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Lessons learned - Crypto and Divorce - In January I was a millionaire thanks to BTC, then my wife divorces me and now I have $30,000 AMA
Crossreferencing u/nanoissuperior He wrote earlier today: https://www.reddit.com/CryptoCurrency/comments/a3n6uw/in_january_i_was_a_millionaire_thanks_to_nano_now/ Title: In January I was a millionaire thanks to Nano, now I have $25,000 AMA I was replying to his post, but my reply ended up being a bit too large as a reply and steered off-topic, albeit an interesting one. So I decided to make it its own post, because there may be a good lessons to be learned and hoping some will come forward with good information to be shared. I hope it can help anyone on this sub avoid the costly mistakes that I made. Here it goes: FLAIR: LEGAL (not in the list) ---- u/nanoissuperior are you who I think you are? I won't give out any further identifying clues, but I happen to know someone in the exact same position that could have written that exact same headline. If you read the first paragraph, you'll know if you know me. The person I know bought Nano really early, based on a tip from a friend. I got in much later. By the time he told me it had already spiked to the $5 range, when I ended up buying. I then sold in the $20's so it was a good buy nonetheless. We were former colleagues at a large, large software company somewhere in the PNW, I left the company to venture out on my own and try to launch some projects I had in mind and relocated overseas for a few years. We lost contact with each other during my time away, but we connected again during the market runup and started exchanging coin information on a daily basis during the big bull run of late 2017. That was a crazy time.... the market trend was a few degrees short of vertical for pretty much all coins! Hey, guess what? Now that I think about it, I could have written that same headline myself! In January 2018 I was a Millionaire too! Not with Nano, but thanks to purchasing a good chunk of Bitcoin in 2011 at $1.20 each. I ended up a single digit millionaire with what I had left in Bitcoin around January of 2018. And, just like you, today, from all that wealth, I have about $30.000 left, with little to show for. Can we call that even? Although my disaster was not caused entirely by market fluctuation; Mine is a more complex story and I am going to mention it, because hopefully, it could serve as a lesson to be learned for any crypto holder out there, so they don't make the make mistake I made: Don't trust anyone. Always be skeptical and watch out for your own interests. Anyhow, here it goes: After 5 years overseas, I had enough and wanted to come back to the States. My wife stated her preference to stay abroad, but eventually, she conceded albeit reluctantly. We chose a small town in CO to settle, and landed in November of 2017. We had plans to settle down and considered purchasing a home with my/our new fortune, based on the market price during that period. At the same time, I was also hesitant about the inherent tax payments due caused by such large liquidation. I was trying to have to pay taxes as far away as possible. So, I decided to wait till New Year's Eve and started liquidating my crypto on January 1st, 2018 right after midnight. This way, I would have 16 months (till April, 2019) to pay any capital gains taxes, and I was confident at the time that the market would give me that for free, especially at the pace that it was going. I have been an early adopter and have since then acquired the high levels of verification and trading limits per week, with many exchanges, but for a large sum like this, I needed several separate transactions, over the course of several weeks, especially wanting to do it with a US-based exchange that was linked to a US bank accounts, to avoid overseas wire transfers, meaning more fees. (Yes, I did look at all OTC options, but for reasons not relevant to the story, I couldn't make it happen, so I had to use the traditional Exchange channels for asset liquidation). My wife and I, initially had some fundamental disagreements on the gross amount to be spent and the type of property we should be purchasing. I wanted a smaller place, with a denser, younger community, where there'd be kids our son's age for him to play. She insisted that we should go big; we had been traveling for so many years, and we had not been able to call any of our past residences our home. It was time to settle and nest; She convinced me that we should own a property of our own that we would be proud of living in for years. One that we could own outright and would not easily outgrow. We ended up splurging and purchased in cash two luxury cars for ourselves and set our sights on a large dream house in the city's Golf & Country Club, free and clear, for us and our two kids. I don't even play golf, nor do I even like it, but, if it makes her happy and it is within the safe margins of making it happen, I figured, why not? My concerns were largely financial and the numbers were adding up. It was a bit tight against my personal safe margins, but, at the same time, I was imagining to never have to make, or even have to think about, a car or home mortgage payment ever again! Bitcoin is on a roll and there is no sign of it stopping. Fine. Let's do it, before I change my mind. Now, I admit I was extremely lucky with choosing the time of when to sell the assets. I had no clue the market would take a dive in February, and so it seemed to many that I had timed the market perfectly, selling most of my coins in the first two weeks of January of 2018. Many called me a genius for selling at the very top, as if I had some sort of wisdom to know when it would drop; the truth is much less flattering; it was nothing but dumb luck, based on me wanting to pay taxes in 2018 and defer to 2019. Awesome, well done! Yeah? well, slow down, son, not so fast. So, I gather the 7-digit lumpsum in January 2018 and we write a check for the full amount at closing in February on the property of her dreams. A property that could easily be showcased on a luxury Real Estate magazine cover. Also, remember we had just moved back to the United States with just a few suitcases each from overseas. We had no furniture, kitchenware, curtains, TV's, bed sheets, winter clothing and so many other essential things that one usually purchases over time, but which we now had to purchase all at once. Not a problem, Bitcoin had dropped slightly but still well above $15k, I believe, at the time. And, earlier, in January, I had diligently taken this expense into account and effortlessly set aside a small fortune for equipping such a large house with everything we would ever need, brand new. It seemed we were protagonists of one of the Home Makeover Shows. Finally, after working day and night, prepping the house non-stop for days and when every piece of furniture had finally arrived, been unpacked and carried to its corresponding room, it seemed most of the essentials were in place and the hard work was done. I longed for pouring myself a Scotch and to finally sit down and enjoy the fruits of my labor. I head downstairs to the dedicated walk-in, cigar-humidor / wine / Scotch cellar in the basement and grab the better bottle of Whisky of the few bottles of Scotch that I had bought earlier in the week. On my way up, I remember feeling a sense of calm, combined with a glow of excitement and this undescribable profound inner peace, all at once. This was such a rare, natural, non-drug induced high that I had never experienced. It felt so good! This sense of accomplishment of achieving that one thing I had been chasing and longing for my entire life. I had expected I would be chasing this goal for the next 15-20 years, and yet, here it was. No, where I was, was even better than expected! A place where not even my parents, who still have to make their monthly mortgage payments. I had done it! With a smile from ear to ear, I take a deep breath of relief and while looking around the property, I think to myself: "It's perfect, everything is in place and I can finally call this our home. We are so lucky and we are going to live a great life. A life that few can only dream of. So many concerns will be lifted and become redundant. Everything will be better. I'll start a fire in one of our two fireplaces and I am going to begin enjoying my semi-retired life with the first sip of my drink. That will be the official start of our new life". I head over to the kitchen to get a glass and some ice cubes, while I struggle to find which one is the freezer among the many drawers in the kitchen. It was then when I notice a handwritten note placed front and center on the kitchen counter. It is from my wife and read: "There is no easy way to say this, so I am just going to say it..... I want to legally divorce [ ...]". It continued saying that she had taken our son, and had unequivocally decided to leave me. She had already filed the paperwork for divorce and that I should expect to be served in the morning. My bliss had lasted less than 5 minutes and in less than two seconds, it turned dark, somber and I saw it all crumbling down in front of me. Like a long-awaited rocket launch, years in preparation, which then unexpectedly explodes on the launch pad during the countdown. My stomach, heart and everything in my body just sank and melted into one ball of poison in my core. I felt like throwing up. I was completely blindsided; she had played the game all along, not giving me the slightest hint of what was being concocted in the background. She had already engaged with her lawyers weeks beforehand. Her mother was already in town from another state to help out with I don't know what. I had been gaslighted and was threatened by her that I needed to see a psychiatrist due to a change in my temper that I had supposedly developed - my temper was awesome: with BTC at that price? Everything was perfect! But I obeyed and went anyhow (this would later fit her story that she had to leave with the child because she feared for her safety due to my supposed temper for which I was under treatment, therefore, I must have this temper problem, see?). Also, the purchase of the overpriced home also seemed clearly premeditated: Price was the main driver of the decision making; not location, demographics, taxes, etc. It was the wrong neighborhood for us (people much older than us, retired, golfers and no kids the same age as our son to play with). Our house happened to also be the most expensive in the neighborhood. I can see it all so clearly now. See, your crypto coins on the blockchain, are not within the US court's jurisdiction (or, at least, it's quite debatable - a gray area - ask me for the seed and I can tell you that I may have the seed, or that I may not have the seed, I may have the wrong seed, I may have forgotten it, I may have lost it - you can't prove I did not forget, or lost it, etc). However, once it is in FIAT in a bank, or invested in a property, the courts can rule on the asset(s), freeze, disburse or order a sale of the property, etc. It's done all the time. Also, the coins were technically mine, and by definition private property (not to be divided during the divorce) as they were acquired before the marriage. I could not prove its origins (I bought many of them via direct messaging members on Bitcointalk.org and mining rather than exchanges, so no records, receipts or nothing to prove otherwise: the big exchanges like BitStamp and Coinbase didn't start operations till 2013, if I m not mistaken. Instead, I would talk to one of the forum members offering coins we'd agree on a price, I'd send a check to wherever the individual seller instructed me to (Russia, Bulgaria, Japan, UK. etc) and the coins would be deposited to whatever address I provided. Yes, it was quite crude at the time. However, once I converted my coins to cash and used that cash to buy a property for the benefit of the family, it became common property and thus she then had rights to a portion of it when divided between the two parties should a divorce occur - which ended up being almost 3/4 of all assets. I was robbed in broad daylight. By the one person, I trusted with my life. The one you should trust with your life. Your life partner. And while I was in complete denial, trying to bargain, I waited too long to obtain good legal representation. When I finally ended up getting a lawyer, I was quite distraught and I clearly did not do the proper research and this resulted in a less than stellar performance and detrimental to me at many key steps in the process. I had to switch legal representation right before mediation and I can't blame my new lawyer either, as (s)he did not have the required time to catch up on all the details, (s)he did his/her best, but I was ultimately strongarmed into conceding my soon-to-be-ex-wife to let her return to the house, in exchange to obtain 50% of my son's custody, with serious and strict clauses I had to abide by. So, I had to move out, find a hole in the wall in a student apartment, pay my rent and pay our kids pre-school, while she lives grandiose, without monthly payments in the country club, till the house sells, which will likely be in the spring of next year. Nice! Due to my delay, legal mishandling and somehow every other element in her favor, she inexplicably ended up with around 3/4 of the worth of all assets, free and clear, no taxes due. Mind you, she has never financially contributed, nor made a single $ during our entire marriage. She has never worked and had $0 in her pocket when we married. She didn't even have a checking account, well in her thirties. She is no dummy; she is street smart, knows how to manipulate people, get her way with flirting and charm, while I am more intellectual and book smart. and She beat me hands-down. She is walking away with a sum of, not quite 7 figures, but close. With what I am left with from the sale of the house, I am responsible to pay for all the capital gains taxes from the liquidation to the IRS, which are due in April 2019. I don't expect there to be more left over than the estimated $30k mentioned above. Hate the market all you want, I made peace with the market and am keeping busy at hating my ex for a while for putting me in the same situation. She tripped me 1 yard before the finish line and pushed me in the prickly bushes, to cross it by herself. Go figure. When I am done hating her, I'll get back to rebuilding my life again from scratch. I am not worried, I have done it before. Just pissed, I was so close and that I was so naive to not see it coming. Sorry, I am not meaning to hijack the thread, just wanted you to know that others may have lost more than just "free" money; money we didn't really have to work for. We were the lucky ones. It is what I keep telling myself to stop me from jumping off a bridge. PS - Woah: Sorry for the wall of text; I was just going to write the first paragraph and ended up venting about my current situation. I know, I should take this issue to /depressed, /exes or /whereisthenearestbridgeIcanjumpfrom. Hopefully, this can be a lesson to those holding crypto and some can learn what NOT to do. I learned the hard way and was left with nothing. Don't be a nice guy. Don't trust anyone with your crypto. Anyhow, I am sure either our vigilant subreddit bot, or one of the mods will remove my post for not adhering to rule, and if not, I am sure that you fine people will downvote me to hell. Go ahead. Take away from me the little Karma I left too! Thanks! I learned many lessons, but here are some key ones [IANAL - any crypto-educated AL opinion appreciated here, thanks] : - Understand the concept of private property - property you acquire before getting married. INAL - this depends on the state legislation, but it is hard to prove with crypto, especially if you obtained your crypto through foreign exchanges, outside of legal jurisdictions, the petitioner might not understand or willing to invest in obtaining subpoenas and requests to businesses operating overseas, as this may result costly. - Get a lawyer who understands, or is willing to understand crypto, its benefits of being somewhat unreachable and how that can work for you. Don't let them shortchange you with: "well, let's just convert the rest to cash, because that I understand" type of reasoning. - If you do go to mediation, the above applies as well. This arbitrator or mediator needs to be one that understands the intrinsic details of crypto - for example, during the ATH, I bought 6 digits worth in $USD of Stellar. I used the very first version of the software, supporting Stellar on my hardware device, and put it all in a cold storage wallet somewhere around January. I routinely checked on my coins on the blockchain and they are there. A few months later, I try to access my account and the device returns a different public address, which contains 0 funds. I am still trying to debug this issue with the manufacturer, but the fact is that I was accused of hiding these coins or negligence and was demanded that I paid half of what was lost. or not lost, out of my pocket for money that I didn't have access either. I tried to explain it in the simplest terms, there are risks involved with using first come software. There is no 1800 number, mo tech support. no CEO, no, you can't call the BBB and complain, etc and no one seemed to be able to understand, nor willing to either. It became a huge roadblock for which I had to concede, not cash, but a concession, I was not wanting to concede. The petitioner leaned on the fact that I was either wilfully cheating or stupid enough to lose the coins and managed to create enough doubt in my character and integrity and there was nothing rational I could explain that she, or anyone else in the room would understand. Perhaps mutually contracting a seasoned crypto expert that can offer a neutral view and give his/her opinion might be worth considering. Andreas, where were you when I needed you? :) - Other examples were some coins I had bought in 2012 and gifted to some of her family's kids. I was holding these, till they would turn 16 for them to pay themselves their college, or so I told them. These coins were demanded back by the petitioner. Ok, I suggested that I would send them, but with a CHECKLOCKTIMEVERIFY value with a block height of let's say,10 years from now, out of fear that she would spend the coins and the kids would never know (they are toddlers). No one understood what I was talking about, I was made out the crazy one, I gave up, sent her the coins, unlocked and, just as I expected, within 20 minutes of receiving them, she spent $1200 worth of it (for a flight, I think). If you are the only one speaking your language, no one is willing to listen or make an effort to understand you. - It appears my coins were private property, which means, that I acquired them before the marriage and in case of divorce, if I have not moved them or used them for the common good of the marriage, then they remain mine. However, I liquidated them and cash ended up in my checking account to be used to buy groceries, cars and eventually a house, and it is then that they became common property. Only once they landed in my checking account on which she is named on. It appears that had I taken proper legal precautions with documentation, or a company/trust, where that money would have gone, instead of my checking accounts, elsewhere, I would have still been able to be the legal proprietor of the resulting cash. I can't quite remember the details, but it as something that was explained to me afterward, and I honestly think I just tuned it out, because it made me sick to know I could have held on to my wealth. Perhaps a lawyer can chime in? Again, much of the lack of information and every misstep taken was because of dealing with people that are accustomed to traditional assets and will not deviate from it. Crypto is different and is treated differently. It is so important to know the strengths and weaknesses when going into litigation about something that people don't understand. - Some more I can think of, but this post is getting way out of hand in size. Feel free to comment/suggest your own and I'll add more to the comments. Credits to: u/nanoissuperior Thanks for your post, it inspired me to write this one. Anyone, any karma you feels needs to go his way, for providing the source of inspiration, please give to O-OP. TL;DR: Wife, having contributed $0 during entire marriage, waited until I cashed out all my crypto at the top of the bull market in January 2018, for a nice seven-figure amount, and then immediately divorced me for the money. Edit: added TL;DR
February — The first ever cryptocurrency exchange, Bitcoin Market, is established. The first trade takes place a month later. April — The first public bitcoin trade takes place: 1000BTC traded for $30 at an exchange rate of 0.03USD/1BTC May — The first real-world bitcoin transaction is undertaken by Laszlo Hanyecz, who paid 10000BTC for two Papa John’s pizzas (Approximately $25 USD) June — Bitcoin developer Gavin Andreson creates a faucet offering 5 free BTC to the public July — First notable usage of the word “blockchain” appears on BitcoinTalk forum. Prior to this, it was referred to as ‘Proof-of-Work chain’ July — Bitcoin exchange named Magic The Gathering Online eXchange—also known as Mt. Gox—established August —Bitcoin protocol bug leads to emergency hard fork December — Satoshi Nakamoto ceases communication with the world
January — One-quarter of the eventual total of 21M bitcoins have been generated February — Bitcoin reaches parity for the first time with USD April — Bitcoin reaches parity with EUR and GBP June — WikiLeaks begins accepting Bitcoin donations June — Mt. Gox hacked, resulting in suspension of trading and a precipitous price drop for Bitcoin August — First Bitcoin Improvement Proposal: BIP Purpose and Guidelines October — Litecoin released December — Bitcoin featured as a major plot element in an episode of ‘The Good Wife’ as 9.45 million viewers watch.
May — Bitcoin Magazine, founded by Mihai Alisie and Vitalik Buterin, publishes first issue July — Government of Estonia begins incorporating blockchain into digital ID efforts September — Bitcoin Foundation created October — BitPay reports having over 1,000 merchants accepting bitcoin under its payment processing service November — First Bitcoin halving to 25 BTC per block
February — Reddit begins accepting bitcoins for Gold memberships March — Cyprus government bailout levies bank accounts with over $100k. Flight to Bitcoin results in major price spike. May —Total Bitcoin value surpasses 1 billion USD with 11M Bitcoin in circulation May — The first cryptocurrency market rally and crash takes place. Prices rise from $13 to $220, and then drop to $70 June — First major cryptocurrency theft. 25,000 BTC is stolen from Bitcoin forum founder July — Mastercoin becomes the first project to conduct an ICO August — U.S. Federal Court issues opinion that Bitcoin is a currency or form of money October — The FBI shuts down dark web marketplace Silk Road, confiscating approximately 26,000 bitcoins November — Vitalik Buterin releases the Ethereum White Paper: “A Next-Generation Smart Contract and Decentralized Application Platform” December — The first commit to the Ethereum codebase takes place
January — Vitalik Buterin announces Ethereum at the North American Bitcoin Conference in Miami February — HMRC in the UK classifies Bitcoin as private money March — Newsweek claims Dorian Nakamoto is Bitcoin creator. He is not April — Gavin Wood releases the Ethereum Yellow Paper: “Ethereum: A Secure Decentralised Generalised Transaction Ledger” June — Ethereum Foundation established in Zug, Switzerland June — US Marshals Service auctions off 30,000 Bitcoin confiscated from Silk Road. All are purchased by venture capitalist Tim Draper July — Ethereum token launch raises 31,591 BTC ($18,439,086) over 42 days September — TeraExchange launches first U.S. Commodity Futures Trading Commission approved Bitcoin over-the-counter swap October — ConsenSys is founded by Joe Lubin December — By year’s end, Paypal, Zynga, u/, Expedia, Newegg, Dell, Dish Network, and Microsoft are all accepting Bitcoin for payments
January — Coinbase opens up the first U.S-based cryptocurrency exchange February — Stripe initiates bitcoin payment integration for merchants April — NASDAQ initiates blockchain trial June — NYDFS releases final version of its BitLicense virtual currency regulations July — Ethereum’s first live mainnet release—Frontier—launched. August — Augur, the first token launch on the Ethereum network takes place September — R3 consortium formed with nine financial institutions, increases to over 40 members within six months October — Gemini exchange launches, founded by Tyler and Cameron Winklevoss November — Announcement of first zero knowledge proof, ZK-Snarks December — Linux Foundation establishes Hyperledger project
January — Zcash announced February — HyperLedger project announced by Linux Foundation with thirty founding members March — Second Ethereum mainnet release, Homestead, is rolled out. April — The DAO (decentralized autonomous organization) launches a 28-day crowdsale. After one month, it raises an Ether value of more than US$150M May — Chinese Financial Blockchain Shenzhen Consortium launches with 31 members June — The DAO is attacked with 3.6M of the 11.5M Ether in The DAO redirected to the attacker’s Ethereum account July — The DAO attack results in a hard fork of the Ethereum Blockchain to recover funds. A minority group rejecting the hard fork continues to use the original blockchain renamed Ethereum Classic July — Second Bitcoin halving to 12.5BTC per block mined November — CME Launches Bitcoin Price Index
January — Bitcoin price breaks US$1,000 for the first time in three years February — Enterprise Ethereum Alliance formed with 30 founding members, over 150 members six months later March — Multiple applications for Bitcoin ETFs rejected by the SEC April — Bitcoin is officially recognized as currency by Japan June — EOS begins its year-long ICO, eventually raising $4 billion July — Parity hack exposes weaknesses in multisig wallets August — Bitcoin Cash forks from the Bitcoin Network October — Ethereum releases Byzantium soft fork network upgrade, part one of Metropolis September — China bans ICOs October — Bitcoin price surpasses $5,000 USD for the first time November — Bitcoin price surpasses $10,000 USD for the first time December — Ethereum Dapp Cryptokitties goes viral, pushing the Ethereum network to its limits
January — Ethereum price peaks near $1400 USD March — Google bans all ads pertaining to cryptocurrency March — Twitter bans all ads pertaining to cryptocurrency April — 2018 outpaces 2017 with $6.3 billion raised in token launches in the first four months of the year April — EU government commits $300 million to developing blockchain projects June — The U.S. Securities and Exchange Commission states that Ether is not a security. July — Over 100,000 ERC20 tokens created August — New York Stock Exchange owner announces Bakkt, a federally regulated digital asset exchange October — Bitcoin’s 10th birthday November — VC investment in blockchain tech surpasses $1 billion December — 90% of banks in the US and Europe report exploration of blockchain tech
January — Coinstar machines begin selling cryptocurrency at grocery stores across the US February — Ethereum’s Constantinople hard fork is released, part two of Metropolis April — Bitcoin surpasses 400 million total transactions June — Facebook announces Libra July — United States senate holds hearings titled ‘Examining Regulatory Frameworks for Digital Currencies and Blockchain” August — Ethereum developer dominance reaches 4x that of any other blockchain October — Over 80 million distinct Ethereum addresses have been created September — Santander bank settles both sides of a $20 million bond on Ethereum November — Over 3000 Dapps created. Of them, 2700 are built on Ethereum
/r/ethtrader quickstart guide - Acronyms, Jargon, and Personalities.
Hi there new ETH investor and/or new /ethtrader community member! Glad to have you aboard. We are a pretty lively bunch around here; inside jokes, memes, and jargon run rampant. I figured I would create a sort of glossary to help you figure out what the actual fuck we are talking about. Acronyms (thanks decronym) BGD: Big green dildo, as in a big green candlestick on the price chart. BTFD: Buy the fucking dip. ATH: All time high, the highest price of a thing ever, 1400ish for ETH. FOMO: Fear Of Missing Out, the urge to jump on the bandwagon when prices rise. DeFi: Decentralized Finance, MakerDAO and Dharma and stuff. Loans basically. CDP: Collateralized debt position. A DeFi thing. FUD: FeaUncertainty/Doubt, negative sentiments spread in order to drive down prices. MEW: My Ether Wallet, a website to make and interact with wallets. TA: Technical analysis, predicting the future of the price based on the past. 2FA: 2 factor authentication, its a security thing, a second password of sorts. ERC20: The standard for tokens built on ETH. POS: Not piece of shit, or point of sale. Proof of stake, the new consensus mechanism coming to ETH soon™. ICO: Initial coin offering, the birth of a new crypto, usually an ERC20. Like an IPO. IEO: Initial exchange offering, like an ICO, but typically a bit more scammy. EZPZ: e_z_p_z_, more on him later... BAT: Not the animal, Basic Attention Token OMG: Not oh my god, well sometimes oh my god, but mostly OmiseGo. Pronounced OH-ME-SAY GO btw. MKR: MakerDAO. REP: There is too many tokens to list here, just google it you will figure it out. DYOR: Do your own research. People want to steal your money. Make sure you know what you are buying. LN: A silly bitcoin thing. GDAX: The old name for Coinbase Pro. Jargon Bull: Confident the price will go up. Confidant: misspelling of confident from e_z_p_z_. More on him later... Bear: Confident the price will go down. Cuecomber: Cucumber, another EZPZ classic. Can be used as in cool as a cucumber, or as in BGD (see? now you know what BGD means, damn this guide is helpful.) The ratio: The trading pair ETH:BTC. The flippening: The ETH marketcap being bigger than the BTC marketcap. Coming soon™ . Soon™: The release date for everything crypto related. Donuts: Like reddit karma but /ethtrader specific, and infinitely more valuable. Legend has it that if you get 10 million donuts Vitalik sends you 10 ETH for every 1 ETH you send him. The name comes from cyounessi's post here. Moon: The price where you can buy a lambo. Mooning: The price increasing rapidly. Maybe exposed butts depending on how you choose to spend your money. Moonboy: A hopelessly optimistic/greedy person. $13: The price was stuck here for a long time. Dark days for /ethtrader. $420: The top of the bull market before last. Also weed dude hehehe. $300: The price was stuck here for what seemed like forever. Oh how easy we had it back then... $324: EZPZ's number. More on him later... $80: The bottom of the previous bear market. We will definitely never see this price again. HODL: Hold. From here. SODL: Sold, same as above. BUIDL: Build, you get the pattern. Golden cross: Moving averages of prices crossing. A TA thing. FIAT: Not the car. Fiat Money. USD, euros, pounds and so on. Sharding: An ETH scaling method. Don't make sharting jokes, they anger Vitalik. Ramen: The meal of choice when the price goes down. Pamp: Pump Bogdanoff: This. Just... Don't ask... Weeks not months: In reference to Joe Lubin's prediction for ETH futures coming out. It has been 75 weeks since he said this. The Winklevii: Founders of Gemini Exchange, the facebook guys. Updoot the diddly: Or anything with that vague collection of letters, Upvote the daily discussion. JT's fire pit: jtnichol posts pictures of food he is cooking in his backyard fire pit. Those posts make you hungry. The DAO: Tumultuous times in ethereum history to say the least.Further reading here.) Personalities vbuterin: The founder of Ethereum. We really really like him. Joe Lubin: Co-founder of Ethereum, founder of ConsenSys. Memes aside. We like him. carlslarson: Creator of /ethtrader. Overall good guy. jtnichol: A mod of /ethtrader. Overall sweetheart. The rest of the mods: Too many to list. It's a great group of people. They won't give you any trouble if you aren't being a dick. dcinvestor: DC is a smart guy with good opinions. We really like him. E_Z_P_Z_ the undisputed meme champion. A genuine crazy person. Made a bad sell on the way up, and wrote lengthy posts about how ETH was going back to $324 multiple times a day for months, often times with terrible spelling and grammar. When ETH did hit 324 he became something like a local hero. He is the heel of /ethtrader and we all love to hate him. lamboshinakaghini: A fool, not to be trusted. scienceguy9489: He used to regularly post TA. Sometimes he was right, sometimes he was wrong. The crucial thing was that he was memeable. He started to get a bit of an ego going, and was deleting his posts that were wrong, and keeping the correct ones. He recently made a return to /ethtrader and made a post that ETH was going to moon on a certain day and it ended up not being correct, which was just fuel on the meme fire. He goes by etherdamus now and runs a private TA group which has a fee to join. singlestateserenity: He posts a haiku in the daily every day until we flippen bitcoin. Reading a nice haiku is a pleasant way to start your morning. Everyone else: Well you will see them around and catch the vibe. There are just too many lovable and hateable people to list.
DIGITAL GOLD TOKEN, A Gold collateralize Stable Coin
https://preview.redd.it/a93pztvh0o541.jpg?width=275&format=pjpg&auto=webp&s=f82a108bbce87cd1ecdd0b48d217ec8786a01e17 Many individuals have known about stable coins, particularly after facebook thought of their own steady coins, which has not propelled modern. You may have heard light stable coins, FIAT collateralized stable coins, or crypto collateralized stable coins. In any case, the best steady coin, as I would see it, is a Gold collateralized coin. Why would that be? All things considered, on the grounds that most importantly a gold-sponsored coin will keep its incentive through various challenges, it will be significant when it is wartime, or when there are seismic tremors, dark swan occasions, and so on. You don't need to twist in reverse to keep it stable. Individuals as of now esteem gold above different metals and your activity of keeping the gold stable coin is simple. As it were, the digital gold tokens are like light coins or tokens. It doesn't diminish in esteem yet will in general increment its incentive because of physical gold worth expanding more often than not. https://preview.redd.it/5ooc4eii0o541.jpg?width=285&format=pjpg&auto=webp&s=6f79415ea506eadc6f87ad60bd83faeb51cc1f01 One thing is without a doubt, that the organization, gold.storage has been keeping their digital gold, or the gold token gliding over the surface, keeping its worth utilizing their market page. I think that its very easy to use and simple to utilize that page to do any of my exchanges. Truly, it is simpler than any exchange I have spent up to this point since it's anything but an exchange, it is a savvy contract. You basically send your ETH or BTC and get the gold tokens back at https://gold.storage/showcase. Or then again if your heart wants, you can send your Gold tokens and recover your ETH or BTC. Simple peasy :) One thing I like about the gold token is that you don't need to convey real gold in your home, which is inclined to burglary and different perils. Simply remembering your mental aide words or recording your private key to a bit of paper is sufficient. Trust me, I don't think a physical feline criminal is sufficiently brilliant to get your private key and take your cash. What's more, programmers can't take a few to get back some composure of your printed private key, so there you go. One worry among individuals is the trust, in this trustless decentralized World. Obviously, I would not need to be in a situation to confide in an organization with my gold or my crypto. The gold.storage organization, digital gold, has been utilizing bullion star, a Singapore organization to keep the genuine physical gold. All gold can be checked online at bullionstar.com. They are utilizing bitcoin eth and litecoin installments since 2014, which implies it is an organization you can trust for confirmation purposes. The digital gold organization has been in https://cryptex.net/exchange/GOLDUSD and now they are in bitforex exchange. In any case, I like their commercial center, which is utilizing a pleasant brilliant agreement. https://preview.redd.it/9pgb49kk0o541.jpg?width=275&format=pjpg&auto=webp&s=1f3bf19aecbaf63c6083ff715ae40bbd80e6d4b2 Moreover, owning, purchasing and selling gold tokens don't require opening an investment fund, or passing KYC, or experiencing some other complex methods. Many centralized exchanges require AML and KYC methods, which is against the very soul of decentralization. The gold token is an incredible cure against that, and I like it a great deal. Official Website : https://gold.Storage/ White paper: https://gold.Storage/wp.Pdf Telegram: https://t.Me/digitalgoldcoin Twitter: https://twitter.Com/golderc20 Medium: https://medium.Com/@digitalgoldcoin
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
I would like to remind you that we are a non-commercial community and that we do not advertise on our forum, Telegram Chat / Channel, etc. We have been asked to place ads more than once, but we always refuse. The official position of our community - if the service accepts Monero as a payment, then it has the right to create a topic on the forum and keep it up to date, as well as to be present in our chat room, in order to provide support to its customers if necessary. If you like our work, donations are welcome (wallets at the end of this post). --- Sup-sup Monteros! Here is report from XMR.RU-team! The whole XMR.RU team is thankful to you for your support and donations that help to disseminate relevant information about Monero. The following articles were translated into Russian and posted not only on XMR.RU but also on Bitcointalk, Forum.Bits.Media, different crypto-chats etc. If for some reason you would like to read the original article in English, then open the article you are interested in and at the end of each article you will find a link to the source:
-- Don't forget to check and subscribe to Monero Russian Community! Few of you maybe understand Russian, but I think it is not difficult to subscribe to the channel and put a couple of likes, and this will help to spread Monero among Russian-speaking users in the future. --- Who we are? Group of Monero enthusiasts from Ukraine and Russia. What are we doing? We spread the word about Monero for the whole CIS. You can support us. XMR: 42CxJrG1Q8HT9XiXJ1Cim4Sz18rM95UucEBeZ3x6YuLQUwTn6UWo9ozeA7jv13v8H1FvQn9dgw1Gw2VMUqdvVN1T9izzGEt BTC: 1FeetSJ7LFZeC328FqPqYTfUY4LEesZ5ku --- Here you can see for what all donations are spent on. ;-) Cheers!
Talk The Trader Talk: A Journey Into The Realm Of Trader Slang
Slang is a natural evolution of a language under working conditions. Every industry has its own slang vocabulary, which may or may not be composed of morphologies of words directly related to the job. Sometimes situations related to the job may evolve or devolve into adjectives, verbs, nouns of even completely new words that reflect the object in question. To the uninitiated, such terms may sound like gibberish and could well resemble the talk of thugs that has been so vividly presented many times over in television series and movies. Whether it is pidgin, slang, argot, or a dialect, industries have their own ways of expressing their ins and outs. For instance, the exhaust system of automobiles is often called the "puffer" among mechanics, a "fat finger" is a larger than intended trade among bankers, a "gat" is a weapon among street gangs, and "all day" is a life sentence among prisoners. The lists of slang terms are endless and are an extremely interesting read. https://preview.redd.it/704sgly6nfz31.png?width=820&format=png&auto=webp&s=9d7fe3b1ef36869834dbf284ea0fcb4a7caee720
The Trader Lingo
To make sure that MoonTrader users get into the feel of what it is like to be part of the crypto market, we have compiled a comprehensive summary of some of the most widespread slang terms used by traders. Knowing these terms is an important part of working on an exchange, as understanding what traders are talking about is half the job of becoming one of them and being able to delve into the processes taking place. To talk the talk and walk the walk, traders must understand each other and, most importantly, shorten their speech into a mixture of phrases comprehensible only for the initiated and mystical to outsiders. Babysitting: A slang term used by traders all over the world from Wall Street to the most obscure exchanges in Africa. The term means holding a trade that has been losing out for a while in hopes that it will gain in price, usually in vain. For example: “You’ve been babysitting that option for way too long, it’s a hopeless cause.” Crunching: A situation in which a stock’s or asset’s price starts falling rapidly and has no support levels. For example: “The XXX stock is going down the drain. It’s crunching, leave it!” Jig Out: This is a situation when the market makes a sudden turn for the worse and an investor or trader loses out as a result. For example: “The YYY stock jigged out on me today. Lost half a mil.” Learning Curve: A fairy common expression meaning the amount of time and effort someone, such as a budding new trader, has to put into something to master the art and “learn the ropes”. For example: “The learning curve for Forex is pretty steep.” Melt: Another fairly common expression that can be encountered in the world of finance, which signifies that a lot of money has been lost and an account has been depleted. For example: “My account melted through today after the market jigged me out on that nut.” Nut: While nuts may be tasty as a snack or very useful for keeping things bound together with bolts, in trading a nut is the total amount of commissions that have to be paid for a certain trade. For example: “The nut on ZZZ is crazy these days.” Permabull / Permabear: Since bullish markets are positive and bearish markets are sleepy, the traders working on such a market are called bulls or bears. There are some optimists who believe that such markets are always there. These traders are called permabulls. The opposite are permabears. For example: “Even if the market is dead and floating, he will still act like a permabull”. https://preview.redd.it/rj90k43enfz31.jpg?width=680&format=pjpg&auto=webp&s=86c9c63f1484cc49f683ae12159d03429f465341 Printing on the “O”: If we consider that O is an extreme abbreviation of the term “Override”, then the phrase means that the price of an asset is below the bid price and there is an urgent need to sell it. “XYZ is printing on the Os all day!” ScalpeScalping: The idea of scalping is opening hundreds and thousands of small trades in a short amount of time in hopes of generating a large amount of small profits. Scalpers are traders who engage in scalping. For example: “He’s a heck of a scalper.” Slippage: A common situation for inexperienced traders who lose on assets that are insoluble and cause losses due to higher or lower prices. For example: “He’s been slipping on ZZZ for three weeks in a row.” Squiggly Lines: Technical analysis consists of graphs and indicators that traders use to make sense of market dynamics. The lines on graphs are never straight, which would mean that the market is comatose, thus they are called squiggly, or uneven lines. For example: “I’ve been staring at the squiggly lines all day and my eyes are popping out.” Tank: A tank is not only a military machine or a container, but also a verb, which could either mean to fill something up, like a container or a stomach, and also a drop. In this case, tanking means a market collapse. For example: “The market’s tanking! All is lost! All is lost!” Unicorn, Vulture, Whale: The trading terminology bestiary is full of terms that have gained animalistic form. A unicorn is a situation reminiscent of the mythical beast, when a startup has reached a $1 billion valuation. A vulture is a trader who preys on falling assets and buys them up in hopes that they will rise in the future. A whale is a holder of a large amount of capital or an asset. https://preview.redd.it/gj479zvhnfz31.png?width=700&format=png&auto=webp&s=e89c8bc881323f531661b2f7f355a470607765f1 Stick: The US dollar has a lot of synonyms from bucks and dough to aces and greenbacks. The stick is another synonym for the US currency used in trading. For example: “Made a K load of sticks today trading XYZ.” Whack: A fairy straightforward term meaning that a trader has lost a fair amount of money. For example: “I got whacked trading ZZZ the other day.” Bottom Fishing: There are traders and there are speculators. When a market has “tanked”, assets usually cost much lower and a certain breed of traders emerges who start buying up assets that have lost in value in hopes of selling them off at higher prices later. Such actions are called bottom fishing, or scooping up assets that have floated to the surface of a market like dead fish after a bomb goes off underwater. For example: “The market has sunk today and the sharks are bottom fishing.” Choppiness: The market is never a calm place and its trials and tribulations are often compared to storms and waves. Since waves can be choppy, or rough in terms of the height of their crests, it is fair to compare market volatility to wavy seas. For example: “The choppiness of the market is not allowing institutional investors to enter with their capital.” Dark Pools: There is always liquidity on the market that is hid away from average traders. Such liquidity is called a dark pool, which is usually in the hands of special groups. In essence, these are trading volumes created by orders placed by institutional investors. For example: “The dark pools are buying up Bitcoins real quick.” Dead Cat Bounce or Rubber Band Effect: Since markets are unpredictable, it is often possible for markets to suddenly rebound after seeming dead for a long time. Such a situation is called a dead cat bounce, or a rubber band effect, which is quite figurative in itself. For example: “The market is preparing for a possible dead cat bounce after the recent wave of news.” Hodl: A bastardization of the term Hold, misspelled by a drunk BitcoinTalk user, which simply means holding an asset in hopes that it will rise in price. For example: “Hodl Bitcoin! Hodl it!” Short squeeze: There are situations when an asset suddenly rises in price and forces traders to close their positions. For example: “The holders were forced to short squeeze after the price of ZZZ suddenly spiked”. Resistance Zone: In technical analysis, this is the area between the current support and resistance areas. Prices usually start resisting other prices in such areas and may start falling. For example: “The resistance area of $120 has been reached for ZZZ and we can expect a decline to areas of $100.” Fallen Angel: Assets that may have reached price heaven are not guaranteed to stay there and it often happens that a highly valued asset has suddenly lost in price. Usually, this biblical analogy refers to high yielding bonds that once had investment grades. For example: “ZZZ has turned into a fallen angel after the US introduced sanctions against country YYY.” Fat Tail: In statistics, such cases are called outliers and signify that a value has moved away from the mean and has gained a high degree of riskiness. For example: “ZZZ is showing fat tails and will soon reach non-investment levels.” Flavor: Given the abundance of types of orders and assets on the market, traders often do not distinguish between them and simply call them different flavors. For example: “How about some ZZZ flavor?” Hit The Bid: A rather straightforward expression meaning that someone has decided to sell an asset. For example: “The price just hit the low, so go and hit the bid”. Odd Lot: A lot is usually considered to be a million dollars. An odd lot is anything under a million dollars. For example: “I sold that odd lot of ZZZ yesterday.” Smoke And Mirrors: The poetic expression has made its way onto the market and means that a corporate entity is distorting the market image in hopes of attaining its own goals, usually to make an asset seem more attractive. For example: “The market is all smoke and mirrors after ZZZ flushed its stocks on.” The list of trading slang terms is endless in its variety and the only way to fully immerse one’s self into it is trading actively and gaining experience. Years of work on any market in any industry will eventually saturate a participant’s mind with the necessary skills and terminology turn any greenhorn into a pro. Check us out at https://moontrader.io Facebook: https://www.facebook.com/MoonTraderPlatform Twitter: https://twitter.com/MoonTrader_io LinkedIn: https://www.linkedin.com/company/19203733 Reddit: https://www.reddit.com/Moontrader_official/ Telegram: https://t.me/moontrader_news_en Originally posted on our blog.
I've just spent the last week manually going through 100's of CryptoCurrency Projects (and pissing some people off).
Who: I have been interested in cryptocurrencies for quite some time. I was originally introduced to bitcoin when Wikileaks was banned by visa, then by paypal. I kept hearing the word "bitcoin", "used on the dark web!" Needless to say, when hearing about some special currency being used on some sort of "dark web" caught my attention. After too much procrastination, I finally purchased some bitcoins. Since then, I have been exploring some crypto-currency projects here and there. I have written a novelette on the subject. What: I ran through 100's of cryptocurrency projects on bitcointalk.org. Each project is listed nearly the same way. You'll see the title of the project, which is written to attract your attention by mentioning "buzz words" while describing the project in only a few words. Some projects will have very basic text, and others will have fancy images, and some layouts. I was searching for THE project. When: Over the last week, I've spent nearly everyday- sun up to sun down- going through a lot of these projects. I feel like now is the best time to do this. Not only because it's a "down time" for the crypto-space, but in addition, the overall community has just experience a boom and "bust". The water was high for a while, everybody was happy. Then, the tide went back out. We've all had a chance to see how projects come and go. When there is little activity on the crypto-markets, we can see what projects are up to now; now that the fields have dried up. Where: I choose to research projects on bitcointalk.org because to me, that is the HUB. That is where I was introduced to bitcoin and other projects. So, I feel like the wealth of knowledge is abundant there. The barriers of entry are pretty low, so anyone can join, provide their opinions, and post projects. My word of advice for bitcointalk, don't judge what people say based on their membership status. You will see people who are considered "HEROS", "NOOB", etc. Don't give that any weight. People buy accounts on there as they do on reddit. You will have to judge people based on WHAT they say, not the reputation of who said it on bitcointalk. (I do believe Satoshi lurks and posts on the forum, not as Satoshi, obviously) Why: I also wanted to do this because I feel like there are likely some very worthwhile projects out there under the radar. I have a belief that if someone finds a field of diamonds in the middle of nowhere, that person will not tell anyone else about that field. I believe that they would understandably keep the location of the field to themselves for as long as possible. With that analogy in mind, I don't expect people to shout from the roof top when they come across a great project. Why should they tell us when they can buy before everybody else? This is why I search for good projects. Which brings me to my next point, what exactly is a "good project"? A good project to you might not mean it's a good project to me. Just like with women, we all have our preferences. Also like women, we can tell if she is healthy, is taking care of herself, if she is growing, and if she is working. As with cryptocurrency projects, after being around so long, you can see many tell-tale signs about the decent ones, and the bad ones. It's getting late. I'll finish this later. Go checkout bitcointalk.org if you've never been there. I'll see you back soon. Edit: It is bitcointalk.org instead of bitcointalk.com
Did Komodo have an ICO? Yes. Komodo held an ICO that lasted just over one month, from Oct 15 to Nov 20 of 2016. KMD was sold a rate of 0.00012908222 BTC per coin, or 7747 KMD for 1 BTC. One-hundred million KMD coins were issued, with 70% of the KMD swapped to BTCD holders, 20% sold to investors, and the remaining 10% held as working capital for Komodo’s development and marketing. Over the course of the ICO, Komodo Platform raised a total of 2,639 BTC. The closing price of BTC on November 20, 2016 was $731.03. At that price, we see that Komodo raised a total of $1,929,188 USD. [...] Currently KMD Supply -- 112 Million Total KMD Supply -- ~200 Million (will be reached around 2030)
Komodo ICO ended on Nov 20th 2016. Supply after ICO (pre-mined tokens): 100,000,000 Allocations: - 70% for BTCD holders - 20% for Investors - 10% for Development and Marketing Total Supply: 200,000,000 In the ANN thread on Bitcointalk.org, it is written just like in the Reddit thread seen previously, except:
One-hundred million KMD coins were issued, with 90% of them sold to investors, and the remaining 10% held as working capital for Komodo’s development and marketing. [...] komodo is BTCD 2.0, rebrandedyou will be able to convert BTCD into komodo
Can I still swap my BTCD for KMD? Throughout the year 2017 we offered the ability to trade existing BTCD for KMD in a 1:48 ratio. We kept this offer open and available for over one year, as promised. We permanently closed the opportunity for BTCD-KMD swaps on January 15th, 2018. As there are no longer any developers supporting the BTCD network, it is both unreliable and unusable. It is therefore no longer possible to perform BTCD to KMD swaps, and we will not respond to any swap requests. Thank you.
Remember that #BTCD was swapped for Komodo. And the whole team moved on to the development of #Komodo. So, you can follow all the news on Komodo's official Twitter here : https://twitter.com/KomodoPlatform
until block height 7777777 each block will generate 3 KMD and utxo created before then will be eligible for 5% APR. I estimate there will be approximately 200 million KMD, though the exact total could be a lower or a bit higher. The exact amount would depend on the percentage of KMD in private z-addresses over the 13.5 years as those do not accrue interest. I think a realistic minimum would be about 165 million and a maximum of 210 million. It is skewed toward the lower end due to my expectation that as the years go by, more and more people will feel the need for absolute privacy
Total Supply: 165,000,000 to 200,000,000 - depending on percentage of KMD in private z-addresses over the 13.5 years as those do not accrue interest Question Based on all the info gathered: if ignoring the fact that many BTCD hodlers will need some time to swap there tokens, I assume that 90% of the pre-mined tokens (100,000,000 KMD) were in circulation after the ICO. The "10% development and marketing" allocation may have had a lockup/vesting, was it the case?
Crypto crime is an offense that involves cryptocurrencies. Basically it has something to do with stealing cryptocurrencies oand spending them on something illegal. As long as cryptocurrencies exist there are concerns that they can be used for illegal activities funding. So now there is the whole problem of preventing and investigating crimes related to cryptocurrencies. https://preview.redd.it/aov11qv3jzk31.jpg?width=1000&format=pjpg&auto=webp&s=11b4da6c1afa87ee3b8f10e0df60fd139628a2c9 There are reports on the number of unlawful activities that occur every year and include Bitcoin. But not only Bitcoin is involved. INTERPOL has statistics on crypto crimes for every coin. Here are some examples of crimes they report:
dark web websites
Let’s take a moment and think why criminals like cryptocurrencies so much. The reason is that the Cryptoworld is a place where they can interact with money anonymously. So far frauds feel pretty secure within blockchains. Actually this is why they were one of the firsts to start using cryptocurrencies. One of the things that differ crypto crimes from the good old offline crimes is that crypto criminals are educated people. They usually have no less than masters degrees in computer science. They don’t act randomly, all the schemes are organized. This is why these cases are harder to investigate.
How to trace perpetrators?
Is it impossible to trace such criminals? Fortunately, it is possible. The most part of the investigated crimes were traced back to the very perpetrators. Companies that are investigating cryptocurrency related affairs register activities that are coming from different accounts but belong to the same wallet. That means that they are controlled by the same organization. The next step is to find out who is behind this entity. There is various software that may help to identify users. Crystal is one of the largest companies which develop such programs. With the help of their software, it is possible to solve some crypto crimes. The situation which often complicates violators tracing is that some crimes are committed with stolen identities. https://preview.redd.it/qui1sghdjzk31.jpg?width=1024&format=pjpg&auto=webp&s=cf2e6dc0ebd938d31914803d8bf9f138dec3c834 But such frauds do not happen only online. Cryptocurrencies get involved into offline crimes as well. For example, criminals force users to hand over their account information. Basically, it’s not considered to be an online crime, but anyway cryptocurrency is being stolen. The interesting thing is that there are well known big organized groups that commit crypto crimes. For example, a group named “Alpha”. All of them move stolen cryptocurrencies thousand times before they cash out.
Experts say that as long as hacking is profitable it does not seem possible to decrease a number of such crimes. So far this business is only getting bigger and more sophisticated, that makes the security one of the most important questions to discuss. It is essential to stay sharp and pay attention to suspicious offers and unreliable accounts. Never share your private keys with anyone, always check if you are on the correct website and do not use public computers for your crypto transactions. But there is no reason for panic, be vigilant and your cryptocurrencies will be safe 😉
The stable coin with 52x upside in the next 4 - 6 months - BAY coin
I have spent A LOT of time researching BitBay over the past month or so. Few people kknow about this coin but it's actually one of the older altcoins in the space. Longevity is EXTREMELY important in this space cases in point BitShares, BlackCoin, digibyte, doge etc.. Once thought to potentially one day rival Bitcoin was, more or less, abandoned around 2015. What happened? The industry took off in 2017 and those who kept working hard that had similar momentum circa 2015, were paid off exponentially. Cases in point: DarkCoin (rebranded to DASH and had and still continues development), Monero, LiteCoin, Ethereum etc. etc. BitBay has been just as active as the LiteCoins and DASH's from that time period and this info is ascertainable by studying their Reddit and BitcoinTalk thread extensively. No gaps of a month or multi-month in info. Team growth the team has apparently grown from a few to nearly 2 dozen full time team members. So okay there's an active dedicated team, but what about the dev and the core fundamentals of project? The dev David Zimbeck is thought to be a top 20 dev in crypto (CoinGecko) and top 200 by commit volume (CryptoMiso) yet the marketcap ranks them currently at 228. Their should be somewhat of a convergence over time moving all 3 numbers more to an average. This is a metric I've used to identify value buy criteria since mid-2017 and there's no reason it should continue to be relevant. Project fundamentals: Bitbay has several wallets, one employing a free trade market powered by BitHalo which is a legacy project that provides a mechanism to trade and interact in a trustless manner. The real value is in the dynamic peg that's been in development since late 2016 and set to unroll live on exchanges in the coming months. What's so important about this peg? The peg uses a voting system to constrict and expand the circulating supply of coins, which in turn affects price due to supply/demand. The peg is now active in their cold wallet system and the only hold up has been the need for at least one public exchange to enact this functionality on their exchange. Well from some snooping around I've found out they are in negotiations with exchange BTC-Alpha to enact their. Bittrex apparently wanted 25 bitcoin and that's okay and dandy but I understand shopping that around a bit to find a better rate. If the functionality is active on at least one exchange than arbitrage should fill in the gaps on the others. Worse case scenario, upside $.50 and project has trouble tying exactly to $1 but finds an equilibrium and peg somewhere below. Best case scenario fluctuation between $.95 and $1.05 which is thought to be more or less standard for stable coins. MAKR boasts it stays at a dollar and that's great but I'm not interested in BAY because if their stability. I'm interested in BAY because of the extreme upside. I believe economics are utilized far too little in cryptocurrency exchange & development. I believe that math is a trader or investors best friend in cryptocurrency still next to insider info and if you're not in the who's-who circle in crypto than legitimate insider info is extremely rare and hard to come by I imagine. I took time to write about this because I believe adoption will help move the project along faster and perhaps also help other exchanges adopt their protocol at a reasonable rate. Current price of BAY now = $.0198, projection by mid-2019 $.44 - $1.05 and yes there's a wide margin of error in the price prediction but that's a quality problem when my worse case scenario is still 20x gain. Happy trading and I hope someone enjoyed this :)
https://preview.redd.it/srhaills8mo31.png?width=842&format=png&auto=webp&s=0683410deb46243a69448b449cd611f7860b2a60 SMARTPLACE Barter trading marketplace with support of ERC 20, 721 and 1155 tokens. What is barter trading? It can also be called a barter protocol — a set of logical agreements for a particular type of transaction. The barter contract is applicable to the exchange of equivalent tokens or to those objects that differ in price by no more than 15%. We offer to analyze in more detail both types of transactions and show in detail how the barter exchange works. In a barter exchange of equivalent assets (tokens), a smart contract changes the ownership of assets without using financial transactions. We expect that barter asset swaps with a slight difference in value will most often be sought. As we mentioned earlier, barter exchange is permissible between objects whose values differ by no more than 15%. When the tokens subject to barter exchange have a difference in value, the party that has the lowest collection must pay an additional difference in value per barter contract to exchange for another more expensive collection. This difference in value is a “change” for the second party, which has a more expensive collection for exchange. Since barter exchanges for both digital collections and for tokenized real valuable assets have the same logic, we want to explain this to you through an accessible example for everyone exchanging an apartment for a house of different values (10%). Illustrative example: https://preview.redd.it/agpjt2mv8mo31.png?width=834&format=png&auto=webp&s=dff1f9eec4f53e0df77448e76824ce02237e9942 We see that Alice and Bob executed a barter agreement for the mutual exchange of Alice’s apartment which costs 1000 ETH and Bob’s house which costs 900 ETH. As Bob has lower property value, he is obliged to pay a deficient amount, and in this example this difference is 10% or 100 ETH. It is worth noting that BRTR is used for extra charge, and ETH is indicated just for improved readability, but ETH can also be used to extra charge. Bob can offer or confirm Alice’s barter only if he has sufficient funds to make an exchange. Suppose that Bob already has extra 100 ETH on his wallet, which are blocked during the execution of the barter agreement and are used to send Alice a “change”. The barter contract comes to execution and payment only when both parties have confirmed their intention to make an exchange using a digital signature. Thus, as a result, we have an executed barter agreement between Alice and Bob and now the apartment belongs to Bob, and Alice has a House and 100 ETH. As you may have guessed, smartplace is divided into:
barter of virtual assets (collectibles);
barter of tokenized real valuable assets.
With an additional payment, a barter contract can be concluded confidentially, which means that we remain confidential this transaction for the rest people, encrypting the fact of exchange. Barter costs no more than 0.02% for each side, including the cost of gas Ethereum. If a dark pool is used for an exchange, then the contract value may be higher. Dark pool? What does it mean? Dark pool is a pool of confidential trading offers, in our case barter contracts. https://preview.redd.it/cynm4luy8mo31.png?width=834&format=png&auto=webp&s=396c0aec91bcaf465460aacb19bcb6ac5fe0ce20 As you might have noticed, the owner of an asset cannot be identified in the dark pool, he has a right to remain confidential in the trading system if it’s necessary. Therefore, there is no need to indicate the address of the collectible’s owner. In addition, this method of trading opens up great opportunities for OTC transactions costing billions of dollars both at the cryptocurrency market and at the market of real values and property. We are working on integration of Enigma Protocol into the dark pool with the aim to encrypt the results of transactions and the identities of their participants to increase confidentiality, if necessary. We believe that the largest dealers and market makers will use the dark pool in order to prevent ways to manipulate the market. Increased confidentiality is required for large-scale barter agreements and enhances the overall security of asset owners. Barter: a smartplace in the real economy. The broadest research and important element of our ecosystem is the use of smart contracts in the legal field. We are creating an automated legal barter exchange of the international level, combining the traditional economy with decentralized finances. We rely on the legal exchange agreement for the legality of smart contracts and their using in the real world. Why barter exchange? Barter exchange is very convenient to use if the objects of exchange are equivalent in value. The advantage of barter exchanges of equivalent objects is that only a change of the owner’s rights to the asset / object is required for legal transfer / exchange, without using financial transactions. Thus, applying a barter contract, the exchange of ownership rights to these assets in property registers is performed. Barter exchange is also applicable when the objects are unequal, but have a close value, for example, a difference is just 10–15%. Here, barter exchange also has an advantage — for barter exchange of unequal goods it is enough to use only one financial transaction — to pay this difference. A barter contract is cheaper, faster, and safer. For barter exchange of real valuable assets, preliminary tokenization is required, which will allow you to create a virtual token equal to the value of your item, indicating your name as the owner, if a public token is created. After the virtual copy is created — you can place this token on the smartplace, including the auction method of trading, wait for counter offers or send your offers for barter exchange to other participants. We understand that for some of you who have just begun to get acquainted with the world of cryptocurrencies and blockchain, some words may seem unfamiliar or not clear, so feel free to ask any questions in the comments to our articles here and in our Telegram chat. You can learn what is the tokenization of a real valuable asset and auction trading in the following articles that we will devote to the use of the BRTR token and the benefits to get BRTR tokens.
Peter Todd's RBF (Replace-By-Fee) goes against one of the foundational principles of Bitcoin: IRREVOCABLE CASH TRANSACTIONS. RBF is the most radical, controversial change ever proposed to Bitcoin - and it is being forced on the community with no consensus, no debate and no testing. Why?
Many people are starting to raise serious questions and issues regarding Peter Todd's "Opt-In Full RBF", as summarized below: (1) RBF violates one of the fundamental principles of the Bitcoin protocol: irrevocable cash transactions.
Interesting point! Th[is] really is [a] drastically different vision of what Bitcoin according to the core dev team... It would be nice [if] they [wrote their] own "white paper" so we know where they are going...
"From a usability / communications perspective, RBF is all wrong. When the main function of your technology is to PREVENT DOUBLE SPENDING, you don't add an "opt-in" feature which ENCOURAGES DOUBLE SPENDING."
Intentionally doing zero-conf for any reason other than expediting a payment to the same recipients is nothing more than attempted fraud. There needs to be a good reason for enabling this, and last time I looked the case has not been made. People with a black and white view of the world who believe "0 conf bad, 1 conf good" simply do not understand how bitcoin works. By its random nature, bitcoin never makes final commitment to a transaction. Even with six confirmations there is still a chance the transaction will be reversed. In other words, bitcoin finality is not black and white. Instead, there is a probability distribution of confidence that a transaction will not be reversed. Software changes that make it easier to defraud people who have been reasonably accepting 0 conf transactions are of highly questionable value, as they reduce the performance (by increasing delay for a given confidence). If transactions with appropriate fees start failing to ever confirm because of "block size" issues, then bitcoin is simply broken and, if it can not be fixed bitcoin will end up as dead as a doornail.
Transactions spending the same utxo were (until now) not relayed (except by XT nodes). So it wasn't as simple as just sending a double spend, because the transaction wouldn't propagate. FSS-RBF seemed like a good option to get your tx unstuck if you paid too little. Pure RBF I'm not sure what the point of it is. What problem is it solving?
When F2Pool implemented RBF at the behest of Peter Todd they were forced to retract the changes within 24 hours due to the outrage in the community over the proposed changes. So the opposite is actually true. The community actively do not want this change. Has there been any discussion whatsoever about this major change to the protocol?
My business accepts bitcoin and helps people with minor cash transfers and purchases. Fraud has NEVER been an issue as long as the transactions have been broadcast on the blockchain with appropriate fees. We usually send people their cash as soon as the transaction is broadcast. Now we have to wait 10 minutes to avoid getting cheated out of hundreds of dollars, vastly increasing the service cost of accepting bitcoin. And we have to tell customers we promote bitcoin to that they are likely to be cheated if they don't wait 10 minutes while buying their bitcoin. It is such a spectacularly stupid thing to do, adding uncertainty and greater potential for fraud at every link of the transaction chain. Thanks a lot, Peter.
Jeez, we need to give this "zero-conf was never safe" meme a rest already. Cash was also "never safe", but it's widely used because it works reasonably well in the context it's used. These people would probably advocate for a cashless society as well.
I believe it'll be possible for a payment processing company to provide as a service the rapid distribution of transactions with good-enough checking in something like 10 seconds or less. The network nodes only accept the first version of a transaction they receive to incorporate into the block they're trying to generate. When you broadcast a transaction, if someone else broadcasts a double-spend at the same time, it's a race to propagate to the most nodes first. If one has a slight head start, it'll geometrically spread through the network faster and get most of the nodes. A rough back-of-the-envelope example: 1 0 4 1 16 4 64 16 80% 20% So if a double-spend has to wait even a second, it has a huge disadvantage. The payment processor has connections with many nodes. When it gets a transaction, it blasts it out, and at the same time monitors the network for double-spends. If it receives a double-spend on any of its many listening nodes, then it alerts that the transaction is bad. A double-spent transaction wouldn't get very far without one of the listeners hearing it. The double-spender would have to wait until the listening phase is over, but by then, the payment processor's broadcast has reached most nodes, or is so far ahead in propagating that the double-spender has no hope of grabbing a significant percentage of the remaining nodes.
Zero conf was always dangerous, true, but the attacker is rolling a dice with a double spend. And it is detectable because you have to put your double spend transaction on the network within the transaction propagation time (which is measured in seconds). That means in the shop, while the attacker is buying the newspaper, the merchant can get an alert from their payment processor saying "this transaction has a double spend attempt". Wrestling them to the ground is an option. Stealing has to be done in person... No different then from just shop lifting. The attacker takes their chance that the stealing transaction won't be the one that is mined. With rbf, the attacker has up to the next block time to decide to release their double spend transaction. That means the attacker can be out of the shop and ten minutes away by car before the merchant gets the double spend warning from their payment processor. Stealing is not in person and success is guaranteed by the network. Conclusion: every merchant and every payment processor will simply refuse to accept any rbf opt in transaction. That opt in might as well be a flag that says "enable stealing from you with this transaction"... Erm no thanks. There might be a small window while wallet software is updated, but after that this " feature " will go dark. Nobody is going to accept a cheque signed "mickey mouse", and nobody is going to accept a transaction marked rbf. Strangely, that means all this fuss about it getting merged is moot. It will inevitably not be used.
This opens up a new kind of vandalism that will ensure that no wallets use this feature. The way it works is that if you make a transaction, and then double spend the transaction with a higher fee, the one with the higher fee will take priority.
RBF as released is a really, really stupid policy change that will open up Bitcoin to blackmail and wholesale theft of transactions. Bitcoin XT can easily be better than the confused, agenda-ridden rubbish being released by Blockstream and their fellow-travellers.
"opt-in" is a bit of a red-herring. As I understand: say I'm a vendor who doesn't want to accept RBF transactions. So I don't opt-in. I'm still stuck accepting RBF transactions because the sender, not the receiver, has the control.
Yes it is opt-in, which means I have to anticipate ... congestion beforehand to use it. This has caused me troubles recently. Normally I use low-fee mode to transact and switch mode when the network is congested. A few times either I did not know about the congestion or forgot to switch mode and my txn got stuck for 12-48h. So for me this opt-in does nothing of help. If I was conscious about the congestion I would have switch to high-fee mode, no RBF needed. ...Or I have to enabled RBF for all my txns. Then there's problem of receivers have to all upgrade their wallet after the wallet devs choose to implement it. And just to add one more major complication when consider 0-conf.
It seems to me like RBF is addressing a problem (delays due to too-low fees) which would not exist if we had larger blocks. It seems fishy to make this and lightning networks to solve the problem when there's a much simpler solution in plain view. We should set the bar for deceit and mischief unusually high on this one bc there is so much at stake, an entire banking empire.
PT [Peter Todd] is part of a group of devs who propose to create artificial scarcity in order to drive up transaction fees. IOW [In other words], he's a glorified central planner. A free market moves around such engineered scarcity. See also: the music business. tl;dr stop running core.
This maybe a needed feature if Bitcoin get stuck with 1MB.. You might need to jack-up the fee several time to get your fees in a blocks in the future.. It seems that 1MB crrippecoin is really part of their vision.
RBF makes sense in a world where blocks are small and always full. It creates a volatile transaction pricing market where bidders try to outbid each other for the limited space in the current block of txns. It serves the dual goals of limiting transactions and maximizing miner revenue resulting from the artificial scarcity being imposed by the block size limit. The unfortunate side effect is that day to day P2P transactions on the Bitcoin network will become relatively expensive and will be forced onto another layer, or coin.
To say it a bit harsher but IMO warranted: P. Todd seems to be busy inventing useless crap and making things complicated for wallet devs...
— awemany https://www.reddit.com/btc/comments/3ujc4m/consensus_jgarzik_rbf_would_be_antisocial_on_the/cxfkwvi (8) Why is the less-safe version of RBF the one being released ("Full") rather than the "safe(r)" version (FSS - First-Seen Safe)? Peter Todd had proposed two different versions of RBF: "Full" vs "FSS" (First-Seen Safe). "Full" is the more dangerous version, because it allows general double-spending (I can't even believe we're even saying things like "allows general double-spending" - but that's the kind of crap Peter Todd is trying to foist on us). "FSS" is supposedly a bit "safer", because is only allows double-spending a transaction with the same output. What's being released now is "Opt-In Full RBF".
First-seen-safe restricts replace-by-fee to only replacing transactions with the same output (prevents double spending). The reason this feature is being added is they see Bitcoin as a settlement network, so when there's a backlog users should be able to replace their transaction with a higher-fee one so it's included. It's to deal with the cripplingly low blocksizes. Someone should just implement and merge first-seen-safe, since that's much more non-controversial. Keeps 0-confs safe(r) while enabling re-submitting transactions.
Ok, so if the only benefit of RBF is to unstick stuck transactions by increasing the fee; why did you use "Full RBF" instead of "FSS RBF"? Full RBF allows the sender to increase the fee and change who the receiver is. FSS (First-Seen-Safe) RBF only allows the sender to increase the fee, but does not allow the sender to change who the receiver is. Tldr: FSS RBF should be enough to enable your wanted benefit of being able to resend stuck transactions by increasing their fee, but you chose Full RBF anyway. Why?
The benefit of opt-in RBF: Now, when a transaction is not going through because fee was accidentally made too low or if there is a spam attack on the network, a user can "un-stuck" his/her transaction by re-sending it with a higher fee. No more being held to the mercy of miners maybe confirming your transaction, or not. The user gets some power back.
If this was the actual problem at hand, why not restrict the RBF to only increasing the fee, but not changing the output addresses. RBF in it's current form is nothing but a tool to facilitate double spending. That is, it lowers the bar for default nodes to assist facilitating double spending. Which is VERY BAD for Bitcoin, imho. Serisouly, I don't know what's gotten into those devs ACK'ing this decrease in Bitcoin's trustwortiness.
And what if some/all miners simply hold RBF-enabled transactions into a separate pool and extract maximum value per transaction i.e. wait until senders cough up more & more ... A very dangerous change that will actively encourage miners to collaborate on extracting higher fees or even extorting senders trying to 'fix' their transactions.
A miner could simply separate all RBF-enabled TX into a separate list and wait for higher and higher fees to be paid. It's kind of like putting a "Take my money, Pls!!!" sign on your forehead and and going shopping.
It's not uncontroversial. There is clearly controversy. You can say the concerns are trumped up, invalid. But if the argument against even discussing XT is that the issue is controversial, the easy ACK'ing of this major change strikes many as hypocritical. There is not zero impact. Someone WILL be double spent as a result of this. You may blame that person for accepting a transaction they shouldn't, or using a wallet that neglected to update to notify them that their transaction was reversible. But it cannot be said that no damage will result due to this change. And in my view most importantly, RBF is a cornerstone in supporting those who believe that we need to keep small blocks. The purpose for this is to enable a more dynamic fee market to develop. I fear this is a step in the direction of a slippery slope.
(12) How does the new RBF feature activate?
Does anyone know how RBF activates? I mean if wallets are not upgraded this could be very dangerous for users. Because even if its opt-in this could kill zero confirmation for good.
the solution to all this, is actually rather simple. Take the power away from these people. Due to the nature of bitcoin, we've always had that power. There never was a need for an "official" or "reference" implementation of the software. For a few years it was simply the most convenient, the mo[s]t efficient, and the best way to work out all the initial kinks bitcoin had. It was also a sort of restricted field in that (obviously) there were few people in the world who truly understood to the degree required to make a) design change proposals, and b) code for them (and note that while up until now this has been the case, it's not necessary for these 2 roles to be carried out by the same people). The last few months' debates over the blocksize limit have shown and educated thst a lot of people now truly understand what's what. And what's more one of the original core-devs (Gavin), already gave us the gift of proving in the real world that democracy in bitcoin can truly exist via voting with the software one (or miners) runs, without meaning to. BitcoinXT was a huge gift to the community, and it's likely to reach its objective in a few months. It seems an implementation of bitcoin UL will test the same principle far sooner than we thought. So the potential for real democracy exists within the network. And we're already fast on our way to most of the community stop[p]ing using core as the reference client. Shit like what Peter pulled yesterday, I predict, will simply accelerate the process. So the solution is arriving, and it's a far better solution th[a]t it would be to, say, locking Peter out of the project. Thi[s] will be real democracy. I also predict in a couple of years a lot of big mining groups/companies/whatever will have their own development teams making their internal software available for everyone else to use. This will create an atmosphere of true debate of real issues and how to solve them, and it will allow people (miners) to vote with their implementations on what the "real" bitcoin should be and how it should function. Exciting times ahead, the wheels are already in motion for this future to come true. The situation is grave, I won't deny that, but I do believe it's very, very temporary.
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