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Ultimate glossary of crypto currency terms, acronyms and abbreviations

I thought it would be really cool to have an ultimate guide for those new to crypto currencies and the terms used. I made this mostly for beginner’s and veterans alike. I’m not sure how much use you will get out of this. Stuff gets lost on Reddit quite easily so I hope this finds its way to you. Included in this list, I have included most of the terms used in crypto-communities. I have compiled this list from a multitude of sources. The list is in alphabetical order and may include some words/terms not exclusive to the crypto world but may be helpful regardless.
2FA
Two factor authentication. I highly advise that you use it.
51% Attack:
A situation where a single malicious individual or group gains control of more than half of a cryptocurrency network’s computing power. Theoretically, it could allow perpetrators to manipulate the system and spend the same coin multiple times, stop other users from completing blocks and make conflicting transactions to a chain that could harm the network.
Address (or Addy):
A unique string of numbers and letters (both upper and lower case) used to send, receive or store cryptocurrency on the network. It is also the public key in a pair of keys needed to sign a digital transaction. Addresses can be shared publicly as a text or in the form of a scannable QR code. They differ between cryptocurrencies. You can’t send Bitcoin to an Ethereum address, for example.
Altcoin (alternative coin): Any digital currency other than Bitcoin. These other currencies are alternatives to Bitcoin regarding features and functionalities (e.g. faster confirmation time, lower price, improved mining algorithm, higher total coin supply). There are hundreds of altcoins, including Ether, Ripple, Litecoin and many many others.
AIRDROP:
An event where the investors/participants are able to receive free tokens or coins into their digital wallet.
AML: Defines Anti-Money Laundering laws**.**
ARBITRAGE:
Getting risk-free profits by trading (simultaneous buying and selling of the cryptocurrency) on two different exchanges which have different prices for the same asset.
Ashdraked:
Being Ashdraked is essentially a more detailed version of being Zhoutonged. It is when you lose all of your invested capital, but you do so specifically by shorting Bitcoin. The expression “Ashdraked” comes from a story of a Romanian cryptocurrency investor who insisted upon shorting BTC, as he had done so successfully in the past. When the price of BTC rose from USD 300 to USD 500, the Romanian investor lost all of his money.
ATH (All Time High):
The highest price ever achieved by a cryptocurrency in its entire history. Alternatively, ATL is all time low
Bearish:
A tendency of prices to fall; a pessimistic expectation that the value of a coin is going to drop.
Bear trap:
A manipulation of a stock or commodity by investors.
Bitcoin:
The very first, and the highest ever valued, mass-market open source and decentralized cryptocurrency and digital payment system that runs on a worldwide peer to peer network. It operates independently of any centralized authorities
Bitconnect:
One of the biggest scams in the crypto world. it was made popular in the meme world by screaming idiot Carlos Matos, who infamously proclaimed," hey hey heeeey” and “what's a what's a what's up wasssssssssuuuuuuuuuuuuup, BitConneeeeeeeeeeeeeeeeeeeeeeeect!”. He is now in the mentally ill meme hall of fame.
Block:
A package of permanently recorded data about transactions occurring every time period (typically about 10 minutes) on the blockchain network. Once a record has been completed and verified, it goes into a blockchain and gives way to the next block. Each block also contains a complex mathematical puzzle with a unique answer, without which new blocks can’t be added to the chain.
Blockchain:
An unchangeable digital record of all transactions ever made in a particular cryptocurrency and shared across thousands of computers worldwide. It has no central authority governing it. Records, or blocks, are chained to each other using a cryptographic signature. They are stored publicly and chronologically, from the genesis block to the latest block, hence the term blockchain. Anyone can have access to the database and yet it remains incredibly difficult to hack.
Bullish:
A tendency of prices to rise; an optimistic expectation that a specific cryptocurrency will do well and its value is going to increase.
BTFD:
Buy the fucking dip. This advise was bestowed upon us by the gods themselves. It is the iron code to crypto enthusiasts.
Bull market:
A market that Cryptos are going up.
Consensus:
An agreement among blockchain participants on the validity of data. Consensus is reached when the majority of nodes on the network verify that the transaction is 100% valid.
Crypto bubble:
The instability of cryptocurrencies in terms of price value
Cryptocurrency:
A type of digital currency, secured by strong computer code (cryptography), that operates independently of any middlemen or central authoritie
Cryptography:
The art of converting sensitive data into a format unreadable for unauthorized users, which when decoded would result in a meaningful statement.
Cryptojacking:
The use of someone else’s device and profiting from its computational power to mine cryptocurrency without their knowledge and consent.
Crypto-Valhalla:
When HODLers(holders) eventually cash out they go to a place called crypto-Valhalla. The strong will be separated from the weak and the strong will then be given lambos.
DAO:
Decentralized Autonomous Organizations. It defines A blockchain technology inspired organization or corporation that exists and operates without human intervention.
Dapp (decentralized application):
An open-source application that runs and stores its data on a blockchain network (instead of a central server) to prevent a single failure point. This software is not controlled by the single body – information comes from people providing other people with data or computing power.
Decentralized:
A system with no fundamental control authority that governs the network. Instead, it is jointly managed by all users to the system.
Desktop wallet:
A wallet that stores the private keys on your computer, which allow the spending and management of your bitcoins.
DILDO:
Long red or green candles. This is a crypto signal that tells you that it is not favorable to trade at the moment. Found on candlestick charts.
Digital Signature:
An encrypted digital code attached to an electronic document to prove that the sender is who they say they are and confirm that a transaction is valid and should be accepted by the network.
Double Spending:
An attack on the blockchain where a malicious user manipulates the network by sending digital money to two different recipients at exactly the same time.
DYOR:
Means do your own research.
Encryption:
Converting data into code to protect it from unauthorized access, so that only the intended recipient(s) can decode it.
Eskrow:
the practice of having a third party act as an intermediary in a transaction. This third party holds the funds on and sends them off when the transaction is completed.
Ethereum:
Ethereum is an open source, public, blockchain-based platform that runs smart contracts and allows you to build dapps on it. Ethereum is fueled by the cryptocurrency Ether.
Exchange:
A platform (centralized or decentralized) for exchanging (trading) different forms of cryptocurrencies. These exchanges allow you to exchange cryptos for local currency. Some popular exchanges are Coinbase, Bittrex, Kraken and more.
Faucet:
A website which gives away free cryptocurrencies.
Fiat money:
Fiat currency is legal tender whose value is backed by the government that issued it, such as the US dollar or UK pound.
Fork:
A split in the blockchain, resulting in two separate branches, an original and a new alternate version of the cryptocurrency. As a single blockchain forks into two, they will both run simultaneously on different parts of the network. For example, Bitcoin Cash is a Bitcoin fork.
FOMO:
Fear of missing out.
Frictionless:
A system is frictionless when there are zero transaction costs or trading retraints.
FUD:
Fear, Uncertainty and Doubt regarding the crypto market.
Gas:
A fee paid to run transactions, dapps and smart contracts on Ethereum.
Halving:
A 50% decrease in block reward after the mining of a pre-specified number of blocks. Every 4 years, the “reward” for successfully mining a block of bitcoin is reduced by half. This is referred to as “Halving”.
Hardware wallet:
Physical wallet devices that can securely store cryptocurrency maximally. Some examples are Ledger Nano S**,** Digital Bitbox and more**.**
Hash:
The process that takes input data of varying sizes, performs an operation on it and converts it into a fixed size output. It cannot be reversed.
Hashing:
The process by which you mine bitcoin or similar cryptocurrency, by trying to solve the mathematical problem within it, using cryptographic hash functions.
HODL:
A Bitcoin enthusiast once accidentally misspelled the word HOLD and it is now part of the bitcoin legend. It can also mean hold on for dear life.
ICO (Initial Coin Offering):
A blockchain-based fundraising mechanism, or a public crowd sale of a new digital coin, used to raise capital from supporters for an early stage crypto venture. Beware of these as there have been quite a few scams in the past.
John mcAfee:
A man who will one day eat his balls on live television for falsely predicting bitcoin going to 100k. He has also become a small meme within the crypto community for his outlandish claims.
JOMO:
Joy of missing out. For those who are so depressed about missing out their sadness becomes joy.
KYC:
Know your customer(alternatively consumer).
Lambo:
This stands for Lamborghini. A small meme within the investing community where the moment someone gets rich they spend their earnings on a lambo. One day we will all have lambos in crypto-valhalla.
Ledger:
Away from Blockchain, it is a book of financial transactions and balances. In the world of crypto, the blockchain functions as a ledger. A digital currency’s ledger records all transactions which took place on a certain block chain network.
Leverage:
Trading with borrowed capital (margin) in order to increase the potential return of an investment.
Liquidity:
The availability of an asset to be bought and sold easily, without affecting its market price.
of the coins.
Margin trading:
The trading of assets or securities bought with borrowed money.
Market cap/MCAP:
A short-term for Market Capitalization. Market Capitalization refers to the market value of a particular cryptocurrency. It is computed by multiplying the Price of an individual unit of coins by the total circulating supply.
Miner:
A computer participating in any cryptocurrency network performing proof of work. This is usually done to receive block rewards.
Mining:
The act of solving a complex math equation to validate a blockchain transaction using computer processing power and specialized hardware.
Mining contract:
A method of investing in bitcoin mining hardware, allowing anyone to rent out a pre-specified amount of hashing power, for an agreed amount of time. The mining service takes care of hardware maintenance, hosting and electricity costs, making it simpler for investors.
Mining rig:
A computer specially designed for mining cryptocurrencies.
Mooning:
A situation the price of a coin rapidly increases in value. Can also be used as: “I hope bitcoin goes to the moon”
Node:
Any computing device that connects to the blockchain network.
Open source:
The practice of sharing the source code for a piece of computer software, allowing it to be distributed and altered by anyone.
OTC:
Over the counter. Trading is done directly between parties.
P2P (Peer to Peer):
A type of network connection where participants interact directly with each other rather than through a centralized third party. The system allows the exchange of resources from A to B, without having to go through a separate server.
Paper wallet:
A form of “cold storage” where the private keys are printed onto a piece of paper and stored offline. Considered as one of the safest crypto wallets, the truth is that it majors in sweeping coins from your wallets.
Pre mining:
The mining of a cryptocurrency by its developers before it is released to the public.
Proof of stake (POS):
A consensus distribution algorithm which essentially rewards you based upon the amount of the coin that you own. In other words, more investment in the coin will leads to more gain when you mine with this protocol In Proof of Stake, the resource held by the “miner” is their stake in the currency.
PROOF OF WORK (POW) :
The competition of computers competing to solve a tough crypto math problem. The first computer that does this is allowed to create new blocks and record information.” The miner is then usually rewarded via transaction fees.
Protocol:
A standardized set of rules for formatting and processing data.
Public key / private key:
A cryptographic code that allows a user to receive cryptocurrencies into an account. The public key is made available to everyone via a publicly accessible directory, and the private key remains confidential to its respective owner. Because the key pair is mathematically related, whatever is encrypted with a public key may only be decrypted by its corresponding private key.
Pump and dump:
Massive buying and selling activity of cryptocurrencies (sometimes organized and to one’s benefit) which essentially result in a phenomenon where the significant surge in the value of coin followed by a huge crash take place in a short time frame.
Recovery phrase:
A set of phrases you are given whereby you can regain or access your wallet should you lose the private key to your wallets — paper, mobile, desktop, and hardware wallet. These phrases are some random 12–24 words. A recovery Phrase can also be called as Recovery seed, Seed Key, Recovery Key, or Seed Phrase.
REKT:
Referring to the word “wrecked”. It defines a situation whereby an investor or trader who has been ruined utterly following the massive losses suffered in crypto industry.
Ripple:
An alternative payment network to Bitcoin based on similar cryptography. The ripple network uses XRP as currency and is capable of sending any asset type.
ROI:
Return on investment.
Safu:
A crypto term for safe popularized by the Bizonnaci YouTube channel after the CEO of Binance tweeted
“Funds are safe."
“the exchage I use got hacked!”“Oh no, are your funds safu?”
“My coins better be safu!”


Sats/Satoshi:
The smallest fraction of a bitcoin is called a “satoshi” or “sat”. It represents one hundred-millionth of a bitcoin and is named after Satoshi Nakamoto.
Satoshi Nakamoto:
This was the pseudonym for the mysterious creator of Bitcoin.
Scalability:
The ability of a cryptocurrency to contain the massive use of its Blockchain.
Sharding:
A scaling solution for the Blockchain. It is generally a method that allows nodes to have partial copies of the complete blockchain in order to increase overall network performance and consensus speeds.
Shitcoin:
Coin with little potential or future prospects.
Shill:
Spreading buzz by heavily promoting a particular coin in the community to create awareness.
Short position:
Selling of a specific cryptocurrency with an expectation that it will drop in value.
Silk road:
The online marketplace where drugs and other illicit items were traded for Bitcoin. This marketplace is using accessed through “TOR”, and VPNs. In October 2013, a Silk Road was shut down in by the FBI.
Smart Contract:
Certain computational benchmarks or barriers that have to be met in turn for money or data to be deposited or even be used to verify things such as land rights.
Software Wallet:
A crypto wallet that exists purely as software files on a computer. Usually, software wallets can be generated for free from a variety of sources.
Solidity:
A contract-oriented coding language for implementing smart contracts on Ethereum. Its syntax is similar to that of JavaScript.
Stable coin:
A cryptocoin with an extremely low volatility that can be used to trade against the overall market.
Staking:
Staking is the process of actively participating in transaction validation (similar to mining) on a proof-of-stake (PoS) blockchain. On these blockchains, anyone with a minimum-required balance of a specific cryptocurrency can validate transactions and earn Staking rewards.
Surge:
When a crypto currency appreciates or goes up in price.
Tank:
The opposite of mooning. When a coin tanks it can also be described as crashing.
Tendies
For traders , the chief prize is “tendies” (chicken tenders, the treat an overgrown man-child receives for being a “Good Boy”) .
Token:
A unit of value that represents a digital asset built on a blockchain system. A token is usually considered as a “coin” of a cryptocurrency, but it really has a wider functionality.
TOR: “The Onion Router” is a free web browser designed to protect users’ anonymity and resist censorship. Tor is usually used surfing the web anonymously and access sites on the “Darkweb”.
Transaction fee:
An amount of money users are charged from their transaction when sending cryptocurrencies.
Volatility:
A measure of fluctuations in the price of a financial instrument over time. High volatility in bitcoin is seen as risky since its shifting value discourages people from spending or accepting it.
Wallet:
A file that stores all your private keys and communicates with the blockchain to perform transactions. It allows you to send and receive bitcoins securely as well as view your balance and transaction history.
Whale:
An investor that holds a tremendous amount of cryptocurrency. Their extraordinary large holdings allow them to control prices and manipulate the market.
Whitepaper:

A comprehensive report or guide made to understand an issue or help decision making. It is also seen as a technical write up that most cryptocurrencies provide to take a deep look into the structure and plan of the cryptocurrency/Blockchain project. Satoshi Nakamoto was the first to release a whitepaper on Bitcoin, titled “Bitcoin: A Peer-to-Peer Electronic Cash System” in late 2008.
And with that I finally complete my odyssey. I sincerely hope that this helped you and if you are new, I welcome you to crypto. If you read all of that I hope it increased, you in knowledge.
my final definition:
Crypto-Family:
A collection of all the HODLers and crypto fanatics. A place where all people alike unite over a love for crypto.
We are all in this together as we pioneer the new world that is crypto currency. I wish you a great day and Happy HODLing.
-u/flacciduck
feel free to comment words or terms that you feel should be included or about any errors I made.
Edit1:some fixes were made and added words.
submitted by flacciduck to CryptoCurrency [link] [comments]

I bought $1k of the Top Ten Cryptos on January 1st, 2018. August update, -71%, special NEM EDITION!!

I bought $1k of the Top Ten Cryptos on January 1st, 2018. August update, -71%, special NEM EDITION!!

EXPERIMENT - Tracking Top 10 Cryptos of 2018 - Month 32 (-71%)
See the full blog post with all the tables here.
tl;dr:
  • purchased $100 of each of Top Ten Cryptos in Jan. 2018, haven't sold or traded, repeated in 2019 and 2020, update y'all monthly. Learn more about the history and rules of the Experiments here.
  • August - solid month for the 2018 Top Ten, led by, ladies and gentlemen (or lady singular, there in the back row, I see you) NEM!!!!! Up over +200% in August.
  • Overall - BTC still way ahead and approaching break-even point, ETH gaining ground, alone in the middle. NEM(!!!) finally escapes last place replaced by DASH.
  • Over three years, cryptos outperforming S&P if I'd taken a similar approach.

Month Thirty Two – Down 71%

2018 Top Ten Summary
August was not quite as strong as all-green July, but still a solid month for the 2018 Top Ten Crypto Index Fund Experiment. The gains were led by (I hope you’re sitting down for this one) (drum roll please) (you’re not going to believe this): NEM(!) which finished the month up over +200%. Really!

Question of the month:

The US Justice Department announced in August that it had seized cryptocurrency from terror groups in the Middle East. How much did they confiscate?

A) $2 million B) $4 million C) $8 million D) $32 million
Scroll down for the answer.

Ranking and August Winners and Losers

Rank since January 2018
Lots of movement this month: all but three cryptos moved positions in August and all but one (NEM!) in the wrong direction. Despite gaining in value, Dash had the biggest slide, down four in the rankings from #24 to #28. ADA fell three and has dropped back out of the Top Ten. XRP, Bitcoin Cash, IOTA, and Stellar each lost one place in the rankings. The lone exception is a big one: XEM(!) climbed an unprecedented 9 spots in August. The last time NEM was in the Top Twenty was May 2019.
After thirty-two months, 50% of the cryptos that started 2018 in the Top Ten have dropped out. NEM, ADA, Dash, IOTA, and Stellar have been replaced by Binance Coin, Tether, BSV, CRO, and most recently, LINK.
August WinnersDon’t call it a comeback, NEM‘s been here for years. Up over +200% in August, NEM crushed the rest of the field. A distant second place was ETH, up +32% on the month.
August Losers – Down -13%, ADA was the worst performing crypto of the month, followed by Bitcoin Cash, down -9%.
For the overly competitive, below is a tally of the winners of the first 32 months of the 2018 Top Ten Crypto Index Fund Experiment. Bitcoin still has the most monthly wins (7). Cardano is a close second with 6 monthly wins. Despite its blockbuster August, NEM has the most monthly losses with 6. Every crypto has at least one monthly win and Bitcoin is unique as the only cryptocurrency that hasn’t lost a month in the 2.5+ years of the Experiment.
Ws and Ls

Overall update – BTC in the lead and inching towards break-even point, followed by second place ETH. NEM escapes last place, replaced by Dash.

Although BTC didn’t make any major moves this month, it continued to slowly but surely approach its break-even point. It is down about -10% since my purchase in January 2018. The initial investment of $100 thirty-two months ago is now worth about $90.
Ethereum is all alone in second place. It had a strong August, it picked up a lot of ground, but is still down -35% since January 2018.
The big story this month is at the bottom: NEM(!) gained +200% in August, crushing its counterparts and leaping out of last place, where it was so comfortable for so, so long. Although still down -83% over the life of the experiment, it moved from 10th place to 6th place in just one month. The new king of the basement is Dash, down -91%. The initial $100 invested in Dash 32 months ago is now worth $8.50.

Total Market Cap for the entire cryptocurrency sector:

The crypto market added nearly $43B in August. The last time we saw a similar level in terms of overall crypto market cap was way back in the fifth month of the 2018 Top Ten Experiment: May 2018.

Bitcoin dominance:

After being stuck in the mid-60s for most of 2020, BitDom dropped significantly this month, down to 57%. For context, the last time BitDom was this low was back in June 2019.
For some more context: since the beginning of the experiment, the range of Bitcoin dominance has been quite wide: we saw a high of 70% BitDom in September 2019 and a low of 33% BitDom in February 2018.

Overall return on $1,000 investment since January 1st, 2018:

The 2018 Top Ten Portfolio gained about $17 this month. If I cashed out today, the $1000 initial investment would return about $287, down -71% from January 2018.
While -71% isn’t something to brag about, the monthly trend is encouraging. Here, take a look at the ROI over the life of the experiment, month by month, for some context:
2018 Top Ten Monthly ROI Summary
So, -71% from a bottom of -88% is moving in the right direction.
Or that’s what I tell myself as I cry myself to sleep nightly.
Hopefully the next stop will be in the -60% range, a level this experiment hasn’t seen in years.
So the Top Ten Cryptos of 2018 are down -71%. What about the 2019 and 2020 Top Tens? Let’s take a look:
So overall? Taking the three portfolios together, here’s the bottom bottom bottom line:
After a $3000 investment in the 2018, 2019, and 2020 Top Ten Cryptocurrencies, my combined portfolios are worth $‭3,937‬ ($287+ $1,825 +$1,825).
That’s up about +31% for the three combined portfolios, compared to +23% last month. This marks the highest ROI of the three combined portfolios since I added the metric this year.
Here’s a table to help visualize:
Combined ROI on $3k over three years
A +31% gain by investing $1k on whichever cryptos happened to be in the Top Ten on January 1st for three straight years, not bad. But surely you’d do better if you invested only in one crypto, right? Depends on your choice. Let’s take a look:

Three year club: shoulda gone with ETH
Only five cryptos have remained in the Top Ten for all three years: BTC, ETH, XRP, BCH, and LTC. Knowing what we know now, which one would have been best to go all in on, at least at this point in the Experiment? Ethereum, easily: the initial $3k would be up +160%, worth over $7800 today. The worst performing at this point is XRP, down -17%.

Comparison to S&P 500:

I’m also tracking the S&P 500 as part of the experiment to have a comparison point with other popular investments options. Defying global gloom, the S&P 500 reached an all time high in August and is up +31% since the beginning of the Experiment. The initial $1k investment into crypto on January 1st, 2018 would have been worth about $1310 had it been redirected to the S&P.
But what if I took the same invest-$1,000-on-January-1st-of-each-year approach with the S&P 500 that I’ve been documenting through the Top Ten Crypto Experiments? Here are the numbers:
  • $1000 investment in S&P 500 on January 1st, 2018: +$310
  • $1000 investment in S&P 500 on January 1st, 2019: +$400
  • $1000 investment in S&P 500 on January 1st, 2020: +$90
Taken together, here’s the bottom bottom bottom line for a similar approach with the S&P:
After three $1,000 investments into an S&P 500 index fund in January 2018, 2019, and 2020, my portfolio would be worth $3,800.
That is up over+27% since January 2018, compared to a +31% gain of the combined Top Ten Crypto Experiment Portfolios.
That’s a 4% swing in favor of the Top Ten Crypto Portfolios! As you’ll see in the table below, this is only the second time since I started recording this metric that crypto has outperformed the S&P had I taken a similar investment approach:

3 x $1k crypto vs. S&P
This is a big turnaround from the 22% difference in favor of the S&P just two months ago.
Although it’s fun to see crypto is in the lead, I’ll leave it to you to decide whether the heart condition you may develop by being in the cryptosphere is worth that +4% edge…

Conclusion:

August was a bit mixed compared to July, but still a very solid month for the 2018 Top Ten. Some interesting developments this month: Bitcoin is now within 10% of the price I paid on January 1st, 2018. ETH had solid gains and NEM(!) had a crazy month, tripling in value and finally climbing out of the basement. At the same time, traditional markets are doing well too: the S&P reached an all time high in August. It will be interesting to see how both markets perform during the final third of a very crazy year.
Thanks for reading and for supporting the experiment. I hope you’ve found it helpful. I continue to be committed to seeing this process through and reporting along the way. Feel free to reach out with any questions and stay tuned for progress reports. Keep an eye out for my parallel projects where I repeat the experiment twice, purchasing another $1000 ($100 each) of two new sets of Top Ten cryptos as of January 1st, 2019 then again on January 1st, 2020.

And the Answer is…

A) $2 million
According to federal prosecutors, the US Justice Department seized $2 million worth of cryptocurrency from terror groups in the Middle East including ISIS, al Qaeda, and the al Qassam Brigades.
submitted by Joe-M-4 to CryptoCurrency [link] [comments]

[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.

Q51:

How do you think about France in Kava market development plan?

What is your next plan to raise awareness among French about Kava?

Q52:

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.

Q53:

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.

Q54:

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.

Q55:

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

Q56:

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.

Q57:

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.

Q58:

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.

Q59:

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.

Q60:

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.

Q61:

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 😉

Q62:

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.

Q63:

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.

Q64:

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.

Q65:

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.

Q66:

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.

Q67:

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.

Q68:

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.

Q69:

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 😉

Q70:

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 😉

Q71:

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.

Q72:

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.

Q73:

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.

Q74:

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.

Q75:

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

Q76:

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.

Q77:

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

Q78:

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?

Q79:

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?

Q80:

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?

Q81:

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?

Q82:

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!

Q83:

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.

Q84:

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

Q85:

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 👍

Q86:

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!

Q87:

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

Q88:

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 👌

Q89:

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

Q90:

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?

Q91:

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

Q92:

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.

Q93:

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!

Q94:

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

Q95:

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

Q96:

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 😉

Q97:

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 🤞

Q98:

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 😇

Q99:

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.

Q100:

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!

Q101:

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!
submitted by Kava_Mod to KavaUSDX [link] [comments]

Technical: A Brief History of Payment Channels: from Satoshi to Lightning Network

Who cares about political tweets from some random country's president when payment channels are a much more interesting and are actually capable of carrying value?
So let's have a short history of various payment channel techs!

Generation 0: Satoshi's Broken nSequence Channels

Because Satoshi's Vision included payment channels, except his implementation sucked so hard we had to go fix it and added RBF as a by-product.
Originally, the plan for nSequence was that mempools would replace any transaction spending certain inputs with another transaction spending the same inputs, but only if the nSequence field of the replacement was larger.
Since 0xFFFFFFFF was the highest value that nSequence could get, this would mark a transaction as "final" and not replaceable on the mempool anymore.
In fact, this "nSequence channel" I will describe is the reason why we have this weird rule about nLockTime and nSequence. nLockTime actually only works if nSequence is not 0xFFFFFFFF i.e. final. If nSequence is 0xFFFFFFFF then nLockTime is ignored, because this if the "final" version of the transaction.
So what you'd do would be something like this:
  1. You go to a bar and promise the bartender to pay by the time the bar closes. Because this is the Bitcoin universe, time is measured in blockheight, so the closing time of the bar is indicated as some future blockheight.
  2. For your first drink, you'd make a transaction paying to the bartender for that drink, paying from some coins you have. The transaction has an nLockTime equal to the closing time of the bar, and a starting nSequence of 0. You hand over the transaction and the bartender hands you your drink.
  3. For your succeeding drink, you'd remake the same transaction, adding the payment for that drink to the transaction output that goes to the bartender (so that output keeps getting larger, by the amount of payment), and having an nSequence that is one higher than the previous one.
  4. Eventually you have to stop drinking. It comes down to one of two possibilities:
    • You drink until the bar closes. Since it is now the nLockTime indicated in the transaction, the bartender is able to broadcast the latest transaction and tells the bouncers to kick you out of the bar.
    • You wisely consider the state of your liver. So you re-sign the last transaction with a "final" nSequence of 0xFFFFFFFF i.e. the maximum possible value it can have. This allows the bartender to get his or her funds immediately (nLockTime is ignored if nSequence is 0xFFFFFFFF), so he or she tells the bouncers to let you out of the bar.
Now that of course is a payment channel. Individual payments (purchases of alcohol, so I guess buying coffee is not in scope for payment channels). Closing is done by creating a "final" transaction that is the sum of the individual payments. Sure there's no routing and channels are unidirectional and channels have a maximum lifetime but give Satoshi a break, he was also busy inventing Bitcoin at the time.
Now if you noticed I called this kind of payment channel "broken". This is because the mempool rules are not consensus rules, and cannot be validated (nothing about the mempool can be validated onchain: I sigh every time somebody proposes "let's make block size dependent on mempool size", mempool state cannot be validated by onchain data). Fullnodes can't see all of the transactions you signed, and then validate that the final one with the maximum nSequence is the one that actually is used onchain. So you can do the below:
  1. Become friends with Jihan Wu, because he owns >51% of the mining hashrate (he totally reorged Bitcoin to reverse the Binance hack right?).
  2. Slip Jihan Wu some of the more interesting drinks you're ordering as an incentive to cooperate with you. So say you end up ordering 100 drinks, you split it with Jihan Wu and give him 50 of the drinks.
  3. When the bar closes, Jihan Wu quickly calls his mining rig and tells them to mine the version of your transaction with nSequence 0. You know, that first one where you pay for only one drink.
  4. Because fullnodes cannot validate nSequence, they'll accept even the nSequence=0 version and confirm it, immutably adding you paying for a single alcoholic drink to the blockchain.
  5. The bartender, pissed at being cheated, takes out a shotgun from under the bar and shoots at you and Jihan Wu.
  6. Jihan Wu uses his mystical chi powers (actually the combined exhaust from all of his mining rigs) to slow down the shotgun pellets, making them hit you as softly as petals drifting in the wind.
  7. The bartender mutters some words, clothes ripping apart as he or she (hard to believe it could be a she but hey) turns into a bear, ready to maul you for cheating him or her of the payment for all the 100 drinks you ordered from him or her.
  8. Steely-eyed, you stand in front of the bartender-turned-bear, daring him to touch you. You've watched Revenant, you know Leonardo di Caprio could survive a bear mauling, and if some posh actor can survive that, you know you can too. You make a pose. "Drunken troll logic attack!"
  9. I think I got sidetracked here.
Lessons learned?

Spilman Channels

Incentive-compatible time-limited unidirectional channel; or, Satoshi's Vision, Fixed (if transaction malleability hadn't been a problem, that is).
Now, we know the bartender will turn into a bear and maul you if you try to cheat the payment channel, and now that we've revealed you're good friends with Jihan Wu, the bartender will no longer accept a payment channel scheme that lets one you cooperate with a miner to cheat the bartender.
Fortunately, Jeremy Spilman proposed a better way that would not let you cheat the bartender.
First, you and the bartender perform this ritual:
  1. You get some funds and create a transaction that pays to a 2-of-2 multisig between you and the bartender. You don't broadcast this yet: you just sign it and get its txid.
  2. You create another transaction that spends the above transaction. This transaction (the "backoff") has an nLockTime equal to the closing time of the bar, plus one block. You sign it and give this backoff transaction (but not the above transaction) to the bartender.
  3. The bartender signs the backoff and gives it back to you. It is now valid since it's spending a 2-of-2 of you and the bartender, and both of you have signed the backoff transaction.
  4. Now you broadcast the first transaction onchain. You and the bartender wait for it to be deeply confirmed, then you can start ordering.
The above is probably vaguely familiar to LN users. It's the funding process of payment channels! The first transaction, the one that pays to a 2-of-2 multisig, is the funding transaction that backs the payment channel funds.
So now you start ordering in this way:
  1. For your first drink, you create a transaction spending the funding transaction output and sending the price of the drink to the bartender, with the rest returning to you.
  2. You sign the transaction and pass it to the bartender, who serves your first drink.
  3. For your succeeding drinks, you recreate the same transaction, adding the price of the new drink to the sum that goes to the bartender and reducing the money returned to you. You sign the transaction and give it to the bartender, who serves you your next drink.
  4. At the end:
    • If the bar closing time is reached, the bartender signs the latest transaction, completing the needed 2-of-2 signatures and broadcasting this to the Bitcoin network. Since the backoff transaction is the closing time + 1, it can't get used at closing time.
    • If you decide you want to leave early because your liver is crying, you just tell the bartender to go ahead and close the channel (which the bartender can do at any time by just signing and broadcasting the latest transaction: the bartender won't do that because he or she is hoping you'll stay and drink more).
    • If you ended up just hanging around the bar and never ordering, then at closing time + 1 you broadcast the backoff transaction and get your funds back in full.
Now, even if you pass 50 drinks to Jihan Wu, you can't give him the first transaction (the one which pays for only one drink) and ask him to mine it: it's spending a 2-of-2 and the copy you have only contains your own signature. You need the bartender's signature to make it valid, but he or she sure as hell isn't going to cooperate in something that would lose him or her money, so a signature from the bartender validating old state where he or she gets paid less isn't going to happen.
So, problem solved, right? Right? Okay, let's try it. So you get your funds, put them in a funding tx, get the backoff tx, confirm the funding tx...
Once the funding transaction confirms deeply, the bartender laughs uproariously. He or she summons the bouncers, who surround you menacingly.
"I'm refusing service to you," the bartender says.
"Fine," you say. "I was leaving anyway;" You smirk. "I'll get back my money with the backoff transaction, and posting about your poor service on reddit so you get negative karma, so there!"
"Not so fast," the bartender says. His or her voice chills your bones. It looks like your exploitation of the Satoshi nSequence payment channel is still fresh in his or her mind. "Look at the txid of the funding transaction that got confirmed."
"What about it?" you ask nonchalantly, as you flip open your desktop computer and open a reputable blockchain explorer.
What you see shocks you.
"What the --- the txid is different! You--- you changed my signature?? But how? I put the only copy of my private key in a sealed envelope in a cast-iron box inside a safe buried in the Gobi desert protected by a clan of nomads who have dedicated their lives and their childrens' lives to keeping my private key safe in perpetuity!"
"Didn't you know?" the bartender asks. "The components of the signature are just very large numbers. The sign of one of the signature components can be changed, from positive to negative, or negative to positive, and the signature will remain valid. Anyone can do that, even if they don't know the private key. But because Bitcoin includes the signatures in the transaction when it's generating the txid, this little change also changes the txid." He or she chuckles. "They say they'll fix it by separating the signatures from the transaction body. They're saying that these kinds of signature malleability won't affect transaction ids anymore after they do this, but I bet I can get my good friend Jihan Wu to delay this 'SepSig' plan for a good while yet. Friendly guy, this Jihan Wu, it turns out all I had to do was slip him 51 drinks and he was willing to mine a tx with the signature signs flipped." His or her grin widens. "I'm afraid your backoff transaction won't work anymore, since it spends a txid that is not existent and will never be confirmed. So here's the deal. You pay me 99% of the funds in the funding transaction, in exchange for me signing the transaction that spends with the txid that you see onchain. Refuse, and you lose 100% of the funds and every other HODLer, including me, benefits from the reduction in coin supply. Accept, and you get to keep 1%. I lose nothing if you refuse, so I won't care if you do, but consider the difference of getting zilch vs. getting 1% of your funds." His or her eyes glow. "GENUFLECT RIGHT NOW."
Lesson learned?

CLTV-protected Spilman Channels

Using CLTV for the backoff branch.
This variation is simply Spilman channels, but with the backoff transaction replaced with a backoff branch in the SCRIPT you pay to. It only became possible after OP_CHECKLOCKTIMEVERIFY (CLTV) was enabled in 2015.
Now as we saw in the Spilman Channels discussion, transaction malleability means that any pre-signed offchain transaction can easily be invalidated by flipping the sign of the signature of the funding transaction while the funding transaction is not yet confirmed.
This can be avoided by simply putting any special requirements into an explicit branch of the Bitcoin SCRIPT. Now, the backoff branch is supposed to create a maximum lifetime for the payment channel, and prior to the introduction of OP_CHECKLOCKTIMEVERIFY this could only be done by having a pre-signed nLockTime transaction.
With CLTV, however, we can now make the branches explicit in the SCRIPT that the funding transaction pays to.
Instead of paying to a 2-of-2 in order to set up the funding transaction, you pay to a SCRIPT which is basically "2-of-2, OR this singlesig after a specified lock time".
With this, there is no backoff transaction that is pre-signed and which refers to a specific txid. Instead, you can create the backoff transaction later, using whatever txid the funding transaction ends up being confirmed under. Since the funding transaction is immutable once confirmed, it is no longer possible to change the txid afterwards.

Todd Micropayment Networks

The old hub-spoke model (that isn't how LN today actually works).
One of the more direct predecessors of the Lightning Network was the hub-spoke model discussed by Peter Todd. In this model, instead of payers directly having channels to payees, payers and payees connect to a central hub server. This allows any payer to pay any payee, using the same channel for every payee on the hub. Similarly, this allows any payee to receive from any payer, using the same channel.
Remember from the above Spilman example? When you open a channel to the bartender, you have to wait around for the funding tx to confirm. This will take an hour at best. Now consider that you have to make channels for everyone you want to pay to. That's not very scalable.
So the Todd hub-spoke model has a central "clearing house" that transport money from payers to payees. The "Moonbeam" project takes this model. Of course, this reveals to the hub who the payer and payee are, and thus the hub can potentially censor transactions. Generally, though, it was considered that a hub would more efficiently censor by just not maintaining a channel with the payer or payee that it wants to censor (since the money it owned in the channel would just be locked uselessly if the hub won't process payments to/from the censored user).
In any case, the ability of the central hub to monitor payments means that it can surveill the payer and payee, and then sell this private transactional data to third parties. This loss of privacy would be intolerable today.
Peter Todd also proposed that there might be multiple hubs that could transport funds to each other on behalf of their users, providing somewhat better privacy.
Another point of note is that at the time such networks were proposed, only unidirectional (Spilman) channels were available. Thus, while one could be a payer, or payee, you would have to use separate channels for your income versus for your spending. Worse, if you wanted to transfer money from your income channel to your spending channel, you had to close both and reshuffle the money between them, both onchain activities.

Poon-Dryja Lightning Network

Bidirectional two-participant channels.
The Poon-Dryja channel mechanism has two important properties:
Both the original Satoshi and the two Spilman variants are unidirectional: there is a payer and a payee, and if the payee wants to do a refund, or wants to pay for a different service or product the payer is providing, then they can't use the same unidirectional channel.
The Poon-Dryjam mechanism allows channels, however, to be bidirectional instead: you are not a payer or a payee on the channel, you can receive or send at any time as long as both you and the channel counterparty are online.
Further, unlike either of the Spilman variants, there is no time limit for the lifetime of a channel. Instead, you can keep the channel open for as long as you want.
Both properties, together, form a very powerful scaling property that I believe most people have not appreciated. With unidirectional channels, as mentioned before, if you both earn and spend over the same network of payment channels, you would have separate channels for earning and spending. You would then need to perform onchain operations to "reverse" the directions of your channels periodically. Secondly, since Spilman channels have a fixed lifetime, even if you never used either channel, you would have to periodically "refresh" it by closing it and reopening.
With bidirectional, indefinite-lifetime channels, you may instead open some channels when you first begin managing your own money, then close them only after your lawyers have executed your last will and testament on how the money in your channels get divided up to your heirs: that's just two onchain transactions in your entire lifetime. That is the potentially very powerful scaling property that bidirectional, indefinite-lifetime channels allow.
I won't discuss the transaction structure needed for Poon-Dryja bidirectional channels --- it's complicated and you can easily get explanations with cute graphics elsewhere.
There is a weakness of Poon-Dryja that people tend to gloss over (because it was fixed very well by RustyReddit):
Another thing I want to emphasize is that while the Lightning Network paper and many of the earlier presentations developed from the old Peter Todd hub-and-spoke model, the modern Lightning Network takes the logical conclusion of removing a strict separation between "hubs" and "spokes". Any node on the Lightning Network can very well work as a hub for any other node. Thus, while you might operate as "mostly a payer", "mostly a forwarding node", "mostly a payee", you still end up being at least partially a forwarding node ("hub") on the network, at least part of the time. This greatly reduces the problems of privacy inherent in having only a few hub nodes: forwarding nodes cannot get significantly useful data from the payments passing through them, because the distance between the payer and the payee can be so large that it would be likely that the ultimate payer and the ultimate payee could be anyone on the Lightning Network.
Lessons learned?

Future

After LN, there's also the Decker-Wattenhofer Duplex Micropayment Channels (DMC). This post is long enough as-is, LOL. But for now, it uses a novel "decrementing nSequence channel", using the new relative-timelock semantics of nSequence (not the broken one originally by Satoshi). It actually uses multiple such "decrementing nSequence" constructs, terminating in a pair of Spilman channels, one in both directions (thus "duplex"). Maybe I'll discuss it some other time.
The realization that channel constructions could actually hold more channel constructions inside them (the way the Decker-Wattenhofer puts a pair of Spilman channels inside a series of "decrementing nSequence channels") lead to the further thought behind Burchert-Decker-Wattenhofer channel factories. Basically, you could host multiple two-participant channel constructs inside a larger multiparticipant "channel" construct (i.e. host multiple channels inside a factory).
Further, we have the Decker-Russell-Osuntokun or "eltoo" construction. I'd argue that this is "nSequence done right". I'll write more about this later, because this post is long enough.
Lessons learned?
submitted by almkglor to Bitcoin [link] [comments]

Subreddit Stats: ethtrader top posts from 2016-12-11 to 2018-10-04 06:19 PDT

Period: 662.14 days
Submissions Comments
Total 991 177374
Rate (per day) 1.50 267.71
Unique Redditors 568 23330
Combined Score 829084 1754738

Top Submitters' Top Submissions

  1. 40162 points, 55 submissions: AutoModerator
    1. [ETH Daily Discussion] - 14/Jun/2017 (2927 points, 8386 comments)
    2. [ETH Daily Discussion] - 15/Jun/2017 (1960 points, 8489 comments)
    3. [ETH Daily Discussion] - 13/Jun/2017 (1763 points, 5112 comments)
    4. [ETH Daily Discussion] - 12/Jun/2017 (1359 points, 12775 comments)
    5. [ETH Daily Discussion] - 24/May/2017 (1341 points, 9347 comments)
    6. [ETH Daily Discussion] - 23/May/2017 (1239 points, 6347 comments)
    7. [ETH Daily Discussion] - 30/May/2017 (1142 points, 8943 comments)
    8. [ETH Daily Discussion] - 25/May/2017 (1019 points, 8047 comments)
    9. [ETH Daily Discussion] - 10/Jun/2017 (1003 points, 7919 comments)
    10. Daily Discussion [Serious] - 17/Jun/2017 (908 points, 2860 comments)
  2. 16394 points, 1 submission: Pracy_
    1. Everytime Bitcoin drops (16394 points, 351 comments)
  3. 11934 points, 4 submissions: Justjoshmygosh
    1. Welcome to ethtrader new people, let me save you some time (7348 points, 366 comments)
    2. This is NOT the end (2068 points, 196 comments)
    3. Welcome BACK to ethtrader (1972 points, 110 comments)
    4. Hello again, ethtrader... looks like I have some work to do (546 points, 10 comments)
  4. 11914 points, 2 submissions: _Mido
    1. Here you go (9784 points, 312 comments)
    2. How I felt this week (2130 points, 228 comments)
  5. 10253 points, 15 submissions: twigwam
    1. Apple's Steve Wozniak Dumps Facebook And Thinks Ethereum Could Be The New Apple (1153 points, 80 comments)
    2. “We owe it this new generation to respect their enthusiasm about virtual currencies with a thoughtful and balanced response, not a dismissive one.” -- CFTC Chairman Giancarlo (1119 points, 62 comments)
    3. "Today Ethereum transacted over $100,000,000 PER HOUR on average, with over 53% of transactions going to smart contracts -- really speaks for Ethereum's success as a contract platform" --- Paul Kohlhaas (1112 points, 39 comments)
    4. Reddit Founder: "I’m most bullish about Ethereum simply because people are actually building on it." [MSN] (1081 points, 185 comments)
    5. Google co-founder, Sergey Brin is a last minute addition to the Blockchain Summit panel on emerging technologies. Says he is mining Ethereum with his son. (872 points, 62 comments)
    6. BREAKING: Mt. Gox ‘Bitcoin Whale’ Trustee Won’t Sell Any More BTC -- (Pretty huge news for entire space and not getting deserved media coverage) (758 points, 74 comments)
    7. Brave Browser passes 3 million monthly active users & makes top 10 list in the Google Play Store in 21 countries (680 points, 93 comments)
    8. L.L. Bean says it might offer discounts for clothing that tracks you using the Ethereum blockchain (529 points, 117 comments)
    9. "Vitalik is both a genius and a class act. That’s why I sold a portion of my BTC for Ethereum in addition to lots of Bitcoin Cash." @RogerkVer (493 points, 151 comments)
    10. Coinbase has a $20 billion hedge fund coming onto its platform (438 points, 31 comments)
  6. 10161 points, 8 submissions: econoar
    1. Ethereum is now processing more transactions a day than all other cryptos combined. (4026 points, 468 comments)
    2. SEC says they don't believe ETH to be a security. (1459 points, 167 comments)
    3. Today, Ethereum has processed 50% more txs than BTC. Ethereum currently has 17 pending TX and BTC has 45k. It takes $0.006 to move Ether in less than 20 seconds. (1406 points, 281 comments)
    4. Visa, IBM, Microsoft and USAA have all posted jobs in the past week looking for Ethereum developers (866 points, 46 comments)
    5. Goldman-Backed Startup Circle Launches No-Fee Foreign Payments Service. Built on Ethereum. (855 points, 85 comments)
    6. Etheremon is completely centralized and the owners can withdrawal all the funds from the contract. (662 points, 380 comments)
    7. On average, it's 59x cheaper to send an Ethereum transaction than a Bitcoin transaction. (485 points, 31 comments)
    8. Ethereum dapps expected to launch very soon. (402 points, 131 comments)
  7. 9930 points, 16 submissions: DCinvestor
    1. Personal Finance Rules for Being an Effective Holder (1307 points, 237 comments)
    2. Will Proof of Stake turn ETH into the best Store of Value coin? (1088 points, 144 comments)
    3. It's time to take back the narrative around Ether and Ethereum. Ethereum is the future of digital, decentralized finance. (771 points, 126 comments)
    4. Catalysts for ETH Price Increases Over the Next 6 to 12 Months (654 points, 135 comments)
    5. What can the earlier days of Bitcoin teach us about holding Ethereum? (625 points, 151 comments)
    6. How to Survive Crypto Investing (in this market, or in any market) (624 points, 121 comments)
    7. The Most Important Crypto Theses for 2018 (and my current feelings on this market) (604 points, 317 comments)
    8. A Re-evaluation of Ethereum as Long Term Investment (versus new market entrants) (590 points, 136 comments)
    9. Opera introduces first browser with built-in Crypto Wallet for Ethereum (537 points, 64 comments)
    10. It's time for investors to pursue quality, and to stop chasing shit (504 points, 85 comments)
  8. 9642 points, 16 submissions: Mr_Yukon_C
    1. Winklevoss Brothers Launch Ethereum Token Backed By U.S. Dollars (856 points, 217 comments)
    2. This is what leadership looks like -- I present to you, CFTC Chairman Giancarlo (832 points, 43 comments)
    3. Millennials are afraid stocks are too risky, so they're investing in crypto (790 points, 225 comments)
    4. OmiseGo Becomes the First Ethereum Unicorn With a Market Cap of $1 Billion (762 points, 155 comments)
    5. AMERICANS: Kill bill 1241 • ethereum (693 points, 66 comments)
    6. Coinbase prepares for a monster increase in trading (684 points, 174 comments)
    7. Microsoft – Decentralized Digital Identities and Blockchain – The Future as We See It. [Building on Ethereum] (645 points, 87 comments)
    8. MakerDAO and OmiseGO: Announcing Dai and OMG Collaborations (604 points, 115 comments)
    9. Coinbase Custody is Officially Open For Business – The Coinbase Blog (589 points, 92 comments)
    10. Scaling Ethereum to hundreds to thousands of transactions per second - TODAY! (514 points, 47 comments)
  9. 9445 points, 14 submissions: BeerBellyFatAss
    1. Bitfinex now trades all pairs against ETH. It’s time for Binance and the rest of the exchanges to do so as well. (2255 points, 219 comments)
    2. Number of Users on Coinbase Surpasses Number of Brokerage Accounts at Charles Schwab (825 points, 63 comments)
    3. Omise signed an agreement on the development of a national ID utilizing the ETDA and block chains of Thailand government agencies! We will continue to work on a number of projects that utilize block chains! (789 points, 108 comments)
    4. Elon Musk on Twitter - At this point, I want Eth, even if it is a scam. (660 points, 179 comments)
    5. Austria will use Ethereum to track up to $1.3B in government bonds (636 points, 51 comments)
    6. Federal Reserve Branch Adds Cryptocurrency Price Indexes [Yes, Really] (587 points, 64 comments)
    7. Germany’s Largest Bitcoin Trading Platform Will Soon Add Etheruem (503 points, 46 comments)
    8. Catalonia Considering Cryptocurrency Post-Independence, Advised By Ethereum Creator (501 points, 73 comments)
    9. Olaf Carlson - On Bloomberg Technology (12/01) - Ethereum to Surpass Bitcoin Market Cap by YE 2018 - Great Interview! (481 points, 141 comments)
    10. Casper is Pretty Close, Sharding Number One Priority Says Vitalik Buterin (473 points, 79 comments)
  10. 9363 points, 13 submissions: thepipebomb
    1. CNBC: Why buy Ethereum? (1515 points, 145 comments)
    2. CNBC - "I love Ethereum, I think Ethereum is the one to own here." (1236 points, 158 comments)
    3. CNBC: This is an incredible buying opportunity for Ethereum (984 points, 182 comments)
    4. Please boycott Vinny Lingham's Civic ICO (900 points, 198 comments)
    5. Pantera Capital Quantitative Researcher: By 2020 Ethereum's market cap will be 10x higher than Bitcoin's (749 points, 155 comments)
    6. Amazon Web Services Partners with ConsenSys to Simplify Enterprise Blockchains (693 points, 81 comments)
    7. Sharding may launch with Casper FFG, skipping the 1500 ETH requirement for staking and lowering it to 32 (534 points, 90 comments)
    8. When is $10,000 per ETH realistic? (511 points, 484 comments)
    9. Brian Kelly of CNBC on investing in Ethereum (490 points, 127 comments)
    10. Coinbase plans to add staking (485 points, 114 comments)
  11. 8908 points, 5 submissions: leafac1
    1. Would You Like to See Reddit Accept ETH as a Means to Pay for Gold? (3191 points, 193 comments)
    2. Most Popular Story on CNBC Tech: 'Bitcoin’s main rival Ethereum hits a fresh record high' (2469 points, 181 comments)
    3. Tweeted today: Casper (Proof of Stake) testnet is coming. (2104 points, 230 comments)
    4. Ethereum just processed 0.46% of Visa's total tx per day. And it did so without Ethereum Dapps using scaling solutions. (621 points, 78 comments)
    5. Perspective: It seems many are currently unaware that ETH will have a lower inflation rate than BTC (and BTC-Forks) come Proof of Stake & beyond. (523 points, 134 comments)
  12. 8538 points, 5 submissions: sopun
    1. Stocks VS Crypto (2269 points, 53 comments)
    2. Bitconnect, Davorcoin and other scams continue being advertised on Coinmarketcap. We should take a stand as a community and push out these people who made a career out of scamming innocents (2225 points, 147 comments)
    3. A shitcoin ICO called Prodeum just exitscammed millions of dollars from investors and left them only this message on their ICO website (1549 points, 222 comments)
    4. Trevon James erased 39 of his YouTube videos promoting BitConnect yesterday. Looks like he starts getting worried about the class action lawsuit against him (1365 points, 222 comments)
    5. Tron's TRX whitepaper raises more red flags than a workers parade in Soviet Union (1130 points, 231 comments)
  13. 8132 points, 10 submissions: jtnichol
    1. Let's find the average age of EthTrader! (2191 points, 145 comments)
    2. Joseph Lubin on Twitter: "#Bitcoin = A single app. #Ethereum = An entire app store. Thanks for having me on @BloombergTV, always a pleasure. https://t.co/LXKX8cF8BR" (1212 points, 89 comments)
    3. Microsoft helps launch world’s first blockchain-based investment product: settled on the public Ethereum chain. (933 points, 82 comments)
    4. This room feels like Q4 2016 all over again (776 points, 262 comments)
    5. Massive heap of rhetoric. But it needs to be said. (591 points, 245 comments)
    6. Friday Donut Day. (539 points, 52 comments)
    7. We're rocketing up in subscribers. Wow! (+1,160 subscribers today; 164% trend score) • TrendingReddits (519 points, 58 comments)
    8. Vitalik Buterin on Twitter: Plasma implementations are already happening (484 points, 73 comments)
    9. Unlisted Video Message just for Ethtrader - Thanks for helping someone on Reddit yesterday struggling with life. (474 points, 77 comments)
    10. A Message to EthTrader September 6 2018 - Addressing Suicide comments, Personal Mod approach, sentiment, State of the EthTrader. (413 points, 134 comments)
  14. 7372 points, 5 submissions: EthTrader_Mod
    1. [ETH Daily Discussion] - 22/May/2017 (4032 points, 10407 comments)
    2. Daily Discussion [Serious] - 16/Jun/2017 (1354 points, 4474 comments)
    3. [ETH Daily Discussion] - 28/May/2017 (682 points, 3318 comments)
    4. [ETH Daily Discussion] - 04/Jun/2017 (652 points, 3851 comments)
    5. [ETH Daily Discussion] - 29/May/2017 (652 points, 4600 comments)
  15. 7371 points, 9 submissions: Butta_TRiBot
    1. Vitalik Buterin: If all that we accomplish is lambo memes and immature puns about "sharting", then I WILL leave. (2170 points, 426 comments)
    2. Vitalik Buterin: In my opinion, the current sharding spec as described is already good enough to get us to thousands of transactions per second (1552 points, 188 comments)
    3. Chinese Internet security giant 360 has found "a series of epic vulnerabilities" in the EOS platform. (707 points, 186 comments)
    4. Inflation rate will go down by ~90% with Casper and Sharding (3 ETH block reward -> 0.22ETH) (700 points, 214 comments)
    5. "Casper Testnet up right now and Sharding will come sooner than you think" - Karl Floersch [41:02] (498 points, 44 comments)
    6. Vitalik on Wechat: We have started developing a test version of Ethereum with sharding using python (450 points, 79 comments)
    7. Elon Musk: "Starting a candy company....Cryptocandy" (440 points, 81 comments)
    8. The reason I invested in Ethereum - motivated developers who even spend their free time explaining the tech (429 points, 78 comments)
    9. Congrats to @naterush1997 and @dannyryan for releasing v0.2 of the cbc Casper prototypes, last night! (425 points, 43 comments)
  16. 7087 points, 5 submissions: ScienceGuy9489
    1. New price target $1,000 (2995 points, 503 comments)
    2. I heard you guys miss me, looks like we're only going up from here (2098 points, 645 comments)
    3. Technical Analysis, Liftoff Due June 16th (761 points, 1018 comments)
    4. I predicted the last two liftoffs, the next one is by May 24th. (725 points, 528 comments)
    5. I predicted the last 3 liftoffs, this is a situation update (508 points, 457 comments)
  17. 6217 points, 1 submission: PaulieVideos
    1. Dips are just happy little accidents (6217 points, 212 comments)
  18. 6097 points, 2 submissions: moneyfink
    1. It's one of the biggest moments of your life... what to wear? (5597 points, 485 comments)
    2. Reminder: HODL and don't be like this guy (500 points, 83 comments)
  19. 5431 points, 2 submissions: shadow_op
    1. I'm a longterm hodler, but even i hate this sub sometimes. (4622 points, 283 comments)
    2. One thing (809 points, 102 comments)
  20. 5354 points, 4 submissions: shouldbdan
    1. Every day I check the price when I wake up (3049 points, 105 comments)
    2. Me reading the daily during downtrends (811 points, 77 comments)
    3. A thank you, to everyone working countless hours to solve the scaling problem (756 points, 112 comments)
    4. HODLing Bitcoin vs HODLing Ether (738 points, 70 comments)

Top Commenters

  1. thepipebomb (9690 points, 581 comments)
  2. csasker (8718 points, 845 comments)
  3. jtnichol (8418 points, 716 comments)
  4. DCinvestor (8221 points, 434 comments)
  5. econoar (8037 points, 601 comments)
  6. Nooku (7237 points, 393 comments)
  7. cutsnek (7201 points, 484 comments)
  8. cyoreligion (6644 points, 364 comments)
  9. antiprosynthesis (6266 points, 729 comments)
  10. Libertymark (5610 points, 1070 comments)
  11. oldskool47 (5598 points, 393 comments)
  12. Mr_Yukon_C (5440 points, 411 comments)
  13. loveYouEth (5047 points, 272 comments)
  14. IRefuseToGiveAName (4993 points, 361 comments)
  15. subdep (4926 points, 311 comments)
  16. laughncow (4723 points, 331 comments)
  17. ethacct (4702 points, 305 comments)
  18. dillllllzzzzz (4553 points, 343 comments)
  19. ruvalm (4549 points, 260 comments)
  20. shouldbdan (4422 points, 270 comments)

Top Submissions

  1. Everytime Bitcoin drops by Pracy_ (16394 points, 351 comments)
  2. Here you go by _Mido (9784 points, 312 comments)
  3. Welcome to ethtrader new people, let me save you some time by Justjoshmygosh (7348 points, 366 comments)
  4. Dips are just happy little accidents by PaulieVideos (6217 points, 212 comments)
  5. It's one of the biggest moments of your life... what to wear? by moneyfink (5597 points, 485 comments)
  6. I'm a longterm hodler, but even i hate this sub sometimes. by shadow_op (4622 points, 283 comments)
  7. Literally.. by DAXEEY (4099 points, 162 comments)
  8. [ETH Daily Discussion] - 22/May/2017 by EthTrader_Mod (4032 points, 10407 comments)
  9. Ethereum is UP since last month! Can we get this post to all to show everyone the tides are turning quickly by saintmax (4027 points, 190 comments)
  10. Ethereum is now processing more transactions a day than all other cryptos combined. by econoar (4026 points, 468 comments)

Top Comments

  1. 1711 points: Blactory's comment in Everytime Bitcoin drops
  2. 1351 points: deleted's comment in It's one of the biggest moments of your life... what to wear?
  3. 1297 points: dwy0818's comment in Been in a coma for 23 days, about to check my portfolio
  4. 1168 points: Butterfly_Lags's comment in New price target $1,000
  5. 1108 points: mikewirkijowski's comment in Here you go
  6. 1055 points: phigo50's comment in My wife just talked me out of selling $10,000 eth
  7. 959 points: PcChip's comment in Vitalik Buterin: If all that we accomplish is lambo memes and immature puns about "sharting", then I WILL leave.
  8. 869 points: deleted's comment in Ethereum is UP since last month! Can we get this post to all to show everyone the tides are turning quickly
  9. 835 points: BroKing's comment in It's one of the biggest moments of your life... what to wear?
  10. 831 points: khalo_'s comment in Welcome to ethtrader new people, let me save you some time
Generated with BBoe's Subreddit Stats
submitted by subreddit_stats to subreddit_stats [link] [comments]

HODL Your Horses, Here’s What’s in Crypto Next Week: Hard Forks, Airdrops, ICOs, Events

HODL Your Horses, Here’s What’s in Crypto Next Week: Hard Forks, Airdrops, ICOs, Events
https://preview.redd.it/k6ap91xr5i711.jpg?width=528&format=pjpg&auto=webp&s=2eb5a2cfd8cab49aeffb505e97f0ed4add84614b
  • From Bitcoin Gold’s hard fork to London’s Fintech Week, here are a few events to keep an eye on.
  • There are a few ICOs ending and starting this week, keep track of them.
Want to get more involved in the crypto space and be completely aware of what’s going on?
Here’s a small list of upcoming events you can attend or monitor, including: Bitcoin Gold to Hard Fork, Blockchain Events: Chainers 2018 (Seoul), TechCrunch Sessions 2018 (Zug), TechCrunch Sessions Ethereum Meetup (Zug), London Fintech Week (London).
If you’re looking to increase your crypto wealth or know where all those tokens are coming from, here are a few airdrops occurring this week: CPS-SPACE-INS-LRN, ICOs Ending: WINS-SHR-BITX-EJAC-AMO, ICOs Starting: FNP-BETT-VLUX

Hard Forks

Bitcoin Gold (BTG):

Following a 51% hack in May, the BTG project’s team decided to upgrade its network via a hard fork in order to improve network security. This is expected to occur at block 536200 (Est. Date: 1st July). The upgrade will implement the Equihash-BTG PoW algorithm as a replacement for the existing Equihash algorithm, among other changes.

Airdrops

Syscoin (SYS) Holders — CPS Coin Airdrop — Snapshot Date on July 1, 2018

CoinPayments (CPS) is built on the Syscoin blockchain, and aims to power a decentralised marketplace. 6% of the total CPS coin supply will be distributed to owners of Syscoin wallet addresses on the snapshot’s date.

Siacoin (SC) Holders — Space Cash (SPACE) Airdrop — Snapshot Date on July 1, 2018

Space cash is going to be distributed to Siacoin (SC) holders at a 10:1 ratio by the Hyperspace team. The Hyperspace network aims to be a global cloud storage marketplace powered by SPACE.

INS Ecosystem (INS) Holders — INS Token Airdrop Distribution — July 2, 2018

INS Ecosystem aims to develop a platform to enable direct interaction between FMCG (Fast Moving Consumer Goods) manufacturers and consumers. INS tokens will be distributed via an airdrop to all INS holders based on balances had during April 1, 2018 to June 30, 2018.

Loopring (LRC) Holders — Loopring Neo Token (LRN) Airdrop — July 5, 2018

Loopring is a protocol for building decentralized exchanges, and will distribute 60% of the LRN supply to all LRC token holders during this airdrop.

ICOs

ICOs Ending:

WinStars (WINS) — Ends Tuesday July 3, at 13:00 UTC

Start Price: $ 0.2000, Funds Raised $ 3.30 M, Funding Target: 500,000 USD, Funding Cap: 5,000,000 USD, Coins Offered: 103.50 M (69.00%). WinStars is a decentralized gaming platform with a catalogue of gambling resources, built on Ethereum.

ShareRing (SHR) — Ends Wednesday July 4, at 13:00 UTC

Start Price: $ 0.02000, Funds Raised: — , Funding Target: $10,000,000, Funding Cap: $38,000,000, Coins Offered: 3.47 B (52.00%). ShareRing is a decentralized marketplace that enables users to securely access, connect, and pay for services anywhere in the world. Users can share anything from storage space to tools, clothes, jewellery and food with the SHR token being the primary payment method.

BitScreener (BITX) — Ends Thursday July 5, at 00:59 UTC

Start Price: $ 0.06049, Fund Raised: — , Funding Target: 1,000 ETH, Funding Cap: 15,000 ETH, Coins Offered: 139.50 M (31.00%). BitScreener aims to build a financial data and content marketplace on the blockchain. BitX is used as the primary means of payment for services.

EJA Coin (EJAC) — Ends Thursday July 5, at 01:00 UTC

Start Price: $ 0.1000, Funds Raised: $ 500.00 k, Funding Target: 500,000 USD, Funding Cap: 15,000,000 USD, Coins Offered: 150.00 M (60.00%). Eja Coin intends to implement a project that will make it easy for people to invest in Mining.

Amo Coin (AMO) — Ends Saturday July 7, at 01:00 UTC

Start Price: $ 0.002164, Funds Raised: $ 1.74 M, Funding Target: — , Funding Cap: — , Coins Offered: 10.00 B (50.00%). AMO is a project that aims to create and operate the AMO Market, where car data can be shared and exchanged. The AMO coin is set to be used as the primary means of payment within the platform.

ICOs Starting:

FlipNpik (FNP) — Starts Sunday July 1, at 01:00 UTC

Start Price: $ 0.1238, Funding Target: — , Funding Cap: 100,000 ETH, Coins Offered: 350.00 M (35.00%). FlipNpik is a commercial social media platform that is designed to connect shoppers to merchants within their communities.

Bettium (BETT) — Starts Sunday July 1, at 01:00 UTC

Start Price: $ 0.05000, Funding Target: 7,500,000 USD, Funding Cap: 30,000,000 USD, Coins Offered: 600.00 M (60.00%). Bettium is a platform enabling users to engage in p2p sports betting against each other. The platform offers users a series of tools, ranging from machine learning services to help from established experts to improve forecasts and strategy.

VLUX (VLUX) — Starts Wednesday July 4, at 01:00 UTC

Start Price: — , Funding Target: 25,000,000 GBP, Funding Cap: 25,000,000 GBP, Coins Offered: 44.31 M (70.00%). VLUX aims to improve access to affordable, low carbon energy by enabling peers to trade energy between one another via the Verv energy trading platform.

Events

Chainers 2018

When: July 1–2, 2018
Where: Seoul, Korea
As part of the Blockchainer Global Global Tour Series, the 11th tour stops in Korea to provide audiences with a series of talks covering Global Blockchain Regulation & Development, Public Chains, Private Chains & Consortium Chains, and Venture Capital and Token Economy to name a few. There are several notable speakers confirmed, including Patrick Dai (Co-founder, QTUM), Jun Li (Founder, Ontology) and Kim Seong Silk (CTO, Huobi Korea) among many others.
The event also includes a Blockchain Projects Pitch Roadshow where teams can showcase their respective projects to investors.

TechCrunch Sessions: Blockchain 2018

When: July 6, 2018
Where: Theater Casino Zug, Artherstrasse 2–4, Zug, 6300 Switzerland
TechCrunch is proud to announce their first event dedicated entirely to blockchain, crypto and the future of the internet. The event will feature a series of talks from industry leaders including Vitalik Buterin (Creator, Ethereum), Jutta Steiner (Co-founder, Polkadot), Joe Lubin (Founder, Consensys), Balaji Srinivasan (CTO, Coinbase) and Changpeng Zhao (CEO, Binance).

Ethereum Meetup produced by TechCrunch

When: July 7, 2018
Where: Theater Casino Zug, Artherstrasse 2–4, Zug, 6300 Switzerland
TechCrunch will produce the event with support from the Ethereum Foundation and other members of the Ethereum community the day after the TC Sessions: Blockchain event. The meetup will feature Vitalik Buterin (Founder, Ethereum Foundation), Karl Floersch (Developer, Ethereum Foundation), among others. It will cover a range of topics including scaling, protocol improvements, and improvements to consensus mechanisms.

London Fintech Week

When: July 6 -13, 2018 Where: QEII Centre, Broad Sanctuary, Westminster, London, UK
The 5th Annual London Fintech Week starts next week, bringing together a series of key industry speakers across several areas within the Fintech space. The event will include a collection of conferences, exhibitions, workshops, a hackathon, and several networking events throughout the week. Notable attendees include Adam Stradling (co-founder of Bitcoin.com), Anish Mohammed (advisor at Ripple Labs), and Dominik Schiener (co-founder of IOTA) among many others. For a full list of industry speakers and event partners, please click here.
The week-long event kicks off on Friday July 6 with a Blockchain Hackathon over the weekend, followed by a series of talks starting on Monday July 9th covering Fintech Disruptors, Capital Markets & Wealthtech on Tuesday, and Blockchain & Crypto-Finance on Wednesday. Thursday is a designated day for investors and startups/ICO participants to showcase their projects, followed by a series of blockchain and legal workshops on Friday.
Notably panel discussions during the Blockchain & Crypto-Finance day include:
Women in Blockchain — Discussion on the role of women in blockchain, with a closer look at the impact that women are making across the industry. Includes Helen Disney (CEO Unblocked), Dr Jane Thomason (CEO, Blockchain Quantum Impact) and Michelle Chivunga N (Regional Advisor, British Blockchain Association) among others.
Linklaters Panel: Blockchain and Financial Services — How Blockchain fits in within the current regulatory environment, as well as its impact on enterprises, business and compliance across users’ digital identities, trust and transparency. Discussion between Ajit Tripathi (Partner EMEA, Consensys Enterprise), Harry Eddis (Partner, Global Co-Head of Fintech, Linklaters), and Clair Wells (Director, Legal and Business Affairs EMEA, Circle).
VC/Investor Panel — Discussion on how industry figures and organizations are using blockchain to impact value and growth. Panellists include Ivan Soto-Wright (Founder and Managing Partner, HODL.vc), Andrew Adcock (CMO, Crowd for Angels), and Aditya Nagarsheth (Investor, Red Pill).
Blockchain Becoming Real Beyond Finance & Less Regulated Industries — Adam Strading (Co-founder, Bitcoin.com), Ashley Fox (MEP for SW England and Gibraltar, The European Parliament) and Tim Huegdon (Co-founder & CIO, InstaSupply) discuss the impact of blockchain and the growing autonomy of machines on society.
Source
submitted by W12io to u/W12io [link] [comments]

Best of the best Q&A Stephens and Shingos. Team, Community, Competition, POS, Marketing

Team
stephen corliss, [19.10.17 21:07] Team Bitquence, Who Are They? Collectively, the team has over 150 years of professional experience, lead by a leader who has accomplished more in 19 years than many people will over their entire careers. This team has the skills and gumption to deliver what it promises. These simple facts should be enough to stop anyone from spreading FUD that anything here is a scam. If it is not, let me say this, I carry securities licenses that are overseen by government regulators and I also founded a regulated investment business that is still active. If I, or anyone as part of this team, were involved in anything devious, the Feds would be at my door with handcuffs. Would I or anyone of us really be this stupid? I can’t wait to remove all these irresponsible pinheads from this industry who care only about themselves rather than society. In the world I desire, there is absolutely NO room for greed anymore where society suffers at the hands of a few!
stephen corliss, [15.09.17 17:43] [In reply to James: stephen interested to know if Bitquence was on your radar before you joined us?? Or were you interested in getting into the space and they approached you?] Hi James, I've actually been in crypto since the early days all the way back to 2013, hopping around the globe trying to help shape the vision for our industry. BQX and I stumbled upon one another and immediately discovered we shared the same visions and inspirations to deliver a truly transformative platform that is built for the consumer to help them in every way possible to take control of their financial futures. This is also why Shingo and I believe our platform should cover not only crypto but even traditional fiat assets (sec's, bonds, etc). This is critical as consumers will have the majority of their wealth tied up in traditional assets, like those retirement assets tied up in employers retirement plans, for at least another decade before they can transition to the Blockchain.
stephen corliss, [24.08.17 02:47] [In reply to Matt Hopkins: stephen I cannot express how impressive the response from the team, Shingo, and yourself has been. Reading the white paper and watching your videos where just a glimpse into this amazing vision and platform. You guys have brought this community to the next level. Thank you for your transparency and constant updates. I know I speak for the whole community here. Here’s to a great future with Bitquence.] Matt, Thanks man. I've seen a lot of stuff in my life and people who claim to be visionaries, only one of them could hold a candlestick to Shingo. You know, I've seen and been involved in a lot of exciting things over the years but nothing like this. Not even close!
stephen corliss, [25.08.17 21:07] [In reply to Liam: Stopping wild rumours in their tracks with your unbeatable knowledge of all the rules and regulations that need to be adhered to, I wonder how other crypto companies ever manage to survive without someone like you on their team] Sustainability of Bitquence and the entire eco-system is of major importance so some times it means getting very deep into the weeds as the complexity level globally can be a daunting task to most. But, it can be fun, especially if your bit wacky like me!
Shingo, [30.09.17 05:59] [In reply to Long Ton: How many coders do you guys have working on Bitquence? I’d be concerned if Shingo was managing university and coding] 7 or 8 devs if you are talking about technical people working on various aspects of the platform. The number feels about right to me. Jeff Bezos always said you should have no team that is too big to share 2 large pizzas otherwise you lose productivity
stephen corliss, [02.11.17 16:02] [In reply to Markus Winnen: What´s the story behind hiring you? Did you know each other before or how does the contact happened? :D]
We didn’t know each other but we had some mutual acquaintances. After meeting, Shingo and I immediately hit it off and also discovered that our dual solutions for creating a new eco-system for global financial services had a lot of overlap. So, they asked me to come on as a founder. Decision was easy.
stephen corliss, [02.11.17 23:49] [In reply to Ab Alphabeta1: amongst all your positions at work so far, which has been your favorite ? I know the first job is always special, apart from that?] My work at BGI/iShares was very special for numerous reasons but none more meaningful than having alignment of core values. The work itself was awesome as I had to build a global sell side business across asia, europe and americas, which is extremely hard to do by itself but doing it within a buy side asset manager and then integrate the two together was unheard of. Building an entire infrastructure including global trading systems across all asset classes including equities, bonds and cash is a lot of fun as you have to also build all of the upstream and downstream processes and tech and then overlay 100’s of jurisdictional regulations and laws while collaborating with regulators. Crazy fun but it was even more rewarding because in a short period of time we grew it to a $200m revenue a year while trading $350billion in assets.
stephen corliss, [10.11.17 18:06] [In reply to Kevv: if you don't mind be asking Stephen, what's the team plan with recruiting/getting more dev/marketing/back end ppls ect?] Its a continuous process but we have the core team of expert devs building as we speak and our expanding with other experts, eg. AI and Machine Learning, so things are changing rapidly as we progress on the roadmap. Non-technical staff are also in the picture and being added continuously as we have already have key staff onboard as part of the assembling of a highly skilled marketing team. Lots happening!
stephen corliss, [15.11.17 15:31] I learned quite early on that creativity and innovation are things that can come both normally and with intention. Most people don’t deliberately set aside time to tap into these skillsets. For me, I’ve always allowed myself time each and every day to challenge conventional ways of thinking, business and economic models or broad processes. This often allows me to devote the time to really understand an issue, model and process so I can then break it apart into small pieces and rethink how to rebuild it to be bigger, better and faster. This is why school for me was frustrating as it moved at a pace that doesn’t truly allow one to build in-depth knowledge and understand all sides and angles. Most of what I have come to know came afterward or what I did on my own time. Hate to admit it but my hobbies are not traditional, I like researching the history of capital market and economic models and studying congressional history around how market based rules came about and what motivated them. Weird? Yeah, a bit but if you truly love something, who cares!
Community
stephen corliss, [28.10.17 14:21] All, As the public opinion debate about Bitquence is beginning to ramp up I wanted to take a moment to share some thoughts. Openness and transparency are one of the several reasons I decided to enter crypto several years ago. This may seem strange coming from someone with my background but in my opinion, the traditional approach of hiding behind the corporate veil is cowardly and toxic. So, for any firm in this space, both it and its supporters must embrace diverse opinions and have an intelligent and open dialogue with those that disagree with our opinions. Lets not embrace the culture that exists in our global politics where those with different opinions are tarred and feathered but rather choose to behave like adults to set the example for our youth. Crypto is not about being closed minded but rather quite the opposite. So, when we are challenged lets not scream the loudest and attack but rather choose to engage those having different opinions in an open intelligent dialogue. Lets ask the tough questions of ourselves and others. If someone has an opinion, lets discover what informs that opinion by demanding openness and transparency about the facts that matter when sharing that opinion such as someone’s background or the analysis, facts and details that support it. As you all know, Shingo and I are here everyday to answer all of your questions, whether easy or difficult. This is a conscious decision on our part because of two main reasons, first because leaders in our industry should not cowardly sit behind the corporate veil like our traditional corporate counterparts and secondly, because we are building a global community that desires a financial system that works for society rather than against it. Lets embrace diversity of opinion as we are a diverse community from all walks of life who understand that differences should be embraced rather than pushed aside. I will be here everyday no matter how big or busy things become at Bitquence. Not because I have to but rather because I want to. I’m not afraid to be challenged and neither should any of you as this is the only way to get to the best result. I love this community so lets do everything we can to maintain a culture of openness that embraces our differences to discover the best answers. Change is coming!
Shingo, [10.09.17 18:42] The Bitquence community is different from other communities. We are smaller, but passionate because we all share the same pain points and yearn for the same vision. You don't see this sort of passion in many other places which is why we don't care very much about the short-term. We are looking long and when we have the product, we will get people to come and Bitquence will change the way people interact with crypto
stephen corliss, [19.10.17 21:22] Those of us in this community all know that we have the best community as each one of us plays a powerful role in building the momentum behind a unique grassroots movement that is absolutely scaring the shit out of our competitors. People Powered ya’ll !! stephen corliss about communication [21.08.17 18:32] You all deserve nothing less! We pay attention and want to ensure we all move along together and share in the fun
stephen corliss, [12.10.17 05:29] [In reply to Ke: Stephen can you specify 1 or 2 concrete things that those of us longterm holders who see the vision especially the 7yr plan to overtake Fidelity can do right now to help make it a reality perhaps sooner than we imagine. I believe alot if folks here are in this not just for the profits that will surely come but also because the vision of changing consumer finance is noble.] Two things, absolutely. 1) Every chance you get whether digitally or voice speak positively about this industry and recognize that early on it was full of bad stuff but we are changing that now by legitimizing everything we do so we can change financial models for the future 2) re-Post anything from this forum, other forums or from our site that you believe in, to any venue whether it is Facebook, Twitter, LinkedIn, Reddit; etc. Don’t do or post anything that you don’t truly believe in as people will see through that instantly. This is not about a single person or company, this is truly about what is best for us as a global community. Our dipstick lawmakers may believe we live in separate societies, but I believe we live in just a single global community who wants more than what the current rules and structures consider. Yeah, a bit of a soapbox comment but this is our time to really deliver change. That is what drives all of us.
Shingo, [26.10.17 20:46] We have said time and time again, we are looking for real, organic growth and a genuine brand and community. That is why we avoid hype, shilling and all that comes with it
stephen corliss, [04.11.17 06:04] This project is backed by a community. We are not defined by any one individual, not Shingo, not me, not the team, but instead a collection of individuals who desire change. We have many supporters and we appreciate them all and although I personally don’t know Suppoman, I would ask that you not slander anyone in this forum. Lets just keep everything professional and focus on delivering change together.
stephen corliss, [25.08.17 04:43] [In reply to John: stephen enlighten this newbie here...what can i expect for investing in bitquence] Game over bro! Sorry for the playground choice of words but if anyone has aspirations to see mass adoption of crypto become a reality then they need to be a part of this community who together will make this a reality. I couldn't mean this anymore than I do. This only happens with every one of us sharing a goal to deliver a new paradigm for financial services, especially how we build wealth ( that means You, Shingo, Adam, Kevin, the other BQX team members, everybody!)
stephen corliss, [10.11.17 23:57] Community Message: All, I wanted to share some thoughts on community etiquette. As we are moving quickly into a very serious phase, I want to share with all of you our views on how we proceed and protect our positioning and image. As you all know, we are a community fighting together to bring real change. As part of doing this, what this means is that we are having serious strategic discussions with countless serious and successful businesses to partner with us as service providers, strategic partnerships and the like. However, what this also means is Bitquence is now under the microscope and held to a much higher standard than most. To ensure we maintain the best public profile this means we must also ask the same of all of you as we are in this together. So, earlier today we had some person enter the forum talking about shorting and referring to BQX as a scam. Rather than sit idle and extend a long rope as we normally would do, I banned this person almost immediately. I didn’t do this to “muffle” anyone’s voices or to limit healthy debates or discussions but rather to protect the public profile of the community and Bitquence for the very reasons I just shared. I promise you that we love and embrace diverse opinions and love open debate but we all must now realize the we have moved into a very critical phase and professionalism has to be the standard. We are doing the impossible but each and everyone of us is playing a critical role in our overall success so lets not allow Fudsters and people focused on themselves to tarnish our image.
Thank you all for everything. Much love!
Competition
stephen corliss, [28.09.17 14:57] If you can find me just 1 single competitor who can do what we plan and do it in a way where they won't violate laws and can service every jurisdiction, let me know. I don't see anyone thinking about this the way we do. Remember, first may be okay initially but if your model isn't sustainable and insulated from all the changes to laws and regs that are forthcoming, then it won't matter as you will be out of business. Working smarter and with speed and precision is always better in my book. I don't think the complexity of what we are doing and the space we're doing it in is always apparent. You can't just build something, especially in finserv, without knowing first where all the minefields are, as many have tried before and have since departed with many others to follow. Don't get me wrong, I don't wish this on anyone but if you don't plan appropriately, there really isn't an excuse. If we are sustainable, everyone wins. The team has basically doubled in a week, so the train is rolling at a high rate of speed to deliver not only an innovative model but also "several" innovative tech solutions.
stephen corliss, [15.11.17 04:14] [In reply to EstimatedProphet: Stephen since you are the global strategist, what do you feel gives you a strategic advantage in comparison to competitors? Is the product quality? Is it your former experience in the finance industry? I would love to know. Also, do you feel that certain relationships you have made in the past working for BOA and BlackRock provided outlets/resources that others might not have access to?]
Great question. Let me try to answer as best I can. what do you feel gives you a strategic advantage in comparison to competitors? With Shingo’s vision and capabilities, my knowledge of global market structures and regulations and the expert team we have brought together, I believe there is no other firm with the collective capabilities that we have at Bitquence. I’ve personally spent nearly 30 years studying everything about global finance, capital markets, structures and regulation. I believe the team here cannot be replicated anywhere. So, competitors may be able to copy but they will never do it as well as us because of our knowledge advantage. Is the product quality? Knowledge and capabilities unleash quality, which is what will differentiate us from all others Is it your former experience in the finance industry? Partially but it is the team that gives us the advantage. Also, do you feel that certain relationships you have made in the past working for BOA and BlackRock provided outlets/resources that others might not have access to? OH, MOST DEFINITELY Lastly, what do you currently feel is the most important market for BQX to take over first? I think we’ve said this before, its the United States. Why? All others avoid the US because they believe it is too risky, I don’t agree. If you solve for the US, this means you can operate pretty much anywhere. So, we solve for the US now ( Which we have!) and then concurrently role out in other Jurisdictions across Europe and Asia. I know there is a global strategy at hand, but what national market is most important to make the mark and or ensure long term success? See above.
Shingo, [15.09.17 22:58] I've seen at least 12 platforms that people are saying "doing something similar to bitquence". If we were the only ones trying to do what we are doing, I would be very worried! The fact that so many are trying to do stuff like this simply means that there is a very real market need for it. Competition is good and will motivate us to make the best product
stephen corliss, [14.09.17 13:19] [In reply to momo] Absolutely, competition is healthy. However, we have a significant advantage as we have visionary engineers and financial minds who know how to create something that nobody has seen before that can also withstand the highest degree of scrutiny. I wish I could find the words to explain how difficult it is to uncover the solutions we have found but I cannot as it requires much more space than is available to me here. Plus, why tip off everyone! let them figure it out for themselves after we become the biggest baddest platform on the street!
stephen corliss about competition, [08.09.17 16:13] Coinbase is not a good barometer for Bitquence, whether we're discussing technology, legal/regulatory structure, product / service quality and depth or customer service. If you can't even get customer service right, how can anything else be great? No worries all, the BQX Team understands all the critical elements required to deliver! Competition? What competition....! In my view, we are trailblazers. Sure, many will try and follow us or even try to interpret our vision and replicate it to beat us to market, but none will be able to do this with complete success. That's what drives us and focused is what we are!
[In reply to Bjorn: How does BQX not be a competitor of existing Exchanges Stephen if we can buy and trade coins on the BQX platform?]
Thanks Justin! Hi Bjorn! Let me first call your attention to page 7 in our latest Whitepaper. Here you will find how all of the various dynamic layers of the platform work in conjunction with one another. BQX powers everything on the platform and links the Platform Layer with the Liquidity Layer. BQX will represent the individual baskets which will hold diverse ccy's and coins where liquidity for the individual constituent ccy's/coins will be sourced via CCY and Coin Exchanges. (also eliminating counterparty risk) There are a lot more nuances here but this should give you more details. I likened this to what we did with exchange traded funds over 15 years ago where exchanges at the time felt unnecessarily threatened by ETF's as they thought it would hurt their businesses. In fact, it did exactly the opposite as they generated exponentially more trading volumes because of the many:1 design of index funds. In the end, what this delivers is a fully fungible diverse basket of ccy's/coins that delivers the full benefits of directly holding them while streamlining day to day transactions for users. Does this help at all? Again, this is why we help exchanges grow their business as it allows for "mass adoption".
stephen corliss, [03.09.17 15:51] [In reply to Z Davinci] All, We hear you 100%. Let me make one point reference competition. Competition will be and is a healthy thing for any industry as it provides options for consumers while also allowing consumers to choose the better service provider and technology. However, when building a model in an industry such as this one that has to align with a complex financial industry centuries old, most will either fail or miss the mark significantly. What we have right now is a classic "square peg round hole" situation where ONLY those with the necessary technical, business AND industry expertise will win. What I can share here is this, we've done all of the necessary work designing a comprehensive solution that can flourish in a highly fluid business environment, where most others will be confused and distracted. I've set up many financial firms in my life worldwide so this is not unchartered territory and we will do whatever is necessary to ensure BItquence can flourish. FOCUS, BE BOLD, BE FAST, BUILD AND DELIVER, it is as simple as that.
stephen corliss, [08.09.17 02:17] [In reply to Slim] First, I'm old school so lets start with a giant HA! Then, lets move on to calling bullsh1t! Clearly, they have no idea about what we are building, and more importantly, how one goes about doing it. Lets take those comment 1 by 1. 1) Its a lot like Prism and Iconomi? What? Prism essentially deploys a CFD type model where holders do not hold the underlying coins it is meant to track and thus users have no rights or benefits that may come with each coin. All they have is a bet that they can win or lose. This is more appropriate for heavy traders employing a hedge or wanting quick/simple artificial exposure. It also doesn't save much in transaction costs either, which contradicts one of the main benefits of a CFD, their usually cheap! I don't knock their product but it is a complete 180 from BQX. Now Iconomi is different but similar. Considering my years with Indexes and ETF's, I clearly appreciate what they are trying to do. However, again, I have access to yield generation capabilities (or not depending on market moves) but what do I actually own? ICNX and ICNP only, not the underlying coins. Is the DAA transportable? No. I can go on and on but it seems unnecessary. Especially considering that none of this considers the Universal Wallet and all its benefits. 2) You do not own the currencies, you own the keys? Wrong, you own both! 3) You are given est. prices and own the assets and compare to actual investments? Nope, you know prices (est and actual) and own the ccy's 4) We are going big and will hv hurdles? Sure, but we solved those already! 5) Bitquence is centralized? Ah, nope its not. 6) They hold the wallet? Nope! 7) They are the exchange? Nope, we deliver optimized price discovery, cost reduction and lessen market impact 8) 1% Fee? Maybe but not finalized, however, that would be a lot cheaper than anyone else by leaps and bounds! 9) Years for product introduction to US customers? Solved!
Okay, did I miss anything? The problem here, all, is that our peers like to say that they understand Shingo's vision, but in all do respect they really really don't. They are building interesting products but none are remotely close to BQX because our visions and motivations are vastly different. We can cohabit the same space as we service different clientele but the similarities begin and end with we occupy space in the same industry. Product differentiation is quite vast.
stephen corliss, [07.11.17 20:53] [In reply to Ke: Is it fair to say that the biggest target bitquence is going after right now is Coinbase? Is that the real competitor?] I wouldn’t call it that specifically. In the financial space there are 2 main groups, Buy Side (eg Blackrock) and Sell Side (Brokers/Exchanges). I believe Bitquence is on the Buy Side and Coinbase is on the Sell Side. So, they could service us as a liquidity provider. However, because of their model involving coin storage, we will have an impact on them as consumers begin to leave their assets in cold-storage. However, this dynamic could still be positive for Coinbase as Bitquence creates opportunities to deliver new product sets of which Coinbase could provide liquidity and possibly even custody.
POS
stephen corliss, [13.09.17 13:54] POS is rebranded to Bitquence Predictions as POS implies other things, although we share numerous simiilarities
Shingo, [23.10.17 18:50] We have changed predictions as a "reward only" system to avoid complex legal concerns
Shingo, [23.10.17 18:42] [In reply to Marco: will BQX hodlers generate profits just by hodling ? (similar to OMG, NEO,...)] I would be cautious of any "passive income" model that is uncleared by regulated bodies. As Stephen said, there are some structures that may work and others that don't. There isn't enough guidance in the industry right now to say for sure Chris Ryan: So all Proof of Stake coins are considered securities?]
Stephen: That will depend on the details. First question to ask is always, what are users doing to earn divs? The less substance there is the more likely a coin will be found to be a security.
Shingo: The jury is still out for me whether or not proof of stake is passive or active income. Masternodes to me seem to be able to be justified as "active income" since you are providing services to the network and getting compensated in return. In that sense you could say you are getting paid income by the organization. The way OMG describes their model is a "tollbooth on a busy highway". As Stephen always says "The devil is in the details". I wouldn't want to say anything here without proper due diligence. I am excited for what OMG is doing and think they have a lot very great minds working for them. I'm sure they are considering issues such as these
stephen corliss, [02.09.17 14:30] Good morning! Quick details on POS or what we now call Bitquence Predictions. First, the critical outcome from this service is high quality intelligent data, which you can think of as Consensus based research. This service is the first step as it builds a valuable data inventory that will feed into our Basket creation, risk management, asset allocation and other functionality. It also allows knowledgeable and successful users to establish and build their reputation and following on the platform. This was never intended to be a gambling service and be, as some say above, "the only value maker for BQX". This thinking is an incorrect interpretation and I hope this explains why. BQX value creation, as discussed in slightly earlier threads, is generated by what happens in the next phases of the project, which are the "transactional" based Baskets and Universal Wallet services where BQX is both 1) necessary as Gas and for transactions and storage 2) A constituent holding option in the basket 3) liquidity enabler for the Liquidity Network and The Universal Wallet. Now, there are a lot more details to think about when thinking about BQX value creation but each one of the above should provide the basis for that analysis. Hope this helps.
stephen corliss, [29.08.17 22:40] All, I want to be sure the entire community understands precisely how POS will work. First, as you all know, we have been doing a deep global analysis of our entire roadmap, vision, products and services. This strategic analysis is and will continue to be our guidebook for all related decisions. The analysis is premised on one large assumption, during the short and intermediate term Bitquence should not require financial related licenses (Unless it is mandatory) in any jurisdiction. As such, with regards to POS, we have completed the required analysis and in NO way will this service be considered gambling, investment or derivative related. Users will not surrender / pay anything of monetary value to participate in POS. Winners will benefit and be rewarded for providing essential data but this will not come from any other user who predicting incorrectly. We will share more information but the above statements should clear this issue up. We of course understand that some of the information put out by us may have lead to this confusion but we will revisit those materials in due time to ensure they are more precise. Thank you everyone!
stephen corliss, [28.09.17 14:51] [In reply to Yoyo: People would get free coins to keep coin in the wallet?] Lets stick to Predictions. In order to build the most powerful financial platform, it begins with intelligent data. The best or smartest data isn't traditional research or crowd-based data individually but collectively. So, we begin by building superior Intelligence by first having users provide predictions on coin performance over short and long term periods enriched with other social data created on the platform. To encourage use, we allow users to join the platform and begin predicting and participating in other social engagement. The more accurate you are, the more rewards users can obtain. The more followers users gain, the more rewards they obtain. This is unique content and when enriched with other traditional and non-traditional research, it is highly intelligent and significantly useful to users when making both passive and active coin decisions.
Shingo, [27.10.17 07:04] [In reply to Ab Alphabeta1: Any coin which provides some sort of dividends be considered security?] I think the distinction is more between passive and active income and income on investment versus income for services rendered. Any token that requires you to stake or use your token in some sort of process that benefits the network suggests to me that it is compensation for services rendered. That being said, line is really blurry and won't become clear until governments and regulators catch up and render a decision
Marketing
Shingo, [19.10.17 19:27] I want to clarify what we mean by marketing. What we will NOT be doing is buying ads, spending on search/video/interstitial etc. What we ARE doing is putting effort into nurturing our community and increasing our earned traffic. This means upgrading the brand, creating a PR plan, scheduling releases etc. Once we launch the product, we will begin to buy ads and push the marketing pedal. I believe that this is the right strategy and will help to develop this community organically
stephen corliss, [20.10.17 01:55] As I know you all know how we approach things by now, I would hope you all expect a slow dribble of news that all connects strategically. We have a lot of great things brewing and information will follow but only when the time is right. We don’t buy into the hole pump crap, so please just remember that we are extremely strategic and precise in everything we do.
Shingo, [16.11.17 20:03] [In reply to Steve Crypto: Do you plan to make another Dev Update video for those who are not part of the Product Council?] Maybe... I've answered this question a bit before. We want to release less high quality content. What will likely be the format going forward is: - ExplaineAnimated Product videos - Captain's Log - Thinkpieces - Blog
Shingo, [01.09.17 02:38] [In reply to EstimatedProphet: Shingo are there any strategic marketing techniques being aimed at the general public? I know you're targeting mass adoption, but what is the plan for reaching consumers outside of the Crypto community?] Lots of guerilla marketing. One of the initiatives we are working on right now is building a large library of content aimed at new users (courses, blog content, guides etc.) We are hoping that for many people, their first interaction with bitquence will be "how do I buy bitcoin" or "what is Bitcoin" We hope to serve the user over the course of their journey of discovery from learning about crypto, to becoming a social crypto trader
Shingo, [10.09.17 18:41] While we are developing the product, we want to be careful with the brand and marketing. There is no point in pushing out our message far and wide before we have anything to show people besides demo videos. Building a community organically is much more powerful than building an artificial community that doesn't care about the product
Shingo, [13.09.17 21:05] [In reply to Ke: Shingo...could you shed some light on how you and the team plan to get this out to the masses once the product is out? Do you plan for early adopters to be sophisticated types looking to enter a new asset class or do you plan on positioning the product as a new cool way for millenials to get a solid ROI through this beautiful tech solution? Or can you adequately market to both groups?] We don't quite want to tip our hand just yet, but our customer acquisition strategy is going to strategic partnerships and aggressive competition to market incumbents. Our strategy with exchanges has always been to get more people exposed to BQX and learning about it which is why we have been pushing for listings and why Binance was a great victory for us. The second part is aggressively going after different market sectors in the crypto industry and strategically taking market share. We anticipate that improved tools, guerilla marketing, enthusiastic community and solid promotional materials will make for a powerful combination as we enter the next phase of development
Shingo, [19.09.17 18:50] [In reply to Greg: It would be nice to put up dates on roadmap in white paper or in one of dev updates, to be official.] We don't want to promise something we can't fulfill. We try to hold true to everything we say publicly. Our PR motto is under promise and over deliver which typically leads to more happy people than the opposite
stephen corliss, [24.09.17 16:43] [In reply to M I H A I] Good day all. Marketing is absolutely critical. However, burning capital on marketing "too early" runs the risk of having a large CAC that will have significant negative results. Your points are not wrong but the right timing is essential
Shingo, [09.10.17 05:17] What I want to do is frame up some more of our ambitious thinking in a way that people can understand where we see all of this going but also while preserving our competitive advantages over others
Shingo, [13.10.17 20:58] Again - we are revamping our marketing efforts and part of that means putting together a cohesive plan and schedule. That means less in the short term, but I believe that it will be highly beneficial in the long term once we start executing to this plan. Instead of putting out mediocre marketing immediately, we are going to put out great marketing in due time.
stephen corliss, [20.10.17 14:15] The only things we will be protective of are those elements that allow us to maintain a competitive advantage and a leading position. Typically these will be strategic initiatives that we will need to keep top secret until making a big public reveal. This allows us to protect our first mover advantage and further differentiate ourselves from everyone else. We have a few big surprises already.. 😊
stephen corliss, [24.10.17 14:27] All, lets move on to more constructive topics. We have just hired a very talented Marketing Executive who is developing our short and long term strategy as we speak. The benefits of this change will be significant and be visible across all channels and methods so lets stay tuned. I’m quite excited as this has been a big missing component for us that is now ramping up!
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