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How to Develop Decentralized MLM Platform with Ethereum Smart Contract?

How to Develop Decentralized MLM Platform with Ethereum Smart Contract?

Decentralization is the process of distributing and dispersing power away from a central authority. Most financial and governmental systems, which are currently in existence, are centralized, meaning that there is a single highest authority in charge of managing them, such as a central bank or state apparatus. There are several crucial disadvantages to this approach, stemming from the fact that any central authority also plays the role of a single point of failure in the system: any malfunction at the top of the hierarchy, whether unintentional or deliberate, inevitably has a negative effect on the entire system. Bitcoin was designed as a decentralized alternative to government money and therefore doesn’t have any single point of failure, making it more resilient, efficient and democratic. Its underlying technology, the Blockchain, is what allows for this decentralization, as it offers every single user an opportunity to become one of the network’s many payment processors. Since Bitcoin’s appearance, many other cryptocurrencies, or altcoins, have appeared, and most of the times they also use the Blockchain in order to achieve some degree of decentralization.
📷
Develop Decentralized MLM Platform with Ethereum Smart Contract
Smart Contracts
A smart contract is a protocol that enforces the performance of a contract with adding the terms of the agreement into the code. Smart contracts are a great way to exclude any third party from the transaction and make transaction prices lower, as they need no validation. Smart contracts are implemented in a lot of cryptocurrencies to control the transfers of digital currency, establish a governance and a lot of other things. But smart contracts have a wider range of possible implementations. Smart contracts may be used in voting, management, machine-to-machine interactions in the internet-of-things, real estate and in the building of personal data storage with specific access policies, e.g., medical databases. Still, smart contracts are not perfect. They don’t exclude the possibility of bugs or fraud and have no way of changing post-factum, which may be necessary in some cases.
📷
MLM Business with Ethereum Dapp and Smart Contract
The Smart Contract Process
Pre-defining the contract.Here the terms of engagement are established by all counterparties, e.g. currency to be used to make payments, the currency rates, and variable interest rate.The conditions for execution are also set; for example the time, date and even the variable interest rate at a given value.
Events — here events trigger the implementation of the contract.
The events can refer to; the information received and initiation of the transaction.
Execution and the transfer of value — here the terms of the contract will dictate the movement of value which is based on if the conditions have been met.
Settlement of the contact — this can happen in two ways;On-chain assets (digital)– in the case of virtual assets such as cryptocurrency, the accounts are automatically settled.Off-chain assets (physical) — for assets like stocks and fiat, the changes to accounts on the ledger will match the off-chain settlement instructions.
Benefits Of Smart Contracts
  1. Transparency
Smart contracts allow for the terms and conditions of these contracts to be fully accessible and visible to all the relevant parties. Once the agreement has been established, there is no way to dispute it.
  1. Accuracy
One of the main requirements of smart contracts is the need to record all the terms and conditions in precise details. The element is necessary since an omission can result in transaction errors. So, automated contracts try to avoid the pitfalls that are associated with manually filling out heaps of forms.
  1. Security
Smart contracts employ the highest level of data encryption that is currently available, the same as what is used by cryptocurrencies. By doing this, their level of protection is among the best and the most secure on the world wide web.
  1. Speed
Smart contracts live on the internet and run on software code. As a result, they can execute transactions very fast. This speed can save many hours when compared to traditional business processes.
  1. Efficiency
This is the byproduct of accuracy and speed. The great thing is that higher efficiencies lead to more value-generating transactions that are processed per unit of time.
  1. Clear Communication
When setting up smart contracts, there is a need to detail everything accurately. This means there is no room for miscommunication or misinterpretation. Therefore, they can cut down on efficiency that is lost to gaps in communication.
  1. Storage and Backup
Smart contracts are used to record vital details of each transaction. Therefore, wherever an individual’s details are used in a contract, they are permanently stored for future reference. So, in case there is data loss then these attributes can be easily retrieved.
  1. Trust
The good thing about smart contacts is that they inspire absolute confidence in their execution. The secure, autonomous and transparent nature of these agreements takes away the possibility of bias, manipulation or error.
  1. Guaranteed Outcomes
This is another attractive feature of automated contracts. They have the potential to significantly reduce or even eliminate the need for litigation and going to courts. By employing self-executing contracts, these parties commit themselves to operate by the rules of the underlying code.
  1. Savings
One of the primary benefits of a smart contract is that they eliminate the need for having a vast chain of middlemen. This means there is no need for lawyers, banks, witnesses and any other intermediaries.
Types of Smart Contracts
Smart contracts have the potential to disrupt many industries including the banking sector, insurance, telecommunication, art world, music and film, education and many more. They range from simple to complex.
An example of simple contracts includes time-stamping services like ascribe for art registry — also, governmental and semi-governmental records for land titles, birth certificates, school, and university degrees.
However, many regulatory aspects are made up of complex contracts. A good example is the Decentralized Autonomous Organization which represents the most complex form of smart contracts.
MLM Software With Smart Contract The Ethereum integrated Crypto MLM software is most preferred due to the following reasons: ·Highly secured data storage
·Reliable and trustworthy
·Decentralized with clear transparency
·Risk free, unhackable, immutable smart contract
·Peer to Peer automated transactions etc
Start a smart contract based MLM Website with the support of a leading Cryptocurrency MLM software development company
who provides all types of MLM business script with advanced and effective smart contract development solutions. As it have many advantages like devoid of fraudulent activities, east tracking, multiple payment options, less risk and low cost, huge ROI, there arise many MLM businesses to compete with. You can customize your own MLM system by choosing any of your desired MLM Clone Scripts. Herewith, the top smart contract MLM Clone Scripts and also you can develop your own MLM clone app based on your business requirements. ØMillion Money Clone Script
ØForsage Clone Script
ØEtrix.io MLM Clone Script
ØDoubleway MLM Clone Script
ØEthereums Cash MLM Clone Script
ØXOXO Smart Contract MLM Clone
Tags :
#MLM Software with Smart Contracts #Smart Contract MLM Software #Ethereum MLM Software #Decentralized MLM Software #MLM with Ethereum Smart contract #forsage clone #Million Money Software Clone #Smart contract developers Malaysia #Top MLM Software Malaysia
Contact : Fatin / Linges +60164998736
submitted by Mlmsoftwaremy to u/Mlmsoftwaremy [link] [comments]

Decentralized MLM Software Development Company

Decentralization is the process of distributing and dispersing power away from a central authority. Most financial and governmental systems, which are currently in existence, are centralized, meaning that there is a single highest authority in charge of managing them, such as a central bank or state apparatus. There are several crucial disadvantages to this approach, stemming from the fact that any central authority also plays the role of a single point of failure in the system: any malfunction at the top of the hierarchy, whether unintentional or deliberate, inevitably has a negative effect on the entire system. Bitcoin was designed as a decentralized alternative to government money and therefore doesn’t have any single point of failure, making it more resilient, efficient and democratic. Its underlying technology, the Blockchain, is what allows for this decentralization, as it offers every single user an opportunity to become one of the network’s many payment processors. Since Bitcoin’s appearance, many other cryptocurrencies, or altcoins, have appeared, and most of the times they also use the Blockchain in order to achieve some degree of decentralization.
📷
MLM Software with Ethereum Smart Contract : Decentralized MLM Software Development Company
Smart Contracts
A smart contract is a protocol that enforces the performance of a contract with adding the terms of the agreement into the code. Smart contracts are a great way to exclude any third party from the transaction and make transaction prices lower, as they need no validation. Smart contracts are implemented in a lot of cryptocurrencies to control the transfers of digital currency, establish a governance and a lot of other things. But smart contracts have a wider range of possible implementations. Smart contracts may be used in voting, management, machine-to-machine interactions in the internet-of-things, real estate and in the building of personal data storage with specific access policies, e.g., medical databases. Still, smart contracts are not perfect. They don’t exclude the possibility of bugs or fraud and have no way of changing post-factum, which may be necessary in some cases. The Smart Contract Process
Pre-defining the contract.Here the terms of engagement are established by all counterparties, e.g. currency to be used to make payments, the currency rates, and variable interest rate.The conditions for execution are also set; for example the time, date and even the variable interest rate at a given value.
Events — here events trigger the implementation of the contract.
The events can refer to; the information received and initiation of the transaction.
Execution and the transfer of value — here the terms of the contract will dictate the movement of value which is based on if the conditions have been met.
Settlement of the contact — this can happen in two ways;On-chain assets (digital)– in the case of virtual assets such as cryptocurrency, the accounts are automatically settled.Off-chain assets (physical) — for assets like stocks and fiat, the changes to accounts on the ledger will match the off-chain settlement instructions.
📷
MLM Software in Smart contract Ethereum DApp
Benefits Of Smart Contracts
  1. Transparency
Smart contracts allow for the terms and conditions of these contracts to be fully accessible and visible to all the relevant parties. Once the agreement has been established, there is no way to dispute it.
  1. Accuracy
One of the main requirements of smart contracts is the need to record all the terms and conditions in precise details. The element is necessary since an omission can result in transaction errors. So, automated contracts try to avoid the pitfalls that are associated with manually filling out heaps of forms.
  1. Security
Smart contracts employ the highest level of data encryption that is currently available, the same as what is used by cryptocurrencies. By doing this, their level of protection is among the best and the most secure on the world wide web.
  1. Speed
Smart contracts live on the internet and run on software code. As a result, they can execute transactions very fast. This speed can save many hours when compared to traditional business processes.
  1. Efficiency
This is the byproduct of accuracy and speed. The great thing is that higher efficiencies lead to more value-generating transactions that are processed per unit of time.
  1. Clear Communication
When setting up smart contracts, there is a need to detail everything accurately. This means there is no room for miscommunication or misinterpretation. Therefore, they can cut down on efficiency that is lost to gaps in communication.
  1. Storage and Backup
Smart contracts are used to record vital details of each transaction. Therefore, wherever an individual’s details are used in a contract, they are permanently stored for future reference. So, in case there is data loss then these attributes can be easily retrieved.
  1. Trust
The good thing about smart contacts is that they inspire absolute confidence in their execution. The secure, autonomous and transparent nature of these agreements takes away the possibility of bias, manipulation or error.
  1. Guaranteed Outcomes
This is another attractive feature of automated contracts. They have the potential to significantly reduce or even eliminate the need for litigation and going to courts. By employing self-executing contracts, these parties commit themselves to operate by the rules of the underlying code.
  1. Savings
One of the primary benefits of a smart contract is that they eliminate the need for having a vast chain of middlemen. This means there is no need for lawyers, banks, witnesses and any other intermediaries.
Types of Smart Contracts
Smart contracts have the potential to disrupt many industries including the banking sector, insurance, telecommunication, art world, music and film, education and many more. They range from simple to complex.
An example of simple contracts includes time-stamping services like ascribe for art registry — also, governmental and semi-governmental records for land titles, birth certificates, school, and university degrees.
However, many regulatory aspects are made up of complex contracts. A good example is the Decentralized Autonomous Organization which represents the most complex form of smart contracts.
MLM Software With Smart Contract The Ethereum integrated Crypto MLM software is most preferred due to the following reasons: ·Highly secured data storage
·Reliable and trustworthy
·Decentralized with clear transparency
·Risk free, unhackable, immutable smart contract
·Peer to Peer automated transactions etc
📷
MLM Software with Ethereum Smart Contract : Decentralized MLM Software Development Company
Start a smart contract based MLM Website with the support of a leading Cryptocurrency MLM software development company
who provides all types of MLM business script with advanced and effective smart contract development solutions. As it have many advantages like devoid of fraudulent activities, east tracking, multiple payment options, less risk and low cost, huge ROI, there arise many MLM businesses to compete with. You can customize your own MLM system by choosing any of your desired MLM Clone Scripts. Herewith, the top smart contract MLM Clone Scripts and also you can develop your own MLM clone app based on your business requirements. ØMillion Money Clone Script
Forsage Clone Script
Etrix.io MLM Clone Script
Doubleway MLM Clone Script
Ethereums Cash MLM Clone Script
XOXO Smart Contract MLM Clone
Tags :
#MLM Software with Smart Contracts #Smart Contract MLM Software #Ethereum MLM Software #Decentralized MLM Software #MLM with Ethereum Smart contract #forsage clone #Million Money Software Clone #Smart contract developers Malaysia #Top MLM Software Malaysia
Contact : Fatin / Linges +60164998736 www.cryptosoftmalaysia.com
submitted by cryptosoftmalaysiakl to u/cryptosoftmalaysiakl [link] [comments]

Globe and Mail reports on legal battle between QuadrigaCX and CIBC

Globe and Mail article on the legal issues is behind a paywall.
If you can't read it, I've attached the full article here:
Canada’s largest cryptocurrency exchange is blaming a legal action by a major bank for delays some customers are experiencing while cashing out funds.
QuadrigaCX, which is based in Vancouver, says in court documents that it has been unable to access $28-million of its funds since January, when Canadian Imperial Bank of Commerce froze several accounts belonging to Quadriga’s payment processor, Costodian Inc., and its owner, Jose Reyes.
CIBC declined to comment on the case, which is before the courts. In a factum filed with the Ontario Superior Court of Justice, the bank says it froze the accounts after it was unable to determine who owns the funds. As a result, CIBC is asking that the court take possession of the disputed funds and decide whether they belong to Quadriga, Costodian or the 388 people who deposited money into the accounts to buy cryptocurrencies.
The case comes as some investors are pulling their money out of cryptocurrencies since the price of bitcoin fell more than 60 per cent. The case also illustrates some of the tension between the cryptocurrency world and the traditional banking system.
Quadriga says the bank was wrong to freeze the cash and claims it is the undisputed owner of the majority of the funds, according to court filings. In its factum, the exchange says it has already credited the accounts of the depositors with virtual currency, and alleges it is being unfairly targeted because of the stigma surrounding cryptocurrencies, which have earned a reputation as being a haven for money laundering.
“This court should not succumb to the bank’s unsubstantiated and highly offensive speculation that there must be shady dealings afoot because Quadriga’s business is a trading platform for individuals trading in cryptocurrencies,” the document reads.
None of the allegations has been proven in court. The case was heard over the summer, and the judge has reserved his decision, according to Quadriga’s lawyer, Margaret Waddell.
Last December, as the price of bitcoin soared to about US$20,000 and cryptomania gripped the world, CIBC saw a surge in activity in the Costodian accounts.
During the two-and-a-half month period between Dec. 4, 2017, and Feb. 20, 2018, 388 people deposited a total of $67.1-million into the accounts to buy virtual currencies, according to CIBC’s factum. Some of that money was later withdrawn, leaving about $28-million in the accounts.
Users buying cryptocurrencies through Quadriga’s platform are required to send money to the company through one of several channels, such as a bank draft, a wire or Interac e-transfer. Some of those deposits landed in Costodian’s accounts at CIBC. Once the money is received, Quadriga credits the depositor’s account with Quadriga Bucks, units that can be used to buy cryptocurrencies.
To withdraw their funds, users have options that include an electronic funds transfer, a bank wire or a gift card. Depending on which method is chosen, some of the requests are then processed by Billerfy Labs Inc., another company owned by Mr. Reyes.
In January, as the price of bitcoin was headed downward, CIBC froze two business accounts and three personal accounts belonging to Costodian and Mr. Reyes, according to the bank’s factum.
CIBC says in court documents that it had received wire recalls from seven of the 388 depositors and was not sure whether to honour the requests. CIBC says it tried to investigate, but was not able to resolve the matter. As a result, the bank is seeking what is known as an “interpleader order,” which would allow it to pay the money into court and have the justice system decide where it should go.
Quadriga wants the money released, arguing in its factum that it is the undisputed owner of the “vast majority” of the funds, save for one wire recall of $99,985.
CIBC “has been holding the respondents’ funds hostage since January 8, 2018 while it hopelessly attempts to find an ex post facto justification for wrongfully freezing and continuing to freeze the accounts in the first place,” Quadriga alleges in the court document.
Meanwhile, Peter Carey – the lawyer representing Mr. Reyes, Costodian and Billerfy – says in written arguments on behalf of his clients that there is “no evidence” of competing claims.
“The money should be released to be paid to its appropriate owners,” the document reads.
Quadriga chief executive Gerald Cotten says the legal matter has caused delays for a “small fraction” of the exchange’s 350,000 users, but did not provide specifics.
“There are currently delays for some specific withdrawal options, particularly due to the fact that CIBC is withholding tens of millions of dollars that belong to us that were in an account of one of our payment processors,” Mr. Cotten said in an e-mail to The Globe and Mail.
He added that customers can always transfer their funds back into cryptocurrency and send them to a different wallet or exchange to get their money out faster.
“Any user who wishes to withdraw funds via cryptocurrency can do so instantly, as has always been the case,” Mr. Cotten says.
The Globe has spoken to four customers who have waited months – well beyond the 14 business days they were promised – when attempting to withdraw cash from their Quadriga accounts. All asked for anonymity to protect their privacy.
Three of the customers eventually cancelled their withdrawal requests, moved the money back into cryptocurrency and transferred it to a rival exchange. The fourth does not want to incur the additional fees associated with such transactions. She has been waiting since July to withdraw her $12,000 investment.
Much like the cannabis sector in the early days, many cryptocurrency companies have complained that they are unable to secure bank accounts with the country’s largest and most reputable financial institutions, likely owing to the perception that money-launderers use the sector.
“The number of individuals in the bitcoin community that have been shut out of the banking system is staggering,” Mr. Cotten said in an e-mail.
The issue has become so heated that one cryptocurrency exchange, Toronto-based Coinsquare, recently issued a news release announcing that it has secured an official banking relationship with a Big 5 Canadian bank, although it declined to name the institution.
In communications with some of its clients, Quadriga blames the “Canadian banking cartel” for the delays some customers are experiencing. The Globe has obtained an e-mail dated Aug. 21, which was sent to an unknown number of clients, in which the company alleges that multiple large Canadian banks are “conspiring” to prevent it from transmitting funds from its savings accounts to its operational accounts in a deliberate attempt to “stifle bitcoin adoption" in the country.
Canada’s five biggest banks did not comment on the allegations. Four of them – Royal Bank of Canada, Bank of Montreal, Bank of Nova Scotia and CIBC – declined to comment, while Toronto-Dominion Bank did not respond to The Globe’s requests.
submitted by hkavr2471 to QuadrigaCX [link] [comments]

What does the portfolio look like from someone who mined his first bitcoins in 2011. Part 2

I made this post last week: What does the portfolio look like from someone who mined his first bitcoins in 2011. I'll show you And judging by the comments and PMs, it seems many people enjoyed reading that, and asked me to blog somewhere. Im also getting bombarded with questions if its 'too late' to buy whatever of the tokens I described there, so rather than PMing, I thought I'd do a quick update as Ive reshuffled my portfolio a fair bit. Think of it as a blog.
Another disclaimer first: DYOR. Dont blindly try to follow me, especially since I post these things post factum.
So whats changed? First of all, Ive sold a bunch of WTC. I told you it was my largest altcoin gamble to date, and it did extraordinarily well; I had reached nearly x5 my average purchase price. I dont go for moonshots, and I dont say no to 500% in a few weeks, so I sold enough to get my net cost negative, but kept enough so that if it where to continue to moon, I wont feel left out. As it turns out, I sold pretty much at ATH, but the timing is just dumb luck. Of course, it does validate the strategy of taking profits when something is going up so fast. Its going down pretty fast now, if that keeps up much longer, I may just buy in a little again.
As an aside; Ive been banned from waltcoin subreddit for this post, which also explains why I dont intend to hold WTC long term: https://np.reddit.com/waltonchain/comments/7tfngx/value_investing_101_the_superiority_of_the_long/dtcalln/
I thought WTC was supposed to be the mature, non-shilling, down to earth community, but apparently mods prefer to turn that subreddit in a Ven like moon cult.
Anyway, despite what I wrote there, I still think WTC is a good bet, but only if you compare it to other tokens. WTC is still far below Vechain in market cap, and even lower than Siacoin. Dont get me wrong; I love Siacoin. Blockchain based decentralised storage is a perfect example of a real world use case, its a great concept, a great team and I dont think anything is wrong with their execution; but its still only generating a few hundred dollar per month in storage contracts while the token has a market cap of over a billion. So its my preferred bubble-o-meter and its way, WAY in the red.
Sia is not the exception here, its the rule, I think almost all 'utilitarian' or non-financial altcoin tokens are ridiculously overpriced in absolute terms. That party might go on for a long time, in fact, I am making sizable bets on that, but it might change overnight, so Ive increased my fiat %, Im now at 35%. That gives me extra ammunition if the market where to collapse, and access to some money I intend to put in real estate.
Ive also sold my Modum, with a heavy heart. In my previous post someone asked me why I had chosen modum over Ambrosus. As I answered there, I had never heard of Ambrosus, but I did look in to it since, and it just looks like a better bet. Its not as far along as Modum, its more concept than product, but the token is structured a bit less risky for an investor, the team is really impressive and their goals are much more ambitious. Its one of few altcoins that actually went down recently, so Ive been accumulating.
Aeternity went ballistic. I expected WTC to blow up, but I completely did not see this coming. I still dont know why and I honestly dont know enough about aeternity to judge it, or evaluate if this is a PnD or not. I also didnt have a large enough stake to warrant keeping half of it, so I took my ~5x ROI and put some of it in to a small Chainlink position. I had owned that before, sold it high, but its been down/flat recently, and I still think its a credible solution for an actual problem in the blockchain market. And its a problem I understand, unlike for instance Nebulas, which seems to be a hot commodity that I also considered, but I cant wrap my head around what actual problem that solves. Search engine for blockchains maybe sounds good, but what would anyone use a "google for ethereum" for? Im not aware of search engines being a big thing for databases (which blockchains essentially are), afaik, they're called queries, so I dont see it, but that could just be me.
Ive kept my stakes in Qtum, SPHTX, TNT, OAX and BPL for all the same reasons I wrote last time. I increased my RLC and ethereum positions a little and I bought a small amount of Enigma. I did get rid of Nimiq. This was a small bet, and I noticed I owned it since october, and while I made a profit, it seemed to go nowhere. I was also a little alarmed by the extremely low volume and depth. You can push that price around anyway you want with less 1 BTC. Of course, thats the risk of a low cap, but getting rid even of my tiny position was a struggle. Anyway, it will probably moon now, but you cant win every time.
submitted by Vertigo722 to CryptoCurrency [link] [comments]

Is there a way to securely store all my alt coins on 1 hardware wallet?

I'm invested in Ethereum, Monero, Factum, Neo, Litecoin and Bitcoin (I know, sweet portfolio 🙄). I want to be able to put all those coins on 1 wallet or 1 USB drive and store them for safekeeping. I might give it to the bank and just have them hold it for a couple years. What's the best way to do this? Thanks!
submitted by mithex to CryptoCurrency [link] [comments]

List of Introduction Discussion/Fundamentals Posts

As content rolls in I'll update this post.
Introduction Discussions
Encrypgen ID
Ethereum ID
Bitcoin/ Blockchain ID
IOTA ID
Ripple ID
Skycoin ID
Substratum ID
NAV Coin ID
Cardano ID
RaiBlocks ID
Ambrosus ID
ICON ID
Verge ID
Medicalchain ID
Electra ID
COSS ID
Factum ID
ECC ID
Symmetry Funds ID
Modem ID
PopularCoin ID
GridCoin ID
Nebulas ID
Datam ID
Walton ID
Fundamentals
Ethereum F
Bitcoin/ Blockchain F
IOTA F
Ripple F
NEM F
submitted by TransparentMod to NeutralCryptoTalk [link] [comments]

[uncensored-r/CryptoCurrency] What does the portfolio look like from someone who mined his first bitcoins in 2011. Part 2

The following post by Vertigo722 is being replicated because some comments within the post(but not the post itself) have been openly removed.
The original post can be found(in censored form) at this link:
np.reddit.com/ CryptoCurrency/comments/7tjue3
The original post's content was as follows:
I made this post last week: What does the portfolio look like from someone who mined his first bitcoins in 2011. I'll show you And judging by the comments and PMs, it seems many people enjoyed reading that, and asked me to blog somewhere. Im also getting bombarded with questions if its 'too late' to buy whatever of the tokens I described there, so rather than PMing, I thought I'd do a quick update as Ive reshuffled my portfolio a fair bit. Think of it as a blog.
Another disclaimer first: DYOR. Dont blindly try to follow me, especially since I post these things post factum.
So whats changed? First of all, Ive sold a bunch of WTC. I told you it was my largest altcoin gamble to date, and it did extraordinarily well; I had reached nearly x5 my average purchase price. I dont go for moonshots, and I dont say no to 500% in a few weeks, so I sold enough to get my net cost negative, but kept enough so that if it where to continue to moon, I wont feel left out. As it turns out, I sold pretty much at ATH, but the timing is just dumb luck. Of course, it does validate the strategy of taking profits when something is going up so fast. Its going down pretty fast now, if that keeps up much longer, I may just buy in a little again.
As an aside; Ive been banned from waltcoin subreddit for this post, which also explains why I dont intend to hold WTC long term: https://np.reddit.com/waltonchain/comments/7tfngx/value_investing_101_the_superiority_of_the_long/dtcalln/
I thought WTC was supposed to be the mature, non-shilling, down to earth community, but apparently mods prefer to turn that subreddit in a Ven like moon cult.
Anyway, despite what I wrote there, I still think WTC is a good bet, but only if you compare it to other tokens. WTC is still far below Vechain in market cap, and even lower than Siacoin. Dont get me wrong; I love Siacoin. Blockchain based decentralised storage is a perfect example of a real world use case, its a great concept, a great team and I dont think anything is wrong with their execution; but its still only generating a few hundred dollar per month in storage contracts while the token has a market cap of over a billion. So its my preferred bubble-o-meter and its way, WAY in the red.
Sia is not the exception here, its the rule, I think almost all 'utilitarian' or non-financial altcoin tokens are ridiculously overpriced in absolute terms. That party might go on for a long time, in fact, I am making sizable bets on that, but it might change overnight, so Ive increased my fiat %, Im now at 35%. That gives me extra ammunition if the market where to collapse, and access to some money I intend to put in real estate.
Ive also sold my Modum, with a heavy heart. In my previous post someone asked me why I had chosen modum over Ambrosus. As I answered there, I had never heard of Ambrosus, but I did look in to it since, and it just looks like a better bet. Its not as far along as Modum, its more concept than product, but the token is structured a bit less risky for an investor, the team is really impressive and their goals are much more ambitious. Its one of few altcoins that actually went down recently, so Ive been accumulating.
Aeternity went ballistic. I expected WTC to blow up, but I completely did not see this coming. I still dont know why and I honestly dont know enough about aeternity to judge it, or evaluate if this is a PnD or not. I also didnt have a large enough stake to warrant keeping half of it, so I took my ~5x ROI and put it in to a small Chainlink position. I had owned that before, sold it high, but its been down/flat recently, and I still think its a credible solution for an actual problem in the blockspace market. And its a problem I understand, unlike for instance Nebulas, which seems to be a hot commodity that I also considered, but I cant wrap my head around what actual problem that solves. Search engine for blockchains maybe sounds good, but what would anyone use a "google for ethereum" for? Im not aware of search engines being a big thing for databases (which blockchains essentially are), afaik, they're called queries, so I dont see it, but that could just be me.
Ive kept my stakes in Qtum, SPHTX, TNT, OAX and BPL for all the same reasons I wrote last time. I increased my RLC and ethereum positions a little and I bought a small amount of Enigma. I did get rid of Nimiq. This was a small bet, and I noticed I owned it since october, and while I made a profit, it seemed to go nowhere. I was also a little alarmed by the extremely low volume and depth. You can push that price around anyway you want with less 1 BTC. Of course, thats the risk of a low cap, but getting rid even of my tiny position was a struggle. Anyway, it will probably moon now, but you cant win every time.
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

Preliminary critique of smart-contracts/DAOs

The scope of Ethereum's ambition becomes v. clear after reading this (v. big indeed). But proportional to its ambition is a naivety. There are so many aspects of social existence that are misunderstood or crudely considered. I may not be able to present a critique at length right now (as my laptop is low of batteries and I'm on a bus) but a critique is in order because these are not trivial matters being proposed by Ethereum, and deserve more than to be ignored.
A few preliminaries then.
This term has experienced rapid inflation round these parts; to the point where whatever's "smart" about a contract or property (assuming if such an attribution were possible) has either lost sense or given way to pretension. Why? Because all that's meant by "smart" in cryptography is automation. Connotations of (artificial) intelligence get smuggled into what's explicitly rather stupid. The contract or property is "smart" only in so far as it automatically executes specific requests upon their satisfying pre-defined conditions, and is literally ignorant of all else. Szabo was the first to smudge this difference between automation and "smart", and now vbuterin is radicalising it. No one needs to agree with me on the semantic nuances of this point but material history is harder to deny; take a look at this wiki on Automats and consider why they're not called anything else. Also, to anticipate the obvious counter-argument: just because "smart phones" of today are able to process greater quantities of automations than the analogue vending machine in orders of magnitude, it doesn't make it any more intelligent-smart, only more efficient at automating within finite space-time.
For an article that headline's itself as an attempt to make smart contracts and DAOs "not scary" it does a pretty bad job.
Take this for instance:
contracts [...] are not worth the paper they’re written on unless there’s an actual judge backed by legal power enforcing them
This formulation explicitly ties contracts to legal coercion (and implicitly imprisonment and worse...?). One of the fundamental tenets of the cryptographic worldview is that the instruments we propose and build are are valuable insofar as they facilitate liberation from coercion by state-corporate-apparatuses. How are smart contracts not, at bottom, a transformation of coercive apparatuses into code? A liberation from traditional coercion that mutates existing ones into even more automated and relentless alternatives does not sound like liberation from coercion to me. We don't need to invoke Skynet. Just consider road or air traffic-control systems and the level of automation we are or are not willing to concede to algorithms. In fact VB does anticipate this problem in the following passage:
The party making the contract can always simply turn the contract off just before payment is due, or drain their bank account, or even simply change the password to the account. Ultimately, no matter how the contract is integrated into the system, someone has the ability to shut it off.
In other words, when highly-efficient automation results in catastrophe—just pull the plug, or whatever form this plug might take. This is an intervention as a form of last resort, an anticipated panic, because it has to reside externally to the domain of automation in order to remain effective or even possible. But this leaves open the unsettling prospect of large-scaled panic shut downs, were there to be a large-scaled implementations. Consider what's happening now to the cryptocurrency economy whilst only a fraction of it, the single exchange of Mt. Gox, shuts down. Fortunes have been lost. Furthermore, there's a have and eat your cake logic to this measure: "Smart" is smart because its automation is relentless; and it's also safe because relentless automation can be forced to relent. So, which is it then?
Directly following the last 'plug pulling' point is this is a big logical leap:
How can we solve the problem? Ultimately, the answer is one that is radical in the context of our wider society, but already very much old news in the world of Bitcoin: we need a new kind of money.
I fail to see the connection between sabotaging relentless automation upon failure as solution, and throwing new forms of money (cryptocurrencies) at them. Is this claiming undesirable automation can be solved with yet more financially-defined automation? Does this not just exacerbate an already serious problem?
Also this:
So far, the evolution of money has followed three stages: commodity money, commodity-backed money and fiat money. Commodity money is simple: it’s money that is valuable because it is also simultaneously a commodity that has some “intrinsic” use value.
This is plain wrong, historically and conceptually. And also reveals a liberal ideology which explains a lot. Why? Because it lacks the concept of capital altogether: the category in which all exchangeable forms of value participate—even if one wishes to deny it. To use atoms as a metaphor, the particle of capital is use-value and the exchange its wave. Rare minerals, like absolutely anything, become valuable only because they can be consumed as or exchange for something useful—try persuading a hungry child to agree that an apple-sized diamond is more intrinsically valuable than an apple. I'm a big enthusiast of cryptocurrency too but getting mystical about it helps nothing.
The difference between fiat money and factum money [...] fiat money is put into existence, and maintained, by a government (or, theoretically, some other kind of agency) producing it, factum money just is. Factum money is simply a balance sheet, with a few rules on how that balance sheet can be updated, and that money is valid among that set of users which decides to accept it.
This distinction confuses the obtaining of existence with maintenance of something existing. Fiat and crypto both obtain existence through agencies assigning them use-value and exchange-value—it doesn't matter from the existential level that one is issued by state-bank-apparatuses or blockchains: both come to be because something made them, and nothing just is (unless we are speaking of Divinity—and therefore move out of rational, corrigible discussion). Everything came from somewhere else, or was made from something else. The difference applies only in how they're maintained.
This touches upon the flip-side to coercion: authority.
VB writes:
A judge in a regular court has essentially unlimited power to do what they want, and the process of judging does not have a particularly good interface; people need to file a suit, wait a significant length of time for a trial, and the judge eventually makes a decision which is enforced by the legal system – itself not a paragon of lightning-quick efficiency. Private arbitration often manages to be cheaper and faster than courts, but even there the problems are still the same. Judges in a factum world, on the other hand, are very much different.
Again, this seems to endorse a decentralised, private (and presumably anonymous) form of relentless authority as a solution to a public, centralised and corruptible one, where neither are any less accountable. So, the real choice is in fact between inefficient and efficient unaccountable power.
There's little here that suggests smart-contracts/DAOs solve genuine social problems, in fact, quite the opposite. Ethereum comes across as a kind of liberal panacea religiously devoted to marketised automation: automate traditional apparatuses of power, coercion, and value-exchange, in rapid dispersions of monetary exchange, and automate some more...
[Battery's going now]
submitted by pptyx to ethereum [link] [comments]

03-14 17:47 - '[quote] BU is not scaleable. We can't just put everything in the blockchain. Do you really think that the same blockchain that settles my "coffee" payment should also be used to settle every other transaction from Billions of peop...' by /u/537311 removed from /r/Bitcoin within 2-7min

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Lol. You really want to stay on technology that's obsolete by 5 years?
BU is not scaleable. We can't just put everything in the blockchain. Do you really think that the same blockchain that settles my "coffee" payment should also be used to settle every other transaction from Billions of people, including IoT + all the other crap people are building on top of bitcoin like Factum and Identity systems. Talk about getting obsolete. We need a L2. We need LN. we need Segwit. What BU is trying to do is not fucking scaleable. And the fact that they are actively blocking segwit and spamming the network tells me this is active hostile take over and you cunts will pay for this. I hope you lose all your BTC by converting the to BTU and failing like Litecoin. Have fun with your BTU shitcoin.
'''
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Author: 537311
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