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Cryptocurrencies and Money Laundering: To What Extent They Are Actually Connected ( part 2)

Cryptocurrencies and Money Laundering: To What Extent They Are Actually Connected ( part 2)

https://preview.redd.it/rwfzet5fu2u51.jpg?width=1024&format=pjpg&auto=webp&s=f27873c32c2c5435ae7ed7d51f8abf47152073bf
Cryptocurrencies are ill suited to money laundering
As a tool for money laundering, cryptocurrencies are a lot less universal and convenient than bank payments and cash.
Unlike cash transactions and bank transfers, transactions in decentralized blockchains are easily traceable. Cryptocurrencies are transparent in nature — all transactions are recorded and publicly accessible. If you can accumulate considerable volume of data, you can determine who's behind a bitcoin address used for money laundering. Besides, you cannot use the ВТС network and other cryptocurrency networks to transfer a large amount of money — such a transaction would be immediately brought to attention of law enforcement.
The experience of fighting against the Darknet (the illegal Internet) shows that states can fight against cyber crime while anonymity of cryptocurrencies is greatly exaggerated. Legal cryptocurrency platforms have demonstrated a long-standing trend of using KYC principles (provision of complete information about a user) — exchanging currencies anonymously is getting harder. Special services can connect transactions to specific users, sometimes using the blockchain technology itself to do it.
Super anonymous coins that encrypt transaction data (Monero, Dash, ZCash and others) cannot save criminals either — there are methods that can be used to break down these transactions. However, some experts state that cryptocurrency technologies evolve really fast and will soon become completely untraceable. In any case, to withdraw cryptocurrencies and turn them into fiat money, you would have to “burn” your actual bank accounts, thus reducing the entire anonymity level.
It is often mentioned that criminals use the so-called “mixers” — software and services where transactions can be run by mixing your coins and coins owned by other users to maintain confidentiality. It allows you to hide your withdrawal data and addresses, as well as your real identities. However, according to the above mentioned Chainalysis report, most users prefer to use mixers to ensure confidentiality and not to conduct illegal activity. This method is only used to launder 8 % of all money passing through.
Moreover, special services can track transactions passing through mixers which makes them suspicious by default. This is why criminals are not overenthusiastic to use them — cash and banks are more secure.
As you can see, cryptocurrencies are not all that convenient for criminals though it may seem so. They are an excessive intermediate since actual laundering requires cashing out and it's getting harder to do so anonymously by the day.
Banks are the key “laundromats” of the criminal underworld
Let's turn to the best part now. Criminals launder most money via regulated banks seen as ideal by the states. They can annually launder up to $ 2 trln. Think about it: trillions of dollars laundered through the banks.
Many of the world's biggest banks have been involved in money laundering schemes and fined for this. For instance, Wells Fargo, J. P. Morgan Chase & Co and the Bank of America, Standard Chartered and others. Last year, it turned out that Citigroup, Deutsche Bank and Raiffeisen had helped criminals launder $ 8.8 bln over a period of 7 years. It's only three bank conglomerates seen as strongholds of honesty and security. Imagine how much money has been laundered via other banks, including “shadow” banks.
In 2019, various companies around the world were fined for being involved in money laundering schemes worth of the record $ 8.14 bln. It's twice as much as in 2018. Two thirds of the fines were attributed to banks — $ 6.2 bln, and 17% — to gaming and gambling organizations. The best joke is that these fines are a drop in the ocean for the banks while money laundering cannot be undone.
According to the August report by the Mexican Finance Intelligence Unit, local criminals still prefer to launder money using conventional financial institutions, mostly banks, as well as brokerage firms and exchange companies. Seven biggest and most regulated Mexican banks that control 80 % of all assets in the national financial sector run the biggest number of transactions with black money (no specific amounts are given).
Moreover, Mexican banks have long been known to deal with activities of this kind. In 2012, one of them — HSBC — paid a record $ 1.92 bln in fines to the US authorities after the Mexican and Columbian drug cartels were caught using this bank for laundering drug-related money.
A short time ago, the international payment system SWIFT used by all of the world's banks published a report drafted in partnership with the financial research firm Bae Systems. The report noted that cryptocurrencies are rarely used for money laundering — with criminals preferring the more conventional ways. These include: using the so-called “money mules” — intermediaries who allow to use their accounts for transferring illegal money; hacking bank accounts, bribing bank officials, using shell companies and casinos.
The report also lists examples of laundering big amounts of money using cryptocurrencies while also noting that only few cases have been registered. These include use of intermediaries, prepaid crypto cards, purchase of physical assets, such as real estate or expensive cards, for cryptocurrency.
Cryptocurrencies do not launder money — they fight against money laundering
As you can see, while cryptocurrencies can be used for money laundering, they are ill suited to this purpose. Moreover, they actually work the other way around by increasing transparency, security and speed of payment transactions and giving users more independence. Coins like UMI are building an alternative financial system accessible to anyone, not a shadow market for laundering illegal money.
The fact is that today 99 % of laundered money passes through other channels, not cryptocurrencies. Criminals still prefer using fiat money for this purpose. Banking institution are their key accomplices, and the amounts of money they hide outmatches the overall capitalization of the cryptocurrency market. However, no one is threatening to prohibit banks.
At the same time, we hear all the time that cryptocurrencies should be banned or strictly regulated. Unfortunately, financial regulators and law enforcement agencies all over the world are sometimes obsessed with the idea of putting spokes in wheels for the usual people who use cryptocurrencies while also allowing bankers to launder trillions of dollars. Isn't it ironic?
UMI is fighting against this state of affairs. We're building a new, alternative and completely transparent financial system where any person on the globe can generate digital money and make instant, fast and free-of-charge payments.
To sum up, don't trust the negative publicity for cryptocurrencies Trust the facts. The negative publicity is mostly generated by people who are not happy that the existing financial system based on banks is gradually become a thing of the past while cryptocurrencies are growing rapidly. At any rate, the key point is that decentralized cryptocurrencies which belong to users from across the world cannot be banned, even from the technical point of view. Thus, there's nothing to fear and progress cannot be stopped.
Sincerely yours, UMI Team!
submitted by UMITop to u/UMITop [link] [comments]

The MXC Weekly Reports (September 7-September 11)

The MXC Weekly Reports (September 7-September 11)
MXC Exchange ( www.mxc.com ) is a world-leading digital assets trading platform. We aim at providing Secure, Convenient, Smart blockchain assets trading service, covering the market and price of cryptocurrencies including Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), EOS, etc. Below are the weekly reports from September 7 to September 11, including major activities and some new listings on MXC.
Major Activities:
1.MXC launches the "Stake TRX to Mine SUN” activity at 9:00 (UTC+8) on September 11. Users can get SUN tokens by locking TRX.
2.MXC launches "Join Margin Trading to Share 60,000 CPH Quotas from the 13th Session M-Day Program" activity from 17:00, September 10 to 24:00, September 13 UTC+8. Any users who trade margin pairs in the margin trading zone on MXC with trading volume no less than 10,000 USDT can share 60,000 CPH quotas from the MXC 13th session M-Day program based on the proportion of their trading volume respectively.
3.MXC launches BTCUSDT and ETHUSDT perpetual contract trading contest With 20,000 CPH Giveaway from 10:00, September 11th to 24:00, September 13th (UTC+8). Users who trade BTCUSDT and ETHUSDT perpetual contracts during the activity and meet the corresponding conditions can share 20,000 CPH tokens.
  1. The 13th Session M-Day program is coming. The project for this session is CPH. M-Day Program is a series of activities held on MXC Exchange for mainstream crypto traders/holders. In this session, holders of USDT or major cryptos traders can enjoy discounted CPH. CPH token sales will be on a lucky-draw distribution model, and the ticket-claim time is from 09:00 to 17:00 (UTC+8), September 10.
5.MXC launches a new session of "Deposit for Free Listing" campaign for Golff (GOF) and Centric CASH (CNS) from 20:00, September 9 to 20:00, September 11 (UTC+8).
6.MXC launches a new session of "Deposit for Free Listing" campaign for Organix (OGX), TokenPocket (TPT), DefiBox (BOX), dmd.finance (DMD), Applescash (AAPL), Harvest Finance (FARM) from 17:30, September 5 to 17:30, September 7 (UTC+8).
7.MXC holds the 3rd session leveraged ETF trading contest from 10:00, September 7 to 24:00, September 9(UTC+8). Users who trade anyone or more ETF products on MXC will be ranked based on their trading volume for one or several leveraged ETF products. The winners can share the 6,000 USDT prizes, besides, there is a participation prize.
8.MXC launches the 2nd Session "Voting to Extend the Assessment Periods and Share Trading Fee" activity from 09:00 to 17:00, September 7, 2020. (UTC+8). Users can vote for their supported projects in the Assessment zone through MX to extend the assessment periods, and share the trading fee. The tokens are AVA, SGT, CAMO, CRO, and IDX.
New Listing:
Spot Trading:
https://preview.redd.it/fg1encg9mgm51.png?width=576&format=png&auto=webp&s=63bf56ccefd8e1de329312bb11c8ed6fe78d1412
Margin Trading: MXC adds support to SWRV/USDT margin trading.
Perpetual Contract: MXC launches COMPUSDT, CRVUSDT, BANDUSDT, LENDUSDT, SRMUSDT, and KAVAUSDT perpetual contracts.
Leveraged ETF Products: MXC launches TRB3L, TRB3S, SRM3L, SRM3S, RUNE3L, RUNE3S, BZRX3L, and BZRX3S leveraged ETF products.
submitted by MXC_Exchange to MXCexchange [link] [comments]

How do I Buy Bitcoin & Crypto? - Pros & Cons of 5 Exchanges

Are you looking to start investing in cryptocurrency and wondering the best place to buy it? Or if you are in the US, are you wondering which crypto exchanges are legal for you to use? Below is a list of 5 cryptocurrency exchanges that, as of this post, are all legal for US citizens. I have also included a quick break down on the pros and cons of each exchange. This is not a complete list of every exchange available to US citizens as there are others, but these are my own personal top 5 based on characteristics such as ease of use, security, fees, liquidity and selection of available coins to trade. If you are not located in the US there is a good chance most of these exchanges are available to you as well, you will just need to check with the exchange and look up your own country's policies regarding the purchase of cryptocurrencies.
As you go through the list please keep in mind, while I do have them ranked 1 through 5, there is not a lot separating them and each of these exchanges offer something a little unique from the others. Everyone's investment goals and preferences are going to be a little different so my #5 exchange here could be your #1 based on your criteria. It is also pretty likely that if you end up wanting to invest in 5 or more coins at some point, no one exchange is going to have all of them available so you will likely need to open multiple accounts anyways. Okay, on to the list.

1) Binance US
Binance US is an offshoot of one of the largest cryptocurrency exchanges out there, Binance.com. They created Binance US in response to US citizens being banned from using their main exchange back in 2019. These two exchanges function much the same with the biggest difference being that Binance US has a slightly smaller pool of cryptos listed on their exchange, which currently is a little over 30 coins. Other than that, all of the great features of Binance.com that have helped it become one of the largest crypto exchanges in the world, apply to Binance US as well.
PROS
- Low Fees: Start at 0.10% spot trading fee and goes down from there depending on your trading frequency. You can also save an additional 25% off your trading fees by holding their native token BNB.
- High Trading Volume: Allows you to get in and out of your positions more easily.
- Coin Selection: Currently as of this writing there are over 30 different coins available to be traded.
- Reliability / Reputation: As one of the larger players in the crypto space, Binance is able to offer a bit of security as they are able to throw a lot of money at any potential problems with things like hackers. Binance US puts away a set portion of their earnings every month in a fund that acts as insurance against any funds that may be lost due to hackers. Back in 2019 they had an incident where 40 million dollars of crypto was stolen by hackers and they reimbursed every penny to their customers.
CONS
- Interface: Trading can be a little confusing for those not used to trading cryptocurrencies. While it is not too difficult to learn, a couple of the upcoming exchanges on my list are a little more user friendly for those who are new to the space.
All things considered, right now if I was getting started with Crypto trading in the US, Binance US would be the first account that I created. If you would like to open an account you can use the link below. If you are located outside of the United States I would suggest opening an account on the the original Binance.com exchange as they currently have a wider selection of cryptos to pick from. Below is a link for their sign up as well if you are interested.
Binance US Sign Up
Binance Sign Up (Non-US Citizens)

2) Crypto.com
Crypto.com is on a mission to be the leader in cryptocurrency adoption to the masses and is trying to bridge the gap between the worlds of blockchain and traditional finance. Along with trading cryptocurrencies they have programs on their app like Earn, Invest, Pay & Credit which you would find with more traditional finance companies. For instance, through their Earn program there are many coins you can earn interest on by locking them up for a set time period. Depending on the coin, how many MCO (Crypto.com native coin) you have staked and how long you keep your tokens locked up for, you can earn anywhere from 2% to 18% interest which a lot better than any bank is going to do for you these days.
One of the best features of Crypto.com, in my opinion, are their great eye-catching, metal crypto MCO reward credit cards. These cards pay you cashback, in the form of their MCO token, for all of your day to day purchases anywhere that VISA is accepted. Depending on which level of card you get, these credit cards reward 1% to 5% cashback on all spending along with other great benefits like free ATM & international withdrawals, 100% cashback on Spotify & Netflix subscriptions and airport lounge access. In order to get your hands on one of these cards you will need to open a Crypto.com account if you don’t already have one. There is good news if you don’t already have one, as new sign ups can get $50 worth of MCO tokens free by using the link and promo code I have posted below. Please note that the $50 of MCO tokens will remain locked until you deposit & stake at least 50 MCO tokens toward the sign up of the particular card you are interested in. If you want to know a little more about these cards you can check out method #3 in my earlier post 5 Easy Legitimate Ways to Earn Free Crypto where I go into a bit more detail on them. However, for the purpose of this post, let's get to some pros and cons of their exchange platform.
PROS
- Low Fees: Start at 0.20% and go lower from there depending on your trading volume.
- Coin Selection: Currently as of this writing there are 53 different coins available to be traded.
- Interface: Easy to use app that is very user friendly.- Customer Service: One of the best customer service programs in the industry if you need any help.
CONS
- App Only: No desktop version, all functions on the exchange must be done via their app.
- History: Founded in 2016 so they are still relatively new to the industry.
Crypto.com is a great option if you are looking to trade cryptocurrencies and also want to take advantage of things like their cash back VISA cards and Earn program that pay you great interest rates as you hold your coins. Below is a link you can use to sign up for a new account. If you are also interested in getting one of their MCO Visa cards, use the link below along with the promo code to get $50 of their MCO token free.
Crypto.com Sign Up
PROMO CODE: gapena3dq4

3) Coinbase Headquartered in San Francisco, Coinbase is the largest US-based crypto exchange with about 20 million current users. Like Crypto.com, they are trying to bring cryptocurrency trading to the masses through an easy to use interface and education. One way they try to educate their users is through their Coinbase Earn program where they offer free crypto for watching short educational videos teaching you about the various coins they offer on their exchange. I will not go into the details of that program here, but if you are interested in checking it out I go into a bit more detail on it in my post 5 Easy Legitimate Ways to Earn Free Crypto. Now on to some of the pros and cons.
PROS
- High Trading Volume: Allows you to get in and out of your positions easily.
- Interface: Easy to use desktop interface and trading mechanisms for those new to crypto trading.
- Insurance: Coinbase carries an insurance policy that covers 2% of all assets on the exchange and they keep the other 98% in cold storage.
CONS
- Fees: While their fee structure is not horrible, it is a bit higher than Crypto.com and Binance US. Crypto to crypto trading fees are at 0.50% / bank purchases at 1.49% / credit & debit card purchases at 3.99%.
- Coin Selection: Currently they only have about 20 coins to choose from, however they are looking to add a bunch more soon.
Coinbase is a solid choice for anyone looking to get started in crypto trading. If you would like to open an account you can use the link below which will get you $10 of free Bitcoin as a sign up bonus. Please note that to get the free $10 you must buy or sell $100 worth of crypto within 180 days of signing up.
Coinbase Sign Up

4) Robinhood
Robinhood is the pioneer of no fee trading for securities which is the main benefit of this exchange. It also is, to my knowledge, one of the few exchanges that allow you to trade both traditional stocks and cryptocurrencies. Technically their stock and crypto exchanges are separate entities, however you can seamlessly trade them both from the same account on their app. This is great for those who would like to get started trading in both crypto and traditional stocks but don't want to open multiple accounts. Or for those who might want to trade back and forth between stocks and crypto but don't want to have to transfer money between accounts to do so. Now to explore some other features of the Robinhood exchange let's get into the pros and cons.

PROS
- Fees: None (FREE!)
- Flexibility: Can trade multiple asset classes (Stocks, Crypto, ETFs, Options)
- Interface: Easy to use app that is very user friendly. Desktop version available as well.

CONS
- Coin Selection: Currently only offer 7 coins that can be traded (BTC, BCH, BSV, DOGE, ETH, ETC, LTC)
- Coin Mobility: Your coins must remain on the Robinhood exchange. You cannot transfer your coins to another exchange or withdraw them to put in your own digital wallets.
With their user friendly interface and no fees, Robinhood is very appealing for those just getting into crypto trading. If you are just looking to buy some of the higher cap coins like Bitcoin and Etherium, this exchange can be a good fit for you. However if you know there are some projects you would like to invest in that are not listed above, you may want to choose some of the other exchanges on this list, or both. If you are unsure at this point if you want to invest beyond coins like Bitcoin and Etherium in the future, it doesn't hurt to start here, get your feet wet and open another account down the road if you have other projects you get interested in. If you would like to open an account you can use the link below to get one free stock with sign up! This free stock will be valued somewhere between $2.50 and $200.
Robinhood Sign Up

5) Kraken
Kraken exchange is based out of the United States and was founded back in 2011. While there is no specific trait that blows away the competition with this exchange, it does most everything pretty well. Like most crypto exchanges at this point, your funds on there are not FDIC insured, however Kraken does keep a separate fund that serves as an insurance policy and is currently over 100 million dollars. They also show great transparency and compliance with programs like their Proof of Reserves which offers proof that they hold all of the funds that they say they do. Here is quick break down of their pros and cons.

PROS
- Low Fees: Range from 0.10% to 0.26% depending on your trading frequency.
- High Security: One of the best reputations in the industry for security.
- Coin Selection: Good but not great. Currently they have about 20 coins available for trading.

CONS
- Interface: Making trades can be a little confusing for beginners who are not familiar with their format. However with a couple quick tutorials most of you should be able to get familiar with it pretty quickly.
To open an account and begin trading with Kraken use the link below.
Kraken Sign Up

Interested in some ways you can passively earn free crypto?

Below is a link to a previous post that shares my best ways to earn free crypto in 2020 with the least amount of effort.
5 Easy Legitimate Ways to Earn Free Crypto
submitted by CaliBum16 to Crypto_General [link] [comments]

Best Exchanges to Buy Bitcoin & Crypto in the US (Pros & Cons)

Are you looking to start investing in cryptocurrency and wondering where the best place to buy it is? Or if you are in the US, are you wondering which crypto exchanges are legal for you to use? Below is a list of 5 cryptocurrency exchanges that, as of this post, are all legal for US citizens. I have also included a quick break down on the pros and cons of each exchange. This is not a complete list of every exchange available to US citizens as there are others, but these are my own personal top 5 based on characteristics such as ease of use, security, fees, liquidity and selection of available coins to trade. If you are not located in the US there is a good chance most of these exchanges are available to you as well, you will just need to check with the exchange and look up your own country's policies regarding the purchase of cryptocurrencies.
As you go through the list please keep in mind, while I do have them ranked 1 through 5, there is not a lot separating them and each of these exchanges offer something a little unique from the others. Everyone's investment goals and preferences are going to be a little different so my #5 exchange here could be your #1 based on your criteria. It is also pretty likely that if you end up wanting to invest in 5 or more coins at some point, no one exchange is going to have all of them available so you will likely need to open multiple accounts anyways. Okay, on to the list.

1) Binance US
Binance US is an offshoot of one of the largest cryptocurrency exchanges out there, Binance.com. They created Binance US in response to US citizens being banned from using their main exchange back in 2019. These two exchanges function much the same with the biggest difference being that Binance US has a slightly smaller pool of cryptos listed on their exchange, which currently is a little over 30 coins. Other than that, all of the great features of Binance.com that have helped it become one of the largest crypto exchanges in the world, apply to Binance US as well.

PROS
- Low Fees: Start at 0.10% spot trading fee and goes down from there depending on your trading frequency. You can also save an additional 25% off your trading fees by holding their native token BNB.
- High Trading Volume: Allows you to get in and out of your positions more easily.
- Coin Selection: Currently as of this writing there are over 30 different coins available to be traded.
- Reliability / Reputation: As one of the larger players in the crypto space, Binance is able to offer a bit of security as they are able to throw a lot of money at any potential problems with things like hackers. Binance US puts away a set portion of their earnings every month in a fund that acts as insurance against any funds that may be lost due to hackers. Back in 2019 they had an incident where 40 million dollars of crypto was stolen by hackers and they reimbursed every penny to their customers.
CONS
- Interface: Trading can be a little confusing for those not used to trading cryptocurrencies. While it is not too difficult to learn, a couple of the upcoming exchanges on my list are a little more user friendly for those who are new to the space.
All things considered, right now if I was getting started with Crypto trading in the US, Binance US would be the first account that I created. If you would like to open an account you can use the link below. If you are located outside of the United States I would suggest opening an account on the the original Binance.com exchange as they currently have a wider selection of cryptos to pick from. Below is a link for their sign up as well if you are interested.
Binance US Sign Up
Binance Sign Up (Non-US Citizens)

2) Crypto.com
Crypto.com is on a mission to be the leader in cryptocurrency adoption to the masses and is trying to bridge the gap between the worlds of blockchain and traditional finance. Along with trading cryptocurrencies they have programs on their app like Earn, Invest, Pay & Credit which you would find with more traditional finance companies. For instance, through their Earn program there are many coins you can earn interest on by locking them up for a set time period. Depending on the coin, how many MCO (Crypto.com native coin) you have staked and how long you keep your tokens locked up for, you can earn anywhere from 2% to 18% interest which a lot better than any bank is going to do for you these days.
One of the best features of Crypto.com, in my opinion, are their great eye-catching, metal crypto MCO reward credit cards. These cards pay you cashback, in the form of their MCO token, for all of your day to day purchases anywhere that VISA is accepted. Depending on which level of card you get, these credit cards reward 1% to 5% cashback on all spending along with other great benefits like free ATM & international withdrawals, 100% cashback on Spotify & Netflix subscriptions and airport lounge access. In order to get your hands on one of these cards you will need to open a Crypto.com account if you don’t already have one. There is good news if you don’t already have one, as new sign ups can get $50 worth of MCO tokens free by using the link and promo code I have posted below. Please note that the $50 of MCO tokens will remain locked until you deposit & stake at least 50 MCO tokens toward the sign up of the particular card you are interested in. If you want to know a little more about these cards you can check out method #3 in my earlier post 5 Easy Legitimate Ways to Earn Free Crypto where I go into a bit more detail on them. However, for the purpose of this post, let's get to some pros and cons of their exchange platform.

PROS
- Low Fees: Start at 0.20% and go lower from there depending on your trading volume.
- Coin Selection: Currently as of this writing there are 53 different coins available to be traded.
- Interface: Easy to use app that is very user friendly.- Customer Service: One of the best customer service programs in the industry if you need any help.

CONS
- App Only: No desktop version, all functions on the exchange must be done via their app.
- History: Founded in 2016 so they are still relatively new to the industry.

Crypto.com is a great option if you are looking to trade cryptocurrencies and also want to take advantage of things like their cash back VISA cards and Earn program that pay you great interest rates as you hold your coins. Below is a link you can use to sign up for a new account. If you are also interested in getting one of their MCO Visa cards, use the link below along with the promo code to get $50 of their MCO token free.

Crypto.com Sign Up
PROMO CODE: gapena3dq4


3) Coinbase Headquartered in San Francisco, Coinbase is the largest US-based crypto exchange with about 20 million current users. Like Crypto.com, they are trying to bring cryptocurrency trading to the masses through an easy to use interface and education. One way they try to educate their users is through their Coinbase Earn program where they offer free crypto for watching short educational videos teaching you about the various coins they offer on their exchange. I will not go into the details of that program here, but if you are interested in checking it out I go into a bit more detail on it in my post 5 Easy Legitimate Ways to Earn Free Crypto. Now on to some of the pros and cons.

PROS
- High Trading Volume: Allows you to get in and out of your positions easily.
- Interface: Easy to use desktop interface and trading mechanisms for those new to crypto trading.
- Insurance: Coinbase carries an insurance policy that covers 2% of all assets on the exchange and they keep the other 98% in cold storage.

CONS
- Fees: While their fee structure is not horrible, it is a bit higher than Crypto.com and Binance US. Crypto to crypto trading fees are at 0.50% / bank purchases at 1.49% / credit & debit card purchases at 3.99%.
- Coin Selection: Currently they only have about 20 coins to choose from, however they are looking to add a bunch more soon.
Coinbase is a solid choice for anyone looking to get started in crypto trading. If you would like to open an account you can use the link below which will get you $10 of free Bitcoin as a sign up bonus. Please note that to get the free $10 you must buy or sell $100 worth of crypto within 180 days of signing up.
Coinbase Sign Up

4) Robinhood
Robinhood is the pioneer of no fee trading for securities which is the main benefit of this exchange. It also is, to my knowledge, one of the few exchanges that allow you to trade both traditional stocks and cryptocurrencies. Technically their stock and crypto exchanges are separate entities, however you can seamlessly trade them both from the same account on their app. This is great for those who would like to get started trading in both crypto and traditional stocks but don't want to open multiple accounts. Or for those who might want to trade back and forth between stocks and crypto but don't want to have to transfer money between accounts to do so. Now to explore some other features of the Robinhood exchange let's get into the pros and cons.

PROS
- Fees: None (FREE!)
- Flexibility: Can trade multiple asset classes (Stocks, Crypto, ETFs, Options)
- Interface: Easy to use app that is very user friendly. Desktop version available as well.

CONS
- Coin Selection: Currently only offer 7 coins that can be traded (BTC, BCH, BSV, DOGE, ETH, ETC, LTC)
- Coin Mobility: Your coins must remain on the Robinhood exchange. You cannot transfer your coins to another exchange or withdraw them to put in your own digital wallets.

With their user friendly interface and no fees, Robinhood is very appealing for those just getting into crypto trading. If you are just looking to buy some of the higher cap coins like Bitcoin and Etherium, this exchange can be a good fit for you. However if you know there are some projects you would like to invest in that are not listed above, you may want to choose some of the other exchanges on this list, or both. If you are unsure at this point if you want to invest beyond coins like Bitcoin and Etherium in the future, it doesn't hurt to start here, get your feet wet and open another account down the road if you have other projects you get interested in. If you would like to open an account you can use the link below to get one free stock with sign up! This free stock will be valued somewhere between $2.50 and $200.
Robinhood Sign Up

5) Kraken
Kraken exchange is based out of the United States and was founded back in 2011. While there is no specific trait that blows away the competition with this exchange, it does most everything pretty well. Like most crypto exchanges at this point, your funds on there are not FDIC insured, however Kraken does keep a separate fund that serves as an insurance policy and is currently over 100 million dollars. They also show great transparency and compliance with programs like their Proof of Reserves which offers proof that they hold all of the funds that they say they do. Here is quick break down of their pros and cons.

PROS
- Low Fees: Range from 0.10% to 0.26% depending on your trading frequency.
- High Security: One of the best reputations in the industry for security.
- Coin Selection: Good but not great. Currently they have about 20 coins available for trading.

CONS
- Interface: Making trades can be a little confusing for beginners who are not familiar with their format. However with a couple quick tutorials most of you should be able to get familiar with it pretty quickly.
To open an account and begin trading with Kraken use the link below.
Kraken Sign Up

Interested in some ways you can passively earn free crypto?

Below is a link to a previous post that shares my best ways to earn free crypto in 2020 with the least amount of effort.
5 Easy Legitimate Ways to Earn Free Crypto
submitted by CaliBum16 to Crypto_General [link] [comments]

ANNOUNCEMENT of official LISTING of the MOVIECASH on ABIT.com.

ANNOUNCEMENT of official LISTING of the MOVIECASH on ABIT.com.

https://preview.redd.it/v30ecd9mbih41.jpg?width=1457&format=pjpg&auto=webp&s=d54b6c1c9ba2a9d0e3a8521e552f3b027dd590ff
Attention to everyone who monitors the development of the CINEMADROM project. Attention to all crypto holders, traders, future and current.
On February 17, official listing of a MOVIECASH on the Australian cryptocurrency exchange ABIT.com is planned.
The ABIT is a licensed trading platform in Australia and for residents of China, Hong Kong, Taiwan, Malaysia, Singapore and other countries.
You can buy cryptocurrencies on the stock exchange for fiat money, and right there you can buy MOVIECASH tokens for Crypto currency. The MOVIECASH tokens are traded in three pairs: MVH / BTC; MVH / ETH; MVH / USDT
When buying a MOVIECASH on the ABIT exchange, a bonus of 20% is also accrued to all users.
THE CINEMADROM IS A PEOPLE'S PROJECT!
ANNOUNCEMENT ABIT.com - https://bit.ly/37o1R8o GO to the Chat MOVIECASH - https://t.me/movie_cash GO to the website CINEMADROM - https://cinemadrom.com/sale/moviecash
#film #cinema #movie #cinemadrom #cryptocurrency #ethereum #bitcoin #cinemanews #cinematography #Crypto #cryptonews #cryptoinvestor #blockchain #trading #mining #icoinvestor #investor #investing #moviesnews #lumiere #lut #movieticket #producer #moviecash #mvh
submitted by IGOREG to Cinemadromcom [link] [comments]

The MOVIECASH guarantees a MINIMUM PRICE of at least $ 0.1 !!!

The MOVIECASH guarantees a MINIMUM PRICE of at least $ 0.1 !!!

https://preview.redd.it/5wdhri32hre41.jpg?width=960&format=pjpg&auto=webp&s=c4d6f4f57e84fd71654c4e292ec27d7457dd7d9c
The Cinemadrom is taking measures to protect the MOVIECASH from depreciation. At the moment, a fixed minimum price of $ 0.1 is set. This means the following, if the market price drops below $ 0.1 for the MOVIECASH, then users can in any case exchange the MOVIECASH for movie rights, at the initial rate of $ 0.1. After all a MOVIECASH tokens are bought from the market at a low cost and spent as intended, the following tokens, according to the sales plan, will already be sold at a price of $ 0.2.
Hurry up to buy MVH at the lowest price. As of January 29, 2020, the average market price on the Lukki exchange is already $ 0.13 (0.00001382 BTC)
THE CINEMADROM IS A PEOPLE'S PROJECT!
GO to the Chat MOVIECASH https://t.me/movie_cash GO to the website CINEMADROM https://cinemadrom.com/sale/moviecash Buy MOVIECASH for BTC on the LUKKI https://bit.ly/2ugcwUT Buy MOVIECASH for ETH on the FORK DELTA https://bit.ly/35RjtsS

#film #cinema #movie #cinemadrom #cryptocurrency #ethereum #bitcoin #cinemanews #cinematography #Crypto #cryptonews #cryptoinvestor #blockchain #trading #mining #icoinvestor #investor #investing #moviesnews #lumiere #lut #movieticket #producer #moviecash #mvh
submitted by IGOREG to Cinemadromcom [link] [comments]

Not your keys, not your coins! The biggest Norwegian cryptocurrency exchange bitcoinsnorway.com says funds have been stolen because of a vulnerability in the AlphaPoint software and it will sell all its cryptocurrency holdings and send fiat equal to customers balance from may 7, 2019.

This exchange was the biggest in Norway and a traditional exchange in terms of having orderbooks and customer funds both fiat and crypto and they had Bitcoin, Bitcoin Cash and Litecoin, with fiat currencies NOK, USD and EUR.
All the news about this is so far only in Norwegian but I can help with some translation and summarize this.
Yesterday all customers in Bitcoins Norge / Bitcoins Norway got an email regarding attacks on may 7 of 2019 because of a vulnerability in the AlphaPoint software that somehow AlphaPoint had informed them about and yet they continued operations until July 1, 2019 before deciding to close down the exchange as AlphaPoint was unresponsive in solving the issue. You can read the email in full on their facebook page where they have also published it, although its in Norwegian only: https://www.facebook.com/Bitcoinsnorway/posts/2384228571620303
Big Norwegian online newspapers have written a lot about this case so far (source https://www.reddit.com/BitcoinNO/comments/c7x0j7/dataangrep_på_alphapoint_bitcoins_norge_kunders/esiccn9):
Fra selskapet selv:
submitted by OlavOlsm to btc [link] [comments]

BiTSy Wallet v0.17 Released -- BitShares, Lightning DeFi

source: https://steemit.com/bitshares/@agorise/bitsy-wallet-v0-17-released-lightning-defi-unbeatable

BiTSy is an easy to use mobile wallet for the Bitshares (BTS) blockchain and its 2000+ digital assets and coins. Imagine breezing through the checkout line in under 6 seconds. It’s a very lightweight hot-wallet for receiving, sending and storing your cryptocurrencies.

INSTALL AND SETUP (English, Español, русский, 中文...)

BiTSy install and setup typically takes less than 60 seconds.

Just install the app, and then import or create your desired account name for free on the Bitshares blockchain (such as "erik-mobile-89"). Be sure to secure the 16 word Brainkey that BiTSy shows you.

HOT WALLET

Remember, this app is a hot wallet (like your billfold). Never carry more value on you than you can afford to lose, and always use a PIN or Pattern for extra security.

SHARING

Your individual eReceipts, and even money requests (complete with your own QR code and invoice details) can now be sent to anyone via email, telegram, whatsapp, etc. Just tap on the Share icon in the top-right corner.

PALMPAY MERCHANTS

BiTSy also makes it easy for you to find PalmPay merchants (businesses that accept multiple Cryptocurrencies (like BTS, Bitcoin Cash, Ethereum, Dash, Litecoin, Monero, Steem and more)). On the map screen, you will find restaurants, grocery stores, hotels, jet rentals and businesses of all kinds where you can spend some Crypto.

For more info on PalmPay see: www.PalmPay.io o www.PalmPay.mx

LOYALTY POINTS

BiTSy also collects PalmPay Loyalty Point tokens from merchants that send them to you. They usually have a value associated with them and can be used for discounts at PalmPay merchants, or sold on the Bitshares Decentralized Exchange (DEx).

E-RECEIPTS AND ACCOUNTING

Tax time is never fun. BiTSy includes advanced Search, Filter and Export tools so that one or more eReceipts can be exported in PDF or CSV formats (for easy import into your Accounting software). eReceipts look almost identical to typical paper receipts, and they usually have the PalmPay merchant’s logo at the top, their company info, how much you spent, etc. eReceipts are automatically sent to your device upon your scan of their QR code.

TELLERS & GATEWAYS

Looking to buy or sell some Crypto? An interactive, searchable map has been included which allows you to find a local buyer or seller.

PRIVATE KEY

Your private key is encrypted and kept on your device only. It is never transmitted over any networks.

If you register a new account in BiTSy, it will show you your “Brainkey”. Those 16 words are the key to your account, so keep a couple, separate copies of those words offline somewhere safe from fire or prying eyes. There is no human on Earth that can help you regain access to your account if you lose your Brainkey, or wrote it down incorrectly.

TIPS

Everybody loves to earn tips! Tipping someone is a great way to say thank you for the great products or services that you receive. Since the transaction fee is usually only around 1 cent, why not say thank you by sending them 10 or 20 BTS!

SPREAD THE WORD

BiTSy is in 104 languages, and supports unlimited custom coins (such as Stealth, Zeph, XBTSx.USDT, Nasdaq, Joes.Lumber, Cancun, etc).

Try "Night Mode" too!

With support for well over 2000 coins so far, and thousands of users and merchants worldwide, BiTSy is hard to beat. Transactions are nearly free and fully confirmed on-chain in 3 seconds or less (merchants will love you for this (and probably reward you)).

The BiTSy Bitshares wallet
Preferred by PalmPay merchants worldwide

Try it out!
[http://www.BiTSy-wallet.com](http://www.bitsy-wallet.com/)
[https://play.google.com/store/apps/details?id=cy.agorise.bitsybitshareswallet](https://play.google.com/store/apps/details?id=cy.agorise.bitsybitshareswallet)
submitted by kryptosapien to BitShares [link] [comments]

Long live decentralized bitcoin(!) A reading list

Newbs might not know this, but bitcoin recently came out of an intense internal drama. Between July 2015 and August 2017 bitcoin was attacked by external forces who were hoping to destroy the very properties that made bitcoin valuable in the first place. This culminated in the creation of segwit and the UASF (user activated soft fork) movement. The UASF was successful, segwit was added to bitcoin and with that the anti-decentralization side left bitcoin altogether and created their own altcoin called bcash. Bitcoin's price was $2500, soon after segwit was activated the price doubled to $5000 and continued rising until a top of $20000 before correcting to where we are today.
During this drama, I took time away from writing open source code to help educate and argue on reddit, twitter and other social media. I came up with a reading list for quickly copypasting things. It may be interesting today for newbs or anyone who wants a history lesson on what exactly happened during those two years when bitcoin's very existence as a decentralized low-trust currency was questioned. Now the fight has essentially been won, I try not to comment on reddit that much anymore. There's nothing left to do except wait for Lightning and similar tech to become mature (or better yet, help code it and test it)
In this thread you can learn about block sizes, latency, decentralization, segwit, ASICBOOST, lightning network and all the other issues that were debated endlessly for over two years. So when someone tries to get you to invest in bcash, remind them of the time they supported Bitcoin Unlimited.
For more threads like this see UASF

Summary / The fundamental tradeoff

A trip to the moon requires a rocket with multiple stages by gmaxwell (must read) https://www.reddit.com/Bitcoin/comments/438hx0/a_trip_to_the_moon_requires_a_rocket_with/
Bram Cohen, creator of bittorrent, argues against a hard fork to a larger block size https://medium.com/@bramcohen/bitcoin-s-ironic-crisis-32226a85e39f#.558vetum4
gmaxwell's summary of the debate https://bitcointalk.org/index.php?topic=1343716.msg13701818#msg13701818
Core devs please explain your vision (see luke's post which also argues that blocks are already too big) https://www.reddit.com/Bitcoin/comments/61yvvv/request_to_core_devs_please_explain_your_vision/
Mod of btc speaking against a hard fork https://www.reddit.com/btc/comments/57hd14/core_reaction_to_viabtc_this_week/d8scokm/
It's becoming clear to me that a lot of people don't understand how fragile bitcoin is https://www.reddit.com/Bitcoin/comments/59kflj/its_becoming_clear_to_me_that_a_lot_of_people/
Blockchain space must be costly, it can never be free https://www.reddit.com/Bitcoin/comments/4og24h/i_just_attended_the_distributed_trade_conference/
Charlie Lee with a nice analogy about the fundamental tradeoff https://medium.com/@SatoshiLite/eating-the-bitcoin-cake-fc2b4ebfb85e#.444vr8shw
gmaxwell on the tradeoffs https://bitcointalk.org/index.php?topic=1520693.msg15303746#msg15303746
jratcliff on the layering https://www.reddit.com/btc/comments/59upyh/segwit_the_poison_pill_for_bitcoin/d9bstuw/

Scaling on-chain will destroy bitcoin's decentralization

Peter Todd: How a floating blocksize limit inevitably leads towards centralization [Feb 2013] https://bitcointalk.org/index.php?topic=144895.0 mailing list https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2013-February/002176.html with discussion on reddit in Aug 2015 https://www.reddit.com/Bitcoin/comments/3hnvi8/just_a_little_history_lesson_for_everyone_new_the/
Nick Szabo's blog post on what makes bitcoin so special http://unenumerated.blogspot.com/2017/02/money-blockchains-and-social-scalability.html
There is academic research showing that even small (2MB) increases to the blocksize results in drastic node dropoff counts due to the non-linear increase of RAM needed. http://bravenewcoin.com/assets/Whitepapers/block-size-1.1.1.pdf
Reddit summary of above link. In this table, you can see it estimates a 40% drop immediately in node count with a 2MB upgrade and a 50% over 6 months. At 4mb, it becomes 75% immediately and 80% over 6 months. At 8, it becomes 90% and 95%. https://www.reddit.com/Bitcoin/comments/5qw2wa_future_led_by_bitcoin_unlimited_is_a/dd442pw/
Larger block sizes make centralization pressures worse (mathematical) https://petertodd.org/2016/block-publication-incentives-for-miners
Talk at scalingbitcoin montreal, initial blockchain synchronization puts serious constraints on any increase in the block size https://www.youtube.com/watch?v=TgjrS-BPWDQ&t=2h02m06s with transcript https://scalingbitcoin.org/transcript/montreal2015/block-synchronization-time
Bitcoin's P2P Network: The Soft Underbelly of Bitcoin https://www.youtube.com/watch?v=Y6kibPzbrIc someone's notes: https://gist.github.com/romyilano/5e22394857a39889a1e5 reddit discussion https://www.reddit.com/Bitcoin/comments/4py5df/so_f2pool_antpool_btcc_pool_are_actually_one_pool/
In adversarial environments blockchains dont scale https://scalingbitcoin.org/transcript/hongkong2015/in-adversarial-environments-blockchains-dont-scale
Why miners will not voluntarily individually produce smaller blocks https://scalingbitcoin.org/transcript/hongkong2015/why-miners-will-not-voluntarily-individually-produce-smaller-blocks
Hal Finney: bitcoin's blockchain can only be a settlement layer (mostly interesting because it's hal finney and its in 2010) https://www.reddit.com/Bitcoin/comments/3sb5nj/most_bitcoin_transactions_will_occur_between/
petertodd's 2013 video explaining this https://www.youtube.com/watch?v=cZp7UGgBR0I
luke-jr's summary https://www.reddit.com/Bitcoin/comments/61yvvv/request_to_core_devs_please_explain_your_vision/dficjhj/
Another jratcliff thread https://www.reddit.com/Bitcoin/comments/6lmpll/explaining_why_big_blocks_are_bad/

Full blocks are not a disaster

Blocks must be always full, there must always be a backlog https://medium.com/@bergealex4/bitcoin-is-unstable-without-the-block-size-size-limit-70db07070a54#.kh2vi86lr
Same as above, the mining gap means there must always be a backlog talk: https://www.youtube.com/watch?time_continue=2453&v=iKDC2DpzNbw transcript: https://scalingbitcoin.org/transcript/montreal2015/security-of-diminishing-block-subsidy
Backlogs arent that bad https://www.reddit.com/Bitcoin/comments/49p011/was_the_fee_event_really_so_bad_my_mind_is/
Examples where scarce block space causes people to use precious resources more efficiently https://www.reddit.com/Bitcoin/comments/4kxxvj/i_just_singlehandedly_increased_bitcoin_network/
https://www.reddit.com/Bitcoin/comments/47d4m2/why_does_coinbase_make_2_transactions_pe
https://www.reddit.com/Bitcoin/comments/53wucs/why_arent_blocks_full_yet/d7x19iv
Full blocks are fine https://www.reddit.com/Bitcoin/comments/5uld1a/misconception_full_blocks_mean_bitcoin_is_failing/
High miner fees imply a sustainable future for bitcoin https://www.reddit.com/BitcoinMarkets/comments/680tvf/fundamentals_friday_week_of_friday_april_28_2017/dgwmhl7/
gmaxwell on why full blocks are good https://www.reddit.com/Bitcoin/comments/6b57ca/full_blocks_good_or_bad/dhjxwbz/
The whole idea of the mempool being "filled" is wrong headed. The mempool doesn't "clog" or get stuck, or anything like that. https://www.reddit.com/Bitcoin/comments/7cusnx/to_the_people_still_doubting_that_this_congestion/dpssokf/

Segwit

What is segwit

luke-jr's longer summary https://www.reddit.com/Bitcoin/comments/6033h7/today_is_exactly_4_months_since_the_segwit_voting/df3tgwg/?context=1
Charlie Shrem's on upgrading to segwit https://twitter.com/CharlieShrem/status/842711238853513220
Original segwit talk at scalingbitcoin hong kong + transcript https://youtu.be/zchzn7aPQjI?t=110
https://scalingbitcoin.org/transcript/hongkong2015/segregated-witness-and-its-impact-on-scalability
Segwit is not too complex https://www.reddit.com/btc/comments/57vjin/segwit_is_not_great/d8vos33/
Segwit does not make it possible for miners to steal coins, contrary to what some people say https://www.reddit.com/btc/comments/5e6bt0/concerns_with_segwit_and_anyone_can_spend/daa5jat/?context=1
https://keepingstock.net/segwit-eli5-misinformation-faq-19908ceacf23#.r8hlzaquz
Segwit is required for a useful lightning network It's now known that without a malleability fix useful indefinite channels are not really possible.
https://www.reddit.com/Bitcoin/comments/5tzqtc/gentle_reminder_the_ln_doesnt_require_segwit/ddqgda7/
https://www.reddit.com/Bitcoin/comments/5tzqtc/gentle_reminder_the_ln_doesnt_require_segwit/ddqbukj/
https://www.reddit.com/Bitcoin/comments/5x2oh0/olaoluwa_osuntokun_all_active_lightning_network/deeto14/?context=3
Clearing up SegWit Lies and Myths: https://achow101.com/2016/04/Segwit-FUD-Clearup
Segwit is bigger blocks https://www.reddit.com/Bitcoin/comments/5pb8vs/misinformation_is_working_54_incorrectly_believe/dcpz3en/
Typical usage results in segwit allowing capacity equivalent to 2mb blocks https://www.reddit.com/Bitcoin/comments/69i2md/observe_for_yourself_segwit_allows_2_mb_blocks_in/

Why is segwit being blocked

Jihan Wu (head of largest bitcoin mining group) is blocking segwit because of perceived loss of income https://www.reddit.com/Bitcoin/comments/60mb9e/complete_high_quality_translation_of_jihans/
Witness discount creates aligned incentives https://segwit.org/why-a-discount-factor-of-4-why-not-2-or-8-bbcebe91721e#.h36odthq0 https://medium.com/@SegWit.co/what-is-behind-the-segwit-discount-988f29dc1edf#.sr91dg406
or because he wants his mining enterprise to have control over bitcoin https://www.reddit.com/Bitcoin/comments/6jdyk8/direct_report_of_jihan_wus_real_reason_fo

Segwit is being blocked because it breaks ASICBOOST, a patented optimization used by bitmain ASIC manufacturer

Details and discovery by gmaxwell https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2017-April/013996.html
Reddit thread with discussion https://www.reddit.com/Bitcoin/comments/63otrp/gregory_maxwell_major_asic_manufacturer_is/
Simplified explaination by jonny1000 https://www.reddit.com/Bitcoin/comments/64qq5g/attempted_explanation_of_the_alleged_asicboost/
http://www.mit.edu/~jlrubin/public/pdfs/Asicboost.pdf
https://medium.com/@jimmysong/examining-bitmains-claims-about-asicboost-1d61118c678d
Evidence https://www.reddit.com/Bitcoin/comments/63yo27/some_circumstantial_evidence_supporting_the_claim/
https://www.reddit.com/Bitcoin/comments/63vn5g/please_dont_stop_us_from_using_asicboost_which/dfxmm75/
https://www.reddit.com/Bitcoin/comments/63soe3/reverse_engineering_an_asic_is_a_significant_task/dfx9nc
Bitmain admits their chips have asicboost but they say they never used it on the network (haha a likely story) https://blog.bitmain.com/en/regarding-recent-allegations-smear-campaigns/
Worth $100m per year to them (also in gmaxwell's original email) https://twitter.com/petertoddbtc/status/849798529929424898
Other calculations show less https://medium.com/@vcorem/the-real-savings-from-asicboost-to-bitmaintech-ff265c2d305b
This also blocks all these other cool updates, not just segwit https://www.reddit.com/Bitcoin/comments/63otrp/gregory_maxwell_major_asic_manufacturer_is/dfw0ej3/
Summary of bad consequences of asicboost https://www.reddit.com/Bitcoin/comments/64qq5g/attempted_explanation_of_the_alleged_asicboost/dg4hyqk/?context=1
Luke's summary of the entire situation https://www.reddit.com/Bitcoin/comments/6ego3s/why_is_killing_asicboost_not_a_priority/diagkkb/?context=1
Prices goes up because now segwit looks more likely https://twitter.com/TuurDemeestestatus/849846845425799168
Asicboost discovery made the price rise https://twitter.com/TuurDemeestestatus/851520094677200901
A pool was caught red handed doing asicboost, by this time it seemed fairly certain that segwit would get activated so it didnt produce as much interest as earlier https://www.reddit.com/Bitcoin/comments/6p7lr5/1hash_pool_has_mined_2_invalid_blocks/ and https://www.reddit.com/Bitcoin/comments/6p95dl/interesting_1hash_pool_mined_some_invalid_blocks/ and https://twitter.com/petertoddbtc/status/889475196322811904
This btc user is outraged at the entire forum because they support Bitmain and ASICBOOST https://www.reddit.com/btc/comments/67t43y/dragons_den_planned_smear_campaign_of_bitmain/dgtg9l2/
Antbleed, turns out Bitmain can shut down all its ASICs by remote control: http://www.antbleed.com/

What if segwit never activates

What if segwit never activates? https://www.reddit.com/Bitcoin/comments/6ab8js/transaction_fees_are_now_making_btc_like_the_banks/dhdq3id/ with https://www.reddit.com/Bitcoin/comments/5ksu3o/blinded_bearer_certificates/ and https://www.reddit.com/Bitcoin/comments/4xy0fm/scaling_quickly/

Lightning

bitcoinmagazine's series on what lightning is and how it works https://bitcoinmagazine.com/articles/understanding-the-lightning-network-part-building-a-bidirectional-payment-channel-1464710791/ https://bitcoinmagazine.com/articles/understanding-the-lightning-network-part-creating-the-network-1465326903/ https://bitcoinmagazine.com/articles/understanding-the-lightning-network-part-completing-the-puzzle-and-closing-the-channel-1466178980/
The Lightning Network ELIDHDICACS (Explain Like I Don’t Have Degrees in Cryptography and Computer Science) https://letstalkbitcoin.com/blog/post/the-lightning-network-elidhdicacs
Ligtning will increases fees for miners, not lower them https://medium.com/lightning-resources/the-lightning-paradox-f15ce0e8e374#.erfgunumh
Cost-benefit analysis of lightning from the point of view of miners https://medium.com/@rusty_lightning/miners-and-bitcoin-lightning-a133cd550310#.x42rovlg8
Routing blog post by rusty https://medium.com/@rusty_lightning/routing-dijkstra-bellman-ford-and-bfg-7715840f004 and reddit comments https://www.reddit.com/Bitcoin/comments/4lzkz1/rusty_russell_on_lightning_routing_routing/
Lightning protocol rfc https://github.com/lightningnetwork/lightning-rfc
Blog post with screenshots of ln being used on testnet https://medium.com/@btc_coach/lightning-network-in-action-b18a035c955d video https://www.youtube.com/watch?v=mxGiMu4V7ns
Video of sending and receiving ln on testnet https://twitter.com/alexbosworth/status/844030573131706368
Lightning tradeoffs http://www.coindesk.com/lightning-technical-challenges-bitcoin-scalability/
Beer sold for testnet lightning https://www.reddit.com/Bitcoin/comments/62uw23/lightning_network_is_working_room77_is_accepting/ and https://twitter.com/MrHodl/status/848265171269283845
Lightning will result in far fewer coins being stored on third parties because it supports instant transactions https://medium.com/@thecryptoconomy/the-barely-discussed-incredible-benefit-of-the-lightning-network-4ce82c75eb58
jgarzik argues strongly against LN, he owns a coin tracking startup https://twitter.com/petertoddbtc/status/860826532650123264 https://twitter.com/Beautyon_/status/886128801926795264
luke's great debunking / answer of some misinformation questions https://www.reddit.com/Bitcoin/comments/6st4eq/questions_about_lightning_network/dlfap0u/
Lightning centralization doesnt happen https://www.reddit.com/Bitcoin/comments/6vzau5/reminder_bitcoins_key_strength_is_in_being/dm4ou3v/?context=1
roasbeef on hubs and charging fees https://twitter.com/roasbeef/status/930209165728825344 and https://twitter.com/roasbeef/status/930210145790976000

Immutability / Being a swiss bank in your pocket / Why doing a hard fork (especially without consensus) is damaging

A downside of hard forks is damaging bitcoin's immutability https://www.reddit.com/Bitcoin/comments/5em6vu/what_happens_if_segwit_doesnt_activate/dae1r6c/?context=3
Interesting analysis of miners incentives and how failure is possible, don't trust the miners for long term https://www.reddit.com/Bitcoin/comments/5gtew4/why_an_increased_block_size_increases_the_cost_of/daybazj/?context=2
waxwing on the meaning of cash and settlement https://www.reddit.com/Bitcoin/comments/5ei7m3/unconfirmed_transactions_60k_total_fees_14btc/dad001v/
maaku on the cash question https://www.reddit.com/Bitcoin/comments/5i5iq5/we_are_spoiled/db5luiv/?context=1
Digital gold funamentalists gain nothing from supporting a hard fork to larger block sizes https://www.reddit.com/Bitcoin/comments/5xzunq/core_please_compromise_before_we_end_up_with_bu/dem73xg/?context=1
Those asking for a compromise don't understand the underlying political forces https://www.reddit.com/Bitcoin/comments/6ef7wb/some_comments_on_the_bip148_uasf_from_the/dia236b/?context=3
Nobody wants a contentious hard fork actually, anti-core people got emotionally manipulated https://www.reddit.com/Bitcoin/comments/5sq5ocontentious_forks_vs_incremental_progress/ddip57o/
The hard work of the core developers has kept bitcoin scalable https://www.reddit.com/Bitcoin/comments/3hfgpo/an_initiative_to_bring_advanced_privacy_features/cu7mhw8?context=9
Recent PRs to improve bitcoin scaleability ignored by the debate https://twitter.com/jfnewbery/status/883001356168167425
gmaxwell against hard forks since 2013 https://bitcointalk.org/index.php?topic=140233.20
maaku: hard forks are really bad https://www.reddit.com/Bitcoin/comments/5zxjza/adam_greg_core_devs_and_big_blockers_now_is_the/df275yk/?context=2

Some metrics on what the market thinks of decentralization and hostile hard forks

The price history shows that the exchange rate drops every time a hard fork threatens: https://i.imgur.com/EVPYLR8.jpg
and this example from 2017 https://twitter.com/WhalePanda/status/845562763820912642
http://imgur.com/a/DuHAn btc users lose money
price supporting theymos' moderation https://i.imgur.com/0jZdF9h.png
old version https://i.imgur.com/BFTxTJl.png
older version https://pbs.twimg.com/media/CxqtUakUQAEmC0d.jpg
about 50% of nodes updated to the soft fork node quite quickly https://imgur.com/O0xboVI

Bitcoin Unlimited / Emergent Consensus is badly designed, changes the game theory of bitcoin

Bitcoin Unlimited was a proposed hard fork client, it was made with the intention to stop segwit from activating
A Future Led by Bitcoin Unlimited is a Centralized Future https://blog.sia.tech/a-future-led-by-bitcoin-unlimited-is-a-centralized-future-e48ab52c817a#.p1ly6hldk
Flexible transactions are bugged https://www.reddit.com/Bitcoin/comments/57tf5g/bitcoindev_bluematt_on_flexible_transactions/
Bugged BU software mines an invalid block, wasting 13 bitcoins or $12k
https://www.reddit.com/Bitcoin/comments/5qwtr2/bitcoincom_loses_132btc_trying_to_fork_the/
https://www.reddit.com/btc/comments/5qx18i/bitcoincom_loses_132btc_trying_to_fork_the/
bitcoin.com employees are moderators of btc https://medium.com/@WhalePanda/the-curious-relation-between-bitcoin-com-anti-segwit-propaganda-26c877249976#.vl02566k4
miners don't control stuff like the block size http://hackingdistributed.com/2016/01/03/time-for-bitcoin-user-voice/
even gavin agreed that economic majority controls things https://www.reddit.com/Bitcoin/comments/5ywoi9/in_2010_gavin_predicted_that_exchanges_ie_the/
fork clients are trying to steal bitcoin's brand and network effect, theyre no different from altcoins https://medium.com/@Coinosphere/why-bitcoin-unlimited-should-be-correctly-classified-as-an-attempted-robbery-of-bitcoin-not-a-9355d075763c#.qeaynlx5m
BU being active makes it easier to reverse payments, increases wasted work making the network less secure and giving an advantage to bigger miners https://www.reddit.com/Bitcoin/comments/5g1x84/bitcoin_unlimited_bu_median_value_of_miner_eb/
bitcoin unlimited takes power away from users and gives it to miners https://medium.com/@alpalpalp/bitcoin-unlimiteds-placebo-controls-6320cbc137d4#.q0dv15gd5
bitcoin unlimited's accepted depth https://twitter.com/tdryja/status/804770009272696832
BU's lying propaganda poster https://imgur.com/osrViDE

BU is bugged, poorly-reviewed and crashes

bitcoin unlimited allegedly funded by kraken stolen coins
https://www.reddit.com/btc/comments/55ajuh/taint_analysis_on_bitcoin_stolen_from_kraken_on/
https://www.reddit.com/btc/comments/559miz/taint_analysis_on_btc_allegedly_stolen_from_kraken/
Other funding stuff
https://www.reddit.com/Bitcoin/comments/5zozmn/damning_evidence_on_how_bitcoin_unlimited_pays/
A serious bug in BU https://www.reddit.com/Bitcoin/comments/5h70s3/bitcoin_unlimited_bu_the_developers_have_realized/
A summary of what's wrong with BU: https://www.reddit.com/Bitcoin/comments/5z3wg2/jihanwu_we_will_switch_the_entire_pool_to/devak98/

Bitcoin Unlimited Remote Exploit Crash 14/3/2017

https://www.reddit.com/Bitcoin/comments/5zdkv3/bitcoin_unlimited_remote_exploit_crash/ https://www.reddit.com/Bitcoin/comments/5zeb76/timbe https://www.reddit.com/btc/comments/5zdrru/peter_todd_bu_remote_crash_dos_wtf_bug_assert0_in/
BU devs calling it as disaster https://twitter.com/SooMartindale/status/841758265188966401 also btc deleted a thread about the exploit https://i.imgur.com/lVvFRqN.png
Summary of incident https://www.reddit.com/Bitcoin/comments/5zf97j/i_was_undecided_now_im_not/
More than 20 exchanges will list BTU as an altcoin
https://www.reddit.com/Bitcoin/comments/5zyg6g/bitcoin_exchanges_unveil_emergency_hard_fork/
Again a few days later https://www.reddit.com/Bitcoin/comments/60qmkt/bu_is_taking_another_shit_timberrrrr

User Activated Soft Fork (UASF)

site for it, including list of businesses supporting it http://www.uasf.co/
luke's view
https://www.reddit.com/Bitcoin/comments/5zsk45/i_am_shaolinfry_author_of_the_recent_usedf1dqen/?context=3
threat of UASF makes the miner fall into line in litecoin
https://www.reddit.com/litecoin/comments/66omhlitecoin_global_roundtable_resolution/dgk2thk/?context=3
UASF delivers the goods for vertcoin
https://www.reddit.com/Bitcoin/comments/692mi3/in_test_case_uasf_results_in_miner_consensus/dh3cm34/?context=1
UASF coin is more valuable https://www.reddit.com/Bitcoin/comments/6cgv44/a_uasf_chain_will_be_profoundly_more_valuable/
All the links together in one place https://www.reddit.com/Bitcoin/comments/6dzpew/hi_its_mkwia_again_maintainer_of_uasfbitcoin_on/
p2sh was a uasf https://github.com/bitcoin/bitcoin/blob/v0.6.0/src/main.cpp#L1281-L1283
jgarzik annoyed at the strict timeline that segwit2x has to follow because of bip148 https://twitter.com/jgarzik/status/886605836902162432
Committed intolerant minority https://www.reddit.com/Bitcoin/comments/6d7dyt/a_plea_for_rational_intolerance_extremism_and/
alp on the game theory of the intolerant minority https://medium.com/@alpalpalp/user-activated-soft-forks-and-the-intolerant-minority-a54e57869f57
The risk of UASF is less than the cost of doing nothing https://www.reddit.com/Bitcoin/comments/6bof7a/were_getting_to_the_point_where_a_the_cost_of_not/
uasf delivered the goods for bitcoin, it forced antpool and others to signal (May 2016) https://bitcoinmagazine.com/articles/antpool-will-not-run-segwit-without-block-size-increase-hard-fork-1464028753/ "When asked specifically whether Antpool would run SegWit code without a hard fork increase in the block size also included in a release of Bitcoin Core, Wu responded: “No. It is acceptable that the hard fork code is not activated, but it needs to be included in a ‘release’ of Bitcoin Core. I have made it clear about the definition of ‘release,’ which is not ‘public.’”"
Screenshot of peter rizun capitulating https://twitter.com/chris_belcher_/status/905231603991007232

Fighting off 2x HF

https://twitter.com/MrHodl/status/895089909723049984
https://www.reddit.com/Bitcoin/comments/6h612o/can_someone_explain_to_me_why_core_wont_endorse/?st=j6ic5n17&sh=cc37ee23
https://www.reddit.com/Bitcoin/comments/6smezz/segwit2x_hard_fork_is_completely_useless_its_a/?st=j6ic2aw3&sh=371418dd
https://www.reddit.com/Bitcoin/comments/6sbspv/who_exactly_is_segwit2x_catering_for_now_segwit/?st=j6ic5nic&sh=1f86cadd
https://medium.com/@elliotolds/lesser-known-reasons-to-keep-blocks-small-in-the-words-of-bitcoin-core-developers-44861968185e
b2x is most of all about firing core https://twitter.com/WhalePanda/status/912664487135760384
https://medium.com/@StopAndDecrypt/thats-not-bitcoin-this-is-bitcoin-95f05a6fd6c2

Misinformation / sockpuppets

https://www.reddit.com/Bitcoin/comments/6uqz6k/markets_update_bitcoin_cash_rallies_for_three/dlurbpx/
three year old account, only started posting today https://archive.is/3STjH
Why we should not hard fork after the UASF worked: https://www.reddit.com/Bitcoin/comments/6sl1qf/heres_why_we_should_not_hard_fork_in_a_few_months/

History

Good article that covers virtually all the important history https://bitcoinmagazine.com/articles/long-road-segwit-how-bitcoins-biggest-protocol-upgrade-became-reality/
Interesting post with some history pre-2015 https://btcmanager.com/the-long-history-of-the-fight-over-scaling-bitcoin/
The core scalabality roadmap + my summary from 3/2017 https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2015-Decembe011865.html my summary https://www.reddit.com/Bitcoin/comments/5xa5fa/the_core_development_scalability_roadmap/
History from summer 2015 https://www.reddit.com/Bitcoin/comments/5xg7f8/the_origins_of_the_blocksize_debate/
Brief reminders of the ETC situation https://www.reddit.com/Bitcoin/comments/6nvlgo/simple_breakdown_of_bip91_its_simply_the_miners/dkcycrz/
Longer writeup of ethereum's TheDAO bailout fraud https://www.reddit.com/ethereumfraud/comments/6bgvqv/faq_what_exactly_is_the_fraud_in_ethereum/
Point that the bigblocker side is only blocking segwit as a hostage https://www.reddit.com/BitcoinMarkets/comments/5sqhcq/daily_discussion_wednesday_february_08_2017/ddi3ctv/?context=3
jonny1000's recall of the history of bitcoin https://www.reddit.com/Bitcoin/comments/6s34gg/rbtc_spreading_misinformation_in_rbitcoinmarkets/dl9wkfx/

Misc (mostly memes)

libbitcoin's Understanding Bitcoin series (another must read, most of it) https://github.com/libbitcoin/libbitcoin/wiki/Understanding-Bitcoin
github commit where satoshi added the block size limit https://www.reddit.com/Bitcoin/comments/63859l/github_commit_where_satoshi_added_the_block_size/
hard fork proposals from some core devs https://bitcoinhardforkresearch.github.io/
blockstream hasnt taken over the entire bitcoin core project https://www.reddit.com/Bitcoin/comments/622bjp/bitcoin_core_blockstream/
blockstream is one of the good guys https://www.reddit.com/Bitcoin/comments/6cttkh/its_happening_blockstream_opens_liquid_sidechain/dhxu4e
Forkers, we're not raising a single byte! Song lyrics by belcher https://gist.github.com/chris-belche7264cd6750a86f8b4a9a
Some stuff here along with that cool photoshopped poster https://medium.com/@jimmysong/bitcoin-realism-or-how-i-learned-to-stop-worrying-and-love-1mb-blocks-c191c35e74cb
Nice graphic https://twitter.com/RNR_0/status/871070843698380800
gmaxwell saying how he is probably responsible for the most privacy tech in bitcoin, while mike hearn screwed up privacy https://www.reddit.com/btc/comments/6azyme/hey_bu_wheres_your_testnet/dhiq3xo/?context=6
Fairly cool propaganda poster https://twitter.com/urbanarson/status/880476631583924225
btc tankman https://i.redd.it/gxjqenzpr27z.png https://twitter.com/DanDarkPill/status/853653168151986177
asicboost discovery meme https://twitter.com/allenscottoshi/status/849888189124947971
https://twitter.com/urbanarson/status/882020516521013250
gavin wanted to kill the bitcoin chain https://twitter.com/allenscottoshi/status/849888189124947971
stuff that btc believes https://www.reddit.com/Bitcoin/comments/6ld4a5/serious_is_the_rbtc_and_the_bu_crowd_a_joke_how/djszsqu/
after segwit2x NYA got agreed all the fee pressure disappeared, laurenmt found they were artificial spam https://twitter.com/i/moments/885827802775396352
theymos saying why victory isnt inevitable https://www.reddit.com/Bitcoin/comments/6lmpll/explaining_why_big_blocks_are_bad/djvxv2o/
with ignorant enemies like these its no wonder we won https://bitco.in/forum/threads/gold-collapsing-bitcoin-up.16/page-999 ""So, once segwit2x activates, from that moment on it will require a coordinated fork to avoid the up coming "baked in" HF. ""
a positive effect of bcash, it made blockchain utxo spammers move away from bitcoin https://www.reddit.com/btc/comments/76lv0b/cryptograffitiinfo_now_accepts_bitcoin_cash/dof38gw/
summary of craig wright, jihan wu and roger ver's positions https://medium.com/@HjalmarPeters/the-big-blockers-bead6027deb2
Why is bitcoin so strong against attack?!?! (because we're motivated and awesome) https://www.reddit.com/btc/comments/64wo1h/bitcoin_unlimited_is_being_blocked_by_antivirus/dg5n00x/
what happened to #oldjeffgarzik https://www.reddit.com/Bitcoin/comments/6ufv5x/a_reminder_of_some_of_jeff_garziks_greatest/
big blockers fully deserve to lose every last bitcoin they ever had and more https://www.reddit.com/BitcoinMarkets/comments/756nxf/daily_discussion_monday_october_09_2017/do5ihqi/
gavinandresen brainstorming how to kill bitcoin with a 51% in a nasty way https://twitter.com/btcdrak/status/843914877542567937
Roger Ver as bitcoin Judas https://imgur.com/a/Rf1Pi
A bunch of tweets and memes celebrating UASF
https://twitter.com/shaolinfry/status/842457019286188032 | https://twitter.com/SatoshiLite/status/888335092560441345 | https://twitter.com/btcArtGallery/status/887485162925285377 | https://twitter.com/Beautyon_/status/888109901611802624 | https://twitter.com/Excellion/status/889211512966873088 | https://twitter.com/lopp/status/888200452197801984 | https://twitter.com/AlpacaSW/status/886988980524396544 | https://twitter.com/BashCo_/status/877253729531162624 | https://twitter.com/tdryja/status/865212300361379840 | https://twitter.com/Excellion/status/871179040157179904 | https://twitter.com/TraceMayestatus/849856343074902016 | https://twitter.com/TraceMayestatus/841855022640033792 | https://fs.bitcoinmagazine.com/img/images/Screen_Shot_2017-08-18_at_01.36.47.original.png
submitted by belcher_ to Bitcoin [link] [comments]

Running List of All AirFox/AirToken Related Media Coverage and Resources

Resources and Articles for AirFox/AirToken
Medium Accounts from AirFox and team accounts (There are A LOT of articles in the Medium accounts. Take the time to read them, as they contain troves of valuable data about the AirToken Platform):
https://medium.com/@AirFox/latest
https://medium.com/@victordsantos/latest (AirFox CEO, Victor Santos)
https://medium.com/@james_3093/latest (AirFox CTO, James Seibel)
dApp Release
https://medium.com/@AirFox/airtoken-dapp-now-publicly-available-ac5cb524fa5b
AirFox Intros:
https://www.bizjournals.com/boston/news/2017/08/08/this-techstars-boston-alum-is-planning-to-raise.html
https://www.americaninno.com/boston/this-techstars-alum-plans-to-use-cryptocurrency-to-make-the-internet-more-affordable/
https://www.trustnodes.com/2017/08/09/ex-googlers-using-ethereum-increase-mobile-internet-affordability-digitize-credit-scoring-airfox
https://blog.icoalert.com/ico-alert-report-airtoken-d8d5ee2175f5
https://www.cryptocoinsnews.com/banking-unbanked-airfox-ico/
ICO Rankings:
https://www.icocountdown.com/
https://www.coingecko.com/ico/airtoken?locale=en
https://www.icoalert.com/
https://www.ico-list.com/Index/detail/id/248.html
https://www.coinhills.com/ico/view/airtoken/
https://icotracker.net/project/airtoken
https://icobench.com/ico/airtoken
https://icobazaar.com/airtoken
https://www.smithandcrown.com/icos/
http://icoindex.com/profile/airtoken-air
https://icodrops.com/airtoken/
https://cyber.fund/system/AirTokenhttps://99bitcoins.com/complete-ico-list-upcoming-live/
http://icorating.com/project/117/AirToken
https://www.icobounty.co/single-post/2017/09/06/AirToken-Mobile-Access-for-Everyone-ICO-Bounty-Campaign
https://coincentral.com/upcoming-icos/airtoken-ico-token-sale-summary/
Publications:
https://www.mobiletime.com.bartigos/22/08/2018/empresas-de-blockchain-precisam-preencher-a-lacuna-entre-propaganda-e-utilidade/
https://www.efma.com/article/detail/29925
https://www.forbes.com/sites/alexandrawilson1/2018/06/06/chain-gang-the-boldest-blockchain-companies-from-the-forbes-30-under-30/#56c9054b3544
https://cointelegraph.com/news/banks-and-cryptocurrencies-global-evaluation-americas
https://thestartu.com/airfox-bringing-financial-services-and-the-blockchain-to-the-emerging-market/
https://venturefizz.com/blog/airfox-profile
https://dailyhodl.com/2018/05/17/best-us-cities-for-blockchain-jobs/
https://www.techrepublic.com/article/the-top-10-cities-where-you-can-find-a-blockchain-job/
https://benzingafintechawards.com/finalists-2018/ (AirFox App Bezinga Finalist!)
https://finance.yahoo.com/news/airfox-closes-6-5-million-130000258.html
https://www.engadget.com/2018/02/26/airfox-mobile-wallet/
https://finance.yahoo.com/news/airfox-apos-mobile-wallet-aims-154400121.html
https://cointelegraph.com/press-releases/airfox-launches-mobile-app-in-brazil
https://www.wired.it/mobile/app/2018/02/28/app-mobile-world-congress-2018/
https://benzingafintechawards.com/vote-2018/airfox/
https://www.ccn.com/airfox-closes-6-5-million-airtoken-pre-sale-weeks-ahead-sche dule/ https://www.icoinfo.net/single-post/2017/09/04/AirToken---mobile-internet-with-benefits-for-you
http://www.mintel.com/blog/technology-market-news/mwca-emphasizes-connectivitys-power-for-good
https://hacked.com/airtoken-air-extremely-undervalued-long-term-investment/ (paywall)
https://coincodex.com/article/1090/5-coins-below-ico-price-with-potential/
http://www.bankingtech.com/2018/02/airfox-targets-brazils-unbanked-with-android-app-launch/
https://www.prnewswire.com/news-releases/pareteums-partner-airfox-launches-mobile-app-in-brazil-300604667.html
https://versusmedia.mx/airfox-busca-reemplazar-a-los-bancos-en-paises-emergentes/
https://www.chipin.com/airfox-launches-mobile-app-brazil/
https://www.lykke.com/company/news/airfox
Town Hall Youtube Coverage
https://www.youtube.com/watch?v=r3aelpA79_4 (Pablo Bello Head of Product 4-6-18)
https://www.youtube.com/watch?v=aMPdp0Xg7l8 (James Seibel CTO 3-30-18)
https://www.youtube.com/watch?v=vopDXR5UzNE (Katie Sedat Head of Marketing 4-13-18)
https://www.youtube.com/watch?v=pN1BAUbENaQ (Christine To VP Biz Ops 4-20-18)
Brazilian Coverage:
https://brasilamericaeconomia.com.banalise-e-opiniao/air-tokens-bitcoins-e-crypto-currencies-coisa-de-nerd-ou-tecnologias-que-estao
http://jornalfolk.com.bsite/ler?id=1470
http://www.infomoney.com.bminhas-financas/planeje-suas-financas/noticia/7343693/app-que-usa-blockchain-libera-emprestimo-para-pessoas-sem-conta
https://ecommercenews.com.bnoticias/lancamentos/compras-online-sem-banco-agora-e-possivel/
http://www.jornaldamanha.com.b2018/03/06/concorrente-para-o-nubank-airfox-chega-ao-brasil-oferecendo-servicos-bancarios-por-meio-de-app/
https://loocalizei.com.bairfox-app-banco-inclusivo/
https://www.tudocelular.com/android/noticias/n121339/Aplicativo-Airfox-banco-chega-ao-Brasil-concorrenc.html
http://www.tibahia.com/tecnologia_informacao/conteudo_unico.aspx?c=SERVICOS&fb=B_FULL&hb=B_CENTRA&bl=LAT1&r=SERVICOS&nid=49310
http://diariodocomercio.com.bnoticia.php?tit=Americana%20Airfox%20investe%20US$11,5%20mi%20na%20expans%C3%A3o%20para%20o%20Pa%C3%ADs&id=191600
http://www.nyc.hlsa.org/article.html?aid=161
https://www.reddit.com/AirToken/comments/875a0d/airfox_ceo_cofounder_victor_santos_was_recently/
Partnerships:
https://medium.com/@billyryan_38597/airtoken-brazil-and-boleto-eb6c94a24a38
https://medium.com/@AirFox/airfox-announces-expanded-technology-partnership-with-pareteum-394a0986e60
http://markets.businessinsider.com/news/stocks/pareteum-issues-chairman-update-letter-1015510862
https://www.reddit.com/AirToken/comments/84a303/fitbank_airfox/
https://www.reddit.com/AirToken/comments/81710p/the_airfox_app_accepts_cash_payments_via_boleto/
Victor Santos: Forbes 30 under 30:
https://www.forbes.com/sites/alexandrawilson1/2018/06/06/chain-gang-the-boldest-blockchain-companies-from-the-forbes-30-under-30/#56c9054b3544
https://www.forbes.com/30-under-30/2018/social-entrepreneurs/#29c0104129e5
https://www.forbes.com/pictures/5a0494a74bbe6f37dda214bd/victor-santos-26/#6d0fa4e87899
https://www.forbes.com/profile/victor-santos/
https://twitter.com/Nasdaq/status/935620863977775105
Bitcointalk Threads:
https://bitcointalk.org/index.php?topic=2078932.0
https://bitcointalk.org/index.php?topic=2101398.msg21001662#msg21001662
YouTube Videos:
https://www.youtube.com/watch?v=xT9pdpbDnoU&feature=youtu.be (Victor Santos)
https://www.youtube.com/watch?v=wZ3FdIJ4Oao (AirFox app release)
https://youtu.be/CdB-2k1DxH4 (AirFox Intro)
https://www.youtube.com/watch?v=r3aelpA79_4 (Pablo Bello Head of Product 4-6-18)
https://www.youtube.com/watch?v=aMPdp0Xg7l8 (James Seibel CTO 3-30-18)
https://www.youtube.com/watch?v=vopDXR5UzNE (Katie Sedat Head of Marketing 4-13-18)
https://www.youtube.com/watch?v=pN1BAUbENaQ (Christine To VP Biz Ops 4-20-18)
https://youtu.be/_sQyZ13oTW8 (Ledger Wallet Tutorial)
Wallet info:
https://medium.com/@billyryan_38597/airtoken-cold-storage-instructions-for-ledger-nano-s-420435b7494a
https://getcrypto.info/airtoken/
Social Media Accounts:
https://discord.gg/JXNyapc - Discord
https://open.kakao.com/o/gaGgvaC - Kakao
https://twitter.com/AirToken - Twitter AirToken
https://twitter.com/_AirFox – Twitter AirFox
https://www.reddit.com/AirToken/ - Reddit
https://t.me/airtoken_official - Official Telegram Broadcast
https://bitcointalk.org/index.php?topic=2078932 - BitcoinTalk
https://www.facebook.com/AirToken/ - Facebook
[email protected] – E-Mail
Exchanges (Stay Tuned)
https://hitbtc.com/exchange/AIR-to-BTC - HitBTC
https://hitbtc.com/exchange/AIR-to-ETH
https://app.radarrelay.com/AIWETH - Radar Relay
https://www.lykke.com/ - Lykke
https://forkdelta.github.io/#!/trade/AIR-ETH - ForkDelta
Whitepapers (updated W/Ps coming soon):
https://airtoken.com/uploads/AirFoxICO_WhitePaper_v3.0-min.pdf (New ver. Coming soon)
https://airtoken.com/uploads/Spotting_Whitepaper.pdf (Aka Microloans)
http://www.airtoken.com/papeAirFoxICO_WhitePaper_Dutch.pdf (Dutch)
http://www.airtoken.com/papeAirFoxICO_WhitePaper_Russian.pdf (Russian)
http://www.airtoken.com/papeAirFoxICO_WhitePaper_Chinese.pdf (Chinese)
Mobile App Download (Google Play):
https://m.airfox.io/2GKAush/
submitted by Freeme62410 to AirToken [link] [comments]

MEXC BitcoinTalk Announcement.

MEXC Token ICO
MEXC Initial Coin Offering (ICO) is a unique creation of forward purchase Utility Token for the users in the EMS industry. The players in the industry would use the MEXC Token indirectly to purchase patented, and patent-pending equipment and services to save lives.
The MEXC Token has its own eco-system from the use of the token to purchase EMS products and services, as well as a peer-to-peer (P2P) marketplace, called MX P2P Exchanger, to exchange the MEXC Tokens with other tokens, or fiat currency.
MX P2P Exchanger is a unique P2P exchange system that empowers MEXC token holders to convert to cash, without incurring high cost and other limitations (converting/selling to BTC/ETH)
After the ICO has ended, the MEXC Tokens can only be purchased from the participating exchangers, or MEXC buyers during the ICO period through MX P2P Exchanger.
As our EMS products and services are priced in MX, the EMS industry players shall use the MX P2P Exchanger to convert the MEXC Tokens to MX tokens prior to purchasing our products and services.
ICO Information
Please whitelist your Ether address for Private Sale on our website
ICO Address
ICO Start Date
MEXC Base Price
Bounties Information
Bounties will be posted shortly in another thread. We have bounties for: - Twitter Report - Facebook Repost - Translation - Telegram Country Manager ... plus many others.
Be part of the exciting offerings, based on real products, and real business. Support MEXC. Save lives.
submitted by mhishami to mexc [link] [comments]

Agustín Carstens, General Manager of the Bank for International Settlements (BIS, the central bank of central banks) on Cryptocurrencies today

I'd like to hear your thoughts on his lecture held today at the Goethe University in Frankfurt, Germany.
Read the full transcript here or via pdf link. https://www.bis.org/speeches/sp180206.pdf
1/10 Money in the digital age: what role for central banks? Lecture by Agustín Carstens General Manager, Bank for International Settlements House of Finance, Goethe University Frankfurt, 6 February 2018
Introduction Good morning, ladies and gentlemen. Thank you for that kind introduction, Jens. I am very happy to be here at this prestigious university and to be part of this impressive lecture series sponsored by Sustainable Architecture for Finance in Europe (SAFE), the Center for Financial Studies (CFS) and the Deutsche Bundesbank. I would also like to thank Professor Brigitte Haar for being such a generous host today. It is an honour to discuss money at an event organised by the Bundesbank, which has been a beacon of stability since its foundation some 60 years ago. As Jens can attest, being a central banker is a fascinating job. In fact, it is a privilege. During the last decade it has been anything but quiet in the central banking world. We have been confronted with extraordinary circumstances that have required extraordinary policy responses. In such an environment, it has been of the utmost importance to share experiences and lessons learnt among central banks, creating a body of knowledge that will be there for the future. One of the reasons that central bank Governors from all over the world gather in Basel every two months is precisely to discuss issues at the front and centre of the policy debate. Following the Great Financial Crisis, many hours have been spent discussing the design and implications of, for example, unconventional monetary policies such as quantitative easing and negative interest rates. Lately, we have seen a bit of a shift, to issues at the very heart of central banking. This shift is driven by developments at the cutting edge of technology. While it has been bubbling under the surface for years, the meteoric rise of bitcoin and other cryptocurrencies has led us to revisit some fundamental questions that touch on the origin and raison d’être for central banks: • What is money? • What constitutes good money, and where do cryptocurrencies fit in? • And, finally, what role should central banks play? The thrust of my lecture will be that, at the end of the day, money is an indispensable social convention backed by an accountable institution within the State that enjoys public trust. Many things have served as money, but experience suggests that something widely accepted, reliably provided and stable in its command over goods and services works best. Experience has also shown that to be credible, money requires institutional backup, which is best provided by a central bank. While central banks’ actions and services will evolve with technological developments, the rise of cryptocurrencies only highlights the important role central banks have played, and continue to play, as stewards of public trust. Private digital tokens posing as currencies, such as bitcoin and other crypto-assets that have mushroomed of late, must not endanger this trust in the fundamental value and nature of money.
What is money? “What is money?” is obviously a key question for any central banker, and one on which economists have spent much ink. The answer depends on how deep and philosophical one wants to be. Being at a university, especially one named after Goethe, I think I can err on the side of being philosophical. Conventional wisdom tells you that “money is what money does”.1 That is, money is a unit of account, a means of payment and a store of value. But telling you what something does does not really tell you what it is. And it certainly does not tell you why we need or have money, how it comes about and what the preconditions are for it to exist. In terms of the “need” for money, you may learn that money is a way to get around the general lack of double coincidence of wants. That is, it is rare that I have what you want and you have what I want at the same time. As barter is definitely not an efficient way of organising an economy, money is demanded as a tool to facilitate exchange. What about the other side of the coin, so to speak? How does money come about? Again, conventional wisdom may tell you that central banks provide money, ie cash (coins and notes), and commercial banks supply deposits. But this answer is often not fully satisfactory, as it does not tell why and how banks should be the one to “create” money. If you venture into more substantive analyses on monetary economics, things get more complex. One theory, which proposes that “money is memory”, amounts to arguing that a “superledger” can facilitate exchange just like money. This argument says a ledger is a way of keeping track of not only who has what but also who owes, and is owed, what. I will come back to this later. Moving beyond this line of thought, other scholarly and historical analyses provide answers that are more philosophical. These often amount to “money is a convention” – one party accepts it as payment in the expectation that others will also do so.2 Money is an IOU, but a special one because everyone in the economy trusts that it will be accepted by others in exchange for goods and services. One might say money is a “we all owe you”. Many things have served as money in this way. Figure 1 gives some examples: Yap stones, gold coins, cigarettes in war times, $100,000 bills, wissel (Wechsel), ie bills of exchange or bearer notes, such as those issued by the Bank of Amsterdam in the first half of the 17th century. It includes an example from my own country, Aztec hoe (or axe) money, a form of (unstamped) money made of copper used in central Mexico and parts of Central America. 1 See J Hicks, Critical essays in monetary theory, 1979. 2 See D Lewis, Convention: a philosophical study, 1969.
Common to most of these examples is that the nominal value of the items that have served at one time as money is unrelated to their intrinsic value. Indeed, as we know very well in the case of fiat money, the intrinsic value of most of its representations is zero. History shows that money as a convention needs to have a basis of trust, supported by some form of institutional arrangement.3 As Curzio Giannini puts it: “The evolution of monetary institutions appears to be above all the fruit of a continuous dialogue between economic and political spheres, with each taking turns to create monetary innovations … and to safeguard the common interest against abuse stemming from partisan interests.”4 Money can come in different institutional forms and colours. How to organise them? The paper by Bech and Garratt in last September’s BIS Quarterly Review presented the money flower as a way of organising monies in today’s environment.5 It acknowledges that money can take on rather different forms and be supplied in various ways. The money flower Allow me to explain, noting that we do not sell seeds to this money flower! 3 Fiat means “by law“. So, in principle, it should be said that money exists by convention or by law. But if trust in money does not prevail, the legal mandate that conveys value to money becomes meaningless. 4 C Giannini, The age of central banks, 2011. 5 M Bech and R Garratt, “Central bank cryptocurrencies”, BIS Quarterly Review, September 2017, pp 55–70.
The money flower highlights four key properties on the supply side of money: the issuer, the form, the degree of accessibility and the transfer mechanism. • The issuer can be either the central bank or “other”. “Other” includes nobody, that is, a particular type of money that is not the liability of anyone. • In terms of the form it takes, money is either electronic or physical. • Accessibility refers to how widely the type of money is available. It can either be wide or limited. • Transfer mechanism can either be a central intermediary or peer-to-peer, meaning transactions occur directly between the payer and the payee without the need for a central intermediary. Let us look at where some common types of money fit into the flower, starting with cash (or bank notes) as we know it today. Cash is issued by the central bank, is not electronic, is available to everyone and is peer-to-peer. I do not need a trusted third party such as Jens to help me pay each of you 10 euros. Let us try another one: bank deposits. They are not the liability of the central bank, mostly electronic, and in most countries available to most people, but clearly not peer-to-peer. Transferring resources from a bank deposit requires the involvement of at least your own bank, perhaps the central bank and the recipient’s bank. Think here not only of commercial bank deposits but also bills, eg non-interest bearing (bearer) certificates, issued privately, as in the case of the Bank of Amsterdam mentioned earlier. Local or regional currencies are the ones that can be spent in a particular geographical location at participating organisations. They tend to be physical. The túmin, for example, was a local currency circulating (illegally) for some time around 2010 exclusively in the Mexican municipality of Espinal. What does digitalisation mean for the flower? Digitalisation is nothing new: financial services and most forms of money have been largely digital for many years. Much of the ongoing transformation is just adding a mobile version for many services, which means that the device becomes a virtual extension of the institution. As such, there is not a new model. The money flower then also easily accommodates these forms.
That is also the case for the digital, account-based forms of money that central banks traditionally have made available to commercial banks and, in some instances, to certain other financial or public institutions (ie bank reserves). It would also be the case if the central bank were to issue digital money to the wider public for general purposes. Each central bank will have to make its own decision on whether issuing digital money is desirable, after considering factors such as the structure of the financial system and underlying preferences for privacy. The central bank community is actively analysing this issue. A potentially important and leapfrogging digital-related development, however, is distributed ledger technology (DLT), the basis for Bitcoin. Many think DLT could transform financial service provision, maybe first wholesale, then possibly retail. For example, it could enhance settlement efficiency involving securities and derivatives transactions. A few central banks have conducted experiments in this area, for example the Bank of Canada, the Bundesbank, the Monetary Authority of Singapore and the Bank of England.6 Yet doubts remain regarding the maturity of DLT and the size of associated efficiency gains relative to existing technologies. Moreover, their robustness, including to cyber-risk, is still to be fully understood and ascertained. Still, there are potential benefits, and I expect that central banks will remain engaged on this topic.7 For now, DLT is largely used to “create” bitcoin and other digital currencies. Such cryptocurrencies can be placed easily in the money flower. Nobody issues them, they are not physical and they are peer-to-peer. But beyond that, how should one think about them? What constitutes good money? Just because we are able to find a place for bitcoin in our money flower does not mean we should consider it as “good” money. As I mentioned before, trust is the fundamental tenet that underpins credible currencies, and this trust has to be earned and supported. There are many lessons from history and institutional economics on the earning of trust that we can use as we move further into digitalisation.8 Over the ages, many forms of private money have come and gone. It is fair to say that the same has happened with various experiments with public money (that is, money issued by a public entity that is not the central bank). While some lasted longer than others, most have invariably given way to some form of central bank money. The main reason for their disappearance is that the “incentives to cheat” are simply too high. Let me give three historical examples: one in Germany, another in the United States and the last one in Mexico. In Germany, the Thirty Years War (1618–48), involving small German states of the Holy Roman Empire and neighbouring regional powers, was associated with one of the most severe economic crises ever recorded, with rampant hyperinflation – just as happened three centuries later during the Weimar Republic – and the breakdown of trade and economic activity. The crisis became known as the Kipper- und Wipperzeit (the clipping and culling times), after the practice of clipping coins (shaving metal from their circumference) and sorting good coins from bad. This morning, we are launching a BIS Working Paper, by Professor Isabel Schnabel and BIS Economic Adviser Hyun Song Shin, which further details and explains this experience, as background to my speech. 6 See Bech and Garratt, op cit. 7 See Committee on Payments and Market Infrastructures, Distributed ledger technology in payment, clearing and settlement: an analytical framework, February 2017. 8 See D North, Institutions, institutional change and economic performance, 1990.
While episodes of currency debasement have occurred throughout history, this one stands out for two reasons. First is the severity of the crisis and its rapid regional spread. Debasement proceeded at such a pace that public authorities quickly lost control of the downward spiral. Second is how the debasement was brought under control. This occurred through standardisation of wholesale payments by public deposit banks, for example the Bank of Hamburg and the Bank of Amsterdam. These were in many ways examples of the precursors of modern central banks. As the working paper argues, monetary order could be brought to an otherwise chaotic situation by providing reliable payment means through precursors to central bank money, which at the end means the use of a credible institutional arrangement. In the period in the United States known as the Free Banking Era, from 1837 to 1863, many banks sprang up that issued currency with no oversight of any kind by the federal government.10 These so-called free bank notes did not work very well as a medium of exchange. Given that there were so many banks of varying reputations issuing notes, they sold at different prices in different places, making transactions quite complicated. And as supervision was largely absent, banks had limited restraint in issuing notes and did not back them up sufficiently with specie (gold or silver), thereby debasing their values. This era of “wildcat banking” ended up being a long and costly period of banking instability in the history of the US, with banking panics and major disruptions to economic activity. It was, after some further hiccups, followed by the establishment of the Federal Reserve System in 1913. Let me present a final example, from Mexican monetary history. A little known fact is that Mexico had the first series of hyperinflations at the beginning of the 20th century. My country had a revolution from 1910 to 1921, in which no central government existed in an effective way, with many factions fighting and disputing different territories. A winning faction would arrive in a territory, print its own money and make void previously issued cash. So different bills issued by different factions coexisted, leading to chaos and hyperinflation. To give you an idea of the disorder, in 2015 four trunks full of bills were returned to Mexico after having been appropriated by the US Navy in 1914, when the US occupied the port city of Veracruz. In the trunks, the Bank of Mexico discovered dozens of types of bills that the central bank had not even known existed.11 At the end of the conflict, a new constitution was drafted, having as a central article one which gave the Bank of Mexico the appropriate institutional framework, designating it the exclusive issuer of currency in the country. Once this was in place, hyperinflation ceased, illustrating the importance of controlling fiscal dominance (which tends to be the result of the abuse of publicly issued money). Based on these experiences, most observers, and I suspect all of you here, would agree that laissez-faire is not a good approach in banking or in the issuance of money. Indeed, the paradigm of strict bank regulation and supervision and central banks overseeing the financial and monetary system that has emerged over the last century or so has proven to be the most effective way to avoid the instability and high economic costs associated with the proliferation of private and public monies. 9 I Schnabel and H S Shin, “Money and trust: lessons from the 1620s for money in the digital age”, BIS Working Papers, no 698, February 2018. 10 See G Dwyer, “Wildcat banking, banking panics, and free banking in the United States”, Federal Reserve Bank of Atlanta Economic Review, vol 81, nos 3–6, 1996; A Rolnick and W Weber, “New evidence of the free banking era”, The American Economic Review, vol 73, no 5, December 1983, pp 1080–91; and C Calomiris, “Banking crises yesterday and today”, Financial History Review, vol 17, no 1, 2010, pp 3–12. 11 See Bank of Mexico, “La SRE entregó al Banco de México un acervo de billetes de la época del porfiriato”, press release, 1 June 2015, www.banxico.org.mx/informacion-para-la-prensa/comunicados/billetes-y-monedas/billetes/%7B3A41E6F8-FBD8-2FA7-DA0B-66FCCE46430A%7D.pdf.
The unhappy experience with private forms of money raises deep questions about whether the proliferation of cryptocurrencies is desirable or sustainable. Even if the supply of one type of cryptocurrency is limited, the mushrooming of so many of them means that the total supply of all forms of cryptocurrency is unlimited. Added to this is the practice of “forking”, where an offshoot of an existing cryptocurrency can be conjured up from thin air. Given the experience with currency debasement that has peppered history, the proliferation of such private monies should give everyone pause for thought. I will return to this shortly. We have learned over the centuries that money as a social institution requires a solution to the problem of a lack of trust.12 The central banks that often emerged in the wake of the private and public money collapses may not have looked like the ones we have today, but they all had some institutional backing. The forms of this backing for their issuance of money have differed over time and by country.13 Commodity money has often been the start. History shows that gold and other precious metals stored in the vault with governance (and physical) safeguards can provide some assurance. Commodity money is not the only or necessarily sufficient mechanism. Often it also required a city-, state- or nation-provided charter, as with the emergence of giro banks in many European countries. Later, the willingness of central banks to convert money for gold at a fixed price (the gold standard) was the mechanism. Currency boards, where local money is issued one-to-one with changes in foreign currency holdings, can also work to provide credibility. The tried, trusted and resilient modern way to provide confidence in public money is the independent central bank. This means legal safeguards and agreed goals, ie clear monetary policy objectives, operational, instrument and administrative independence, together with democratic accountability to ensure broad-based political support and legitimacy. While not fully immune from the temptation to cheat, central banks as an institution are hard to beat in terms of safeguarding society’s economic and political interest in a stable currency. Where do cryptocurrencies fit in? One could argue that bitcoin and other cryptocurrencies’ attractiveness lies in an intelligent application of DLT. DLT provides a method to broadcast transactions publicly and pseudonymously in a way that achieves in principle ledger immutability.14 Who would have thought that having people guessing solutions to what was described to me by a techie as the mathematical equivalent of mega-sudokus would be a way to generate consensus among strangers around the world through a proof of work? Does it thus provide a novel solution to the problem of how to generate trust among people who do not know each other? If DLT provides the potential for a superledger, could bitcoin and other cryptocurrencies then substitute for some forms of money?15 We do not have the full answers, but at this time the answer, also in the light of historical experiences, is probably a sound no, for many reasons. In fact, we are seeing the type of cracks and cheating that brought down other private currencies starting to appear in the House of Bitcoin. As an institution, Bitcoin has some obvious flaws. 12 See M King, “The institutions of monetary policy”, speech at the American Economic Association Annual Meeting, San Diego, 4 January 2004. 13 See Giannini, op cit. 14 See Committee on Payments and Market Infrastructures, op cit. 15 See N Kocherlakota, “Money is memory”, Journal of Economic Theory, vol 81, pp 232–51, 1998. In fact, he shows in a very stark setting that having a costless means to record the memory of all economic actors, both present and past, can do as much as money, and sometimes more. Conversely, money effectively functions as memory by providing an observable record of past transactions – that is, agents can tell whether a potential trader is running a current deficit or surplus with society by looking at the money balances that trader is carrying. The finding, however, is theoretical and not robust to slight changes in assumptions, including the risk of loss of data.
Debasement. As I mentioned, we may be seeing the modern-day equivalent of clipping and culling. In Bitcoin, these take the form of forks, a type of spin-off in which developers clone Bitcoin’s software, release it with a new name and a new coin, after possibly adding a few new features or tinkering with the algorithms’ parameters. Often, the objective is to capitalise on the public’s familiarity with Bitcoin to make some serious money, at least virtually. Last year alone, 19 Bitcoin forks came out, including Bitcoin Cash, Bitcoin Gold and Bitcoin Diamond. Forks can fork again, and many more could happen. After all, it just takes a bunch of smart programmers and a catchy name. As in the past, these modern-day clippings dilute the value of existing ones, to the extent such cryptocurrencies have any economic value at all. Trust. As the saying goes, trust takes years to build, seconds to break and forever to repair. Historical experiences suggest that these “assets” are probably not sustainable as money. Cryptocurrencies are not the liability of any individual or institution, or backed by any authority. Governance weaknesses, such as the concentration of their ownership, could make them even less trustworthy. Indeed, to use them often means resorting to an intermediary (for example, the bitcoin exchanges) to which one has to trust one’s money. More generally, they piggyback on the same institutional infrastructure that serves the overall financial system and on the trust that it provides. This reflects their challenge to establish their own trust in the face of cyber-attacks, loss of customers’ funds, limits on transferring funds and inadequate market integrity. Inefficiency. Novel technology is not the same as better technology or better economics. That is clearly the case with Bitcoin: while perhaps intended as an alternative payment system with no government involvement, it has become a combination of a bubble, a Ponzi scheme and an environmental disaster. The volatility of bitcoin renders it a poor means of payment and a crazy way to store value. Very few people use it for payments or as a unit of account. In fact, at a major cryptocurrency conference the registration fee could not be paid with bitcoins because it was too costly and slow: only conventional money was accepted. To the extent they are used, bitcoins and their cousins seem more attractive to those who want to make transactions in the black or illegal economy, rather than everyday transactions. In a way, this should not be surprising, since individuals who massively evade taxes or launder money are the ones who are willing to live with cryptocurrencies’ extreme price volatility. In practice, central bank experiments show that DLT-based systems are very expensive to run and slower and much less efficient to operate than conventional payment and settlement systems. The electricity used in the process of mining bitcoins is staggering, estimated to be equal to the amount Singapore uses every day in electricity,16 making them socially wasteful and environmentally bad. Therefore, the current fascination with these cryptocurrencies seems to have more to do with a speculative mania than any use as a form of electronic payment, except for illegal activities. Accordingly, authorities are edging closer and closer to clamping down to contain the risks related to cryptocurrencies. There is a strong case for policy intervention. As now noted by many securities markets and regulatory and supervisory agencies, these assets can raise concerns related to consumer and investor protection. Appropriate authorities have a duty to educate and protect investors and consumers, and need to be prepared to act. Moreover, there are concerns related to tax evasion, money laundering and criminal finance. Authorities should welcome innovation. But they have a duty to make sure technological advances are not used to legitimise profits from illegal activities. 16 See Digiconomist, “Bitcoin energy consumption index”, digiconomist.net/bitcoin-energy-consumption.
What role for the central bank? Central banks, acting by themselves and/or in coordination with other financial authorities like bank regulators and supervisors, ministries of finance, tax agencies and financial intelligence units, may also need to act, given their roles in providing money services and safeguarding money’s real value. Working with commercial banks, authorities have a part to play in policing the digital frontier. Commercial banks are on the front line since they are the ones settling trades, providing real liquidity, keeping exchanges going and interacting with customers. It is alarming that some banks have advertised “bitcoin ATMs” where you can buy and sell bitcoins. Authorities need to ensure commercial banks do not facilitate unscrupulous behaviours. Central banks need to safeguard payment systems. To date, Bitcoin is not functional as a means of payment, but it relies on the oxygen provided by the connection to standard means of payments and trading apps that link users to conventional bank accounts. If the only “business case” is use for illicit or illegal transactions, central banks cannot allow such tokens to rely on much of the same institutional infrastructure that serves the overall financial system and freeload on the trust that it provides. Authorities should apply the principle that the Basel Process has adhered to for years: to provide a level playing field to all participants in financial markets (banks and non-banks alike), while at the same time fostering innovative, secure and competitive markets. In this context, this means, among other things, ensuring that the same high standards that money transfer and payment service providers have to meet are also met by Bitcoin-type exchanges. It also means ensuring that legitimate banking and payment services are only offered to those exchanges and products that meet these high standards. Financial authorities may also have a case to intervene to ensure financial stability. To date, many judge that, given cryptocurrencies’ small size and limited interconnectedness, concerns about them do not rise to a systemic level. But if authorities do not act pre-emptively, cryptocurrencies could become more interconnected with the main financial system and become a threat to financial stability. Most importantly, the meteoric rise of cryptocurrencies should not make us forget the important role central banks play as stewards of public trust. Private digital tokens masquerading as currencies must not subvert this trust. As history has shown, there simply is no substitute. Still, central banks are embracing new technologies as appropriate. Many new developments can help. For example, fintech and “techfin” – which refers to established technology platforms venturing into financial services. These are changing financial service provision in many countries, most clearly in payments, and especially in some emerging market economies (for example, China and Kenya). While they introduce the possibility of non-bank financial institutions introducing money-type instruments, which raises a familiar set of regulatory questions, they do present scope for many gains. Conclusion In conclusion, while cryptocurrencies may pretend to be currencies, they fail the basic textbook definitions. Most would agree that they do not function as a unit of account. Their volatile valuations make them unsafe to rely on as a common means of payment and a stable store of value. They also defy lessons from theory and experiences. Most importantly, given their many fragilities, cryptocurrencies are unlikely to satisfy the requirement of trust to make them sustainable forms of money. While new technologies have the potential to improve our lives, this is not invariably the case. Thus, central banks must be prepared to intervene if needed. After all, cryptocurrencies piggyback on the institutional infrastructure that serves the wider financial system, gaining a semblance of legitimacy from their links to it. This clearly falls under central banks’ area of responsibility. The buck stops here. But the buck also starts here. Credible money will continue to arise from central bank decisions, taken in the light of day and in the public interest. In particular, central banks and financial authorities should pay special attention to two aspects. First, to the ties linking cryptocurrencies to real currencies, to ensure that the relationship is not parasitic. And second, to the level playing field principle. This means “same risk, same regulation”. And no exceptions allowed.
submitted by stellan0r to CryptoCurrency [link] [comments]

A few observations from an outside observer

I'm fairly familiar with bitcoin and economics and there are a few things that trouble me about the bitcoin community in general and this subreddit in particular:
And by the way, this is all coming from someone who would love to see bitcoin succeed as a stable currency.
The promise of bitcoin seems to be two pronged; first, it's like cash that's better than cash. There are no middle men, no (low) transaction fees, no delays, and no chargebacks, but it's secure and works across the globe. Second, it's libertarian friendly because it's free from direct government or corporate regulation or manipulation. However, the community that espouses these promises, doesn't seem to really believe in them when it comes down to brass tacks.
Use as Day-to-Day Currency
Bitcoin booms and busts are not good for bitcoin adoption. Wild fluctuations in price are not a good quality to have in a currency. Even strong increases, without later busts, are not good for bitcoin-as-a-currency. People want a currency to be boring and stable. However many people here cheer wildly and become incredibly smug about bitcoin's "success" when the price soars. This forum doesn't seem to value bitcoin-as-a-currency, it values bitcoin-as-a-speculative-commodity.
I decided to checkout BitcoinStore to see what shopping with bitcoins would be like. I checked out the price of two different goods there and at Amazon. The first was a Pentax MX-1 12 MP Black Digital Camera. At BitcoinStore it was 0.4773 BTC / $348.89. At Amazon it was $263.99. So not only is it cheaper at Amazon, but I don't have to go through the hassle of converting my USD into BTC to get it. How much will it cost me in fees just to make the conversion? The second item was a Fellowes 55-Piece Computer Tool Kit. At BitcoinStore it was 0.0574 BTC / $41.78, and at Amazon it was $36.99. Why would someone go through the hassle and cost of converting USD into BTC just to pay higher prices?
But, the higher prices weren't the primary the issue. While shopping, the price per BTC changed from $730.91 to $727.90, and the price of the camera went from 0.4773 BTC to 0.4793 BTC... While I was shopping! Can you imaging wheeling your shopping cart around the grocery store, putting things in your cart at one price, and by the time you get to the checkout, it's a different price? And not because the inherent price of the things you're buying changed, but because of your own currency's fluctuations? That's crazy. For bitcoin merchants this happens of course because everything is really priced in dollars, but more on that later.
Use as Investment/Lending
Obviously, there can be utility in investing in bitcoins, lot's of people are speculating on bitcoin. However, investing with bitcoins is another matter. Let's say I lend you $1000 and expect $1100 back from you in one year. That could be a good deal for both of us. Or, you know, if I don't think you're great with money, maybe I'd say that's a bad deal. Either way, we have a stable currency with which to value the transaction. With bitcoin I can't see how either the lendeinvestor nor the borrower would be able to accept that deal since neither has any idea what the value of bitcoins will be at the end of the year. The price could change so much that the 10% in interest charged could be meaningless in the face of the value change. This reminds me of the situation we were in when the government was trying to buy toxic assets. The market was frozen because no one knew what a good price should be. It wasn't just that they were valued very low, at least then people could agree on a price, it was that no one had any idea what the value was so no one wanted to buy or sell.
Backed By USD
Before my shopping experiment at BitcoinStore I honestly didn't know how they priced their goods. I didn't know whether the prices were in BTC (and the equivalent prices in USD fluctuated), or whether they really priced their goods in USD and the price in BTC fluctuated. After seeing the price of the camera fluctuate in order to keep the price the same in dollars it became obvious that bitcoins only have value right now because they're backed by the dollar. The only reason they're worth anything to anyone is because someone somewhere can get dollars back out. Otherwise the stores wouldn't peg their prices in USD, they would price them in BTC. But of course they can't do that because of the wild price fluctuations, who's going to buy a 5BTC consumer camera at this point? Interestingly, the shipping cost is quoted directly in USD in their FAQ without even the pretension of pricing in bitcoins. The fact that they (and I assume all other merchants) are really pricing in USD should tell you something.
How much commerce do you think could happen in a world where one day a six pack of beer costs $10, then the next it's $1? The reason this happens in the bitcoin world is that bitcoins are actually backed by dollars! Everyone is always converting their prices to and from dollars to figure out how many BTC to charge. For all the talk of an anarcho capatilist crypto currency that's free of Fed manipulation, it seems awfully strange that every transaction is truly thought of in terms of dollars. This reminds me of an episode of Planet Money where they go to a libertarian free market utopia meetup where you can buy and sell unregulated beer and bacon with gold. Except everyone's constantly checking the price of gold to adjust their prices to make sure they're still getting the same price in dollars. Because everyone, even these anarcho-capatilist-fed-hating-libertarians, trust the value of dollars more than the value of gold. Just like every merchant that accepts bitcoins trusts dollars more than they trust bitcoins. So much for being free of manipulation. Maybe bitcoin's slogan should be, "Bitcoins, backed by the full faith and credit of the US dollar."
Speculation Delusion
Among those who only care about bitcoin as an investment opportunity, and don't care about its use to buy and sell actual things, there seems to be a lot of self and communal delusion. This is what you read on reddit when the price goes up:
That's the reason this "bubble" will never pop. Nobody will sell for chump change, when they know they can just wait for a few months and get dat profit.
So is everyone else, that's why it can't go down. Better buy now, until it goes even higher.
Hahah, I know that special bitcoin feeling :) Don't be afraid to jump in, water is really warm here
And this is what you read when the price goes down:
I bought in March. After it crashed I was laughing and bought more. This recent crash I wasn't able to buy more, but I would if I could. Welcome to Bitcoin.
Think about these reactions... So it's always good news no matter what the price does? Here's another way to think about it: redditors seem to like theories to be falsifiable and mock beliefs that aren't. I'm assuming bitcoin investors believe their investments to be sound and logical. This would require some model of the real world that suggests the price of bitcoin will go up. To be a good model, it must be falsifiable, right? So what would falsify this model? What series of events would be necessary to make these investors believe bitcoin isn't a smart investment? Neither the price going way up nor crashing seem to do so.
Final Thoughts
Again, I want bitcoin to succeed... as an awesome, hyper-liquid, international currency that's free from bank and exchange fees. I want to be able to buy anything anywhere in the world without worrying if it's going to be accepted or if there's a fee. I travel a lot and I've had so many annoyances with exchanging currencies and sending money to people abroad that I'm just sick of it. I've been hit with so many exchange fees and foreign transaction fees. I've had to use western union to send money to someone to rent an apartment. I mean, WESTERN UNION?! What century am I living in? I've arranged a multi-day tour for which I had to pay around $1000 in cash when I got there. My debit card limits wouldn't allow for that, and I wasn't going to do a cash advance on my credit card. So I thought the safest and easiest way to bring that money over was in travelers checks. Of course, upon arriving, I found that no bank in that country would cash travelers checks any more (I don't blame them, but I thought like western union, this might still be something that people do). Luckily the tour guide had a friend with a store that took credit cards so the friend charged my card and would give the tour guide the money when it came in from the credit card company minus the transaction fee. That means the tour guide paid the card processing fee and had to wait up to a month to get his money, I had to pay a foreign transaction fee, and I paid a fee to buy the useless travelers checks that I ended up depositing back into my checking account upon returning home. And this was only because we were lucky enough to have a guy so flexible and helpful about the payment.
So please don't think I'm just being a detractor and pooh-poohing on something that could be great. It's just that I see the "community" as being highly anti-productive.
Edit: formatting and typos
submitted by HowIsntBabbyFormed to Bitcoin [link] [comments]

How do I sell cryptocurrency without documentation of my cost basis? (US)

Hi PF,
As the title says, I have a problem. I have been investing in and trading cryptocurrency for 5 years. I lack the ability to substantiate any claim as to the source of these funds because I did not keep or cannot access 4 out of 5 years of records of purchases and trades that led to this point. In my (minor) defense, there was zero guidance about taxes and cryptocurrency when I bought the initial coins.
Here is where I screwed up:
1- I bought many bitcoin on mt gox, bitinstant, and coin.mx. All three are defunct, I have no record of these purchases. Not in my email, not on my bank statements (cash, moneygram, western union were primay payment methods). Purchase dates, unknown. I do know the prices of the cheapest and most expensive coin of this group as well as how many so I know the average price, but again, I cannot prove any of it.
2- Many trades were made on various exchanges over the years, each being a taxable event. Of 5 years of trading, I only have records for the most recent years records. One exchange is defunct, one does not have user accounts and provides no way to lookup order history, and the other I have lost the 2FA access to. This is thousands of trades that I have not properly documented with unknown dates, prices, gains, etc.
3- I bought another crypto, Ethereum, in early 2016. I did this by exchanging bitcoin for it. I have no record of this taking place. I sent bitcoin to a service that sent me the ethereum in return. I know the price of the ethereum and quantity but again, there is no documentation of this purchase.
I want to cash out, pay my taxes, and buy a house. I just don't even know where to begin. Can a tax professional help someone who can't provide any documentation of such a thing? Certainly there must be some way to resolve this properly?
The little price and date information that I do know exists only in my head. I don't think that quite cuts it with the IRS when they ask for proof. I'm a bit worried, I don't want any problems with the government.
-A Throwaway
submitted by cointhrowawayhelp to personalfinance [link] [comments]

How do I calculate taxes without complete records?

I bought bitcoin using around 10 different methods (including Coinbase and 3 other exchanges, VirWox, Paypal, Venmo, and BTC ATM's) over the past 4 years. I sold it back using just 5 different methods (Coinbase, Gemini, ItBit, BTC ATM's, and one Virwox (paypal payments)).
Coinbase was nice enough to send email transactions for every buy/sell/send/receive. Gemini and ItBit, too. But I used a few other places, like CoinMX and TruCoin which are out of business and did not send me detailed email receipts...I only have record of the USD I sent to them.
Over the past 4 years, I've spent ~$100,000 on bitcoin, and only cashed out $50,000. I'm not holding any coin. I don't know what the hell to do in order to calculate this.
submitted by doublehelix094 to bitcointaxes [link] [comments]

Blockchain Markets is Offering $20 worth of Litecoin to the first 50 Canadian Crypto Traders

Blockchain Markets is Offering $20 worth of Litecoin to the first 50 Canadian Crypto Traders
Blockchain Markets was founded in 2016, we are a Canadian cryptocurrency exchange. We enable individuals and businesses to buy, sell or exchange cryptocurrency with ease by providing a world-class exchange platform.
We believe that blockchain technology is the future of the way people do business. That’s why we have positioned ourselves as groundbreakers in the industry. Our user-friendly platform supports an ecosystem of individual and business crypto investors and traders that include but is not limited to; casual or retail traders, trading enthusiasts, algorithmic traders and institutional investors.
We are thrilled to offer Canadian crypto traders $20 worth of free Litecoins today to the first 50 user who will try our platform. Upon registration you will receive $10 worth of Litecoins as well as an additional $10 following your first trade.
Register here with our referral code: FREELTC.
Special Conditions
  1. Only Canadians are eligible to participate.
  2. We only support, bitcoin, bitcoin cash, ethereum, litecoin and ripple, no fiat at the moment.
  3. Each trader receives $10 Litecoins upon registration and $10 Litecoins after their first trade.
For additional information, Please contact us and chat with our support team.
Thank you,
The BCM Team
Trade cryptocurrency with the pros!

https://preview.redd.it/z3juer48x8k11.jpg?width=1024&format=pjpg&auto=webp&s=4a41b10494426244d15015b59702d2af77a3cbb8
submitted by Blockchainmarkets to u/Blockchainmarkets [link] [comments]

How to Sell Bitcoin with Cash App - YouTube how to convert bitcoin to dollar How To Convert Your Bitcoin To Cash FAST Using Coinbase ... How to buy Bitcoin Cash with Cash Without Any Markup - Roger Ver explains How To Exchange Your TBC to BITCOIN 2020 - YouTube

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How to Sell Bitcoin with Cash App - YouTube

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