have sold their crypto also have a cash-out blues in the first few months. This is a classic situation. The emotions involved in hodling for so long, the relief that everything has eventually gone well, the life-changing dynamics, the difficulties to find a new motivation in life…All these elements may trigger a post cash-out depression. It is another paradox of the crypto rich who has every card in his hand to be happy, but often feel a bit sad and lonely. Sometimes, even though it’s not my job, I had to do some psychological support. A lot of clients have also become my friends, because we have the same age and went through the same “ordeal”. First world problem I know… Remember, cashing out is not the end. It’s actually the beginning. Don’t look back, don’t regret. Cash out partially, because it does not make sense to cash out in full, regret it and want back in. relax. The race to cash out crypto billionaire and the concept of late exiter. The Winklevoss brothers are obviously the first of a series. There will be crypto billionaires. Many of them. At a certain level you can have a whole family office working for you to manage your assets and take care of your needs . However, let me tell you it’s is not because you made it so big that you should think you are a genius and know everything better than anyone. You should hire professionals to help you. Managing assets require some education around the investment vehicles and risk management strategies. Sorry guys but with all the respect I have for wallstreebet, AMD and YOLO stock picking, some discipline is necessary. The investors who have made money through crypto are generally early adopters. However I have started to see another profile popping up. They are not early adopters. They are late exiters. It is another way but just as efficient. Last week I met the first crypto millionaire I know who first bough bitcoin over 1000$. 55k invested at the beginning of this year. Late adopter & late exiter is a route that can lead to the million. Last remarks. I know banks, bankers, and FIAT currencies are so last century. I know some of you despise them and would like to have them burn to the ground. With compliance officers taking over the business, I would like to start the fire myself sometimes. I hope this extensive guide has helped some of you. I am around if you need more details. I love my job despite all my frustration towards the banking industry because it makes me meet interesting people on a daily basis. I am a crypto enthusiast myself, and I do think this tech is here to stay and will change the world. Banks will have to adapt big time. Things have started to change already; they understand the threat is real. I can feel the generational gap in Geneva, with all these old bankers who don’t get what’s going on. They glaze at the bitcoin chart on CNBC in disbelief and they start to get it. This bitcoin thing is not a joke. Deep inside, as an early adopter who also intends to be a late exiter, as a libertarian myself, it makes me smile with satisfaction. Cheers. @swisspb on telegram
Exchange Basics TRADER ONE Exchange will be a robust, scalable and secure crypto for crypto exchanges, providing enhanced trading capabilities to the global cryptocurrency community. The platform will be built on a secure infrastructure consisting of 97% cold storage, advanced vault technology and 2-factor authentication. We will also offer passive income streams and bonus programs that make our platform a very safe and useful experience. TraderOne will provide user-friendly interface, leverage and liquidity; and increased trading prices due to relatively low spreads between offers and offers. With appropriate funding, we will offer a self-payment insurance policy to further protect your funds Your Center Option The central exchange is the most common currency exchange that enables users to buy, sell and trade Bitcoin and other popular subcoins. Investors can store encrypted currencies in these exchanges.Centralized exchanges differ from other intermediary types by requiring buyers and sellers to invest their actual currency or crypto assets before trading and opening an account. Basic and Advanced Trading Options With a simple user interface, we apply ”one-click purchase sat. This feature will appeal to beginners and will also include ayrıca copy trade ed and social interactions. Our advanced processing tools and our super easy user interface will allow advanced processors to use all standard technical analysis indicators with fast clickthrough rates. High Level Of Security As a guarantor of a transaction, TraderOne holds 97% of a seller’s cryptocurrencies in 100% safe TRUE multi-signature hardware (cold) storage and deposits it into the buyers’ account immediately following payment confirmation. That only places 3% of assets stored in the platform’s hot wallets. Theft Insurance Our exchange will provide a secured theft insured system, meaning that we will be one of the first to offer self insurance on trades. Traders will have the option to enable this feature in their settings. Stable Coin Pairings Two fiat backed stable coins will be available as trading pairs. The EUR and USD coins are digital representations of a Euro and a U.S. Dollar and are issued 1:1 against EUR and USD. More base currencies will be added at a later date. Advanced APIs Our advanced Application Program Interfaces (APIs) will allow users to utilize external programs that can be plugged into the exchange, such as trading bots that automatically trade for them. Website : https://www.thecollectivegroup.org/ico/ Whitepaper : https://www.thecollectivegroup.org/ico/WP_Collective.pdf Bounty0x username : Emrah0406
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.
12-13 09:24 - 'HomiEx was officially listed on feixiaohao.com' (self.Bitcoin) by /u/Homiex_SG removed from /r/Bitcoin within 116-126min
''' On 11 December 2019, HomiEx was officially listed on [feixiaohao.com]1 , which marks an important recognition among China's domestic blockchain industry. This is another milestone for HomiEx aside from its listing on MyToken. [link]2 Feixiaohao is a digital currency market Big Data analysis platform in China. It collects global digital asset data with large amounts of currency details and provides professional real-time market trend analysis, assets accounting, and other services. HomiEx is a Singapore-based digital asset exchange. Founded and operated by a team of Singaporean graduates from Nanyang Technology University in Singapore, HomiEx is committed to provide secure and professional service for its global users. Since its establishment in 2017, HomiEx has accumulated users from 39 countries, offering spot and derivative trading services for high quality digital assets with good liquidity. Besides fiat-to-crypto OTC service, HomiEx also supports direct deposits and withdraws of 8 major currencies including CNY, AUD, HKD, SGD, AUD, JPY, USD, EUR and GBP. A number of renowned institutions such as Genesis Capital has strategically invested in HomiEx. Besides this, HomiEx is backed strongly by a great number of media partners worldwide. In the nearest future, HomiEx will be focusing more on compliance and regulations, and providing users with a safe, reliable, convenient and efficient platform. ''' HomiEx was officially listed on feixiaohao.com Go1dfish undelete link unreddit undelete link Author: Homiex_SG 1: f*ixiaoha**co* 2: pr***ew.red*.*t/28gus*l7q**41.*p*?widt*=1125&am*;*orma*=pjpg&*mp;*u*o=*ebp&s=**fab0*7f7*fd*09d46**bee**2*e2180609**a5 Unknown links are censored to prevent spreading illicit content.
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.
Elaborating on Datadash's 50k BTC Prediction: Why We Endorse the Call
As originally published via CoinLive I am the Co-Founder at CoinLive. Prior to founding Coinlive.io, my area of expertise was inter-market analysis. I came across Datadash 50k BTC prediction this week, and I must take my hats off to what I believe is an excellent interpretation of the inter-connectivity of various markets. At your own convenience, you can find a sample of Intermarket analysis I've written in the past before immersing myself into cryptos full-time. Gold inter-market: 'Out of sync' with VIX, takes lead from USD/JPY USD/JPY inter-market: Watch divergence US-Japan yield spread EUUSD intermarket: US yields collapse amid supply environment Inter-market analysis: Risk back in vogue, but for how long? USD/JPY intermarket: Bulls need higher adj in 10-y US-JP spread The purpose of this article is to dive deeper into the factors Datadash presents in his video and how they can help us draw certain conclusions about the potential flows of capital into crypto markets and the need that will exist for a BTC ETF. Before I do so, as a brief explainer, let's touch on what exactly Intermarket analysis refers to: Intermarket analysis is the global interconnectivity between equities, bonds, currencies, commodities, and any other asset class; Global markets are an ever-evolving discounting and constant valuation mechanism and by studying their interconnectivity, we are much better positioned to explain and elaborate on why certain moves occur, future directions and gain insights on potential misalignments that the market may not have picked up on yet or might be ignoring/manipulating. While such interconnectivity has proven to be quite limiting when it comes to the value one can extract from analyzing traditional financial assets and the crypto market, Datadash has eloquently been able to build a hypothesis, which as an Intermarket analyst, I consider very valid, and that matches up my own views. Nicolas Merten constructs a scenario which leads him to believe that a Bitcoin ETF is coming. Let's explore this hypothesis. I will attempt to summarize and provide further clarity on why the current events in traditional asset classes, as described by Datadash, will inevitably result in a Bitcoin ETF. Make no mistake, Datadash's call for Bitcoin at 50k by the end of 2018 will be well justified once a BTC ETF is approved. While the timing is the most challenging part t get right, the end result won't vary. If one wishes to learn more about my personal views on why a BTC ETF is such a big deal, I encourage you to read my article from late March this year. Don't Be Misled by Low Liquidity/Volume - Fundamentals Never Stronger The first point Nicholas Merten makes is that despite depressed volume levels, the fundamentals are very sound. That, I must say, is a point I couldn't agree more. In fact, I recently wrote an article titled TheParadox: Bitcoin Keeps Selling as Intrinsic Value Set to Explode where I state "the latest developments in Bitcoin's technology makes it paradoxically an ever increasingly interesting investment proposition the cheaper it gets." However, no article better defines where we stand in terms of fundamentals than the one I wrote back on May 15th titled Find Out Why Institutions Will Flood the Bitcoin Market, where I look at the ever-growing list of evidence that shows why a new type of investors, the institutional ones, looks set to enter the market in mass. Nicholas believes that based on the supply of Bitcoin, the market capitalization can reach about $800b. He makes a case that with the fundamentals in bitcoin much stronger, it wouldn't be that hard to envision the market cap more than double from its most recent all-time high of more than $300b. Interest Rates Set to Rise Further First of all, one of the most immediate implications of higher rates is the increased difficulty to bear the costs by borrowers, which leads Nicholas to believe that banks the likes of Deutsche Bank will face a tough environment going forward. The CEO of the giant German lender has actually warned that second-quarter results would reflect a “revenue environment [that] remains challenging." Nicholas refers to the historical chart of Eurodollar LIBOR rates as illustrated below to strengthen the case that interest rates are set to follow an upward trajectory in the years to come as Central Banks continue to normalize monetary policies after a decade since the global financial crisis. I'd say, that is a correct assumption, although one must take into account the Italian crisis to be aware that a delay in higher European rates is a real possibility now. !(https://coinlive.io/ckeditor_assets/pictures/947/content_2018-05-30_1100.png) Let's look at the following combinations: Fed Fund Rate Contract (green), German 2-year bond yields (black) and Italy's 10-year bond yield (blue) to help us clarify what's the outlook for interest rates both in Europe and the United States in the foreseeable future. The chart suggests that while the Federal Reserve remains on track to keep increasing interest rates at a gradual pace, there has been a sudden change in the outlook for European rates in the short-end of the curve. While the European Central Bank is no longer endorsing proactive policies as part of its long-standing QE narrative, President Mario Draghi is still not ready to communicate an exit strategy to its unconventional stimulus program due to protectionism threats in the euro-area, with Italy the latest nightmare episode. Until such major step is taken in the form of a formal QE conclusion, interest rates in the European Union will remain depressed; the latest drastic spike in Italy's benchmark bond yield to default levels is pre-emptive of lower rates for longer, an environment that on one hand may benefit the likes of Deutsche Bank on lower borrowing costs, but on the other hand, sets in motion a bigger headache as risk aversion is set to dominate financial markets, which leads to worse financial consequences such as loss of confidence and hence in equity valuations. !(https://coinlive.io/ckeditor_assets/pictures/948/content_2018-05-30_1113.png) Deutsche Bank - End of the Road? Nicholas argues that as part of the re-restructuring process in Deutsche Bank, they will be facing a much more challenging environment as lending becomes more difficult on higher interest rates. At CoinLive, we still believe this to be a logical scenario to expect, even if a delay happens as the ECB tries to deal with the Italian political crisis which once again raises the question of whether or not Italy should be part of the EU. Reference to an article by Zerohedge is given, where it states: "One day after the WSJ reported that the biggest German bank is set to "decimate" its workforce, firing 10,000 workers or one in ten, this morning Deutsche Bank confirmed plans to cut thousands of jobs as part of new CEO Christian Sewing's restructuring and cost-cutting effort. The German bank said its headcount would fall “well below” 90,000, from just over 97,000. But the biggest gut punch to employee morale is that the bank would reduce headcount in its equities sales and trading business by about 25%." There is an undeniably ongoing phenomenon of a migration in job positions from traditional financial markets into blockchain, which as we have reported in the past, it appears to be a logical and rational step to be taken, especially in light of the new revenue streams the blockchain sector has to offer. Proof of that is the fact that Binance, a crypto exchange with around 200 employees and less than 1 year of operations has overcome Deutsche Bank, in total profits. What this communicates is that the opportunities to grow an institution’s revenue stream are formidable once they decide to integrate cryptocurrencies into their business models. One can find an illustration of Deutsche Bank's free-fall in prices below: !(https://coinlive.io/ckeditor_assets/pictures/946/content_2018-05-30_1052.png) Nicholas takes notes of a chart in which one can clearly notice a worrying trend for Italian debt. "Just about every other major investor type has become a net seller (to the ECB) or a non-buyer of BTPs over the last couple of years. Said differently, for well over a year, the only marginal buyer of Italian bonds has been the ECB!", the team of Economists at Citi explained. One can find the article via ZeroHedge here. !(https://coinlive.io/ckeditor_assets/pictures/953/content_2018-05-30_1451.png) Equities & Housing to Suffer the Consequences Nicholas notes that trillions of dollars need to exit these artificially-inflated equity markets. He even mentions a legendary investor such as George Soros, who has recently warned that the world could be on the brink of another devastating financial crisis, on lingering debt concerns in Europe and a strengthening US dollar, as a destabilizing factor for both the US's emerging- and developed-market rivals. Ray Dalio, another legend in the investing world and Founder of Bridgewater Associates, the world’s largest hedge fund, "has ramped up its short positions in European equities in recent weeks, bringing their total value to an estimated $22 billion", MarketWatch reports. Nicholas extracts a chart by John Del Vecchio at lmtr.com where it illustrates the ratio between stocks and commodities at the lowest in over 50 years. As the author states: "I like to look for extremes in the markets. Extremes often pinpoint areas where returns can be higher and risk lower than in other time periods. Take the relationship between commodities and stocks. The chart below shows that commoditieshavennot been cheaper than stocks in a generation. We often hear this time it is different” to justify what’s going on in the world. But, one thing that never changes is human nature. People push markets to extremes. Then they revert. " !(https://coinlive.io/ckeditor_assets/pictures/954/content_2018-05-30_1459.png) Bitcoin ETF the Holy Grail for a Cyclical Multi-Year Bull Run It is precisely from this last chart above that leads Nicholas to believe we are on the verge of a resurgence in commodity prices. Not only that but amid the need of all this capital to exit stocks and to a certain extent risky bonds (Italian), a new commodity-based digital currency ETF based on Bitcoin will emerge in 2018. The author of Datadash highlights the consideration to launching a Bitcoin ETF by the SEC. At CoinLive, our reporting of the subject can be found below: "Back in April, it was reported that the US Securities and Exchange Commission (SEC) has put back on the table two Bitcoin ETF proposals, according to public documents. The agency is under formal proceedings to approve a rule change that would allow NYSE Arca to list two exchange-traded funds (ETFs) proposed by fund provider ProShares. The introduction of an ETF would make Bitcoin available to a much wider share of market participants, with the ability to directly buy the asset at the click of a button, essentially simplifying the current complexity that involves having to deal with all the cumbersome steps currently in place." Nicholas refers to the support the Bitcoin ETF has been receiving by the Cboe president Chris Concannon, which is a major positive development. CoinLive reported on the story back in late March, noting that "a Bitcoin ETF will without a doubt open the floodgates to an enormous tsunami of fresh capital entering the space, which based on the latest hints by Concannon, the willingness to keep pushing for it remains unabated as the evolution of digital assets keeps its course." It has been for quite some time CoinLive's conviction, now supported by no other than Nicholas Merten from Datadash, that over the next 6 months, markets will start factoring in the event of the year, that is, the approval of a Bitcoin ETF that will serve as a alternative vehicle to accommodate the massive flows of capital leaving some of the traditional asset classes. As Nicholas suggests, the SEC will have little choice but to provide alternative investments. Bitcoin as a Hedge to Lower Portfolios' Volatility Last but not least, crypto assets such as Bitcoin and the likes have an almost non-existent correlation to other traditional assets such as stocks, bonds, and commodities, which makes for a very attractive and broadly-applicable diversification strategy for the professional money as it reduces one’s portfolio volatility. The moment a Bitcoin ETF is confirmed, expect the non-correlation element of Bitcoin as a major driving force to attract further capital. Anyone Can BeWrongDatadash, But You Won't be Wrong Alone Having analyzed the hypothesis by Nicholas Merten, at CoinLive we believe that the conclusion reached, that is, the creation of a Bitcoin ETF that will provide shelter to a tsunami of capital motivated by the diversification and store of value appeal of Bitcoin, is the next logical step. As per the timing of it, we also anticipate, as Nicholas notes, that it will most likely be subject to the price action in traditional assets. Should equities and credit markets hold steady, it may result in a potential delay, whereas disruption in the capital market may see the need for a BTC ETF accelerate. Either scenario, we will conclude with a quote we wrote back in March. "It appears as though an ETF on Bitcoin is moving from a state of "If" to "When." Datadash is certainly not alone on his 50k call. BitMEX CEO Arthur Hayes appears to think along the same line. On behalf of the CoinLive Team, we want to thank Nicholas Merten at Datadash for such enlightening insights.
The Collective - Introduction to TraderOne Exchange
Exchange Basics TRADER ONE Exchange will be a robust, scalable, and secure crypto to crypto exchange, providing advanced trading properties to the global cryptocurrency community. The platform will be built on a secure infrastructure consisting of 97% cold storage, advanced vault technology, and 2-factor authentication. We will also offer passive income streams and bonus programs making our platform a very safe and rewarding experience. TraderOne will provide a user- friendly interface, leverage, and liquidity; and improved prices for buying and selling because of relatively low spreads between bids and asks. With proper funding, we will also offer a self-pay insurance policy to further protect your funds. Your Centralized Option Centralized currency exchanges are the most common type of exchanges allowing users to buy, sell, and trade Bitcoin and other popular altcoins. Traders can store their cryptocurrency on these exchanges. Centralized exchanges differ from other types of intermediaries by requiring buyers and sellers to deposit their fiat money or crypto-assets before trading and registering an account. Basic & Advanced Trading Options We are implementing a “one-click buy” option through a simple user interface. This feature will cater to beginning traders and also include “copy trading” and social interactions. Our advanced trading tools and super easy user interface will enable advanced traders to use all of the standard technical analysis indicators with fast click-through rates. High Level of Security As a guarantor of a transaction, TraderOne holds 97% of a seller’s cryptocurrencies in 100% safe TRUE multi-signature hardware (cold) storage and deposits it into the buyers’ account immediately following payment confirmation. That only places 3% of assets stored in the platform’s hot wallets. Theft Insurance Our exchange will provide a secured theft insured system, meaning that we will be one of the first to offer self-insurance on trades. Traders will have the option to enable this feature in their settings. Stable Coin Pairings Two fiat backed stable coins will be available as trading pairs. The EUR and USD coins are digital representations of a Euro and a U.S. Dollar and are issued 1:1 against EUR and USD. More base currencies will be added at a later date. AdvancedAPIs Our advanced Application Program Interfaces (APIs) will allow users to utilize external programs that can be plugged into the exchange, such as trading bots that automatically trade for them. Ws : https://www.thecollectivegroup.org/ico/ White Paper : https://www.thecollectivegroup.org/ico/WP_Collective.pdf Bounty0x Username : caylak135246
Russian government discovers new horizons for crypto projects of domestic origin.
Nowadays, the blockchain together with a cryptocurrency is one of the most popular areas of the economic system and business development along the world. Despite the long existence of the established industry, legal regulation has not been fully formed yet. Governments of different countries continue to monitor the rapidly developing market trends. At the present time, we can track the interest of Western audiences to technologies of Russian origin. Russian President Vladimir Putin, answering the questions of the journalist, stated the growing interest of the government to the technology itself, at the same time the head of state made it more than clear that “Russia cannot have its own cryptocurrency, by definition, just as any other country cannot have its own cryptocurrency, a cryptocurrency is something that goes beyond national borders. ” https://www.telegraph.co.uk/technology/2019/01/14/russia-plans-tackle-us-sanctions-bitcoin-investment-says-kremlin/ The latest public rumors about plans of the Russian government to invest in Bitcoin to bypass sanctions agreements and the need to invest in additional digital assets to enter the market and diversify funds reinforces assumptions about government interest in projects of Russian origin that have already become important players of the cryptocurrency market and are the most prominent representatives of the region with great potential for the development of digital interconnections around the world. We cannot say that the Russian market of crypto is oversaturated with successful crypto projects with a developed infrastructure, a built-up strategy for implementing the project's goals, a final concept of product, many thousands of audience and unique technical characteristics. Among them, we can single out two projects, Waves and Credits, which have the greatest growth potential in the international market, as a result of which these projects may be under the watchful eye of the Russian government. Waves Waves are a proof of stake blockchain and the cryptocurrency that fuels that blockchain. Waves enable you to make custom tokens, which means you can launch your own cryptocurrencies. You can also decentralize trading and crowdfunding, as it has integrated fiat currency gateways like USD/EUCNY right in your wallet. Via Waves, you can also launch ICOs to fund your projects from around the world in a matter of minutes, without going through intensive cryptocurrency coding. This will make life easier for startups and open up a new era of community-backed projects. The Waves cryptocurrency (WAVES) has real-world tradable value on various exchanges. Waves Smart Contracts are not as complex as they are in Ethereum. They are Non-Turing complete, but powerful and secure. Recently Waves has raised funds worth $120 million which is allowing them to expand, pushing towards the launch of a project called Vostok. Waves is an ideal solution for crowdfunding and private schemes of interaction. Wavesplatform Credits Credits is technological platform for the development and execution of decentralized applications based on the blockchain technology and smart contracts. Project provides an extensive list of solutions as decentralized data, smart contracts, crypto payments, high speed of transaction operations, low cost of transactions, issuance of financial assets, private blockchain solutions. Credits offers capabilities to industries, applications, and users who require unmatched scalability. The addressable market for these services is estimated to be worth trillions of dollars. Credits smart contracts are created with Java, a cross-platform object-oriented programming language that has a variety of advantages enabling it to solve practically any tasks. The usage of Java allows to implement "Turing completeness", or the ability to implement any computable function. Recently, groups of banks from India and authorities of Asian countries have shown interest in company technology. Credits is the best solution for any type of business as Credits is aimed to facilitate blockchain products integration on different levels such as public and private chains, which provide peer-to-peer access to an unlimited number of people when using a public network, meanwhile private solutions provide different levels of access to key management, adding documentation, making changes and viewing data within one company with a structured hierarchy. CreditsOfficial Conclusion A conservative approach to the analysis of the cryptocurrencies subject and the issues of their control by Western regulators creates favorable terms for Russia to become a global center of activity for companies in the represented sector. The main advantage of new digital assets is the independence of their transfers around the world, which, in turn, may have a positive impact on attracting investments during the period of sanctions. Let’s see what will future bring!
https://preview.redd.it/hixbz9f3lxm31.jpg?width=1200&format=pjpg&auto=webp&s=43896de84a3693d840c84057c0314af71718f0a3 What is Zcoin? Zcoin, also referred to as XZC or Zerocoin, is an open source decentralized cryptocurrency that provides privacy and anonymity for its users when making transactions. To achieve its privacy and anonymity, Zcoin uses zero-knowledge proofs via the Zerocoin protocol, which is at this moment in time one of the most cited cryptography papers. According to Wikipedia, in cryptography, a zero-knowledge proof or zero-knowledge protocol is a method in which one party proves to another party (the verifier) that a given statement is actually true. In other words, in a transaction with Bitcoin or Ethereum or something similar, your transaction history is always linked to your coins by default, leaving you vulnerable. All it takes is one link to your personal information or IP to find out the origin of the coins. However, when you trade with Zcoin’s Zercoin feature, your transaction history is not linked to the actual coins. Only the receiver and sender know that the funds have actually been exchanged.
How Does Zcoin Work?
Zcoin works on the Zerocoin protocol by enforcing Zero-knowledge proofs. Here are the components of Zcoin to explain how it works. Mint: When sending a private transaction with Zcoin, all you need to do is select the number of coins you want to mint. Post that your normal Zcoin balance would reduce automatically and you will be credited with new coins and no transaction history. In essence, your old coins are burned cryptographically, which prevents anyone else from using them again and being directed to your transaction history. You get credited with new coins with no history, while the total supply is maintained. For now, you can only mint in denominations of 1, 10, 25, 50 and 100. If you choose ‘100’ coins to be minted, for instance, you will instantly be credited with 100 new Zcoins with no history attached to them.
Spend: When you want to make a private transaction, you will be required to use these ‘100’ newly minted coins. From this pool of funds, you can now send any amount in any denomination to anyone anonymously because no history is attached to it.
Repeat: You can ‘mint’ and ‘send’ Zcoins any number of times at anytime with your privacy intact.
Zcoin seeks to improve things that Bitcoin hasn’t been able to so far, some of which include fungibility, privacy and miner’s centralization. Users of Zcoin can enjoy full fungibility and privacy along with demolishing miner’s centralization by implementing a better proof of work algorithm called MTP. Total Zcoin supply Only 21 million units of Zcoin will ever be produced. Currently, there are about 3.4 million units in circulation, with the rest yet to be mined. But the total supply has increased by 388450 XZC units after a Zcoin code bug, which the team refused to roll back due to economic reasons, which is why the total supply stands at approximately 21.4 million. Every 10 minutes, a Zcoin block is mined and 50 coins are generated, making 72,000 Zcoins per day. Market cap of Zcoin According to CoinMarketCap, the total circulating supply of Zcoin is 5,757,841 XZC and the current unit price is $9.6. That makes the market cap approximately $55 million*.* https://preview.redd.it/qw2igvupoxm31.png?width=1080&format=png&auto=webp&s=cfaa195d5d75ba8f20e5894d0351b2eabf76825a
How To Buy Zcoin Cryptocurrency
If you are looking to get some Zcoin, here is a list of resources where it can be bought from.
Atomars – Supported pairs are XZC/BTC, XZC/ETH, XZC/USDT
Binance - Supported pairs are XZC/BTC, XZC/ETH, XZC/BNB
Note: At the moment, buying XZC in fiat currencies such as USD, EUR, or GBP is quite difficult. https://preview.redd.it/rrwao97woxm31.png?width=1460&format=png&auto=webp&s=442bf152f86a63300c5c4a029bb07369a69e6f70 Zcash: Zcash is a decentralized and open-source peer-to-peer cryptocurrency that provides strong privacy protections. It was created as a fork of Bitcoin and, like bitcoin, it also has a hard limit of 21 million coins. Unlike bitcoin, however, Zcash offers total privacy for its users maintaining the absolute anonymity behind each transaction along with the parties and the amounts involved in it. PIVX: PIVX, which stands for Private Instant Verified Transaction, is an open-source, decentralized form of digital online money that uses blockchain technology. This makes it easy to transfer all around the world in an instant with low transaction fees with market leading security & privacy. PIVX focuses on privacy, security, anonymity, and instant transactions. Monero: Monero is a fast, private, secure and untraceable digital currency system that uses a special kind of cryptography to keep all its transactions 100% unlinkable and untraceable. With Monero, you are your own bank. You can spend safely, knowing that others cannot see your balances or track your activity. Some Zcoin misconceptions There are some misconceptions regarding Zcoin:
Some believe that, since Zcoin has a trusted setup that allows indefinite minting of coins, it is not safe. This is untrue. Of course, to start with they had to use a trusted setup because they have an auditable total coin supply that prevents any form of cheating. This downside however, is being taken care of by removing this trusted setup in the near future and when that happens, Zcoin will be one of the serious coins to count on for privacy.
Zcoin has been considered as Zcash’s fork but that is also not true because Zcash is based on the Zerocash protocol whereas Zcoin was started from scratch by applying Zerocoin tech.
Now that some of the Zcoin’s misconceptions have been cleared, here’s a look into its future.
Zcoin’s Future & Roadmap
Zcoin’s future is quite promising and worth watching based on these interesting milestones on their roadmap:
Zcoin is the first coin to implement MTP proof of work, which makes it possible for general masses to mine Zcoin with GPUs and CPUs. MTP doesn’t allow costly ASIC-like miners to mine XZC coins.
Zcoin is also implementing Znodes to make their cryptocurrency more decentralized and anonymous. These Znodes will be like masternodes and facilitate anonymous transactions as making an anonymous transaction single-handedly is quite computational.
Znodes will be incentivized by reducing some portion of the founder’s reward. Also, the surplus funds that get generated from the founder’s reward reduction would be used for hiring new developers and increased marketing efforts.
Another agenda on their roadmap is to bring inbuilt Tor or some IP obfuscation mechanism that will make it completely anonymous.
Apart from these, some innovative and exciting things like sigma protocol, decentralized anonymous voting and Zcoin Labs are on their roadmap, making this project worth checking out.
Last but not least, its recent price is a good indicator of its healthy market sentiment and shows that there are people who understand this project’s worth. Just to put things into perspective – a unit of Zcoin was priced $2 in March 2017 and now it is $37*.*
Zcoin Team & Progress
Zerocoin is a cryptocurrency proposed by professor Matthew D. Green, a professor of Johns Hopkins University, and graduate students Ian Miers and Christina Garman. It was proposed as an extension to the Bitcoin protocol that would add true cryptographic anonymity to Bitcoin transactions. Zerocoin was first implemented into a fully functional cryptocurrency and released to the public by Poramin Insom, the lead developer, as Zcoin in September 2016. Some of the notable dev members of the team are listed below. Poramin Insom Founder and Core Developer Poramin Insom created what was the world's 4th most valuable cryptocurrency in February 2014. He is also the world's first person to implement stealth addresses in QT-Wallets, improving cryptocurrency anonymity. He earned a master’s degree in Information Security from Johns Hopkins University, where he wrote a paper on a proposed practical implementation of the Zerocoin protocol. Alexander N. Developer Alexander N. aka Aizensou is a full-stack developer who has experience in many programming languages (C++, C#, Python, Perl, Java etc.) and has been involved in the cryptocurrency space since 2013. He has a broad development portfolio from low level APIs in Python and C++ to Android native applications in Java. In addition to his involvement in cryptocurrencies, Alexander was doing his P.h.D. in machine learning at a German university from 2012 to 2016. Saran Siriphantnon Developer Saran Siriphantnon is the CTO of Satang.co/Satoshift, a fintech company focusing on creating an open financial system for Southeast Asia. He served as President of the Computer System Administrator Group at King Mongkut's Institute of Technology Ladkrabang. Tadhg Riordan Solidity Developer Tadhg Riordan is a 24 year old Software Developer from Wexford, Ireland. He recently completed his MSc from Trinity College Dublin, where he worked with Blockchain privacy mechanisms, focusing particularly on Zero-Knowledge Proofs and the Ethereum platform. He is a strong advocate for the adoption of cryptocurrency and for complete financial privacy. Apart from these, their team comprises of other developers, community managers, support personnel and advisors who maintain the required balance.
Aram Jivanyan (Cryptography Advisor): Co-Founder at Skycryptor & KMSchai Torphop Korgtadam (It Security Consultant): Senior Vice President, Head Of Internal Audit Strategy, Innovation and Decision Science at United Overseas Bank Limited Alexander N. aka Aizensou (Advisor)
Unique/Key Features Against Its Competitors:
Anonymous transactions. The project establishes a notably higher level of anonymity and seeks to bypass current analysis techniques which governments use to reveal the identity of users.
Not subject to transaction graph analysis. Zcoin has an anonymity set that encompasses all minted coins in a particular RSA accumulator that can scale to many thousands.
Innovative process. Tokens are burned cryptographically and replaced with new coins without a transaction history. This actively prevents anyone else from using the tokens again and stops the public from being directed to a user's transaction history.
Transparency focused. Zcoin's main advantage is its auditable money supply.
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