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[Part 2] KAVA Historical AMA Tracker! (Questions & Answers)
ATTN: These AMA questions are from Autumn 2019 - before the official launch of the Kava Mainnet, and it's fungible Kava Token. These questions may no longer be relevant to the current Kava landscape, however, they do provide important historical background on the early origins of Kava Labs. Please note, that there are several repeat questions/answers.
How do you think about France in Kava market development plan?
What is your next plan to raise awareness among French about Kava?
Answer: It is important to reach many top markets. For countries like France we need to find 1st regulator partners such as Binance that can help provide access to KAVA for users. When our CDP platform launches, we will work through local validator partners to help translate content and work with local users.
We have some great community efforts where people create content for us.
Why did you choose Cosmos instead of Aion, which comes with AVM built on JAVA, which can be accepted by many developers?
Will there be a possibility that one day we will be able to collateralize a privacy coin, such as Monero, on KAVA?
Answer: We like programming in GO, interfaces are OK for Java. Cosmos will also feature a WASM module and EVM later. The Cosmos-SDK is very flexible and it allowed us to choose our own security model. That was unique compared to other frameworks where we had to adopt the underlying blockchains. In Cosmos-SDK we can create our own blockchain.
Re: privacy - you can do some fun things in payment channels to make transactions more private. Such as onion routing clearing and settlement across different nodes. This can be possible in the future, but not our priority now.
The biggest advantage of finance is the efficient allocation of resource allocation. If KAVA connects assets of multiple platforms through the interchain technology, the efficiency across the market will be improved.
But in terms of connectivity, Facebook's Libra, with its centralized giant platform, could be a big threat for the future. Of course, regulatory uncertainty still exists. KAVA wonders what big platform companies think about entering the blockchain field and how they can cope with their competition.
Answer: We think of Kava as a DeFi service that can integrate with wallets, exchanges, and other platforms when users want loans or stable coins for payments. We don't see competition with Libra, but we see lots of users potentially getting into crypto which will be good for the market, good for BTC, and good for Kava.
What will you do with the money after IEO?
What is the most important markets that Kava is focusing?
What is your marketing strategy to approach those markets?
Answer: What will we do with the IEO money? Put it in a bank and keep building. We keep our funds safe in secure accounts that are insured. We always maintain at least 2 years runway in pure fiat to ensure we can survive in any bear market conditions and come out on top in the end.
On mainnet, which function/feature can we expect to see on Kava since i only saw informations about its testnet?
Answer: mainnet will feature KAVA, staking, delegating, validator software, voting and governance / parameter changes. Following mainnet, the validators will vote to enable transactions and the CDP platform. We expect this to be towards the end of the yeaQ1 2020
How does Kava maintain the stability of its stablecoin? Are there any opportunties for outsiders to arbitrage or any other mechanisms to maintain price stabilization?
Answer: Kava users deposit crypto assets as collateral and can withdraw a loan based on the amount they deposited. They must always provide more collateral than the loan is worth. When the value of the collateral drops due to market conditions, before it reaches the value of the loaned amount, the platform will auction off the crypto assets for USDX that is on the market at a discount. Holders of USDX can buy these assets at a profit. This removes USDX from the market and makes sure that the global USDX to collateral in the system remains balanced. Similar to MakerDao, 3rd parties can run "keepers" - very simple implementations which continuously monitors the Kava/USDX credit system for unsafe CDPs, and execute the liquidation function the moment they become unsafe. Keepers can also perform arbitrage on DEX/Exchanges executing trades across the Kava platform and the markets.
Alright! So KAVA is doing DeFi right, could you explain DeFi in layman term to us.
Answer: Decentralized Finance. Finance is really ensuring everything about past, present, and future value of money. You need safe custody and a store of value to keep money you earned in the past safe to be used later when you need it. You need something liquid and easily tradable to be used in the present. And the trickier one is the future - people need to get loans on the assets they have or hedge against the assets they have in order to ensure they can build for a better future. That’s finance.
DeFi is taking all those things and making them open access and unregulated so that regardless if you were born with out an ID, if your credit score is bad, or if the government is trying to censor your actions and limit your spending - DeFi promises to give you a way to get access to the financial products you need.
Could you please briefly explain your projects, and why you choose DeFi as a problem to solve?
Answer: Kava is a cross-chain DeFi platform for cryptocurrencies. Kava offers decentralized loans and stable coins for any other crypto asset such as BTC, XRP, BNB, and ATOM.
DeFi is the killer use case of crypto today. I think most people see this clearly now. We believe providing the basic DeFi services is the very first step that is required before blockchain technology can really become wide spread - so we started here.
Why the name of the project KAVA?
Answer: We started in crypto thinking we would build banking products and we wanted a more relaxed cool name to stand out from other solutions. Turns out Kava means many things.
Kava = Hippopotamus in Japanese
Kava = crow in hindi
Cava = wine region in spain
Kava = a medicinal root you add to Tea
Kava = now a cross-chain DeFi platform
But TLDR - we liked the name and thought it sounded short and sweet.
What do you think of the future of DeFi in this space? Will DeFi one day take over the traditional financial systems? -- any wild guess on when it might happen?
Answer: I think centralized solutions will always have certain advantages and DeFi will also have certain advantages.
But truthfully, KYC is a problem from a user experience point of view. One of the big things with DeFi is there is no need to make people go through a KYC process anymore.
If we imagine a world where USD Is king, or Renminbi is king, or BTC is king. DeFi has a place in all of them because open access to financial services is a basic human necessity.
As we have known, Lending is not the only problem to solve in the whole financial areas, are you planning on going beyond lending? What other financial products are in your pipeline?
Answer: Thats a good #Q .
While we have a lot to solve to offer lending to other crypto assets - we can expand our support to non-crypto assets, to NFT tokens, and other assets.
We also have plans to offer derivatives and other synthetics other than USDX - such as synthetic bitcoin and Yuan. What is exciting about Kava and the oracle system run by validators is that we can leverage this infrastructure around the world to do all sort of things.
One of the more interesting products is creating under-collateralized loans using payment channel (layer-2 tech) of our USDX coin. Two parties can lock funds in payment channels and place bets on the price feeds from the oracles. When the funds reach a maximum threshold, the bet closes. Since a price feed is just a data set, we can have the settlement rules be multiples of the real data. In simple terms we can create 100x leverage products for the craziest of traders 😉
Btw KAVA is a bit unique because it use Cosmos/Tendermint. While other DeFi use Ethereum , why you guys choose Cosmos?
Answer: Cosmos is the future. Even facebook’s Libra consensus design was just a copy of Tendermint. Kava, Binance, the Cosmos Hub and many other blockchains are built on the same Cosmos-SDK framework.
It’s very flexible and soon interoperable. This is a huge advantage over Ethereum. Where system’s like MakerDAO will be forced to develop in a slowly evolving chain like Ethereum and only touching Erc20 assets, Kava will be able to rapidly evolve, program in GO rather than solidity, and interoperate with chains like Binance directly.
We’re very excited to get BNB and BTCB onto Kava’s CDPs and to put KAVA and USDX onto the Binance DEX. This is fairly easy on Cosmos.
I saw in KAVA deck that you guys will use USDX, is it a stable coin? How is it going to work and its relationship with KAVA token itself?
Answer: USDX is an algorithmically stable token pegged to the USD. USDX is the token users recieve when they get a loan from the Kava platform. USDX is collateralized or backed by crypto assets so the Kava platform should always hold more crypto value than the USDX it loans making USDX a very safe store of value even if the market crashes 10x overnight. That is what a stable coin should do.
USDX is special though. Natively, users can spend or trade USDX freely like other stable coins, but the important difference is that 1) USDX is free of censorship and does not require a bank or anything else. 2) USDX can be “bonded” or “staked” providing an interest bearing yield between 2-10% APR. This is substantially more than what I can even get from my bank account.
From your point of view as KAVA team, what would be most anticipated feature in KAVA ?
Answer: Our CDP platform launch later this year. The first USDX will be minted then.
Support of BTC in the CDP smart contracts. No blockchain has supported a real decentralized custody and use of BTC with smart contracts before.
Indonesia is one of the “developing” countries, how is DeFi can help in making a difference in those “developing” countries?
Answer: I can’t speak for developing countries as it’s not my expertise, but DeFi in general is trying to offer the exact same services to EVERYONE. Whether you are in San Francisco or Indonesia, the financial services you should have should be similar. The rates and fees you pay should be the same. DeFi is fair treatment and open access for everyone. That is what’s nice about having things run on a protocol.
Last but no least, since we are doing AMA in Indonesian group, I believed our members wants to know if you are interested in going to Indonesia to expand your community and reach?
Answer: As I said, I have not been before! I am traveling throughout South East Asia for a lot of the year. It is one of my destinations. I hope to meet many of you while I am out there.
Defi companies are growing at a rapid pace, but they're actually smaller than traditional financial institutions. In order for Defy to become a global trend, it must eventually acquire consumers within the traditional financial industry.
Traditional financial consumers, however, have poor technical understanding and want psychological stability through government guarantees such as deposit insurance. After all, what does KAVA think about long-term competitors as traditional financial institutions, and what long-term strategies do they have to embrace traditional financial consumers?
Answer: We think of financial institutions as big honey pots of potential DeFi users. For example, if Kava can offer margin lending at better rates than a bank because there is no middle men or compliance costs, users should want to use that service.
As crypto grows, I believe more FIs will integrate crypto assets and DeFi services. For example, in the US you cannot currently margin trade crypto as a retail user. But it could be possible for a regulated FI to integrate a lending service like KAVA without causing issues with regulators due to Kava having no counter party risk other than the user itself.
MakerDAO is only for ethereum but Kava support multiple assets, is this only difference?
What are Kava main advantages compared to MakerDAO?
Answer: Kava supports multiple assets THAT are on different blockchains. Maker can only support ETH. This is a huge difference. In addtion, the role of Maker is quite likely a security token. It represents fees paid by others. Where in Kava, the token is used in security of the blockchain protocol itself. The holders of Kava have a lot at stake and need it to govern the system. Maker holders have nothing at stake.
I think a huge difference is that with our model being POS and based on validators with slashing if they don't participate our governance participation and management will be much more effective than MakerDao.
Ticket claim for KAVA Launchpad is comming around the corner. This maybe last IEO ticket claim of this year. With this hype and expectation of investors/traders, do you think KAVA will be a big boom to end this year with happy tears?
If someone wants to manipulate Governance function of KAVA by changing voting result by possessing many Validators Node through buying over 51% KAVA of market, what will KAVA team do? Do you think Emergency Shutdown(Maker has this) can be considerd as a solution?
How will USDX be minted and backed on KAVA platform? If its based on uses crypto collateral, how will KAVA team make it stable since the inflation of crypto price?
Answer: I believe Kava to be underpriced currently, especially compared to maker which is 10x the value and serving ETH which is much smaller market than ours.
But I cannot tell you with certain if Kava will boom or bust - only the market can decide that. As with all speculative assets, do your homework and trade at your own risk. We here at kava are very LONG Kava, but we are biased 😉
Stablecoin is the word that I heard everyday, so do you have any plans to release wallet for stablecoin?
Answer: There are already wallets created for Kava that can hold our tokens 😉
My first question is: Why do traders choose to use KAVA instead of margin on exchanges?
My second #Q is: What happens whenKAVA doesn't have enough cash to loan out?
Answer: Traders who cannot get passed KYC can use Kava. Traders who want better rates than exchanges can use Kava. If regulators like in the US prevent margin trading, Kava is a great solution.
Kava creates USDX out of thin air when users withdraw loans. It will only create Kava is the user locks a great value of crypto in the system to back it. When the USDX loan is repaid, it is destroyed. In this way, Kava can scale however big it wants - it will never run out of cash.
i heard as you said before in San Fransisco, Silicon Valley. what is the relationship about Silicon Valley and KAVA? and what will KAVA done in this Q1 ?
Answer: I am born and raised in Silicon Valley. I am blessed to have grown up in this area where lots of tech innovation is. However, I am the only one at Kava that lives here full time. The others on my team are in the Cayman Islands and Cambridge.
San Francisco is a hub for the largest crypto projects - Ripple, Coinbase, Stellar, etc. It's a great place to network with founders and feel inspired to do big things. It is not the best weather here, but the people are focused and extremely helpful if they can be if you aim to do big things.
With regard to minting new USDX, is there any potential chance to against Global financial law? Likewise USDT, issuing money should guarantee deposit of real collateral as I have known.
Answer: USDX is debt. It is not a guarantee, but the protocol's rules state it must have more crypto assets behind it than the # of USDX issued. In this way, rules are better than guarantees. Tether guaranteed 1:1 USD, it turned out not to be true because their funds were seized by regulators. That is impossible in the case of Kava.
What is the uniqueness of KAVA project that cannot be found in other project that´s been released before?
Answer: Cross-chain is unique for us. But most unique is our partners and validator group that is launching our blockchain. We have incredible partners that support our work including Ripple, Cosmos, Arrington, Hashkey, SNZ, Lemniscap, etc.
KAVA was initially planned to launch on Ripple network but later switched to Cosmos Tindermint Core. What is that something you see in Tindermint Core that is not available anywhere.
Answer: We did not plan to launch on ripple and did not launch on "Tinder"-mint. I have a fiance - she would be quite mad.
We did however use the Cosmos SDK - a tool set, to build our blockchain that features tendermint consensus.
Tendermint is just the consensus so I assume you mean the SDK. The SDK is very much "choose your own adventure" you can build anything and design all the spec of your blockchain easily. In this way you choose the tradeoffs that make the most sense for your special application/network
How much portion of USDX is backed from crypto/fiat money ...& please mention why any trader, hodler will prefer USDX over other stable coins?
What are the biggest challenges you expect to face and how do you plan to overcome these challenges?
Answer: 150% of USDX or more is backed by crypto. Traders will use USDX because it offers a savings rate. This rate allows traders heding bitcoin or other assets to not only store value, but earn a return.
What do you think about creating liquidity for the Kava project?
Answer: It's the biggest challenge. My hope is the savings rate USDX offers will give it natural organic demand over existing stable coins. It will definitely be a large BD process to get USDX listed and used worldwide.
We work with some of the worlds best market makers to seed liquidity today. But we will need organic demand in the long-term
So many IEO projects consistently drop in price after listing. Whats different with KAVA, what are some special highlights?
Answer: Why is Kava based on Cosmos? Based on what considerations?
How do you see the chinese language community? How do you view the opportunities for growth in the chinese community?
Answer: You will be soon listing on Binance, what are your plans on the business side after listing? In one years time, what are your thoughts on where Kava's development will be?
If we take a look at all the different types of DeFi products/apps out there, including decentralized exchanges, stablecoins, atomic swaps, insurance products, lending platforms, trade financing platforms, custodial platforms, crowd investment platforms, etc, nearly cover all the important areas of traditional finance.
In this age of all these different platforms taking hold, where does Kava see itself appealing to its app developers, users, investors?
Answer: What does Kava do? What can a normal user (of crypto) achieve by using KAVA?
How does Kava maintain the stability of its stablecoin? Are there any opportunities for outsiders to arbitrage or any other mechanisms to maintain price stabilization
Answer: What is the reason for the IEO price reaching 6x the first round private sale price? How did you come about to reaching this valuation?
What would you be able to do more for Russian-speaking communities and regions?
Answer: one thing to keep in mind is that yes, we do have limitations and regulations to follow when it comes to certain countries and we will adhere to those regulations in hopes of proving ourselves to be a thoughtful and long-term solution. while we may not directly work with some countries, we hope that communities there can understand that we're here focused on being sustainable rather than another project around shorter-term gains.
for myself, I'm actually belarusian myself so I absolutely see the value of working in the CIS/Russian-speaking regions. we'll continue to do AMAs, interviews, and always engage with Russian-speaking communities to better understand what the #Q s, concerns, and thoughts.
If there's anything else we can do in this region and with the @gagarin_ico communities, please let us know!
What are your major goals to archive in the next 3-4 years? Where can we KAVA ecosystem in this period? What are your plans to expand and gain more adoption?
Do you guys feel satisfied by seeing your progresses and achievements till now, when you look back to the day when you have started this project?
Answer: We want to really build out great DeFi products for the masses. I really believe that DeFi will be a major force to allow much more mass adoption for crypto over the coming years. In the sorter term, we want to push out our blockchain and build on top of that our CDP platform, which allows users to trustlessly put collateral onto the Kava blockchain, and receive a loan in USDX that will be also trustlessly administered.
We will then build out more complex products and financial derivatives for crypto users and traders. We have barely scratched the surface in what we can do with DeFi so I can't predict the future, but we want to build products that are pegged to BTC values so that traders have more leverage purely in crypto.
Which one of your milestone do you think was difficult and which was the encouragement that courages you to achieve it?
What were the Minimum and Maximum limit of KAVA tokens that one can be able to STAKE after the Mainnet launch ? And What will be the percentage of reward one gets and will it in future ?
Answer: Good #Q ! Well we've been working on open source cross-chain technologies for a number of years and honestly it can be a pain. I think the Cosmos SDK made it significantly easier to implement the features that we wanted into the software.
I think the largest challenges for Kava are not software based but in market adoption. Makerdao is a great project and they have spearheaded a lot of the work in the lending field. Hopefully Kava can be a very meaningful contributor as well
What if someone fails to repay the debt? Is that KAVA is taking collateral system to enterprise level & if so, what's the plan? How secure KAVA is to safely handle the collateral tokens?
Answer: These CDPs or "collateral debt positions" are always over-collateralized, which means you have to have more asset locked up in the bucket than you can draw from the bucket. The system leaves a margin when the collateral is 'called' to be able to sell off. If the asset cannot be fully redeemed KAVA is minted to cover the balance. Hence KAVA is a 'lender of last resort". This is why its important that we select good initially assets to support 👍
I am very impressed with your voting method, how does it work? Whether users can vote to change things in the platform, are you a programmer with filters to decide what can be voted on and what is not possible?
Answer: Thanks. A lot of this was pioneered with the Tendermint team. Basically voting is entirely open and asynchronous, meaning anyone can submit a proposal to be voted on. All the project in the Cosmos ecosystem are working diligently to expand the space of variable or features that can be modified via this governance method in protocol. For example, we were the first to enable transactions directly via governance in our Testnet-2000!
Where does the interest rate come from for holding USDX specifically & technically?
Answer: Great #Q ! Just like in MakerDAO, lenders of collateral (e.g. BTC, BNB) pay an annual interest rate to borrow USDX. A portion of that interest rate accretes to holders of KAVA, the rest we can apply a 'carrot' for users to adopt USDX. In short, Savings rate is loan interest rate less 'rents' collected from KAVA holders
As far as I understand it KaVa is used both as a staking token and as collateral for Kava stablecoins (UsDX) .Can you talk a bit about the stability mechanism? Can other forms of collateral be used to create Kava stablecoins (a la Multi-Collateral Dai)?
Answer: KAVA will not be used as a collateral type in the CDPs. Collateral types will be assets exogenous to the system, like BTC and BNB. Of course BTC and BNB's value fluctuates. To make USDX not fluctate we ensure there is always more BTC or BNB in the CDP bucket than 'stable' USDX. Therefore BTC could increase or decrease a lot, as long as its less than the 'stable' debt of USDX that you have drawn, the system is healthy and functional 👌
As far as I know, KAVA had 150 Validators in the test. Why do you have so much. Which conditions are your team based on to choose / invite them to stay decentralized, important for a Defi platform like KAVA?
Answer: KAVA mainnet will launch with a cap of 100 validators. We want as many validators as possible. The reason? What if KAVA was run by just you and me. Well that works if people trust us, but its pretty for us to collude and act maliciously. Its harder for 100 people to collude -- its still possible, but harder. And so we put a lot of effort in to promoting a healthy and large validator community, and empowering them to grow their stake in the system
As a developer, which program languages can i use in kava core smart contracts?
2How secure your fully on-chain liquidity protocol & What's is a core Smart Contract ?can you briefly explain.
Answer: Yay developers! 🤓 The Cosmos SDK is currently written in Golang. So thats a good start. What other language would you like to work in?
What do you think of DEFI in the Blockchain space?
DeFi brings many benefits to users, but conflicts of interests with the Bank. What is the solution of kava?
Answer: Defi to me is offering financial primates, the supplies of which are spreadout amongst many participants, as opposed to few. People offer loans on BTC today. Kava's goal is to maximize the amount of counterparties to any loan, thereby 'socializing' the returns on any activiely used financial product
What is the crucial thing, in your opinion,that would increase adoption of KAVA and possibly the rest of crypto. What’s the KAVA economic model and how will it is architecture ensure scarcity of the token and help to growth token price?
Can you tell me more about the new technology that combines the benefits and interactive functions of Cosmos with the DeFi applications you have built?
Answer: Principly what I believe is 'new' about the KAVA tech stack is that we are building a standalone piece of software that treats other network techologies as 'first class citizens'. This means from the ground up our design is mean to easily incorporate and work with other software. A lot of blockchain is a story of "everyone will use my software, because its the best". Kava Labs worked for years against this view while bringing open Interledger to market.
As Per Kava website ! $KAVA was done many partnerships with Big project like Ripple, Cosmos, TenderMint, Hashkey, etc ! So, whats the major reason and benefits of these partnerships to kava project?
Kava Project have their own Mainnet Blockchain So, whats the main work of Cosmos Blockchain in Kava ? Is Kava projects is on Both mainnet and Cosmos OR Kava is just using the Cosmos Blockchain services?
Answer: Working together. Pooling resources and talent to make something bigger! Crypto is still a little fish in a huge ocean of financial services. Kava Labs has always had an eye for inclusivity. Grow the pie!
I have been too involved in KAVA's AMA, I think I know all about your technology.I want to ask a successful person like you why come with cryptocurrencies and blockchain, with talent. There are many other areas for you to choose, so why are you targeting such a risky market?
Answer: Successful ay? hehe. Depends how you define success and what your goals are. I love delivering products to users. Crypto has some fantastic users, and there is still sooo much to be built. I think KAVA has a lot of promise, but there is still so much work to be done and I hope users like you all become producers some day as well
What's the most critical and innovative point of KAVA to ensure users that it is the best under DeFi niche?
How can you compete MakerDAO which has done good number of business with recent market! If I hold KAVA tokens how KAVA leverage the tokens value and make it moon for me? 🙈
Answer: "IF" you hold KAVA tokens now? 😂 Again I think this a markets concern. To the extend that users on other chains begin to trust KAVA brand for loan issuance, and we get some solid adoption of USDX I think we're in a good spot. I would say a benefit of KAVA is that we are FOCUSED. We're not trying to be everything for everyone. This is lending, quite simply, for the large market cap coins -- and that's hard enough
Why KAVA needs to create it's own stable coin, whereas there are are many other options available in the market? Is that crypto tokens can be stable!!?
Answer: Yeah there are a lot of USD backed stable coins that is true. Indeed we have looked around with working together with a number of them. The difference with USDX (and DAI) is that its crypto-collateral backed. Doesnt mean we won't work with others in the future 😉
Processing fees on loans we need to pay in kava or usdx?
Which types of success you've been seen in testnet? Why on Nov 5th you've planned to launch mainnet? How many testnet was processed in the past?
Answer: Three major testnets with some minor iterations therein. Testnet-3000's software was pinned to KAVA mainnet software. That testnet is looking good which is a good indicator for smooth sailing on mainnet launch, we'll see 🤞
DeFi is a hot niche when it comes to crypto/blockchain project! Most of the projects are developing aiming DeFi, How KAVA is looking to contribute in DeFi ecosystem? What will be the approach of KAVA to systemize & increase adoptability?
Answer: DeFi is big. Mostly on Ethereum, which is great! KAVA is for non-ethereum networks 😇
What is the main reason that you think that Cosmos-based Kava zone will present a new validator opportunity :- a complex and multi-faceted governance system that allows differentiation?
Answer: Validator #Q , nice. I believe its important for validators to be able to distiguish there service in multiple ways, not just on security (otherwise they will be treated as a commodity). KAVA present an opportunity for validators to distiguish themselves on the basis of proper governance of system parameters on behalf of their delegating constituents. KAVA is a "lender of last resort", so delegating to a sophisticated validator could lead to better results beyond security.
How is kavas tendermint better than other defi consensus especially with the introduction of etheruem 2.0 which many believe will be better than all others - considering kavas association with ripple, is it possible to foresee defi loans from crypto to fiat ?
Maybe kava partnership with centralised banks?
Answer: IDK about that. But we will be working closely with the great folks over at Ripple, thats for sure!
Adoption is one of the important factor that all sustainable blockchain projects should focus to be more attractive in the invertors' eyes.
Can you tell me what KAVA has done and plan to do to achieve Adoption in the reality, real use cases, our real society?
Answer: Bitcoin is real!? I'm continuously impressed by the demand and size of that network. Help us capture that demand! Really, if we can I think the future looks bright for KAVA!
A couple of years ago in the early months of the 2017, I published a piece called Abundance Via Cryptocurrencies (https://www.reddit.com/C\_S\_T/comments/69d12a/abundance\_via\_cryptocurrencies/) in which I kind of foresaw the crypto boom that had bitcoin go from $1k to $21k and the alt-coin economy swell up to have more than 60% of the bitcoin market capitalisation. At the time, I spoke of coming out from “the Pit” of conspiracy research and that I was a bit suss on bitcoin’s inception story. At the time I really didn’t see the scaling solution being put forward as being satisfactory and the progress on bitcoin seemed stifled by the politics of the social consensus on an open source protocol so I was looking into alt coins that I thought could perhaps improve upon the shortcomings of bitcoin. In the thread I made someone recommended to have a look at 4chan’s business and finance board. I did end up taking a look at it just as the bull market started to really surge. I found myself in a sea of anonymous posters who threw out all kinds of info and memes about the hundreds, thousands, tens of thousands of different shitcoins and why they’re all going to have lambos on the moon. I got right in to it, I loved the idea of filtering through all the shitposts and finding the nuggest of truth amongst it all and was deeply immersed in it all as the price of bitcoin surged 20x and alt coins surged 5-10 times against bitcoin themselves. This meant there were many people who chucked in a few grand and bought a stash of alt coins that they thought were gonna be the next big thing and some people ended up with “portfolios” 100-1000x times their initial investment. To explain what it’s like to be on an anonymous business and finance board populated with incel neets, nazis, capitalist shit posters, autistic geniuses and whoever the hell else was using the board for shilling their coins during a 100x run up is impossible. It’s hilarious, dark, absurd, exciting and ultimately addictive as fuck. You have this app called blockfolio that you check every couple of minutes to see the little green percentages and the neat graphs of your value in dollars or bitcoin over day, week, month or year. Despite my years in the pit researching conspiracy, and my being suss on bitcoin in general I wasn’t anywhere near as distrustful as I should have been of an anonymous business and finance board and although I do genuinely think there are good people out there who are sharing information with one another in good faith and feel very grateful to the anons that have taken their time to write up quality content to educate people they don’t know, I wasn’t really prepared for the level of organisation and sophistication of the efforts groups would go to to deceive in this space. Over the course of my time in there I watched my portfolio grow to ridiculous numbers relative to what I put in but I could never really bring myself to sell at the top of a pump as I always felt I had done my research on a coin and wanted to hold it for a long time so why would I sell? After some time though I would read about something new or I would find out of dodgy relationships of a coin I had and would want to exit my position and then I would rebalance my portfolio in to a coin I thought was either technologically superior or didn’t have the nefarious connections to people I had come across doing conspiracy research. Because I had been right in to the conspiracy and the decentralisation tropes I guess I always carried a bit of an antiauthoritarian/anarchist bias and despite participating in a ridiculously capitalistic market, was kind of against capitalism and looking to a blockchain protocol to support something along the lines of an open source anarchosyndicalist cryptocommune. I told myself I was investing in the tech and believed in the collective endeavour of the open source project and ultimately had faith some mysterious “they” would develop a protocol that would emancipate us from this debt slavery complex. As I became more and more aware of how to spot artificial discussion on the chans, I began to seek out further some of the radical projects like vtorrent and skycoin and I guess became a bit carried away from being amidst such ridiculous overt shilling as on the boards so that if you look in my post history you can even see me promoting some of these coins to communities I thought might be sympathetic to their use case. I didn’t see it at the time because I always thought I was holding the coins with the best tech and wanted to ride them up as an investor who believed in them, but this kind of promotion is ultimately just part of a mentality that’s pervasive to the cryptocurrency “community” that insists because it is a decentralised project you have to in a way volunteer to inform people about the coin since the more decentralised ones without premines or DAO structures don’t have marketing budgets, or don’t have marketing teams. In the guise of cultivating a community, groups form together on social media platforms like slack, discord, telegram, twitter and ‘vote’ for different proposals, donate funds to various boards/foundations that are set up to give a “roadmap” for the coins path to greatness and organise marketing efforts on places like reddit, the chans, twitter. That’s for the more grass roots ones at least, there are many that were started as a fork of another coin, or a ICO, airdrop or all these different ways of disseminating a new cryptocurrency or raising funding for promising to develop one. Imagine the operations that can be run by a team that raised millions, hundreds of millions or even billions of dollars on their ICOs, especially if they are working in conjunction with a new niche of cryptocurrency media that’s all nepotistic and incestuous. About a year and a half ago I published another piece called “Bitcoin is about to be dethroned” (https://www.reddit.com/C\_S\_T/comments/7ewmuu/bitcoin\_is\_about\_to\_be\_dethroned/) where I felt I had come to realise the scaling debate had been corrupted by a company called Blockstream and they had been paying for social media operations in a fashion not to dissimilar to correct the record or such to control the narrative around the scaling debate and then through deceit and manipulation curated an apparent consensus around their narrative and hijacked the bitcoin name and ticker (BTC). I read the post again just before posting this and decided to refer to it to to add some kind of continuity to my story and hopefully save me writing so much out. Looking back on something you wrote is always a bit cringey especially because I can see that although I had made it a premise post, I was acting pretty confident that I was right and my tongue was acidic because of so much combating of shills on /biz/ but despite the fact I was wrong about the timing I stand by much of what I wrote then and want to expand upon it a bit more now. The fork of the bitcoin protocol in to bitcoin core (BTC) and bitcoin cash (BCH) is the biggest value fork of the many that have occurred. There were a few others that forked off from the core chain that haven’t had any kind of attention put on them, positive or negative and I guess just keep chugging away as their own implementation. The bitcoin cash chain was supposed to be the camp that backed on chain scaling in the debate, but it turned out not everyone was entirely on board with that and some players/hashpower felt it was better to do a layer two type solution themselves although with bigger blocks servicing the second layer. Throughout what was now emerging as a debate within the BCH camp, Craig Wright and Calvin Ayre of Coin Geek said they were going to support massive on chain scaling, do a node implementation that would aim to restore bitcoin back to the 0.1.0 release which had all kinds of functionality included in it that had later been stripped by Core developers over the years and plan to bankrupt the people from Core who changed their mind on agreeing with on-chain scaling. This lead to a fork off the BCH chain in to bitcoin satoshis vision (BSV) and bitcoin cash ABC. https://bitstagram.bitdb.network/m/raw/cbb50c322a2a89f3c627e1680a3f40d4ad3cee5a3fb153e5d6d001bdf85de404 The premise for this post is that Craig S Wright was Satoshi Nakamoto. It’s an interesting premise because depending upon your frame of reference the premise may either be a fact or to some too outrageous to even believe as a premise. Yesterday it was announced via CoinGeek that Craig Steven Wright has been granted the copyright claim for both the bitcoin white-paper under the pen name Satoshi Nakamoto and the original 0.1.0 bitcoin software (both of which were marked (c) copyright of satoshi nakamoto. The reactions to the news can kind of be classified in to four different reactions. Those who heard it and rejected it, those who heard it but remained undecided, those who heard it and accepted it, and those who already believed he was. Apparently to many the price was unexpected and such a revelation wasn’t exactly priced in to the market with the price immediately pumping nearly 100% upon the news breaking. However, to some others it was a vindication of something they already believed. This is an interesting phenomena to observe. For many years now I have always occupied a somewhat positively contrarian position to the default narrative put forward to things so it’s not entirely surprising that I find myself in a camp that holds the minority opinion. As you can see in the bitcoin dethroned piece I called Craig fake satoshi, but over the last year and bit I investigated the story around Craig and came to my conclusion that I believed him to be at least a major part of a team of people who worked on the protocol I have to admit that through reading his articles, I have kind of been brought full circle to where my contrarian opinion has me becoming somewhat of an advocate for “the system’. https://coingeek.com/bitcoin-creator-craig-s-wright-satoshi-nakamoto-granted-us-copyright-registrations-for-bitcoin-white-paper-and-code/ When the news dropped, many took to social media to see what everyone was saying about it. On /biz/ a barrage of threads popped up discussing it with many celebrating and many rejecting the significance of such a copyright claim being granted. Immediately in nearly every thread there was a posting of an image of a person from twitter claiming that registering for copyright is an easy process that’s granted automatically unless challenged and so it doesn’t mean anything. This was enough for many to convince them of the insignificance of the revelation because of the comment from a person who claimed to have authority on twitter. Others chimed in to add that in fact there was a review of the copyright registration especially in high profile instances and these reviewers were satisfied with the evidence provided by Craig for the claim. At the moment Craig is being sued by Ira Kleiman for an amount of bitcoin that he believes he is entitled to because of Craig and Ira’s brother Dave working together on bitcoin. He is also engaged in suing a number of people from the cryptocurrency community for libel and defamation after they continued to use their social media/influencer positions to call him a fraud and a liar. He also has a number of patents lodged through his company nChain that are related to blockchain technologies. This has many people up in arms because in their mind Satoshi was part of a cypherpunk movement, wanted anonymity, endorsed what they believed to be an anti state and open source technologies and would use cryptography rather than court to prove his identity and would have no interest in patents. https://bitstagram.bitdb.network/m/raw/1fce34a7004759f8db16b2ae9678e9c6db434ff2e399f59b5a537f72eff2c1a1 https://imgur.com/a/aANAsL3) If you listen to Craig with an open mind, what cannot be denied is the man is bloody smart. Whether he is honest or not is up to you to decide, but personally I try to give everyone the benefit of the doubt and then cut them off if i find them to be dishonest. What I haven’t really been able to do with my investigation of craig is cut him off. There have been many moments where I disagree with what he has had to say but I don’t think people having an opinion about something that I believe to be incorrect is the same as being a dishonest person. It’s very important to distinguish the two and if you are unable to do so there is a very real risk of you projecting expectations or ideals upon someone based off your ideas of who they are. Many times if someone is telling the truth but you don’t understand it, instead of acknowledging you don’t understand it, you label them as being stupid or dishonest. I think that has happened to an extreme extent with Craig. Let’s take for example the moment when someone in the slack channel asked Craig if he had had his IQ tested and what it was. Craig replied with 179. The vast majority of people on the internet have heard someone quote their IQ before in an argument or the IQ of others and to hear someone say such a score that is actually 6 standard deviations away from the mean score (so probably something like 1/100 000) immediately makes them reject it on the grounds of probability. Craig admits that he’s not the best with people and having worked with/taught many high functioning people (sometimes on the spectrum perhaps) on complex anatomical and physiological systems I have seen some that also share the same difficulties in relating to people and reconciling their genius and understandings with more average intelligences. Before rejecting his claim outright because we don’t understand much of what he says, it would be prudent to first check is there any evidence that may lend support to his claim of a one in a million intelligence quotient. Craig has mentioned on a number of occasions that he holds a number of different degrees and certifications in relation to law, cryptography, statistics, mathematics, economics, theology, computer science, information technology/security. I guess that does sound like something someone with an extremely high intelligence could achieve. Now I haven’t validated all of them but from a simple check on Charles Sturt’s alumni portal using his birthday of 23rd of October 1970 we can see that he does in fact have 3 Masters and a PhD from Charles Sturt. Other pictures I have seen from his office at nChain have degrees in frames on the wall and a developer published a video titled Craig Wright is a Genius with 17 degrees where he went and validated at least 8 of them I believe. He is recently publishing his Doctorate of Theology through an on-chain social media page that you have to pay a little bit for access to sections of his thesis. It’s titled the gnarled roots of creation. He has also mentioned on a number of occasions his vast industry experience as both a security contractor and business owner. An archive from his LinkedIn can be seen below as well. LinkedIn - https://archive.is/Q66Gl https://youtu.be/nXdkczX5mR0 - Craig Wright is a Genius with 17 Degrees https://www.yours.org/content/gnarled-roots-of-a-creation-mythos-45e69558fae0 - Gnarled Roots of Creation. In fact here is an on chain collection of articles and videos relating to Craig called the library of craig - https://www.bitpaste.app/tx/94b361b205196560d1bd09e4e3b3ec7ad6bea478af204cabfe243efd8fc944dd So there is a guy with 17 degrees, a self professed one in a hundred thousand IQ, who’s worked for Australian Federal Police, ASIO, NSA, NASA, ASX. He’s been in Royal Australian Air Force, operated a number of businesses in Australia, published half a dozen academic papers on networks, cryptography, security, taught machine learning and digital forensics at a number of universities and then another few hundred short articles on medium about his work in these various domains, has filed allegedly 700 patents on blockchain related technology that he is going to release on bitcoin sv, copyrighted the name so that he may prevent other competing protocols from using the brand name, that is telling you he is the guy that invented the technology that he has a whole host of other circumstantial evidence to support that, but people won’t believe that because they saw something that a talking head on twitter posted or that a Core Developer said, or a random document that appears online with a C S Wright signature on it that lists access to an address that is actually related to Roger Ver, that’s enough to write him off as a scam. Even then when he publishes a photo of the paper copy which appears to supersede the scanned one, people still don’t readjust their positions on the matter and resort back to “all he has to do is move the coins or sign a tx”. https://imgur.com/urJbe10 Yes Craig was on the Cypherpunk mailing list back in the day, but that doesn’t mean that he was or is an anarchist. Or that he shares the same ideas that Code Is Law that many from the crypto community like to espouse. I myself have definitely been someone to parrot the phrase myself before reading lots of Craig’s articles and trying to understand where he is coming from. What I have come to learn from listening and reading the man, is that although I might be fed up with the systems we have in place, they still exist to perform important functions within society and because of that the tools we develop to serve us have to exist within that preexisting legal and social framework in order for them to have any chance at achieving global success in replacing fiat money with the first mathematically provably scarce commodity. He says he designed bitcoin to be an immutable data ledger where everyone is forced to be honest, and economically disincentivised to perform attacks within the network because of the logs kept in a Write Once Read Many (WORM) ledger with hierarchical cryptographic keys. In doing so you eliminate 99% of cyber crime, create transparent DAO type organisations that can be audited and fully compliant with legislature that’s developed by policy that comes from direct democratic voting software. Everyone who wants anonymous coins wants to have them so they can do dishonest things, illegal things, buy drugs, launder money, avoid taxes. Now this triggers me a fair bit as someone who has bought drugs online, who probably hasn’t paid enough tax, who has done illegal things contemplating what it means to have that kind of an evidence ledger, and contemplate a reality where there are anonymous cryptocurrencies, where massive corporations continue to be able to avoid taxes, or where methamphetamine can be sold by the tonne, or where people can be bought and sold. This is the reality of creating technologies that can enable and empower criminals. I know some criminals and regard them as very good friends, but I know there are some criminals that I do not wish to know at all. I know there are people that do horrific things in the world and I know that something that makes it easier for them is having access to funds or the ability to move money around without being detected. I know arms, drugs and people are some of the biggest markets in the world, I know there is more than $50 trillion dollars siphoned in to off shore tax havens from the value generated as the product of human creativity in the economy and how much human charity is squandered through the NGO apparatus. I could go on and on about the crappy things happening in the world but I can also imagine them getting a lot worse with an anonymous cryptocurrency. Not to say that I don’t think there shouldn’t be an anonymous cryptocurrency. If someone makes one that works, they make one that works. Maybe they get to exist for a little while as a honeypot or if they can operate outside the law successfully longer, but bitcoin itself shouldn’t be one. There should be something a level playing field for honest people to interact with sound money. And if they operate within the law, then they will have more than adequate privacy, just they will leave immutable evidence for every transaction that can be used as evidence to build a case against you committing a crime. His claim is that all the people that are protesting the loudest about him being Satoshi are all the people that are engaged in dishonest business or that have a vested interest in there not being one singular global ledger but rather a whole myriad of alternative currencies that can be pumped and dumped against one another, have all kinds of financial instruments applied to them like futures and then have these exchanges and custodial services not doing any Know Your Customer (KYC) or Anti Money Laundering (AML) processes. Bitcoin SV was delisted by a number of exchanges recently after Craig launched legal action at some twitter crypto influencetalking heads who had continued to call him a fraud and then didn’t back down when the CEO of one of the biggest crypto exchanges told him to drop the case or he would delist his coin. The trolls of twitter all chimed in in support of those who have now been served with papers for defamation and libel and Craig even put out a bitcoin reward for a DOX on one of the people who had been particularly abusive to him on twitter. A big european exchange then conducted a twitter poll to determine whether or not BSV should be delisted as either (yes, it’s toxic or no) and when a few hundred votes were in favour of delisting it (which can be bought for a couple of bucks/100 votes). Shortly after Craig was delisted, news began to break of a US dollar stable coin called USDT potentially not being fully solvent for it’s apparent 1:1 backing of the token to dollars in the bank. Binance suffered an alleged exchange hack with 7000 BTC “stolen” and the site suspending withdrawals and deposits for a week. Binance holds 800m USDT for their US dollar markets and immediately once the deposits and withdrawals were suspended there was a massive pump for BTC in the USDT markets as people sought to exit their potentially not 1:1 backed token for bitcoin. The CEO of this exchange has the business registered out of Malta, no physical premises, the CEO stays hotel room to hotel room around the world, has all kind of trading competitions and the binance launchpad, uses an unregistered security to collect fees ($450m during the bear market) from the trading of the hundreds of coins that it lists on its exchange and has no regard for AML and KYC laws. Craig said he himself was able to create 100 gmail accounts in a day and create binance accounts with each of those gmail accounts and from the same wallet, deposit and withdraw 1 bitcoin into each of those in one day ($8000 x 100) without facing any restrictions or triggering any alerts or such. This post could ramble on for ever and ever exposing the complexities of the rabbit hole but I wanted to offer some perspective on what’s been happening in the space. What is being built on the bitcoin SV blockchain is something that I can only partially comprehend but even from my limited understanding of what it is to become, I can see that the entirety of the crypto community is extremely threatened as it renders all the various alt coins and alt coin exchanges obsolete. It makes criminals play by the rules, it removes any power from the developer groups and turns the blockchain and the miners in to economies of scale where the blockchain acts as a serverless database, the miners provide computational resources/storage/RAM and you interact with a virtual machine through a monitor and keyboard plugged in to an ethernet port. It will be like something that takes us from a type 0 to a type 1 civilisation. There are many that like to keep us in the quagmire of corruption and criminality as it lines their pockets. Much much more can be read about the Cartel in crypto in the archive below. Is it possible this cartel has the resources to mount such a successful psychological operation on the cryptocurrency community that they manage to convince everyone that Craig is the bad guy, when he’s the only one calling for regulation, the application of the law, the storage of immutable records onchain to comply with banking secrecy laws, for Global Sound Money? https://archive.fo/lk1lH#selection-3671.46-3671.55 Please note, where possible, images were uploaded onto the bitcoin sv blockchain through bitstagram paying about 10c a pop. If I wished I could then use an application etch and archive this post to the chain to be immutably stored. If this publishing forum was on chain too it would mean that when I do the archive the images that are in the bitstragram links (but stored in the bitcoin blockchain/database already) could be referenced in the archive by their txid so that they don’t have to be stored again and thus bringing the cost of the archive down to only the html and css.
My weekend with Titanium Blockchain Infrastructure Services, TBIS
This is my first ever blog post so please excuse me if I don’t adequately meet up to your writing expectations or answer all of your questions. Just a warning I tend to be wordy. In the Telegram world, my name is “Titanium Big Fish” and I hold a 6-figure amount of Titanium’s utility token, TBAR. As many of you know, Titanium Blockchain Infrastructure was hacked February 21, 2018. Prior to the hack, I had always been active on the telegram channel and enjoyed talking of our future riches to others as I found myself loving the banter and comradery. Moon landings and Lambo’s were often the fun conversation. Unfortunately, this hack happened immediately after I sold my business and a week after my first child was born. I went from someone mentally retired on Titanium and crypto to someone unemployed with a newborn, having to now bust out my 2011 resume. By February 21st, I was known to the top level in the company as a 6-figure token holder and I was still actively accumulating, so when I noticed A LOT of BAR being dumped on IDEX, I sent a telegram to Richard the COO questioning the ‘sale’ of so many tokens. Much to my surprise, and until today, I have kept this to myself, Richard asked me for my email and to sign an NDA and I was to call into a group chat. Much of what I write here might “bend” this NDA. Besides myself on the call there were a few top-level managers. I was informed that there was a hack. Michael, the CEO sounded extremely upset. I could hear despondence and stress in his voice. Before they decided to go with their plan A, they wanted a token holders’ thoughts. Someone who might have some other insight into a different idea and hear how the community might react. I came up with an idea that was not feasible at the time which was to fork into the ‘ingots’ but Richard said the blockchain would not be ready for a few months and not a solution to stop the hacker from profiting. They then discussed an actual fork, that Richard and James could start working on ASAP. Everyone agreed that the fork was the best idea to prevent the hacker from profiting and TBAR was created at this point. Apparently, the team had previously contacted the exchanges, because our call ended when the IDEX owner called for Michael and Michael had to get off the phone with us to take that call. There were 4 takeaways from this phone conversation that I had. One: I strongly suggested NOT to reveal this hack to the community and to make up ANY excuse but ‘hack’ to the token holders. I knew the mention of that word, would cause the BAR price to plummet and as a large holder I wanted to avoid that. Michael said, that we had to take the high road, and be honest and transparent. I really felt that was a strong statement for him to have made and it was something that I am certain that I would not have been able to do in that moment had I been the CEO. Two: I immediately noticed there was one top level manager NOT on the phone call, the CTO. I had been following Titanium and knew all the management and expected the CTO to be on this call. Literally that week I had run background checks on everyone so when someone was not there, I took notice, especially since his background check had some minor criminal issues. Three: when I asked whom I thought could possibly do something like this, it was evidently clear to me that the others on the call had a definite idea who the hacker was and it seemed Michael even wanted to blurt it out, saying something about not knowing who your true friends are. Four: I found myself somewhat on the ‘inside’ of the company. The next few weeks were basically a nightmare. I had added to my holdings all month leading into the hack and even had a 5-figure order on the books that the hacker grabbed up. To say I was fully invested is an understatement. I became the voice of reason to many on the telegram channel, because I really believe in the project, and knew they would pull through and also suspected they knew whom the hacker was and his being caught was inevitable. Also, hearing Michael and Richards voices on the call to discuss options, gave me confidence that they had nothing to do with this. I also felt it best to be reasonable about my holding and think everything through logically and clearly before taking a negative stance on this. My logic and reasoning led me to fully believe in the team after seeing how hard they were working on resolving this. I always felt, if it was not for Hitbtc, this would have been a minor issue that would have been incredibly resolved quickly, brilliantly and with almost no loss of BAR. Over time, I started to grow closer to Richard and others on the team in my private discussions about the hack and my own Sherlock Holmes investigations. Unfortunately, I am still under my NDA and even now can not reveal things that I know because mostly they are circumstantial or might hinder the investigation. My NDA also prevented me from revealing other things that I had known in the past. For example, when a youtube interview was rescheduled, people blamed Michael for this. He seemed to be an easy fall guy, whom everyone felt just didn’t show up. However, I had known all along that it was cancelled by the interviewer and Michael was actually ready for the interview. One of the team members took the fall blaming themselves for this miscommunication. People questioned this when it was revealed, but I saw it as a team that never places blame on others and never speaks negatively about anyone, nor do they try to counter FUD even when they can and should. To me that is the sign of a company specifically thinking long term. I still have not seen a team member bad mouth anyone or any company (even HBTC). On a whim, I reached out to Richard and said that I wanted to meet him, to see the office and meet Michael. I was concerned about my purchase, of course, and felt as a token holder I needed to see what was going on. There was a blockchain event coming up in LA and I was told that weekend would work as Martha, the CCO, would also be there. For this trip, I rented my own car, paid for my own airfare and rented my own hotel room. Titanium did not pay for me to come out to LA and they did not suggest that I come. Titanium is not paying me to write this nor are they demanding I say or not say anything. I never intended to write anything about my trip and my trip was not intended to answer Q and A for myself, nor did I take notes until the last day. My purpose of the trip was not to learn roadmap details nor product details, so I apologize to those that think I will fill you all in on the goodies. I was told many goodies, but I took them in stride as a big whole positive picture. I went to see if this was a long-term hold, if I should actually buy more, and to meet the humans behind Titanium, to get a feel for them specifically. I have been careful in what I have written as to not excite people too much with mentioning things not fully completed nor have I mentioned things told to me that might violate others NDA and I do not go into detail at all on any road map dates nor many specific products really. For example, we discussed the Element wallet in detail, but I won’t mention it in this blog at all, nor will I mention many of the products being worked on. All I will say is that there are a lot of things going on. It took me 2 weeks to get this blog out, and as we know in crypto 2 weeks is a lifetime, so many of the issues discussed below have been resolved, as well as some of the questions at the end, have already been answered. My initial meeting with Richard and Martha was brief. It was a cordial meeting- the conversation focused on HITBTC, the big hack, the twitter hack, as well as the fud group. I initially asked what the plan was for HITBTC. Richard had told me he was waiting on their contact there to do what is asked of them, and though they seem to want to help, and they have agreed to help, they always seemed to stop short of helping. I asked if HITBTC wanted money to resolve this, he said yes, and he was willing to pay. Plan B, Richard said, will take place very soon. Although It is not an ideal solution, Richard would have to have each of the 1500+ wallet holders left on HITBTC send in proof that they have BAR on HITBTC, prove when that purchase was made, and individually, each wallet will be sent TBAR if they qualified. It would be a slow and tedious endeavor, that would use up a lot of manpower, but it would get done. The conversation then turned to the hacker. I can’t speak to most of this as it is under investigation and I don’t know the full details, neither did Richard nor Martha. We all have our suspicions, and everything is unfortunately circumstantial at this point, so we just had an in-depth conversation on the circumstantial evidence. I can’t really discuss some of this information however, it is my opinion that this hack was a hack of vengeance, and not really for profit for they would have waited for a much better time to hack and BAR was really under the radar at this point with very low volume. This person does not want Titanium to succeed and more so, has a personal vendetta against Michael. The amount of people on this list is very, very small and it seems apparent that this is what the FUD group was set up for. Interestingly, this same person that I suspect is often in the FUD group. I suspect the person that publicly stated they did not want a fork and also publicly insinuated we should have paid the hacker, is to blame. You can all decide on that one… Interestingly, when I asked the telegram group to send over some Q and A, only 1 person asked about the hack. It seems that people are starting to move on from it. The conversation then turned to the twitter hack and the FUD group (note: this group is currently shut down as of the writing of this blog). Much to my surprise these two things did not seem to bother Richard nor Martha very much at all as they were already past this and implemented new company protocols and procedures. They felt that they have done nothing wrong and were not concerned as the price of the token was moving downward with the market and was now currently sitting near or above ICO Ethereum price (actually as I finish this, it is double the ICO ETH price). It seems Richard was focused more on moving forward, hiring and getting the product created and out. Laser focused actually! We all suspected the twitter hacker and this FUD group are related. I suspect the same people. I learned, there is only 1 person that no longer works with the team, that would have access to the ‘released’ database (that was threatened to be released), and that person is active in that FUD group. That person still had access to the websites and I learned, apparently had shut them down a few times over the weeks. Richard said they are not even investigating the twitter takeover as it would not lead to much and they needed to focus on putting resources where they are better served. There were a lot of conversations back and forth between the founder of the FUD group and Richard. The founder of that group, was asking a large sum of ETH to do an AMA right after the hack. She was pretty upset that she was being ignored, to me it just made sense that during this moment of crisis, she obviously would not be priority #1, nor would a discord AMA be worth the price of many dozens of ETH. It is now old news, so lets move on. Prior to my arrival in LA, I received a message from someone on Telegram who had “secret information” and correspondence from Michael regarding moving the office to Europe. This individual had once worked for the team and worked on setting up a possible international office and wanted me to know this information. I thought that would be a great idea, to get away from the regulations of the USA. Initially the person seemed to be telling me this as if it was secret FUD that he had, but when questioning him more, he said this was discussed months earlier and definitely not an escape plan, but more so to expand our offices internationally. I asked Richard his thoughts on moving the company, and he said that there are definitely no plans on doing so, however they do plan on running the DEX exchange in a favorable European country. Malta (where Binance recently opened office), Switzerland and Belarus had all come up, but no decisions were being made as to where. They went as far as looking into the intricacies of opening bank accounts and offices if necessary in these European locations, but it has not moved forward at this moment. More details might be released soon, and if so, it is not FUD, but a well thought out plan by Titanium. They truly thought everything through on this. After about 90 minutes, Richard and Martha were heading to the office to meet Michael and interview 2 new engineers. My takeaway from the initial meeting was that I was surprised to hear Martha had recently just met Michael that morning, in person, for the first time. I had always thought they knew each other well, Michael always acted on the telegram that he was very personal with Martha, but I soon found out he is very warm and friendly to everyone. Richard and Martha had also just recently met face to face and only knew each other from Core through the ICO. My initial impression of meeting Richard is that he does not seem phased by anything. Every amount of FUD thrown his way he seemed to brush off with his answer of “we did nothing wrong, the product will speak for itself”. This seems to be his true belief. He is pretty certain of whom the hacker is, and does show some emotion when discussing that. Regarding the investigation, all Richard could say was that he was told something was definitely happening and news will be released soon. He is pretty calm and collected for someone basically running the helm here. Martha seemed to have her ducks in line and was very passionate about the project. She has the high energy and the knowledge it takes to fill her position with the company. That night I met Richard and Martha in bar in LA. We had a few drinks and the topic of course turned to Titanium. Most of the discussion that we had made me super excited, as it detailed many of the future products. I recall texting “Dr Hodler” the telegram manager, that night and telling him I am loading up on more TBAR (since my trip my position has increased by 5 figures). Much of my memories of the conversation revolved around the master nodes. This is where my NDA really kicks in, so I can’t go into detail about them. I know they will be tiered and they will exist, though Richard mentioned unlike regular master nodes that we know of, because those pay a dividend and as a utility token we have to avoid paying a dividend. They will be blockchain rewards based. So token holders that have master nodes will earn block rewards. This was very well thought out. What I will say, and this was a running theme for the weekend, is that Richard is extremely brilliant. Not the nerdy brilliant, one-subject brilliant or boring brilliant but the type of brilliant that probably knows more about your profession, than you do. The Jeopardy champion brilliant. He thought of so many intricate details on every product and regarding these nodes, and this company, that his excitement, passion and intelligence made me excited. He did go into technical detail on these things, but I would never be able to explain it correctly. It was very detailed and thought out. Though after this evenings conversation, I do see why Michael mentioned Elon Musk once in a telegram chat. What I would later find out about Richard was that at age 12 he was building and taking apart computers, and probably charging more to tutor people in computers, than a doctor was charging. He is someone that can lead Titanium to the top, someone that is motivated to, desires to, has the financial ability to, financial incentive to, and someone that will certainly be a huge success story in anything he wants. I am extremely confident in him and Titanium. Everyone wants to hear Michael speak, but Richard in my opinion is really the man behind the tech here. Unfortunately, like many tech guys (or geeks, though he does not come across as that), he is more comfortable behind the scenes instead of in front of a camera and never seemed to bite on my idea of getting him to do weekly video updates. The next day we met at the Blockchain conference. It was not a great conference, but I did end up meeting 3 guys from the LA office, the amigos as Richard would say. They seemed excited to be working for Titanium. They were all intelligent and high energy, amicable and knowledgeable on this space. They were open to doing whatever it is that Richard asked of them. They were however not engineers and are part of the admin team working with Michael out of the LA office and they were there to help network with some of the youtube speakers at the conference and to get TBIS name out. Eventually one of the guys, Alex, got us in the backroom with the main speaker and a youtube personality that I follow. I was excited that this happened however that youtuber seemed only interested in how we could help him, and since his future ICO seemed like shit to me, that was not gonna happen. One takeaway was that I was a little dismayed at the teams elevator pitch. Hopefully in the future if they get to sit down with a big player off-the-cuff like that, it would be a bit more organized. I know it was the first time something like this might have happened, so next time hopefully they prepare better. Sales is extremely important in this space, and being able to spew EXACTLY what you need, what you do and how you do it, all within 30 seconds, has to be practiced. I can tell it was not. It did not matter because this guy was a dud, even though he was a main youtuber, it just goes to show these youtubers just are out only for themselves. Interestingly, in later conversation, I asked if Titanium ever paid “Supoman” and I was not surprised to hear that they 100 percent never had. Our next stop after the conference was to head to the new office to meet Michael. One of my many reasons for investing into the ICO was because this was a USA based company, something located close enough that I could visit if I needed and because of Michael. When I first met Michael, I could see he was extremely well liked by his staff. A few of the guys that I met had come along to the office, and he hugged them when he saw them and seemed to be very warm, friendly and easy going. I have only heard great things about Michael from people that know him and worked with him and I remember our conversation on the phone after the hack how he seemed pleasant even in crisis. He was very professional as well as friendly, we shot the breeze a bit. It was mostly small talk. I had wanted to bombard him with a bunch of questions, but at the time, it didn’t seem appropriate as I was not one on one with him. Richard had already told me there was an investigation going on, but that it was secret and unless I could get alone with Michael I foresaw that was not going to be answered. He definitely seemed more the sweet, caring, puppy loving, family loving, honest and easy-going type, rather than anything else I could have imagined. I didn’t see any ‘snake oil salesman’, ‘used car salesman’ type at all. In fact, how this guy could have any enemies anywhere actually is surprising. I immediately liked him and could see why he would be good in sales. I assume anyone that does not like him, has clearly never met him. When I thought about the office, I envisioned it where every techie developer on the team would be flown in worldwide, living out of a commune together and working 24/7 on Titanium. I envisioned team brainstorming meetings in a huge conference room with 100s of people running around. Well this I have come to understand is not what happens in the real ICO world. Titanium has a really nice office (the new carpet smell was prevalent) though it was not set up completely. It is perfect size for a start-up and I suspect mostly will be Michael’s home base /private office. Especially since Richard said he was not only not moving to LA, but that he was opening up his own office in Oregon (apparently Eugene is a tech town). Much to my dismay, the LA office is just not going to be an active hub of developers and engineers burning the midnight oil. What I have come to know is that the best developers and engineers, just don’t live in LA, nor do they want to, and I can definitely understand that. So, although Richard interviewed a few developers the day before, that might work in the office, he even said they could probably work from home (after implying he was hiring them). The LA office will house most of the admin people working for Michael and possibly the future sales staff, but really won’t be much of an active office with engineers working so anyone wanting that 24/7 camera set up in the LA office, I have given my two cents that it is stupid idea and a complete waste of time, money and energy as there will not be people burning that midnight oil like I suspected. Previously, Richard had mentioned to me and to the telegram group that they have hired about 40 contractors and subcontracted engineers and Michael agreed with that statement when I brought it up. Richard has also told me they are hiring up to about 60 in total. I was pleasantly surprised to hear such a large number. He said they will be located worldwide and did mention what cities he was advertising in, but I have since forgotten. For the most part, people working for Titanium, will work remotely. Richard did state that anyone working for TBIS moving forward will be solely employed exclusively by TBIS and not allowed to work on any other project but ours. That was also refreshing. Other things that were discussed with Michael was the FUD group. Again, I found it interesting that Michael did not seem to care too much about this group. I was under the impression he did not even know much about them at all. Seems the team doesn’t feel they have anything to worry about. The common theme is that they are a utility token, a product, sold to the public for future use in their ecosystem. When asked by me if they thought about getting a cease and desist on the group, they shrugged off the idea. Interestingly, everyone that bought into the ICO is now up money on TBAR compared to ETN, ETH and probably every other coin used to purchase BAR (unless fiat was used) Titanium is trading spectacularly compared to the rest of the market. One last thing that happened in the meeting with Michael was that when I revealed someone wanted me to reach out to the ex CTO for a conversation with him, Michaels demeanor completely changed. He went from a smiling happy guy shooting the breeze about the office furniture, to a complete 180 turn, becoming a stern father figure telling me exactly not to go play in shit. Basically, he gave me warning that it would be a bad idea and lets just leave it at that. That night we ended up going back to Richards Airbnb. We all played a bit on the telegram and chatted about how inexpensive TBAR was. It was here that one of the main team members that I was with went on IDEX and purchased 12,000 TBAR after confirming the price was just too cheap at .25 cents. I also was told that recently another main team member bought a larger amount of TBAR in the 40 cent range. That was confidence building for me. Then it came up that immediately after the hack happened Richard and Martha confirmed that Richard went through ALL 22000+ wallets, one at a time, to take a snap shot of each wallets BAR holdings, to know who had what at the time. This took many hours. I was impressed. It seems that he has a lot of passion for this company and desire for it to succeed and, also that he doesn’t mind taking a back seat to all the work he does. I felt at that moment that I should write a little blog about my trip so that others can see how much work these guys are doing. Martha is also completely on the ball. She is overwhelmed I am sure with her duties, but seemed to handle everything perfectly in stride. She is also very intelligent and has her Master’s Degree in Communications from an amazing school. So even though she came from CORE, seems she is a great fit for the job. Sunday afternoon we spent a little time going over some questions that were asked of me on the telegram chat. Much like some of my blog, some of the issues and questions have already been resolved. I apologize it took me so long to get this out. I do want to make clear, the purpose of my trip was not for me to get answers to certain questions, it was for me to meet the team, see real substance, and get a better understanding of Titanium, it was not a Q and A session for me. It was about absorbing and getting a feel for TBIS. It was for myself and not really to make this blog. I am not technical, so I could not dig too deep into technical details, if you want those answers, hopefully the new Q and A weekly newsletter will answer those for you. I am under an NDA so some of the questions or concerns that I might have answers to, are tough for me to relay. But here are a few paragraphs of what came from these questions. As far as partnerships are concerned, Titanium is obviously seeking out many strategic partnerships, but the product is high priority right now. Politically it is hard to discuss potential partnerships before they actually happen, so there was no set name of a partner that was mentioned. Nor did I ask. This seemed to be the theme with exchanges as well. There was a mention to me of a few exchanges that were seemingly definitely coming, but they cannot be revealed by me because there are NDA’s with those exchanges and of course things could change. I assure you from what was randomly said to me, possibly by accident, there is a real great one coming. But again, that can always change. Product completion is imperative for acquiring customers as well, but I was happy to hear Richard and Michael are flying to Thailand to meet with a potential customer. That seems to be something Michael mentioned in a video and it was confirmed with me that it was indeed definitely happening. As for seeing Michael more, Michael is now focused on the big picture of Titanium as a whole and will be fostering past and new relationships and partnerships for the most part. Due to this he won’t be available as much for video interviews going forward. Hopefully that changes, but the team feels that it is a positive for him to concentrate on the connections he has first and foremost. Masternodes will be tiered and might be set up like block rewards as opposed to dividends. The larger the amount of tokens, the more possible rewards could be earned……. No word yet on how many tokens are needed for MN, rewards will be based off the new token and not TBAR. 10,000 was recently confirmed as one tier. The way it is set up, the # of tokens will not be diminished in our lifetime, I am not sure exactly where this supply is coming from but when I asked where do the never ending supply of blockchain rewards come from, I was told, block rewards are similar to how bitcoin works and the economy is designed to last longer than any of our lifetimes. Tbar will not be minable. There are plans to un ban everyone that has been banned in telegram and start a new slate, once things clear up with all the TBAR HITBTC nonsense. It might be read only or they might open it back up with a short leash, but that is definitely on the agenda. I myself will probably unban everyone banned to read only shortly. There are no patents at the moment- can’t really patent some of this kind of software but if they can they will try. They are looking into all IP patents however, and any patents they can get, they certainly will. Technical whitepaper- a new version is coming with more tech specs and with a tech write up but not how things will work, that isn’t going to be released. No public github but Richard will write a readme writeup for github explaining their open source stance. Some will be open source but it takes longer to open source. Companies often do this. Telegram for example has their app open sourced and some server tech but not all of it. Titanium is concentrating on only hiring the best people around. When asked exactly how many are currently hired full time the answer was- there were already 35 direct hires and they have some contract employees working on a couple of the projects with them (I guess this is the 40 total mentioned before). The website is being redeveloped because it was still in control of the ex CTO, who actually might have crashed it multiple times and took the ICO site offline a few times. Hmmmm, interesting. Some of the new projects will have one-of-a-kind technology. Some were explained in depth and sound awesome… As far as competitors go, Richard seemed happy that Google and others have been very clear on what they will be creating and he says it is not anything like what TBIS is doing. Here are some other direct questions answered briefly. How can long term holders be rewarded? Staking of their tokens for services as well as Master Node options. Is there an ever a reduction of supply? Burning is being heavily considered as services are being paid for. Premium Michael promised after the hack? ICO supporters will have something. It is not solidified yet, the team can’t wait for ICO buyers to hear about it in the official announcement. When can we expect a working product? They currently have working versions of their product and it’s constantly evolving. Open Betas and Alphas are upcoming but I couldn’t get exact dates yet. Apparently, software design is often tricky but they have a good team and always hiring. As far as some past FUD I would like to answer. Many brought up the home address as the address of record on TBIS website and incorporation. Those of you who question this have clearly never set up a small business in the USA. The process is simple. You can NOT lease an office without a corporate bank account, you can NOT get a corporate bank account without incorporating and you can NOT incorporate without an address. It is all one big catch 22. So, the VAST majority of business have 1 or 2 options. One is to use a home address or maybe a PO Box though I don’t think that is allowed in my state, the other option is to pay a ‘registered agent’ to collect your mail and use their random address. This is what a lot of companies do, but it costs money and there is no need for it. There is absolutely NO FUD nor concern that TBIS used a residential address as their initial address. All of my businesses have been incorporated at a residential address. Also, I ran a background check on the 5 current and an ex main player of Titanium and 4 of the 5 background checks (the 4 current and new employee) were clean as can be, completely stellar, the 5th was not. I also have a friend that works for the FBI. She is a psychological forensic profiler. Now I personally do not have an answer to whom was contacted regarding the hack, but my FBI friend said there is no chance, zero chance that the FBI will discuss any ongoing investigation with any Joe from the general public. She went on to say, unless you are an interviewed suspect or the victim, you would not be told about an ongoing investigation. She was very adamant about this. Even stating, “Do you think they would have fielded your call about Madoff?” However, she went on to say that the FBI would be the wrong people to contact regarding a crypto hack and that a private company that specializes in this stuff would be better, as FBI agents (in her words have no clue about this stuff) and make about 1/3 what a private company would pay their hackers. So, this sums up my visit. I learned many things and I hope I could help you with some of your questions. I know I could not answer the whodunit question nor give a price prediction of the future of TBAR, nor resolve HITBTC for you, sorry. One of the most important things I realized is that this is truly a startup. If you are looking for a quick buck it is probably not happening. I think this frustrates many of you, causing unnecessary FUD. Much like my newborn stretching and kicking and making awkward faces, Titanium is in the newborn phase doing similar things. Finding their strong points, falling down a little, scratching themselves and even maybe a little crying / firing. Eventually, like my son, things will fall into place and what we will end up with is a very successful operation because all the groundwork is being laid right in front of our eyes. I was privileged to see the office blueprints, hear conversations about the hiring of team members, meet the CEO, hear about other offices being started, and the intricacies of products that are being built. I believe that once they overcome the hack and hitbtc and the fud, things will be smooth sailing when they can truly focus on all things positive. Those that are interrupting this process are like the big dumb schoolyard bully that doesn’t realize that instead of picking on the cool nerdy kid, they should join forces with this kid, help him off his feet as this will one day grow into something extremely successful. But like the big dumb bully, unfortunately you just can’t reason with stupid.
[uncensored-r/CryptoCurrency] Why Raiblocks is the future
The following post by MaxMusa is being replicated because the post has been silently removed and some comments within it have been openly removed. The original post can be found(in censored form) at this link: np.reddit.com/ CryptoCurrency/comments/7p40ij The original post's content was as follows:
THIS POST IS MORE GEARED TOWARDS NEWCOMERS OR THOSE ON THE FENCE. Not a lot of technical information at all. RaiBlocks is the closest you can get to a “sure thing” in the crypto world, and I’d like to lay out my reasoning for that statement. I will do my best to put the case forward for RaiBlocks without putting down other major cryptos, as they all have their use cases. Anyone who thinks “Bitcoin is dead” is foolish as it is still by far the most used, stress-tested, worked on and secure crypto and the value of that cannot be overstated. However, looking towards the future, RaiBlocks is the clearly superior form of transaction. There are no fees, and it is virtually instant. By no fees I do not mean low fees, I mean no fees. You can send $10 to and from another wallet a million times, and still have exactly $10. This allows for the very first time a crypto to be used as a real world currency, and not just a store of value. Any fee, even a small $1 fee, is a disincentive to spend and unsuitable for any currency that is going to be used for everyday purchases. Would you buy a 50c item from a corner store if it cost you at least double that amount in fees? Of course not, psychologically there is a massive barrier there. Even credit card processor fees have limited small purchases, many small businesses thus have minimum buys or add a % fee on top of credit or debit card transactions. With Raiblocks, you can send any amount, big or small, and not pay a dime for it, and neither does the receiver. Raiblocks focuses on one thing and one thing only – being a useable currency. Virtually every other “currency” is ruined by attempting other use cases at the same time. Rai is NOT trying to be a currency AND a smartcontract platform, and a place to store your virtual pets, and a quantum processor for the storage of decentralized beanie babies, it is doing one thing and one thing correctly. What else do you use cash for, besides buying and selling? Have you ever had the desire to write contracts on your bills, even though you could? Smart contracts and DAPPs are fantastic, but not in conjunction with also trying to be a currency. The first major use case we will see, is as a medium of exchange for exchanges. When enough major cryptocurrency exchanges list Rai (KuCoin just did, Binance will soon, and I guarantee many others will be following), sending Rai from one exchange’s wallet to the other will become the cheapest and fastest way to transfer. So even before widespread adoption, it will have a major use case for transferring money between exchanges and wallets, it is simply the easiest and cheapest option. This is in the near future, measured in weeks and months not years. It goes so far beyond that, though. When Rai is an option for a transfer, it will ALWAYS be the fastest and cheapest option in any use case, since there is nothing cheaper than free or quicker than a few seconds. Another major indicator of its future success is its community. As I write this Rai is trending on Github, and has one of the most active Githubs besides Bitcoin itself. I don’t need to explain the implications of this and how essential it is for the coin’s long-term success. The team makes the coin (literally and figuratively) so that alone should inspire confidence. Raiblocks uses DAG (Directed Acyclic Graph) based block-lattice structure, which essentially means each user possesses their own blockchain. Instead of tracking transaction amounts, the user’s chain will record balances, which means much less storage. Rai uses hardly any electricity in comparison to other major coins – which is an enormous bonus in this environmentally friendly environment. I think government regulation threatening cryptocurrency is more likely to target mining than the coin itself, since government’s need excuses and massive energy being burned is a great excuse, so I think that Rai is also significantly less likely to be the target of regulation or swept up in a new regulatory law. Because each user has control over their own blockchain, neither PoW or PoS is used in the traditional sense to decide on the global state of the ledger. The exceptions are it uses dPOS which allows users to choose a representative node on their behalf, which outsources the work of verifying signatures and voting when there is a conflict. PoW is also used sparingly, but only as an anti-spam measure. This unique system means it is very hard to spam the network (since it’s fee free, something like this is needed) since each block requires about 5 seconds to generate. That means an attempted spammer would require a lot of computational power, while the rest of the network would be completely unaffected. We’re talking many thousands of transactions in a very short period of time before the anti-spam measures are relevant, though. In a space where every coin or token is trying to do everything and anything (usually, by tokenizing something that is completely unnecessary to tokenize, where the token adds no utility) it is fantastic to see a coin focus on one specific use, and do it perfectly. Rai is a libertarian’s wet dream, an inflation-proof, provably fair store of value and perfectly liquid currency rolled into one. The implications for money transfer, especially for the enormous migrant remittance industry (582 billion in 2015 and growing) are enormous. Migrant workers who come from the Philippines, Mexico, etc and send money back to their families are sending smaller amounts every week. They are being fleeced by Western Union fees, and although Bitcoin had potential for this industry, for a short period of time, now it is only feasible to send much larger amounts with $30 transaction fees. I picture a scenario, when adoption is increased (it is still so early!) where people can buy Raiblocks via cash or card in their country of choice for a small fee, and send it back to their families FOR FREE and instantly, who can then choose to hold and sell when needed or cash out instantly. Not much infrastructure is needed to make this dream a reality. Arbitrage will also be a major use case when Rai adoption is increased. Is there a price difference in any nonphysical product or commodity between countries? With Rai, that difference can be taken advantage of in a short period of time. Price differences between exchanges in different countries are often enormous, but with no fees and a few second transaction time, as long as both exchanges accept Rai that gap can be almost instantly leveraged for profit bringing perfect pricing to imperfect markets. No fees allow the option for countless use cases that have never been considered before for any sort of electronic money, including fiat. There was a recent post on /raiblocks that made me smile, about a father using Rai for his son’s allowance. Think about it – if you want to give your child a few dollars here and there, while also being able to see how and where he spends it, what other option is there? A bank transfer for a few dollars would be absurd, and simply giving cash would require you to have perfect change (for example he gets two dollars for taking out the garbage, but you have two $5’s and a $20). Absolutely not for everyone, however for many people this is the perfect option. In this case the father is also teaching his son about the markets, about online security, probably a little about technology, and the importance of saving and investing. Speaking of that, how about tips? In the largest consumer economy on earth many people are paid majority in tips, which are often cash only. You can’t tip the doorman a few bucks with card, and many people including myself have had to shell out $5 or even $20 since they didn’t have dollar bills. Raiblocks is finally a cryptocurrency that is not just amazing because it is decentralized, because you truly own it and not the bank, but all that and it is more CONVENIENT. The only limit is adoption. Raiblocks brings all the positives of cash and bank accounts, combined, and does each BETTER. It’s that simple. edit: Since this seems to be taking off, I should mention this is from the twentyfiveeagles.com newsletter. twentyfiveeagles.com free sign up, great info. edit edit: Also you get a free intro-to-crypto welcome guide/epub when you sign up via email, I've read it and only worth it if you're a total noob if not just enjoy the content don't bother reading.
The fundamental core that makes bitcoin so amazing is a shared public ledger that records all transactions on the network, and on which the whole Bitcoin network relies. This ledger is called a Blockchain. Without getting too technical, all confirmed transactions are settled in batches called blocks. As each block enters the system, it is broadcast to the network of nodes for validation. In ... The Network channels have to be under constant monitoring for now. As less monitoring could increase the risk of the channels being taken over by thieves. Coinbase has recently implemented the lightning network for its users with this second layer solution for bitcoin and other cryptocurrencies. Binance Labs hopes to work with more aspirational projects to explore blockchain applications and together move forward the growth of the industry,” Zhang has also revealed that Binance Labs will launch new incubator programmes in Berlin, Buenos Aires, Lagos, Singapore, and Hong Kong from March 2019, offering the same 10-week programmes. Currently, the network has around 5,500 bitcoin core client nodes showing as available, a statistic you can watch in real time at the Bitnodes site, which was recently purchased by 21 Inc. French supermarket chain Carrefour has revealed that blockchain tracking is boosting sales of some its products namely meat, milk and fruit. As reported by Bitcoin News in 2018, US retail giant Walmart and French supermarket chain Carrefour have continued to be drivers of the move towards blockchain for supply chains and are setting standards for other companies to employ and further develop ... Republic Protocol was recently added to Binance exchange and is currently sitting at a 12 million dollar market capitalization. Republic Protocol is an open-source protocol powering dark pool exchanges. REN is a utility token that provides fuel and security to the engine. Dark pools are currently a missing infrastructure component in the crypto ecosystem and exist for the purpose of ... In contrast with the traditional fiat currency system, Bitcoin was created as a decentralized digital currency, giving birth to an alternative economic framework that works in an entirely different way. Just like most cryptocurrencies, Bitcoin is maintained by a distributed network of nodes. Bitcoin’s proportion of total volume in July was 66%. What are your thoughts about these rankings? Tell us what you think in the comments section below. The post Crypto Volumes Surge in August: Binance Largest Spot Exchange as Huobi Leads Derivatives appeared first on Bitcoin News. JOIN OUR NEWSLETTER. I agree to have my personal information transfered to AWeber ( more information) Your time ... Binance Coin provides access to various features on the Binance exchange.While the asset was initially an ERC-20 token, migration to the Binance Chain (BEP2) took place in late April 2019. On the second live ask-me-anything session with Binance CEO Changpeng “CZ” Zhao, he responded to questions about a wide variety of topics, including decentralized exchanges, the Binance ecosystem, and more. Watch the full session here. ON DELISTING. The first thing I'm going to talk about is delisting. There's a lot of questions and misconception about delisting.
Binance considered rolling back the Bitcoin chain in order to recover stolen funds. How would that have happened? How likely is it that such a recovery method would be executed in the future? SEC Running Bitcoin, XRP, Ether Nodes, Crypto Guidance, Bitcoin Rewards & New Coinbase Coin The Modern Investor. Loading... Unsubscribe from The Modern Investor? Cancel Unsubscribe. Working ... This video is unavailable. Watch Queue Queue. Watch Queue Queue binance futures tutorial in hindi & strategy, बिनेंस फ्यूचर्स पर ट्रेडिंग कैसे करें? - Duration: 25:02. Cryptoverse 2,132 views TOP 5 UNDERVALUED MASTERNODES UNDER 1000 USD - passive Income / make money - Melchionda Network In this video i am talking about the top 5 undervalued Masternodes that costs under 1000 Usd. All of ... Get 50% off your trades on Binance https://www.binance.com/?ref=16738839 Convert Bitcoin into Ether, Litecoin, or any other Crypto Easily https://changelly.c... As soon as I send this Bitcoin, the transaction is broadcast to the blockchain, and several nodes within the network proceed to verify this transaction, add it to the public ledger, then send an ... All nodes in the network are equals, truly peer to peer, and each can send, receive, and relay data. The rules of Cellular Auomata define network topology, and within NKN is a state machine with a ... crypto trading bot, cryptocurrency trading bot, cryptocurrency trading bots, crypto currency trading bot, crypto trading, cryptocurrency trading, bitcoin trading bot, altcoin trading bot, daytrade ... Join my Woo Woo Crypto Patreon https://www.patreon.com/jsnip4/memberships https://medium.com/theta-network/binance-launches-validator-node-on-theta-network-j...