My Trezor (MEW?) account got compremised, funds were stolen
Hello ladies and gentleman, I hope you can help me out somehow. I put it in bitcoin as well despite its ethereum but its about trezor and the btc part is involved. In mid september all my ethereum and ethereum based stuff was cleared from my MEW accounts for roughly 38k USD. Trezor couldnt help me at all and we went through all the topics and questions they had which lead to nothing exept an basic answer “your seeds got compromised in the past“, which doesn’t make any sense and I will explain why. Lets say, Im a person with some basic tech knowledge and worked as admin and I use common sense to handle my crypto stuff which is part of my business and daily task since 2 years.I check all things again before sending. Adress, amount etc and never had any problems before.I never was on a fake page where I had to give my seed or passphrases inI dont open spam mails nor use my new laptop for something else then work, like visiting porn sites or shady stuff or use cracks etc. I didnt even found a malitous cookie after checking everything. The laptop I used was 3 months old and set up on my own with windows, firwall, antivir and anti malware stuff. Things I am doing form me and my friends since year 2000. No cracks used for programms, everything legal. I use a trezor one since then which is updated accordingly when the tool or page prompts me. I used to use chrome as my default browser (which i learned, over the past months trying to figure out what might have happened, is one oft the worst browsers). No one has my seedsno one knows my pin to entert the trezorI dont store any of this information onlineI dont know my private keys from trezor So what happened was that september 9 in the evening, a few hours after I sent some usdt deposit to my adress, I want to check if everything is there, login to my MEW account (online, not offline and url was correct. no addon used, just the shortcut in my browser which i safed there and always used and later checked i fit was linked to something else which wasnt), and the account was empty. Three ethereum adresses where i stored some coins, eth and usdt. I realised that every transaction below happened while i was standing infront of my laptop (checked time happening), trezor connected cause i did some btc transaction before and chatted to customers on different chat tools like telegram or skype. Obvsly without signing any transaction at all everything was sent to other adresses. It seemed someone got the keys to those adresses before. Now, I dont even know my private keys to those adresses which are stored in trezor right? I wasnt logged into MEW before this incident for about 1.5 days. The btc part on my trezor is MUCH more valuable, but still there. After trezor couldnt help me about what happened and MEW treated me like the standard idiot who gets highjacked and then wonders why his money is gone, I went trough so many possibilities. For the most time I thought some kind of KRACK attack happened. The only problem is trezor says they dont extract the private keys. Some gurus in this topic ( i read on reddit here) say its possible to get them from the network. Even parts are enough to encrypt the whole key after a while which would underline the timeline that it took 6 days from working in this hotel and having the unusual situation with the sending (down explained) till the accs got cleared. The hotel incident happened the week before my accounts got cleared. I was visitting friends and coworking agents in Vietnam and stayed in a red doorz hotel in Ho Chi Minh. Using the Hotel Wifi and a nvpn.net VPN I sent some usdt funds via MEW to a befriended customer and something very stranged happened, which I never had before.I sent 4k usdt to a customer and the transaction took 13 min working working working and then failed. I’ve never had something like that. We thought it might be because of eth network or so but we never had that before, me and him sending a lot transactions every day. Then i copied all details in again and send another 4k and somehow he recieved both! check the screen. The one transaction processed nearly 13 min then failed. 2min later i sent a new one and without any evidence in this screen he recieved both. https://s19.directupload.net/images/200121/27e8uyd3.jpg later https://s19.directupload.net/images/200121/3todak3u.png So he sent me back the additional 4k and I shut down everything not thinking about this much anymore. Only when the accounts got cleared I was searching for any unusual happenings which could have let to this because pretty much all other “typical“ mistakes people normally do we could exclude. If somehow my seeds got compromised why only the ETH stuff? The btc parts on the trezor had much much more value. I never searched for trezor page on the web and used a link to access my wallets or to do updates. I always used the trezor bridge and made a shortcut to my wallet in my browser. For MEW i always used the same shortcut in my browser which worked pretty fine for the past years an everytime when setting the browser or pc new i checked it all before. Because of the unusual thing which happened in Vietnam I flew back there (from philippines) prepared with tools and checking because I couldnt let go and I didnt find any other plausible cause. I even got back my old room. In this hotel there are three hotel wifi network and I remeber 100% that I used the 2nd one before cause it had the strongest signal. Anyway. I switched on wireshark and later on Fiddler, repeated all steps I used to do before. Checking if some rerouting, dns poisening or readressing or so is happening. Nothing unusual happened in the first when entering MEW (I sent some bait funds there). In the 2nd network I used in september the trezor basically totally freaked out. He didnt let me enter MEW, I had to reenter my pin up to 5 times sometimes, It gave me error messages in MEW or it took 30 fucking seconds to enter it. Trezor writes about this: “When you enter an invalid PIN a few times, the Trezor adds a forced waiting time between attempts.You can see this feature on the photo where the Trezor is making you wait for 15 seconds before another attempt.This countdown is then multiplied by the factor of two until you reach the 16th invalid PIN entry. After that, the device automatically wipes its memory - deleting all data from it. The behavior of your Trezor at MEW is undoubtedly not standard or in any form pleasantly functional. Nevertheless, it also isn't anything superbly unusual or unexpected, taking poor internet connection into account.“ The thing is, the pin is 6 digits but pretty basic and I never ever entered it wrong. And I used the strongest wifi and could open webpages very easily . As well as: “Sadly, this does not tell us anything about how your funds could be compromised. None of this could have ever exposed your private keys or made your device vulnerable in any way. The Reddit thread you linked discusses cracking BIP-39 passphrases, which is irrelevant to your case. Cracking such passphrases assumes the person trying to break the wallet already has full possession of the recovery seed (recovery words). See, a passphrase is not your recovery seed or some additional password on your device. It is an extension of the seed, and it is also 100% useless without controlling the full seed. The only threat you are exposed to when using Chrome is using Google itself. When googling "trezor" or "trezor wallet", you might stumble upon a phishing site which will present itself as a genuine Trezor website and force you to go through a fake "recovery" process. There you'd give out your recovery seed, which subsequently grants full access to your wallet and funds. It's reasonable to assume that malware could guide you to such a website. To this day, we are not aware of any such incident ever happening, and even then, there are protections in place to defend you against phishing attempts.“ Basically, something I never did and all funds would haven been gone then. I checked the 3rd network as well, and like the 1st nothing special happened. Only in the 2nd. These are the funds and how the got cleared off the wallets. I always show last transaction from me to the adress as well on the screens. So adress: 0x253ABB6d747a9404A007f57AaDEc1cA2b80694a1 They withdrew this: 1k USDT and the small amount ETH to send stuff https://s19.directupload.net/images/200121/sg2lumg8.png adress: 0x01fd43a713D8F46FF9a7Ed108da2FF74884D8400 They withdrew this:Majority of USDT and small eth for sending stuff https://s19.directupload.net/images/200121/arycubto.png adress: 0xf73c8C30072488d932011696436B46005504A7aeThey withdrew this: Majority of ETh, then all coins from valueable to worthless and then some rest eth https://s19.directupload.net/images/200121/urbgm2y5.png https://s19.directupload.net/images/200121/rdkod59h.jpg So this is what happened at 12th september between 16:49 and 17:15. Sick to see that all happened between 16:49 and 17:00 and its like someone came back checking and saw the 0.014 eth and withdrew it 17:15. Around 10pm i discovered what happened. So, do you have any ideas? Questions? Feel free to guess or ask Im glad for everything which might lead to what might have happened. I somehow can’t let go off the feeling something inbetween the network, MEW and trezor ist he cause, but what do I know.
The biggest announcement of the month was the new kind of decentralized exchange proposed by @jy-p of Company 0. The Community Discussions section considers the stakeholders' response. dcrd: Peer management and connectivity improvements. Some work for improved sighash algo. A new optimization that gives 3-4x faster serving of headers, which is great for SPV. This was another step towards multipeer parallel downloads – check this issue for a clear overview of progress and planned work for next months (and some engineering delight). As usual, codebase cleanup, improvements to error handling, test infrastructure and test coverage. Decrediton: work towards watching only wallets, lots of bugfixes and visual design improvements. Preliminary work to integrate SPV has begun. Politeia is live on testnet! Useful links: announcement, introduction, command line voting example, example proposal with some votes, mini-guide how to compose a proposal. Trezor: Decred appeared in the firmware update and on Trezor website, currently for testnet only. Next steps are mainnet support and integration in wallets. For the progress of Decrediton support you can track this meta issue. dcrdata: Continued work on Insight API support, see this meta issue for progress overview. It is important for integrations due to its popularity. Ongoing work to add charts. A big database change to improve sorting on the Address page was merged and bumped version to 3.0. Work to visualize agenda voting continues. Ticket splitting: 11-way ticket split from last month has voted (transaction). Ethereum support in atomicswap is progressing and welcomes more eyeballs. decred.org: revamped Press page with dozens of added articles, and a shiny new Roadmap page. decredinfo.com: a new Decred dashboard by lte13. Reddit announcement here. Dev activity stats for June: 245 active PRs, 184 master commits, 25,973 added and 13,575 deleted lines spread across 8 repositories. Contributions came from 2 to 10 developers per repository. (chart)
Hashrate: growth continues, the month started at 15 and ended at 44 PH/s with some wild 30% swings on the way. The peak was 53.9 PH/s. F2Pool was the leader varying between 36% and 59% hashrate, followed by coinmine.pl holding between 18% and 29%. In response to concerns about its hashrate share, F2Pool made a statement that they will consider measures like rising the fees to prevent growing to 51%. Staking: 30-day average ticket price is 94.7 DCR (+3.4). The price was steadily rising from 90.7 to 95.8 peaking at 98.1. Locked DCR grew from 3.68 to 3.81 million DCR, the highest value was 3.83 million corresponding to 47.87% of supply (+0.7% from previous peak). Nodes: there are 240 public listening and 115 normal nodes per dcred.eu. Version distribution: 57% on v1.2.0 (+12%), 25% on v1.1.2 (-13%), 14% on v1.1.0 (-1%). Note: the reported count of non-listening nodes has dropped significantly due to data reset at decred.eu. It will take some time before the crawler collects more data. On top of that, there is no way to exactly count non-listening nodes. To illustrate, an alternative data source, charts.dcr.farm showed 690 reachable nodes on Jul 1. Extraordinary event: 247361 and 247362 were two nearly full blocks. Normally blocks are 10-20 KiB, but these blocks were 374 KiB (max is 384 KiB).
Update from Obelisk: shipping is expected in first half of July and there is non-zero chance to meet hashrate target. Another Chinese ASIC spotted on the web: Flying Fish D18 with 340 GH/s at 180 W costing 2,200 CNY (~340 USD). (asicok.com – translated, also on asicminervalue) dcrASIC team posted a farewell letter. Despite having an awesome 16 nm chip design, they decided to stop the project citing the saturated mining ecosystem and low profitability for their potential customers.
Changenow announced the option to buy DCR with fiat.
TokenPride: "We are seeking feedback on the general setup of our payment processor. We have tried to make it simple and user friendly. 10% of all purchases made in Decred will be donated to the Decred Development fund - and we will be releasing original Decred designs in the future".
BlueYard Capital announced investment in Decred and the intent to be long term supporters and to actively participate in the network's governance. In an overview post they stressed core values of the project:
There are a few other remarkable characteristics that are a testament to the DNA of the team behind Decred: there was no sale of DCR to investors, no venture funding, and no payment to exchanges to be listed – underscoring that the Decred team and contributors are all about doing the right thing for long term (as manifested in their constitution for the project). The most encouraging thing we can see is both the quality and quantity of high calibre developers flocking to the project, in addition to a vibrant community attaching their identity to the project.
The company will be hosting an event in Berlin, see Events below. Arbitrade is now mining Decred.
Campus Party in Brasilia, Brazil. @girino, @Rhama and @matheusd talked about Decred. Matheus was interviewed by a TV channel. Check this quick report about the event, click "Show newer" to continue reading. (photos: 123)
Blockchain Summit in London, UK. This was not a full blown presence with stand but rather investigation of opportunities by @kyle and @Ani. The resulting detailed report is a good example of a document advising to stakeholders whether it is worth spending project funds.
Meetup in Berlin, Germany on July 18. @jz will give a talk and Q&A about Decred and chat with Ele from @oscoin about incentivizing developers. Hosted by BlueYard Capital.
Hey guys! I'd like to share with you my latest adventure: Stakey Club, hosted at stakey.club, is a website dedicated to Decred. I posted a few articles in Brazilian Portuguese and in English. I also translated to Portuguese some posts from the Decred Blog. I hope you like it! (slack)
Decred Assembly - Ep20 - Governance: Driving the Future (youtube) @cburniske and @traceagain discuss the importance of governance protocols being foundational and problems with delegated proof of stake
"I think that developers in the future are going to base their decision on where to build on the basis of governance and community. And so I look for good governance mechanisms and strong communities in blockchains." (@decredproject)
What is on-chain cryptocurrency governance? Is it plutocratic? by Richard Red (medium)
Apples to apples, Decred is 20x more expensive to attack than Bitcoin by Zubair Zia (medium)
What makes Decred different and better from other cryptocurrencies? (cxihub.com)
Community stats: Twitter followers 40,209 (+1,091), Reddit subscribers 8,410 (+243), Slack users 5,830 (+172), GitHub 392 stars and 918 forks of dcrd repository. An update on our communication systems:
Matrix chat logs are nowviewable on the web with the exception of some channels that are not bridged. The new web logs means our chats are now fully public and indexed by search engines.
Slack had an outage on Jun 27 that disturbed communications for a few hours, discussions continued on Decred's bridged platforms.
Jake Yocom-Piatt did an AMA on CryptoTechnology, a forum for serious crypto tech discussion. Some topics covered were Decred attack cost and resistance, voting policies, smart contracts, SPV security, DAO and DPoS. A new kind of DEX was the subject of an extensive discussion in #general, #random, #trading channels as well as Reddit. New channel #thedex was created and attracted more than 100 people. A frequent and fair question is how the DEX would benefit Decred. @lukebp has put it well:
Projects like these help Decred attract talent. Typically, the people that are the best at what they do aren’t driven solely by money. They want to work on interesting projects that they believe in with other talented individuals. Launching a DEX that has no trading fees, no requirement to buy a 3rd party token (including Decred), and that cuts out all middlemen is a clear demonstration of the ethos that Decred was founded on. It helps us get our name out there and attract the type of people that believe in the same mission that we do. (slack)
Another concern that it will slow down other projects was addressed by @davecgh:
The intent is for an external team to take up the mantle and build it, so it won't have any bearing on the current c0 roadmap. The important thing to keep in mind is that the goal of Decred is to have a bunch of independent teams on working on different things. (slack)
A chat about Decred fork resistance started on Twitter and continued in #trading. Community members continue to discuss the finer points of Decred's hybrid system, bringing new users up to speed and answering their questions. The key takeaway from this chat is that the Decred chain is impossible to advance without votes, and to get around that the forker needs to change the protocol in a way that would make it clearly not Decred. "Against community governance" article was discussed on Reddit and #governance. "The Downside of Democracy (and What it Means for Blockchain Governance)" was another article arguing against on-chain governance, discussed here. Reddit recap: mining rig shops discussion; how centralized is Politeia; controversial debate on photos of models that yielded useful discussion on our marketing approach; analysis of a drop in number of transactions; concerns regarding project bus factor, removing central authorities, advertising and full node count – received detailed responses; an argument by insette for maximizing aggregate tx fees; coordinating network upgrades; a new "Why Decred?" thread; a question about quantum resistance with a detailed answer and a recap of current status of quantum resistant algorithms. Chats recap: Programmatic Proof-of-Work (ProgPoW) discussion; possible hashrate of Blake-256 miners is at least ~30% higher than SHA-256d; how Decred is not vulnerable to SPV leaf/node attack.
DCR opened the month at ~$93, reached monthly high of $110, gradually dropped to the low of $58 and closed at $67. In BTC terms it was 0.0125 -> 0.0150 -> 0.0098 -> 0.0105. The downturn coincided with a global decline across the whole crypto market. In the middle of the month Decred was noticed to be #1 in onchainfx "% down from ATH" chart and on this chart by @CoinzTrader. Towards the end of the month it dropped to #3.
Please note: we will not accept any kind of payment to list an asset.
Bithumb got hacked with a $30 m loss. Zcash organized Zcon0, an event in Canada that focused on privacy tech and governance. An interesting insight from Keynote Panel on governance: "There is no such thing as on-chain governance". Microsoft acquired GitHub. There was some debate about whether it is a reason to look into alternative solutions like GitLab right now. It is always a good idea to have a local copy of Decred source code, just in case. Status update from @sumiflow on correcting DCR supply on various sites:
To begin with, none of the below sites were showing the correct supply or market cap for Decred but we've made some progress. coingecko.com, coinlib.io, cryptocompare.com, livecoinwatch.com, worldcoinindex.com - corrected! cryptoindex.co, onchainfx.com - awaiting fix coinmarketcap.com - refused to fix because devs have coins too? (slack)
About This Issue
This is the third issue of Decred Journal after April and May. Most information from third parties is relayed directly from source after a minimal sanity check. The authors of Decred Journal have no ability to verify all claims. Please beware of scams and do your own research. The new public Matrix logs look promising and we hope to transition from Slack links to Matrix links. In the meantime, the way to read Slack links is explained in the previous issue. As usual, any feedback is appreciated: please comment on Reddit, GitHub or #writers_room. Contributions are welcome too, anything from initial collection to final review to translations. Credits (Slack names, alphabetical order): bee and Richard-Red. Special thanks to @Haon for bringing May 2018 issue to medium.
Why is Blockstream CTO Greg Maxwell u/nullc trying to pretend AXA isn't one of the top 5 "companies that control the world"? AXA relies on debt & derivatives to pretend it's not bankrupt. Million-dollar Bitcoin would destroy AXA's phony balance sheet. How much is AXA paying Greg to cripple Bitcoin?
Typical semantics games and hair-splitting and bullshitting from Greg. But I guess we shouldn't expect too much honesty or even understanding from someone like Greg who thinks that miners don't control Bitcoin. AXA-owned Blockstream CTO Greg Maxwell u/nullc doesn't understand how Bitcoin mining works
Mining is how you vote for rule changes. Greg's comments on BU revealed he has no idea how Bitcoin works. He thought "honest" meant "plays by Core rules." [But] there is no "honesty" involved. There is only the assumption that the majority of miners are INTELLIGENTLY PROFIT-SEEKING. - ForkiusMaximus
Adam Back & Greg Maxwell are experts in mathematics and engineering, but not in markets and economics. They should not be in charge of "central planning" for things like "max blocksize". They're desperately attempting to prevent the market from deciding on this. But it will, despite their efforts.
Gregory Maxwell nullc has evidently never heard of terms like "the 1%", "TPTB", "oligarchy", or "plutocracy", revealing a childlike naïveté when he says: "‘Majority sets the rules regardless of what some minority thinks’ is the governing principle behind the fiats of major democracies."
People are starting to realize how toxic Gregory Maxwell is to Bitcoin, saying there are plenty of other coders who could do crypto and networking, and "he drives away more talent than he can attract." Plus, he has a 10-year record of damaging open-source projects, going back to Wikipedia in 2006.
https://np.reddit.com/btc/comments/4klqtg/people_are_starting_to_realize_how_toxic_gregory/ So here we have Greg this week, desperately engaging in his usual little "semantics" games - claiming that AXA isn't technically a bank - when the real point is that: AXA is clearly one of the most powerful fiat finance firms in the world. Maybe when he's talking about the hairball of C++ spaghetti code that him and his fellow devs at Core/Blockstream are slowing turning their version of Bitcoin's codebase into... in that arcane (and increasingly irrelevant :) area maybe he still can dazzle some people with his usual meaningless technically correct but essentially erroneous bullshit. But when it comes to finance and economics, Greg is in way over his head - and in those areas, he can't bullshit anyone. In fact, pretty much everything Greg ever says about finance or economics or banks is simply wrong. He thinks he's proved some point by claiming that AXA isn't technically a bank. But AXA is far worse than a mere "bank" or a mere "French multinational insurance company". AXA is one of the top-five "companies that control the world" - and now (some people think) AXA is in charge of paying for Bitcoin "development". A recent infographic published in the German Magazine "Die Zeit" showed that AXA is indeed the second-most-connected finance company in the world - right at the rotten "core" of the "fantasy fiat" financial system that runs our world today.
Who owns the world? (1) Barclays, (2) AXA, (3) State Street Bank. (Infographic in German - but you can understand it without knowing much German: "Wem gehört die Welt?" = "Who owns the world?") AXA is the #2 company with the most economic poweconnections in the world. And AXA owns Blockstream.
Blockstream is now controlled by the Bilderberg Group - seriously! AXA Strategic Ventures, co-lead investor for Blockstream's $55 million financing round, is the investment arm of French insurance giant AXA Group - whose CEO Henri de Castries has been chairman of the Bilderberg Group since 2012.
https://np.reddit.com/btc/comments/47zfzt/blockstream_is_now_controlled_by_the_bilderberg/ So, let's get a few things straight here. "AXA" might not be a household name to many people. And Greg was "technically right" when he denied that AXA is a "bank" (which is basically the only kind of "right" that Greg ever is these days: "technically" :-) But AXA is one of the most powerful finance companies in the world. AXA was started as a French insurance company. And now it's a French multinational insurance company. But if you study up a bit on AXA, you'll see that they're not just any old "insurance" company. AXA has their fingers in just about everything around the world - including a certain team of toxic Bitcoin devs who are radically trying to change Bitcoin:
And ever since AXA started throwing tens of millions of dollars in filthy fantasy fiat at a certain toxic dev named Gregory Maxwell, CTO of Blockstream, suddenly he started saying that we can't have nice things like the gradually increasing blocksizes (and gradually increasing Bitcoin prices - which fortunately tend to increase proportional to the square of the blocksize because of Metcalfe's law :-) which were some of the main reasons most of us invested in Bitcoin in the first place. My, my, my - how some people have changed!
Greg Maxwell used to have intelligent, nuanced opinions about "max blocksize", until he started getting paid by AXA, whose CEO is head of the Bilderberg Group - the legacy financial elite which Bitcoin aims to disintermediate. Greg always refuses to address this massive conflict of interest. Why?
Previously, Greg Maxwell u/nullc (CTO of Blockstream), Adam Back u/adam3us (CEO of Blockstream), and u/theymos (owner of r\bitcoin) all said that bigger blocks would be fine. Now they prefer to risk splitting the community & the network, instead of upgrading to bigger blocks. What happened to them?
AXA would be exposed as bankrupt in a world dominated by a "counterparty-free" asset class like Bitcoin.
AXA pays Greg's salary - and Greg is one of the major forces who has been actively attempting to block Bitcoin's on-chain scaling - and there's no way getting around the fact that artificially small blocksizes do lead to artificially low prices.
AXA kinda reminds me of AIG If anyone here was paying attention when the cracks first started showing in the world fiat finance system around 2008, you may recall the name of another mega-insurance company, that was also one of the most connected finance companies in the world: AIG.
Falling Giant: A Case Study Of AIG What was once the unthinkable occurred on September 16, 2008. On that date, the federal government gave the American International Group - better known as AIG (NYSE:AIG) - a bailout of $85 billion. In exchange, the U.S. government received nearly 80% of the firm's equity. For decades, AIG was the world's biggest insurer, a company known around the world for providing protection for individuals, companies and others. But in September, the company would have gone under if it were not for government assistance.
Bernanke did say he believed an AIG failure would be "catastrophic," and that the heavy use of derivatives made the AIG problem potentially more explosive. An AIG failure, thanks to the firm's size and its vast web of trading partners, "would have triggered an intensification of the general run on international banking institutions," Bernanke said.
http://fortune.com/2010/09/02/why-the-fed-saved-aig-and-not-lehman/ Just like AIG, AXA is a "systemically important" finance company - one of the biggest insurance companies in the world. And (like all major banks and insurance firms), AXA is drowning in worthless debt and bets (derivatives). Most of AXA's balance sheet would go up in a puff of smoke if they actually did "mark-to-market" (ie, if they actually factored in the probability of the counterparties of their debts and bets actually coming through and paying AXA the full amount it says on the pretty little spreadsheets on everyone's computer screens). In other words: Like most giant banks and insurers, AXA has mainly debt and bets. They rely on counterparties to pay them - maybe, someday, if the whole system doesn't go tits-up by then. In other words: Like most giant banks and insurers, AXA does not hold the "private keys" to their so-called wealth :-) So, like most giant multinational banks and insurers who spend all their time playing with debts and bets, AXA has been teetering on the edge of the abyss since 2008 - held together by chewing gum and paper clips and the miracle of Quantitative Easing - and also by all the clever accounting tricks that instantly become possible when money can go from being a gleam in a banker's eye to a pixel on a screen with just a few keystrokes - that wonderful world of "fantasy fiat" where central bankers ninja-mine billions of dollars in worthless paper and pixels into existence every month - and then for some reason every other month they have to hold a special "emergency central bankers meeting" to deal with the latest financial crisis du jour which "nobody could have seen coming". AIG back in 2008 - much like AXA today - was another "systemically important" worldwide mega-insurance giant - with most of its net worth merely a pure fantasy on a spreadsheet and in a four-color annual report - glossing over the ugly reality that it's all based on toxic debts and derivatives which will never ever be paid off. Mega-banks Mega-insurers like AXA are addicted to the never-ending "fantasy fiat" being injected into the casino of musical chairs involving bets upon bets upon bets upon bets upon bets - counterparty against counterparty against counterparty against counterparty - going 'round and 'round on the big beautiful carroussel where everyone is waiting on the next guy to pay up - and meanwhile everyone's cooking their books and sweeping their losses "under the rug", offshore or onto the taxpayers or into special-purpose vehicles - while the central banks keep printing up a trillion more here and a trillion more there in worthless debt-backed paper and pixels - while entire nations slowly sink into the toxic financial sludge of ever-increasing upayable debt and lower productivity and higher inflation, dragging down everyone's economies, enslaving everyone to increasing worktime and decreasing paychecks and unaffordable healthcare and education, corrupting our institutions and our leaders, distorting our investment and "capital allocation" decisions, inflating housing and healthcare and education beyond everyone's reach - and sending people off to die in endless wars to prop up the deadly failing Saudi-American oil-for-arms Petrodollar ninja-mined currency cartel. In 2008, when the multinational insurance company AIG (along with their fellow gambling buddies at the multinational investment banks Bear Stearns and Lehmans) almost went down the drain due to all their toxic gambling debts, they also almost took the rest of the world with them. And that's when the "core" dev team working for the miners central banks (the Fed, ECB, BoE, BoJ - who all report to the "central bank of central banks" BIS in Basel) - started cranking up their mining rigs printing presses and keyboards and pixels to the max, unilaterally manipulating the "issuance schedule" of their shitcoins and flooding the world with tens of trillions in their worthless phoney fiat to save their sorry asses after all their toxic debts and bad bets. AXA is at the very rotten "core" of this system - like AIG, a "systemically important" (ie, "too big to fail") mega-gigantic multinational insurance company - a fantasy fiat finance firm quietly sitting at the rotten core of our current corrupt financial system, basically impacting everything and everybody on this planet. The "masters of the universe" from AXA are the people who go to Davos every year wining and dining on lobster and champagne - part of that elite circle that prints up endless money which they hand out to their friends while they continue to enslave everyone else - and then of course they always turn around and tell us we can't have nice things like roads and schools and healthcare because "austerity". (But somehow we always can have plenty of wars and prisons and climate change and terrorism because for some weird reason our "leaders" seem to love creating disasters.) The smart people at AXA are probably all having nightmares - and the smart people at all the other companies in that circle of "too-big-to-fail" "fantasy fiat finance firms" are probably also having nightmares - about the following very possible scenario: If Bitcoin succeeds, debt-and-derivatives-dependent financial "giants" like AXA will probably be exposed as having been bankrupt this entire time. All their debts and bets will be exposed as not being worth the paper and pixels they were printed on - and at that point, in a cryptocurrency world, the only real money in the world will be "counterparty-free" assets ie cryptocurrencies like Bitcoin - where all you need to hold is your own private keys - and you're not dependent on the next deadbeat debt-ridden fiat slave down the line coughing up to pay you. Some of those people at AXA and the rest of that mafia are probably quietly buying - sad that they missed out when Bitcoin was only $10 or $100 - but happy they can still get it for $1000 while Blockstream continues to suppress the price - and who knows, what the hell, they might as well throw some of that juicy "banker's bonus" into Bitcoin now just in case it really does go to $1 million a coin someday - which it could easily do with just 32MB blocks, and no modifications to the code (ie, no SegWit, no BU, no nuthin', just a slowly growing blocksize supporting a price growing roughly proportional to the square of the blocksize - like Bitcoin always actually did before the economically illiterate devs at Blockstream imposed their centrally planned blocksize on our previously decentralized system). Meanwhile, other people at AXA and other major finance firms might be taking a different tack: happy to see all the disinfo and discord being sown among the Bitcoin community like they've been doing since they were founded in late 2014 - buying out all the devs, dumbing down the community to the point where now even the CTO of Blockstream Greg Mawxell gets the whitepaper totally backwards. Maybe Core/Blockstream's failure-to-scale is a feature not a bug - for companies like AXA. After all, AXA - like most of the major banks in the Europe and the US - are now basically totally dependent on debt and derivatives to pretend they're not already bankrupt. Maybe Blockstream's dead-end road-map (written up by none other than Greg Maxwell), which has been slowly strangling Bitcoin for over two years now - and which could ultimately destroy Bitcoin via the poison pill of Core/Blockstream's SegWit trojan horse - maybe all this never-ending history of obstrution and foot-dragging and lying and failure from Blockstream is actually a feature and not a bug, as far as AXA and their banking buddies are concerned.
The insurance company with the biggest exposure to the 1.2 quadrillion dollar (ie, 1200 TRILLION dollar) derivatives casino is AXA. Yeah, that AXA, the company whose CEO is head of the Bilderberg Group, and whose "venture capital" arm bought out Bitcoin development by "investing" in Blockstream.
If Bitcoin becomes a major currency, then tens of trillions of dollars on the "legacy ledger of fantasy fiat" will evaporate, destroying AXA, whose CEO is head of the Bilderbergers. This is the real reason why AXA bought Blockstream: to artificially suppress Bitcoin volume and price with 1MB blocks.
This trader's price & volume graph / model predicted that we should be over $10,000 USD/BTC by now. The model broke in late 2014 - when AXA-funded Blockstream was founded, and started spreading propaganda and crippleware, centrally imposing artificially tiny blocksize to suppress the volume & price.
"I'm angry about AXA scraping some counterfeit money out of their fraudulent empire to pay autistic lunatics millions of dollars to stall the biggest sociotechnological phenomenon since the internet and then blame me and people like me for being upset about it." ~ u/dresden_k
Bitcoin can go to 10,000 USD with 4 MB blocks, so it will go to 10,000 USD with 4 MB blocks. All the censorship & shilling on r\bitcoin & fantasy fiat from AXA can't stop that. BitcoinCORE might STALL at 1,000 USD and 1 MB blocks, but BITCOIN will SCALE to 10,000 USD and 4 MB blocks - and beyond
AXA/Blockstream are suppressing Bitcoin price at 1000 bits = 1 USD. If 1 bit = 1 USD, then Bitcoin's market cap would be 15 trillion USD - close to the 82 trillion USD of "money" in the world. With Bitcoin Unlimited, we can get to 1 bit = 1 USD on-chain with 32MB blocksize ("Million-Dollar Bitcoin")
Greg Maxwell has now publicly confessed that he is engaging in deliberate market manipulation to artificially suppress Bitcoin adoption and price. He could be doing this so that he and his associates can continue to accumulate while the price is still low (1 BTC = $570, ie 1 USD can buy 1750 "bits")
Why did Blockstream CTO u/nullc Greg Maxwell risk being exposed as a fraud, by lying about basic math? He tried to convince people that Bitcoin does not obey Metcalfe's Law (claiming that Bitcoin price & volume are not correlated, when they obviously are). Why is this lie so precious to him?
https://www.reddit.com/btc/comments/57dsgz/why_did_blockstream_cto_unullc_greg_maxwell_risk/ I don't know how a so-called Bitcoin dev can sleep at night knowing he's getting paid by fucking AXA - a company that would probably go bankrupt if Bitcoin becomes a major world currency. Greg must have to go through some pretty complicated mental gymastics to justify in his mind what everyone else can see: he is a fucking sellout to one of the biggest fiat finance firms in the world - he's getting paid by (and defending) a company which would probably go bankrupt if Bitcoin ever achieved multi-trillion dollar market cap. Greg is literally getting paid by the second-most-connected "systemically important" (ie, "too big to fail") finance firm in the world - which will probably go bankrupt if Bitcoin were ever to assume its rightful place as a major currency with total market cap measured in the tens of trillions of dollars, destroying most of the toxic sludge of debt and derivatives keeping a bank financial giant like AXA afloat. And it may at first sound batshit crazy (until You Do The Math), but Bitcoin actually really could go to one-million-dollars-a-coin in the next 8 years or so - without SegWit or BU or anything else - simply by continuing with Satoshi's original 32MB built-in blocksize limit and continuing to let miners keep blocks as small as possible to satisfy demand while avoiding orphans - a power which they've had this whole friggin' time and which they've been managing very well thank you.
Bitcoin Original: Reinstate Satoshi's original 32MB max blocksize. If actual blocks grow 54% per year (and price grows 1.542 = 2.37x per year - Metcalfe's Law), then in 8 years we'd have 32MB blocks, 100 txns/sec, 1 BTC = 1 million USD - 100% on-chain P2P cash, without SegWit/Lightning or Unlimited
https://np.reddit.com/btc/comments/5uljaf/bitcoin_original_reinstate_satoshis_original_32mb/ Meanwhile Greg continues to work for Blockstream which is getting tens of millions of dollars from a company which would go bankrupt if Bitcoin were to actually scale on-chain to 32MB blocks and 1 million dollars per coin without all of Greg's meddling. So Greg continues to get paid by AXA, spreading his ignorance about economics and his lies about Bitcoin on these forums. In the end, who knows what Greg's motivations are, or AXA's motivations are. But one thing we do know is this: Satoshi didn't put Greg Maxwell or AXA in charge of deciding the blocksize. The tricky part to understand about "one CPU, one vote" is that it does not mean there is some "pre-existing set of rules" which the miners somehow "enforce" (despite all the times when you hear some Core idiot using words like "consensus layer" or "enforcing the rules"). The tricky part about really understanding Bitcoin is this: Hashpower doesn't just enforce the rules - hashpower makes the rules. And if you think about it, this makes sense. It's the only way Bitcoin actually could be decentralized. It's kinda subtle - and it might be hard for someone to understand if they've been a slave to centralized authorities their whole life - but when we say that Bitcoin is "decentralized" then what it means is: We all make the rules. Because if hashpower doesn't make the rules - then you'd be right back where you started from, with some idiot like Greg Maxwell "making the rules" - or some corrupt too-big-to-fail bank debt-and-derivative-backed "fantasy fiat financial firm" like AXA making the rules - by buying out a dev team and telling us that that dev team "makes the rules". But fortunately, Greg's opinions and ignorance and lies don't matter anymore. Miners are waking up to the fact that they've always controlled the blocksize - and they always will control the blocksize - and there isn't a single goddamn thing Greg Maxwell or Blockstream or AXA can do to stop them from changing it - whether the miners end up using BU or Classic or BitcoinEC or they patch the code themselves.
The debate is not "SHOULD THE BLOCKSIZE BE 1MB VERSUS 1.7MB?". The debate is: "WHO SHOULD DECIDE THE BLOCKSIZE?" (1) Should an obsolete temporary anti-spam hack freeze blocks at 1MB? (2) Should a centralized dev team soft-fork the blocksize to 1.7MB? (3) OR SHOULD THE MARKET DECIDE THE BLOCKSIZE?
Core/Blockstream are now in the Kübler-Ross "Bargaining" phase - talking about "compromise". Sorry, but markets don't do "compromise". Markets do COMPETITION. Markets do winner-takes-all. The whitepaper doesn't talk about "compromise" - it says that 51% of the hashpower determines WHAT IS BITCOIN.
Clearing up Some Widespread Confusions about BU Core deliberately provides software with a blocksize policy pre-baked in. The ONLY thing BU-style software changes is that baking in. It refuses to bundle controversial blocksize policy in with the rest of the code it is offering. It unties the blocksize settings from the dev teams, so that you don't have to shop for both as a packaged unit. The idea is that you can now have Core software security without having to submit to Core blocksize policy. Running Core is like buying a Sony TV that only lets you watch Fox, because the other channels are locked away and you have to know how to solder a circuit board to see them. To change the channel, you as a layman would have to switch to a different TV made by some other manufacturer, who you may not think makes as reliable of TVs. This is because Sony believes people should only ever watch Fox "because there are dangerous channels out there" or "because since everyone needs to watch the same channel, it is our job to decide what that channel is." So the community is stuck with either watching Fox on their nice, reliable Sony TVs, or switching to all watching ABC on some more questionable TVs made by some new maker (like, in 2015 the XT team was the new maker and BIP101 was ABC). BU (and now Classic and BitcoinEC) shatters that whole bizarre paradigm. BU is a TV that lets you tune to any channel you want, at your own risk. The community is free to converge on any channel it wants to, and since everyone in this analogy wants to watch the same channel they will coordinate to find one.
Adjustable blocksize cap (ABC) is dangerous? The blocksize cap has always been user-adjustable. Core just has a really shitty inferface for it. What does it tell you that Core and its supporters are up in arms about a change that merely makes something more convenient for users and couldn't be prevented from happening anyway? Attacking the adjustable blocksize feature in BU and Classic as "dangerous" is a kind of trap, as it is an implicit admission that Bitcoin was being protected only by a small barrier of inconvenience, and a completely temporary one at that. If this was such a "danger" or such a vector for an "attack," how come we never heard about it before? Even if we accept the improbable premise that inconvenience is the great bastion holding Bitcoin together and the paternalistic premise that stakeholders need to be fed consensus using a spoon of inconvenience, we still must ask, who shall do the spoonfeeding? Core accepts these two amazing premises and further declares that Core alone shall be allowed to do the spoonfeeding. Or rather, if you really want to you can be spoonfed by other implementation clients like libbitcoin and btcd as long as they are all feeding you the same stances on controversial consensus settings as Core does. It is high time the community see central planning and abuse of power for what it is, and reject both:
Throw off central planning by removing petty "inconvenience walls" (such as baked-in, dev-recommended blocksize caps) that interfere with stakeholders coordinating choices amongst themselves on controversial matters ...
Make such abuse of power impossible by encouraging many competing implementations to grow and blossom
https://np.reddit.com/btc/comments/617gf9/adjustable_blocksize_cap_abc_is_dangerous_the/ So it's time for Blockstream CTO Greg Maxwell u/nullc to get over his delusions of grandeur - and to admit he's just another dev, with just another opinion. He also needs to look in the mirror and search his soul and confront the sad reality that he's basically turned into a sellout working for a shitty startup getting paid by the 5th (or 4th or 2nd) "most connected", "systemically important", "too-big-to-fail", debt-and-derivative-dependent multinational bank mega-insurance giant in the world AXA - a major fiat firm firm which is terrified of going bankrupt just like that other mega-insurnace firm AIG already almost did before the Fed rescued them in 2008 - a fiat finance firm which is probably very conflicted about Bitcoin, at the very least. Blockstream CTO Greg Maxwell is getting paid by the most systemically important bank mega-insurance giant in the world, sitting at the rotten "core" of the our civilization's corrupt, dying fiat cartel. Blockstream CTO Greg Maxwell is getting paid by a mega-bank mega-insurance company that will probably go bankrupt if and when Bitcoin ever gets a multi-trillion dollar market cap, which it can easily do with just 32MB blocks and no code changes at all from clueless meddling devs like him.
The 2019 CQF Bitcoin Code Cracking Challenge and Random Giveaway
The 2019 CQF Bitcoin Code Cracking Challenge and Random Giveaway
Imagine you are trying to capture a spy that is receiving funds from their handler through a secret code in a YouTube channel. You want to identify how they are moving money in order to bring down the entire operation. Your job: crack the code A secret passphrase has been hidden in the Crypto Quantamental YouTube channel. CQF will be posting clues all throughout the year to help you solve the code (see the bottom of this post). If you crack this passphrase you’ll get access to this wallet: 19WQ2RMuM6tC98CGxJUgSK8BgFHytKdLdE
Right now, the wallet has about 1 bitcoin in it.
Non-code breakers will still have 10 chances at winning 20% of the wallet balance through random draws in 2019!
The ultimate goal of this challenge is to spread education to people through the CQF YouTube videos. Those videos include education on financial markets, technical analysis, risk management, foundational concepts, and much more! This challenge is designed so both code breakers and non code-breakers can participate and potentially learn something new! If the code is not cracked by December 31, 2019 CQF will simply reveal the entire cipher. Then it is a race to see who can solve it first!
How to win up to 20% of the wallet in one of the 10 random drawings
7.0% if you can correctly guess one of the 'phrases' in the secret passphrase (GOOD LUCK!)
Full case sensitive requirement (space to space)
You can either guess via the Google Form or simply tell me your guess if you win a draw
Note: If you are caught lying about any of the above (for example signing up, or subscribing) then you will be immediately disqualified from the draw. The winner must have 10 followers, 10 tweets, and 10 followings in order to help avoid spam accounts. The winner must DM cryptoqf within 24 hours of drawing to claim their winnings (must provide a btc address). The winner can then guess the part of the secret pass phrase for a 7% winning boost. The winner must be able to prove all claimed winning boosts such as YouTube subscribing/comments or signing up to the various platforms. All actions to receive a winning boost must have occurred prior to being selected as a winner. The random drawings end if the code is cracked and the wallet funds are claimed.
Three ways to win:
Code crackers: Find the secret passphrase located within the Crypto Quantamental YouTube channel. CQF will be posting clues all throughout the year that will help you crack the code.
Non-Code crackers: There will be 10 random drawings where you can win up to 20% of the BTC found in the wallet. The dates of the drawing will be on or about 3/15/19, 4/15/19, 5/15/19, 6/15/19, 7/15/19, 8/15/19, 9/15/19, 10/15/19, 11/15/19, and 12/30/19. If the code is cracked before a drawing date the drawing will not occur (competition ended).
Everyone: CQF will post (across various platforms) the cipher on 12/31/2019, detailing exactly how to find the secret passphrase. At that point it is simply a race to see who cracks it first!
How to check if your guess at the passphrase is correct:
Go to brainwallet.io
Type in your passphrase guess, including generic salt
If public key matches the above then make note of the private key
Then go to blockchain.info
Create a wallet
Import the private key for the secret wallet
Transfer the BTC to your account!
Clues for code crackers:
CQF will post clues to help you crack the code. These clues will be found on future YouTube videos.twitter posts, and other platforms. You will not need all clues in order to crack the passphrase. Some clues will be more obvious than others. On average there will be multiple clues per week. Initial Clues (check Twitter and YouTube for other initial clues):
Forget the daily updates
Let's just play
First find the salt!
Interested in Contributing or Sponsoring?
Reach out to @cryptoqf on twitter. Sponsorship opportunities will vary depending on the phase of the competition. CQF will happily do reviews, interviews, or make your own code cracking challenge etc. for a contribution into the unclaimed wallet. Feel free to support this educational effort by donating directly into the wallet: 19WQ2RMuM6tC98CGxJUgSK8BgFHytKdLdE
CQF has received no compensation, in either BTC or USD, for this challenge. Future compensation, if any, will be tied to potential referrals and YouTube advertising (so basically none!). At launch date all contributed bitcoin to the unclaimed bitcoin wallet was donated directly by CQF. Any and all contributions to the challenge will go directly into the unclaimed bitcoin wallet. None of this should be considered financial advice or a recommendation to use any service. Please do your own research. Dates and rules are subject to change. Cryptocurrency investing and trading has the risk of major loss, so please consult with your own financial advisor that understands your own personal financial situation.
InvestInBlockchain - Cryptocurrencies in the Top 100 With Working Products
📷 Bitcoin is the cryptocurrency that started it all back in 2009, after the global financial crisis and subsequent bailouts of banks left many people disenfranchised with fiat currency and outdated, insecure financial infrastructure. Today, Bitcoin is being used for peer-to-peer payments across the globe. More than that, though, it is leading the way towards a future in which financial technology is trustless, secure, resilient, and censorship resistant. Without Bitcoin, this list would not exist.
📷 The platform that brought smart contracts to the blockchain, spurring a minor revolution in the cryptocurrency ecosystem. Before Ethereum, Bitcoin and its transaction-oriented design was the central focus of most blockchain projects. After Ethereum, teams saw the value of decentralized apps (dapps) and smart contracts, and shifted their focus to compensate. Vitalik Buterin’s Ethereum whitepaper was released in late 2013. The project itself was announced January 2014, with a crowdsale the following July. The system officially went live in July 2015. Since then, hundreds of businesses, individuals, and blockchain projects have adopted Ethereum as their main smart contracts platform.
📷 Ripple is focused primarily on one thing: fast and cheap international transactions. Current banking infrastructure has failed to evolve in the 21st century, such that it still takes 3-5 business days on average for an international transfer to be processed. With just 4 second transaction times and at a fraction of the cost of a wire transfer, Ripple’s working product is already impacting the banking sector. The big knock against Ripple is that its native token, XRP, is completely unnecessary. Indeed, driving adoption of Ripple’s banking solutions is far easier than getting real-world adoption for XRP. If you’re interested in seeing a discussion about how XRP adoption will occur, you might find this reddit thread worth a read. Meanwhile, all of us will just have to wait and see whether XRP adoption strategies ultimately come to fruition.
Bitcoin Cash (BCH)
📷 Bitcoin Cash was created in 2017 when the first ever hard fork of the Bitcoin blockchain took place. The split was the result of Bitcoin’s 1MB blocks filling up. Transaction speeds were declining, fees were increasing, and it became clear to the community that the current model wasn’t sustainable for scaling. In a move that still causes cryptocurrency fights to this day, Bitcoin and Bitcoin Cash soon emerged as separate but similar projects. BCH has 8x the block size of BTC, giving it roughly 8x the transaction throughput. Its fees and transaction times are much faster, as predicted. Learn more about Bitcoin vs Bitcoin Cash.
📷 The Stellar project and its associated Lumens (XLM) token was forked from the Ripple protocol in 2014. Stellar has come into its own since then, providing a blockchain connection service for fiat transactions between banks, payment systems, and people. Stellar is fast and reliable, and it works with practically no fees for the end-user. Stellar is a payments system, meaning its job is to move money as efficiently as possible. Partnerships with banks and financial institutions were key in evaluating its status, as was the ability to actually send money using the network. Several non-profits and commercial entities have agreed to use Stellar as part of their financial infrastructure. Recently, the team partnered with IBM and KlickEx to facilitate cross-border transactions in the South Pacific and announced an affiliate with Keybase to streamline international transactions. Stellar also has projects being builton its network by major established entities. IBM’s blockchain division is using XLM for their payments infrastructure, for example, and the Veridium startup is working with both organizations to tokenize its carbon credits market.
📷 Litecoin is a Bitcoin fork that was created in 2011 by Charlie Lee as a cheaper and faster (2.5 minute block time instead of 10) alternative to Bitcoin. This is accomplished predominantly because Litecoin uses a Scrypt hashing algorithm instead of the SHA-256 algorithm used by Bitcoin. It’s common to hear Litecoin called “digital silver” to Bitcoin’s “digital gold,” and in reality Litecoin does not really expand upon the functionality of Bitcoin in a significant way so much as it makes different tradeoffs. That being said, it does succeed in being cheaper and faster to use than BTC, which has led to it being accepted by hundreds of merchants and thus making Litecoin one of the most widely used cryptocurrencies for digital payments.
📷 Tether is an unusual project. Whereas most cryptocurrencies rise and fall in value, Tether was designed to stay the same, fixed at a 1:1 ratio with the U.S. dollar. This allows users to store, send, and receive digital currencies across platforms without incurring significant losses due to value fluctuations. The Tether stable coin sounds straightforward, but the project isn’t without controversy. USDT is supposedly backed by real USD sitting in a bank account. But in which account? Who controls it? And is Tether being used to manipulate the value of Bitcoin? It’s all part of the Tether controversy.
📷 Released in 2014 as a fork of Bytecoin, Monero has since made a name for itself as the most popular privacy coin on the market. Most cryptocurrencies offer little in the form of anonymity. Monero was built for privacy from the ground-up, featuring stealth addresses, ring signatures, and complete coin fungibility. All of this adds up to a near-perfect cloak of anonymity, allowing Monero users to conduct transactions without exposing their identity. Monero has had steady growth over the years thanks to a dedicated team of developers and an active community. The project continues to evolve with new privacy features and improved transaction security.
📷 NEO was founded in 2014 as one of the earliest smart contract platforms, giving it a wide breadth of possible functionality. The platform’s strongest use case is digitizing traditional assets so that they can be easily tracked and exchanged on the blockchain. NEO is also well-known as the “Chinese Ethereum,” and the fact that it is a Chinese-based project does seem to make Chinese dapp developers somewhat more likely to build on top of it than other platforms. In fact, NEO has already supported dozens of ICOs and remains one of the predominant platforms for supporting smart contracts and dapps.
Binance Coin (BNB)
📷 Binance Coin is an exchange token used to reduce trading fees on the Binance platform. Users can opt to pay exchange, listing, and withdrawal fees using BNB and enjoy as much as a 50% discount on all charges. This turns out to be a powerful incentive for purchasing and holding BNB, as what trader doesn’t enjoy saving money on transactions? Binance Coin is an ERC-20 token that runs on the Ethereum blockchain. Its purpose is extremely limited, but because such a vast number of Binance users transact with it every day, it qualifies as a working and active product.
📷 Zcash is another immensely popular privacy coin that often cracks the top 20 cryptocurrencies. It uses the tagline “internet money” and promises to fully protect the privacy of transactions with zero-knowledge cryptography. Zcash provides anonymity by shielding transactions on the blockchain, preventing anyone from seeing the sender, recipient, or value of each transaction. The technology is so effective the Ethereum team is investigating it to enable anonymous transactions on their network. Zcash has grown in leaps and bounds in 2018. The dev team published a roadmap through the year 2020, which includes a major features upgrade in the October 2018 Sapling release. Coinbase is also considering listing Zcash, which is a huge boost for any cryptocurrency.
📷 Qtum is a smart contracts platform similar to Ethereum, only with a stronger focus on value transfers and decentralized apps. It’s meant to be something of a hybrid between Bitcoin and Ethereum, allowing businesses to build smart contracts on the platform or just focus on cryptocurrency transactions. Qtum launched in March 2017, and dashed straight to the top. The initial offering sold over $10 million in tokens after just 90 minutes. The project differentiated itself by providing a rare Proof-of-Stake smart contracts platform designed to compensate for some of Ethereum’s shortcomings, including lack of compatibility for mobile devices. Qtum released its mainnet in September 2017, opening the doors to a fully functional smart contract and dapps platform. Several projects already have an established presenceon the network. One of the more exciting ones is Space Chain, which aims to create an open-source satellite network anyone can use for data transmission, storage, and development.
0x Protocol (ZRX)
📷 0x Protocol has one of the most important working products in the entire Ethereum ecosystem. It is a permissionless, open-source protocol that facilitates trustless exchanges of Ethereum tokens through relayers and dapps that build on top of the protocol. Not only has 0x been providing this functionality for over a year now, but they’ve been working to expand the protocol functionality significantly since that initial launch. In 0x protocol 2.0 and beyond, it will be possible to trade tokens built on standards besides ERC-20, including non-fungible ERC-721 tokens. In a market full of scams and vaporware, 0x’s valuable contributions to the Ethereum ecosystem have made it one of the best performing cryptocurrencies of 2018.
📷 Bytecoin is another popular privacy-focused cryptocurrency with a strong community and user base. Transactions on the Bytecoin blockchain are instantaneous, untraceable, unlinkabe, and resistant to blockchain analysis. Bytecoin has been around for a long time now, with contributions to the project beginning in 2012. However, that hasn’t stopped the project’s developers from continuously improving the product. The recently updated Bytecoin roadmap has a hard fork for a consensus update scheduled for August 31, as well as numerous initiatives for community growth constantly in the works.
📷 Founded in 2015 by former Bitcoin developers, Decred’s most important working product is its solution to Bitcoin’s biggest problem. No, not scalability… blockchain governance. You see, early Bitcoiners have been debating block size limitations and the efficacy of other scalability solutions like the Lightning Network for years, even though the problem of scalability really only became discussed in the mainstream in 2017. With its community-based governance model and strong adherence to the core ethos of decentralization, Decred is built to evolve and improve rapidly. That means that it’s equipped to handle not only the scalability problem today, but other big problems that might arise down the line. When you have poor governance, it is an arduous process making any upgrades to a project, no matter how necessary they may seem to the majority of coin holders. Decred’s best-in-class and still improving governance model give it an intriguing case to be a leader in digital payments for a long time to come.
📷 BitShares aims to improve worldwide access to financial services via blockchain. The tagline “assist the unbanked” summarizes the project nicely. In practice, this translates to BitShares operating as a decentralized exchange, one that was built from the ground-up to avoid scalability issues and keep transaction fees low. BitShares was launched in 2014 by Dan Larimer, who would then go on to take a lead development role in both EOS and Steem. The current state of the project offers decentralized asset exchange, price-stable cryptocurrencies, recurring and scheduled payments, user-issued assets, and more, all available through a decentralized system powered by delegated PoS consensus.
📷 Steem is the cryptocurrency that powers Steemit, a decentralized social media platform that incentivizes user participation through micropayments. Think of it like Reddit, only instead of just upvoting or downvoting posts, users can actually reward creators for their effort. Steem is a functional cryptocurrency used exclusively on the Steemit platform. That gives it something of a limited use, but seeing as how Steemit is live and boasts a few hundred thousand users, it’s hard to argue it isn’t a working product. Some people may even beearning money using Steemit.
📷 Siacoin is one of the leaders in decentralized cloud storage, a more secure and affordable alternative to centralized cloud storage solutions like Amazon S3, Google Drive, iCloud, Dropbox, and others. Sia 1.0 was launched in June 2016, and has achieved considerable adoption since then. With the $200 billion cloud storage market widely seen as one of the spaces most ripe for blockchain disruption, Sia has gotten off to a nice start by offering a functional decentralized cloud storage platform for over 2 years.
📷 Augur is one of the most recently launched products on this list. The platform mainnet went live in early July 2018, bringing to fruition almost 4 years of post-ICO work. Augur is a decentralized prediction market that uses game theory to generate crowd-sourced insights. Essentially, thousands of people working together have shown the remarkable ability to forecast outcomes. With Augur, users can put REP tokens as bets on these predictions, essentially creating a form of “useful social gambling.” Augur’s release was a long time coming. The project started as far back as 2014, nearly a year before the ICO. The creators cite the complexity of Augur’s smart contracts as the chief cause of the lengthy development time. Regardless of its past, Augur is now a live product with a bright future. Over 300 predictions have already been made, with the largest winning payout hitting $20,000. Betting volume even exceeded $1 million within the first weeks of launch.
Basic Attention Token (BAT)
📷 Basic Attention Token was one of the easiest projects to include on this list. That’s because its working product, Brave Browser, has more than 3 million active usersbetween its mobile and desktop platforms, making it one of the most widely-used working products in the blockchain space. Not only is Brave Browser functional, it’s the only browser on the market that has built-in ad-blocking and tracker blocking, making the browsing experience both cleaner and faster than what you get with other popular browsers like Chrome and Firefox. The future remains uncertain for the BAT token itself, as its adoption depends heavily on whether or not advertisers buy-in to the Brave model, as well as how willing Brave users are to be shown relevant ads and to pass along the BAT they earn to content publishers. Given Brave’s success in just a short time since being launched, though, the future does appear promising for BAT.
📷 Nano (formerly RaiBlocks) is all about scalability. The coin has nearly instant transactions with a completely fee-less structure. The platform accomplishes this by creating a unique blockchain for every account, preventing bloat and allowing for practically infinite scalability. Nano’s motto of “do one thing and do it well” has gotten them a long way. The team doesn’t have to deal with scaling or slowdown issues thanks to the underlying structure of the project, allowing its roadmap to focus on wallet updates and outreach. This is one cryptocurrency that’s essentially feature complete, and it has been for some time.
📷 Golem has set out to be the Airbnb of computing resources. Have you ever needed extra GPU power to finish up a render? How about processing scientific data similar to the [email protected] project? Even if you don’t have those needs, a lot of groups do. Golem aims to provide easy access to those resources, all of which are rentable for a small cryptocurrency fee. Golem hit the mainnet launch button in April 2018, and was met with a fair amount of fanfare. One of the main goals for the feature-incomplete launch was to push the product out so real users could put it to work. The team was interested in strengthening their interactions with end users to help guide the future of the platform. The team has several major milestones planned for the coming months, so the mainnet release is only just the beginning.
Pundi X (NPXS)
📷 Pundi X has been shooting up the market cap rankings so far in Q3 2018, and they also happen to have a working product that just recently became available to retailers. The primary Pundi X product is a point-of-sale (POS) device that enables quick and easy mobile transactions for both fiat and cryptocurrencies. 500 POS devices are already being used by retailers in Asia, and there are thousands more scheduled to be distributed in the coming months. In addition, Pundi X also offers XPASS cards, cryptocurrency credit cards that can work in place of mobile apps for making digital payments. What makes the Pundi X project noteworthy is that it enables consumers to pay retailers in cryptocurrencies like BTC and ETH, and it immediately converts the payments into local fiat currencies so that retailers don’t need to worry about price volatility of the cryptocurrencies. This makes it significantly easier for people to use cryptocurrencies in their daily lives, making Pundi X an exciting project for blockchain enthusiasts who are looking for signs of future mass adoption.
📷 Waves was the first ever blockchain platform that made it possible for anybody — regardless of their programming experience — to create blockchain tokens. Additionally, Waves has a decentralized exchange where tokens can be traded and exchanged with fiat currencies. Since the project’s first releases in 2016, Waves has gone on to make their DEX accessible from mobile phones and expanded its functionality significantly, while also building several strategic partnerships to help grow the Waves community and user base. Ultimately, though, the Waves Client is the project’s most important working product, as it is what allows tokens to be issued, stored, sent, and exchanged among users.
KuCoin Shares (KCS)
📷 Similar to Binance Coin, KuCoin Shares is an exchange token that can be used to pay reduced fees on cryptocurrency trades. KCS has the added bonus of paying dividends to long-term hodlers, as well, paying out a 5% ROI for most users. The nature of KuCoin Shares is one of the reasons the KuCoin exchange has gotten so much attention since it appeared on the scene. The tokens themselves are limited in scope, of course, but the sheer number of people using them for trades and buying them for passive income is enormous.
📷 Wanchain aims to build new and improved financial infrastructure to seamlessly connect the digital economy through blockchain interoperability. The use cases for Wanchain’s network are vast, and they include decentralized financial services, supply chain logistics, medical data sharing and security, digital ID management, and more. With the recently released Wanchain 2.0, it is now possible to transfer Ether cross-chain using Wanchain’s Ethereum Mapping Token, WETH. Ethereum interoperability is just the start, though, and it’s expected that cross-chain support for Bitcoin and a couple of ERC-20 tokens will follow before the end of 2018.
📷 Komodo is a fork of Zcash that uses the same zk-snark cryptography to hide information about transaction participants and amounts being sent. Functional privacy coins aren’t unique (there are a handful on this list) but Komodo does have some unique features. For one, Komodo was the first ever decentralized initial coin offering. Moreover, Komodo helps other developers to build their own customizable blockchain solutions, from building and securing independent blockchains and launching decentralized ICOs, to integrating projects into the cryptocurrency ecosystem. KMD would already qualify as a working product for its anonymity features on digital payments, but add the end-to-end blockchain building solution and it’s clear that Komodo is making meaningful contributions to the cryptocurrency ecosystem.
📷 Ardor is a scalable blockchain platform that allows businesses to create their own child chains and tokens with relative ease. This helps keep blockchain bloat to a minimum and provides multiple transactional tokens without sacrificing core chain transactions. It’s also a remarkably energy efficient platform that uses Proof-of-Stake to power consensus. Ardor launched its mainnet on January 1, 2018 after a full year in testnet status. Its core features are largely in place, with the roadmap set to improve things like scalability and snapshotting. The Blockchain-as-a-Service-platform hosts a few projects of its own, including the Ignis ICO, which was the first child chain on the mainnet.
Huobi Token (HT)
📷 Huobi is a digital asset exchange platform founded back in 2013, now offering well over 250 different trading pairs. The Huobi Token, meanwhile, is an ERC-20 token that is used on the exchange for discounts on trading fees of up to 50%. In addition, 20% of the income generated on the Huboi Pro trading platform is used to buy back HT on the open market. Unlike most buyback programs, the main purpose of Huobi’s program isn’t to reduce the circulating supply of HT. Rather, the HT that is bought back goes into a Huobi Investor Protection Fund, which is used to compensate Huobi users if they lose coins or tokens on the platform, as well as to ensure market stability and protect investor interests.
📷 ZenCash is yet another privacy coin with a working product in the Top 100, originally launched in the first half of 2017. What makes ZenCash unique is that it’s the first blockchain with Transport Layer Security (TLS) integration for node encryption, making communication on the ZenCash network both private and highly secure. Some other interesting parts of the ZenCash product include Tor nodes and built-in chat messaging services. In the future, the ZenCash team will deliver a DAO Treasury Protocol-level Voting System as well as a scalability solution to handle greater transaction volume.
📷 PIVX is another privacy coin that focuses on keeping users and their associated transactions hidden under a cloak of secrecy. The project also tries to keep transactions as fast and fee-less as possible, something not all privacy platforms can boast about. PIVX launched in January 2016. The coin is currently spendable and delivers the privacy features it promises, though it’s not yet a widely accepted currency by merchants. Future plans for PIVX include governance functions to engage the community, wallet voting, and its own zPIV decentralized exchange.
Kyber Network (KNC)
📷 Kyber Network launched their mainnet in Q1 2018, enabling instantaneous and secure inter-token settlements through a Decentralized Liquidity Network. It’s currently possible to swap ERC-20 tokens on the network with just a few mouse clicks, giving it some basic functionality that is already being used to improve liquidity for Ethereum tokens. In the future, however, Kyber Network will expand its functionality significantly in an effort to seamlessly connect dapps, DEXes, protocols, payment systems, token teams, investors, fund managers, and digital wallets.
📷 Bancor is a liquidity provider that enables users to exchange tokens without the need for a third-party to be involved in financing the transaction. Gaining liquidity is incredibly important for young cryptocurrency projects, as a lack of liquidity makes it risky for investors to buy a considerable amount of a given coin or token, knowing that it might be exceedingly difficult to sell should they wish to. Bancor’s technology makes it possible to convert one token to another, so that investors can be confident that they won’t be stuck involuntarily holding a cryptocurrency that they want to sell. This functionality makes the Bancor Liquidity Network one of the most promising working products on this list, and one that has already achieved a good deal of adoption.
Loom Network (LOOM)
📷 Loom Network is still less than a year old, having been founded in October 2017. However, they have accomplished a lot in that short time span, including having launched numerous tools to help software developers learn how to build blockchain solutions. The most important of these tools — and Loom’s biggest working product — is the Loom software development kit (SDK). However, Loom Network is far more than just a simple blockchain coding academy. It is also a production-ready scalability solution for Ethereum, as the Loom developer toolkit helps programmers to build highly scalable dapps which connect to the Ethereum blockchain through special side chains called DappChains. The project may still be in its infancy, but Loom Network is already contributing more utility to the cryptocurrency ecosystem than the vast majority of other cryptocurrency projects.
📷 Polymath wants to be the world’s go-to resource for security tokens on the blockchain. What Ethereum did for tokens, Polymath will do for securities. The advantages of this are enormous, but the Polymath team likes to point to 24/7 market access, the elimination of middlemen, and trading access for 2 billion unbanked people around the world as the chief benefits of their efforts. The Polymath platform launched in October 2017, and has since released a new security token every week, attracting investors and traders alike. It’s not as exciting of a project as some other blockchain tech, but it’s delivering on its promises with a working product.
Bibox Token (BIX)
📷 Bibox is a encrypted digital asset exchange whose primary differentiator from other crypto exchanges is that it integrates AI technology. The purpose of the AI is to help Bibox’s traders, which it does by providing quantitative computation and analysis of trading activity, personalized risk allocation strategy, speech recognition, and objective analysis of the various coins and tokens listed on the exchange. The Bibox exchange first launched back in November 2017. It has operation centers in the US, Canada, mainland China, Hong Kong, Japan, and Estonia. BIX token holders receive 20% of the exchange profits, and also get discounts on trading fees, similar to Binance. https://www.investinblockchain.com/top-cryptocurrencies-working-products/
Meet the millennials making big money riding China's bitcoin wave
The cryptocurrency may have no physical form but the returns from trading it can be very real – and for some they’re worth giving up your job for On a sunny afternoon in west Beijing, on the auspicious eighth floor of a nondescript concrete high-rise, Huai Yang sits with the curtains drawn in his apartment, making his own luck. For the past six months, 27-year-old Yang has worked mainly from home, mainly from his sofa, tracking and trading bitcoin, and watching the money roll in. The flat itself is modestly sized; Yang moved in in his pre-bitcoin days when he worked variously for a crowdfunder start-up, a branding consultancy and dabbled in hedge-fund management, all of which he describes as “creative financial work”. Now, though, his main focus is bitcoin, which is “much younger, more fun, and much more money”. Yang claims to make up to 1m yuan (£116,000) a month, under the radar of the taxman, purely from trading the online cryptocurrency. Bitcoin has no physical form but the rewards are very tangible; Yang’s home is packed full of expensive gadgetry, most prominently a mega-sized flat screen smart board, over a metre wide, which Yang uses to chart bitcoin’s rise and fall in HD. Normally, the graphs on Yang’s screen show bitcoin’s and his own fortunes going up and up. At the time of writing, one bitcoin is worth 6,600 yuan (£768) – recent months have seen the value hover well above 8,000 yuan. The global worth of bitcoin is over $14bn USD (£11.3bn), of which over 90% is in yuan, and Yang and his peers are cashing in. “I want a more splendid life,” he says. There’s certainly big money to be made in bitcoin, but it comes at a high risk. Bitcoin was designed to be a peer-to-peer currency, free from interference from government and central banks. Since the currency was launched in 2009, however, the Chinese market, where government interventions are common, has come to dwarf all others. One such intervention took place in February this year, when the government warned that there would be “serious violations” for trading platforms that failed to abide by strict money-laundering regulations. In line with this, OKCoin and Huobi.com, the two biggest exchanges in China, announced that they would be suspending bitcoin withdrawals for one month. Incidents like these, which Yang sees as “not convenient, but not [a] problem,” give Chenxing (who asked that I only use his first name) pause for thought. Chenxing, a boyish, skittish 35, has been trading bitcoin for the past four months, after giving up his “too comfortable” job as a geo-information engineer for the government. The government’s pressure on bitcoin platforms is “not so easy to understand,” he tells me. “I’m not sure it’s really about money laundering … they try to control [bitcoin], but they cannot,For Chenxing, it’s the system itself that is vulnerable: “Technology changes every day,” he explains. “Maybe tomorrow a hacker can find a way to crack bitcoin … the security is from mathematics. If you can crack the mathematics, bitcoin is nothing.” That’s why, even though Chenxing describes himself as a “believer” in bitcoin, he doesn’t plan to stay involved for the long term. “It’s really not a stable thing,” he says, both in terms of fluctuating prices and the uncertain technological future of the cryptocurrency. That said, he’s still “making more money” than in his previous government job. In a good month, Chenxing will pocket the cash value of around five bitcoin, which is close to 40,000 yuan, and which Chenxing prefers to have in cold, hard cash. Chenxing is something of an anomaly in Chinese bitcoin circles, where the general mood is one of evangelical faith in the currency’s potential, especially in an economy where the government often devalues the national currency. Brendan Gibson, 32, is a United States national who has been in China for six years, trading bitcoin for three. We’ve barely sat down to talk when Gibson takes my phone and downloads the BTC Wallet app onto it, before transferring me the seeds of my cryptocurrency fortune: 0.0027 bitcoin, worth £2.50, which is the amount that everyone in the world would have if the 21m bitcoin in existence were equally divided up between all 7.8 billion of us. He believes that “everybody’s aunt … or grandma” should be using bitcoin. For Gibson, bitcoin is a way of life. He hopes to be completely bank free in the near future. Hailing from the “shady mortgage industry” of corporate America, Gibson shares Chenxing’s distrustful attitude, but is more concerned about private banks than bitcoin’s technological vulnerability. “I’m just kind of fed up with the system,” he tells me over coffee in a slick café and co-working space from where Gibson does most of his work remotely. “I don’t think economies should be built on inflated numbers, and I think it’s kind of ridiculous that everybody relies on this inflated number in their bank account when it’s definitely not there … bitcoin and other cryptocurrencies are making it so that we are our own banks, and that’s one less things we have to worry about.” Gibson owns two companies in China, and as far as possible uses bitcoin for all his daily expenses, converting the personal profits he makes into bitcoin to avoid using banks. One of the commonly cited weaknesses in the bitcoin system is that if you lose your private key to access your bitcoin wallet, the bitcoin within are lost forever. In 2015, it was estimated that up to 30% of all mined bitcoins had been lost, with a value of £625m. Unsurprisingly, plenty of people see this as an opportunity to make some money. Sun Zeyu, 27, works at a tech start-up based near Beijing’s university district that specialises in bitcoin. His latest project is Coldlar, an offline, physical wallet that stores users’ bitcoin and can be accessed by scanning a QR code. Bitcoin security is a “tough question”, Sun tells me, which is why he and his colleagues designed a product that allows people to circumvent bitcoin platforms and have even greater control over their bitcoin. “Now that the value [of bitcoin] is going up,” he explains, “people really realise the importance of security. Before, when we just traded one or two coins, people didn’t mind, [but] now the value of bitcoin is much bigger”. Sun got involved with bitcoin while at university after attending a seminar run by Huobi, one of the biggest trading platforms in China. Like his flashier friend Yang, Sun wanted money, and lots of it. He won’t tell me exactly how much he earns, but assures me that it’s “hundreds or thousands” times more than the 10,000 yuan per month he was earning when he first dabbled in bitcoin three years ago. His money comes from both his trading activity and his company salary. With the growth of bitcoin and related products like his Coldlar wallet, Sun believes that in 10 years’ time, the value of the cryptocurrency will be “one bitcoin, one house in Beijing”. Minor shocks to the system, like the recent suspension of bitcoin withdrawals in China, are “just like breathing,” he insists, and the inhalations of profit dwarf any other bumps in the road. Despite the solitary nature of their work, Yang, Sun, Gibson and Chenxing are all sociable creatures. Gibson is connected to hundreds of bitcoin aficionados in China, and has introduced close to 1,000 new people to the technology (although how many are like me, with £2.50 lying dormant in an unused wallet, is unknown), such is his enthusiasm for the cryptocurrency. Chenxing cites the social side of the bitcoin scene in Beijing as one of the main attractions of staying in the industry and the city. “I can meet some fun people who really love bitcoin … I think most of the people who like bitcoin are people who like freedom” he says. Yang, however, takes a slightly harder-edged approach. He has little patience for sceptics: “Yes, bitcoin is a risk. Why should I have to discuss these things with [people concerned about the security]? I earn my money, that’s enough. I don’t waste my time explaining bitcoin … [if] you’re not my client”. In some ways, Yang concedes, the less people understand bitcoin, the better it is for him. At the moment, the industry is “like an ATM” for him and his peers, and he’s perfectly happy for things to stay that way. In the fast-changing world of the crypto-currency, nothing seems to stay the same for long. Whether it’s unpredictable government interventions, or debates within the community about how the industry can and should be scaled, general growth in value thus fair doesn’t necessarily suggest anything about the future of bitcoin, despite the faith of its adherents. Gibson makes the point that bitcoin has only been around for nine years; it took PayPal at least 10 to properly catch on. In Japan it has recently been recognised as legal tender. It’s unlikely that the same could ever happen in China, no matter how much its popularity continues to balloon. Chenxing, who has years of insider experience, is sure that “[the government] will never accept a thing that’s not built by themselves”. Many bitcoin traders in China are in it for the long haul, confident that they can ride out any governmental interferences, as long as they have access to the internet. Chenxing, however, is more paranoid. His final thoughts on bitcoin are: “I never feel secure”.
Q&A with CEO of trustless Bitcoin-based futures exchange Coinpit
See full Q&A here: http://www.bitcoinfuturesguide.com/bitcoin-blog/qa-with-coinpit-ceo-baraht-rao Coinpit says that users do not have to even use an email or login to trade. How does this system work? How can a trader feel confident they are in a secure environment if they do not have a classic-style account with email address and a personal relationship with the exchange? Coinpit uses Zero-Knowledge authentication using the same crypto in Bitcoin. Your user id is the bitcoin address represented by your private key. Every request is authenticated with the user’s private key instead of setting a session cookie. This is much safer than the traditional email/password and eliminates entire classes of security issues. You may have recently read about the 500 million emails leaked from yahoo. Several of these leaks occur every month. Some are detected a few years later, many are not. Hackers have years to crack the passwords, which they can easily attempt for commonly used passwords and passwords reused and stolen from other sites. Even some forms of 2FA do not protect the user from a server breach since the 2FA seeds can also be stolen and the 2FA token reconstructed. Zero knowledge systems however, do not store the essential ingredient on the servers and therefore are more resilient. We avoid email to eliminate the threat of spam, phishing and brute-force login attacks. Coinpit marketing materials state that you do “AML without KYC” – how does this work? Coinpit is committed to transparency using the blockchain. However, transparency without privacy would be a serious threat to financial security and peace of mind. To enable transparency without compromising privacy, Coinpit uses AML without KYC. Money laundering works in three stages: placement, layering and integration. Ensuring we do not take untraceable cash deposits prevents placement. Ensuring that coins can only be withdrawn to the origin prevents layering. The initial response from bankers to this system has been positive and provides a way to eliminate the poor cost effectiveness ratio of KYC Coinpit currently has a BTC/USD contract which boasts offering 200x, even 500x leverage. Most bitcoin futures exchanges that offer this degree of leverage use “socialised losses” in order to offset unfilled liquidations of users whose margin doesn't cover their position. How does Coinpit offer this high leverage without socialised losses? Socialized losses benefit the ultra-speculative traders at the expense of skilled and disciplined traders. We believe that game theory suggests that on such exchanges the most beneficial play is to make many small bets with the highest available leverage. This will lead to larger and larger socialized losses eventually making sensible trading impossible. Judicious use of high leverage requires that disciplined and skilled traders are rewarded instead of being punished. Coinpit terminates/deleverages a highly-leveraged winning trader when there are no orders at the stop of the losing trader. While this is not desirable, this is a problem that becomes less and less severe with increasing liquidity. Many traders are frustrated by leverage products on Bitfinex and BitMEX which lead to funding charges for traders – is there any interest charged on leverage for trading on Coinpit, or any kind of funding mechanism which users need to be aware of? Moving coins from Multisig to margin and vice-versa costs a small amount of coins to be paid directly to the bitcoin network. This may go away in the future if we can use lightening network or any similar off-chain technology once proven in the market. The exchange does not have any funding charges at present. This makes it ideal for long time holders. Funding fees add up, but more important, being variable they complicate the ability to predictably take winning positions. The longer traders hold, the more the chances of profits being erased by funding costs. High funding rate has the effect of causing the users to trade small for short durations.
Good morning, it is I, the mighty, the glorious, PizzaLoli. I want to apologize for not posting Pt.2 last night, so to do so I decided I would post two parts tonight and post another in two days--as I specified I would two nights ago. Once again, I am very sorry, so please enjoy! ------------------------- Part 2:“Recent Events and Checking the P.O. Box.” After seeing the message, Grace ran outside, of course having Lucina following her, and hopped inside her silver pick-up truck. Currently, they were driving past the suburban area, passing houses, apartment buildings, grocery stores, and anything else one would see while driving through a suburban area. In the passenger seat, Lucina sat and watched as the scenery passed. It was all barren and abandoned, in some places it even was evident that nature was taking back over in all of the chaos which was apparently unfolding elsewhere today. It was genuinely and surprisingly beautiful. Grace noticed Lucina fading into the scenery around them, “Hey,” She said, nudging at her with her right arm, “Do you want to know how all this happened?” “You know?” Lucina asked her, still looking out her window. “I’ll tell you as much as I can.” “Go ahead then.” “This all started about a few months ago, right? So basically, before the beginning of all this madness, the government officials were trying to grab some of these important guys and leave. All of them. Why? No one knows, but there are a few speculations of things like aliens, which, frankly, no sane person should be able to believe that or a nuclear meltdown at the facility over there.” Grace said, pointing over her shoulder with her thumb. Lucina nodded and made an approving humming noise. Ahead, they were approaching a giant pile up of cars which were all stopped in front of two buses parked perpendicular to the road with a fairly large post office to the left, and a giant school of some kind to the right. “We’re almost there.” Grace said, slowing down. Lucina looked forward and saw the cars, “What do you mean? Are you saying we’re going to go through that or something?” “Nope, you’re way off.” Grace replied, pulling off to the left side of the road and against the curb, stopping once she made it to the back bumper of some small electric sedan. “So, where then?” Grace opened her door, placing her right in front of the post office’s front doors of a dark wood, “Here.” “This place? Really?” Grace heard Lucina practically yell from inside the truck, then throw the door open and jump out. She ran to Grace’s side, “Really? Please tell me you’re not joking!” “I’m not, what do you think all of this is for, eh?” Grace asked, motioning at her armor and helmet. Lucina shrugged and walked toward the doors, opening two of them at once. From inside, a welcoming smell and feeling of a heater and last night’s can of beef soup all seeped out into the street. Grace walked up behind Lucina and pushed her in, following quickly inside, and closing the door behind them. Currently, they were inside of the main room, which spanded about thirty meters from the door to the other side of the roon and five times that from the wall on their left to the wall on their right. “Woah…” Lucina spun around, looking up at the ceiling which was much, much taller than her and Grace too. Although the room was big, that didn’t necessarily mean it was tidy. All around them were piles of papers, letters, and boxes. Only some of the boxes were open, but Grace thought that most of it was most likely things she wouldn’t be needing. “Come on, this isn’t where I’m set up,” Grace pointed at another double door on the opposite wall, “It’s all in there.” Lucina followed with her eyes to where Grace was pointing, then ran to the door. “You’re really hyper, aren’t you?” “Most of the time.” Grace walked over and pulled a key out of her chest rig, inserted, turned, and pulled it out of the lock on the door then pushed them open to reveal an extremely clean hallway with about four doors on each side and a ninth at the opposite end. “Wow! You cleaned this place?” Lucina asked, running to each door, opening it, peeking in, and closing it. “I must have.” Grace nodded and locked the doors behind them. “The walls don’t have anything but their paint on them, the doors have all kept their dark color, and the tile floor is still shiny!” Lucina exclaimed, arriving at the last door, “What’s this?” “A special room, the largest one too.” Grace said, walking over. “There’s a keypad and a normal lock on here…” Lucina said, seeming disappointed. “Which I can open.” Grace responded, pulling out another key and unlocking one, then pushing in a ten-digit code on the pad. The locks clicked, and the door turned inward. Inside, massive shelves with computers making a low humming sound filled the back, and the front had a metal platform with a large terminal in the center and yellow guardrails separating the two parts of the room. “No way. I can’t believe what I’m seeing.” Lucina said, walking in, “I must be hallucinating. There’s no way you could get this many computers in here!” She was right, normally, a single computer in the sectioned off area of Russia known as the Novrinsk region was rare, but this many, it made the owner look like the *filler*. The computers were each wired up with two wires each, one leading toward the terminal, and the other leading to a giant generator to their right. “What’s this then?” Lucina asked, walking to the console. “It’s what overlooks all of the progress made by the computers.” Grace replied, walking to Lucina’s side, “Here, take a look.” Grace pressed one of the buttons, making the monitor in the center of the three turn on, showing a number with three digits before the decimal as well as having some symbol of a coin with a B on it. “No. No way.” It was near impossible. According to the screen Grace boasted, she was very, very rich. Too rich to be inside of Novrinsk. The number on her screen was of BitCoin, a type of cryptocurrency which was fairly expensive of date. The screen said she had about 672.48 bitcoin--approximately 11,714,601.60 USD, or 676,700,990.18 rubles. “What..?” Lucina was at a loss of words, “Why are you still here then? You could bribe your way out of here!” “But that’s no fun. You see, I can still make a lot of money. Much, much more money.” Grace grinned. ------------------------- Part 3:“Of all Times, Night was the Worst.” Lucina was sleeping so peacefully. Peaceful sleep was a very large rarity nowadays, considering most of the time you could hear gunshots cracking across the night sky every night, but Lucina was lucky, it seemed as though there was no fighting to be had tonight. Game Over, Grace. The phrase made its way back into the priority of Grace’s mind. It meant her old employer wasn’t exactly “happy” with her recent actions, but that didn’t matter. For various reasons. She backed out of the room she had given to Lucina, the guest room, and closed the door. And locked it. Grace continued to walk down the hallway, then turning into the first door on her right, the one next to the guest room, her room. As she entered, she looked around for each piece of equipment which she had hung up before she ate and put Lucina to bed. Everything she had put down--everything besides her forest ACUPAT fatigues--were inside; her helmet, called a Fast MT, sat on the bedside table, her anti-explosive armor, called a 6B43 6A, hung on a hook next to the closet, and her holster, which had an extra slot for a magazine, sat completely filled by a suppressed M9, with a tactical flashlight/laser attached and a DeltaPoint red dot sight on top, sat next to the helmet. She strapped the holster onto her right thigh--even though she was ambidextirous, she preferred her right hand for her pistol--threw the armor over her head, then applied the straps around her waist, and placed her goggles--which were inside the helmet--on, followed by the helmet itself. Once she had equipped the gear from her room, she exited and head down the hall, past one door and into the next, the weapon racks. Inside the weapon racks room were--obviously--gun racks, six of them, with three weapons, be it rifles, shotguns, as well as the single light machine gun, the M60. After taking a minute to appreciate her wide selection of weapons, she grabbed the KRISS Vector off of a table in the back--since it was not large enough to place on one of the rack--next to a large rifle, as well as the Remington RSASS which was on the front rack, to be displayed to all eyes lucky enough to get this far without getting shot. After throwing the RSASS’s strap over her shoulder, she left the room, turning back to the door to lock the two locks on it and crossed the hall to the munitions stash. This door only had one lock, although it was a complicated keypad lock. Inside were black, labeled boxes in stacks sorted by caliber size. Nearest to the door were the larger bullets, starting from the uncommon rifle caliber 12.7x99mm, or better known as the .50 BMG which is fired from the even less common Barrett .50, and ending at the one box of 5.6x15mmR, or the .22 long rifle. Grace slowly walked along the aisle, which was all the room left in the room, reading the tags as she went, looking for the bullet similar to the .308 winchester, the 7.62x51mm NATO for her RSASS. After passing a few of the stacks, she stopped and grabbed the top box, placed it on the ground, and opened it. Inside the box were two smaller boxes labeled as M80 and M61 as well as eight magazines all shoved in the other half of the black box. Grace grabbed the box labeled M61 and three magazines, then started to load them at a painfully fast pace, one magazine of twenty bullets filled in less than seven seconds. She pulled the RSASS off of her shoulder and loaded one of the magazines, after placing the other two on the ground and the boxes back where they were, and loaded a single bullet into the chamber by pulling the bolt back and letting it slip back into its resting position, then placed the RSASS back over her shoulder. Grace then continued down the aisle, now searching for a black box labeled as 11.43x23mm, another way of labeling the .45 ACP pistol round which was to be used in her KRISS Vector. Once again, she stopped and knelt down in front of another stack of boxes, pulling one down which had an additional label, “Vector”, to tell her that the magazines for her Vector were also inside the box. She lifted the lid, and inside were, again, two smaller boxes and three magazines on the other half. The two smaller boxes were labeled as FMJ and HP, meaning Full Metal Jacket and Hollow-Point. She reached in to grab the three magazines and the box labeled as FMJ, to then load each magazine with twenty five bullets each, only to load them slower, keeping the size of the bullets in mind and knowing how easy it would be to drop one. Once finished, she tucked two of the magazines under one arm and grabbed her Vector with the other, loading in one of the magazines and chambering a round in a similar way to the RSASS. As she stood back up, she let the Vector hang loose on the strap, which went over her shoulder and head, and walked back down the aisle to the door which she turned, revealing a Wartech MK3 chest rig which had multiple pouches and slots for magazines. She placed the two remaining Vector magazines into two slim, long slots and the two RSASS magazines into a smaller pouch on the left. After placing the magazines inside, she took it off the door and placed it over her armor, adding a good three kilos, then checked the other pouches and where the rig would hold together. Grace then exited the room, closing the door and hearing the lock click behind her. It was a useful lock. Next, the med room. She headed down the hallway to the next door and entered. Inside was a room similar to a hospital room, only not as white and sterile. There was a bed with a table next to it, a stack of clothes--white t-shirt and blue jeans--on the table, and a counter across the room, next to the door which had multiple syringes strewn about on top. She walked along, picking up two clear syringes and an orange syringe, then placing them into a pouch on her rig opposite of the pouch with the RSASS magazines. After scooping the syringes up, she found a small, white pouch with a red cross at the end of the counter. It was an IFAK which seemed to be unopened, so it was presumably never used. Grace found it a small pouch next to the syringes and placed it inside, then walked to the door. After exiting, she thought of what she might be missing. Close range, Vector. Medium to far, RSASS. Meds, IFAK and morphine. Extra mags, yep, I’ve got those. Pistol, check. She felt as though she was missing something, but decided it unnecessary and walked to the doors leading to the vast open room in the front of the post office. Grace knew what was going to happen, and that’s why so much adrenaline was already taking effect on her mind, things started slowing down without her, things started getting louder and louder. It was something she could never forget nor leave behind, this feeling. It made her feel invincible. Grace took a step forward, and another, then another, making her way to the doorway. Although she was carrying a decent amount of weight, she moved fairly agilely. Another few steps and she was almost there. The doors stood like guards, keeping evil-doers away from a queen or a person of authority. She cracked her neck and knuckles, preparing for what will happen next. Then, she pulled out the orange syringe and turned it around in her hand in the light. It was what let her survive so long, but caused the massive amounts of pain she’d lived with since what happened. Grace popped the cap off, revealing an inch-long needle protruding from the bottom. Good luck, future me. Hope the headache doesn’t get too bad. She stabbed the needle into her thigh and pushed the liquid into her system. It would take a while, but the results made it all worth it. It made her what people knew her as. It let her call herself an old name still. What keeps me sane? It was a random thought, but it somehow slipped in, It seems obvious considering I didn’t shoot Lucina in the bunker. What stopped me? She didn’t know. Then it all surged in. The adrenaline finally hit her head from her bloodstream. Everything seemed clearer. Humanity. It survived somehow. I guess I’m still human. Ha. Grace? Human? There’s not even a chance. A foreign voice was taking over her mind, who was it? It was her real self. My turn. They took their goddamn time. All of Grace’s muscles locked up, then relaxed, and Grace could no longer control anything she did, but instead, hear the calm humming coming from her throat. She picked up her Vector, aiming at the ready, preparing to breach the right door. It was a simple way to gain the advantage. The enemy didn’t know exactly where she was in the building, and they had--presumably--just entered the building. Her right leg raised up and her weight shifted to her left, her thigh tensed then it kicked out harder and faster than Grace had ever thought she could go, hitting the door with her foot which had on heavy, steel sole boots. The door flew off of its hinges, landing a good meter or two away from the doorway, to reveal a group of four United Security Private Military Contractors close by, a group of two across the street on the roof of the school, looking in through the windows in the front of the post office, and a last group out on the street hiding behind cars with a number close to five. About eleven? This is not even fair. For them. It seems you changed, at least a little bit. However, the soldiers were less optimistic than Grace and her alter-ego, it seemed. As each of their faces were slowly turning from hard resolve and determination to absolute, pure fear. It was the least surprising, it was likely the brass would leave out this detail as no one would turn up for the assault. The reason why, it was simple, Grace was an old co-worker of these wonderful PMCs. She used to run assaults with people like these, until it all happened. She was deployed here without any intel or orders, but as they arrived, her deployment was gunned down upon at the lighthouse by a Russian PMC faction. Grace was one of the only two to immediately survive out of the first deployment of thirty, and the other was wounded excruciatingly, bleeding out in three places, and with more than a pound of lead adding on to his standard weight. Unsurprisingly, he had passed, but with mercy rather than without. After that, she had scraped what the enemy had left behind, armor, helmets, ammo, weapons, food, water and ran, looking for somewhere to hide until the brass sent people to come save her. However, within her, there was an undying question of, “Will they really come to save me?” Of course, I’ve been working for them for six years now. They wouldn’t just leave me. She had thought. It was horrible. She was only twenty-six when she got here and her birthday had been coming up soon after, but she had lost count of the days. But, that question grew, louder and louder every day. No one called in on the comms, no one was searching the streets, only patrolling. You are naive, A voice started sprouting from the question, You are not fit for this. I will help. Accept me. At first, she didn’t, but it became self-evident she would have to in order to maintain at least decent health. Grace herself had apparently spaced out, but her other self had not. The front most four operators were already on the ground alongside her Vector, as she was now preparing her RSASS for ranged fire. The real Grace would be capable of half of this, even with the adrenaline, but this version of Grace was a real fighter. She had a real fighter’s instincts and no doubts when ready to pull the trigger. Stopping her was like fighting against the will of some higher being, although, it was likely there was none above Tarkov, with all that had happened here already. The fact that there was no easy way to escape from Tarkov was very easy to come to. There were ways, yes, but none were easy to achieve for someone like a normal citizen who used to reside in this city. The two snipers now lay face down on the roof, the rifle in one’s hand pointing up. Dead, presumably. The crosshair of the RSASS’s scope moved down to the street, where the rest waited, quivering with fear. In Tarkov, there were plenty of bandits and criminals from the old city left, causing trouble everywhere, and there were also new heroes and villains raised by people’s skills and imagination. Now there were no longer any barrels pointed at Grace, and not nearly as many sounds assaulting her ears. It was over. There. My job’s done, go clean up or whatever you do now. Right. Still no thank you? ------------------------- Thank you for reading! I hope you all have a nice day/night! Don't forget to sleep well <3 Part 6: https://www.reddit.com/EscapefromTarkov/comments/8oegx0/part_6/ Part 4 and 5: https://www.reddit.com/EscapefromTarkov/comments/8nzbco/pt4_and_pt5/ Part 1: https://www.reddit.com/EscapefromTarkov/comments/8mnkjp/announcement_and_pt1/ Original Post: https://www.reddit.com/EscapefromTarkov/comments/8mfe80/fanmade_novel/ Sorry and Thanks, PizzaLoli
08-21 11:02 - 'How I lost access to my wallet and recovered it' (self.Bitcoin) by /u/latioswang1 removed from /r/Bitcoin within 312-322min
Learn how to use hardware wallet and paper wallet, and how it can fail
Don't be overly paranoid on wallet security, it would backfire
Always test spending from a wallet several times over a week before putting large amount of money into it
Use Dave Bitcoin (walletrecoveryservices.com) as last resort if you get locked out really unluckily
Today I learnt a good lesson by making my BIP38 paper passphrase too complex, too long and making a new password for each new wallet and each new transaction. And finally I was locked out of my own wallet. Fortunately I just lost access for it for 2 days thanks to Dave Bitcoin and walletrecoveryservices.com. It's been risky on trusting someone with all my bitcoins after reading news and info about him for just 15min on Google. But given I'm been trying my luck on all possible passwords for the last 2 days and write my own bruteforce BIP38 cracking script with my vague memory of password, I surrendered. I turned in my wallet info to Dave, hoping he can find my passphrase and return my coins honestly. After about 1 day, Dave came back with the right passphrase and took the agreed 20% (of my lifetime btc saving) comission in the wallet. I was actually pretty grateful of him though at the same time jealous of him making a good fortune out of my stupidity. Given BTC's historical increase in value, 20% can be gained back quickly, so I still think it's a fair deal. A little more tecnhical detail here, I am a programmer myself so I did try bruteforcing the wallet before talking to Dave. I firstly figured out how to "test" if a passphrase is right given an btc address and a BIP38 encrypted private key. After that I implemented a dictionary generator based on my best guess of my passphrase, and I ran my passphrase test script over all the possible passphrase I've generated - just to realize it would take 3 day to 1 month to finish testing a very incomplete list of possible passwords on my laptop. And I don't know how incomplete or complete my dictionary is. I would be very upset if I can't resolve this issue asap and I was kinda already mad. Though I think I know how to build a distributed batch processing system on Amazon to speed up my wallet recovery, I am too upset to sit down and do it. And fast forward to after Dave found my passphrase, I realized actually my memory wasn't too far off. So it won't take too much compute power to bruteforce my wallet as long as I keep trying slight variations of my wrong passphrase. If I were more deligent scaling up my script on AWS, it could have costed $30-$300 USD compute power to regain access to my wallet (depending on if the implementation is bad or really bad). But there's always a grain of luck and patience and risk in this task of wallet recovery. I may have never been able to recover it. Well, after all, these are all post-moteum thoughts, just like people being regretful of not buying Bitcoin when the price were still $1 or $1000 or $3000. I'd like to say thanks to Dave, and I'd like to spread the word about his service. Dave's wallet recovery "business" needs trust to work, so I am writing this post to remind me of my weakness and stupidity and to build up a little trust to Dave's wallet recovery service. Dave works with almost all cryptocurrencies and all kinds of wallet format. I hope nobody ever have to use Dave's service, it's still a very stressful experience to the very least. Yet the fact that there's a trustable cryptocurrency wallet recovery service out there make me feel a little less stressful in using Bitcoin and feel better about the people who actually need to use wallet recovery service. Happy HODL, -S ''' How I lost access to my wallet and recovered it Go1dfish undelete link unreddit undelete link Author: latioswang1
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