Bitcoin ATM Bitcoin.com

Worth it to invest in a BTC ATM machine? /r/Bitcoin

Worth it to invest in a BTC ATM machine? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

How does Bitcoin ATM allow you to purchase Bitcoins?

How does Bitcoin ATM allow you to purchase Bitcoins?
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Are you planning to invest in Bitcoin, well, there is no better time than today to invest in cryptocurrencies. There are many biotin exchange platforms where you can buy and sell Bitcoin. Amongst the various modes of going ahead with Bitcoin exchange, you can choose Bitcoin ATM for this. It is an easy way to buy and sell Bitcoin using a credit or debit card. When we are talking about bitcoin sale and purchase, we cannot miss speaking about Bitcoin Farming. In simple words, individuals who wish to become a part of the Bitcoin network, then you can do Bitcoin farming, which is nothing but extraction of the value of Bitcoin. Bitcoin farmers or Bitcoin miners solve computation problems, and they get rewarded for the same.
Bitcoin ATM: What should know?
Bitcoin ATM is a simple machine that is used for the sale and purchase of Bitcoin using debit and credit cards. Although Bitcoin has been there in the market for more than a decade now when it comes to Bitcoin ATM, these are a fairly new addition and easy to use and makes it easy for those who wish to exchange Bitcoin do that with ease.
The world got its first Bitcoin ATM in Vancouver, Canada, in 2013. At this ATM, the Bitcoin stalwarts can easily buy Bitcoin using the currency. This ATM is used to convert Bitcoin to Canadian Dollars and vice-versa. After this, Bitcoin ATMs have become very common. As of October 1st, 2020, there were around 10,503 Bitcoin ATMs globally.
Types of Bitcoin ATM:
There are two types of Bitcoin ATM:
· The basic one: These are used only to purchase Bitcoin
· Complex ones- These are used to buy and sell with virtual money. If you plan to use complex ATMs, you need to know that only the members of a particular ATM producer can use the ATM.
Some of the key players that are in the making of complex Bitcoin ATM are General Bytes, Genesis Coin. General Bytes has a market share of 30.3%, and Genesis Coin has a market share of 30.3 %.
The US has the highest number of Bitcoin ATM. Around 83% of the total global ATMs are located in North America.
Bitcoin exchange using General ATM
This is a general process of Bitcoin exchange using Bitcoin ATM, there may be slight variation in this, but the general process remains the same:
  1. The first step is verification (this may vary based on machine
  2. Now, you need to provide a Bitcoin address for deposit at some ATM.
  3. Insert cash into the ATM
  4. Confirm the operation (Bitcoin is sent to your Bitcoin address)
This is the basic step; however, you may find some variation in this based on ATM type. This is the right time to start investing in bitcoin, and with the prevalence of Bitcoin ATM, the task will become simpler.
Concluding thoughts-
To know more about Bitcoin and cryptocurrency exchange, log on to Blockchain Council. This is a leading platform that provides a Blockchain certification coursein Bitcoin and Blockchain. You can also learn about cryptocurrency trading. For more such interesting information, connect with Blockchain Council today.
submitted by Blockchain_org to BlockchainStartups [link] [comments]

Upgrade account to withdraw profits?

Not me-- but a friend— has begun exploring bitcoin. Questions and suspicions arise.
Outside of a general/ vague awareness of btc, this is a whole new world to me.
I sense that many possible scams and pitfalls (thank you, folks, for posting useful info on this sub) may litter this landscape for new investors. I feel like I'm seeing some red flags.
Can anyone please enlighten me, does the following ring a bell? Expected, legitimate?
Also please assist-- possible/ how to transfer funds direct deposit to a bank account?
Thank you kindly.
EDIT/ UPDATE: Friend is still on the hook. He's being told a "technical glitch" is responsible for profits rising quickly to the point where the account needs to be upgraded. He's in contact with a 3rd party who is convincing him this is legit. um...
submitted by DogLikesBirds to BitcoinBeginners [link] [comments]

With Bitcoin Suddenly Surging, Canaan Stock Is Also Going Up Today

With Bitcoin Suddenly Surging, Canaan Stock Is Also Going Up Today



By signing up, you may receive emails concerning CoinDesk products and you agree to our terms & conditions and privacy policSTER ON THE SITE
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You do not would like any expertise to trade with the Bitcoin Trader app. We tend to are ninety nine.99percent automatic, that means that live trading involves terribly little manual input. Moreover, we tend to offer comprehensive guides and tutorials to help users set up a live trading account.
ognized by the US Trading Association as the foremost profitable crypto robot in 20twenty. Whereas results rely on market conditions, a number of our traders have seen profits of more than four
What is the minimum deposit withBitcoin freedom
You'll be able to trade with us by depositing just $250. The additional you deposit, the more earning potential you have in a very single day. However, we have a tendency to encourage our users to begi
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Are there hidden fees with Bitcoin Trader?
Our fees are fully transparent. You can download a listing of trading fees from the platform’s management dashboard. We have a tendency to only charge a little commission on profits earned through our trading robot
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1) Register: Registering with the Bitcoin Trader app is straightforward. Scroll to the high of this page and submit the specified details through the registration kind.

We require users to verify your phone range and email, since this is often what you'll use for multi-factor authentication. Yet, our partner brokers verify the identity of all users per regulators’ understand your customer (KYC) requirements.

a pair of) eposit: You wish to deposit a minimum of $250 US to trade with the Bitcoin Trader software. We tend to depend on our partner brokers to facilitate transactions, and all of our partners are absolutely regulated by government authorities. With regulated brokers, you'll rest simple knowing that your funds are safe.
You'll fund your account through wire transfer, MoneyGram, Western Union, FasaPay, Visa, MasterCard, Neteller, WebMoney, and Skrill.


three) Trading Education and Demo: We have a tendency to are an auto-trading robot, however we have a tendency to do enable our users some level of management, especially when it comes to risk management. Consequently, our Bitcoin Trader official website encourages you to travel through our trading education section to familiarize yourself with the chance management process.
Our highly intuitive demo platform ought to additionally facilitate your observe trading with the robot before you begin trading during a live account Bitcoin Freedom

The platform needs that you just define the trading conditions for the robot and activate the live trading session button. We have a tendency to encourage you to depart the robot running throughout the day within the background. You'll be able to let it run unmonitored for up to eight hour
We tend to have recently been nominated as the most profitable robot for BTC trading in 20twenty. Moreover, we are one of the trading robots that has been extensively covered by mainstream media. Bitcoin Trader has thousands of reviews on client feedback platforms
Bitcoin Trader was one amongst the primary robots to use high-frequency trading techniques to BTC trading. The robot was founded in 2015, nearly two years before the crypto boom in 2017.
Bitcoin Trader uses AI and ML to create sense of big knowledge, which allows it to trade with high accuracy.
Our trading platform became an on-line sensation in mid-2017, and it has maintained its popularity since then. Bitcoin Trader is the simplest possibility for many beginner and experienced traders.
Bitcoin Trader allows you to earn a daily profit of up to $1,00zero by investing simply $250. That’s a potential return on investment of up to four hundredpercent.
Do celebrities recommend the Bitcoin trader software?

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We tend to are highly widespread and hence a prime target for celebrity gossip. There are viral rumours that we have a tendency to have been endorsed by Elon Musk, Richard Branson, and Jeff Bezos.

Elon Musk – The founder of SpaceX has invested in Bitcoin and expressed interest in artificial intelligence, however he has not invested employing a trading robot.
Richard Brandson – Branson is another celebrity alleged to own invested using Bitcoin Trader. While it's true that he loves Bitcoin and blockchain technology, he hasn’t endorsed any trading robot.
Jezz Bezos – Bezos is also a big fan of emerging technologies, however he hasn’t shown any interest in BTC trading through revolutionary robots like Bitcoin Trader.

You ought to never build an investment decision based mostly on whether or not a star has endorsed or invested in it. Bitcoin Trader has been tested and licensed by specialists.

The verdict about Bitcoin Trader
We tend to are a prime-rated crypto trading robot with nice reviews on sites like TrustPilot and ForexPeaceArmy. Moreover, we have been recognized as legit and profitable by authoritative bodies like the US Trading Association.

We have a tendency to are always striving to offer the most effective to our users by regularly improving our trading platform. Our team of experts analyzes feedback from users to work out what features will create a a lot of seamless trading experience. We tend to operate in complete transparency, having partnered with some of the world’s most reputable brokers.

Our platforms are encrypted to shield you from hackers. Furthermore, we tend to also adhere to information privacy measures, like the General Information Protection Regulation (GDPR). Try out Bitcoin Trader currently through the link at the high right corner of this page.
perior over different cryptocurrencies?
LATESTBITCOINETHEREUMALTCOINSTECHNOLOGYADOPTIONBLOCKCHAINEVENTSCONTACT
PRESS RELEASEWhy is Bitcoin superior over different cryptocurrencies?Akshay KSPublished a pair of weeks agoon August 12, 2020By Akshay KS
Source: Pixabay
During this technical world, bitcoin is the foremost used digital currency all over the world. However the main question then arises within the minds of the many folks is why bitcoin is considered the foremost superior over other cryptocurrenc Bitcoin Freedom
Bitcoin is that the one method of creating transactions daily as alternative currencies. But it's its options and uniqueness that make it superior. Bitcoin and different currencies are based mostly on the cryptographic algorithms or mathematics that are encrypted, with that the user becomes the owner of the currency. Bitcoin currencies are easily accessible at Bitcoin ATM and online exchange
The main feature of the bitcoin, which makes it superior is that it is the safest option for digital transactions. These will be used for on-line searching and transfer of money too.
There are many alternative blessings to using bitcoin. A number of them are mentioned below
Decentralized and digital
Bitcoin offers the freedom of exchanging the price without representatives that proves helpful in controlling the lower fees and high funds. Bitcoin is that the faster method of transaction than others. It is secure as it is free from theft and frauds and is constant. The main advantage is that bitcoin has its homeowners whereas the bank controls the money.
Makes online looking
Normally, bitcoin will be used for on-line shopping too. Bitcoin is the opposite face of e-wallet, that is created by blockchain technology that is used to store money and will easily pay everywhere digitally. For this reason, it also makes your searching easy by which you'll be able to look from your home solely

Bitcoin is accepted globally at each corner of the planet, which makes it less volatile than local currencies or cash. This feature makes it superior because it enables us to form transactions on-line and across the boundaries
Bitcoin unable the means of tracking cash

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Bitcoin is created by blockchain technology. Blockchain is the sole technology which will either make it or break it. There are many computers which are used to keep up a permanent record of each bitcoin transactions with the help of cryptographic technique. In this approach, it becomes a lot of valuable together with the tracking of the payment. At the same time, there's no method of tracking the cash

While not any transformation method, it will be used over the entire world. It provides the simplest platform for the investment as it is free from the restrictions of governments or banks. It provides an open market and combines the simplest of gold and money.

Bitcoin provides the power to access the balance of the users with a password which is named a personal key. It additionally permits the exchange of values through the web without any middle person. Thus, bitcoin becomes safer, stuffed with privacy, and open to everyone
Unlike cash, it is not possible to form the duplicate quite bitcoin that makes it more efficient. It's protected with the technology of blockchain. Even if anyone tries to form a replica of bitcoin to use it, then the system will automatically reject it as the system recognize it as unknown

Bitcoin Freedom failed to allow two persons to transact on the one price. Once the bitcoin is transferred, its possession is also transferred. So this is the simple approach of maintaining records for any tax functions. It conjointly makes it a easy and healthier metho

Bitcoin is the foremost reliable manner of online transactions. Many questions arise in folks’s minds that are solved on websites like bitcoin revolution. One in all them was the above-mentioned question. Bitcoin provides many facilities, and it comes with more and a lot of blessings which makes it distinctive and special over different cryptocurrencies. It can be preferred as the simplest digital platform for transac


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Disclaimer: AMBCrypto US and UK Market's content is informational in nature and is not meant to be investment advice. Buying, trading or selling crypto-currencies ought to be considered a high-risk investment and every reader is advised to do their due diligence before making any decisions.
People, businesses, and developers: get the support you would like with our straightforward

Browse the FAQ'sn news, CoinDesk is a media outlet that strives for the very best journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Sign up with Bitcoin Trader nowadays to start out earning potentially thousands of greenbacks in profits daily from an initial investment of just $250. We tend to are a high-rated automated trading robot that's accessible and easy for all to use. By trading with Bitcoin Trader, you'll start generating a lot of investment income than ever beforeBitcoin Freedom

“After simply some months trading with Bitcoin Trader, I’ve made a lot of than $ten,00zero and finally understand what it’s like to measure the dream. I’m saving up my profits to quit my job and spend a year traveling.”

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“Two weeks ago, I got laid off. With no choices left, I thought my life was over. Now I’m making a lot of cash than I made at my job every and each day. Thanks, Bitcoin Trader!”

With the Bitcoin Trader software, you can probably build up to $one,500 daily from a deposit of $250. We tend to are powered by artificial intelligence technology to confirm that you just get a win rate of more than 98p.c under the right market conditions. The US Trading Association has nominated our Bitcoin Trader as the most profitable crypto trading robot on the market.
We have invested in the globe’s best trading technologies. These include the factitious intelligence subsets of natural language processing, deep learning, and machine learning. Bitcin Trader depends on these technologies to derive insights from huge data and market news.
The Bitcoin Trader app has won nearly fifteen coveted awards since launching in 2016. These include the most Profitable Robot 2020 award by the American Trading Association, the simplest Robot in Trading Technologies 2019 award, and the most Profitable Crypto Robot in 2018 Award. We have a tendency to price our customers and are contin
https://www.cryptoerapro.com/bitcoin-freedom/
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Is it still worth it in 2020 to invest into a BITCOIN ATM?

I am looking to invest in my first BITCOIN ATM. I have some money saved up, but not sure if it's worth it. Don't know if the demand is high in my area or the earning potential for one. Any good resources for me to read up on? I am still doing my homework. Any suggestions on the machine itself. I have about $5k-6k to invest into a machine.
What is an earn potential for a machine? I live in the Los Angeles Area.
submitted by MarkBLeee to Bitcoin [link] [comments]

Spending Crypto in Real World

Spending Crypto in Real World

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Is it possible to use cryptocurrencies in everyday purchases? This is one of the biggest questions that people with zero knowledge in cryptocurrencies are curious about.
Cryptocurrencies are designed to function like all the other physical currencies that people use today. The only difference with cryptocurrencies is you have the choice to decide whether to solely manage your assets without the need of banks, a central authority, or a crypto exchange or wallet. In cryptocurrency, you have the power to make your own decisions.
How will I make my very first purchase using crypto? A few years ago, spending cryptocurrencies was not easy and not accessible to anyone. Remember the Bitcoin Pizza Day Story? It opened the possibility of using cryptocurrencies in everyday transactions.
At present, there are a number of ways where cryptocurrency can be spent. Service providers are offering hassle-free crypto to fiat conversions. To name, these services are:
Bitcoin or Crypto ATMs
At present, there are a total of 7,962 Bitcoin ATMs worldwide. Bitcoin ATMs allow cryptocurrency users to withdraw cash using their private keys or via a crypto debit card. Some crypto ATMs also allow buying and selling of cryptos directly on the machine. Using Bitcoin ATMs are a fast way to get traditional money on hand. However, due to the limited availability of these machines, only a few crypto users can enjoy it.
Software Crypto Wallets
Signing up in a cryptocurrency wallet is convenient for users with multiply types of cryptocurrencies. However, not all cryptocurrency wallets allow their users to spend crypto to fiat easily. The types of wallets that allow these transactions are mostly software wallets or wallets connected to the internet, such as web, desktop, and mobile wallets. Depending on the chosen wallet, some help users manage multiple cryptocurrencies, and at the same time, convert crypto to fiat easily within the applications.
Crypto to fiat debit cards
There is a variety of crypto to fiat debit cards available in the market today. Normally, some of these are tied-up with crypto wallets for a more seamless conversion and transaction. The advantage of using crypto to fiat debit cards is that you can use it at establishments where debit cards are accepted. The debit cards will automatically convert your cryptocurrencies to fiat, and the user’s wallet will be deducted based on his or her crypto balance.
Swipe Wallet and Debit Cards
Swipe is a multi-asset digital crypto wallet application that allows users to buy, sell, and spend cryptocurrencies instantly. It is also tied-up with a Visa debit card which allows users to spend their cryptocurrencies anytime and anywhere. In order to reach more users, it has partnered with notable institutions such as Apple Pay, Google Pay, and recently, Samsung Pay, to make purchases within the app and cards easy.
With the presence of companies that continues to help to achieve worldwide access to crypto, a lot of never-imagined services in the industry are slowly being introduced. Years ago, people looked at cryptocurrencies as a mysterious and too technical form of investment. Now more are venturing in the industry with the hopes of having easier financial transactions and full control of their assets.
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This blog article is also posted at https://sw.pe/blogspendcrypto
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Stellar The Biggest Cryptocurrency since Bitcoin? 1 year later!

Special consideration and appreciation to 87Crypto for all the research and investment into most of this article, this flashback was and is very much on point perfectly.

My input and addition I believe will be the future of Stellar Lumens (XLM) and I don't think the bears can stop it.. With the works economy crashed because of the pandemic, countries are looking at making precious metal backed Cryptocurrencies.... Major banks are rushing to make the technology improvements to accommodate this change, and it is happening very rapidly..


To the world from REDDIT user 87Crypto:

Stellar The Biggest Cryptocurrency since Bitcoin?
Ok everyone, feel free to tell me I'm crazy and delusional on my idea of Stellar being the biggest Cryptocurrency since Bitcoin.

In 2014, Nasdaq launched a separate company, Nasdaq private market which partnered with a San Francisco based Blockchain startup company called Chain to test Bitcoin technology. Part of this testing included digital transfers of money and other assets securely and nearly instantaneously which is something the current system is incapable of doing so seamlessly. Additional features included the transfer of securities directly between asset managers, to serve as a secure ledger for tracking assets across divisions of a large organization, enable a next-generation mobile banking solution, create a loyalty points system for a consortium of brandsto issue digital gift cards onto a network that can support multiple wallet vendors, create automated insurance contracts, and issue central bank currencies digitally to improve the payments system in any country. In October 15th, 2017 IBM chose the Stellar Blockchain to power the process of cross-border payments. This partnership was to significantly reduce transaction costs and increase transaction speeds whilst eliminating the inefficiencies and frustrations of the current cross-border payments system. January of 2018, Former Chain president, and Goldman Sachs Managing Director of technology and Business Development became the Head of Corporate Business Development for the Newly launched digital arm of Fidelity. Now this is getting more and more obvious as to what is going on. The same group of people are involved in all these financial institutions. On September 4th, 2018 IBM Debuted Blockchain World Wire (BWW). This platform was created to not only improve the cross-border payment system but to revolutionize the entire financial system. This ecosystem allows assets to be freely transported to any region of the world without the necessity to exchange currencies prior to doing so. Blockchain world wire utilizes the Stellar native token, the Lumen, as a form of exchange, as well as gas for low transaction fees. One of the brilliant aspects of BWW is the fact that the Lumen can be converted to as many as sixty currencies and according to Jed McCaleb even stocks can be transferred within the ecosystem. These currencies vary from the current fiat system, to cryptocurrency, 1:1-dollar ratio Stable coins and central bank digital cryptocurrencies. Just six days later, on September 10, Blockchain Start up and Nasdaq partner merges with Steller’s start up named Lightyear. This merger formed Interstellar to bring Chain's enterprise products of digital asset transfers, seamless tracking of these assets, as well as their customer base to the Stellar blockchain. On the other side of the IBM / Stellar partnership, IBM was working closely with The Official Monetary and Financial Institutions Forum (OMFIF) on central bank cryptocurrencies. The OMFIF is an independent think tank for central banking, economic policy, and public investment with a collective of investable assets equating to $36 trillion dollars which is equivalent to 45% of the worlds GDP. I don’t know about you but that gave me goosebumps. The magnitude of the Stellar blockchain is just unreal. We are talking about Stellar having the potential to take over not just the cross-border payments market but will also play a massive role in asset tokenization which would revolutionize Wall St. Itself. On October 13th, 2018 Stellar partnered with SEC approved Security token exchange platform Hyperion. This exchange is the first platform in north American for security tokens. This provides investors the ability to exchange digital security tokens using blockchain technology with significantly lower fees as well as more efficiently than the traditional stock market. In addition to that, Hyperion signed an MOU with Kinesis Money, a company offering a unique system solely on digital gold and silver currencies. This unique form of tokenizing gold and silver as a 1:1 allocation to those assets as a stable coin is just further proof that everything will be tokenized on the blockchain. Ok, there’s a few more things to discuss. This is what institutions are calling open banking. Open banking is a system where banks can use the open source Application Programming Interfaces (APIs) to allow 3rd party developers applications around financial institutions. A partner of IBM that is leading the way of open banking is HSBC. Due to this strong relationship it is very likely they will use the Stellar Blockchain to issue digital assets. Speaking of partnerships and 3rd party developers, let's discuss yet another huge part of the puzzle that is Stellar.

On October 28th, 2018 the largest bank of the United states J.P Morgan financed a $34 billion-dollar loan to IBM for the acquisition of the world’s largest hybrid cloud provider, Red Hat. This purchase was purposely executed to become the #1 hybrid cloud provider in the world. Red hat fits the perfect description of the 3rd party required for HSBC to implement its Open banking and eventual issuance of digital currencies through the Stellar Blockchain. In case you were wondering why I made a point to mention J.P Morgan and their massive loan to IBM when I could have simply left them out, we'll circle back because it is important. On December 4th, 2018 we closed out the year with Fidelity and Nasdaq Ventures investing in cryptocurrency exchange Eris X. As Previously mentioned, Former president of blockchain start up Chain, Tom Jessup relocated to Fidelity which is a partner of Nasdaq in this cryptocurrency exchange Eris X. Tom Jessup was president of Chain during the time they partnered with Nasdaq. What I am pointing out is that all these top institutional companies are working together one way or another and it is clear as day something massive will be announced March 19th as I mentioned before. As we look back at all the moving parts, I can’t help but think that IBM and Stellar will revolutionize the stock market itself through all their partnerships directly or indirectly, more importantly due to Blockchain World Wire and its capabilities. This is truly incredible. But that's still not all just yet. J.P Morgan financing the $34 billion dollars to IBM was strategic. Well, what do you know, On February 14th of this very year, J.P Morgan launched their own US bank-backed cryptocurrency coin and as Jesse Lund, head of IBM Blockchain previously mentioned, Blockchain World Wire would allow up to 60 world currencies and even stable coins which is exactly why J. P. Morgan created their coin. All of this has led us to the Singapore Money 20/20 event of March 19th, 2019. All the pieces of the puzzle seem to be in place and I honestly can not find evidence to prove anything otherwise. Stellar has all the qualifications, attributes and partnerships to not only be one of the biggest cryptocurrencies in the world but to become the Blockchain of the financial world. Please give me your thoughts.
From: 87Crypto May, 2019

Now 1 year later :Everything is in place, all currencies are at an all time low because of the worldwide pandemic last month...
It is time, time to grow this machine!

We need a Stellar Lumens based "ATM" program that runs on Debian. Something that can be dropped into almost all "ATM" platforms. This would give instant international bank transactions from any bank to any bank. It could use Stripe or BWW directly, because of the existing Stellar Commitments, and Charge it's own processing fees set by the ATM provider.

Let's get this marketed to every ATM provider there is and push the market, this is the environment for bank integrations and will reduce ATM fees to the end user.. Even at $1 per average transaction that is an average savings of $1.50 per transaction from an average ATM... Banks will pay attention, then every user will see the message "Your transaction was proudly transferred to you with the Stellar Lumens (XLM) network, in coordination with BWW or Stripe, and" insert ATM COMPANY NAME "....This same environment would be used as the backbone of the merchant P.O.S. machines for credit card and debt transactions.
Thank you for reading..

The most cryptocurrency ever lost, was not from investments it was from inoperable or unrecoverable wallets. Stay safe my friends.
submitted by Uber1ife to xlm [link] [comments]

Nearest GetCoins Bitcoin ATM in Ferndale, Michigan

if you searching for the nearest bitcoin ATM machine in Ferndale, Michigan? Just download the get coins wallet app on your mobile. We providing a top secure way to invest money in digital currencies. The easiest way to selling bitcoins by interfacing with their financial balances.
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Nearest Bitcoin Machine Roseville MICHIGAN - GetCoins

Nearest Bitcoin Machine Roseville MICHIGAN - GetCoins

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Getcoins provides the most secure way to invest in Digital Currencies across the United States. Find the Nearest Bitcoin ATM Machine in Roseville MICHIGAN, United States. Stay tuned for updates!
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I Got Scammed by the Cryptocurrency Exchange EZBTC.CA

I wanted to make this post of my experience as a warning to others, especially Canadians as they have limited buying options when investing (speculating) into cryptocurrencies. I understand the subject of cryptocurrencies are polarizing to many, but nonetheless, it's an emerging asset class that deserves discussion because there are many ways to lose your funds. This isn't the fault of cryptocurrencies themselves, but the result of user error, outright scams, social engineering, hacks, or in my case not being up-to-date on current events.

There are many scams in cryptocurrencies, but shady exchanges are a classic dating back to the legendary Mt. Gox hack where 850,000 Bitcoins were stolen (worth approximately $4.6 billion at the time of this writing). Or the most recent Canadian QuadrigaCX exchange hack where the CEO allegedly died in India carrying the only private key to 200 million worth of customer funds.

It seems that exchange hacks keep propping up in the news, so why then do they keep happening even in 2019? Because users are left with limited choices if they want to acquire cryptocurrency in the safest (ironic) and most convenient manner. In order to buy cryptocurrency, you first have to exchange it for fiat currency (USD, CAD, EUR). You could buy cryptocurrency from one of those Bitcoin ATMs you see at the mall but the fees are exorbitant and quite a few require ID as it is, so why not just sign up for an exchange instead? The next option is to buy them peer-to-peer in person for cash, but people feel unsafe dealing with strangers and large amounts of money. Further, liquidity would be an issue. This led to a boom of many cryptocurrency exchanges offering customers a place to buy and sell with the exchanges acting as the middle-man between users.

I've been away from cryptocurrency for a while and only came back recently. I've used the EZBTC exchange in the past without issues and decided I would use them again. What I didn't do upon my return was my homework on any updates/news regarding this exchange which resulted in my ordeal now. I noticed the website had an overhaul that now includes an express option for you to receive faster withdrawals if you deposited larger amounts (first red flag). I opted for the regular option I always used in the past and sent a small amount via eTransfer that was deposited in my account almost immediately (second red flag). In the past, my eTransfers regardless of amount took some time and up to many hours. Nonetheless, I made a purchase and initiated a withdrawal request that still hasn't been sent out to this day, and I am not the only one.

A condensed version of my story is that I got worried about my pending withdrawal with EZBTC and my emails/calls went unanswered. The live chat on their website was also disabled. I decided to tweet my situation to @ezBtcCanada and immediately got an email from the owner David Smillie himself urgently telling me to call him on a personal number. He deverified and suspended my account as a result of my tweets @tokenflair for "security reasons". After some talk (me saying I'll delete the tweets) he immediately reactivated and reverified my account again and said that my withdrawal will be taken care of the next day.

Fast forward to the next day and my withdrawal is still pending. Calls/texts/email go unanswered again. Live chat is still disabled. I proceed to send another tweet instead. Like clockwork, I get a response from David shortly after and he was livid. He threatened to sue me for defamation if I continued posting about my situation on public forums. I told him I'll be waiting for his letter. He stated that my account would be receiving a lifetime ban and I will not be receiving my withdrawal but I would get an eTransfer refund in 30 days, and all this information would be included in an email I was supposed to receive on Monday April 22, 2019. I still have not received any such email, and my emails/call/texts to him are again being ignored. The saga continues.

The most important piece of advice I can give when it comes to cryptocurrency is that what's true today, is not true tomorrow. You must stay up-to-date on current events in cryptocurrency because your investment could be at stake. In my case, EZBTC was exhibiting red flags and had many user complaints that I would have seen had I just done some research prior to sending my money. I was not up-to-date regarding the status of this "exchange".

David Smillie (owner of ezbtc.ca) operating under business # 1081627 B.C LTD. currently has 5 ongoing lawsuits against his company for unpaid funds:

  1. File number: 1812420 - GOLDLUST, Joseph v 1081627 B.C. LTD. - Supreme Civil (General)
  2. File number: 1963965 - ROBERTS, John v 1081627 B.C. LTD. - Provincial Small Claims
  3. File number: 172818 - GODWIN, Richard v 1081627 BC LTD - Supreme Civil (General)
  4. File number: 18104 - MCCALLUM, Evan v 1081627 BC LTD - Provincial Small Claims
  5. File number: 1862507 - WONG, Gary v 1081627 BC LTD. - Provincial Small Claims

You can get the latest information on all pending lawsuits against EZBTC here:
https://justice.gov.bc.ca/cso/esearch/civil/partySearch.do

List of numerous complaints against David Smillie and EZBTC:

https://files.fm/f/23ej52ff (David Smillie sued by Richard Godwin)

https://np.reddit.com/BitcoinCA/comments/bahzsm/another_bc_lawsuit_filed_against_ezbtc_1081627_bc/ (David Smillie sued by John Roberts)

https://np.reddit.com/BitcoinCA/comments/99fs6i/2_new_court_filings_against_ezbtc_in_the_past_week/ (More lawsuits)

https://np.reddit.com/BitcoinCA/comments/8mjtjb/amaa_exowner_of_ezbtc_resigned_when_i_realized_it/ (Ex-CTO of EZBTC blows whistle)

https://np.reddit.com/BitcoinCA/comments/b53zq3/please_sticky_this_post_im_a_developer_who_worked/ (EZBTC developer blows whistle)

https://np.reddit.com/BitcoinCA/comments/939ce2/40_days_and_counting_fiat_withdrawal_ezbtcca/

https://np.reddit.com/BitcoinCA/comments/926adi/ezbtcca_may_have_gone_bust_toronto_offices_have/

https://np.reddit.com/BitcoinCA/comments/973yrz/ezbtcca_is_likely_insolvent/

https://np.reddit.com/BitcoinCA/comments/98njea/worth_visiting_ezbtc_offices/

https://np.reddit.com/BitcoinCA/comments/901847/concern_regarding_ezbtc/

https://np.reddit.com/BitcoinCA/comments/9181nx/banned_from_ezbtcca_chatroomhave_not_rcvd/

https://np.reddit.com/BitcoinCA/comments/arnboh/ezbtc_will_my_girlfriend_ever_see_her_money/

https://coiniq.com/ezbtc-review/

https://np.reddit.com/BitcoinCA/comments/ao680q/what_are_customers_latest_experiences_with_ezbtc/

https://warosu.org/biz/thread/10773849

https://np.reddit.com/BitcoinCA/comments/bfqrv1/fortune_jack_here_regarding_david_smillie_and/

https://np.reddit.com/BitcoinCA/comments/b57fq9/ezbtc_terms_of_service_wayback_machine/

https://np.reddit.com/BitcoinCA/comments/arfa5x/ezbtc_is_so_fake_check_this_out/

https://np.reddit.com/BitcoinCA/comments/95rpl5/to_those_staying_silent_for_ezbtc_defamation/
submitted by TokenFlair to PersonalFinanceCanada [link] [comments]

A question on numbers and verification.

I don’t know exactly how to phrase this. I’ve “used” google voice for a long time. Realistically, only for apps and services I don’t want to have my real phone number. It works well, seemingly, for most things. HOWEVER, the other day I tried to buy some bitcoin from an ATM machine, and it didn’t accept the google voice number. I’m only using this as an example because it’s the only specific one I remember, but it’s happened a lot before: A service wouldn’t let me continue with the google voice number. However, I could usually just end up verifying with my home phone.
Here’s I guess the start of my long, and stupid question: Today my landline phone jumped up to $80 a month, and not only has it not been working for the past 3 months, I clearly don’t use it other than those verifications that won’t work with google voice and appointments for my grandfather. (This part has been a hassle due to the home phone not working.) So, today I cancelled it. This kind of leaves me boned for verification purposes. Is there any way or loop hole around this so I can use google voice?
I did some research prior to me asking this; specifically on magic jack, because back in our dial up days, we used magic jack to a while for similar purposes. I heard about obi and gv, would like to give that a shot. I live and take care of my Grandfather who is disabled from his time in the army, due to this he is SUPER hard hearing. If it wasn’t for this, I’d probably just have a prepaid flip phone on the wall; As we have invested quite a bit on some landline phones that he would be able to hear.
During my research I did end up remembering that you could port a number to google voice. So, for part two of my stupid question: if I were to head to Walmart and get a cheap prepaid burner to port over, I know that changes ownership of the number. What are the technicalities of that? Would these services still know it’s a google voice number?
submitted by bbdylanjlee to Googlevoice [link] [comments]

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submitted by IQstockbroker to u/IQstockbroker [link] [comments]

I'm trying to put together a list of what's coming out this year. Have this very simple list so far. Anyone care to add anything or suggest some better dates?

Latest News (most recent first) - Instant channels enable safe Lightning payments with unconfirmed funding Beta - Feb 10, 2019 - Voyager, New trading app from Uber & E-Trade execs announce launch date - Feb 9, 2019 - bumi/blockstream_satellite ruby gem for the Blockstream Satellite API - Feb 8, 2019 - New Zap Desktop 0.3.4 is out. New features, massive performance - Feb 8, 2019 - New release: @lightning desktop app v0.4.0-alpha - Feb 8, 2019 - valerio-vaccaro/Liquid-dashboard - Feb 7, 2019 - Japanese SBI Holdings will allow trading of coins - March 2019 - lnd v0.5.2-beta released - Feb 6, 2019 - Koala studios launches online LN gaming platform - Feb 6, 2019 - Independent Reserve has become the first #crypto exchange in Australia to be insured, with coverage underwritten by Lloyd's of London. - Feb 6, 2019 - Coinbase announces BTC support for their mobile (keep your own keys) wallet - Feb 6, 2019 - Blockstream published a new open source Proof of Reserves tool. - Feb 5, 2019 - RTL release v0.1.14-alpha - Feb 5, 2019 - dr-orlovsky/typhon-spec spec for new trestles side chain published - Feb 5, 2019 - Payment requests coming soon to BTCPay. - Feb 5th, 2019 - Kraken Acquires Futures Startup In Deal Worth At Least $100 Million - Feb 5th, 2019 - Next Blockchain cruise scheduled for June 9-13 - Feb 4, 2019 - Work on a GoTenna plugin to Electrum wallet in progress - Feb 4, 2019 - Bitcoin Candy Dispensers being open sourced - Feb 4, 2019 - New release of JoinMarket v0.5.3 - Feb 4, 2019 - Prime Trust won’t charge its clients to custody digital assets any longer. - Feb 4, 2019 - nodogsplash/nodogsplash wifi access using LN - Feb 3, 2019 - @tippin_me Receive tips using Lightning Network adds message feature - Feb 3, 2019 - Bitcoin-for-Taxes Bill in NH Unanimously Approved by House Subcommittee - Feb 3, 2019 - Full support for native segwit merged into bitcoinj - Feb 3, 2019 - Bitfury is partnering with financial services firm Final Frontier! - Feb 2, 2019 - Now you can open #LightningNetwork channels in @LightningJoule - Feb 2, 2019 - Integrating Blockstream’s Liquid payments on SideShift AI - Feb 1, 2019 - Wyoming legislature passes bill to recognize cryptocurrency as money - Feb 1, 2019 - Casa is open sourcing the code for the Casa Node - Feb 1, 2019 - Casa Browser Extension released - v0.5.2-beta-rc6 of lnd, full release getting very close now - Feb 1, 2019 - Tallycoin adds subscriptions and paywall features in bid to rival Patreon - Jan 31, 2019 - Static channel backup PR merged into LN - Jan 31, 2019 - The NYDFS grants another Bitlicense to ATM operator - Jan 31, 2019 - @pwuille currently proposing the “MiniScript” language to describe BTC output locking conditions for practical composition - Jan 31, 2019 - Fidelity is in the “final testing” phase for its new digital asset business - Jan 31, 2019 - Hardware wallet PR #109 just got merged so that @Trezor no longer requires user interaction for PIN - Jan 31, 2019 - CBOE, VanEck & SolidX filed a new & improved bitcoin ETF proposal. - Jan 31, 2019 - Casa Node code is now open sourced - Jan 31, 2019 - Next Bitoin halving in roughly 497 days - Jan 31, 2019 - BTCPay released 1.0.3.53 - Jan 31, 2019 - @binance now lets users purchase cryptos using Visa and Mastercard credit. - Jan 31, 2019 - Bitfury to Launch Bitcoin Operations in Paraguay - Jan 31, 2019 - Coinbase introduces very generous affiliate program - Jan 30, 2019 - DOJO Trusted Node bitcoin full node. Coming Early 2019 - Jan 30, 2019 - FastBitcoins.com Enables Cash-for-Bitcoin Exchange Via the Lightning Network - Jan 30, 2019 - TD Ameritrade says clients want cryptocurrency investment options - company plans major announcement in 'first half of 2019' - Jan 30, 2019 - Storage component of Fidelity's @DigitalAssets live, with some assets under management, @nikhileshde - Jan 29, 2019 - lightning mainnet has reached 600 BTC capacity - Jan 29, 2019 - Drivechain shows picture of Grin side chain and suggests might be ready in 2 month - Jan 29, 2019 - Lightning labs iOS neutrino wallet in testing stage now - Jan 29, 2019 - Aliant offering cryptocurrency processing free-of-charge - Jan 29, 2019 - Chainstone’s Regulator product to manage assets on the way - Jan 29, 2019 - Fidelity Investments’ new crypto custody service may officially launch in March. - Jan 29, 2019 - Gemini's becomes FIRST crypto EXCHANGE and CUSTODIAN to complete a SOC 2 Review by Deloitte - Jan 29, 2019 - Iran has lifted the ban on Bitcoin and cryptocurrency - Jan 29, 2019 - Confidential Transactions being added into Litecoin announcement - Jan 28, 2019 - http://FastBitcoins.com Enables Cash-for-Bitcoin Exchange Via the Lightning Network - Jan 28, 2019 - Germany’s largest online food delivery platform now accepts btc - Jan 27, 2019 - Launching a Bitcoin Developers School in Switzerland - Jan 27, 2019 - RTL release v0.1.13-alpha Lightning Build repository released - Jan 27, 2019 - The first pay-per-page fantasy novel available to Lightning Network. - Jan 27, 2019 - Numerous tools become available to write messages transmitted with Blockstream Satellite - Jan 26, 2019; - BTCPay 1.0.3.47 released - Jan 26,2019 - WordPress + WooCommerce + BTCPay Plugin is now live - Jan 25, 2019 - Juan Guaido has been promoting #Bitcoin since 2014 is new interim president of Venezuela - Jan 25, 2019 - Morgan Creek funds @RealBlocks - Jan 25, 2019 - Coinbase integrates TurboTax - Jan 25, 2019 - Robinhood received Bitlicense - Jan 25, 2019 - Anchor Labs launches custody - Jan 25, 2019 - NYSE Arca files w/ @BitwiseInvest for BTC ETF approval - Jan 25, 2019 - South Korea, Seoul, Busan & Jeju Island currently working to create pro crypto economic zones. - Jan 25, 2019 - valerio-vaccaro/Liquid-dashboard - Jan 25, 2019 - Bermuda to launch crypto friendly bank - Jan 25, 2019 - Mobile Bitcoin Wallet BRD Raises $15 Million, Plans for Expansion in Asia - Jan 25, 2019 - BullBitcoin rolling out alpha access of platform - Jan 25, 2019 - Electrum Wallet Release 3.3.3 - Jan 25, 2019 - Bitrefill, purchase Bitcoin and have it delivered directly over LN - Jan 25, 2019 - South Korean crypto exchange Bithumb looking to go public in USA - Jan 24, 2019 - Bitcoin Exchanges Don’t Need Money Transmitter Licenses in Pennsylvania - Jan 24, 2019 - US; New Hampshire Bill Aims to Legalize Bitcoin for State Payments in 2020 - Jan 24, 2019 - Robinhood, LibertyX Receive Licenses from New York Regulators - Jan 24, 2019 - Bakkt Bitcoin futures contract details released - Jan 24, 2019 - Blockstream CryptoFeed V3 now includes 30+ venues and 200M+ updates per day - Jan 24, 2019 - Binance Jersey – The Latest Binance European Exchange - Jan 2019
Commit Activity
Nodes and Market Dominance
Bitcoin
Financial
Lightning:
ASIC Miners:
Will update this section when I hear new developments
Wallets:
Hardware wallets:
LN
LN Apps:
LN Extensions / Launchers
LN Desktop wallets:
LN Mobile wallets:
LN Network:
LN Nodes:
LN Plugins:
LN Services:
Liquid Network
Rgulatory:
Exchanges:
Payments:
Please comment if you have any ideas on dates. Many of these dates are placeholders waiting for me to update. If you comment then I will update the post.
submitted by kolinHall to Bitcoin [link] [comments]

B(TC)itcoin is slow || My small and humble contribution

https://panzadura.github.io/B(TC)itcoin-is-slow/itcoin-is-slow/)

This is my small and (very) humble contribution: *English is not my first language so I apologize for spelling mistakes and inaccuracies.

B(TC)itcoin is slow

Bitcoin is slow because the block size was left at 1MB - 2MB with Witness Data on the SEGWIT network - after throwing the entire "team" developer of GitHub and being occupied by developers of what is now known as Blockstream.
This size has been maintained and keeps referring to two issues: Mining in China and the decentralization of the nodes or transaction validators that you point out in the article.

Mining in China occupies a good part of the pie that miners distribute - in turn these are the ones that confirm the transactions and undermine the blocks - since 2011 and these Chinese farms are behind something that in the West call "The Great Firewall "that prevents a stable connection and slows down the propagation of the block, its mining and confirmation of the transaction over 3 minutes [1] [2] causing a large part of the mining coming from China and therefore the power of 'Hash' decreased drastically affecting the security of Bitcoin; The less Hash the greater the possibility of being attacked by the Bitcoin network through a 51% attack that could cause double spending - although this gives rise to many debates since the 51% attack on an already "mature" network like Bitcoin requires a Considerable expenditure on mining equipment to control 51% of the mining power and receiving the block reward and the commissions for confirmed transfer on each block would make it less likely that said miner or mining group would like to make a double expense upon receiving sufficient economic compensation. So only a malicious agent with the intentions of destroying the network and assuming the total losses on the investment of equipment would be willing to carry out such operation. Possibilities exist but these are reduced by being the miner compensated for their activity.

In the same references to Chinese mining farms but in another more economical field; Bitcoin has 21 million that are obtained through mining and commissions on transfers. These 21 million are achieved over time and from there it becomes a deflationary element as there is no possibility of printing more coins. The question of the Bitcoin block costly and the influence of Chinese mining goes through the Bitcoin subsidy or, currently called as, block reward: When a miner puts a block in the chain he receives the Bitcoin reward that is "inside" "of that block and which is currently encrypted in 12.5. Every 210000 blocks the reward is reduced by half so in less than a year (312 days from today [3]) it will be reduced to 6.25 so the miners will see their subsidy fall in half unless Bitcoin's price per coin increases considerably or the mining farms begin to close or reduce mining equipment thus decreasing the power of the network's Hash. If Bitcoin reduces by half every 210000 blocks the subsidy per block to miners will come a time when they can only live and maintain their equipment for transaction fees and in a Bitcoin network with 7 transactions per second and a commission that tends to Increase the higher the number of movements in it makes it unfeasible for miners to continue in said 1MB network and above all that people want to use this payment method that is expensive and slow - more even than gold paper - Because remember that Bitcoin born as Peer 2 peer cash, not gold-.
Therefore, if in time the subsidy or reward is going to be 0 or unable to cover the mining equipment expense, it is necessary to find a solution if the developers do not want to touch the block size. And this goes through three issues already raised in BIPs and about the community: RPF (Replace By Fee), Lightning Network and Increase in the number of Bitcoin since the demand for Bitcoin does not rise because it offers a quality service but for security and above all for the manipulation of Tether (USDT) and the large exchange houses:

- The RBF consists in the substitution of a transaction without confirmations for another that would replace it with a higher commission eliminating the previous one of the mempool - the limbo of the transactions to be confirmed in Bitcoin -. Although this system seems effective, it does not eliminate the long-term problem of continuing to maintain the reduced block, but rather removes the problem of financing miners, but does not eliminate it and, above all, kills the operation of Bitcoin transactions by not eliminating the increase in commissions that would distance the user from its use. In addition to more easily allowing double spending [4] [5].

- Lightning Network is a side-chain or second layer, that is, a software development not implemented in the Bitcoin network itself and therefore is not an element of the block chain so this should already be repudiated since being a External and non-auditable element such as Bitcoin gives rise to "blanks" and therefore lack of existence and possibility of auditing accounts [6] and even the loss of money or cancellation of the transaction [7] [8]. It also faces the problem of routing since in a network in constant change with the openings and closures of payment channels it is unfeasible to establish a total and rapid diffusion to the nodes of LN - other than those of Bitcoin - so it comes into play Another new element of this network is the watchtowers in charge of ensuring compliance in open channels and over the entire LN network of payments. Obviously it requires an additional cost to hire this service and it is not yet implemented [9] and taking into account the pace at which Lightning Network is developed, it is doubtful that it will become available [10]. In short, to use properly - which is not successful - LN you need a node valued at $ 300 [11], a watchtower, have a channel open 24/7 and with sufficient funds to carry out transactions [12] [13] [14] .

- The increase in the Bitcoin offer was raised fleetingly by developer Peter Todd [15] [16] and will become an open debate in a few years when the mining block reward is low and the price of Bitcoin cannot be sustained only with uncontrolled printing of Tether and the manipulation on the price of the currency [17] [18] next to the collusion of the exchange houses headed by BitFinex [19] and personalities of the world 'crypto' [20] - if he survives long enough to see that moment since they are already behind Bitfinex for money laundering [21]. When that moment arrives I am sure that a BIP - Bitcoin Improvement Proposal - will be launched by Blockstream or directly notified of the measure destroying the essence of Bitcoin and the TRUE DECENTRALIZATION: THE PROTOCOL.

This brings us to the second reason for the slowness of Bitcoin. The correct and true decentralization goes through the code and the team of developers and maintainers, not any other. The protocol must be engraved in stone [22] and that the action of the miners distribute and decentralize the network and they maintain the nodes and the transactions in a completely capitalist economic relationship. Investing in machines and communication improves access, speed and spread of transactions and blocks and makes miners true competitors as well as facilitating the transmission of money and all kinds of transactions [22].
The decentralization of the nodes was the other great reason to prevent the increase of the block and therefore the speed in the transaction. It is based on a false premise to base the decentralization of Bitcoin - which is nowhere on the whitepaper - on the raspberry nodes. The dispersion of the transaction and all the stages of the transaction and the blocks depend on the miner and his team, as well as the search for excellence in communications to avoid orphan blocks - which are stipulated in the Nakamoto consensus and are part of Bitcoin and not they throw no problem in the transactions only in the resolution of the reward of the block that affects the miners and should seek greater efficiency - and reorganizations. The audit on the Bitcoin network can be perfectly performed without there being a Bitcoin node in each house, in fact it would cause the same routing problems that occur / will occur in the LN network.
Decentralization should not go through nodes but through developers and to a lesser extent by miners. If a protocol is continually being altered by developers they have the power of the network and it must be in constant struggle by the miners through the commission on transactions.

Due to these two factors, the BIP0101 proposed by the developers that Satoshi left in charge [23] and that originated the creation of Bitcoin Unlimited was rejected, later it was attacked due to its recent creation through DDoS attacks in a statement of intentions of the network Blockstream bitcoin [24] [25] remaining as a residual element.

These two reasons are the cause of the drowning suffered by the Bitcoin network - including many other elements that were eliminated and that corresponded to the initial code completely changing the nature and destiny of Bitcoin that are not relevant and I will not enumerate -, Any other reason is propaganda by those who want to keep Bitcoin drowned in order to enrich themselves with mining sub-subsidies and second-layer software like LN. Bitcoin has a structure similar to gold and can collect certain attributes of it but its destination in efficient and fast transmission as effective - among other transactions.

Bitcoin was designed to professionalize miners and create a new industry around them, so mining centers will become datacenters [26] and they will replicate all transaction logs and even this professionalization will eventually lead to specialization in other types of transactions born new industries around you that will support the nodes according to specialization - Data, asset transfers, money, property rights, etc ... -

Bitcoin scales to infinity if they leave the protocol FREE enough to do so.

P.D: Core, since the departure of Hearn and Andersen, they know perfectly well what they are doing: The worst breed from the Cyberpunk movement has been combined with the worst breed of the current synarchy; The ends always touch.

[1] https://np.reddit.com/btc/comments/3ygo96/blocksize_consensus_census/cye0bmt/
[2] https://www.youtube.com/watch?v=ivgxcEOyWNs&feature=youtu.be&t=2h36m20s
[3] https://www.bitcoinblockhalf.com/
[4] https://petertodd.org/2016/are-wallets-ready-for-rbf
[5] https://www.ccn.com/bitcoin-atm-double-spenders-police-need-help-identifying-four-criminals/
[6] https://bitcointalk.org/index.php?topic=4905430.0
[7]https://www.trustnodes.com/2018/03/26/lightning-network-user-loses-funds || https://www.trustnodes.com/2019/03/13/lightning-network-has-many-routing-problems-says-lead-dev-at-lightning-labs
[8] https://diar.co/volume-2-issue-25/
[9] https://blockonomi.com/watchtowers-bitcoin-lightning-network/
[10] https://twitter.com/starkness/status/676599570898419712
[11] https://store.casa/lightning-node/
[12] https://bitcoin.stackexchange.com/questions/81906/to-create-a-channel-on-the-lightning-network-do-you-have-to-execute-an-actual-t
[13] https://blog.muun.com/the-inbound-capacity-problem-in-the-lightning-network/
[14] https://medium.com/@octskyward/the-capacity-cliff-586d1bf7715e
[15] https://dashnews.org/peter-todd-argues-for-bitcoin-inflation-to-support-security/
[16] https://twitter.com/peterktodd/status/1092260891788103680
[17] https://medium.com/datadriveninvestotether-usd-is-used-to-manipulate-bitcoin-prices-94714e65ee31
[18] https://twitter.com/CryptoJetHammestatus/1149131155469455364
[19] https://www.bitrates.com/news/p/crypto-collusion-the-web-of-secrets-at-the-core-of-the-crypto-market
[20] https://archive.is/lk1lH
[21] https://iapps.courts.state.ny.us/nyscef/ViewDocument?docIndex=8W00ssb7x5ZOaj8HKFdbfQ==
[22] https://bitcointalk.org/index.php?topic=195.msg1611#msg1611
[23] https://github.com/bitcoin/bips/blob/mastebip-0101.mediawiki
[24] https://www.reddit.com/bitcoinxt/comments/3yewit/psa_if_youre_running_an_xt_node_in_stealth_mode/
[25] https://www.reddit.com/btc/comments/3yebzi/coinbase_down/
[26]https://bitcointalk.org/index.php?topic=532.msg6306#msg6306"
submitted by Knockout_SS to bitcoincashSV [link] [comments]

AVOID SHADY CRYPTOCURRENCY EXCHANGE EZBTC.CA

I wanted to make this post of my experience as a warning to others, especially Canadians as they have limited buying options when investing (speculating) into cryptocurrencies. I understand the subject of cryptocurrencies are polarizing to many, but nonetheless, it's an emerging asset class that deserves discussion because there are many ways to lose your funds. This isn't the fault of cryptocurrencies themselves, but the result of user error, outright scams, social engineering, hacks, or in my case not being up-to-date on current events.

There are many scams in cryptocurrencies, but shady exchanges are a classic dating back to the legendary Mt. Gox hack where 850,000 Bitcoins were stolen (worth approximately $4.6 billion at the time of this writing). Or the most recent Canadian QuadrigaCX exchange hack where the CEO allegedly died in India carrying the only private key to 200 million worth of customer funds.

It seems that exchange hacks keep propping up in the news, so why then do they keep happening even in 2019? Because users are left with limited choices if they want to acquire cryptocurrency in the safest (ironic) and most convenient manner. In order to buy cryptocurrency, you first have to exchange it for fiat currency (USD, CAD, EUR). You could buy cryptocurrency from one of those Bitcoin ATMs you see at the mall but the fees are exorbitant and quite a few require ID as it is, so why not just sign up for an exchange instead? The next option is to buy them peer-to-peer in person for cash, but people feel unsafe dealing with strangers and large amounts of money. Further, liquidity would be an issue. This led to a boom of many cryptocurrency exchanges offering customers a place to buy and sell with the exchanges acting as the middle-man between users.

I've been away from cryptocurrency for a while and only came back recently. I've used the EZBTC exchange in the past without issues and decided I would use them again. What I didn't do upon my return was my homework on any updates/news regarding this exchange which resulted in my ordeal now. I noticed the website had an overhaul that now includes an express option for you to receive faster withdrawals if you deposited larger amounts (first red flag). I opted for the regular option I always used in the past and sent a small amount via eTransfer that was deposited in my account almost immediately (second red flag). In the past, my eTransfers regardless of amount took some time and up to many hours. Nonetheless, I made a purchase and initiated a withdrawal request that still hasn't been sent out to this day, and I am not the only one.

A condensed version of my story is that I got worried about my pending withdrawal with EZBTC and my emails/calls went unanswered. The live chat on their website was also disabled. I decided to tweet my situation to @ezBtcCanada and immediately got an email from the owner David Smillie himself urgently telling me to call him on a personal number. He deverified and suspended my account as a result of my tweets @tokenflair for "security reasons". After some talk (me saying I'll delete the tweets) he immediately reactivated and reverified my account again and said that my withdrawal will be taken care of the next day.

Fast forward to the next day and my withdrawal is still pending. Calls/texts/email go unanswered again. Live chat is still disabled. I proceed to send another tweet instead. Like clockwork, I get a response from David shortly after and he was livid. He threatened to sue me for defamation if I continued posting about my situation on public forums. I told him I'll be waiting for his letter. He stated that my account would be receiving a lifetime ban and I will not be receiving my withdrawal but I would get an eTransfer refund in 30 days, and all this information would be included in an email I was supposed to receive on Monday April 22, 2019. I still have not received any such email, and my emails/call/texts to him are again being ignored. The saga continues.

The most important piece of advice I can give when it comes to cryptocurrency is that what's true today, is not true tomorrow. You must stay up-to-date on current events in cryptocurrency because your investment could be at stake. In my case, EZBTC was exhibiting red flags and had many user complaints that I would have seen had I just done some research prior to sending my money. I was not up-to-date regarding the status of this "exchange".

David Smillie (owner of ezbtc.ca) operating under business # 1081627 B.C LTD. currently has 5 ongoing lawsuits against his company for unpaid funds:

  1. File number: 1812420 - GOLDLUST, Joseph v 1081627 B.C. LTD. - Supreme Civil (General)
  2. File number: 1963965 - ROBERTS, John v 1081627 B.C. LTD. - Provincial Small Claims
  3. File number: 172818 - GODWIN, Richard v 1081627 BC LTD - Supreme Civil (General)
  4. File number: 18104 - MCCALLUM, Evan v 1081627 BC LTD - Provincial Small Claims
  5. File number: 1862507 - WONG, Gary v 1081627 BC LTD. - Provincial Small Claims

You can get the latest information on all pending lawsuits against EZBTC here:
https://justice.gov.bc.ca/cso/esearch/civil/partySearch.do

List of numerous complaints against David Smillie and EZBTC:

https://files.fm/f/23ej52ff (David Smillie sued by Richard Godwin)

https://np.reddit.com/BitcoinCA/comments/bahzsm/another_bc_lawsuit_filed_against_ezbtc_1081627_bc/ (David Smillie sued by John Roberts)

https://np.reddit.com/BitcoinCA/comments/99fs6i/2_new_court_filings_against_ezbtc_in_the_past_week/ (More lawsuits)

https://np.reddit.com/BitcoinCA/comments/8mjtjb/amaa_exowner_of_ezbtc_resigned_when_i_realized_it/ (Ex-CTO of EZBTC blows whistle)

https://np.reddit.com/BitcoinCA/comments/b53zq3/please_sticky_this_post_im_a_developer_who_worked/ (EZBTC developer blows whistle)

https://np.reddit.com/BitcoinCA/comments/939ce2/40_days_and_counting_fiat_withdrawal_ezbtcca/

https://np.reddit.com/BitcoinCA/comments/926adi/ezbtcca_may_have_gone_bust_toronto_offices_have/

https://np.reddit.com/BitcoinCA/comments/973yrz/ezbtcca_is_likely_insolvent/

https://np.reddit.com/BitcoinCA/comments/98njea/worth_visiting_ezbtc_offices/

https://np.reddit.com/BitcoinCA/comments/901847/concern_regarding_ezbtc/

https://np.reddit.com/BitcoinCA/comments/9181nx/banned_from_ezbtcca_chatroomhave_not_rcvd/

https://np.reddit.com/BitcoinCA/comments/arnboh/ezbtc_will_my_girlfriend_ever_see_her_money/

https://coiniq.com/ezbtc-review/

https://np.reddit.com/BitcoinCA/comments/ao680q/what_are_customers_latest_experiences_with_ezbtc/

https://warosu.org/biz/thread/10773849

https://np.reddit.com/BitcoinCA/comments/bfqrv1/fortune_jack_here_regarding_david_smillie_and/

https://np.reddit.com/BitcoinCA/comments/b57fq9/ezbtc_terms_of_service_wayback_machine/

https://np.reddit.com/BitcoinCA/comments/arfa5x/ezbtc_is_so_fake_check_this_out/

https://np.reddit.com/BitcoinCA/comments/95rpl5/to_those_staying_silent_for_ezbtc_defamation/
submitted by TokenFlair to CanadianInvestor [link] [comments]

Online Bitcoin Trading: Discover The Keys To Making A Powerful Earnings Trading Bitcoin

Action 1 - Comprehending Bitcoin And The Block-Chain

Bitcoin is a peer-to-peer payment system, otherwise called electronic cash or virtual currency. It provides a twenty-first century option to traditional banking. Exchanges are made through "e wallet software application". The bitcoin has in fact overturned the conventional banking system, while running beyond federal government guidelines.
Bitcoin utilizes modern cryptography, can be provided in any fractional denomination, and has a decentralized circulation system, remains in high need worldwide and provides numerous unique benefits over other currencies such as the United States dollar. For one, it can never ever be garnished or frozen by the bank( s) or a federal government company.
Back in 2009, when the bitcoin deserved simply 10 cents per coin, you would have turned a thousand dollars into millions, if you waited simply 8 years. The variety of bitcoins offered to be bought is restricted to 21,000,000. At the time that this short article was composed, the overall bitcoins in flow was 16,275,288, which indicates that the portion of overall bitcoins "mined" was 77.5%. at that time. The present worth of one bitcoin, at the time that this short article was composed, was $1,214.70 USD.
According to Costs Gates, "Bit coin is amazing and much better than currency". Bitcoin is a de-centralized type of currency. There is no longer any requirement to have actually a "relied on, third-party" included with any deals. By taking the banks out of the formula, you are likewise removing the lion's share of each deal cost. In addition, the quantity of time needed to move cash from point A to point B, is lowered formidably.
The biggest deal to ever occur utilizing bitcoin is one hundred and fifty million dollars. This deal happened in seconds with very little charge's. In order to move large amounts of cash utilizing a "relied on third-party", it would take days and expense hundreds if not countless dollars. This discusses why the banks are strongly opposed to individuals purchasing, offering, trading, moving and investing bitcoins.
Just.003% of the worlds (250,000) population is approximated to hold a minimum of one bitcoin. And just 24% of the population understand what it is. Bitcoin deals are gotten in chronologically in a 'blockchain' simply the method bank deals are. Blocks, on the other hand, resemble specific bank declarations. Simply put, blockchain is a public journal of all Bitcoin deals that have actually ever been performed. It is continuously growing as 'finished' blocks are contributed to it with a brand-new set of recordings. To utilize standard banking as an example, the blockchain resembles a complete history of banking deals.

Action 2 - Establishing Your E Wallet Software Application Account

As quickly as you produce your own special e wallet software application account, you will have the capability to move funds from your e wallet to a receivers e wallet, in the type of bitcoin. If you want to utilize a bitcoin ATM to withdraw funds from your account, basically you will connect your e wallet 'address' to the selected Automated Teller Machine e wallet 'address'. To help with the transfer of your funds in bitcoin to and from a trading platform, you will just connect your e wallet 'address' to the e wallet 'address' of your picked trading platform. In reality, it is a lot easier than it sounds. The knowing curve in relation to utilizing your e wallet, is really brief.
To establish an e wallet, there are a myriad of business's online that use safe, safe, totally free and turn-key e-wallet services. An easy Google search will assist you discover the best e wallet software application for you, relying on what your requirements are precisely. Lots of people get going utilizing a "blockchain" account. This is complimentary to establish and extremely protected. You have the choice of establishing a two-tier login procedure, to even more boost the security and security, in relation to your e wallet account, basically securing your account from being hacked into.
There are lots of choices when it pertains to establishing your e wallet. An excellent location to begin is with a business called QuadrigaCX. You can discover them by doing a Google search. Quadrigacx utilizes a few of the most strict security procedures that presently exist. Moreover, Bitcoins that are moneyed in QuadrigaCX are saved in freezer, utilizing a few of the most safe and secure cryptographic treatments possible. To put it simply, it is an extremely safe location for your bitcoin and other digital currencies.
In order to withdraw cash in your regional currency, from your e wallet, you are needed to find a bitcoin ATM, which can typically be discovered in regional companies within a lot of significant cities. Bitcoin ATM's can be found by doing a basic Google search.

Action 3 - Purchase Any Fractional Denomination Of Bitcoin

To purchase any quantity of bitcoin, you are needed to handle a digital currency broker. Similar to any currency broker, you will need to pay the broker a charge, when you acquire your bitcoin. It is possible to purchase.1 of bitcoin or less if that is all that you wish to acquire. The expense is just based upon the existing market price of a complete bitcoin at any offered time.
There are a myriad of bitcoin brokers online. A basic Google search will permit you to quickly source out the very best one for you. It is constantly an excellent concept to compare their rates prior to continuing with a purchase. You need to likewise verify the rate of a bitcoin online, prior to finding a place to buy bitcoin, as the rate does tend to vary regularly.

Step 4 - Keep Away From Any Trading Platfrom Promising Unrealistic Returns To Unwary Financiers

Discovering a respectable bitcoin trading business that provides a high return is vital to your online success. Making 1% each day is thought about a high return in this market. Making 10% each day is difficult. With online bitcoin trading, it is practical to double your digital currency within ninety days. You should prevent being tempted by any business that is providing returns such as 10% daily. This kind of a return is not practical with digital currency trading. There is a business called Coinexpro that was using 10% daily to bitcoin traders. And it wound up being a ponzi plan. If it's 10% each day, leave. The abovementioned trading platform seemed really advanced and discovered as being genuine. My recommendations is to concentrate on trading your bitcoin with a business that uses affordable returns such as 1% daily. There will be other business that will try to separate you from your bitcoin utilizing unethical techniques. Be extremely mindful when it pertains to any business that is using impractical returns. When you move your bitcoin to a recipient, there is actually absolutely nothing your can do to get it back. You need to make sure that your selected trading business is completely automated & incorporated with blockchain, from invoice to payment. More notably, it is vital that you find out to distinguish genuine trading chances from deceitful "business's" that are specialists when it concerns separating it's customers from their cash. The bitcoin and other digital currencies are not the concern. It is the trading platforms that you should work out care with, prior to turning over your hard-earned cash.
Your ROI ought to likewise be upwards of 1%+ daily due to the fact that the trading business that you are providing your bitcoin to, is more than likely earning upwards of 5%+ each day, usually. Your ROI needs to likewise be immediately moved into your "e-wallet" at routine periods, throughout your agreement term. There is just one platform that I feel comfy utilizing. It pay's each bitcoin investotrader 1.1% daily in interest in addition to 1.1% each day in capital. This kind of a return is staggering compared to what you would make with standard monetary markets, nevertheless, with crypto currency, it prevails. A lot of banks will payment 2% annually!
If you are needed to carry out tiresome activities such as logging into your account, sending out e mails, clicking links etc, you certainly require to keep looking for an appropriate trading business that uses a set-it-and-forget-it kind of platform, as they definitely exist.
submitted by Katherine4512 to Bitcoinshow [link] [comments]

ColossusXT Q2 AMA Ends!

Thank you for being a part of the ColossusXT Reddit AMA! Below we will summarize the questions and answers. The team responded to 78 questions! If you question was not included, it may have been answered in a previous question. The ColossusXT team will do a Reddit AMA at the end of every quarter.
The winner of the Q2 AMA Contest is: Shenbatu
Q: Why does your blockchain exist and what makes it unique?
A: ColossusXT exists to provide an energy efficient method of supercomputing. ColossusXT is unique in many ways. Some coins have 1 layer of privacy. ColossusXT and the Colossus Grid will utilize 2 layers of privacy through Obfuscation Zerocoin Protocol, and I2P and these will protect users of the Colossus Grid as they utilize grid resources. There are also Masternodes and Proof of Stake which both can contribute to reducing 51% attacks, along with instant transactions and zero-fee transactions. This protection is paramount as ColossusXT evolves into the Colossus Grid. Grid Computing will have a pivotal role throughout the world, and what this means is that users will begin to experience the Internet as a seamless computational universe. Software applications, databases, sensors, video and audio streams-all will be reborn as services that live in cyberspace, assembling and reassembling themselves on the fly to meet the tasks at hand. Once plugged into the grid, a desktop machine will draw computational horsepower from all the other computers on the grid.
Q: What is the Colossus Grid?
A: ColossusXT is an anonymous blockchain through obfuscation, Zerocoin Protocol, along with utilization of I2P. These features will protect end user privacy as ColossusXT evolves into the Colossus Grid. The Colossus Grid will connect devices in a peer-to-peer network enabling users and applications to rent the cycles and storage of other users’ machines. This marketplace of computing power and storage will exclusively run on COLX currency. These resources will be used to complete tasks requiring any amount of computation time and capacity, or allow end users to store data anonymously across the COLX decentralized network. Today, such resources are supplied by entities such as centralized cloud providers which are constrained by closed networks, proprietary payment systems, and hard-coded provisioning operations. Any user ranging from a single PC owner to a large data center can share resources through Colossus Grid and get paid in COLX for their contributions. Renters of computing power or storage space, on the other hand, may do so at low prices compared to the usual market prices because they are only using resources that already exist.
Q: When will zerocoin be fully integrated?
A: Beta has been released for community testing on Test-Net. As soon as all the developers consider the code ready for Main-Net, it will be released. Testing of the code on a larger test network network will ensure a smooth transition.
Q: Is the end goal for the Colossus Grid to act as a decentralized cloud service, a resource pool for COLX users, or something else?
A: Colossus Grid will act as a grid computing resource pool for any user running a COLX node. How and why we apply the grid to solve world problems will be an ever evolving story.
Q: What do you think the marketing role in colx.? When ll be the inwallet shared nodes available...i know its been stated in roadmap but as u dont follow roadmap and offer everything in advance...i hope shared MN's to be avilable soon.
A: The ColossusXT (COLX) roadmap is a fluid design philosophy. As the project evolves, and our community grows. Our goal is to deliver a working product to the market while at the same time adding useful features for the community to thrive on, perhaps the Colossus Grid and Shared Masternodes will be available both by the end of Q4 2018.
Q: When will your github be open to the public?
A: The GitHub has been open to the public for a few months now.
You can view the GitHub here: https://github.com/ColossusCoinXT
The latest commits here: https://github.com/ColossusCoinXT/ColossusCoinXT/commits/master
Q: Why should I use COLX instead of Monero?
A: ColossusXT offers Proof of Stake and Masternodes both which contribute layers in protection from 51% attacks often attributed with Proof of Work consensus, and in being Proof of Work(Monero) ColossusXT is environmentally friendly compared to Proof of Work (Monero). You can generate passive income from Proof of Stake, and Masternodes. Along with helping secure the network.What really sets ColossusXT apart from Monero, and many other privacy projects being worked on right now, is the Colossus Grid. Once plugged into the Colossus Grid, a desktop machine will draw computational horsepower from all the other computers on the grid. Blockchain, was built on the core value of decentralization and ColossusXT adhere to these standards with end-user privacy in mind in the technology sector.
Q: With so many coins out with little to no purpose let alone a definitive use case, how will COLX distinguish itself from the crowd?
A: You are right, there are thousands of other coins. Many have no purpose, and we will see others “pumping” from day to day. It is the nature of markets, and crypto as groups move from coin to coin to make a quick profit. As blockchain regulations and information is made more easily digestible projects like ColossusXT will rise. Our goal is to produce a quality product that will be used globally to solve technical problems, in doing so grid computing on the ColossusXT network could create markets of its own within utilizing Super-computing resources. ColossusXT is more than just a currency, and our steadfast approach to producing technical accomplishments will not go unnoticed.
Q: Tell the crowd something about the I2P integration plan in the roadmap? 🙂
A: ColossusXT will be moving up the I2P network layer in the roadmap to meet a quicker development pace of the Colossus Grid. The I2P layer will serve as an abstraction layer further obfuscating the users of ColossusXT (COLX) nodes. Abstraction layer allows two parties to communicate in an anonymous manner. This network is optimised for anonymous file-sharing.
Q: What kind of protocols, if any, are being considered to prevent or punish misuse of Colossus Grid resources by bad actors, such as participation in a botnet/denial of service attack or the storage of stolen information across the Grid?
A: What defines bad actors? ColossusXT plans on marketing to governments and cyber security companies globally. Entities and individuals who will certainly want their privacy protected. There is a grey area between good and bad, and that is something we can certainly explore as a community. Did you have any ideas to contribute to this evolving variable?What we mean when we say marketing towards security companies and governments is being utilized for some of the projects and innovating new ways of grid computing.
Security: https://wiki.ncsa.illinois.edu/display/cybersec/Projects+and+Software
Governments: https://www.techwalla.com/articles/what-are-the-uses-of-a-supercomputer
Q: The Colossus Grid is well defined but I don't feel easily digestible. Has their been any talk of developing an easier to understand marketing plan to help broaden the investoadoptor base?
A: As we get closer to the release of the Colossus Grid marketing increase for the Colossus Grid. It will have a user friendly UI, and we will provide Guides and FAQ’s with the release that any user intending to share computing power will be able to comprehend.
Q: Can you compare CollossusXT and Golem?
A: Yes. The Colosssus Grid is similar to other grid computing projects. The difference is that ColossusXT is on it’s own blockchain, and does not rely on the speed or congestion of a 3rd party blockchain. The Colossus Grid has a privacy focus and will market to companies, and individuals who would like to be more discreet when buying or selling resources by offering multiple levels of privacy protections.
Q: How do you guys want to achieve to be one of the leaders as a privacy coin?
A: Being a privacy coin leader is not our end game. Privacy features are just a small portion of our framework. The Colossus Grid will include privacy features, but a decentralized Supercomputer is what will set us apart and we intend to be leading this industry in the coming years as our vision, and development continue to grow and scale with technology.
Q: With multiple coins within this space, data storage and privacy, how do you plan to differentiate COLX from the rest? Any further partnerships planned?
A: The Colossus Grid will differentiate ColossusXT from coins within the privacy space. The ColossusXT blockchain will differentiate us from the DATA storage space. Combining these two features with the ability to buy and sell computing power to complete different computational tasks through a decentralized marketplace. We intend to involve more businesses and individuals within the community and will invite many companies to join in connecting the grid to utilize shared resources and reduce energy waste globally when the BETA is available.
Q: Has colossus grid had the best come up out of all crypto coins?
A: Possibly. ColossusXT will continue to “come up” as we approach the launch of the Colossus Grid network.
Q: How far have Colossus gone in the ATM integration
A: ColossusXT intends to and will play an important role in the mass adoption of cryptocurrencies. We already have an ongoing partnership with PolisPay which will enable use of COLX via master debit cards. Along with this established relationship, ColossusXT team is in touch with possible companies to use colx widely where these can only be disclosed upon mutual agreement.
Q: How does COLX intend to disrupt the computing industry through Grid Computing?
A: Using the Colossus Grid on the ColossusXT blockchain, strengthens the network. Computers sit idly by for huge portions of the day. Connecting to the Colossus Grid and contributing those idle resources can make use of all the computing power going to waste, and assist in advancing multiple technology sectors and solving issues. Reducing costs, waste, and increased speed in technology sectors such as scientific research, machine learning, cyber security, and making it possible for anyone with a desktop PC to contribute resources to the Colossus Grid and earn passive income.
Q: What kind of partnerships do you have planned and can you share any of them? :)
A: The ColossusXT team will announce partnerships when they are available. It’s important to finalize all information and create strong avenues of communication between partners ColossusXT works with in the future. We are currently speaking with many different exchanges, merchants, and discussing options within our technology sector for utilizing the Colossus Grid.
Q: Will shared Masternodes be offered by the COLX team? Or will there be any partnerships with something like StakingLab, StakeUnited, or SimplePosPool? StakingLab allows investors of any size to join their shared Masternodes, so any investor of any size can join. Is this a possibility in the future?
A: ColossusXT has already partnered with StakingLab. We also plan to implement shared Masternodes in the desktop wallet.
Q: How innovative is the Colossus Grid in the privacy coin space?
A: Most privacy coins are focused on being just a currency / form of payment. No other project is attempting to do what we are doing with a focus on user privacy.
Q: Hey guys do you think to integrated with some other plataforms like Bancor? I would like it!
A: ColossusXT is in touch with many exchange platforms, however, due to non disclosure agreements details cannot be shared until it is mutually decided with the partners. We will always be looking for new platforms to spread the use of colx in different parts of the world and crypto space.
Q: What is the reward system for the master node owners?
A: From block 388.800 onwards, block reward is 1200 colx and this is split based on masternode ownestaker ratio. This split is based on see-saw algorithm. With an increasing number of masternodes the see-saw algorithm disincentivizes the establishment of even more masternodes because it lowers their profitability. To be precise, as soon as more than 41.5% of the total COLX coin supply is locked in masternodes, more than 50% of the block reward will be distributed to regular staking nodes. As long as the amount of locked collateral funds is below the threshold of 41.5%, the see-saw algorithm ensure that running a masternode is financially more attractive than running a simple staking node, to compensate for the additional effort that a masternode requires in comparison to a simple staking node.Please refer to our whitepaper for more information.
Q: What other marketplaces has the COLX team been in contact with?
Thanks guys! Love the coin and staff
A: ColossusXT gets in touch for different platforms based on community request and also based on partnership requests received upon ColossusXT business team’s mutual agreement. Unfortunately, these possibilities cannot be shared until they are mutually agreed between the partners and ColossusXT team due to non disclosure agreements.
Q: What do you think about the new rules that will soon govern crypto interactions in the EU? they are against anonymous payments
A: Blockchain technology is just now starting to become clear to different governments.
ColossusXT's privacy features protect the end-user from oversharing personal information. As you are probably aware from the multiple emails you've received recently from many websites.
Privacy policies are always being updated and expanded upon. The use of privacy features with utility coins like ColossusXT should be a regular norm throughout blockchain. This movement is part is about decentralization as much as it is about improving technology.
While this news may have a role to play. I don't think it is THE role that will continuously be played as blockchain technology is implemented throughout the world.
Q: Any hints on the next big feature implementation you guys are working on? According to road map - really excited to hear more about the Shared MN and the scale of the marketplace!
A: Current work is focused on the privacy layer of Colossus Grid and completing the updated wallet interface.
Q: Why choose COLX, or should I say why should we believe in COLX becoming what you promise in the roadmap. What are you different from all the other privacy coins with block chain establishment already in effect?
A: ColossusXT is an environmentally friendly Proof of Stake, with Masternode technology that provide dual layers of protection from 51% attacks. It includes privacy features that protect the user while the utilize resources from the Colossus Grid. Some of the previous questions within this AMA may also answer this question.
Q: What tradeoffs do you have using the Colossus Grid versus the more typical distribution?
A: The advantage of supercomputers is that since data can move between processors rapidly, all of the processors can work together on the same tasks. Supercomputers are suited for highly-complex, real-time applications and simulations. However, supercomputers are very expensive to build and maintain, as they consist of a large array of top-of-the-line processors, fast memory, custom hardware, and expensive cooling systems. They also do not scale well, since their complexity makes it difficult to easily add more processors to such a precisely designed and finely tuned system.By contrast, the advantage of distributed systems (Like Colossus Grid) is that relative to supercomputers they are much less expensive. Many distributed systems make use of cheap, off-the-shelf computers for processors and memory, which only require minimal cooling costs. In addition, they are simpler to scale, as adding an additional processor to the system often consists of little more than connecting it to the network. However, unlike supercomputers, which send data short distances via sophisticated and highly optimized connections, distributed systems must move data from processor to processor over slower networks making them unsuitable for many real-time applications.
Q: Why should I choose Colossus instead of another 100,000 altcoins?
A: Many of these alt-coins are all very different projects. ColossusXT is the only Grid computing project with a focus on user privacy. We have instant transactions, and zero-fee transactions and ColossusXT is one of the very few coins to offer live support. Check out our Whitepaper!
Q: Will there be an option (in the future) to choose between an anonymous or public transaction?
A: Zerocoin is an evolution of the current coin mixing feature. Both allow an individual to decide how they would like to send their transactions.
Q: What exchange has highest volume for ColossusXT, and are there any plans for top exchanges soon ?
A: Currently Cryptopia carries the majority of ColossusXT volume. We are speaking with many different exchanges, and preparing requested documentation for different exchanges. ColossusXT intends to be traded on every major exchange globally.
Q: What is the TPS speed that colx blockchain achieves?
A: ColossusXT achieves between 65-67 TPS depending on network conditions currently.
Q: Plans on expanding the dev team?
A: As development funds allow it, the team will be expanded. Development costs are high for a unique product like ColossusXT, and a good majority of our budget is allocated to it.
Q: Can you explain what is and what are the full porpose of the COLOSSUSXT GRID PROJECT ?
A: Colossus Grid is explained in the whitepaper. The uses for grid computing and storage are vast, and we are only starting to scratch the surface on what this type of computing power can do. There is also a description within the formatting context within the AMA of the Colossus Grid.
Q: Is there mobile wallet for Android and iOS? If not, is there a roadmap?
A: There Android wallet is out of beta and on the Google PlayStore: iOS wallet is planned for development.
The roadmap can be found here: https://colossusxt.io/roadmap/
Q: Is ColossusXT planning on partnering up with other cryptocurrency projects? Such as: Bread and EQUAL.
A: ColossusXT plans on partnering with other crypto projects that make sense. We look for projects that can help alleviate some of our development work / provide quality of life upgrades to our investors so that we can focus on Colossus Grid development. When absolutely love it when the community comes to us with great projects to explore.
Q: Did you ever considered a coinburn? Don't you think a coin burn will increase COLX price and sustain mass adoption? Do you plan on keeping the price of COLX in a range so the potential big investors can invest in a not so much volatile project?
A**:** There are no plans to do a coinburn at this time. Please check out our section in the whitepaper about the supply.
Q: what is the next big exchange for colx to be listed ?
A: There are several exchanges that will be listing ColossusXT soon. Stay tuned for updates within the community as some have already been announced and future announcements.
  1. CryptalDash
  2. NextExchange
  3. CoinPulse
  4. CoinSwitch (Crowdfunding)
  5. Plaak (Crowdfunding)
Q: How will Colx compete with other privacy coins which claim to be better like Privacy?
A: ColossusXT is not competing with other privacy coins. ColossusXT will evolve into the Colossus Grid, which is built on the backbone of a privacy blockchain. In our vision, all these other privacy coins are competing for relevancy with ColossusXT. There are also similar responses to question that may hit on specifics.
Q: Does COLX have a finite number of coins like bitcoin?
A: No, ColossusXT is Proof of Stake. https://en.wikipedia.org/wiki/Proof-of-stake
Q: What are the advantages of COLX over other competitor coins (eg. ECA)?
A: The only similarities between ColossusXT and Electra is that we are both privacy blockchains. ColossusXT is very much an entirely different project that any other privacy coin in the blockchain world today. The Colossus Grid will be a huge advantage over any other privacy coin. Offering the ability for a desktop machine to rent power from others contributing to the Colossus Grid and perform and compute high level tasks.
Q: How do you feel about some countries frowning upon privacy coins and how do you plan to change their minds (and what do you plan to do about it?)
A: The ColossusXT team tries to view opinions from multiple perspectives so that we can understand each line of thinking. As blockchain technology becomes more widely adopted, so will the understanding of the importance of the privacy features within ColossusXT. Privacy is freedom.
Q: How do you see COLX in disrupting cloud gaming services such as PlayStation Now?
A: Cloud gaming services have not been discussed. Initial marketing of our private grid computing framework will be targeted at homes users, governments, and cyber security firms who may require more discretion / anonymity in their work.
Q: Since colx is a privacy coin and is known for its privacy in the transactions due to which lot of money laundering and scams could take place, would colx and its community be affected due to it? And if does then how could we try to prevent it?
A: ColossusXT intends to be known for the Colossus Grid. The Colossus Grid development will be moved up from Q1 2019 to Q3 2018 to reflect this message and prevent further miscommunication about what privacy means for the future of ColossusXT. Previous answers within this AMA may further elaborate on this question.
Q: When do you plan to list your coin on other "bigger" exchanges?
A: ColossusXT is speaking with many different exchanges. These things have many different factors. Exchanges decide on listing dates and we expect to see ColossusXT listed on larger exchanges as we approach the Colossus Grid Beta. The governance system can further assist in funding.
Q: What was the rationale behind naming your coin ColossusXT?
A: Colossus was a set of computers developed by British codebreakers in the years 1943–1945. XT symbolises ‘extended’ as the coin was forked from the original Cv2 coin.
Q: Can you give any details about the E Commerce Marketplace, and its progress?
A: The Ecommerce Marketplace is a project that will receive attention after our development pass on important privacy features for the grid. In general, our roadmap will be changing to put an emphasis on grid development.
Q: How will someone access the grid, and how will you monetize using the grid? Will there be an interface that charges COLX for time on the grid or data usage?
A: The Colossus Grid will be integrated within the ColossusXT wallet. Buying & Selling resources will happen within the wallet interface. You won't be able to charge for "time" on the grid, and have access to unlimited resources. The goal is to have users input what resources they need, and the price they are willing to pay. The Colossus Grid will then look for people selling resources at a value the buyer is willing to pay. Time may come into play based on which resources you are specifically asking for.
Q: Are there any plans to launch an official YouTube channel with instructional videos about basic use of the wallets and features of COLX? Most people are visually set and learn much faster about wallets when actually seeing it happen before they try themselves. This might attract people to ColossusXT and also teach people about basic use of blockchain and cryptocurrency wallets. I ask this because I see a lot of users on Discord and Telegram that are still learning and are asking a lot of real basic questions.
A: ColossusXT has an official YT account with instructional videos: https://www.youtube.com/channel/UCCmMLUSK4YoxKvrLoKJnzng
Q: What are the usp's of colx in comparing to other privacy coins?
A: Privacy coins are a dime a dozen. ColossusXT has different end goals than most privacy coins, and this cannot be stated enough. Our goal is not just to be another currency, but to build a sophisticated computing resource sharing architecture on top of the privacy blockchain.
Q: A new exchange will probably gain more liquidity for our coin. If you might choose 3 exchanges to get COLX listed, what would be your top 3?
A: ColossusXT intends to be listed on all major exchanges globally. :)
Q: What is the future of privacy coins? What will be the future colx userbase (beyond the first adopters and enthusiasts)?
A: The future of privacy is the same it has always been. Privacy is something each and everyone person owns, until they give it away to someone else. Who is in control of your privacy? You or another person or entity?The future of the ColossusXT user base will comprise of early adopters, enthusiast, computer science professionals, artificial intelligence, and computational linguistics professionals for which these users can utilize the Colossus Grid a wide range of needs.
Q: Will ColossusXT join more exchanges soon??
A: Yes. :)
Q: So when will Colossus put out lots of advertisement to the various social media sites to get better known? Like Youtube videos etc.
A: As we get closer to a product launch of the Colossus Grid, you’ll begin to see more advertisements, YouTubers, and interviews. We’re looking to also provide some presentations at blockchain conferences in 2018, and 2019.
Q: In your opinion, what are some of the issues holding COLX back from wider adoption? In that vein, what are some of the steps the team is considering to help address those issues?
A: One of the main issues that is holding ColossusXT back from a wider adoption is our endgame is very different from other privacy coins. The Colossus Grid. In order to address this issue, the ColossusXT team intends to have a Colossus Grid Beta out by the end of Q4 and we will move development of the Colossus Grid from Q1 2019 to Q3 2018.
Q: Or to see it from another perspective - what are some of the biggest issues with crypto-currency and how does COLX address those issues?
A: Biggest issue is that cryptocurrency is seen as a means to make quick money, what project is going to get the biggest “pump” of the week, and there is not enough focus on building blockchain technologies that solve problems or creating legitimate business use cases.
For the most part we believe the base of ColossusXT supporters see our end-game, and are willing to provide us with the time and support to complete our vision. The ColossusXT team keeps its head down and keeps pushing forward.
Q: I know it's still early in the development phase but can you give a little insight into what to look forward to regarding In-wallet voting and proposals system for the community? How much power will the community have regarding the direction COLX development takes in the future?
A: The budget and proposal system is detailed in the whitepaper. Masternode owners vote on and guide the development of ColossusXT by voting on proposals put forth by the community and business partners.
Our goal is to make this process as easy and accessible as possible to our community.
Q: Will there be an article explaining the significance of each partnership formed thus far?
A: Yes, the ColossusXT team will announce partners on social media, and community outlets. A detailed article of what partnerships mean will be available on our Medium page: https://medium.com/@colossusxt
Q: What potential output from the Grid is expected and what would it's use be?
For example, x teraflops which could process y solutions to protein folding in z time.
A: There are many uses for grid computing. A crypto enthusiast mining crypto, a cyber security professional cracking a password using brute force, or a scientist producing climate prediction models.
The resources available to put towards grid projects will be determined by the number of nodes sharing resources, and the amount of resources an individual is willing to purchase with COLX.
All individuals will not have access to infinite grid resources.
Q: Is there a paper wallet available?
A: Yes, see https://mycolxwallet.org
Q: Is there a possibility of implementing quantum computer measures in the future?
A: This is a great idea for potentially another project in the future. Currently this is not possible with the Colossus Grid. Instead of bits, which conventional computers use, a quantum computer uses quantum bits—known as qubits. In classical computing, a bit is a single piece of information that can exist in two states – 1 or 0. Quantum computing uses quantum bits, or 'qubits' instead. These are quantum systems with two states. However, unlike a usual bit, they can store much more information than just 1 or 0, because they can exist in any superposition of these values.
Q: Do you plan to do a coin burn?
A: No future coin burns are planned. Anything like this would go through a governance proposal and Masternode owners would vote on this. This is not anything we’ve seen within the community being discussed.
Q: Can I check the exact number of current COLX master node and COLX staking node?
A: Yes. You can view the Masternodes and the amount of ColossusXT (COLX) being staked by viewing the block explorer.
Block explorer: https://chainz.cryptoid.info/colx/#!extraction
Q: What incentive could we give a youtuber to do the BEST video of ColossusXT (COLX)?
A: We've been approached by several YouTubers. The best thing a YouTuber can do is understand what ColossusXT is, join the community, ask questions if there is something they don't understand.
The problem with many YouTubers is that some of them are just trying to get paid, they don't really care to provide context or research a project.
Disclaimer: This is not all YouTubers, but many.
Q: In which ways is the ColossusGrid different from other supercomputer / distributed computing projects out there. Golem comes to mind. Thanks!
A: The main difference is that we are focused on the end users privacy, and the types of users that we will be targeting will be those that need more discretion / anonymity in their work. We are building framework that will continue to push the boundaries of user privacy as it relates to grid computing.
Q: Can we please complete our roadmap ahead of schedule? I find most other coins that do this actually excell in terms of price and community members. Keep on top of the game :)
A: The Colossus XT roadmap is a very fluid document, and it is always evolving. Some items are moved up in priority, and others are moved back. The roadmap should not be thought of something that is set in stone.
Q: Does COLX have master nodes?
A: Yes. ColossusXT has masternodes.
Q: Have thought about providing a method to insert a form of payment in colx in any page that wants to use cryptocurrencies in a fast and simple way in order to masive adoption????
A: There is already this option.https://mycryptocheckout.com/coins/
Q: What do you think your community progress till now?
A: The community has grown greatly in the last 3 months. We’re very excited to go from 13 to 100 questions in our quarterly AMA. Discord, Telegram, and Twitter are growing everyday.
Q: I noticed on Roadmap: Coinomi and ahapeshift wallet integration. Can you tell me more about this? I am new in crypto and new ColX investor so I don't know much about this. Thanks and keep a good work.
A: Coinomi is a universal wallet. ColossusXT will have multiple wallet platforms available to it. Shapeshift allows you to switch one crypto directly for another without the use of a coupler (BTC).
Q: Is "A general-purpose decentralized marketplace" written in the whitepaper the same as "E-COMMERCE MARKETPLACE" written on the roadmap?
Please tell me about "A general-purpose decentralized marketplace" or "E-COMMERCE MARKETPLACE" in detail.
A: Details will be posted as we get closer to the marketplace. It will be similar to other marketplaces within blockchain. Stay tuned for more information by following us on Twitter.
Q: History has shown that feature-based technologies always get replaced by technologies with platforms that incorporate those features; what is colossius big picture?
A: The Colossus Grid. Which has been explained within this AMA in a few different ways.
Q: What are the main objectives for COLX team this year? Provide me 5 reason why COLX will survive in a long term perspective? Do you consider masternodes working in a private easy to setup wallet on a DEX network? Already big fan, have a nice day!
A: Getting into Q3 our main object is to get a working product of the Colossus Grid by the end of Q4.
  1. Community - Our community is growing everyday as knowledge about what we’re building grows. When the Colossus Grid is online we expect expansion to grow at a rapid pace as users connect to share resources.
  2. Team - The ColossusXT team will continue to grow. We are stewards of a great community and an amazing project. Providing a level of support currently unseen in many other projects through Discord. The team cohesion and activity within the community is a standard we intend to set within the blockchain communities.
  3. Features - ColossusXT and The Colossus Grid will have user friendly AI. We understand the difficulties when users first enter blockchain products. The confusion between keys, sending/receiving addresses, and understanding available features within. Guides will always be published for Windows/Mac/Linux with updates so that these features can be easily understood.
  4. Colossus Grid - The Colossus Grid answers real world problems, and provides multiple solutions while also reducing energy consumption.
  5. Use Case - Many of the 1000+ other coins on the market don’t have the current use-case that ColossusXT has, let alone the expansion of utility use-cases in multiple sectors.
Q: Will the whitepaper be available in Portuguese?
A: Yes. We will be adding some language bounties to the website in the future. Stay tuned.
Q: Notice in your white paper there are future plans for decentralised governance and masternode voting. While all that is great, how do you plan on mitigating malicious proposals from getting through by gaming the system (i.e. bot votes, multiple accounts, spam,etc)?
A: You cannot game the system. Masternode owners get 1 vote.
Q: Been a massive fan of this project since Dec last year, anyways what was the reason you guys thought of putting XT at the end of Colossus. :)
A: XT symbolizes ‘extended’ as the coin was forked from the original Cv2 coin.
Q: Do you plan a partnership within the banking industry to capitalize on such large amounts of money being moved continuously?
A: The focus will be on the Colossus Grid and Grid computing, with the option to participate in the financial sector of Blockchain through Polis Pay, and other partnerships that can be announced in the future.
Q: When will be COLX supported By The Ledger Wallet?
A: Integration with cold storage wallet is planned. I myself (PioyPioyPioy) have a Nano Ledger S and I love it!
Q: Where do you see yourself in five years?
A: The goal 5 years from now would be to be a leading competitor in cloud computing and storage. Providing government, private cybersecurity, and individuals with efficient solutions to Super-computing, cloud storage through Blockchain infrastructure. I would like to see hardware options of connecting to the grid to utilize resources after the Colossus Grid is online, and I think this can contribute to many use-case scenarios.
Q: How can I suggest business partnerships and strategic ideas etc to the ColossusXT team?
A: Join us in Discord. Members of the team here are active daily, you can also contact us at: [[email protected]](mailto:[email protected])
Q: A great project requires good funding. How do you plan to incorporate fund sourcing and management into the long-term planning of this project
A: Check out our governance section within the whitepaper. :)
Website: https://colossusxt.io
Whitepaper: https://colossuscoinxt.org/whitepape
Roadmap: https://colossuscoinxt.org/roadmap/
Follow ColossusXT on:
Twitter: https://twitter.com/colossuscoinxt
Facebook Page: https://www.facebook.com/ColossusCoin/
Telegram: https://web.telegram.org/#/im?p=s1245563208_12241980906364004453
Discord: https://discord.gg/WrnAPcx
Apply to join the team: https://docs.google.com/forms/d/1YcOoY6nyCZ6aggJNyMU-Y5me8_gLTHkuDY4SrQPRe-4/viewform?edit_requested=true
Contribute an idea: https://colossusxt.fider.io/
Q2 AMA Questions: https://www.reddit.com/ColossuscoinX/comments/8ppkxf/official_colossusxt_ama_q2/
Previous AMA: https://www.reddit.com/ColossuscoinX/comments/8bia7o/official_colossusxt_ama/
submitted by PioyPioyPioy to ColossuscoinX [link] [comments]

Consensus Network EP36: Buy, Borrow and Die: Bitcoin Style

Catch the full episode: https://www.consensusnetwork.io/podcastepisodes/2019/10/5/ep36-buy-borrow-and-die-bitcoin-style-1
Buck: Welcome back to the show everyone. Today my guest on Wealth Formula Podcast is Zack Prince. He's Founder and CEO of BlockFi. BlockFi bridges the gap between blockchain and the basic financial products that you're used to including interest-bearing accounts and loans. Zack, welcome to Wealth Formula Podcast. I think you we might have had you on before as a Consensus Network replay but first time on Wealth Formula Podcast specifically, so welcome.
Zac: Yeah, excited to be here, Buck. Thanks for having me. And it's good to chat with you again
Buck: Yeah so remind me how you got into this you know Bitcoin stuff in the first place, I mean you were as I understand you were a traditional finance guy right so where did the blockchain part come in?
Zac: Sure so I was I was working at a company in the FinTech world that provided data and technology solutions to institutional investors that wanted to participate in some of the new online lending platforms, whether they were real estate platforms or consumer lending platforms, and I kind of became the FinTech guy amongst my friend group and people would ask me you know should I invest in these real estate deals on fund rise or buy loans from Lending Club and I started writing a blog to share the information more efficiently with my friends basically and I started expanding a little bit writing about Robo advisory and some other things that were going on in the FinTech space and that's what led me to Bitcoin, and this is back in early 2015. I didn't start BlockFi until 2017 because I started following the market in the background, still working in traditional financial services in FinTech and then in early 2017 it started to feel like mainstream adoption was starting to happen in the crypto ecosystem. I'm started going to some meetups in New York City because at a certain point my wife said Zac, you're talking about crypto all the time and you're talking to me about it and I don't want to talk about it so you should find some other people to talk about this with. And the meetup composition started to change and in 2016 when I started going to these meetups it was the early crypto adopters you know libertarians, computer scientists and then in early 2017 I started to see some venture capitalists, some guys who had just left their job at Wall Street still wearing a suit, some more entrepreneurs and it was a really exciting time in the ecosystem, things like the Enterprise Ethereum Alliance were getting announced which had participation microsoft and a lot of other you know fortune 500 companies and I had started to believe in it. I was drinking the kool-aid a little bit so I decided to find a way to get involved in the space full-time and that's what led me to start BlockFi.
Buck: So I have to imagine that the response you got from the traditional finance people around that time when you started talking about the blockchain space and when you started being more and more involved with that was probably not a very positive response initially or did you did you experience some of that sort of you know rejection initially to what you were doing?
Zac: Yeah absolutely. But you know throughout my career this is now kind of the third emerging technology industry that I've worked in. I was originally an advertising technology starting like you know 15 years ago and I was in FinTech specifically the online lending side of FinTech which in its early days was called peer-to-peer lending and now in crypto. So having to do a lot of education explain it you know why something isn't crazy and it might work and here's why and here's the value proposition and here's what it is, I've gotten very used to that and comfortable with it. But yeah there were a lot of people who are like you know I've heard Bitcoin is only used by drug dealers and money launderers. I've heard that I'm supposed to care about blockchain and not Bitcoin. And you know at BlockFi we’re providing financial products into the market so it's a heavily regulated business so we also had to communicate with regulators. We had to explain to state regulators, federal regulators why what we were doing with Bitcoin and other cryptos than when you're doing these same types of things with assets that they're more familiar with.
Buck: So when you were talking to people back in, I don't know I guess 2016/17 and it's not a long time ago, it's only two years ago, but I have to imagine that the response or the you know the approach that people take to you when you speak to investors is very different. Has it become more mainstream in that regard for you know for big money investors?
Zac: It's absolutely become more mainstream you know the end of 2017 Q3/Q4. Point was going on that parabolic run it started to get covered everywhere, I mean it was on CNBC every day it was in Bloomberg New York Times Wall Street Journal. If you were paying attention to the financial industry and markets you heard about Bitcoin at that time if you hadn't heard about it before. So from a baseline of awareness perspective it got a lot better and then in 2018 you had a number of positive developments for the sector including one that I think is probably the most noteworthy which is that Bitcoin futures were listed on the CME the institutional investor perspective that's massive. You now have a well regulated well known super trustworthy venue where you can get exposure to this asset class, you also had companies like Grayscale bringing products to the market which are accessible to certain types of investors and their low bridge accounts and you started to see some adoption from companies like FinTech companies like Robin Hood and Square making Bitcoin available on their platforms. So the conversation has absolutely changed a lot and it's become less about whether or not this is something that's going to continue to exist whether or not it's something that was just a bubble and is going to die and now it's more about ok how is it going to get used how big could it get what are the interesting applications of it and what could have potentially disrupt in the traditional financial ecosystem.
Buck: So you know we had obviously following this you know pop in 2017, you know I actually like you kind of really got into this early 2017 so timing was pretty good I guess now regards. Good or bad depending how you look at it but I was there before before the parabolic move. And then we have you know then we followed this up with a crypto winter and and you know who knows if we're done with it, I guess we certainly are much better off than we were. You know a unit buddy it's funny Zac I don’t know if you remember this but I was about to, we'll talk about BlockFi specifically in a minute but, I was about to use BlockFi for borrowing because I like this idea of borrowing you know collateralized debt and collateralized debt on assets and buying something else. So I was about to do it and then Bitcoin lost a clip and I was like literally and I remember I was just emailing with somebody somebody over there and I was like sorry dude I guess I just sold it, I just sold all that Bitcoin I had and you sent one email back to me and it said “capitulation” but it you know and so now we're looking back at these we go down from 3,000 back up you know been sort of flirting around this 10,000 and it seems like we're kind of maybe that we're stuck there, maybe we're kind of out of winter, maybe we're in a holding pattern but it seems like to me that since that two years not only is the awareness increase but the development of the ecosystem itself is so much further advanced than it was in 2017. Is this an unusual case where the technology and maybe even the infrastructure is actually outpacing the price?
Zac: You know it's really hard to say. I would argue that in some ways it's typical. In other industries that showed a lot of promise where investors could you know participate maybe a little bit ahead of the adoption curve you saw crazy price run ups with the tech bubble and you know ‘99-2000 being the one that's kind of top of mind in recent memory and then on the other side of things, are we behind where the price should be now? It's really hard to say because this is kind of like a commodity type asset built on a payment network and valuing that is challenging and there's not a perfect model for for doing it today. It's not as easy as something that's cashflow producing but I'm incredibly bullish. I'm on record as saying at the beginning of this year that Bitcoin has only had one year in its 10-year existence where it had a lower low than the year before and parted this year around the low price for 2018 and I predicted that we would in the year had a higher price than where we started the year pretty soon and now we're up and you know around 300 percent from where we started the year. As that happens in investing is people frequently look at things on a year-to-year performance basis and when people are looking at Bitcoin even if all we do is stay around 10 K from here when they're looking at how Bitcoin performed rather than other relative to other assets at the end of 2019 it's probably going to look fantastic. And you also have an event coming up and in the summer of next year called The Halvening where basically the supply that's produced by miners is going to get cut in half and so if you believe in the stock the flow type models of valuation for Bitcoin that is usually a very big driver of price appreciation.
Buck: I believe May of 2020, right?
Zac: That's right.
Buck: In May of 2020. Can you just talked a little bit about that just so people know because people hear about it, I've been talking about it but I don't think that it really explained it.
Zac: Yeah and you know I'm not I'm not a computer scientist so I can explain it in a you know in a very simple…
Buck: No one else here is either.
Zac: So basically the way that new Bitcoin is created is through this process called mining. And it's analogous to mining gold except instead of finding a place in the earth where gold exists and then getting your trucks and mining equipment and digging it out of the ground, the way bitcoin is mined is using this computer program and there is now specialized computer hardware that's built specifically and optimized for mining Bitcoin. And you have this network of machines around the world where the input is energy into the mining hardware and the output is new Bitcoin and those miners are what provides the power for the payment network a Bitcoin to run and when we say that there is this event called The Halvening, what that basically means is that the output that's built into the Bitcoin program that the miners are receiving as their payment for contributing energy to the network, is going to get cut in half. So the miners are going to have the same you know relative input but the amount that they're receiving is going to get cut in half for that input. This should, if the demand side for Bitcoin remains equal, it should drive up the price and historically Bitcoin has had three of these Halvening events in its lifetime so far I believe and around each Halvening you have seen you know six months before or six months after a pretty material run up in price.
Buck: Yeah so it also goes along with that sort of that the entire idea that Bitcoin unlike you know other assets including gold is it's a deflationary asset ultimately and and that's one of the things that makes that happening really significant. Apart from and I have one more question before we get to block five which is apart from the Halvening, you know thing that's happening, what is maybe the biggest development or upcoming thing that's coming up that makes you the most bullish on the future of Bitcoin or blockchain in general?
Zac: Sure so I think I wouldn't actually point to any one specific thing, I would point to two broad trends. So one is institutional adoption and participation in the asset class and the other is better ramps for retail participation into the asset class and just focusing here you know on the US market because it really is an international story but just in the US market. In September we should have Bakkt launching their futures platform. Bakkt is owned by ICE, the Intercontinental Exchange, and there's a big core difference between their futures and the current futures that are available on the CME in that futures on Bakkt platform are going to be physically settled so that means that actual Bitcoin is going to be needed to facilitate the trading on Bakkt’s platform which does not happen on CMEs exchange so that's that should be a very positive catalyst in terms of demand for physical Bitcoin that could have an impact on the price. Also on the institutional side this year I believe earlier this year, the first pension fund made an investment into an asset management vehicle that was focused on investing in Bitcoin and private equity opportunities in the Bitcoin and blockchain sector. So that will be a trend.
Buck: Which pension fund was it?
Zac: It was in North Carolina so I think it was like the North Carolina Firefighters and the group that raised the money from them was Morgan Creek Digital it’s actually invested in BlockFi by Anthony Pompliano Twitter and Mark Yusko so that's on the institutional side. And then on the retail side you've seen FinTech companies like Square and Robin Hood offer Bitcoin trading to their users. But soon you will also have companies like TD Ameritrade E-Trade and others offer Bitcoin to their users sometimes be a partnership sometimes because they've built it directly. You also at some point might see progress made in terms of an ETF getting approved that would give retail investors in the US market exposure to Bitcoin in a really easy and familiar way. All of those things are tremendously positive catalysts and the caliber of people working on them only continues to increase. Talent was attracted into the sector very, very rapidly these days.
Buck: You know one question that leads me to is that all of this is happening with Bitcoin for the most part. Are alt coins in your opinion is that market coming back or is that something that we're gonna see probably select you know group of tokens projects emerge and then the rest will kind of just get left in the dust, what do you think?
Zac: I mean I'll tell you exactly what I'm doing with my portfolio and then I'll provide a bit more color. So my asset allocation in the crypto side of my investing is I'm like 90% Bitcoin 5% Ethereum and 5% B&B; which is the Binance right. So I'm super bullish on Bitcoin. I think that you know there's a chance that Ether makes a comeback specifically I think that a lot of the stable coins that have been launched have been built on Ethereum if you're not familiar with stable coins it's basically the concept of a dollar but on a blockchain which could be really really powerful because it creates the opportunity for the delivery of US dollar denominated financial services at a global scale not using the traditional banking rails. And then B&B; I mean Binance is the biggest and most successful exchange they have a history of innovating, creating new products, going fast and so I'm taking a bit of a flyer with them but I'm 90% Bitcoin. I don't think that I'm not bullish on any of the other all coins frankly I struggle to see you know the big upside I have heard whispers in the community that there's kind of like a new wave of altcoins 3.0 might emerge, you know could see some some good returns similar to what some of the ICOs did in 2017 but it's not an area of focus for me. So that's my view.
Buck: Yeah let's talk about BlockFi. Remind us exactly what BlockFi is.
Zac: Sure so we're a wealth management platform for crypto investors. Today we have two products that we offer. One product is analogous to a savings account from a traditional bank where you're able to earn interest on your holdings except on BlockFi, the assets instead of being dollars are bitcoin and Ether and we don't have FDIC insurance so it's not exactly the same risk profile as a savings account at a bank, but conceptually you're able to hold Bitcoin and an account with BlockFi and earn interest on it paid in Bitcoin every month. That's one product that we have. The second product that we have which you are alluding to earlier offers our clients the ability to borrow dollars secured by the value of their cryptocurrency and it's analogous to a securities backed loan or a liquidity access line in the traditional world except instead of securities we're taking Bitcoin or other digital assets as collateral and lending it rates as low as four point five lending USD that rates as low as four point five percent a year.
Buck: I wanna pick these apart a little bit if you don't mind. In terms of this savings account first of all is it just bitcoin or is it bitcoin, Ethereum?
Zac: We actually support three assets in the interest account currently Bitcoin, Ether and GUSD which is the stable coin from Gemini.
Buck: Got it. And talk about the interest because it's not one flat interest rate right it's different depending on how much cryptocurrency actually is held?
Zac: Correct so there's a tiered interest rate structure. Currently on Bitcoin for balances up to ten Bitcoin, we offer a six point two percent annual yield and for balances above ten Bitcoin it's a 2.2 percent annual yield. On Ether, for balances up to two hundred Ether it's a 3.3 percent annual yield and balances above two hundred Ether is 0.5% annual yield and for GUSD the stable coin it's an eight point six percent interest rate with no tier so yeah those are the different rates.
Buck: Why did, I mean was it just a matter of like an issue with people dumping like a thousand Bitcoin and trying to get six you know 6% of that, was it just too hard to you know make that a long-term part of the business model or why did the higher levels end up changing to a lower rate?
Zac: Sure so I wanted to function of market conditions and to it's a function of supply and demand. So we launched the interest account in March of this year. We were just starting to come out of the bear market and one of the things that happened as we switched from being in a bear market to being in a bull market is the futures switched from being in backwardation to contango which basically means that our institutional borrowers the groups that we lend to that enable us to pay the rate to depositors had less of a need they had less demand to borrow and they were willing to pay lower rates to borrow crypto than they were when we were building and planning to launch this product. The second thing that happened is we were surprised to the upside in terms of the level of interest that we received from depositors and especially depositors with very large sums of cryptocurrency. So to give you an example you know within a day or two of making the product available publicly, we had a number of groups that were depositing 5, 10, 15, 20 million dollars worth of Bitcoin and so the supply-demand that we have to manage is, the amount that we have on deposit relative to the size of this market that will borrow Bitcoin size of the market that will borrow Bitcoin is partially a function of market sentiments partially a function of number of trading venues and the liquidity profile and it's partially a function of you know BlockFi’s efforts in terms of sales and client development relationship management. So the supply side got a little bit ahead of the demand side on deposit and how much there was available to borrow so we made a few tweaks. We want to keep the 6%, 6.2% rate on Bitcoin available to as many people as possible for as long as possible so that's why we went with the tiered structure where we made it available on balances up to 10 and reduced it for balances above that.
Buck: Got it and the interest on that, when you say 6.2 percent that six point like it's all denominated in Bitcoin, you're not paying cash out right?
Zac: Correct so to use round numbers to provide an easy example you start on January first with a hundred Bitcoin in an account, by the subsequent January first you will have 106 point 2 Bitcoin in your account.
Buck: Yeah and that that's kind of neat too because then you're you know you're also getting potentially the upside of that you know I mean they made 6% but if you if you're really bullish on the market you could be potentially looking at a lot more than 6% on your money. How about in terms of the, is there like a you know do you do it sort of a month-to-month or six month or month you know year-long contracts for these things?
Zac: It's month-to-month. So the rates are subject to change on a monthly basis. We provide notifications at least a week in advance before the end of one month on what the rates will be for the subsequent month and people are able to you know withdraw any time without penalty. We reserve up to 7 days to process withdrawals but we've never taken more than one business day to process a withdrawal so they're pretty quick but not instant for security reasons and yeah it's pretty flexible.
Buck: How about the lump in the lending side how does how does that work? So now I've got like 10 Bitcoin and so I would deposit that I guess and you guys I understand that maybe that that goes into like a Gemini account or something, is that still how it works?
Zac: Correct so we have a partnership with Gemini for custody. So when you log into a BlockFi account you'll have a deposit address. When you send Bitcoin to that deposit address it actually goes directly into storage with Gemini. Gemini was the first custodian in the crypto sector to receive insurance against cyber hacks on their platform. They were also the first custodian to get to complete a SOC 2 compliance audit and they have a really long track record of custody billions of dollars worth of crypto without ever having any issues. So it goes directly to Gemini and then you're able to interact with block-wise platform to take any actions that you might deem necessary. So you can view your interest payments you can withdraw you can deposit more you can also take out a loan. So in terms of taking out a loan, if you have ten Bitcoin that's worth roughly a hundred thousand US dollars at this point in time, you can borrow up to fifty percent of that value in a US dollar loan which can be funded be a wire or stable coin and then the structure of those loans is that you make interest-only payments on the amount that you borrowed throughout the duration and you can prepay at any time without penalty.
Buck: And what's the typical you said it was four point six.
Zac: We have interest rates as low as four point five. The interest rates on borrowing USD vary according to your initial loan to value ratio. So if you have a hundred thousand dollars worth of Bitcoin we actually have three loan-to-value ratio options. You can borrow at a 50 percent initial loan-to-value ratio which would mean you're borrowing 50k, the interest rate on that will be eleven point two five, if you borrow thirty five percent of the value so 35k the interest rate is seven point nine, and if you borrow twenty five percent of the value of the interest rate is four point five percent per year.
Buck: Got it. In terms of you know the technical, so you basically pay that on a month-to-month basis and then in terms of contracts, are those also month-to-month loans or how does that work?
Zac: Those are one-year term loans well now it's the ability to renew without repaying the principal at the end of the term at current rates and our rates for those loans have always come down so far. So it's a one-year term loan BlockFi committed for a year at that rate your payments stay the same but you can prepay at any time without penalty.
Buck: Right. When do you do when would you do an actual sort of I guess a cap will call like what loan-to-value because you can go up to say you're borrowing at you know you're borrowing at the lowest rate you know you're at 4.5% you're borrowing see you know just for round numbers 100 Bitcoin you borrowed or you said 10 Bitcoin hundred thousand dollars but you only borrowed twenty-five thousand dollars at four point five percent, what if Bitcoin you know loses 50 percent of its value then what happens?
Zac: Well you wouldn't have a margin call based on on that example. If your loan to value ratio hits 70 percent that's when we have a margin call and the way the margin call works is our clients have the option to either post more collateral, pay down the loan using USD or some of the collateral that's posted for the loan or take no action. If they take no action there's a 72-hour window where we'll wait to see if the price recovers, if it does then no action is required, if the price keeps going down further then we will initiate a partial collateral sale to rebalance that LTV to a healthy level at the end of that window.
Buck: So in terms of the clients that you see doing this kind of stuff, I mean who are you seeing borrowing because you don't have a cap I mean you can on the borrow side, I mean and the rates don't really change like if you're depositing a hundred Bitcoin you're getting the same rate differences as somebody who's depositing ten for borrowing right?
Zac: That's right.
Buck: So who are the people who are putting I mean what are these businesses that are putting are using these loans who are the typical clients?
Zac: Sure so it's a mix of retail and corporate. On the retail side we actually did a survey recently on use cases and the number one use case about a third of our borrowers expressed is that they were using the funds that they borrowed to start a business, which we were really excited about. So the other popular use cases were investing in real estate, investing in other types of traditional assets like stocks and bonds, home improvement, larger purchases, vacations were all used cases, paying down higher cost debt was another use case, and then on the corporate side the loans are used for operating capital. So we have some mining companies that borrow from BlockFi. Other types of companies who you know maybe have crypto denominated inventory like exchanges or crypto ATM businesses our frequent borrowers from BlockFi and our loan sizes rearranged from you know as low as five thousand dollars all the way up to seven figures. So it's a pretty diverse group of borrowers.
Buck: So recently it sounds like you guys partnered with another company called Casa. What is Casa and I guess how does that benefit both companies?
Zac: Sure. So Casa is a leader in fighting self sovereign storage solutions for cryptocurrency owners so if you're alone that owns Bitcoin and to use a gold analogy. If you want to own gold but you keep it in your vault or in your backyard you want to have physical possession of it yourself if you want to do that same type of custody with Bitcoin. Casa has a solution that makes that really easy. Our partnership with Casa provides mutual benefits to clients on either side. So Casa clients are able to receive some discounts in terms of accessing BlockFi products and vice-versa BlockFi clients are able to receive discounts in terms of accessing kasam products and over time we'll build some things in to the user experience specifically on Casa’s platform that will make it you know a bit more seamless to interact with BlockFi products while you're on their platform. In general that partnership strategy is something that you'll see more of we think there are in the ecosystem that are specializing in areas that BlockFi's not focused on and doing things where we can provide benefits to clients on both sides is a win-win for us then and our clients.
Buck: Last thing I want to ask you about, last time I spoke to you, you had talked about the idea of potentially Bitcoin backed credit cards meaning like you know getting Bitcoin back instead of miles or dollars back. You guys any closer to that, because I definitely want one of those cards.
Zac: I'm so glad you brought it up. We're definitely closer, but we're not you're not going to have the card until like Q3 of next year probably. It's getting worked on, these things you know for better or worse they take a long time launching a credit program is no small feat you know we're working on it. We've identified some of the key partners that we'll be working with to bring that product to market it is going to happen and I share your sentiment like I wish I had it now.
Buck: Yeah seriously that'd be great. Well listen it was great talking you. So it's BlockFi.com and it's spelled like block and then fi and tell us you know tell us the process of doing is pretty simple okay how long does it take to apply for these things…
Zac: Yeah I mean nothing takes any time really. So you could come in and start earning interest and get a loan from us all in under five minutes. And we also have a client service team that's super responsive in in terms of communication however you want to communicate with them, over email, over the phone, over text message so you know don't don't hesitate to reach out to us. We're also on twitter. My twitter handle is BlockFiZac and our company twitter handle is @therealBlockFi so we're very active on those platforms and happy to chat with you there as well.
Buck: Zac Prince, thank you very much for being on Wealth Formula Podcast today.
Zac: Thanks for having me, Buck, I appreciate it.
Buck: We’ll be right back.
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Buying Bitcoin from ATM !! #Singapore Bitcoin ATM machine in Bangkok Testing Bitcoin ATMs in Singapore - YouTube Bitcoin ATM: A Step-by-Step Walk Through Invest in bitcoin atm machines - YouTube

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Buying Bitcoin from ATM !! #Singapore

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