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Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central authority whatsoever: there is no one in charge of bitcoin and it is made up of willing participants. Bitcoin gives you the option to be your own bank.
Ultimate glossary of crypto currency terms, acronyms and abbreviations
True Bitcoin ownership goes by a simple name in our world. Well at least if you believe in the mantra of not your keys, not your coins. It's simply referred to as the UTXO Set. The UTXO Set is the full list of the Transaction Outputs on the entire Bitcoin blockchain. These are basically how many addresses have bitcoin associated with them. Anyone running their own node can see how many UTXOs exist at anytime by looking at the UTXO Set. Here's the incredible part: there's only 68 million UTXOs. 68 million! That means there are only a maximum of 68 million people who control the keys their bitcoin in a world of 7.5 billion! But of course we know the real amount is much lower than that when considering most exchanges have thousands if not millions of UTXOs, all the lost bitcoins, HD wallets etc. We absolutely must prioritize the removal of our coins from all exchanges as quickly as possible. These exchanges have been invested in heavily by the banks years ago and they have their tentacles in as deep as possible and have been manipulating the USD price of bitcoin for years. They do so using other methods that have controlled other hard asset prices for decades. These manipulation tactics combine rehypothification, commingling, cash settled futures, OTC markets, along with coordinating the denial of access to exchanges when they start to lose control of the process momentarily. Look, the banks are the competition to bitcoin. They run the world by creation of dollars which we all currently (directly or in directly) depend on as it is the world reserve currency. Every day we sell our labor and skills for dollars that they directly control the production and value of them. Meanwhile we live in a world where they have brainwashed people to believe that inflation by devaluing the currencies we sell ourselves for is a good thing! Thank God we now have a viable exit strategy with bitcoin! However the only way for the majority to pry the power away from the legacy financial system is to decide that we want to determine what the value of our time is rather than let them make us work longer and harder every year for less purchasing power. And we can! Well that is if we accept that supply and demand truly determines value, then we must hold our Bitcoin keys individually for it to be valued for what it truly is - the world's first truly finite asset with properties that are superior to all previous SOVs before it and one that can be carried around in your brain! This can absolutely be our peaceful revolution! One that would create a more just and civilized world for everyone. But in order to get there we have to collectively understand these few key concepts and must absolutely take the our keys out of the bankers hands! Spread the word and let the true peaceful revolution that is bitcoin truly begin to occupy Wall St!
Want to ₿ part of the revolution? Let’s start today by Tipping Satoshi!
Hello fellow Bitcoiners! It would seem that since the implementation of cash settled futures (right at the ATH) coupled with the banks being large investors in most, if not all, of the major bitcoin exchanges that they have been in control of the USD price of bitcoin for the past few years. Their ability to rehypothecate and commingle bitcoin seems to have no end (see Catlin Long’s Forbes articles about financialization) since no matter how often or how well it’s repeated, even so eloquently put by the great Andreas, “Not your keys, not your coins” there will always be a percentage of so called bitcoin “owners” that leave their Satoshi’s on these exchanges. Sadly this seems to allow them to continue their fiat OTC market / public spot price exchange games. And while I certainly believe that their control of the price is temporary and that the math will eventually determine its true value, I believe that there are a few things that we can do in order to push this forward in breaking the price free from the fiat currency master manipulators: 1) Don’t trust your wallets and “Roll Your Own” P2PKH addresses using dice. I say P2PKH as you can simply sign a bitcoin message with one of these addresses with a standardized signing message in your wallet and then verify that you are in fact of the private keys to these address by signing a bitcoin message and validating the signature via your own bitcoin node. 2) Tip Satoshi! That’s right, tip Satoshi! Wait, how can we do that? Well, one would assume that the very first receiving address (the address receiving the first coinbase transaction ( 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa ) would have had to of been Satoshi’s then we can simply send Satoshi some satoshi’s! By doing so you would be doing one of the following a. burning that bitcoin thus reducing the supply, or b. You would actually be tipping the creator(s) of bitcoin! After looking into this address, it would appear that the idea of sending Satoshi satoshis is not a new idea as there are tons of transactions that have been sent to him since the genesis block. In fact as I type this there is not only my transaction but another one pending in the mempool.
When should you take out a crypto loan? QDAO DeFi Use Cases.
Getting a bank loan can sometimes seem like an impossible task. There is a credit history to check, collateral to provide, and other complex little details. Now, in times of the global financial crisis, banks will likely be even more cautious about giving out money. This is why DeFi-based crypto loans are booming. The sector is still relatively new – it emerged around two and a half years ago. And since then, it has experienced rapid growth. Take a look at this graph demonstrating the cumulative lending to institutions by Genesis Lending Originations – one of the major OTC-platforms. https://preview.redd.it/zhyovy91dam51.png?width=1280&format=png&auto=webp&s=5721511496640c7e268ca2f0943fb8bb269614c2 By the end of the first quarter of 2020, the company gave out loans worth $1 billion. And that’s just Genesis Lending. Compound, the current leader among DeFi platforms currently has over $883 million in outstanding debt. QDAO DeFi is launching a crypto loan feature as well. Users can deposit their crypto, borrow fiat and take their crypto assets back after paying the small interest rate – simple as that. The service is available to everyone with internet access and provides outstanding benefits to users. We will demonstrate use cases for three different types of borrowers: private persons, traders and institutional investors. Most likely you’ll recognize at least one of these situations. Disclaimer: the interest rates stated below serve only as examples and are subject to change. Always check the current rates on the QDAO DeFi Loans page. Example 1. The borrower is a private person This is the most basic use case in which the DeFi platform functions similar to a pawnshop. Let’s assume that a person has already bought or is planning to buy 1 Bitcoin and is committed to holding on to it. The new rally is coming soon and this person is getting ready to cash out. However, due to some circumstances, they need fiat money now, preferably as fast as possible. This person could sell Bitcoin. But if they don’t buy it back soon, they might lose the opportunity for profit. Now, there is no need to choose between taking care of urgent issues and keeping the asset. Anyone can simply use crypto as collateral. Let’s say that at the moment, Bitcoin costs $9,000. If the borrower puts it in QDAO DeFi, they can get up to 50% of crptocurrency’s value in fiat, i.e. $4,500. There is no credit check or extensive paperwork involved and all transactions are practically instant. The borrower uses the cash however they see fit. Meanwhile, their collateral remains untouched in Custody Storage. The monthly interest is, for example, 2%. So if this person wants to get his Bitcoin back in three months, they will only need to pay $4,770. By this time, the price of their Bitcoin might have gone well above $10,000, so the deal is quite lucrative. Example 2. The borrower is a crypto-trader Let’s look at a serious crypto-trader who has 10 Bitcoins. The market is leaving the consolidation phase and is preparing for a rally. They are serious about committing to a ‘HODL’ strategy and want to keep their Bitcoins. At the same time, this trader continues to make deals on exchanges to enhance future profits. After studying Ripple, they decide that it would make a nice addition to their portfolio and want to buy it. But this trader doesn’t have disposable funds to acquire enough XRP. Since the Bitcoins are just sitting in a wallet, these assets can be used to acquire fiat resources. If the trader deposits all their Bitcoins (worth $90,000), they will get a significant boost of up to $45,000. And the best part is that the loan is in USDT, so it’s possible to just swap Tether for Ripple without extra transactions. Let’s assume that the trader sells XRP in four months. They use part of the profit to cover the assumed interest of 2% ($3,600) then take the rest for themself and retrieve their Bitcoins. Example 3. The borrower is an Institutional investor There is a crypto fund or an asset management company with high net worth, long-term clients. This agency has a sizable portfolio that includes major stocks like Amazon and Apple as well as crypto assets like Bitcoin, Ripple and Ethereum. 10,000 Bitcoins are under the management of this company – so the combined asset worth is $90,000,000. According to the latest market analysis, BTC will stand at about $20,000 in 2021 and by 2025, it will stand at about $100,000. So obviously the agency should hold on to Bitcoin and the clients agree. However, there is a very big IPO coming soon. The company has a unique opportunity to buy very promising stock. In several years, this investment will result in a very profitable exit. But the current budget limits the volume of the possible investment. The agency is going to get more funds in two months, but the opportunity will be gone by then. Since the company is going to be holding Bitcoin for some time anyway, it decides to use it as collateral. By depositing the assets in QDAO DeFi, it will receive a loan of up to $45,000,000. Investors use the money to buy shares. In two months, the company pays out the assumed interest ($1,800,000) and reclaims the Bitcoin. The clients and the management are happy, because now the agency has even more great assets in the portfolio. Example 4. The borrower does not repay the loan Someone follows the usual process – puts 3 Bitcoins into QDAO DeFi and takes the $13,500 fiat loan. For whatever reason, this person does not repay the debt for 7 months while the interest keeps growing. There is a sudden volatility spike and the Bitcoin price goes down to $5000 for a time, hitting the margin call mark. This is less than the original loan, so the borrower has no reason to repay it and cover the interest, since that would mean a complete loss for them. There is also no reason for QDAO DeFi to store this person’s Bitcoin. The borrower is notified that the assets are now the property of QDAO DeFi and the loan is closed. No further legal action is taken and no penalties have been incurred for defaulting on the loan. Conclusion The ability to choose almost all the terms of a cash loan with QDAO DeFi provides unlimited opportunities to get money for any purpose. By planning ahead, all borrowers can get additional fiat assets to multiply their profits while still retaining everything they had before taking out the loan. Want to be the first to hear QDAO DeFi news and updates? Visitour websiteand stay in touch with us on social media:Twitter,Facebook,TelegramandLINE(for the Japanese-speaking community).
[FULL ANALYSIS] Bitcoin exchanges and payment processors in Canada are now regulated as Money Service Businesses
Hello Bitcoiners! Many of you saw my tweet yesterday about the Bitcoin regulations in Canada. As usual, some journalists decided to write articles about my tweets without asking me for the full context :P Which means there has been a lot of misunderstanding. Particuarly, these regulations mean that we can lower the KYC requirements and no longer require ID documents or bank account connections! We can also increase the daily transaction limit from $3,000 per day to $10,000 per day for unverified accounts. The main difference is that we now have a $1,000 per-transaction limit (instead of per day) and we must report suspicious transactions. It's important to read about our reporting requirements, as it is the main difference since pretty much every exchange was doing KYC anyway. Hopefully you appreciate the transparency, and I'm available for questions! Cheers, Francis ********************************************* Text below is copied from: https://medium.com/bull-bitcoin/bitcoin-exchanges-and-payment-processors-in-canada-are-now-regulated-as-money-service-businesses-1ca820575511
Bitcoin is money, regulated like money
Notice to Canadian Bitcoin users
If you are the user of a Canadian Bitcoin company, be assured that:
These regulations only target virtual currency exchanges and virtual currency transmitters (e.g. payment processors, custodial wallets).
No action on your part is currently required. It is businesses that have to comply, not users.
You may notice that the exchange service you are using has change its transactions limits or is now requiring more information from you. You can stop reading this email now without any consequence! Otherwise, keep regarding if you are interested in my unique insights into this important topic!
Background on regulation
Today marks an important chapter for Bitcoin’s history in Canada: Bitcoin is officially regulated as money (virtual currency) under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act of Canada (PCMLTFA), under the jurisdiction of the Financial Transaction and Reports Analysis Centre of Canada (FINTRAC). This is the culmination of 5 years of effort by numerous Bitcoin Canadian advocates collaborating with the Ministry of Finance, Fintrac and other Canadian government agencies. It is important to note that there is no new Bitcoin law in Canada. In June of 2014, the Governor General of Canada (representing Her Majesty Queen Elizabeth II) gave royal asset to Bill C-31, voted by parliament under Stephen Harper’s Conservative government, which included amendments to the PCMLTFA to included Bitcoin companies (named “dealers in virtual currency”) as a category of Money Service Businesses. Thereafter, FINTRAC engaged in the process of defining what exactly is meant by “dealing in virtual currency” and what particular rules would apply to the businesses in this category. Much of our work was centred around excluding things like non-custodial wallets, nodes, mining and other activities that were not related exchange or payments processing. To give an idea, the other categories that apply to traditional fiat currency businesses are:
Foreign exchange dealing
Remitting or transmitting funds
Issuing or deeming money order or similar negotiable instruments
When we say that Bitcoin is now regulated, what we mean is that these questions have been settled, officially published, and that they are now legally binding. Businesses that are deemed to be “dealing in virtual currency” must register with FINTRAC as a money service business, just like they would if they were doing traditional currency exchange or payment processing. There is no “license” required, which means that you do not need the government’s approval before you can operate a Bitcoin exchange business. However, when you operate a Money Service Business, you must register and comply with the laws… otherwise you risk jail time and large fines.
What activities are regulated as Money Service Business activity?
A virtual currency exchange transaction is defined as: “an exchange, at the request of another person or entity, of virtual currency for funds, funds for virtual currency or one virtual currency for another.” This includes, but is not limited to:
Bitcoin trading platforms (orderbooks)
Bitcoin exchange platforms (fixed-rate)
Selling or buying Bitcoin OTC professionally
Crypto-to-crypto trading (orderbook, fixed-rate or OTC)
Notice to foreign Bitcoin companies with clients in Canada
Regardless of whether or not your business is based in Canada, you must register with FINTRAC as a Foreign Money Service Business, if:
You direct your MSB services at persons or entities in Canada
The regulation of Bitcoin exchange and payment services has always been inevitable. If we want Bitcoin to be considered as money, we must accept that it will be regulated like other monies. Our stance on the regulation issue has always been that Bitcoin exchanges and payment processors should be regulated like fiat currency exchanges and payment processors, no more, no less. This is the outcome we obtained. To comply with these regulations, we are implementing a few changes to our Know-Your-Customer requirement and transaction limits which may paradoxically make your experience using Bull Bitcoin and Bylls even more private and convenient!
The bad news
We are adding per-transaction limits in addition to daily volume limits.
The per-transaction limit for accounts with limited verification is $1,000 (previously $3000). To conduct transactions over $1,000 you must get your account verified.
We require users to provide their Date of Birth as a requirement to change their verification status to “Verified”.
We require users to provide their Occupation as a requirement to change their verification status to “Verified”.
The good news
We are increasing the daily volume limit from $3,000 to $10,000 for users that have the “limited” account verification status. Users with limited account verification can do multiple transactions as long as they are each below the $1,000 threshold and as long as they don’t exhibit suspicious behavior (see details below).
Identity documents will no longer be required for users that can be identified using their credit files. They will only be required where identification using credit file lookup was inconclusive. This change will take effect later this summer.
Connecting bank accounts to Bull Bitcoin using the flinks bank verification software will no longer be required for users that can be identified using their credit files. This will only be required where identification using credit file lookup was inconclusive. This change will take effect later this summer
The user’s KYC info (name, address, date of birth and occupation)
Suspicious transaction reporting
Satoshi Portal is required to make suspicious transactions report to FINTRAC after we have detected a fact that amounts to reasonable grounds to suspect that one of your transactions is related to the commission or attempted commission of a money laundering offence or a terrorist activity financing offence. Failure by Satoshi Portal Inc. to report a suspicious transaction could lead to up to five years imprisonment, a fine of up to $2,000,000, or both, for its executives. We are not allowed to share with anyone other than FINTRAC, including our clients, the contents of a suspicious transaction report as well as the fact that a suspicious transaction report has been filed.
What is suspicious activity?
Note forbitcoinca: this section applies ONLY to Bull Bitcoin. Most exchanges have much stricter interpretation of what is suspicious. You should operate under the assumption that using Coinjoin or TOR will get you flagged at some other exchanges even though it's okay for Bull Bitcoin. That is simply because we have a more sophisticated understanding of privacy best practices. Identifying suspicious behavior is heavily dependent on the context of each transaction. We understand and take into account that for many of our customers, privacy and libertarian beliefs are of the utmost importance, and that some users may not know that the behavior they are engaging in is suspicious. When we are concerned or confused about the behaviors of our users, we endeavour to discuss it with them before jumping to conclusions. In general, here are a few tips:
Don’t provide false of misleading information. We will know right away if your date of birth, address and name don’t match.
Don’t try to exploit loopholes in the KYC process.
Don’t transact on behalf of someone else without telling us.
Be cooperative with customer support.
Here are some examples of behavior that we do not consider suspicious:
Coinjoin or other Bitcoin privacy techniques.
Using VPNs, TOR or VOIP phones.
Asking questions about, or criticizing, our privacy policies.
Talking negatively about banks or government.
Here are some example indicators of behavior that would lead us to investigate whether or not a transaction is suspicious:
Making statements about being involved with criminal activity.
Saying you don’t want the government to know about your transactions.
Asking advice about concealing source of funds or tax avoidance.
Funding your account from a bank account that is not in your name.
Conducting transactions on behalf of someone else without telling us.
Trying to falsify your identity or impersonating someone else.
Making multiple bill payments to the same recipient, or multiple Bitcoin purchases, in a way which seems structured specifically to avoid the $1,000 transaction amount KYC threshold.
Continuing to perform transactions that are unnecessarily complex, inefficient and not cost-effective after having been advised otherwise by our staff.
What does this mean for Bitcoin?
It was always standard practice for Bitcoin companies to operate under the assumption they would eventually be regulated and adopt policies and procedures as if they were already regulated. The same practices used for legal KYC were already commonplace to mitigate fraud (chargebacks). In addition, law enforcement and other government agencies in Canada were already issuing subpoenas and information requests to Bitcoin companies to obtain the information of users that were under investigation. We suspect that cash-based Bitcoin exchanges, whether Bitcoin ATMs, physical Bitcoin exchanges or Peer-to-Peer trading, will be the most affected since they will no longer be able to operate without KYC and the absence of KYC was the primary feature that allowed them to justify charging such high fees and exchange rate premiums. One thing is certain, as of today, there is no ambiguity whatsoever that Bitcoin is 100% legal and regulated in Canada!
The importance of Fungibility, your future = your choice.
I took notice that there are more and more people interested in crypto and I would like to make them realize that this is a technology that can save us all or enslave us all. Or at least make some people think about fungibility and it’s importance in this “new world” they are being introduced to. Short example posted above TLDR First off, what is fungibility? Taken from https://www.investopedia.com/terms/f/fungibility.asp If Person A lends Person B a $50 bill, it does not matter to Person A if he is repaid with a different $50 bill, as it is mutually substitutable. In the same sense, Person A can be repaid with two $20 bills and one $10 bill and still be satisfied, since the total equals $50. Conversely, as an example of non-fungibility, if Person A lends Person B his car, it is not acceptable for Person B to return a different car, even if it is the same make and model as the original car lent by Person A. Cars are not fungible with respect to ownership, but the gasoline that powers the cars is fungible. Hypothetical question: You have money to buy one Bitcoin and are confronted with two options:
1) You buy it from a regulated reputable exchange. 2) You buy it from your friend who got it as payment from a recent extortion.
Immediately you are faced with two fundamental problems:
1) Clean BTC should actually be more valuable then dirty BTC, since you would obviously want the BTC that can not be backtraced to any criminal activity. (Note that what China defines as criminal activities for instance may not be the case in another country) 2) BTC could be confiscated at any point in time since it’s origin can be traced, even when it hasn’t been blacklisted straight away. You could be facing serious consequences.
We see this already today, addresses that hold coins related to criminal activities are closely being monitored. When they move, it gets noticed and all eyes are on them. https://news.bitcoin.com/bitcoin-worth-282k-from-the-2016-bitfinex-hack-on-the-move/ If you buy OTC or through DEXes how will you know that your BTC is clean? This is not a post to tell you criminals should get away with their activities because they shouldn’t, i’m trying to explain that you should never be in any position where your money can be confiscated because it suddenly gets tied to those activities. Your money being confiscated could actually be the least of your problems in such a situation anyway. Think about how easy it becomes to imprison someone that your government doesn’t like. I’m sure the governments would love to fade out regular cash though, because obviously they can just block your account and take away your basic rights. It happens already to people all over the world who use digital money services like PayPall for instance. https://www.elliott.org/blog/banned-from-palpal-account-limitations/ For people like Snowden, or for Wikileaks bitcoin was their solution at that time. Today, there are better alternatives and everyone should think carefully about what world they want to live in. To bitcoins defense, there are certain things you can do to make your transactions more private. Bitcoin mixing is a thing. Bitcoin's Lightning Network is expected to give users the option to make transactions that will not be recorded on the blockchain. Optional privacy raises eyebrows though, authorities could be knocking on your door asking you why you made an optional private transaction. Privacy by default is what we need in the future we see in front of us. You can find tons of information about deanonymization. This is something that China can “easily“ accomplish. This is taken from here https://blockchain.princeton.edu/papers/2018-10-ben-kaiser.pdf Deanonymization: Bitcoin is designed to preserve the pseudonymity of its users, meaning that their real-world identity cannot be linked to a Bitcoin address they have used to transact. However, in practice there are complications that make deanonymization attacks possible. China might seek to deanonymize users for two reasons. First, they may wish to enforce laws and regulations; for example, enforcing capital flight restrictions by identifying users purchasing foreign goods or exchanging Bitcoin into foreign currencies. They might also use a deanonymization attack for ideological (or political) ends: to publicly reveal malfeasance by subversives or political opponents or simply to demonstrate the superiority of centralized control as an ideology and discourage enthusiasm for decentralized systems. We identify four attacks that China could use to deanonymize specific users. First, they could use known research techniques to (a) heuristically cluster pseudonymous identities (e.g., connect multiple addresses to the same user) [31,44]. The simplest example of such a heuristic is to cluster addresses that appear as multiple inputs to the same transaction, as they presumably belong to the same user. The only required capabilities are access to the blockchain and marginal compute power to run the analytics, so these attacks are not unique to China; virtually anyone could commit them. Where China has an advantage over typical adversaries is in linking these pseudonyms to IP addresses. One approach would be to covertly (b) monitor Bitcoin network traffic and identify which IP addresses transactions originate from [4,27]. Because Bitcoin traffic is unencrypted, this can be done through deep packet inspection (DPI). China could also use (c) coercion or regulation to covertly compel service providers that deal in Bitcoin, such as merchants or exchanges, to identify their users. Further, it has been shown that when Bitcoin is used for online purchases, enough information is leaked to web trackers that they can uniquely identify the transaction on the blockchain and link it to any identifying information provided by the purchaser . China could covertly (d) intercept this tracking information over the Internet (using DPI) to perform the same attack, compel domestic tracking companies to provide the information (also covertly), or inject their own trackers into Internet traffic to collect similar information themselves. Tracker injection could be detected by anyone specifically monitoring Internet traffic for such attacks, so we note that it would be overt. Finally, China could target users directly using (e) coercion or regulation to compel them to deanonymize themselves or their transaction partners. Again, as long as targets are compelled to keep quiet about orders to reveal information, this attack is covert. For fungible coins these deanonymization attacks are probably not impossible but a hell of a lot harder. Just to clarify i am not an expert on the matter. I just feel that to few people are aware about the importance and hope this post maybe sparkle some interesting opinions and conversations along the way. If you made it this far I applaud you :-), now check how much balance this guy has in his wallet and see how much he earns every month :D https://moneroblocks.info/search/4AdUndXHHZ6cfufTMvppY6JwXNouMBzSkbLYfpAV5Usx3skxNgYeYTRj5UzqtReoS44qo9mtmXCqY45DJ852K5Jv2684Rge Example: Imagine you want to buy a CAR, and your friend needs to sell his CAR. You did some digging in the market to find an agreement on the price and proceed with the transfer. It happens OTC because there is no need for a middleman, it’s your buddy right?! (For clarity, you both sign a contract to change ownership) You are super excited with your new cool ass CAR, never had one before :-) do some drinking and have an accident. You turn up in the hospital and while you pay for your way out you get arrested. Apparently the CAR was stolen and used in a kidnapping affair. 1st point: A lot of people can buy CARs, and since the CAR owners/transactions are all stored somewhere on a ledger... do you think the authorities will let you keep that CAR when they find out it was stolen or maybe something worse? 2nd point: a CAR is a non fungible asset, meaning that you can trace past owners/origin and could end up with a CAR that should actually be worth A LOT less than what you paid for (because it was obviously dirty) Now go back to the beginning of the example and switch CAR with BTC, then you will know why fungibility matters. TLDR; to fungible or not to fungible, that is the question and the answer will either save us all or enslave us all. Edit: added short example
Hi, So i have been a fan of Monero and most people in Bitcoin community respect Monero and rarely if ever refer to it as a shitcoin. As the first privacy focused coin it had first mover advantage in that respective field but my question and concern seems to be that it is falling behind in terms of adoption and development, Why has a coin that has so much use not been listed on exchanges such as coinbase with there vast OTC trading ? I fear rival privacy coins such as Z cash may be taking over market share and reducing the opportunities for Monero to grow, I am very interested in Mining Monero and moving my Ethereum Holdings over after the Ethereum 2.0 Bull run but if Eth offers say 5% for POS, Where is Monero headed? Would really like peoples views on this...
08-16 00:15 - '[quote] There used to be an exchange (BTCC) that made a physical bitcoin in the form of a poker chip: / - [link] - [link] / The private key is on the underside of the tamper-evident hologram. / Notice that does not say "tam...' by /u/cointastical removed from /r/Bitcoin within 0-10min
I have a chance to buy a physical bitcoin poker chip.
There used to be an exchange (BTCC) that made a physical bitcoin in the form of a poker chip:
The private key is on the underside of the tamper-evident hologram. Notice that does not say "tamper-proof", it says "tamper-evident'. And what it does not say is "and never inspected with a scanning tunneling microscope (STM) by the seller (or a prior seller) before it ends up being your property. And also, you are an expert in determining whether or not what you are being sold is not a counterfeit? If you got plenty of dough, sure -- taking a chance on owning a piece of bitcoin history might be worth the risk. If you are speculating on the exchange rate though,... just buy bitcoin and HODL. As far as how one of these is actually "redeemed" / "cashed out"? ... you simply peel the hologram, which reveals the private key, and you sweep the key to spend it (e.g., using Samourai wallet or something like that which supports "sweep to spend"). Where you sweep it is up to you -- to a bitcoin deposit address at an exchange, or to an address for your own wallet, etc. , -- doesn't matter. If the amount of bitcoin you are looking to sell is more than $100K in value, and you want help in selling it, there are OTC trading desks that will help with sales of bitcoin for that size. Bitcoin / Crypto OTC Trading Desks
List of bitcoin person-to-person (P2P) bitcoin exchanges (e.g., Bisq, HodlHodl, LocalCoinSwap, etc.)
Following is a list of P2P exchanges for trading Bitcoin. Common payment methods include bank transfer, cash deposited in the seller's bank account, in-person cash (face-to-face) trades as well as payment networks such as Zelle, Alipay, even Cash App and PayPal, for example. Any that I am missing?
You made it! :) First up, SORRY! This has been a late post, I have my reasons don't question them (if you must know I'll be posting in the discord - one time only haha). Secondly, I am sure you can agree with me when I say "Wow!" What an incredible week it has been. Last week I thought it was going to take a couple more weeks for more moving price action when it had only taken a few days which has seen Bitcoin reach and pass the $10,000 region. We have also seen the total Market cap for cryptocurrencies increase from about 280B to over 300B (308B at time of writing) within just a few days. A huge injection of liquidity, about 40B, into the market and just to name a few of the best rises in the top 20 (on Coinmarketcap.com), the price of ETH BTC ADA have given good performances/positive responses (With this I will start adding screenshots at the end of each week for timestamp purposes). This may be a combination from Binance, Mastercard, Paypal, Grayscale investments, VISA AND the DEFI sector. Let me explain... Last week we read about Binance integrating with the company Swipe (SXP) to issue there own debit card expanding the use and reach of cryptocurrency to 31 countries within Europe. Binance's Q2 scheduled token burn of $60.5 Million, this figure correlates with its exchange, margin and futures trading platforms where approximately 20% of profits get burned to increase the price of BNB token (careful as the price has been steady after the burn). This week we find out Mastercard's expansion into the Cryptosphere as they expand and integrate with the Wirex team to issue a Mastercard-backed Bitcoin debit card, thus further extending the reach of cryptocurrency availability internationally. "The cryptocurrency market continues to mature and Mastercard is driving it forward, creating safe and secure experiences for consumers and businesses in today’s digital economy " "...Our work with Wirex and the wider crypto ecosystem is accelerating innovation and empowering consumers with more choice in the way they pay" Mastercard is also reaching out to other emerging cryptocurrency firms to apply to become principal members [Partners] with Mastercard as they have relaxed their digital assets program and look to expand into the Digital Assets and Blockchain environment. Paypals expression of interest in cryptocurrency facilitiation may bear fruits as it is said Paypal has partnered up with stablecoin operator Paxos (who is already in partnership with Revolut in the US) to facilitate trading through a cryptocurrency brokerage which will enable other firms to integrate cryptocurrency trading functionalities with them. In my opinion this looks much more promising than the Libra association they pulled out from last October as regulations. Grayscale Investments clears regulatory hurdle as they have been given the green light for its Bitcoin Cash Trust (BCHG) and Litecoin Trust (LTCN) to be quoted in over-the-counter (OTC) markets by US Financial Industry Regulatory Authority (FINRA). “The Trusts are open-ended trusts sponsored by Grayscale and are intended to enable exposure to the price movement of the Trusts’ underlying assets through a traditional investment vehicle, avoiding the challenges of buying, storing, and safekeeping digital Bitcoin Cash or Litecoin directly.” More green lights for Cryptocurrency in the US as regulators allow banks to provide cryptocurrency custody services (which may go further than just custody services). A little bit strange as it seems unnecessary and undermines one of the key factors and uses of cryptocurrency which is to be in complete control of your own finances... On another outlook this may be bullish as it allows US banks to provide banking services directly to lawful cryptocurrency businesses and show support for Bitcoin. Visa shows support stating they have a roadmap for their further expansion into the Crypto sphere. Already working with Crypto platform Coinbase and Fold they have stated they recognise the role of digital assets in the future of money. To be frank, it appears to be focused on stable coins, cost effectiveness and transaction speeds. However they are expanding their support for crypto assets. AND MOST IMPORTANTLY, DeFI! Our very own growing section in crypto. Just like the 2017 ICO boom we are seeing exorbitant growth and FOMO into the Decentralised Finance sector (WBTC, Stablecoins, Yield farming, DEXs etc). The amount of active addresses on Ethereum has doubled but with the FOMO on their network have sky rocketed their fees! Large use-cases of stable coins such as USDT ($6B in circulation using ERC-20 standard), DAI, TUSD, and PAX. $114M Wrapped Bitcoin (WBTC) on their network acts as a fluid side chain for Bitcoin and DEX trade volume has touched $1.6B this month. With all this action happening on Ethereum I saw the 24HR volume surpass BTC briefly on Worldcoinindex.com In other news, Bitcoin has been set as a new precedent in a US federal court in a case against Larry Dean Harmon, the operator of an underground trading platform Helix. Bitcoin has now legally been ruled as a form of money. “After examination of the relevant statutes, case law, and other sources, the Court concludes that bitcoin is money under the MTA and that Helix, as described in the indictment, was an `unlicensed money transmitting business´ under applicable federal law.” Quick news in China/Asia as floods threaten miners and the most dominant ASIC Bitcoin mining rig manufacturer Bitmain loses 10,000 Antminers worth millions alledgedly goes missing or "illegally transfered" with ongoing leadership dispute between cofounders. Last but not least, Cardano (ADA) upgrade Shelley is ready to launch! Hardfork is initiated as final countdown clock is switched on. At time of writing the point of no return has been reached, stress tests done and confirmation Hardfork is coming 29/07 The Shelley Mainnet upgrade is a step toward fast, capable and decentralised crypto that can serve billions of people. With the Shelley Mainnet is ADA staking rewards and pools! Here is a chance for us Gravychainers to set up a small pool of our own. Small percentage of profits going into the development of the community, and you keep the rest! If you read all of my ramblings thanks heaps! I appreciate it! I have added an extra piece of reading called speculation. Most you can speculate on by just reading the headline some others have more depth to them. Another post next week for a weekly round up! Where do you think the market is going? What is in your portfolio? Let us know in the Gravychain Discord Channel See you soon!
🍕 Bring some virtual pizza to share 🍕 Come have a chat, stimulate a discussion, ask a question or share some knowledge. We are all friendly crypto enthusiasts up for a chat, supportive and want to help each other with knowledge and investments! Big thanks to our Telegram and My Crypto HQ for the constant news updates!
P.S. Dr Seuss collectables on the blockchain HECK YEAH! and Bitcoin enters NASCAR, remember when Doge did this? it was like when Doge was trending on TikTok. ... Oh yeah did I also mention Steve Wozniak is suing Youtube, Google over rampant Bitcoin scams. Wait, what? Sydney based law firm JPB Liberty is suing Google, Facebook and Twitter for up to $300B. Just another day in the Cryptosphere.
Interview With Eddie Jiang: How CoinEx Is Adapting To The Exchange Space And Growing
Written by chaintalk.tv https://preview.redd.it/v238540taz751.jpg?width=1280&format=pjpg&auto=webp&s=2a852e171a74e49da802d7c12fadba452cf4cf43 We recently had the opportunity to interview the VP of ViaBTC Group, Eddie Jiang. ViaBTC Group owns popular crypto exchange CoinEx and ViaBTC Pool. In this interview Eddie discusses being the first exchange to use BCH as the base currency, ViaBTC Pool and integrating with CoinEx, new features and ambassador program, and competing with other exchanges like Binance and Huobi. Please enjoy the interview below. How come you decided to open up CoinEx to other cryptos other than just BCH? Eddie Jiang: CoinEx is the world’s first exchange to implement Bitcoin Cash as a base currency. At that time, it was evident that there was a demand for BCH trading markets, and we are the first to explore this opportunity. It also shows our determination to support the BCH’s development. As CoinEx is developing, our goal becomes bigger and we are aiming at the global market. We need to constantly improve our product diversification to meet the different needs of more users, so we open up to other cryptos. In the past six months, we have listed more than 50 new tokens. Up to now, we have listed 129 cryptos and 313 markets. Besides, in addition to spot trading, CoinEx also supports perpetual contract and other derivatives trading. How does CoinEx integrate with the ViaBTC Pool? Eddie Jiang: ViaBTC Group announced a strategic upgrade, which included a new organizational structure, product innovations and service improvements, on 30 May. As part of the change, the Group has established three dedicated business units (BU): the financial services BU, consisting of ViaBTC mining pool and CoinEx exchange; the infrastructure services BU, including ViaWallet and Blockchain Explorer; and the ecological development BU, focusing on the research and development of public chain technology and the construction of the ecology. After halving, the combination of mining and finance will become closer and closer. Investing in mining machines is like buying a Bitcoin option. Miners need more flexible financial products to maintain and increase the value of assets, or hedging services. Based on this judgment, the operations of ViaBTC mining pool and CoinEx exchange will be integrated in the future to realize the financial empowerment of the mining pool to meet the diverse financial needs of miners. Features of this integrated product upgrade can be summarized as: “ The mining pool is the wallet, and the wallet is the transaction.” ViaBTC is the world first mining pool that has a wallet embedded in the mining pool account. Users do not need to transfer the mined coins, and can realize the function of coin exchange within the wallet. For example, they can directly convert the mined coins into USDT to pay electricity bill. What’s more, users can store, deposit and withdraw their revenue, and transfer assets to CoinEx at any time without charge, as well as complete other operations on the exchange, such as purchasing wealth management products for asset preservation and appreciation. In addition, we also provide hedging services. All of the above functions can be completed in one stop in the mining pool, without the need to transfer assets between different platforms. The exchange empowers the mining pool, and the mining pool will further bring more traffic and resources to the exchange. The two complement each other and development coordinately. CoinEx has recently added many new features. Can you talk about what new updates were made to the platform and why you made them? Eddie Jiang: We have always attached great importance to the development of overseas markets since our establishment, and one of our major goals this year is to cover at least 10 different languages speaking markets. To realize this and to meet the needs of more users worldwide, CoinEx has been continuously optimizing and upgrading its operating strategies, products and services. Our product diversifications are constantly improving. As I said before, we have launched leverage trading, perpetual contract trading, and wealth management products in addition to just spot trading. However, we don’t ignore the importance of spot trading. More mainstream, popular, and high-quality tokens have been listed, and up to now, there are 129 tokens and 313 trading pairs on CoinEx. During the epidemic, we have never slowed down our development. Lacking of the OTC service has always been a shortage for CoinEx. In March, we partner with Simplex to integrate the first fiat onramp to our platform. People now can buy crypto with their credit cards, which lowers the threshold for more people to enter the crypto world. Moreover, we announced global strategic partnership with Matrixport to provide people with large amount of fiat to crypto needs the OTC service. These newly launched services also help to attract more users. At the same time, CoinEx has been launched in Arabic, Italian, English, Japanese, Russian, Korean and other 16 languages. Earlier we also carried out product upgrades, making the UI and function sections clearer. In terms of operations, we launched an upgraded CoinEx Ambassador program in March. To best utilize each ambassador’s personal strengths, there are four categories of CoinEx Ambassador with different responsibilities, namely Referral Ambassador, Marketing Ambassador, Operation Ambassador, and Business Ambassador, which will expand our brand’s exposure and help CoinEx grow into a more international exchange platform. From March until now CoinEx has seen a 100% increase in user registrations. Why is that and are you able to see where they are coming from? Eddie Jiang: Because of the efforts mentioned above, in 2020, we’ve seen an exponential increase in activity in just the past few months alone. In this year alone, CoinEx’s daily registered users increased by 100%. These new users mainly come from markets such as the Middle East, Asia Pacific, and more. Interestingly, we saw an uptick in traffic from the Middle East in March. User growth in Southeast Asia also picked up significantly, newly registered users increased by 133.6% in April. With Binance, BitMex, Huobi, Bybit, and Deribit, controlling most of the crypto futures and options markets, where do you see CoinEx fitting in? How do you plan to capture market share from these large exchanges? Eddie Jiang: We won’t compete with others. We focus on ourselves to improve products and our goal is to be better than yesterday. Our pace is solid and steady, instead of focusing on temporary heat and flow. We have always attached great importance of spot trading, and we are committed to be responsible for users’ investment. We have set up CoinEx Institution, which is dedicated on project research. A listing committee consist of core team members review and vote on projects recommended by the CoinEx Institution. In this way, fraud projects are avoided as much as possible. Besides, we will focus on niche areas with great potential. For example, Southeast Asia and the Middle East. CoinEx can serve users in those countries well by providing a platform with rich cryptos to trade, and will pay more efforts on refined operations in different countries. Moreover, CoinEx has a very complete ecosystem. Financial services, infrastructure, and ecological development, the three business units complement each other. The infrastructure BU is our cornerstone and is positioned as a defensive product; the financial service BU is a cash cow and is positioned as an aggressive product; the ecological development BU focuses on the public chain ecology and is the future infrastructure. What is the geographical breakdown of the CoinEx userbase? Eddie Jiang: The current proportion of CoinEx’s overseas users has reached 80% of the total registered users, and mainly in Australia, Southeast Asia, North America, Middle East and South Korea. Do you have plans to focus on any certain jurisdictions? How will you do that? Eddie Jiang: When we evaluate regions, two things matter: policy and potential. Whether an exchange’s business expansion in a region is smooth or not largely depends on the region’s policies. If the region is not very friendly towards cryptocurrency or has repeated attitudes, there will be more difficulties and the cost will be much higher. For a region’s development potential, we need to think about the demand and market development status. South Korea, Southeast Asia, the Middle East and other regions are all areas with good potential for cryptocurrency development. Compared with Europe and America, policy risks in these countries are lower, and the supervision mechanism is relatively complete. The public has a high degree of awareness of cryptocurrencies. Besides, some regions or countries have inflation problems due to political and economic reasons. CoinEx will continue to focus on the Middle East and South Asia, which are relatively niche. India has just lifted ban on cryptocurrency trading this year, and there are many cryptocurrency investors in Indian. CoinEx can serve them well by providing a platform with rich cryptos to trade. More people in the Middle East are interested cryptos, especially in countries that are subject to economic sanctions or high inflation. For those people, cryptocurrencies are one of the best choices for asset preservation. Since the CoinEx Ambassador program launched in March, it has been almost three months. We are conducting the second round of ambassador recruitment. This time, we will use the power of ambassadors to expand our recruitment coverage and strive to attract more crypto enthusiasts from all over the world to grow together with CoinEx. Moreover, we will launch the National Expansion plan and leverage on the CoinEx and ViaBTC mining pool resources, to further explore the Russian market. At the market level, we will make more PR efforts in local markets, and start refined operations. What is CoinEx Chain and CoinEx DEX? Eddie Jiang: CoinEx Chain is a public chain built on the Tendermint consensus protocol and the Cosmos SDK. It consists of three dedicated public chains parallel to each other. Among these three chains, CoinEx DEX meets the most basic needs of DeFi for token issuance, transfer, and transactions. The Smart Chain is designed to meet the needs of complex financial scenarios and delivers programmable cash. The Privacy Chain facilitates privacy and security. On November 11, 2019, we took the lead in launching the Mainnet of CoinEx DEX. CoinEx DEX is the world’s first public chain dedicated to decentralized transactions. Users can easily manage their digital assets on it. CoinEx DEX can fully satisfy the following conditions: users have private keys at their own disposal; transfers and transactions are all completed on-chain, which is 200% transparent and checkable; the issuance, transfer, and transaction of tokens do not require review or permission; the community governance and operation is decentralized, similar to EOS, and validators are introduced to the community ecosystem construction and governance. There are currently 41 validators. It also has extreme performance. TPS reaches as high as 10,000 and transactions are confirmed within seconds. The transaction fee, 0.0001 US dollars for each transaction, is negligible. Third, it’s simple and easy to use. The new operation interface design helps beginners get started quickly; with the one-click token issuing module, users only need to fill in a few items to issue tokens; the built-in automated market-making module guarantees liquidity. How will CoinEx DEX improve the decentralized exchange space that has been unable to gain much adoption? Eddie Jiang: There are many challenges and difficulties facing centralized exchanges. The first difficulty is security. Security is a huge concern for CEXs. Over the last 10 years, hackers have stolen more than $1.5 billion from centralized exchanges. In fact, research groups estimate that hackers stole somewhere between $950 Million and $1 Billion from centralized exchanges in 2018 alone. There were also incidents of coin thefts in other exchanges in 2019. Many exchanges, such as Mt. Gox, Youbit, were forced to file for bankruptcy and shut down as a result of hacks. The second is high management costs. Centralized exchanges need to list a large number of cryptocurrencies and each of them have different trading pairs. That entails huge efforts in development and maintenance and, thus, high management costs. The last is global policies. Cryptocurrency is faced with different regulatory policies in different countries. Every time a centralized exchange enters a country, it needs to adapt itself to local regulatory policies for compliance. This is a holdback for the exchange’s rapid market expansion globally. Such adaptation will also bring a huge learning cost for the exchange team. Obviously, these problems can be well solved by DEX. CoinEx DEX is a true DEX with full open source and full community governance, as well as without depending on official nodes, websites, wallets, etc. On DEX, users are able to in charge of their own private keys and assets all by themselves. Their assets are more safe and secure. Transfers and transactions are all completed on-chain, which is 200% transparent and checkable; and the issuance, transfer, and transaction of tokens do not require review or permission. What’s more, CoinEx DEX provides a great and convenient user experience. How will CoinEx Chain and DEX help the crypto industry as a whole? Eddie Jiang: The public chain is the cornerstone of the blockchain industry. CoinEx Chain has the parallelism of multiple dedicated public chains, each of which performs its own functions, by cross-chaining for both high performance and flexibility. CoinEx Chain is committed to building the next generation of blockchain financial infrastructure. It is a more complete ecosystem built around the DEX public chain. The DEX public chain is a dedicated public chain developed specifically for token issuance and trading and the biggest improvement on trading speed, so it only supports the necessary functions, not smart contracts. But smart contracts are the foundation for building more complex financial applications. Outside the DEX public chain, CoinEx Chain also includes a Smart Chain that supports smart contracts. Moreover, as privacy issues on the current blockchain have been criticized, it is one of the core tasks of CoinEx Chain to safeguard users’ privacy. Similar to the Smart Chain, the Privacy Chain specifically supports transaction privacy protection. With cross-chain circulation, it can improve the privacy characteristic of the entire CoinEx Chain ecosystem. Nowadays, 1.7 million people in the world have no bank accounts; however, among them, two thirds are smartphone users with huge demands for financial services. The public chain will empower DeFi applications’ development and popularization, not only help more companies to seize the huge market opportunity, but also to bring lasting transformations and improvements in people’s lives. With so many crypto exchanges, what is the future outlook of CoinEx when it comes to the crypto exchange space? Eddie Jiang: It has been nearly 3 years since CoinEx has been launched, but it’s quite young for an entrepreneurial team. We have seen too many projects’ failures due to governance issues. CoinEx has a very elite team with high technical and management capabilities. In terms of business, CoinEx has gradually developed with diversified business and a complete ecosystem. It’s clear that the market will still grow very fast in the future, and the market size is still very large. We will continue to improve our products, put more efforts in marketing and operations, as well as look for more high-quality projects, to increase the number of users and transactions on the platform. Lay a solid foundation, and I’m sure the time will come for us to shine. What updates is the CoinEx team most excited for? Eddie Jiang: We are very excited about the National Expansion Plan which will be launched later this year. It is an important part in CoinEx’s globalization strategy. We will actively explore some new markets while consolidate the original ones. CoinEx will set aside 10 million US dollars to set up a “Pioneer Fund” to support this plan. This fund will be used to support local cryptocurrency projects and promote the development of the local cryptocurrency communities through investment or cooperation. Our goal this year is to invest in projects and communities that are conducive to expanding the CoinEx ecosystem in countries with high development potential. Original article ClickHEREto register on CoinEx
CoinEx Announces Global Strategic Partnership with Matrixport to Provide Over-the-counter Service
https://preview.redd.it/x41eepu42cv41.png?width=2400&format=png&auto=webp&s=60fb9e8bb8adf8287be367a79917fdd247400359 Hong Kong, 27 April, 2020 — CoinEx, a global and professional cryptocurrency exchange service provider, is pleased to announce its new global strategic partnership with Matrixport, the one-stop digital asset financial service platform span off from Bitmain. This partnership allows CoinEx’s users to access Martrixport’s over-the-counter (OTC) service when they are in need of exchanging sizable fiat to crypto. “CoinEx’s users around the world will benefit from this strategic partnership as the OTC service makes transfers between fiat and crypto more convenient. Matrixport has the potential to become a key player in the industry and I look forward to a long-term partnership between us,” said Haipo Yang, Founder and CEO of CoinEx. Headquartered in Singapore, Matrixport was established in February 2019 and it now provides a wide range of services such as crypto trading, custody, lending and asset management. CoinEx has also been using its Cactus Custody service since 2019 to ensure the digital asset security. “Teaming up with CoinEx is clearly a win-win situation. We believe that CoinEx’s market presence will enable us to reach more crypto enthusiasts and drive a rapid development of our business,” said John Ge, CEO of Matrixport. In March, CoinEx integrated its first fiat onramp to the platform, and this collaboration represents another step forward to meet the needs of the market. CoinEx will keep working to build a better platform, as well as further develop its ecosystem. About CoinEx As a global and professional cryptocurrency exchange service provider, CoinEx was founded in December 2017 with Bitmain-led investment and has obtained a legal license in Estonia. It is a subsidiary brand of the ViaBTC Group, which owns the fifth largest BTC mining pool and is also the largest BCH mining pool in the world. CoinEx supports spot, perpetual contract, and other derivatives trading. Its service reaches global users in nearly 100 countries/regions with various languages available, such as Chinese, English, Korean and Russian. Website: https://www.coinex.com/ Twitter: https://twitter.com/coinexcom Telegram: https://t.me/CoinExOfficialENG About Matrixport Matrixport, span off from the crypto giant Bitmain and officially established in February 2019, is a one-stop crypto financial services platform offering digital currency trading, institutional custody (branded as “Cactus Custody”), lending as well as asset management to both institutional and retail customers. The digital currencies traded on its platform include Bitcoin, Bitcoin Cash, Ethereum, Tether, and many others. Matrixport was co-founded by Jihan Wu and John Ge, who were both mining industry veterans and co-founders of Bitmain. Matrixport has 150+ staff globally with headquarter in Singapore and offices in Hong Kong, Zurich, and Moscow. With rich industry resources and leading technology capabilities, Matrixport aims to make crypto easy for everyone and create the next generation digital financial service experience. Matrixport’s vision is to enable a more open and equal financial system using blockchain technologies. For more information, please visit https://www.matrixport.com or contact [email protected]. Contact Jessica Zhang CoinEx PR Department [email protected]
To start trading Bitcoin futures, one must sign up with a Bitcoin futures exchange. The exchange provides a marketplace where you can buy and sell the Bitcoin futures. These exchanges are required to be registered with the relevant regulatory authority. Some years ago, the futures exchanges utilized physical trading floors like the New York Mercantile Exchange (NYMEX) and the Chicago Mercantile Exchange (CME). However, with the evolution of technology, such locations are not as important as they used to be in those days. Today, Bitcoin futures trading takes place over the computer 24 hours throughout the week. Traders including individuals only have to own a personal computer, look for a reliable derivatives exchange offering Bitcoin futures and open a trading account with them. Function of a futures exchange A futures exchange standardizes and makes it possible for as many traders as possible to access futures trading. Mostly, the managers of the exchange are after increasing the volume of the traded asset (Bitcoin). Therefore, the more the participants the better. Some exchanges also offer margin trading. Therefore they have liquidity providers who lend money to traders who use them to trade and in return the money with some interest. The exchanges are also responsible for the clearing services. Therefore, parties in the contract do not have to worry about the other party failing to deliver on their part of the contract. Though there are a number of other firms involved in the clearing process, the exchange is the overseer and it also standardizes the charges. Bitcoin futures contracts In a nutshell, Bitcoin futures contracts allow traders to trade on the value of Bitcoin without owning the Bitcoin. Most Bitcoin futures contracts are cash-settled, meaning that the trader receives returns in terms of fiat currencies. However, there are some Bitcoin futures exchanges that have introduced physical settlements, where the traders receive real Bitcoins once their contracts close. Contrary to the spot market where buyers and sellers dictate the market prices of cryptocurrencies through over-the-counter (OTC) contracts, in Bitcoin futures trading, the exchanges standardizes the contracts. The Bitcoin futures contracts have standardized sizes depending on the exchange. In some exchanges, a single Bitcoin futures contract could be worth $1 while in another exchange the contract could be worth $10. There are also other things like the expiration dates and strike prices that are also standardized in futures trading. Exchanges also ensure that the pricing information is clearly provided to ensure fairness and transparency to all participants.
Welcome to dashpay! If you are new to Dash, we encourage you to check out our wiki, where the Dash project is explained from the ground up with many links to valuable information resources. Also check out the menu bar on top and the sidebar to the right. We have very active Discord and Telegram channels where the community is happy to answer any and all newcomer questions.
Purpose of this post
This post is directed towards community members who wish to rapidly access information on current developments surrounding the Dash cryptocurrency. Lately we've noticed how the pace of events picked up significantly within the Dash project due to many years of hard work coming together and pieces falling into place ("Evolution" is finally here. It's called Dash Platform). For the purpose of keeping these many pieces of information together, however, singular Reddit submissions are insufficient. Thus we decided to maintain a pinned thread collecting blog posts, interviews, articles, podcasts, videos & announcements. Check back regularly, as this thread will always feature the latest news around Dash, while also serving as a mid-term archive for important announcements and developments. Journalists looking for news and contact opportunities wrt Dash, please bookmark:
Recent posts here on the sub mention (example) that "big companies" are finally thinking about integrating Bitcoin, that New Zealand has recognized Bitcoin as a valid payment method for employees, etc. Very interesting developments, on the surface. But I can't help but think the following. Bitcoin (and 99% of "crypto"currency out there) is functionally a bit like having a bunch of notes in your wallet that have written in them the history of all payments and people the note has been involved with and used for since its creation. Of course, since real bank notes have no such history, you cannot reasonably in most cases be held accountable for whatever indiscretions the previous owner(s) have committed with that money. The situation changes, most of you surely realize, the moment the money goes digital: you will be held accountable and you will be investigated if "suspicious" (exactly what constitutes suspicious activity seems to never shrink, in fact it just keeps growing) funds are tied to your account. Bitcoin and similar "crypto"currencies compound this problem tremendously, since by design every transaction is permanently stored on a public record. "But the addresses are pseudonymous, not tied to my name!", I hear you say. Maybe, maybe not. Exchanges are collecting information on all your transactions, and they know who you are. If it hasn't already, all that data will be sent to centralized, globalist organizations to "fight money laundering" (translations: keep tabs on everyone). From that origin point, such centralized databases can then track, in real time, all your account movements - and that is exactly what is desired, after all the same already happens with your bank account, your paypal, etc. "But I'll just mix my BTC", I hear you say. And now you are accused of actively laundering money. "I'll just buy OTC and never tie a single BTC to a KYC account!", you protest. I hear you. Why voluntarily doxx yourself to a third-party that in all likelihood will end up losing the treasure trove to hackers any time from now to infinity? Why make yourself a target by having your face, your name, and your address floating around in connection to how many bitcoins you have in your name? https://github.com/jlopp/physical-bitcoin-attacks This stuff is different than a normal bank account. You get scammed big time, or coerced into making a transfer, if you're lucky your bank will make you whole. Someone knocks on your door with a screwdriver and knows exactly how much BTC you own and whether you have moved it or not, and it's gone. Forever. Many of you are beginning to wake up to the dire issues with personal privacy and data protection stemming from centralized control of vast troves of personal data, data that people (stupidly and naively) thought would be safe in the hands of giant multi-national corporations hellbent on making a profit. There is nowdays even a term for their business model: surveillance capitalism. I want to ask you, how exactly does having transparent money that betrays your financial situation in a real-time stream to the world improve things? Are we going to have more personal freedom or less personal freedom, when a conglomeration of big trans-national corporations (to say nothing of the government) can track vast percentages of "crypto" transactions, with real identities attached, in real time? (For the resisters, just bear in mind that transacting with non-KYC'd bitcoin addresses in a world of mostly KYC'd bitcoin addresses is bound to bring attention to your transactions) Privacy is not a crime - privacy is a human right, even according to the UN, who anyway of course does essentially nothing to rock the boat on the matter. It takes a special kind of organization to claim privacy as a basic human right and then stay mostly silent about mass-surveillance, of the internet, of entire countries, of all our financial transactions. Remember the Internet before Snowden? It was a conspiracy, the government couldn't be spying on everyone. They are, and they were. That so many of us fail to recognize the grave danger in allowing this situation to continue is a testament to the peaceful lives most of us lead. We don't even recognize imminent danger anymore. Wake up, the government shouldn't be spying on you 24/7. The problem is not going to go away on its own, and if you do nothing, and the next guy does nothing, and the next girl does nothing, then nothing will change, in fact it will only get worse. And one day, history shows, it will become worse enough that you will think to yourself, "why didn't I do anything about it?". But by then it will be too late. All the dissenters will have been silenced already. You will know in your bones that speaking against the official stories will bring unwelcome attention to yourself and your loved ones, and likely will carry severe consequences. You will keep quiet. Out of fear. We're not there yet, and we don't have to go there (yet again). Privacy is not a crime, but remember this: in a world where privacy is criminalized, only criminals have privacy. It's time to face the truth. We live in a world of mass-surveillance, and our inertia and inaction allows the situation to worsen day after day after day. Part of the solution is technological, but another part is social. You have to at least start paying attention to all the little ways you are being tracked. And not just you - everyone else too. If you are a happy sheep and "have nothing to hide and nothing to worry about", then the usual invitation stands: please post in the comments section a picture of yourself, links to all your social media, your email address, how much crypto you own and in which addresses. As usual, I am willing to bet, exactly zero of you will take on the challenge, and that is because at some subconscious level at least, you realize that privacy matters. Blockchain technology is revolutionary, but the transparency-by-default is a bug, not a feature. It will bring tremendous problems for personal freedom and financial independence later on. Optional privacy will only cause private transactions to stand out against the crowd. Fortunately, a solution already exists that works today, and has sub-1cent fees. It will empower and liberate you financially, if only you would dedicate some time to learning more about it. TL;DR (by popular demand): Mass-surveillance is not normal nor is it acceptable in a free society and will inevitably over time widen the power dynamic between the government and large corporations, and the citizenry. Surveillance over others brings power over others, mass-surveillance over societies eventually brings totalitarianism. Totalitarianism, history shows, is not a nice system to live under. Choose freedom, choose privacy, eschew transparent surveillance money and embrace private digital cash.
The Block Time of BCH should be Shorten（建议缩短BCH出块时间）
As we take BCH as a convenient and fast p2p e-cash, we have to shorten the block time as soon as possible. BCH想成为方便快捷的点对点电子现金，应该尽快缩短出块时间。 https://preview.redd.it/8m6a28kpjkb31.png?width=541&format=png&auto=webp&s=a30d0604120a5e13989a102b9d2c283752369ec5 BCH's current block time is 10 minutes. Since BTC, BCH and BSV chains use the same SHA256 mining algorithm and the BTC is larger, the real block time of BCH which as a small chain will severely fluctuate when the price changes. In the past week (1000 blocks), there were 61 times out of 30 minutes block time, 22 times up to 45 minutes , and eight times in more than an hour. The longest block time was up to an hour and 38 minutes! BCH现在的区块时间是10分钟，由于BTC、BCH和BSV三个链都使用SHA256挖矿算法，且BTC的规模更大，所以在价格波动时，作为小链的BCH的出块时间会发生大幅波动。在过去的一周内（1000个区块），BCH的出块时间超过30分钟有61次，超过45分钟有22次，超过1小时则达到8次，几乎每天都会遇到，最长达到1小时38分钟！ https://preview.redd.it/hs77dytqjkb31.png?width=864&format=png&auto=webp&s=4f064cc1388ff94a52110c7a5c6a52597575707d Even the situation of BTC is much better than BCH. At the same time, the block time of more than one hour happened only two times. Moreover, BTC holders have almost given up the payment function of the main chain, instead using BTC as a value storage tool, and they are ready to wait for all the time. But BCH is prepared as cash for payment! 连BTC的情况都要比BCH好很多，同样的时间里，超过1小时的出块时间只有2次。并且，BTC持有者已经几乎放弃了主链的支付功能，把BTC当做价值存储工具，他们做好了等待的准备。而BCH却是要做支付工具的！ https://preview.redd.it/aak8b40sjkb31.png?width=864&format=png&auto=webp&s=c159024b55fb14c6af04861143f4a43c6c4521e9 In a BCH payment case where more than one confirmation is required, the user often encounters an hour to confirm. This is intolerable in modern society at a high frequency trading. As far as I know there are at least three cases using BCH require more than one confirmation, instead of zero confirmation: 在需要1个以上确认的BCH支付场景中，用户时常遇到1小时才能确认。这在高速运转的现代社会是无法容忍的！就我所知，至少有三种BCH交易场景要求1个以上确认，而不能采用0确认： 1）Exchange top-up. All exchanges now require more than one confirmation in cryptocurrency top-up. Generally, exchanges will require six confirmations and BCH-friendly exchanges (such as Huobi) require three confirmations to be received when BCH supporters' exchanges (such as Coinex) require only one confirmation. 1）交易所充值。现在所有的交易所都要求密码货币1个以上确认才能充值到账。一般交易所会要求BCH充值6个确认到账；对BCH友好的交易所（比如火币）要求3个确认到账；BCH支持者的交易所（如Coinex）要求1个确认到账。 2) Local.bitcoin.com wallet top-up. When I received an OTC order in local.bitcoin.com but my balance was insufficient, it turned that I had to top up soon as possible. This top-up required one confirmation before I can use it. However, waiting for more than 30 minutes is likely to cause the OTC order to fail. 2）local.bitcoin.com钱包充值。当我接到一笔OTC订单，但我在local.bitcoin.com的余额不足时，我必须尽快充值到local.bitcoin.com钱包，这个充值要求1个确认后才能使用。等待30分钟以上，就很有可能导致这笔OTC交易失败。 3) Bitpay wallet top-up. I had to top up in the Bitpay wallet for shopping when there was not sufficient balance, it had to be waited for more than 30 minutes, then I would rather pay in another way rather than BCH. 3）bitpay钱包充值。当使用bitpay支付渠道购物时，遇到bitpay钱包余额不足，我必须先充值到bitpay钱包，等待1个确认，然后才能支付。如果1个确认需要等待30分钟以上，那么我宁愿用bitpay之外的方式支付了。 Regardless of the exchange wallet, local.bitcoin.com wallet, or Bitpay wallet these are hot wallets. An experienced BCH user will not save a lot of bch in the hot wallet. Therefore, the more frequently users who use the BCH for transactions and payments, the more frequently they will face the top-up confirmation waiting time of 30 minutes or more. It is enough to drive away the most loyal users of BCH in the long run, unless they only hold coins and rarely trade and pay. 无论交易所钱包、local.bitcoin.com钱包，还是bitpay钱包，这些都是热钱包。一个经验丰富的BCH用户不会在热钱包存大量的bch。因此，越是频繁使用BCH进行交易和支付的用户，就越要频繁面对30分钟甚至1个小时以上的充值确认等待时间。长期这样，足以赶走BCH最忠实的使用者，除非他只囤币，很少交易和支付。 In fact, the cases requiring one confirmation is much more often than the above three. Although the small consuming payment can accept 0 confirmation, almost all wallet top-ups require more than one confirmation. The long waiting time for confirmation is the worst part of the entire BCH business cycle. 实际上要求1确认的场景远不止以上3个，尽管最终的小额支付可以接受0确认，但几乎所有的钱包充值，都要求1个以上确认。漫长的1确认等待时间是整个BCH商业循环中最糟糕的环节。 https://preview.redd.it/eqddt3wnvkb31.png?width=1362&format=png&auto=webp&s=48af0e4594c6e82a5a0fbb77d6ba349d0e13269c When the block time is shortened from 10 minutes to one minute the BCH payment experience will be greatly improved even if the exchange and wallet will increase the one confirmation to 10 confirmations. According to Doge's data, in the last 1000 blocks the fluctuations of the 10 blocks accumulated time ranged from two minutes to 17 minutes. It is far superior to the one confirmed condition of the current BCH. 当区块时间从10分钟缩短到1分钟时，即使交易所和钱包将1确认相应提高为10确认，BCH的支付体验也会有很大改善。从Doge的数据看，在最近的1000个区块中，10个区块的累积时间波动范围在2分钟-17分钟之内。远远优于现在BCH的1个确认的状况。 https://preview.redd.it/kfs4q1b1kkb31.png?width=864&format=png&auto=webp&s=c46a3de89906ee65ba21f3af647575eb40ca879d More importantly, in fact, exchanges and wallets will not increase the number of confirmations to 10 when BCH shorten the block time. I asked the CEO of Coinex Haipo Yang "Coinex now asks one confirmation for BCH top-up. If the block time of BCH is shortened to one minute, how many confirmations will be asked?" He immediately replied "One confirmation will not be changed, even LTC is one confirmation now". 更重要的是，实际上交易所和钱包并不会因为BCH出块时间缩短到1分钟，而将确认数提高到10个。我询问Coinex CEO杨海坡“Coinex现在要求BCH充值1个确认到账，如果BCH缩短到1分钟出块，Coinex会要求几个确认到账？”他立刻回答我“不会改”，现在“LTC也是1个确认”。 In fact, exchanges and wallets are more concerned with ‘confirmed on blockchain’ than ‘several confirmations.’ Most wallets and exchanges do not increase the number of confirmations when BCH shortens the time. This is a troublesome and unnecessary thing. If most exchanges and wallets are able to maintain the number of required confirmations, the user experience of BCH will increase dramatically. According to the data of Doge's last 1000 blocks, the block time within 2 minutes accounted for 85.4% and the maximum time is no more than 10 minutes. 实际上交易所和钱包更在乎的是“链上确认”，而不是“几个确认”。多数钱包和交易所并不会因为BCH缩短时间而相应提高确认数。这是一件麻烦而又不必要的事情。如果多数交易所和钱包能够保持1个确认的要求，那么BCH的使用体验将大幅提升。根据Doge最近1000个块的数据，2分钟以内的出块时间占到了85.4%，最多也不超过10分钟。 https://preview.redd.it/hajx2443kkb31.png?width=864&format=png&auto=webp&s=740c2d3351610220966b5c9d17e24613d16757ea In the Chinese community we have had a lot of discussions and most BCHer are eager to shorten the block time and wait for more people to support. But their patience is limited that I have seen some staunch supporters losing because of the lack of positive response to shortening the block time. They have experienced the toughest hash war and adhere to the ideal of BCH as the world currency. But now, when they promoted BCH to others as ‘convenient and fast electronic cash’, they often encounter great embarrassment that they have to wait for a confirmation for more than 1 hour and they can't even convince themselves ! 在中国社区，我们已经进行了大量的讨论，多数人急迫的期待缩短出块时间，并等待更多人的支持。但人们的耐心是有限的。由于缩短出块时间一直缺乏积极的回应，我看到一些坚定的支持者在流失。他们经历了最艰难的算力大战，坚守对BCH作为世界货币的理想。但现在，他们向别人推广bch是“方便快捷的电子现金”时，经常遭遇BCH1小时不能出块的尴尬，他们开始连自己都无法说服了！ We all know how simple and urgent to expand block capacity in 2016. This is the reason for the birth of BCH. Now we are facing a similar situation on the shortening block time of BCH. When the block is shortened to one minute the users can get the waiting time reduced by 90 percent in many cases and no longer worry about waiting for an hour. Why not do it right away? 我们都知道2016年扩大区块容量的逻辑多么简单而又紧迫，那是BCH诞生的原因。现在BCH缩短出块时间面临类似的情况，出块缩短到1分钟，用户就能在很多场景中减少9/10的等待时间，不再为1个小时的确认等待而苦恼。为什么不立即去做呢？ (For more information, please check the link below: https://medium.com/@ChangyongLiu/proposal-to-shorten-the-block-time-of-bch-1d7e8e897497 ) （对缩短出块时间有更多疑问，可以参考我的更详细的一份建议：https://medium.com/@ChangyongLiu/proposal-to-shorten-the-block-time-of-bch-1d7e8e897497）
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