Kraken Exchange Margin - Cistotech

Crypto Banking Wars: Will Coinbase or Binance Become The Bank of The Future?

Crypto Banking Wars: Will Coinbase or Binance Become The Bank of The Future?
Can the early success of major crypto exchanges propel them to winning the broader consumer finance market?
https://reddit.com/link/i48t4q/video/v4eo10gom7f51/player
This is the first part of Crypto Banking Wars — a new series that examines what crypto-native company is most likely to become the bank of the future. Who is best positioned to reach mainstream adoption in consumer finance?
While crypto allows the world to get rid of banks, a bank will still very much be necessary for this powerful technology to reach the masses. We believe a crypto-native company, like Genesis Block, will become the bank of the future.
In an earlier series, Crypto-Powered, we laid out arguments for why crypto-native companies have a huge edge in the market. When you consider both the broad spectrum of financial use-cases and the enormous value unlocked through these DeFi protocols, you can see just how big of an unfair advantage blockchain tech becomes for companies who truly understand and leverage it. Traditional banks and fintech unicorns simply won’t be able to keep up.
The power players of consumer finance in the 21st century will be crypto-native companies who build with blockchain technology at their core.
The crypto landscape is still nascent. We’re still very much in the fragmented, unbundled phase of the industry lifecycle. Beyond what Genesis Block is doing, there are signs of other companies slowly starting to bundle financial services into what could be an all-in-one bank replacement.
So the key question that this series hopes to answer:
Which crypto-native company will successfully become the bank of the future?
We obviously think Genesis Block is well-positioned to win. But we certainly aren’t the only game in town. In this series, we’ll be doing an analysis of who is most capable of thwarting our efforts. We’ll look at categories like crypto exchanges, crypto wallets, centralized lending & borrowing services, and crypto debit card companies. Each category will have its own dedicated post.
Today we’re analyzing big crypto exchanges. The two companies we’ll focus on today are Coinbase (biggest American exchange) and Binance (biggest global exchange). They are the top two exchanges in terms of Bitcoin trading volume. They are in pole position to winning this market — they have a huge existing userbase and strong financial resources.
Will Coinbase or Binance become the bank of the future? Can their early success propel them to winning the broader consumer finance market? Is their growth too far ahead for anyone else to catch up? Let’s dive in.
https://preview.redd.it/lau4hevpm7f51.png?width=800&format=png&auto=webp&s=2c5de1ba497199f36aa194e5809bd86e5ab533d8

Binance

The most formidable exchange on the global stage is Binance (Crunchbase). All signs suggest they have significantly more users and a stronger balance sheet than Coinbase. No other exchange is executing as aggressively and relentlessly as Binance is. The cadence at which they are shipping and launching new products is nothing short of impressive. As Tushar Jain from Multicoin argues, Binance is Blitzscaling.
Here are some of the products that they’ve launched in the last 18 months. Only a few are announced but still pre-launch.
Binance is well-positioned to become the crypto-powered, all-in-one, bundled solution for financial services. They already have so many of the pieces. But the key question is:
Can they create a cohesive & united product experience?

Binance Weaknesses

Binance is strong, but they do have a few major weaknesses that could slow them down.
  1. Traders & Speculators Binance is currently very geared for speculators, traders, and financial professionals. Their bread-and-butter is trading (spot, margin, options, futures). Their UI is littered with depth charts, order books, candlesticks, and other financial concepts that are beyond the reach of most normal consumers. Their product today is not at all tailored for the broader consumer market. Given Binance’s popularity and strength among the pro audience, it’s unlikely that they will dumb down or simplify their product any time soon. That would jeopardize their core business. Binance will likely need an entirely new product/brand to go beyond the pro user crowd. That will take time (or an acquisition). So the question remains, is Binance even interested in the broader consumer market? Or will they continue to focus on their core product, the one-stop-shop for pro crypto traders?
  2. Controversies & Hot Water Binance has had a number of controversies. No one seems to know where they are based — so what regulatory agencies can hold them accountable? Last year, some sensitive, private user data got leaked. When they announced their debit card program, they had to remove mentions of Visa quickly after. And though the “police raid” story proved to be untrue, there are still a lot of questions about what happened with their Shanghai office shut down (where there is smoke, there is fire). If any company has had a “move fast and break things” attitude, it is Binance. That attitude has served them well so far but as they try to do business in more regulated countries like America, this will make their road much more difficult — especially in the consumer market where trust takes a long time to earn, but can be destroyed in an instant. This is perhaps why the Binance US product is an empty shell when compared to their main global product.
  3. Disjointed Product Experience Because Binance has so many different teams launching so many different services, their core product is increasingly feeling disjointed and disconnected. Many of the new features are sloppily integrated with each other. There’s no cohesive product experience. This is one of the downsides of executing and shipping at their relentless pace. For example, users don’t have a single wallet that shows their balances. Depending on if the user wants to do spot trading, margin, futures, or savings… the user needs to constantly be transferring their assets from one wallet to another. It’s not a unified, frictionless, simple user experience. This is one major downside of the “move fast and break things” approach.
  4. BNB token Binance raised $15M in a 2017 ICO by selling their $BNB token. The current market cap of $BNB is worth more than $2.6B. Financially this token has served them well. However, given how BNB works (for example, their token burn), there are a lot of open questions as to how BNB will be treated with US security laws. Their Binance US product so far is treading very lightly with its use of BNB. Their token could become a liability for Binance as it enters more regulated markets. Whether the crypto community likes it or not, until regulators get caught up and understand the power of decentralized technology, tokens will still be a regulatory burden — especially for anything that touches consumers.
  5. Binance Chain & Smart Contract Platform Binance is launching its own smart contract platform soon. Based on compatibility choices, they have their sights aimed at the Ethereum developer community. It’s unclear how easy it’ll be to convince developers to move to Binance chain. Most of the current developer energy and momentum around smart contracts is with Ethereum. Because Binance now has their own horse in the race, it’s unlikely they will ever decide to leverage Ethereum’s DeFi protocols. This could likely be a major strategic mistake — and hubris that goes a step too far. Binance will be pushing and promoting protocols on their own platform. The major risk of being all-in on their own platform is that they miss having a seat on the Ethereum rocket ship — specifically the growth of DeFi use-cases and the enormous value that can be unlocked. Integrating with Ethereum’s protocols would be either admitting defeat of their own platform or competing directly against themselves.

Binance Wrap Up

I don’t believe Binance is likely to succeed with a homegrown product aimed at the consumer finance market. Their current product — which is focused heavily on professional traders and speculators — is unlikely to become the bank of the future. If they wanted to enter the broader consumer market, I believe it’s much more likely that they will acquire a company that is getting early traction. They are not afraid to make acquisitions (Trust, JEX, WazirX, DappReview, BxB, CoinMarketCap, Swipe).
However, never count CZ out. He is a hustler. Binance is executing so aggressively and relentlessly that they will always be on the shortlist of major contenders.
https://preview.redd.it/mxmlg1zqm7f51.png?width=800&format=png&auto=webp&s=2d900dd5ff7f3b00df5fe5a48305d57ebeffaa9a

Coinbase

The crypto-native company that I believe is more likely to become the bank of the future is Coinbase (crunchbase). Their dominance in America could serve as a springboard to winning the West (Binance has a stronger foothold in Asia). Coinbase has more than 30M users. Their exchange business is a money-printing machine. They have a solid reputation as it relates to compliance and working with regulators. Their CEO is a longtime member of the crypto community. They are rumored to be going public soon.

Coinbase Strengths

Let’s look at what makes them strong and a likely contender for winning the broader consumer finance market.
  1. Different Audience, Different Experience Coinbase has been smart to create a unique product experience for each audience — the pro speculator crowd and the common retail user. Their simple consumer version is at Coinbase.com. That’s the default. Their product for the more sophisticated traders and speculators is at Coinbase Pro (formerly GDAX). Unlike Binance, Coinbase can slowly build out the bank of the future for the broad consumer market while still having a home for their hardcore crypto traders. They aren’t afraid to have different experiences for different audiences.
  2. Brand & Design Coinbase has a strong product design team. Their brand is capable of going beyond the male-dominated crypto audience. Their product is clean and simple — much more consumer-friendly than Binance. It’s clear they spend a lot of time thinking about their user experience. Interacting directly with crypto can sometimes be rough and raw (especially for n00bs). When I was at Mainframe we hosted a panel about Crypto UX challenges at the DevCon4 Dapp Awards. Connie Yang (Head of Design at Coinbase) was on the panel. She was impressive. Some of their design philosophies will bode well as they push to reach the broader consumer finance market.
  3. USDC Stablecoin Coinbase (along with Circle) launched USDC. We’ve shared some stats about its impressive growth when we discussed DeFi use-cases. USDC is quickly becoming integrated with most DeFi protocols. As a result, Coinbase is getting a front-row seat at some of the most exciting things happening in decentralized finance. As Coinbase builds its knowledge and networks around these protocols, it could put them in a favorable position to unlock incredible value for their users.
  4. Early Signs of Bundling Though Coinbase has nowhere near as many products & services as Binance, they are slowly starting to add more financial services that may appeal to the broader market. They are now letting depositors earn interest on USDC (also DAI & Tezos). In the UK they are piloting a debit card. Users can now invest in crypto with dollar-cost-averaging. It’s not much, but it’s a start. You can start to see hints of a more bundled solution around financial services.

Coinbase Weaknesses

Let’s now look at some things that could hold them back.
  1. Slow Cadence In the fast-paced world of crypto, and especially when compared to Binance, Coinbase does not ship very many new products very often. This is perhaps their greatest weakness. Smaller, more nimble startups may run circles around them. They were smart to launch Coinbase Ventures where tey invest in early-stage startups. They can now keep an ear to the ground on innovation. Perhaps their cadence is normal for a company of their size — but the Binance pace creates quite the contrast.
  2. Lack of Innovation When you consider the previous point (slow cadence), it’s unclear if Coinbase is capable of building and launching new products that are built internally. Most of their new products have come through acquisitions. Their Earn.com acquisition is what led to their Earn educational product. Their acquisition of Xapo helped bolster their institutional custody offering. They acqui-hired a team to help launch their staking infrastructure. Their acquisition of Cipher Browser became an important part of Coinbase Wallet. And recently, they acquired Tagomi — a crypto prime brokerage. Perhaps most of Coinbase’s team is just focused on improving their golden goose, their exchange business. It’s unclear. But the jury is still out on if they can successfully innovate internally and launch any homegrown products.
  3. Talent Exodus There have been numerous reports of executive turmoil at Coinbase. It raises a lot of questions about company culture and vision. Some of the executives who departed include COO Asiff Hirji, CTO Balaji Srinivasan, VP & GM Adam White, VP Eng Tim Wagner, VP Product Jeremy Henrickson, Sr Dir of Eng Namrata Ganatra, VP of Intl Biz Dan Romero, Dir of Inst Sales Christine Sandler, Head of Trading Hunter Merghart, Dir Data Science Soups Ranjan, Policy Lead Mike Lempres, Sr Compliance Vaishali Mehta. Many of these folks didn’t stay with Coinbase very long. We don’t know exactly why it’s happening —but when you consider a few of my first points (slow cadence, lack of innovation), you have to wonder if it’s all related.
  4. Institutional Focus As a company, we are a Coinbase client. We love their institutional offering. It’s clear they’ve been investing a lot in this area. A recent Coinbase blog post made it clear that this has been a focus: “Over the past 12 months, Coinbase has been laser-focused on building out the types of features and services that our institutional customers need.” Their Tagomi acquisition only re-enforced this focus. Perhaps this is why their consumer product has felt so neglected. They’ve been heavily investing in their institutional services since May 2018. For a company that’s getting very close to an IPO, it makes sense that they’d focus on areas that present strong revenue opportunities — as they do with institutional clients. Even for big companies like Coinbase, it’s hard to have a split focus. If they are “laser-focused” on the institutional audience, it’s unlikely they’ll be launching any major consumer products anytime soon.

Coinbase Wrap Up

At Genesis Block, we‘re proud to be working with Coinbase. They are a fantastic company. However, I don’t believe that they’ll succeed in building their own product for the broader consumer finance market. While they have incredible design, there are no signs that they are focused on or capable of internally building this type of product.
Similar to Binance, I think it’s far more likely that Coinbase acquires a promising young startup with strong growth.

Honorable Mentions

Other US-based exchanges worth mentioning are Kraken, Gemini, and Bittrex. So far we’ve seen very few signs that any of them will aggressively attack broader consumer finance. Most are going in the way of Binance — listing more assets and adding more pro tools like margin and futures trading. And many, like Coinbase, are trying to attract more institutional customers. For example, Gemini with their custody product.

Wrap Up

Coinbase and Binance have huge war chests and massive reach. For that alone, they should always be considered threats to Genesis Block. However, their products are very, very different than the product we’re building. And their approach is very different as well. They are trying to educate and onboard people into crypto. At Genesis Block, we believe the masses shouldn’t need to know or care about it. We did an entire series about this, Spreading Crypto.
Most everyone needs banking — whether it be to borrow, spend, invest, earn interest, etc. Not everyone needs a crypto exchange. For non-crypto consumers (the mass market), the differences between a bank and a crypto exchange are immense. Companies like Binance and Coinbase make a lot of money on their crypto exchange business. It would be really difficult, gutsy, and risky for any of them to completely change their narrative, messaging, and product to focus on the broader consumer market. I don’t believe they would ever risk biting the hand that feeds them.
In summary, as it relates to a digital bank aimed at the mass market, I believe both Coinbase and Binance are much more likely to acquire a startup in this space than they are to build it themselves. And I think they would want to keep the brand/product distinct and separate from their core crypto exchange business.
So back to the original question, is Coinbase and Binance a threat to Genesis Block? Not really. Not today. But they could be, and for that, we want to stay close to them.
------
Other Ways to Consume Today's Episode:
Follow our social channels: https://genesisblock.com/follow/
Download the app. We're a digital bank that's powered by crypto: https://genesisblock.com/download
submitted by mickhagen to genesisblockhq [link] [comments]

BASIC Risk Management

BASIC Risk Management

https://preview.redd.it/v0c9g1yceix41.png?width=700&format=png&auto=webp&s=bbf36502148eacec1e6c5365b763432660f65366
BASIC is the next-generation crypto finance platform that allows lenders and borrowers from all over the world to better manage their crypto assets with enhanced capital efficiency. Today’s post will cover the Risk Management practices, that are implemented within the platform in order to establish efficient and stable ecosystem and in order to secure all the occuring financial transactions. Let us see the methodologies and tools, that are exploited by BASIC to address all the associated risks, that may occur in any given financial transaction.

BASIC’s Risk Management Practices

BASIC is actively exercising preemptive efforts in order to guarantee efficient and stable financial transactions on its platform, addressing all the associated risks, that may emerge in any given financial transaction. BASIC is applying risk management tools, that assist to alleviate all the associated risks, that can be found within this platform.

Risk classifications

▶ Volatility risk
BASIC has established a risk management system to recognize and address the high volatility of the digital assets. In the case of mortgage loans, there is always a requirement for a liquidation procedure under certain circumstances. Namely, if the market value of the collateral falls below a certain limit, you may be requested to provide additional collateral. If the requested amount of additional collateral is not stored within a specified period, the liquidation procedure will kick in and the required amount of collateral will be liquidated to secure the loan. The BASIC platform performs real-time volatility management practices. There is a tracking process of the price indexes of 6 different crypto exchanges, such as Coinbase, Bitfinex, Binance, Huobi, Bitstamp, and Kraken, where the prices of the crypto assets with an engineered volatility, placed as a collateral or borrowed as a loan in the BASIC’s platform, are tracked and based on them the LTV( Loan-to-Value) ratio is calculated. The abovementioned LTV management, hence risk management is performed by the Smart Risk Manager on an automatic basis. The volatility risk manager is currently programmed to warn and further take some certain actions at the following events and LTV rates:
  • At 65% LTV, the borrower receives warning notifications (Early Warning)
  • At 75% LTV, the borrower is requested to store additional collateral to diminish LTV to 65% (Margin Call)
  • At 85% LTV, the system will be forced to initiate a partial liquidation process to automatically lower the LTV to 75% (Margin Liquidation)
The BASIC platform has a liquidity engine system. It is BitGo’s internal clearing system, which allows you to stream placed orders in real-time, and liquidate large amounts of assets at a fixed price, without the presence of slippage.
▶ Default Risk
This risk could occur independently from the LTV, and two scenarios are probable depending on the nature of the loan (Secured and Unsecured).
  • Secured Loan
The default borrowing period for Basic is set to 3 days after maturity, and if there is an overdue balance outstanding on the day of liquidation, the amount of outstanding balance with a liquidation penalty added will be deducted from the collateral assets.
  • Unsecured Loan
Once the default occurs, 100% of the borrower’s total CREDIT (credit token) is going to be exterminated. At the same time, assets corresponding to the loan amount are going to be taken out from the Basic Insurance Fund and forced liquidation will kick in to protect the depositors.
▶ Overdue Risk
If the loan interest is not paid and remains in overdue status for a prolonged period of time, the following measures will be taken.
  • Secured Loan
The grace period for overdue interest is set to 3 days after maturity, and if there is an overdue balance outstanding after 3 days, the amount of outstanding balance with a liquidation discount rate (5%) added shall be deducted from the collateral assets.
  • Unsecured Loan
The grace period for overdue interest is set to 3 days after maturity, and if there is an overdue balance outstanding after 3 days, the amount of outstanding balance shall be withdrawn from the Basic Insurance Fund and 100% of the borrower’s total CREDIT is programmed to be burned.
▶ Counterparty Risk
Counterparty risk, which is prevalent in the trading and investment areas, is the likelihood or probability, that one of the two involved entities in a transaction might default on its contractual obligation. There are two primary sources of the counterparty risk in the process of collateral liquidation. The first one arises when the counterparty cannot make the required payments according to their obligations. The second one occurs, when the counterparty breaks the terms of the contract, hence defaulting on his contractual obligation. The relationship in the financial market is built upon trust. Hence, the counterparty risk or default risk can result in an overall deterioration of the credit market and further lead to a crisis. When there is a transaction being occurred within a platform of the BASIC, BitGo operates as a third party, who secures the process of escrowing the assets of the transacting participants. This risk management practice enables transacting parties to proactively identify and control the counterparty risk at the same level as financial firms.
▶ Slippage and Market Risks
In case of carrying out transactions on multiple digital asset exchanges, you may face a huge issue of inefficient digital asset distribution, which can adversely affect your balance sheet. This situation can further expose you to the Slippage and Market Risk, as the number of assets that need to be liquidated increases. On the contrary, BASIC platform enables easy and quickly offline trading with transacting parties in BitGo, through the virtual journal swaps. This practice, in turn, eliminates the slippage and market risks.
▶ Compliance Violation
Compliance violations can be applied to the withdrawal of assets at the time of the transaction. Currently, the majority of digital asset platform companies randomly distribute assets to multiple digital asset exchanges for trading purposes. In fact, this kind of approach affects the balance sheet and can lead to regulatory compliance violations. The BASIC platform is capable of reducing market and slipper risks, whilst keeping business efficiency at the highest level, by trading with trading partners within the BitGo’s system. This, in turn, will enable you to maintain stable transactions in a quite liquid market.
▶ Legal and Regulatory Compliance Risk
Basic implements strict and thorough anti-money laundering and anti-terrorism-financing preventive measures at the level of traditional financial institutions in accordance with the Financial Action Task Force (FATF) recommendations and guidelines. This practice allows to thoroughly verify the identity of the client and to establish anti-money laundering preventive measures, which are both de facto essential factors to ensure the safety and legitimacy of the digital assets handling. To mitigate and identify in advance the risks associated with the compliance or regulation, BASIC’s legal team is staying up-to-date with the legal and regulatory compliances over the crypto assets.

Keep Updated with BASIC Platform!

Thank you for reading. If you would like to keep updated with BASIC’s activities, please follow our social media channels below.
submitted by anitamalone to thebasicfinance [link] [comments]

BASIC

BASIC is the next-generation crypto finance platform that allows lenders and borrowers from all over the world to better manage their crypto assets with enhanced capital efficiency. Today’s post will cover the Risk Management practices, that are implemented within the platform in order to establish efficient and stable ecosystem and in order to secure all the occuring financial transactions. Let us see the methodologies and tools, that are exploited by BASIC to address all the associated risks, that may occur in any given financial transaction.

BASIC’s Risk Management Practices

BASIC is actively exercising preemptive efforts in order to guarantee efficient and stable financial transactions on its platform, addressing all the associated risks, that may emerge in any given financial transaction. BASIC is applying risk management tools, that assist to alleviate all the associated risks, that can be found within this platform.

Risk classifications

▶ Volatility risk
BASIC has established a risk management system to recognize and address the high volatility of the digital assets. In the case of mortgage loans, there is always a requirement for a liquidation procedure under certain circumstances. Namely, if the market value of the collateral falls below a certain limit, you may be requested to provide additional collateral. If the requested amount of additional collateral is not stored within a specified period, the liquidation procedure will kick in and the required amount of collateral will be liquidated to secure the loan. The BASIC platform performs real-time volatility management practices. There is a tracking process of the price indexes of 6 different crypto exchanges, such as Coinbase, Bitfinex, Binance, Huobi, Bitstamp, and Kraken, where the prices of the crypto assets with an engineered volatility, placed as a collateral or borrowed as a loan in the BASIC’s platform, are tracked and based on them the LTV( Loan-to-Value) ratio is calculated. The abovementioned LTV management, hence risk management is performed by the Smart Risk Manager on an automatic basis. The volatility risk manager is currently programmed to warn and further take some certain actions at the following events and LTV rates:
The BASIC platform has a liquidity engine system. It is BitGo’s internal clearing system, which allows you to stream placed orders in real-time, and liquidate large amounts of assets at a fixed price, without the presence of slippage.
▶ Default Risk
This risk could occur independently from the LTV, and two scenarios are probable depending on the nature of the loan (Secured and Unsecured).
The default borrowing period for Basic is set to 3 days after maturity, and if there is an overdue balance outstanding on the day of liquidation, the amount of outstanding balance with a liquidation penalty added will be deducted from the collateral assets.
Once the default occurs, 100% of the borrower’s total CREDIT (credit token) is going to be exterminated. At the same time, assets corresponding to the loan amount are going to be taken out from the Basic Insurance Fund and forced liquidation will kick in to protect the depositors.
▶ Overdue Risk
If the loan interest is not paid and remains in overdue status for a prolonged period of time, the following measures will be taken.
The grace period for overdue interest is set to 3 days after maturity, and if there is an overdue balance outstanding after 3 days, the amount of outstanding balance with a liquidation discount rate (5%) added shall be deducted from the collateral assets.
The grace period for overdue interest is set to 3 days after maturity, and if there is an overdue balance outstanding after 3 days, the amount of outstanding balance shall be withdrawn from the Basic Insurance Fund and 100% of the borrower’s total CREDIT is programmed to be burned.
▶ Counterparty Risk
Counterparty risk, which is prevalent in the trading and investment areas, is the likelihood or probability, that one of the two involved entities in a transaction might default on its contractual obligation. There are two primary sources of the counterparty risk in the process of collateral liquidation. The first one arises when the counterparty cannot make the required payments according to their obligations. The second one occurs, when the counterparty breaks the terms of the contract, hence defaulting on his contractual obligation. The relationship in the financial market is built upon trust. Hence, the counterparty risk or default risk can result in an overall deterioration of the credit market and further lead to a crisis. When there is a transaction being occurred within a platform of the BASIC, BitGo operates as a third party, who secures the process of escrowing the assets of the transacting participants. This risk management practice enables transacting parties to proactively identify and control the counterparty risk at the same level as financial firms.
▶ Slippage and Market Risks
In case of carrying out transactions on multiple digital asset exchanges, you may face a huge issue of inefficient digital asset distribution, which can adversely affect your balance sheet. This situation can further expose you to the Slippage and Market Risk, as the number of assets that need to be liquidated increases. On the contrary, BASIC platform enables easy and quickly offline trading with transacting parties in BitGo, through the virtual journal swaps. This practice, in turn, eliminates the slippage and market risks.
▶ Compliance Violation
Compliance violations can be applied to the withdrawal of assets at the time of the transaction. Currently, the majority of digital asset platform companies randomly distribute assets to multiple digital asset exchanges for trading purposes. In fact, this kind of approach affects the balance sheet and can lead to regulatory compliance violations. The BASIC platform is capable of reducing market and slipper risks, whilst keeping business efficiency at the highest level, by trading with trading partners within the BitGo’s system. This, in turn, will enable you to maintain stable transactions in a quite liquid market.
▶ Legal and Regulatory Compliance Risk
Basic implements strict and thorough anti-money laundering and anti-terrorism-financing preventive measures at the level of traditional financial institutions in accordance with the Financial Action Task Force (FATF) recommendations and guidelines. This practice allows to thoroughly verify the identity of the client and to establish anti-money laundering preventive measures, which are both de facto essential factors to ensure the safety and legitimacy of the digital assets handling. To mitigate and identify in advance the risks associated with the compliance or regulation, BASIC’s legal team is staying up-to-date with the legal and regulatory compliances over the crypto assets.

Keep Updated with BASIC Platform!

Thank you for reading. If you would like to keep updated with BASIC’s activities, please follow our social media channels below.
submitted by anitamalone to thebasicfinance [link] [comments]

Question regarding fees. Also need someone to review my recent trade decisions

1. Fees affecting my decisions
If my target is 1.5%/1% P/L. Should I keep my position in most cases untill one or the other happens? I had many opportunities to sell on 0.3-0.5% profit but I'm trading crypto and maker fees would put me on breakeven slight loss or profit that doesn't really justify the risk taken or even if I want to take what i'm given I still wait for the confirmation candle and by the time it closes my profit potential is gone. Feels like i'm missing out on many opportunities to make a number of small trades while waiting for larger increase. So I keep the position and couple times already that resulted in stop loss. That I know I could avoid
I also wonder are fees just as brutal on forex market? On kraken maker pays 0.016% + 0.002% for margin call. I don't trade with much, only $600 i don't expect to make money, best I hope for is to break even but those crypto trading fees really make it confusing to see If I'm making any progress at all
2. Review of my trades
I'm completely new to this my plan is to document my trades and ask people what i could do better.
overall look at a chart: https://i.imgur.com/bOe0tzZ.png
closer look: https://i.imgur.com/MCjLLy7.png
  1. With my first trade (very left of the chart) I went against the trend which at the time seemed like a good idea. But I was trying to predict breakup based on macd and a gut feeling telling me that ETH is oversold. So in the end I decided to sell as soon as price allowed me to cover the fees. Unfortunely breakup eventually did happen. I'm not sure what my risk there was honestly. On average I'm guessing it was a correct idea to sell rather than hope especially when chart keeps on going down with no sign of stopping
  2. Next trade is a short. This time I decided to draw trend lines based on 3 min chart. (Did I draw trend lines correctly?) Again this might have been a bad idea but it at the time i felt like galaxy brain move. I saw resistance later I honestly wanted to sell at that time. I would make like 0.40% but I had fees on my mind and decided to wait. This time stop loss at 1% was triggered. :(
  3. https://i.imgur.com/kmNWSlP.png With that trade I admit I was a little bit tiled I knew i could avoid my previous loss. I drew new upper trend line based on 15 min chart (again, did I draw it correctly?) and decided to short again. One youtuber I watch says that every reaction is an overeaction so my guess was that it's unlikely for price to hit new high. At the moment of writng this this position is at +0.53% P/L. I feel like I should keep this position I plan to sell it once price is near bottom line. Because I've read that once chart breaks through the resistance line, that line is most likely to become a new support
submitted by ItsMango to Daytrading [link] [comments]

Whalepool - Bitcoin Volume Validator

Whalepool has created and released an open-source tool for analysing volume on exchanges and to sniff out fake volume. See:
From the GitHub repository:
Theory
Every trade execution by law of Central Limit Order Book logic has both a "maker" and a "taker" side from orders created.
Every "maker" order has an event pushed to the "OrderBook" websocket stream.
The API documentation in all cases of exchanges used indicates real-time pushing of updated data (we did not use streams where there was indication of 1000ms or so delays).
So the methodology used throughout is to programmatically watch: - The order book best bid/offer - The raw trade feed
Then look for trades which occur inbetween the bid/ask.
This would indicate a trade took place which no one else was able to execute because the trade never appeared on the order book for anyone to be able to see, to then take.
It is known that some exchanges are just not good at reporting the orderbook data and trade data in synch, or they do not provide detailed enough information of event timestamp/id to be able to resolve suspicious data.
The scripts here compute both Fake Trades Count vs Legit Trades Count, as well as Fake Volume vs. Legit Volume.
Feel free to request an exchange you use to be analysed using our methodology and we'll be happy to post it along with results.
Some results (also from the GitHub repository):
Exchange Volume executed between the spread (_o_) ? Notes
Binance 30% Approx 30% of volume executes between the spread
Coinbase 2-3% Approx 2-3% of volume executes between the spread
Bitstamp <1% Tested over a 12h period
FTX <1% within margin of error for latency issues
Kraken 0% PERFECT - Tested and no fake volume identified
Bitfinex - Exchange has hidden orders so test is non applicable
"Bilaxy" YES Totally fake. See video
submitted by dnivi3 to BitcoinMarkets [link] [comments]

Things I learned with my failed legendary location rush attempt

It's not always success and glory, like it was in previous peasant militia run.
I went with poachers JHUZTYVSZW seed, triple determined. I found another triple determined through seed mining, but map was nowhere near as good. Poachers are good because you already start with 3 good archers, and those are the hardest things to recruit. Also scouting camp composition ability is great, and a little bit of move speed helps. I went for 6 archers, 5 melee, 1 shieldbro. No bannerbro. Very similar to my peasant militia setup. I know seed extremely well this was my second run on that seed, I know where the camp locations are in the beginning, I know generally quite well where the zones are for them to spawn etc.
Grind is overall great, progression speed is all right. I can take almost any fight really early, so I don’t have to skip camps that i find. Limited loot carry capacity hurts. You can recruit extra trash just to carry stuff in their inventory, but it lowers your speed on the map. Anyway builds you find below are great at normal fights, they let me down in monolith. I don’t know if it’s lack of resolve bro, or bad rng rolls, but even around 50 resolve wasn’t enough to just hang there. I don’t think it’s feasible to have resolve potions in those timings I go for, neither crafted armor resolve attachments are feasible. So for the next run I’ll try to solve the resolve issues with my builds..Yeah nimble i'm looking at you... nimble is amazing everywhere but monolith :(. I left kraken for last because I know it’s a nightmare to do with 12 bros, where 6 are low. matack archers, and 1 is low m.attack shieldbro. But I think I’ve figured out how to do kraken in good time very very safely even on water, so stay tuned for my next run :).
Anyway everything I said in previous guides stands true. Here is a little journal on my progression that I wrote along, here are the builds and some comments. You can see the strategy I use in the vids (i wanted to add commentary, i finished run almost two weeks ago, but i didn't find time). My mistake is focusing on doing well in normal fights, but legendary fights are the problem. So in my next run I’ll downgrade my general combat capabilities in favor of legendary fights. I want to do it all under 60 days. I went veteran economy and medium funds, but I guess that’s for pussies, I’m gonna upgrade it to the max next time around.

ShieldBruh

I utilize footwork on my all frontliners for abusing AI in endless kiting.
Here is the build
Max m.def, stamina. Some resolve and hp. Sadly no end pic, cause ehm reasons :). But you can see progression in videos.

Frontline

Will look wierd to most. It performs as expected. Gonna switch few thing around for better monolith next time.
Here is the build
Max mdef, m.attack, some stamina, hp, sprinkle of resolve.
Footwork for endless kiting. Polearm for swinging for 5 and stamina economy. Swinging for 5 increases dps, you can move two tiles and swing. Once and swing twice with berserk. Swing 2h, move, and swing polearm. Again might look weird, but watch some fights how it performs.

Archer

Basically unchanged, it's just amazing, grows in power every level. Will carry all standard fights.
Here is the build
Some took colossus some took recover, depends on hp rolls. I don't think i'll make any changes here for my next run. Maybe swap 1 perk.
On lvl up, r. attack, m. attack if roll is good, and hp/stamina. I had good archers, which makes polearm attacks unnecessary, throwing stuff is better. But relying on throwing weapons for dps is problematic because of ammunition. We're on the clock so i still use melee often, i don't have luxury of returning to the towns often.

Vids

I tried to record interesting fights, and record cca every 10 days, so progression of lvls and equipment would be seen.
Playlist: https://www.youtube.com/playlist?list=PLcfAhYWhbk8H4YU3il7lX3tHS1-DfD5aa
Interesting ones are: day 7 undead camp with ud hero, chosen ones where they get easier with levels, but doable early first on day 23 , goblin city when they start routing after 5 turns, also on green terrain.

Here are notes as i played the run:

Day 1: Rush town with hunter's cabin. Restart until you get at least 1 good ranged bro. I got me one hunter on the second try. No contracts until some frontline is hired, and then only contract for thugs.
Day 2: Rushing golden goose to the south. Got some frontline but only beast and fetch contracts on the way. Got ambition to get us to 12 men.
Day 3: Got to the city, no ambushed trade routes :(, sold everything 4.1 gold. Accept a contract then fill up frontline with trash !. Another decent hunter, weak caravan hand, that hopefully survives to lvl 6 for an event and some other meat to the front. Ambition complete, and finally first battle.
Day 4: 6 batles. 3 dead, 1 downed 2 times. Only 1 contract. Run out of ammo, made it to the harbor city. Sold stuff around 4.2k before recruiting. Contemplaiting camping for a while to fullfill 2k gold ambition, yeah probably right call.
Day 5: Don't fight wolfriders early on. "It's just 4 of them, i'll be carefull".. One dead and a lot of hp + tools in the drain, also injuries. Wasn't worse by sheer luck.
Day 6: Got a whip. Leaders and gheists are on the menu boys!. Gonna go swing by kraken location to pick up the quest.
Day 11: I want to farm barb throwing weapons. To farm them i need lvls and better bows. Sometimes those barb camps come with chosens, to fight those i need barb throwing weapons. Why do i need to farm barb throwing weapons? To farm orcs ofc. Why orcs? Cause they usually have plenty of big camps with warlords called sea of tents, that give a lot of xp and loot.
Day 11: So after i recorded a fight with necro and zombies, i had another, samish one. Except few more zombies. Anyway one of my frontliners went fleeing because "oouueee" sounds or smth.. i guess. That lead to a bit of collapse because i don't have underdog yet. Two bros died, one of them caravan hand that was almost 6 lvl. And then he came from the dead with that shitty undead grin on his face just to taunt me... Bastard. He was there for all 24 battles RIP.
Day 12: Got myself decent hedge knight with sure footing. Rolled an ambition, i have to visit every town (or get friendly with one which is even worse time wise), so that's a little time waster. I need ambitions to raise renown, to get the noble contract ambition. Not for noble contracts, but to start rolling for undead/goblin ambitions which are crucial to the run and you can't get those until you have noble contracts.
Day 13: Another one bites the dust. Running 11 men, one of witch could be ok but has dastard trait, so far i have no brave bros. Who am i kidding he's gonna die before i get rid of dastard anyway found named 330/28 armor guarded by 15 thralls, ezy.
Day 15: Trying to progress visiting all cities ambition while farming goblins in the south. Hit a rough patch some deaths, low hp, low resources, injuries. Missing good % hits. At least i got spiked impaler csbow it rarely drops, because you kill overseers in melee, it's a slight upgrade from a shortbow dps :). I spent everything on recruits, except 3 whips i bought, following logic that i can sort of win with what i have. And frontliners.. i want foowork, i want underdog, i want nimble, but which is more valuable, in what order do i get them? I guess underdog is least important, i tend to get surrounded by lesser dangers, and if i do it's almost exclusively just +5 to hit.
Day 16: I keep getting marginally better archers. I fire one and hire another, he gets to like level 4. Then i hire even better one, 3 star hunter this time. I keep getting a lot of thiefs which is lucky, even 10-12 base m.def but no stars, i still don't have essential shieldbro for monolith.
Day 18: Interesting 4necrosavants + auxilury fight, i didn't even lose a dog here, and got two named shields in the loot. I previously played this seed and this must be randomly generated raid location. One shield is even better than the kraken crafted one in terms of m. def.
Day 19: Sold full stack of loot 17k worth. I increase my capacity to carry by having some cheap guys in reserve to carry more loot. Anyway i spent it all on recruits, there is no other way around it, you buy almost all of them, so they can refresh. The plan is to spend some time in the north fighting and trying to buy me some good shieldbro from the 2citadels and a keep up north. Well i lied i also bought 1 war bow, more like a guilty pleasure than necessity. Ambition to visit cities is done.
Day 22: Another selling loot recruiting session finished, no suitable bros. Have an ambition for a sargent perk guy, usually i have one trashy bro ready with perk point just for that. But i don't have him this time. I recruited lvl 3 retired soldier and gave him sparring session in training hall, hopefully he'll be lvl 4 soon. Other option was to use my archer emergency replacement who needs like 100xp to next level, and waste him by putting rally troops perk on him. Archers may die to some shitty rng so i decided to play it safe and keep him. Another trip to the port north, to get south to farm and recruit some more, if i don't have a shield bro by day 30, i guess it's gg.
Day 25: First post noble contracts ambition roll. No undead, goblin, or orc one in the pool. Took the cart one. I took bags and belts on my archer on lvl 6 just so i can carry more loot, so i get more money, so i can gamble it away recruiting. And all i want at this point, is the same thing i wanted from the beginning one bro with base m.def around 10+ with three stars. And hopefully enough stamina to wear armor and spam indom adrenaline recovery.
Day 26: We got an adequate shield bro. Base m.def 7, 3 stars militia guy. He's not good, but he'll do. The thing is i've been recruiting all game long, and basically almost any background can be good shield bro. There are 3 traits, tiny, paranoid, footwork, that each give +5 m. def. So any of those two and you have 10 base, everything in excess of it is just a bonus. And you need 3 stars. One last requirement is to have enough stamina. You don't need stars you just need not to be gimped, like retired soldier, or swordmaster that gets old trait to further diminish him.
Day 28: Risky fight with necrosavants, cost me couple of dogs for expensive loot. Made a mistake at the end, almost lost an archer. I guess that's why i put so much hp on my archers. Cause i suck. But otherwise unelss disaster happens, it's on a good track. I will no longer spent money on recruits, so my equipment will go up, making it all even safer. Need bows, need more barb throwing weapons. Need good body armor x 12 for kraken. X6 for goblin city. Need more weapons, especially polearms. Grind grind grind, but alteast no more rng frustration at recruitment part of the run.
Day 37: A lot of farming mobs, no undead ambition, got the goblin one. In the process of finding goblins i was attacked by 4 lindwurms and goblin camp got in the battle also. That was a weird one. Didn't get lindwurm blood for the acid flask on kraken, i doubt i'll encounter any more lindwurms, finding one stack is rare enough.
Day 38: Sold a lot of stuff got 32k gold. But no tools and ammo in the south, and i still need to find 1 goblin camp for ambition. Bad RNG, usually there are plenty of them in the south on this seed. This is just going to cost me like +3 days in total.
Day 39: One bro got a drunken trait by an event. I guess i'll have to keep spare equipment just for him now. Finished goblin ambition. Now i have orc ambition.
Day 42: Made it to northern keeps again. Spent a lot of doe. And ironically there is Fletcher in one keep. 3 Hvy csbows no war bows, he always had those, and when i got the cash, he doesn't. This game...
Day 47: Finally undead ambition. Also after visiting orc peninsula, around half way i was out of ammunition, so i fought like 7 battles without using a single arrow, including sea of tents.
Day 49: Undead ambition almost done!. Time to start tying up loose ends. Iljork barb - > Iljork -> Witch hut. Than map wise it would be goblin city -> Kraken -> Mill -> Monolith.
Day 55: Made it to the g. city. They routed after 5 turns. It's always sad that there no better loot in the g city.
Day 60: Well it's a good time, resolve failed me. I feel like farming orc camps slows me down, a lot of swamp, i wonder if it's even worth it. And i need better builds next time.
submitted by MrDadyPants to BattleBrothers [link] [comments]

Not Understanding How to Short On Kraken

hello all,
i am having a heck of a time trying to understand how shorting works on Kraken.
please do not comment on your opinion about kraken, the exchange. i am personally only interested in the mechanics of how it works.
my question does not imply i will be using or margin trading at all.
i only want to understand in exact detail the process as kraken is the ONLY exchange i am aware of that even allows this process.
can anyone help me understand what is going on and how to actually trade a short position?
i saw their video that does more to confuse than clarify.
https://www.youtube.com/watch?v=BeKbltL3kCw
lets start with an example.
if i have in my kraken account $1,000 USD. let's say bitcoin is at $10,000 USD.
i expect it to go to $9,000 USD.
if i understand correctly, if i want to short it, then i need to borrow the bitcoin and sell it at $10,000, and then buy it back if it hits my lower target.
but here is where i start to get very confused.
lets say i have no bitcoin and only usd in my account. so to short, i place a sell order for .1 bitcoin ($1,000 USD) at 2x leverage
what does this actually mean?
i understand that i will be borrowing the full .1 bitcoin to be able to sell it, but what does the leverage imply at that moment?
and how do i close the position?
i would have to buy back the bitcoin, but do i have to buy back at the same 2x leverage level?
what happens and how does that affect my example if i choose a different leverage amount?
i am hoping someone can break down my example with how everything affects the numbers at specific moments during the trade.
this is all so very confusing and much more so than i think it needs to be.
really hoping someone can help me clarify whats actually going on.
i appreciate it.
submitted by tokyomonger to Bitcoin [link] [comments]

Subreddit Stats: Buttcoin top posts from 2014-02-28 to 2019-01-15 01:31 PDT

Period: 1781.72 days
Submissions Comments
Total 1000 66504
Rate (per day) 0.56 37.31
Unique Redditors 546 7216
Combined Score 190256 613696

Top Submitters' Top Submissions

  1. 4165 points, 23 submissions: Tomatoshi
    1. Cryptocurrency Euthanasia Coaster (489 points, 127 comments)
    2. Mark Karpeles states Bitcoin has failed and is useless. (273 points, 95 comments)
    3. Vergin comedy gold leaks ahead of announcement (241 points, 159 comments)
    4. Incredibly "organic" pump minutes before Tether prints $300 million (237 points, 82 comments)
    5. In today's Creepto News : McAfee's Underground King of ICO analysts apparently a pedo (230 points, 99 comments)
    6. Dying Butter attempts to dox imaginary assassin. Gives him an imaginary name and non-existent address. (215 points, 70 comments)
    7. Back under 8K. Shall I get rid of my fiat? (210 points, 86 comments)
    8. President Maduro's computer hacked. Exit scam image discovered. (205 points, 12 comments)
    9. Come all ye faithful and get rekt margin trading (185 points, 59 comments)
    10. Lightning Network upgraded - super efficient diagram of super efficient payment channels running on top of super efficient blockchain (183 points, 73 comments)
  2. 2691 points, 10 submissions: Orbalisks
    1. Debating Bitcoin (747 points, 114 comments)
    2. 1 Bitcoin transaction uses over four times as much energy as 100,000 VISA transactions (492 points, 150 comments)
    3. Remember that model that the Bitcoin crowd constantly mocked? Turns out it was pretty much spot on... (346 points, 90 comments)
    4. MRW I see butters describing how they lost 40% on Verge so they went all in on Tron but lost another 30% so they went back to Bitcoin but are down 25% (216 points, 38 comments)
    5. The Parable of the Bagholder (201 points, 14 comments)
    6. Then they came for me (161 points, 18 comments)
    7. First. Global. Currency. (148 points, 55 comments)
    8. Verge creator desperately (and unsuccessfully) trying to cash out into USD on Coinbase; notes that "taxes are due"--an observation that conspicuously coincides with Verge's enigmatic crowdfunding campaign (143 points, 34 comments)
    9. Butter shares comical chart suggesting that Bitcoin is destined for 100% adoption, despite the fact that the chart both misrepresents how long Bitcoin has been around for and already shows that it is not being adopted as quickly as other technologies (120 points, 76 comments)
    10. First you pump, then you dump (117 points, 25 comments)
  3. 2556 points, 15 submissions: dgerard
    1. The OKEx margin trading disaster — how crypto margin trading goes wrong, and how the eye-watering margin leverage on crypto exchanges works in practice (306 points, 212 comments)
    2. "Attack of the 50 Foot Blockchain" is OUT NOW! (284 points, 98 comments)
    3. Reuters on OTC markets: "Less romantically, traders sometimes say 'butt' to mean bitcoin." we did it lads, be proud (268 points, 17 comments)
    4. How does Brave's "Basic Attention Token" work? By blatant fraud, of course! Twitter thread from one creator whose name and photo Brave is misusing (192 points, 173 comments)
    5. bullish on USD. it is clear USD is increasingly popular with past hodlers of the deprecated bit-Coin. USD has gone up hugely in just the past day against the b.t.C!! in the future it is posible with enough imagination that the US economy could run on USD ! in conclusion you should get into currency (186 points, 26 comments)
    6. Twitter thread of Bitcoin price predictions (164 points, 30 comments)
    7. "Kodak board members conveniently grant themselves shares the day before the announcement, a stock promoter with a checkered past is engaged for PR, and a group of German copyright trolls reinvent themselves as blockchain-enabled image platform managers." A scathing hedge-fund report on KodakCoin. (157 points, 44 comments)
    8. MERL Tech: Blockchain for International Development. "We documented 43 blockchain use-cases ... no documentation or evidence of the results blockchain was purported to have achieved in these claims ... Not one was willing to share data on program results." (143 points, 44 comments)
    9. Bitcoin’s stupendous power waste is green, apparently — bad excuses for Proof-of-Work [by me] (133 points, 112 comments)
    10. Bitcoin continues to be awesome for renewable energy! - "Bitcoin backlash as ‘miners’ suck up electricity, stress power grids in Central Washington" (130 points, 39 comments)
  4. 2541 points, 10 submissions: borderpatrol
    1. Buttcoin Foundation ROCKED as founder exposed to be PAID SHILL for Butterfly Labs (1269 points, 553 comments)
    2. Stop with the political and racist garbage (177 points, 119 comments)
    3. To the person who reports every single chart posted in this sub as "not a fucking log chart" (167 points, 40 comments)
    4. WE DID IT REDDIT! (166 points, 55 comments)
    5. Someone finally said "Buttcoin". And it's William Shatner (156 points, 39 comments)
    6. My new Bitcoin commercial idea. (140 points, 21 comments)
    7. Let's welcome /Buttcoin's newest honorary member of the mod/shill team, Peter Todd! (125 points, 54 comments)
    8. Satoshi Nakamoto is an anagram of "So a man took a shit." (118 points, 16 comments)
    9. Guess which convicted felon just fucked over another Bitcoin business? (112 points, 31 comments)
    10. You guys are the best (111 points, 81 comments)
  5. 2509 points, 12 submissions: JihanButt
    1. Hot (404 points, 19 comments)
    2. Made me check (and kek) (398 points, 49 comments)
    3. Mass adoption is here (257 points, 60 comments)
    4. New record for the fastest exit scam in human history (245 points, 23 comments)
    5. Meanwhile on 4chan bizbutt (210 points, 88 comments)
    6. TIL: Binance can exit scam at any given time and no one would be able to locate CZ or the Binance offices. Not even MtGOX was this shady. (200 points, 65 comments)
    7. Quality (172 points, 53 comments)
    8. Normies are shorting (137 points, 44 comments)
    9. CEO (lol) of shitcoin Titanium BUTT, high on cocaine during AMA (136 points, 16 comments)
    10. It begins... The biggest transfer of comedy gold in human history (122 points, 17 comments)
  6. 2470 points, 12 submissions: unitedstatian
    1. I can't tell why but this ICO doesn't look trustworthy to me (369 points, 47 comments)
    2. Cryptocurrency (332 points, 26 comments)
    3. Has crypto become a giant joke? (311 points, 60 comments)
    4. A Buttcoiner going shopping (248 points, 37 comments)
    5. There is only a 1% chance of successfully routing a $67 payment on the lightning network (229 points, 71 comments)
    6. Comedy gold over at bitcoin (179 points, 54 comments)
    7. The Four Commandments (148 points, 65 comments)
    8. Behold LN in it's full glory as two users fail to send a meager 100 Sats through a high liquidity hub (Bitrefill) due to poor route computation. (146 points, 76 comments)
    9. Jimmy Song giving advice on how to use Bitcoin as a method of payment lol! (143 points, 57 comments)
    10. This is my new favorite ICO. (130 points, 94 comments)
  7. 2037 points, 11 submissions: dyzo-blue
    1. Butter informs his tribe that he has decided to leave. Tribe kindly wishes him good luck and a happy new year. (510 points, 81 comments)
    2. STORE OF VALUE. (184 points, 32 comments)
    3. TIL: Apparently butters are mostly models who have meet-ups on boats. (167 points, 43 comments)
    4. Bitcoiner asked me if I was in the "crypto game" (165 points, 140 comments)
    5. Bitcoin’s energy consumption is growing at 20% per month and is effectively erasing decades of progress on renewable energy (160 points, 93 comments)
    6. Steve Bannon is creating a cryptocurrency to fund global fascist movements (155 points, 175 comments)
    7. Firesale! Firesale! All I see are CHEAP COINZ. (154 points, 130 comments)
    8. The electricity required for a single Bitcoin trade could power a house for a whole month (147 points, 81 comments)
    9. Who sees this pop-up and thinks, "Hmm, seems legit"? (146 points, 40 comments)
    10. From California's Governor Primary Ballot (126 points, 28 comments)
  8. 2035 points, 13 submissions: 18_points
    1. BitGrail insolvency due to people editing client-side javascript and withdrawing free NANO! (279 points, 115 comments)
    2. Butter rushes to exchange his iMac for a MacBook hours before return policy expires, doesn't copy his wallet seed. $170K SFYL, mass adoption imminent. (205 points, 102 comments)
    3. LA Times: The only currency worse than bitcoin is Venezuela’s (176 points, 78 comments)
    4. Butter makes $1.2mm, quits his job, proceeds to lose 80% (175 points, 76 comments)
    5. Bitcoin.com openly admits Tethers are backed by nothing (158 points, 99 comments)
    6. Tether CFO: "Tether may no longer continue to use the US dollar anchor in the future." (152 points, 80 comments)
    7. Aaaand it's gone.... Stablecoin basis closes shup after raising $133 million (151 points, 61 comments)
    8. Guy travels abroad paying with bitcoin. Just kidding, he couldn't pay with bitcoin - best he could do after 2 days trying was trade bitcoin for cash 20% below spot. (138 points, 62 comments)
    9. Because this chart never gets old ... (126 points, 46 comments)
    10. Tether crashing on Kraken, down to $0.98 (125 points, 69 comments)
  9. 1985 points, 6 submissions: cool_playa
    1. a shitcoin startup called Prodeum just exitscammed with millions of investor dollars and left them the following message on their site (1111 points, 170 comments)
    2. Cryptocurrencies: Last Week Tonight with John Oliver (HBO) (256 points, 72 comments)
    3. Charlie Lee gets put in his place (185 points, 29 comments)
    4. Vitalik rethinks his stance as a Libertarian due to the current cryptocurrency ecosystem. Regulations are actually good he says. LMAO. (180 points, 86 comments)
    5. Twitter CEO says Bitcoin is the future / Twitter bans cryptocurrencies from advertising on their platform. (129 points, 11 comments)
    6. Bubble, Bubble, Fraud and Trouble - New York Times article (124 points, 81 comments)
  10. 1916 points, 10 submissions: Cthulhooo
    1. Ladies and Gentlemen I have an innovative idea that will change the landscape of cryptospace forever. I present you the infinite reverse Ponzi scheme. (355 points, 237 comments)
    2. ETH is now officially a 2 digit shitcoin! (258 points, 110 comments)
    3. So this is how blood in the streets looks like... (215 points, 91 comments)
    4. Missed us? (211 points, 44 comments)
    5. The new paradigm (of spam) has arrived. (171 points, 45 comments)
    6. Attention all personnel. (168 points, 62 comments)
    7. Not only bloomberg or CNBC. Even national media all over the world are screaming about tether manipulation. This is good for buttcoin. (168 points, 42 comments)
    8. The biggest bagholders on the planet are actually institutions. Bought bitcoin for $40k (142 points, 44 comments)
    9. Millions of dollars stuck forever in a buttchain thanks to an international community effort to establish the largest comedy gold black hole up to date. (116 points, 28 comments)
    10. Smart ponzi FOMO3D round 1 ends way too early with a creative twist (112 points, 98 comments)

Top Commenters

  1. SnapshillBot (15642 points, 683 comments)
  2. Cthulhooo (11080 points, 1057 comments)
  3. Tomatoshi (10485 points, 577 comments)
  4. newprofile15 (7365 points, 477 comments)
  5. jstolfi (7325 points, 766 comments)
  6. JeanneDOrc (6318 points, 827 comments)
  7. friosc (5326 points, 244 comments)
  8. Woolbrick (5088 points, 318 comments)
  9. Crypto_To_The_Core (4838 points, 678 comments)
  10. HopeFox (4673 points, 331 comments)

Top Submissions

  1. I'm having an orgasm watching the prices dropping - upvote if you're a sick a degenerate like me by deleted (1456 points, 340 comments)
  2. Buttcoin Foundation ROCKED as founder exposed to be PAID SHILL for Butterfly Labs by borderpatrol (1269 points, 553 comments)
  3. a shitcoin startup called Prodeum just exitscammed with millions of investor dollars and left them the following message on their site by cool_playa (1111 points, 170 comments)
  4. And the returns have already begun. One person and a known reseller we get regularly. by cloud3514 (907 points, 278 comments)
  5. c o m p u t e r s c i e n c e by brokenAmmonite (856 points, 125 comments)
  6. U.S. Launches Criminal Probe into Bitcoin Price Manipulation by BitcoinTrolling101 (761 points, 218 comments)
  7. Debating Bitcoin by Orbalisks (747 points, 114 comments)
  8. TIL bitcoin is called the currency of the future because all currency transactions are confirmed in the distant future. by Thief_1 (720 points, 37 comments)
  9. M A T H E M A T I C A L L Y I M P O S S I B LE by NORATHEDESTROYER (693 points, 86 comments)
  10. This is the best take of crypto-currency that I've ever seen. by deleted (689 points, 137 comments)

Top Comments

  1. 1874 points: AlbertRammstein's comment in The OKEx margin trading disaster — how crypto margin trading goes wrong, and how the eye-watering margin leverage on crypto exchanges works in practice
  2. 1263 points: Mike_Prowe's comment in Buttcoin Foundation ROCKED as founder exposed to be PAID SHILL for Butterfly Labs
  3. 820 points: Slayer706's comment in Buttcoin Foundation ROCKED as founder exposed to be PAID SHILL for Butterfly Labs
  4. 577 points: deleted's comment in The OKEx margin trading disaster — how crypto margin trading goes wrong, and how the eye-watering margin leverage on crypto exchanges works in practice
  5. 571 points: cloud3514's comment in And the returns have already begun. One person and a known reseller we get regularly.
  6. 496 points: SnapshillBot's comment in a shitcoin startup called Prodeum just exitscammed with millions of investor dollars and left them the following message on their site
  7. 382 points: vytah's comment in Holy Satoshi! Butter pays 85Btc transaction fees for a 16Btc transaction. Is this the largest fee ever paid?
  8. 380 points: Tomatoshi's comment in It's already happening. GPU market is about to get really hot.
  9. 361 points: ShiteFlaps's comment in Why are you guys such salty fks?
  10. 331 points: -charlie-kelly-'s comment in a shitcoin startup called Prodeum just exitscammed with millions of investor dollars and left them the following message on their site
Generated with BBoe's Subreddit Stats (Donate)
submitted by subreddit_stats to subreddit_stats [link] [comments]

Help me understand leverage, liquidation and collateral in Kraken!

Hi, I’d like to start doing leverage trading on kraken but I have a few doubts I haven’t been able to clarify reading the support articles and looking at tutorials on Youtube.
For comparison purposes, when you open a leverage position on Bitmex, the cost of the position is stated very clearly, and so is the liquidation price. If the liquidation price is hit, then your position is closed and you only lose the cost of the position, without putting at risk the rest of your account balance.
On kraken, I find the interface gives less information than Bitmex, so here are my doubts:




Since Kraken is my native exchange and I trust them, I’d like to do leverage trading there (and not in Bitmex at the moment), but not before fully understanding the mechanics behind it, and particularly the liquidation part.
Thanks for your help!
submitted by BatmanLovesCrypto to KrakenSupport [link] [comments]

Decentralized exchange DEEX-registration

Decentralized exchange DEEX-registration
Hello guys! Decentralized exchanges are becoming more and more popular, and no wonder: users are tired of being deceived by managed exchanges when creators "dissolve in the air" along with their users ' money.
Decentralized exchanges, such as DEEX EXCHANGE - it is the most secure, convenient, reliable! https://www.deex.exchange/

https://preview.redd.it/a587ib6jopz11.jpg?width=1263&format=pjpg&auto=webp&s=5a1fd85121bba904f2a62843487115cbba2c8deb
The exchange is available in 3 languages: Russian, English and Turkish. Next to the button for language selection there are two more buttons: login and registration. Since we do not have an account on this exchange, feel free to click "Register"
We offer 3 options for registration:
  1. The Model Of "The Cloud"
  2. Model "Wallet"
  3. Model " 2FA"
Believe me, the best option Model "2FA". The system generates a 6-digit code that changes every 30 seconds. This works even when the Internet is off on your phone. This wonderful app is available for Android and Mac OS phones.
Centralized Exchanges provide high margin and volatility of cryptocurrencies and tokens courses. They are easy to use, have easy access and provide advanced trading functions, such as margin trading, stop-loss, lending and others. As examples of centralized crypto exchanges we can name the well-known sites, such as Poloniex, Kraken, Bittrex, BitFinex, BitStamp, BTC-E. Decentralized Exchanges is a fairly new phenomenon in the cryptocurrency world, most fully revealing the ideology of decentralized blockchain where all participants have an equal rights and opportunity to take part in the management of the Exchange's activities and to perform any operations of cryptocurrencies exchanging among themselves, holding money in a personal wallet but not in a third party’s wallets (as it realized in centralized Exchanges). Their very important advantage is the highest degree of data confidentiality. Decentralized exchanges are BitShares, OpenLedger, RuDEX.
Official links:
Website
Telegram
Reddit
Youtube
____________________
The article is written by artur2403
submitted by artkld39 to u/artkld39 [link] [comments]

DEEX Exchange - This is my choise!

DEEX Exchange - This is my choise!
Decentralized exchange.
It does not have a single decision-making center on all issues, provides all participants with equal conditions and a platform where they can make trading operations directly to each other.
Centralized exchanges provide high margins and the volatility of crypto-currencies and tokens. They are easy to use,have easy access and provide advanced trading features such as margin trading, stop loss, lending and others. As examples centralized cryptocurrency exchanges can lead to well-known platforms such as Poloniex, Kraken, Bittrex, BitFinex, BitStamp, BTC-e.
Decentralized exchanges are a fairly new phenomenon in the crypto-currency world, which most fully disclose the ideology of decentralized blockchain, where all participants have equal rights and the opportunity to participate in the management of the exchange's activities and perform any cryptocurrency exchange operations between themselves, saving funds in a personal wallet, and not in a third-party wallet (the practice of centralized exchanges). A very important advantage is the highest degree of data confidentiality.
Decentralized exchanges are BitShares, OpenLedger, RuDE

https://preview.redd.it/tp2ygbeilo021.png?width=650&format=png&auto=webp&s=5b3783902171ca90baea420b776d222720b73c14
Functionality and benefits the exchange DEEX
  • Two-factor authentication of your account.
  • Individual P2P messenger with the possibilities of secure messages.
  • Own development of the ICO platform. The experts of the DEEX team together with the DES service will choose only the most promising ICO projects.
  • DEEX cryptocurrency Fund. FUND, i.e. decentralized and completely transparent crypto Fund based on smart contracts
  • Cryptocurrency debit cards with the ability to pay for goods and services in different outlets.
  • DEEX system's own crypto-machines are an individual network with a link to the platform and the ability to easily buy crypto-currency for ordinary Fiat money.
  • Ability to recover your accounts in case of loss of password.
  • Very high liquidity, which is provided by a large number of trading pairs for transactions.
  • Operational and constant technical support.
  • Easy Deposit and withdrawal of Fiat funds.
  • Development of own hardware crypto-wallet for reliable storage of digital coins.
  • Availability of a mobile application for trading from mobile devices.
  • The progressive establishment of a trading robot for automatic trading.
  • A convenient API, i.e. a mechanism for integrating third-party applications with the DEEX system.
Conclusion
Deex exchange has the task of making its stock exchanges that will become competitors of all centralized exchanges. Deex has a very strong team that develops projects, the tokens are already listed on other exchanges. I think the tokens will rise in price, it's just waiting for the finished product, I am confident in the success of Deex and I would recommend to have a token Deex in its investment portfolio.
Official links:
Website
Telegram
Reddit
Youtube
____________________
The article is written by artur2403
submitted by artkld39 to u/artkld39 [link] [comments]

Deex Exchange - Trading platform of a new generation

Deex Exchange - Trading platform of a new generation
About Deex
The main goal is to make the Exchange’s functional comfortable for solving trader’s current tasks at the first stage and at subsequent stages to implement the following functional:
  • A platform for safe ICO conduct in conjunction with the decentralized escrow toolkit from descrow.org. DEEX will be used as a platform for prospective project’s ICO, our specialists will carry out full project analysis, help them to receive funding from a permanent pool of private investors and further conduct pre-sale and large-scale ICO. DEEX tokens investors will receive a share of revenues from all ICOs;
  • A platform for creating a decentralized transparent blockchain system for cryptofund managed by DEEX professional traders and issuing an appropriate stock token with automatic placement on both all DEX-Exchanges and leading centralized cryptocurrency Exchanges;
  • Cryptocurrency debit cards linked to users' wallets on DEEX and integration into fiat gateways, allowing to convert cryptocurrency into fiat when paid by card in outlets;
  • API for the integration of third-party applications and services with the DEEX platform;
  • Creation of the own agent network of crypto ATMs for the purchase and sale of cryptocurrency for fiat money with the ability to work with bank cards.
https://preview.redd.it/t67o37biyxx11.jpg?width=893&format=pjpg&auto=webp&s=462bd19062d55d7bb2ba67d95cb30bf9d932c84b
Deex provides individuals a reliable and convenient platform to quickly trade, buy or sell cryptocurrencies with help of the most popular payment methods for the fiat currencies available in the country of his/her residence. Initially more than 10 cryptocurrencies will be available for the exchange including Bitcoin and Ethereum and many other altcoins.
Cryptocurrency exchanges description.
At the present moment there are two types of exchange platforms – centralized and decentralized.
The main differences between them are the following:
Centralized Exchange. All the main decisions are made by one governing body (center) and all participants depend on these decisions and almost never can affect them. Participants must keep their funds in the Exchange’s wallets.
Decentralized Exchange. It does not have a single decision-making center by all issues. It provides all participants with equal conditions and provide a platform where they can trade directly with each other. Centralized Exchanges provide high margin and volatility of cryptocurrencies and tokens courses. They are easy to use, have easy access and provide advanced trading functions, such as margin trading, stop-loss, lending and others. As examples of centralized crypto exchanges we can name the well-known sites, such as Poloniex, Kraken, Bittrex, BitFinex, BitStamp, BTC-E.
Decentralized Exchanges is a fairly new phenomenon in the cryptocurrency world, most fully revealing the ideology of decentralized blockchain where all participants have an equal rights and opportunity to take part in the management of the Exchange's activities and to perform any operations of cryptocurrencies exchanging among themselves, holding money in a personal wallet but not in a third party’s wallets (as it realized in centralized Exchanges). Their very important advantage is the highest degree of data confidentiality. Decentralized exchanges are BitShares, OpenLedger, RuDEX.
Official links:
Website
Telegram
Reddit
Youtube
____________________
The article is written by artur2403
submitted by artkld39 to u/artkld39 [link] [comments]

Hangout w/ Winklevoss Brothers of Gemini Exchange

At 1PM EST (5:00PM UTC) on Tuesday October 25th we will being doing a panel hangout with the Winklevoss Brothers of Gemini about their exchange and product offering, Benjamin Small, PhD, Head of Market Structure will also join in on the discussion. I have included below some of the questions that will be asked and will update as I complete the Google document. Feel free to comment or add anything in particular you want me to ask them
Link to Hangout: https://www.youtube.com/watch?v=XGPFaaMXiOU
Gemini Hangout (Questions Outline)
Let’s Talk about the ETF filing a bit
Any reason for the change from NASDAQ to BATS? As far as the filings go where are we in the process. I know you can’t talk timing but can we talk about some of the comments from the response and the S1. What is State Streets role in this overall process ?
Opening remarks to include that due to SEC regulations the Winklevoss are unable to comment on anything related to the ETF
Company BackGround
Mission statement, target customers, organizational structure, # of employees, VC capital, explain the reasoning to go the banking charter route versus individual state MSBs -- pros and cons of choosing this route
Daily Auction
What purpose does it serve ? What is your response to these comments from Phil Potter CSO of Bitfinex regarding the volume on the auction and structure
Audio Clip #1 https://www.youtube.com/watch?v=L2XSJlccLPc&feature=youtu.be&t=15m52s
Audio Clip #2 https://www.youtube.com/watch?v=L2XSJlccLPc&feature=youtu.be&t=20m18s
Currently Gemini is sitting at roughly 1/5th of the other USD exchanges including Coinbase another domestic exchange -- this excludes the daily auction number
http://imgur.com/a/Adsn0 -- exchange rankings
Why have you chosen to include that auction volume in your overall exchange traded volume ? Does that in someway distort the amount of actual volume that occurs on exchange?
http://imgur.com/a/acFoT -- Gemini volume pre and post auction introduction
you could ask them about the fee structure on the auction. They say they give all auction trades maker fees, but that means that if you have worked your way down to rebates, you can self trade or collude to earn rebates.
Also curious who is using the auction. They obvs can't give specific names, but just a customer profile would be nice. E.g. the otc desks, hnw individuals, etc
Gemini UI UX
Why do I have to full KYC to even see the trading UI ? Already deters me from signing up
Leverage/Margin
In order to compete in the global marketplace for bitcoin traders you are going to need margin/leverage -- what are the current hurdles for acquiring margin ?
Kraken and Polo offer leverage why can’t Gemini ?
Do you believe an exchange can be highly profitable without leverage ?
Reversing of Trades
What criteria is grounds for reversing a trade? Not to long ago there was a fat finger trade that moved the price to $2200 and you chose to reverse these trades how did this happen in the first place and why did you choose to reverse these trades
https://www.reddit.com/Bitcoin/comments/3ss945/just_got_this_email_from_gemini_about_the_2200/
API
a question i would ask are " 1.) why did they decide to limit FIX access to only that datacenter or approved vendors ? " cite btcchina as someone who has fix end points all over the world.
they basically priced out your "smaller guys" who actually a high percentage of the volume on the other exchanges in doing so
maybe they are only chasing those institutional traders.. and weve seen how that works in bitcoin.. the bodies of the rekt exchanges are piled high
died from starvation
oh.. they are also in NY4 equinix.. space is hugely expensive there because nyse,cboe,cme ,phlx and nasdaq are also in there
tl;dr not for small shop or bitcoin traders.
only insititional that willing to pay 20k a year in hosting
ETH
Ask them about their feelings on ETH post-DAO, post fork and in light of the recent hard fork to avoid the DDOS issue - do they still see it as being a major player in the crypto scene in the long term? Did they invest in the DAO?
Future Products ?
Expansion to Singapore, Hong Kong and the UK -- what makes you think you can compete in Asia with the chinese exchanges that have more development fire power and strong hold ?
Do you think this is a worthwhile expenditure of resources based on realistic returns ?
Will these markets allow you to offer margin or more exotic products ?
submitted by BTCVlX to BitcoinMarkets [link] [comments]

Scam Projects

Hello!
My name is Kristina Semenova, I am the Head of Investors Relation Department at Platinum, the world’s number one business facilitator.
Our team knows how to start ICO/STO in 2019!
Why are we so sure? Well, our experience speaks for itself:
Platinum.fund
But what is the difference between ico and sto? What is the cornerstone of ICO marketing strategy? You will know this after finishing the UBAI courses!
Here’s just a quick preview of our Short Course lesson.
Real World Examples
Multinational accounting firm Ernst and Young found that $400 million of the $3.7 billion USD raised from ICOs (as of January 22, 2018) had been stolen. That is, up to 10% of all ICO funding is virtually being stolen from investors. Though ICO scams are the most common method of theft in the crypto world, some projects will actually operate for a period of time before disappearing with the money. Like in a Ponzi scheme, an exit scam may be planned for later, sometime after a manipulated pump; or some other time the team believes is most opportune to take the money and run. Giza: Giza marketed itself as a platform within which different cryptocurrencies could be stored securely. But after raising $2.4 million in one month, the team deleted the website and stopped replying to emails. Investors were duped by a very convincing whitepaper, and actors had been hired to appear in photographs promoting the project. No investor funds have ever been recovered. Centra: The SEC put an end to fundraising for the Centra ICO and charged the founders Robert Farkas and Sohrab Sharma with orchestrating a fraudulent ICO after they raised $32 million USD. They were promoting the ability to develop financial products backed by VISA and Mastercard, though it was later found that neither partnership was real. One of the major red flags in the Centra project was the use of celebrity endorsements for publicity, reportedly paying champion boxer Floyd Mayweather a significant sum to promote their project. Who wants to leave their Blockchain investment decisions up to Floyd Mayweather, regardless of his unbelievable skill as a boxer and regardless of his own financial success? He should still not influence where you invest your money!
Ponzi Schemes: Bitconnect: This is the most infamous Ponzi scheme in the history of cryptocurrency, and certainly the most damaging. Bitconnect was a Bitcoin-based project that rose to an all-time high of $463 per token on the back of a fictitious trading bot. The Bitconnect scam operated by paying dividends to users, proportional to the number of tokens they held and the number of referrals they made. The BCC tokens were exchanged for the users’ Bitcoin, and the highly sophisticated and wildly successful trading bot would trade BTC for them and distribute profits as dividends. The value of the dividends offered was approximately 1% of the initial investment per day. In other words, that is approximately 3,780% per year in cumulative gain! The referral system was capitalized upon most heavily by many of the biggest crypto YouTube channels, including CryptoNick and Trevon James, both of whom are now under investigation by the Federal Bureau of Investigation. Shortly after the Bitconnect Token reached its all-time high, they received cease and desist orders from the security regulators of Texas and North Carolina, which caused the owners of the Bitconnect exchange to shut down operations, and the price to plummet.
Davorcoin: Davorcoin was a lending platform very similar to Bitconnect. And Davorcoin was farcically promoted by the same Trevon James crypto Youtuber who promoted Bitconnect, and is currently under investigation by the FBI for promoting Ponzi schemes. The Texas State Securities Board, in likening Davor to Bitconnect, stated that “DavorCoin is telling investors they can earn lucrative profits by investing in a lending program based on a new cryptocurrency known as davorcoin. Investors allegedly purchase davorcoin and then lend it to DavorCoin”. Davorcoin promptly plunged from an all-time high of $180 to very close to zero after a cease and desist order was made against them on the 2nd of February 2018. Useless Ethereum Token: Despite brazenly stating in the name of the project that the token has no use, the UET managed to raise $340,000 in its crowdsale, and saw a significant pump of over 300% on the HitBTC exchange in February of 2018. The scam was an obvious case of pump and dump, with the total trading volume for UET crashing back down to as low as $3 per day, after reaching as high as $350,000 per day during the pump.
It is currently an unfortunate consequence of the decentralized nature of cryptocurrency, but there is a distinct lack of recourse for scammed investors. It is wise to become as well-acquainted with the various indicators of good and bad ICOs as you possibly can. In weighing the factors that will allow you to avoid expensive mistakes, ask yourself in whose favor are the terms of the ICO slanted, yours or the teams? To what extent are you actually likely to profit from this investment? Cryptocurrency is inherently a grey area, whether you are investing in it or not. Investing is another inherently grey area, no matter what the area or object of investing might be. Laws and regulations are not always able to keep up. Trying to define and prove what was or was not a scam is not likely to be as simple as the scammed investor would want it to be. A project can be set up in certain ways to avoid being technically classified or provable as a scam, but the unprepared investor can still be burnt or scammed just as badly. Now we look at more individual indicators that can help you form a valid impression whether or not an ICO or even a fully-fledged exchange-listed coin is a scam or a bona fide investment opportunity.
Common Signposts
Contrasting Scam & Legitimate Projects
Presale Bonus/Token Release If the ICO allots massive bonuses to team members, you may leave yourself open to getting dumped on by presale investors if you buy when the project tokens are listed on an exchange. Likewise, if the project has a short lock-up period for developers and founders, you run the risk of them selling as soon as the token is listed on a major exchange. The token release schedule for the founders of a worthwhile project should show long-term team commitment to that project. The Jibrel Network team tokens will be locked up for 5 years before release, and they had no early investor bonus in the main sale. Both of these factors instilled confidence in the JNT ICO investors, and the tokens were sold out weeks before the ICO was due to end. No Presale lock up If Presale investor tokens are not locked up at all for any period after listing, that could easily be a set up for an exit scam after the initial listing. No presale lockup for early investor tokens is a crystal clear warning, the project may be fatally rigged toward those in the inner circle, with little commitment to the long term health or success of that project.
Unsolicited Offers or Unasked for Additions to Groups Characters running scam projects will often add you to Telegram groups out of the blue or send you unsolicited emails with information about their project. Telegram is the most widely used messaging app in the cryptocurrency community and you should familiarize yourself with it to keep yourself in the loop for specific projects in which you invest as well as all kinds of other relevant crypto info. You can adjust the settings on the Telegram app to disallow anonymous additions to cryptocurrency projects if you find yourself bombarded with offers by scammers. Reputable projects at the ICO stage will spread by word of mouth, or by eloquent and meaningful articles posted on their Medium page. A project with serious potential does not need to actively seek participants for their ICO like that. They will often be able to fill their ICO hard cap in a matter of hours, or even just minutes!
Anonymous Team
Alarm bells, again, immediately, if the project has minimal online presence. The individual team members could be mere fabrications. The entire project could be a farce by utterly inexperienced characters. What if the project leaders are simply unaware of the importance of a strong social media profile? That in itself would be too strange to ignore. Top-level projects will have team members with experience in crypto and the LinkedIn accounts for those members will be easily accessible right there on the project website. You should be able to easily see and evaluate each individual’s experience in their field and ascertain what they bring to the project team. Bitconnect’s anonymous team should have been the only deterrent prospective investors needed to discourage them from putting money into that doomed project. Ethhorse, a current project with anonymous founders and operators should be steered clear of at all costs for the same reasons.
Community Atmosphere
The subreddits or Telegram groups of scam projects will often feature moderators that do not allow any kind of criticism in the group chat. If, in the process of your due diligence, you encounter didactic admins that only wish to silence your questioning of certain aspects of the whitepaper or mechanism of the tokenomics
, you should be concerned. Similarly if you see a coherent critical reply attacked by many different users who refuse to engage the substance of the point being made, that may be a subreddit infested with bots. Projects that have nothing to hide will allow free debate in the chat. Ideally, they hope to develop a positive community that is itself an asset to the long-term success and overall strength of the project. Good projects do not need to automatically brand all criticism as Fear Uncertainty and Doubt (FUD).
Whitepaper
One common tactic of scammers is to produce a whitepaper that uses too many buzzwords, and deliberately obfuscates and overcomplicates the explanation of the problem and/or its solution. A good whitepaper clearly and concisely lays out the problem and answer, as well as provides compelling arguments why a Blockchain solution is preferable to the current solution. Another point of concern is a whitepaper that gives unrealistic time frames and goals. Bitconnect’s almost comically optimistic profit projections are a prime example of this, as are the 1,354% yearly gains promised by Plexcoin. Respectable projects will set out development timescales in terms of quarters or years, rather than offering immediate profit projections, which are simply a red flag.
Advisors/Connections in the Cryptoworld
The most prestigious projects will already have partnerships made before the ICO stage, and the worst ones, i.e. the scams, will not mention any such partnerships. Icon (ICX) for example was spawned from a South Korean project named The Loop, a collaboration between 3 Korean universities and the DAYLIFinancial Group. They boasted an advisory panel consisting of the legendary investor Don Tapscott, Jehan Chu and crowdfunding expert Jason Best. On top of a solid team of advisors, good projects will also be visible at major Blockchain events such as the Consensus, and the World Blockchain Forum, etc. Scam projects will be unable to inspire this same level in confidence. As an investor, you should sense a certain presence and expect a certain feeling of trust that should guide you in your investments. After all, it is actually a people-to-people thing you are doing.
Key Stress points upon the Timeline to Identify Scam Projects Post Whitepaper Release The period in the immediate aftermath of the release of the whitepaper can also be decisive in establishing the validity of a project. How a team copes with the roadmap that they have laid out for themselves is key. Valuable insight into the operational efficiency and commitment to the project can be gleaned from the quality of and amount of code committed to GitHub. If you have any experience in computer programming you can see how clean and orderly the code is, which gives insight into the skill of the developers, and in turn the quality of project leaders’ decision-making in hiring team members. Scam projects will have little or no code committed to GitHub, or at best it will be copied and pasted from other projects just to cover their tracks. Start of ICO Sometimes, a scam project, or other project in which you would be better off not investing, will change the terms of the ICO just before the ICO starts. The Key (TKY) ICO doubled the price of tokens on the day before the ICO was due to take place, because the price of NEO had risen so drastically. Currently, the TKY token price is still only half of its ICO price. Initial investors are faced with the prospect of a 50% loss on their investment.
Exchange Listing
Some particularly greedy scammers will create a scam project with the intent of selling tokens in the ICO for BTC and ETH, and then pumping and dumping their share of the tokens immediately after listing. The team of fraudsters behind Monero Gold used this method after the crowdfunding of their useless ERC-20 token. After listing on CoinExchange.io, the team dumped their tokens until the exchange finally ceased trading. Although it is not uncommon for ICO tokens to sold after listing (just like can happen with shares of stock after an IPO), if the price does not stabilize and massive sell walls are continually placed, a scam is likely taking place and the token is being dumped.
Fake Ethereum Twitter giveaway
You may have noticed Ethereum creator Vitalik Buterin’s twitter handle has been changed to Vitalik “Not giving away Eth” Buterin in recent months. This is because a group of devious scammers had created fake accounts with almost exact replicas of his profile (deviating by only one character). The fake accounts promised to deposit 1 whole ETH for every 0.1 ETH the potential sucker deposited into the wallet address provided by the scammer. These fake account “Ether giveaway” scam tweets were set up to be sent in just a matter of seconds after the real person tweeted, and usually always appear immediately after the tweet of the real public figure. Fake bot profiles then came into play, thanking the fake Vitalik, or fake Elon Musk, for holding up their end of the bargain and depositing the ETH as promised. One scammer, or group of scammers, managed to fill a wallet up with almost $20 thousand worth of ETH, which they transferred out, never to be seen or heard from again.
Effect of Scam Customers, Upon the Affected Parties
Of course, this is no fun for the targeted public figure either. They need to take steps to avoid being targeted again. This will mean changing their handle, their username, or making their accounts private. However, the injured party with whom we are most concerned is the unfortunate scammed social media user, who has no chance whatsoever of getting his or her funds back, ever. It is a harsh lesson to learn. But it is a fact of crypto reality. Nearly every one that trades crypto will at least be exposed to frauds or scams in one way or another. In this case, we think it is better to learn about scams by studying them, rather than learn from your own unfortunate and expensive experience. In the case of Mr. Buterin, these incidents were awful public relations for the Ethereum project. It had only been a few years since cryptocurrency as a whole was primarily associated with criminality and seedy transactions on the Darkweb. Any connection with unscrupulous behavior is best avoided at all costs. Negative associations could have been particularly damaging for Ethereum’s brand because the vast majority of ICO fraud is committed using the ERC-20 token as the template for the scam tokens.
Any and all the scamming or fraudulent behavior in the cryptocurrency ecosystem is bound to have a negative impact on the speed at which mainstream uptake finally takes place. Cryptocurrencies, as an emerging asset class, will be painted in the worst possible light. Crypto is aiming to, and is in fact in the process of, causing great disruption in traditional centralized finance and business. Mainstream media organizations are also part of that traditional centralized economy. Press coverage will be damning. Something is happening here, but Mr. Jones doesn’t know what it is.
Legal Recourse for Scams
We clearly understand, there is a possibility of being scammed. We know the scams are happening. The SEC has made some arrests and actually charged people for operating fraudulent ICOs. But it is a struggle to deal with the flood of ICOs coming from anywhere at any time. The SEC filed charges against two founders of a purported financial services startup for orchestrating a fraudulent ICO that raised more than $32million from thousands of investors. As you know from the ICOs we have covered so far, the lack of regulation allows for direct contact and dealing between the entrepreneurs, business owners and potential investors. While we believe this is a blessing according to the founding principles of Bitcoin and other alternate Cryptocurrencies, because it frees us from traditional roadblocks, middle-men, and all kinds of time-consuming procedures; it also leaves investors in a place where there is often little to no hope of ever recovering funds lost in fraudulent schemes.
Actions after a Successful ICO
Good post-ICO practice is characterized by stringent security, well thought-out legal strategy and clear communication. Many projects have paid the price in damage to their reputation for failing to adequately guard customer information, leaving themselves open to phishing attacks by fraudsters. Investors in the Enigma project had half a million dollars stolen from them; and a whopping $8.4 million was defrauded from investors in Veritaseum via phishing attacks. After a successful token distribution, the team’s main focus is initially on switching the enterprise from one primarily focused on fundraising, to superficially at least, a fully-fledged, functioning business. This involves removing most of the token sale-related content from their main webpage, sending newsletters to all successful ICO participants, and sending refunds to those who may have missed the deadline or the hardcap. Then, with the stressful and complicated fundraising stage finally concluded, a portion of the funds raised can be assigned to fuel the growth of the project community. This can involve hiring community managers, forum admins, and social media managers to outsource the job of keeping investors in the loop. The founders can focus on growth strategy and product development. The cultivation of a thriving and energetic community is extremely important. The community will give you free marketing for your product and your business. Community members who believe in the project, and are engaged by professional moderators, can give you very effective promotion to other prospective investors. Communication with community members is a great way to test ideas and gauge sentiment related to various aspects of your project.
The project leads must set aside adequate funds for lawyers. The project will need to address potential future or imminent problems with regulators, at the very least. The transition from fundraising project to full-fledged business can be incredibly challenging, and even more stressful than the ICO itself. The main thing to remember is that your pre-sale and ICO investors are not just silent investors waiting for a return. They are the early adopters of your solution, of your product; they are the community and promoters of your project; and they are the individuals with a vested interest in the financial success of your venture. The ICO environment is not as heavily regulated, so quarterly and/or semi-annual reporting is not required the way it is in the traditional world. That means your own style of effective communication about the progress and key developments on your project matters even more. In the ICO world, you communicate with your press releases, social media, and Medium posts. You also communicate by the very nature of your relations with your exchange, and relationships with your cornerstone investors. Effective communication and good business relationships can play a prominent role in the success or failure of your venture (by token liquidity and valuation).
If your investors start to lose interest, and stop trading your token on the exchange, liquidity will dry up and cause increasingly volatile price swings. You need to keep certain things in mind, and follow effective practices to maintain a happy and motivated community.
Social Media & Medium
In addition to your website, your social media & Medium blog most likely formed a significant part of your ICO preparations. Your purpose pivots after the ICO from one of promotion to one of communication. Consistent, informative and material Medium blogs, also Facebook and Twitter updates, ensure that investors remain engaged and well-informed of what the company is up to. Frequent activity in this space makes investors feel much more comfortable. You can foster a kind of organic community expansion that is consistently advertising your project to potential new members.
Cornerstone Investors & Exchanges
As we mentioned, your relationship with investors in the ICO world is different from that of the traditional silent IPO minority equity partners. Consistent, Transparent & Honest communication is incredibly important here. Even if an ICO is struggling to overcome a problem or whatever issues are occurring, honest communication from the team is key to business survival. You should think of and treat your exchange like a business partner too, a very important one at that. Exchanges provide liquidity for you and your investors. That liquidity is like the blood for your business. Many top exchanges demand nothing less than absolute honesty and integrity, it is imperative to maintain strong and comfortable relationships with exchanges. Everything we have said so far, also applies to your Telegram channel and forums too. These give you another great opportunity to build a thriving community. Team members and investors can enjoy lively debates in their Telegram channels. This can be constructive discussion, or critical commentary too. But it is always valuable as a direct link between the team and the community. It is always good to know how people are feeling and what they expect from you and your project. You are able to use your Telegram channel and forums to consistently adapt your marketing and communication strategy. Keep your investors as happy and comfortable as possible, and you will be more likely to attract new investors and allocations. Other forums around the internet operate more or less in the same manner as Telegram.
After a successful funding round with the hardcap reached and time to spare, legal counsel has been secured, and the community is flourishing, the team will prepare for their first listing by paying the exchange fee and waiting for the announcement by the exchange. Unless they are willing to pay exorbitant fees for an immediate listing on Binance for example, teams will usually settle for an initial listing on a second-tier exchange. The fee charged by an exchange depends on many different factors that we will cover in more detail in the next section.
ICO Company actions after a Successful ICO
Real World Case Study
The Basic Attention Token (BAT) project, when used in conjunction with the Brave Browser, allows users to pay micro-fees in BAT to their most-used sites. The idea was conceived by Brendan Eich, the inventor of Javascipt and former CEO of Mozilla Firefox. Investors absolutely pounced on it at ICO and the project raised an amazing $35million in under 30 seconds. The BAT/Brave project has delivered on time on nearly all of its targets, helped in no small part by having a working product, the Brave Browser, for over a year before the token launch. The project secured a listing on the premier exchange, Binance, in November 2017.
A project can suffer through a disappointing funding phase and, for example, fail to reach 75% of its hardcap. The team will be only partially funded. Though they may be able to initiate the project, the value proposition of the token has been compromised, potentially forever. The market has spoken. There is limited faith in the team’s ability to complete or carry out their project. Failure to reach a hardcap is a serious obstacle on the project road map. This will mean massive revisions to the timescales for development and listing. Such a project may have to be content listing on decentralized exchanges for a period of time and they will lose any post-ICO hype that could have helped the project price to “moon” early on. There is less money to be allocated. Each section of the business will be underfunded compared to the original plan. There can be delays in code development, exchange listing, marketing and community development as well.
Calling the Tezos ICO a disappointment might seem strange considering they raised over $232million. But this open-source, smart contracts fintech platform became a victim of its own success post-ICO by devolving into multiple class-action lawsuits between the founders and its foundation chairman. They suffered from a distinct lack of clearly defined roles and expectations on key positions. There was infighting at the boardroom level. This all caused an as yet unresolved delay in listing and development. This is also one example why a capped ICO can be more desirable for investors than an uncapped ICO. If the team have a set amount of capital to work with, an amount that isn’t absolutely ridiculous, like in the case of Tezos, perhaps the resultant greed and discord is less likely. Although it may not be so easy for speculative investors to make a profit from an uncapped ICO with such a massive initial market cap, it is a very impressive feat of fundraising nonetheless. Tezos’s post ICO market cap of $232million is already 64th of all projects, and would have to perform brilliantly on listing to maintain this position.
Company actions after a Failed ICO
Failed ICOs can mean either fundraising initiatives that have failed to reach the softcap and will therefore not be economically viable, or fraudulent projects whose sole intention was to steal from investors and do an exit scam. We’ve already covered scams and fraud projects in detail, but what happens when an ICO just fails to raise the requisite funds? Projects that are legitimate, with honest founders and developers, refund the ETH or BTC deposited by investors as quickly as possible if the softcap is not reached. The same process that is followed by ICOs that are oversubscribed is employed by those that have failed to raise enough capital. The process of returning funds back to the sender ideally should take a period of days, but more likely will take a few weeks. The Sappy Network, advised by Dan Tapscott, failed to come anywhere near to their funding goals. They are currently in the process of sending all investor funds back to the wallets from which they came. The statement from the founders read as a textbook example of how you should react to failure with the founder stating “In the spirit of transparency and honesty, we are sharing with the community that we did not reach the soft cap, and thus we will be honoring our terms and conditions and returning the Ethers to all contributors”
Exchange Listing
A bottleneck developed in the ICO market after the explosion of crypto prices in 2017. There was a massive increase of ICO teams on all stages along the pathway from start-up to fully listed crypto asset. Certainly, a huge part of the value proposition for both the token and the project depends on securing a listing on an exchange. It is precisely the liquidity of the token as a valuable asset on a free market exchange, that determines or even defines its value. The liquidity is what makes tokens attractive to investors, but that liquidity simply does not exist without a platform for the exchange. Unfortunately for new projects, the balance of power is heavily weighted in favor of large centralized exchanges that can pick and choose which tokens to list, and the timescale within which listing will occur. Each large exchange has its own list of pros and cons as well as its own specific procedure for coin/token listing. They also have their own particular ethos regarding the type of projects they prefer to list. ERC-20 tokens will be available for trade immediately on decentralized exchanges (IDEX Forkdelta) but those platforms are generally quite low volume, and certainly not a long term solution. Projects must often pay huge fees to be listed on the larger centralized exchanges. At first those fees will be prohibitive. The usual route is to initially list on a more reasonably priced smaller exchange like Kucoin or Gate.io.
Listing Process
Major centralized exchanges have the power to list anything they want, and they also each have a unique structure that projects must adhere to if they wish to be listed. Each potential new listing will undergo a rigorous examination by the exchange operators to test the feasibility for listing the token. An exchange will likely have forms available on its website that you can fill out to give them all the necessary initial information. If a particular project and token qualify for listing, the team will invariably be put under a NDA, Non-Disclosure Agreement, to avoid any insider trading or other regulatory problem
s. In the case of larger exchanges like Binance, there is a period within which owners of a newly listed coin or token can transfer them to the exchange in preparation for trading. This is a fantastic opportunity for traders to make use of the likely pump that occurs after a new token is listed on a large exchange. It is common to see up to 100% increases on the first day of trading, and a subsequent dump of up to 50% or more can follow. This allows traders holding the coin already, to sell for a good profit, and maybe buy back in at a much lower price too, if they think that is a good idea.
Exchange Fees
There are no definitive figures available to the public regarding fees that major exchanges charge new projects to list. Binance, Bitfinex, Kraken and Bittrex have all been quoted as saying that they do not charge any fee at all but this is almost definitely untrue. Knowledgeable industry insiders estimate between $500,000 and $1,000,000 USD for listing on a top-tier exchange. (There have been more rumors of 7 figure exchange listing fees since January 2018 too). This figure will vary greatly from project to project. Various factors can affect how an exchange determines the fee for a particular project. These are some of the most important ones: Market Maker Service Required Whether or not the client project requires liquidity services directly from the exchange, or can connect proprietary ones via API, will lead to a huge reduction in listing cost.
Type of Token (ERC-20 NEP-5 or DAG) Not all tokens are created equal in the listing process. ERC-20 tokens and BTC based tokens have code architecture that will almost certainly be preferred by the exchange. NEO based tokens (NEP-5) such as Ontology will be far most costly to integrate because separate new wallets have to be built to facilitate NEO transactions. The costs involved in integrating Direct Acyclic Graph projects such as Nano into the exchange structure are even worse. Expected Daily Volume Exchanges derive their profits largely from transaction fees and withdrawal fees. The trading volume a new token is likely to bring in will have a great influence on the computation of the exchange listing fee. Exchange Listing Procedures Evaluation Different exchanges have different rules for new listings. A new project must of course abide by specific rules for that exchange before they are allowed to list there. There are procedures that must generally be followed for the most noteworthy exchanges. You can get a good idea of the hurdles to be overcome before listing can take place.
Ongoing relationship with Exchanges
Exchanges, usually Huobi or Kucoin, will sometimes make it essential for newly listed tokens to engage in “trading competitions” after listing. Competitions can last between 2 weeks, or a month or more, aiming to increase the trading volume for that token, thereby increasing trading fees collected by the exchange, and giving the project extra publicity too. The whales may have made a nice profit already and be very happy about it; but the project token can still get stuck in a long period of stagnation and a loss of post-ICO hype. Once a coin or token has been successfully registered for trading on a particular exchange, the project must focus on maintaining regulatory compliance and paying things like annual maintenance fees too. Exchanges can investigate and delist coins or tokens to see if they have fallen below a certain standard set by the exchange. The exchange is concerned about such things as: an extended period with an extremely low volume; a team member connection to an exit scam; or other such immoral/illegal behavior.
Post ICO Company Evaluation
After a presumably successful ICO, the necessary funds have been obtained, and the real business, the real team challenge is now, to bring the project to life as a bona fide disruptive Blockchain endeavor! The core advantage of the ICO method of funding business startups is the lack of regulatory hurdles to navigate with regards to fundraising and fund allocation. The funds that have been raised have, in effect, been freely given to the project leads to do with what they will in a no-strings-attached transaction. Of course, there are still strings attached in that the team are tasked with making that money grow for the investors. But there is no regulatory oversight of the process. The regulatory freedom is a double edge sword. It gives a good team freedom to work however they want; and it also allows for unscrupulous thieves to use the ICO process to defraud investors of their ETH and BTC.
Advantages of being Post ICO From Investor Perspective
You should have little to fear in terms of fraud from a project in which you have invested, if you have done your due diligence correctly. You can expect the tokens to be distributed, and the exchange listing to take place as expected. And you know your project is totally legitimate. There are different ways to think about your ICO tokens after the crowd sale has concluded. If you are a speculative investor looking for a quick flip, you can gauge the correct moment and sell anytime you like, assuming the ICO has been well-received by the markets.
From Team Perspective
The post-ICO period is, from the point of view of the team, a period where stress and responsibility for the safety of investor funds is passed, in the form of ICO tokens, from the team to the investors themselves. This responsibility for tokens is replaced with the stress of building the actual company itself, and succeeding in the business as planned. A small portion of the responsibility for the project’s success is also passed on to the exchange that has listed the tokens. This is especially true if market makers have been employed by the team or the exchange to provide liquidity. After the ICO has concluded, all funds are released to the project team immediately, so they can start building their business brand, and tackling each step on the road map right away. The freedom with which startups can operate is one of the main reasons behind the explosion in Blockchain businesses in 2017. With the ICO funds safe, and money being put to work on various areas essential to the growth of the project, and the tokens already distributed to investors, the risk of fraud is greatly diminished. If KYC and Anti-money Laundering procedures have been followed correctly during the ICO phase, the risk of phishing attacks and theft will also be marginal now. At any rate, with tokens safely delivered to all participants, the responsibility has passed from the team to the investor.
From Team Perspective
The release of all funds and the freedom to allocate them with no supervision, as cited above, is certainly a tremendous advantage empowering the team to fulfil the entire breadth of their vision unimpeded. But it does have its drawbacks. If there is a mistake made in the allocation of funds, or an unforeseen problem arises, there is nowhere to turn to, and no means of generating further money via crowdfunding. The ICO is over; it is finished. The project simply has to work with what it has. Your community can sometimes turn against you when the market is going down. Times like that just add to the already intense pressure of presiding over a startup Blockchain business.
Solution: DAICO
The DAICO, or Decentralized Autonomous Organization Initial Coin Offering, is a means to integrate a more specific, rigorous and regimented smart contract schedule into the ICO process. Doing so will eliminate fraudulent ICOs, exit scams, pump and dumps, and many of the other disadvantages listed above. The DAICO method, proposed by Ethereum creator, Vitalik Buterin, will merge the core concepts of both an ICO and a DAO to leverage the most relevant features of both, in order to solve the main problems in the ICO method. For example, to eliminate the risk of an exit scam, the release of funds will be spread out over a period of time, with the next allotment only being released when a certain set of parameters are met.
Buterin explains that the DAICO method will provide user protection in a manner not present in the current ICO model, ensuring funds are not misspent or used in any way contrary to the intention of investors. In simpler terms the DAICO will operate as follows: The DAICO will start with a smart contract by its executors that can set whether this is to be a capped or uncapped round of fundraising (amongst many other options) as well as including KYC requirements. After these settings have been configured, the DAICO is set into “contribution mode” and presented to the public. This stage will function identically to a normal ICO with ETH exchanged for project tokens. Once the funding period has elapsed, or the hardcap has been met, investors will have the ability to set the “tap” for the collected funds. This will set the amount per second, or amount per minute, that will be available to the executor to develop that specific portion of the project to which those funds have been assigned. If investors believe at any point that the team is misspending funds or otherwise wasting time, etc., the investors have significant options to take. Of course they could choose to release more funds to the team. But, they could also stop the tap altogether, and stop the entire ICO, by voting, and actually release all unused funds back to their own wallets from which the investment had first been made!
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Bitcoin 2017 a Comprehensive Timeline

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