Binance Coin Price Analysis - Increasing utility within ...

Bob The Magic Custodian



Summary: Everyone knows that when you give your assets to someone else, they always keep them safe. If this is true for individuals, it is certainly true for businesses.
Custodians always tell the truth and manage funds properly. They won't have any interest in taking the assets as an exchange operator would. Auditors tell the truth and can't be misled. That's because organizations that are regulated are incapable of lying and don't make mistakes.

First, some background. Here is a summary of how custodians make us more secure:

Previously, we might give Alice our crypto assets to hold. There were risks:

But "no worries", Alice has a custodian named Bob. Bob is dressed in a nice suit. He knows some politicians. And he drives a Porsche. "So you have nothing to worry about!". And look at all the benefits we get:
See - all problems are solved! All we have to worry about now is:
It's pretty simple. Before we had to trust Alice. Now we only have to trust Alice, Bob, and all the ways in which they communicate. Just think of how much more secure we are!

"On top of that", Bob assures us, "we're using a special wallet structure". Bob shows Alice a diagram. "We've broken the balance up and store it in lots of smaller wallets. That way", he assures her, "a thief can't take it all at once". And he points to a historic case where a large sum was taken "because it was stored in a single wallet... how stupid".
"Very early on, we used to have all the crypto in one wallet", he said, "and then one Christmas a hacker came and took it all. We call him the Grinch. Now we individually wrap each crypto and stick it under a binary search tree. The Grinch has never been back since."

"As well", Bob continues, "even if someone were to get in, we've got insurance. It covers all thefts and even coercion, collusion, and misplaced keys - only subject to the policy terms and conditions." And with that, he pulls out a phone-book sized contract and slams it on the desk with a thud. "Yep", he continues, "we're paying top dollar for one of the best policies in the country!"
"Can I read it?' Alice asks. "Sure," Bob says, "just as soon as our legal team is done with it. They're almost through the first chapter." He pauses, then continues. "And can you believe that sales guy Mike? He has the same year Porsche as me. I mean, what are the odds?"

"Do you use multi-sig?", Alice asks. "Absolutely!" Bob replies. "All our engineers are fully trained in multi-sig. Whenever we want to set up a new wallet, we generate 2 separate keys in an air-gapped process and store them in this proprietary system here. Look, it even requires the biometric signature from one of our team members to initiate any withdrawal." He demonstrates by pressing his thumb into the display. "We use a third-party cloud validation API to match the thumbprint and authorize each withdrawal. The keys are also backed up daily to an off-site third-party."
"Wow that's really impressive," Alice says, "but what if we need access for a withdrawal outside of office hours?" "Well that's no issue", Bob says, "just send us an email, call, or text message and we always have someone on staff to help out. Just another part of our strong commitment to all our customers!"

"What about Proof of Reserve?", Alice asks. "Of course", Bob replies, "though rather than publish any blockchain addresses or signed transaction, for privacy we just do a SHA256 refactoring of the inverse hash modulus for each UTXO nonce and combine the smart contract coefficient consensus in our hyperledger lightning node. But it's really simple to use." He pushes a button and a large green checkmark appears on a screen. "See - the algorithm ran through and reserves are proven."
"Wow", Alice says, "you really know your stuff! And that is easy to use! What about fiat balances?" "Yeah, we have an auditor too", Bob replies, "Been using him for a long time so we have quite a strong relationship going! We have special books we give him every year and he's very efficient! Checks the fiat, crypto, and everything all at once!"

"We used to have a nice offline multi-sig setup we've been using without issue for the past 5 years, but I think we'll move all our funds over to your facility," Alice says. "Awesome", Bob replies, "Thanks so much! This is perfect timing too - my Porsche got a dent on it this morning. We have the paperwork right over here." "Great!", Alice replies.
And with that, Alice gets out her pen and Bob gets the contract. "Don't worry", he says, "you can take your crypto-assets back anytime you like - just subject to our cancellation policy. Our annual management fees are also super low and we don't adjust them often".

How many holes have to exist for your funds to get stolen?
Just one.

Why are we taking a powerful offline multi-sig setup, widely used globally in hundreds of different/lacking regulatory environments with 0 breaches to date, and circumventing it by a demonstrably weak third party layer? And paying a great expense to do so?
If you go through the list of breaches in the past 2 years to highly credible organizations, you go through the list of major corporate frauds (only the ones we know about), you go through the list of all the times platforms have lost funds, you go through the list of times and ways that people have lost their crypto from identity theft, hot wallet exploits, extortion, etc... and then you go through this custodian with a fine-tooth comb and truly believe they have value to add far beyond what you could, sticking your funds in a wallet (or set of wallets) they control exclusively is the absolute worst possible way to take advantage of that security.

The best way to add security for crypto-assets is to make a stronger multi-sig. With one custodian, what you are doing is giving them your cryptocurrency and hoping they're honest, competent, and flawlessly secure. It's no different than storing it on a really secure exchange. Maybe the insurance will cover you. Didn't work for Bitpay in 2015. Didn't work for Yapizon in 2017. Insurance has never paid a claim in the entire history of cryptocurrency. But maybe you'll get lucky. Maybe your exact scenario will buck the trend and be what they're willing to cover. After the large deductible and hopefully without a long and expensive court battle.

And you want to advertise this increase in risk, the lapse of judgement, an accident waiting to happen, as though it's some kind of benefit to customers ("Free institutional-grade storage for your digital assets.")? And then some people are writing to the OSC that custodians should be mandatory for all funds on every exchange platform? That this somehow will make Canadians as a whole more secure or better protected compared with standard air-gapped multi-sig? On what planet?

Most of the problems in Canada stemmed from one thing - a lack of transparency. If Canadians had known what a joke Quadriga was - it wouldn't have grown to lose $400m from hard-working Canadians from coast to coast to coast. And Gerald Cotten would be in jail, not wherever he is now (at best, rotting peacefully). EZ-BTC and mister Dave Smilie would have been a tiny little scam to his friends, not a multi-million dollar fraud. Einstein would have got their act together or been shut down BEFORE losing millions and millions more in people's funds generously donated to criminals. MapleChange wouldn't have even been a thing. And maybe we'd know a little more about CoinTradeNewNote - like how much was lost in there. Almost all of the major losses with cryptocurrency exchanges involve deception with unbacked funds.
So it's great to see transparency reports from BitBuy and ShakePay where someone independently verified the backing. The only thing we don't have is:
It's not complicated to validate cryptocurrency assets. They need to exist, they need to be spendable, and they need to cover the total balances. There are plenty of credible people and firms across the country that have the capacity to reasonably perform this validation. Having more frequent checks by different, independent, parties who publish transparent reports is far more valuable than an annual check by a single "more credible/official" party who does the exact same basic checks and may or may not publish anything. Here's an example set of requirements that could be mandated:
There are ways to structure audits such that neither crypto assets nor customer information are ever put at risk, and both can still be properly validated and publicly verifiable. There are also ways to structure audits such that they are completely reasonable for small platforms and don't inhibit innovation in any way. By making the process as reasonable as possible, we can completely eliminate any reason/excuse that an honest platform would have for not being audited. That is arguable far more important than any incremental improvement we might get from mandating "the best of the best" accountants. Right now we have nothing mandated and tons of Canadians using offshore exchanges with no oversight whatsoever.

Transparency does not prove crypto assets are safe. CoinTradeNewNote, Flexcoin ($600k), and Canadian Bitcoins ($100k) are examples where crypto-assets were breached from platforms in Canada. All of them were online wallets and used no multi-sig as far as any records show. This is consistent with what we see globally - air-gapped multi-sig wallets have an impeccable record, while other schemes tend to suffer breach after breach. We don't actually know how much CoinTrader lost because there was no visibility. Rather than publishing details of what happened, the co-founder of CoinTrader silently moved on to found another platform - the "most trusted way to buy and sell crypto" - a site that has no information whatsoever (that I could find) on the storage practices and a FAQ advising that “[t]rading cryptocurrency is completely safe” and that having your own wallet is “entirely up to you! You can certainly keep cryptocurrency, or fiat, or both, on the app.” Doesn't sound like much was learned here, which is really sad to see.
It's not that complicated or unreasonable to set up a proper hardware wallet. Multi-sig can be learned in a single course. Something the equivalent complexity of a driver's license test could prevent all the cold storage exploits we've seen to date - even globally. Platform operators have a key advantage in detecting and preventing fraud - they know their customers far better than any custodian ever would. The best job that custodians can do is to find high integrity individuals and train them to form even better wallet signatories. Rather than mandating that all platforms expose themselves to arbitrary third party risks, regulations should center around ensuring that all signatories are background-checked, properly trained, and using proper procedures. We also need to make sure that signatories are empowered with rights and responsibilities to reject and report fraud. They need to know that they can safely challenge and delay a transaction - even if it turns out they made a mistake. We need to have an environment where mistakes are brought to the surface and dealt with. Not one where firms and people feel the need to hide what happened. In addition to a knowledge-based test, an auditor can privately interview each signatory to make sure they're not in coercive situations, and we should make sure they can freely and anonymously report any issues without threat of retaliation.
A proper multi-sig has each signature held by a separate person and is governed by policies and mutual decisions instead of a hierarchy. It includes at least one redundant signature. For best results, 3of4, 3of5, 3of6, 4of5, 4of6, 4of7, 5of6, or 5of7.

History has demonstrated over and over again the risk of hot wallets even to highly credible organizations. Nonetheless, many platforms have hot wallets for convenience. While such losses are generally compensated by platforms without issue (for example Poloniex, Bitstamp, Bitfinex, Gatecoin, Coincheck, Bithumb, Zaif, CoinBene, Binance, Bitrue, Bitpoint, Upbit, VinDAX, and now KuCoin), the public tends to focus more on cases that didn't end well. Regardless of what systems are employed, there is always some level of risk. For that reason, most members of the public would prefer to see third party insurance.
Rather than trying to convince third party profit-seekers to provide comprehensive insurance and then relying on an expensive and slow legal system to enforce against whatever legal loopholes they manage to find each and every time something goes wrong, insurance could be run through multiple exchange operators and regulators, with the shared interest of having a reputable industry, keeping costs down, and taking care of Canadians. For example, a 4 of 7 multi-sig insurance fund held between 5 independent exchange operators and 2 regulatory bodies. All Canadian exchanges could pay premiums at a set rate based on their needed coverage, with a higher price paid for hot wallet coverage (anything not an air-gapped multi-sig cold wallet). Such a model would be much cheaper to manage, offer better coverage, and be much more reliable to payout when needed. The kind of coverage you could have under this model is unheard of. You could even create something like the CDIC to protect Canadians who get their trading accounts hacked if they can sufficiently prove the loss is legitimate. In cases of fraud, gross negligence, or insolvency, the fund can be used to pay affected users directly (utilizing the last transparent balance report in the worst case), something which private insurance would never touch. While it's recommended to have official policies for coverage, a model where members vote would fully cover edge cases. (Could be similar to the Supreme Court where justices vote based on case law.)
Such a model could fully protect all Canadians across all platforms. You can have a fiat coverage governed by legal agreements, and crypto-asset coverage governed by both multi-sig and legal agreements. It could be practical, affordable, and inclusive.

Now, we are at a crossroads. We can happily give up our freedom, our innovation, and our money. We can pay hefty expenses to auditors, lawyers, and regulators year after year (and make no mistake - this cost will grow to many millions or even billions as the industry grows - and it will be borne by all Canadians on every platform because platforms are not going to eat up these costs at a loss). We can make it nearly impossible for any new platform to enter the marketplace, forcing Canadians to use the same stagnant platforms year after year. We can centralize and consolidate the entire industry into 2 or 3 big players and have everyone else fail (possibly to heavy losses of users of those platforms). And when a flawed security model doesn't work and gets breached, we can make it even more complicated with even more people in suits making big money doing the job that blockchain was supposed to do in the first place. We can build a system which is so intertwined and dependent on big government, traditional finance, and central bankers that it's future depends entirely on that of the fiat system, of fractional banking, and of government bail-outs. If we choose this path, as history has shown us over and over again, we can not go back, save for revolution. Our children and grandchildren will still be paying the consequences of what we decided today.
Or, we can find solutions that work. We can maintain an open and innovative environment while making the adjustments we need to make to fully protect Canadian investors and cryptocurrency users, giving easy and affordable access to cryptocurrency for all Canadians on the platform of their choice, and creating an environment in which entrepreneurs and problem solvers can bring those solutions forward easily. None of the above precludes innovation in any way, or adds any unreasonable cost - and these three policies would demonstrably eliminate or resolve all 109 historic cases as studied here - that's every single case researched so far going back to 2011. It includes every loss that was studied so far not just in Canada but globally as well.
Unfortunately, finding answers is the least challenging part. Far more challenging is to get platform operators and regulators to agree on anything. My last post got no response whatsoever, and while the OSC has told me they're happy for industry feedback, I believe my opinion alone is fairly meaningless. This takes the whole community working together to solve. So please let me know your thoughts. Please take the time to upvote and share this with people. Please - let's get this solved and not leave it up to other people to do.

Facts/background/sources (skip if you like):



Thoughts?
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Can ParamountDax Challenge Binance, Poloniex, and Bitfinex?

Can ParamountDax Challenge Binance, Poloniex, and Bitfinex?

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Dear Community,
ParamountDax’s dream of becoming a cryptocurrency giant seems to become more achievable day by day, however, cryptocurrencies have noticeable challenges both at the technical and the social level, so let’s dive in.
The majority of well-known large exchanges have encountered unforeseen problems, for example, Binance, Bittrex, Poloniex.
ParamountDax is a promising platform for cryptocurrency exchange, which took into account all the flaws of its competitors and created a unique and comfortable platform for its users.
A few important steps before joining an exchange:
Reputation — reputation is always the major point, which defines the brand in general.
Security — is the second and very important way to identify the right platform, as it’s important to know your money is safe.
Fees — some bitcoin exchanges are taking a fee on every transaction like withdrawal, deposit, or trading, some of them are not. Choose the platform according to the kind of trader you are.
Payment Methods — every platform has different methods, make your own analysis and find out what fits you more.
Verification Requirements and Geographical Restrictions — are also important. Pay attention to this part before completing the registration.
Support — The best services offer 24/7 support.

BINANCE

About: Binance is a China-based cryptocurrency exchange that gives users access to a robust set of trading tools, charts, and security features. Following a successful initial coin offering (ICO), Binance began live trading in July 2017. By offering both Basic and Advanced exchange interfaces, Binance makes it easy for beginners to use.
Claims that: Low fees on transactions and withdrawals, Capable of processing 1.4 million transactions per second. Binance has a Basic and Advanced exchange view. Security: 2-FA and Google Authenticator to verify withdrawals. However, only Chinese phone numbers are supported for SMS 2-FA.
View MVP: f the few crypto exchanges licensed before its launch date, ParamountDax serves the real needs of the crypto community. In this respect, we created a highly proficient, stable and secure centralized hub for crypto assets. ParamountDax is a Fully — Developed from the scratch, ready-to-use product implemented as a modern-age crypto trading exchange. ParamountDax gives users access to a robust set of trading tools, Trading from the charts, Advanced Market Detector, Daily profit up to 46%, Unique Trading Interface, The simplicity and depth chart are certain to satisfy the needs of any trader at any experience level and security features.
About: As one of the few crypto exchanges licensed before its launch date, ParamountDax serves the real needs of the crypto community. In this respect, we created a highly proficient, stable and secure centralized hub for crypto assets. ParamountDax is a Fully — Developed from the scratch, ready-to-use product implemented as a modern-age crypto trading exchange. ParamountDax gives users access to a robust set of trading tools, Trading from the charts, Advanced Market Detector, Daily profit up to 46%, Unique Trading Interface,The simplicity and depth chart are certain to satisfy the needs of any trader at any experience level and security features.
Claims that: all features are on a single page without having to scroll down to the access order book, trade history, depth chart or other important information. Increase TPS from 100.000 to 1 million transactions per second, Low fees. Multi-language capabilities (it is does not matter what nationality a consumer is).
Security: Risk-Free, Unique security measurements for all users including insurances against hack and employee mistakes, cold wallet storage
POLONIEX
About: Poloniex launched in 2014 and is based out of Wilmington, Delaware, in the United States. Poloniex is a widely used exchange based in the US. It is the largest cryptocurrency exchange in terms of volume. Users can trade almost every crypto coin. It also presents unrestricted access to previous charts of cryptocurrencies.
Claims that: there are many features that experienced traders will appreciate. You can find a range of efficient data-analysis tools, along with very detailed charts that let you make educated decisions regarding trades. The high-volume nature of Poloniex also appeals to traders, particularly the ability to do lending and margin trading.
Security: Poloniex takes care of security in multiple ways. To keep hackers out, it stores the majority of customers’ deposits in air-gapped cold storage offline.

BITFINEX

About: since 2014, Bitfinex has emerged as one of the world’s leading bitcoin exchanges. Based in Hong Kong, the company first entered the market in 2012 and has enjoyed steady expansion ever since. In addition to bitcoin, it provides access to the world’s leading altcoins as well as full-spec wallet services.
Claims that: in addition to being widely recognized as the world’s largest bitcoin exchange, Bitfinex offers a customizable interface that allows you to personalize your workstation. The platform is fully equipped with margin trading and ten different order types that give you the opportunity to trade the market without limitation.
Security: because Bitfinex gets a lot of its liquidity from Tether, many people are concerned that the exchange might not be as financially secure as it claims to be. But it was not any precedents yet.
In Conclusion, ParamountDax offers new tools that satisfy the needs of any trader, which will set its standards for ideal trading. ParamountDax clients are able to count on the answer at their requests 24 hours 7 days a week. Other exchanges could keep silence a few months and the user will stay without helpful information.
The aim of the ParamountDax team is to meet worldwide demand.
Good luck! And see you soon!
Website : https://paramountdax.io/
View MVP : https://staging.paramountdax.com
And here’s how to get involved with the ParamountDax community:
Telegram : https://t.me/joinchat/LNehJxUX9sVoZabNrnaEZA
Twitter : https://twitter.com/ParamountDax
Facebook : https://www.facebook.com/Paramountdax-2024636494500768
Bitcointalk: https://bitcointalk.org/index.php?topic=5137789.0
Reddit: https://www.reddit.com/ParamountDax/
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Beginner’s Guide to BitMEX

Beginner’s Guide to BitMEX

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Founded by HDR Global Trading Limited (which in turn was founded by former bankers Arthur Hayes, Samuel Reed and Ben Delo) in 2014, BitMEX is a trading platform operating around the world and registered in the Seychelles.
Meaning Bitcoin Mercantile Exchange, BitMEX is one of the largest Bitcoin trading platforms currently operating, with a daily trading volume of over 35,000 BTC and over 540,000 accesses monthly and a trading history of over $34 billion worth of Bitcoin since its inception.

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Unlike many other trading exchanges, BitMEX only accepts deposits through Bitcoin, which can then be used to purchase a variety of other cryptocurrencies. BitMEX specialises in sophisticated financial operations such as margin trading, which is trading with leverage. Like many of the exchanges that operate through cryptocurrencies, BitMEX is currently unregulated in any jurisdiction.
Visit BitMEX

How to Sign Up to BitMEX

In order to create an account on BitMEX, users first have to register with the website. Registration only requires an email address, the email address must be a genuine address as users will receive an email to confirm registration in order to verify the account. Once users are registered, there are no trading limits. Traders must be at least 18 years of age to sign up.
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However, it should be noted that BitMEX does not accept any US-based traders and will use IP checks to verify that users are not in the US. While some US users have bypassed this with the use of a VPN, it is not recommended that US individuals sign up to the BitMEX service, especially given the fact that alternative exchanges are available to service US customers that function within the US legal framework.
How to Use BitMEX
BitMEX allows users to trade cryptocurrencies against a number of fiat currencies, namely the US Dollar, the Japanese Yen and the Chinese Yuan. BitMEX allows users to trade a number of different cryptocurrencies, namely Bitcoin, Bitcoin Cash, Dash, Ethereum, Ethereum Classic, Litecoin, Monero, Ripple, Tezos and Zcash.
The trading platform on BitMEX is very intuitive and easy to use for those familiar with similar markets. However, it is not for the beginner. The interface does look a little dated when compared to newer exchanges like Binance and Kucoin’s.
Once users have signed up to the platform, they should click on Trade, and all the trading instruments will be displayed beneath.
Clicking on the particular instrument opens the orderbook, recent trades, and the order slip on the left. The order book shows three columns – the bid value for the underlying asset, the quantity of the order, and the total USD value of all orders, both short and long.
The widgets on the trading platform can be changed according to the user’s viewing preferences, allowing users to have full control on what is displayed. It also has a built in feature that provides for TradingView charting. This offers a wide range of charting tool and is considered to be an improvement on many of the offering available from many of its competitors.
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Once trades are made, all orders can be easily viewed in the trading platform interface. There are tabs where users can select their Active Orders, see the Stops that are in place, check the Orders Filled (total or partially) and the trade history. On the Active Orders and Stops tabs, traders can cancel any order, by clicking the “Cancel” button. Users also see all currently open positions, with an analysis if it is in the black or red.
BitMEX uses a method called auto-deleveraging which BitMEX uses to ensure that liquidated positions are able to be closed even in a volatile market. Auto-deleveraging means that if a position bankrupts without available liquidity, the positive side of the position deleverages, in order of profitability and leverage, the highest leveraged position first in queue. Traders are always shown where they sit in the auto-deleveraging queue, if such is needed.
Although the BitMEX platform is optimized for mobile, it only has an Android app (which is not official). There is no iOS app available at present. However, it is recommended that users use it on the desktop if possible.
BitMEX offers a variety of order types for users:
  • Limit Order (the order is fulfilled if the given price is achieved);
  • Market Order (the order is executed at current market price);
  • Stop Limit Order (like a stop order, but allows users to set the price of the Order once the Stop Price is triggered);
  • Stop Market Order (this is a stop order that does not enter the order book, remain unseen until the market reaches the trigger);
  • Trailing Stop Order (it is similar to a Stop Market order, but here users set a trailing value that is used to place the market order);
  • Take Profit Limit Order (this can be used, similarly to a Stop Order, to set a target price on a position. In this case, it is in respect of making gains, rather than cutting losses);
  • Take Profit Market Order (same as the previous type, but in this case, the order triggered will be a market order, and not a limit one)
The exchange offers margin trading in all of the cryptocurrencies displayed on the website. It also offers to trade with futures and derivatives – swaps.

Futures and Swaps

A futures contract is an agreement to buy or sell a given asset in the future at a predetermined price. On BitMEX, users can leverage up to 100x on certain contracts.
Perpetual swaps are similar to futures, except that there is no expiry date for them and no settlement. Additionally, they trade close to the underlying reference Index Price, unlike futures, which may diverge substantially from the Index Price.
BitMEX also offers Binary series contracts, which are prediction-based contracts which can only settle at either 0 or 100. In essence, the Binary series contracts are a more complicated way of making a bet on a given event.
The only Binary series betting instrument currently available is related to the next 1mb block on the Bitcoin blockchain. Binary series contracts are traded with no leverage, a 0% maker fee, a 0.25% taker fee and 0.25% settlement fee.

Bitmex Leverage

BitMEX allows its traders to leverage their position on the platform. Leverage is the ability to place orders that are bigger than the users’ existing balance. This could lead to a higher profit in comparison when placing an order with only the wallet balance. Trading in such conditions is called “Margin Trading.”
There are two types of Margin Trading: Isolated and Cross-Margin. The former allows the user to select the amount of money in their wallet that should be used to hold their position after an order is placed. However, the latter provides that all of the money in the users’ wallet can be used to hold their position, and therefore should be treated with extreme caution.
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The BitMEX platform allows users to set their leverage level by using the leverage slider. A maximum leverage of 1:100 is available (on Bitcoin and Bitcoin Cash). This is quite a high level of leverage for cryptocurrencies, with the average offered by other exchanges rarely exceeding 1:20.

BitMEX Fees

For traditional futures trading, BitMEX has a straightforward fee schedule. As noted, in terms of leverage offered, BitMEX offers up to 100% leverage, with the amount off leverage varying from product to product.
However, it should be noted that trading at the highest leverages is sophisticated and is intended for professional investors that are familiar with speculative trading. The fees and leverage are as follows:
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However, there are additional fees for hidden / iceberg orders. A hidden order pays the taker fee until the entire hidden quantity is completely executed. Then, the order will become normal, and the user will receive the maker rebate for the non-hidden amount.

Deposits and Withdrawals

BitMEX does not charge fees on deposits or withdrawals. However, when withdrawing Bitcoin, the minimum Network fee is based on blockchain load. The only costs therefore are those of the banks or the cryptocurrency networks.
As noted previously, BitMEX only accepts deposits in Bitcoin and therefore Bitcoin serves as collateral on trading contracts, regardless of whether or not the trade involves Bitcoin.
The minimum deposit is 0.001 BTC. There are no limits on withdrawals, but withdrawals can also be in Bitcoin only. To make a withdrawal, all that users need to do is insert the amount to withdraw and the wallet address to complete the transfer.
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Deposits can be made 24/7 but withdrawals are processed by hand at a recurring time once per day. The hand processed withdrawals are intended to increase the security levels of users’ funds by providing extra time (and email notice) to cancel any fraudulent withdrawal requests, as well as bypassing the use of automated systems & hot wallets which may be more prone to compromise.

Supported Currencies

BitMEX operates as a crypto to crypto exchange and makes use of a Bitcoin-in/Bitcoin-out structure. Therefore, platform users are currently unable to use fiat currencies for any payments or transfers, however, a plus side of this is that there are no limits for trading and the exchange incorporates trading pairs linked to the US Dollar (XBT), Japanese Yen (XBJ), and Chinese Yuan (XBC).
BitMEX supports the following cryptocurrencies:
  • Bitcoin (XBT)
  • Bitcoin Cash (BCH)
  • Ethereum (ETH)
  • Ethereum Classic (ETC)
  • Litecoin (LTC)
  • Ripple Token (XRP)
  • Monero (XMR)
  • Dash (DASH)
  • Zcash (ZEC)
  • Cardano (ADA)
  • Tron (TRX)
  • EOS Token (EOS)
BitMEX also offers leverage options on the following coins:
  • 5x: Zcash (ZEC)
  • 20x : Ripple (XRP),Bitcoin Cash (BCH), Cardano (ADA), EOS Token (EOS), Tron (TRX)
  • 25x: Monero (XMR)
  • 33x: Litecoin (LTC)
  • 50x: Ethereum (ETH)
  • 100x: Bitcoin (XBT), Bitcoin / Yen (XBJ), Bitcoin / Yuan (XBC)

Trading Technologies International Partnership

HDR Global Trading, the company which owns BitMEX, has recently announced a partnership with Trading Technologies International, Inc. (TT), a leading international high-performance trading software provider.
The TT platform is designed specifically for professional traders, brokers, and market-access providers, and incorporates a wide variety of trading tools and analytical indicators that allow even the most advanced traders to customize the software to suit their unique trading styles. The TT platform also provides traders with global market access and trade execution through its privately managed infrastructure and the partnership will see BitMEX users gaining access to the trading tools on all BitMEX products, including the popular XBT/USD Perpetual Swap pairing.
https://preview.redd.it/qcqunaby3cc41.png?width=672&format=png&auto=webp&s=b77b45ac2b44a9af30a4985e3d9dbafc9bbdb77c

The BitMEX Insurance Fund

The ability to trade on leverage is one of the exchange’s main selling points and offering leverage and providing the opportunity for traders to trade against each other may result in a situation where the winners do not receive all of their expected profits. As a result of the amounts of leverage involved, it’s possible that the losers may not have enough margin in their positions to pay the winners.
Traditional exchanges like the Chicago Mercantile Exchange (CME) offset this problem by utilizing multiple layers of protection and cryptocurrency trading platforms offering leverage cannot currently match the levels of protection provided to winning traders.
In addition, cryptocurrency exchanges offering leveraged trades propose a capped downside and unlimited upside on a highly volatile asset with the caveat being that on occasion, there may not be enough funds in the system to pay out the winners.
To help solve this problem, BitMEX has developed an insurance fund system, and when a trader has an open leveraged position, their position is forcefully closed or liquidated when their maintenance margin is too low.
Here, a trader’s profit and loss does not reflect the actual price their position was closed on the market, and with BitMEX when a trader is liquidated, their equity associated with the position drops down to zero.
In the following example, the trader has taken a 100x long position. In the event that the mark price of Bitcoin falls to $3,980 (by 0.5%), then the position gets liquidated with the 100 Bitcoin position needing to be sold on the market.
This means that it does not matter what price this trade executes at, namely if it’s $3,995 or $3,000, as from the view of the liquidated trader, regardless of the price, they lose all the equity they had in their position, and lose the entire one Bitcoin.
https://preview.redd.it/wel3rka04cc41.png?width=669&format=png&auto=webp&s=3f93dac2d3b40aa842d281384113d2e26f25947e
Assuming there is a fully liquid market, the bid/ask spread should be tighter than the maintenance margin. Here, liquidations manifest as contributions to the insurance fund (e.g. if the maintenance margin is 50bps, but the market is 1bp wide), and the insurance fund should rise by close to the same amount as the maintenance margin when a position is liquidated. In this scenario, as long as healthy liquid markets persist, the insurance fund should continue its steady growth.
The following graphs further illustrate the example, and in the first chart, market conditions are healthy with a narrow bid/ask spread (just $2) at the time of liquidation. Here, the closing trade occurs at a higher price than the bankruptcy price (the price where the margin balance is zero) and the insurance fund benefits.
Illustrative example of an insurance contribution – Long 100x with 1 BTC collateral
https://preview.redd.it/is89ep924cc41.png?width=699&format=png&auto=webp&s=f0419c68fe88703e594c121b5b742c963c7e2229
(Note: The above illustration is based on opening a 100x long position at $4,000 per BTC and 1 Bitcoin of collateral. The illustration is an oversimplification and ignores factors such as fees and other adjustments.
The bid and offer prices represent the state of the order book at the time of liquidation. The closing trade price is $3,978, representing $1 of slippage compared to the $3,979 bid price at the time of liquidation.)
The second chart shows a wide bid/ask spread at the time of liquidation, here, the closing trade takes place at a lower price than the bankruptcy price, and the insurance fund is used to make sure that winning traders receive their expected profits.
This works to stabilize the potential for returns as there is no guarantee that healthy market conditions can continue, especially during periods of heightened price volatility. During these periods, it’s actually possible that the insurance fund can be used up than it is built up.
Illustrative example of an insurance depletion – Long 100x with 1 BTC collateral
https://preview.redd.it/vb4mj3n54cc41.png?width=707&format=png&auto=webp&s=0c63b7c99ae1c114d8e3b947fb490e9144dfe61b
(Notes: The above illustration is based on opening a 100x long position at $4,000 per BTC and 1 Bitcoin of collateral. The illustration is an oversimplification and ignores factors such as fees and other adjustments.
The bid and offer prices represent the state of the order book at the time of liquidation. The closing trade price is $3,800, representing $20 of slippage compared to the $3,820 bid price at the time of liquidation.)
The exchange declared in February 2019, that the BitMEX insurance fund retained close to 21,000 Bitcoin (around $70 million based on Bitcoin spot prices at the time).
This figure represents just 0.007% of BitMEX’s notional annual trading volume, which has been quoted as being approximately $1 trillion. This is higher than the insurance funds as a proportion of trading volume of the CME, and therefore, winning traders on BitMEX are exposed to much larger risks than CME traders as:
  • BitMEX does not have clearing members with large balance sheets and traders are directly exposed to each other.
  • BitMEX does not demand payments from traders with negative account balances.
  • The underlying instruments on BitMEX are more volatile than the more traditional instruments available on CME.
Therefore, with the insurance fund remaining capitalized, the system effectively with participants who get liquidated paying for liquidations, or a losers pay for losers mechanism.
This system may appear controversial as first, though some may argue that there is a degree of uniformity to it. It’s also worth noting that the exchange also makes use of Auto Deleveraging which means that on occasion, leveraged positions in profit can still be reduced during certain time periods if a liquidated order cannot be executed in the market.
More adventurous traders should note that while the insurance fund holds 21,000 Bitcoin, worth approximately 0.1% of the total Bitcoin supply, BitMEX still doesn’t offer the same level of guarantees to winning traders that are provided by more traditional leveraged trading platforms.
Given the inherent volatility of the cryptocurrency market, there remains some possibility that the fund gets drained down to zero despite its current size. This may result in more successful traders lacking confidence in the platform and choosing to limit their exposure in the event of BitMEX being unable to compensate winning traders.

How suitable is BitMEX for Beginners?

BitMEX generates high Bitcoin trading levels, and also attracts good levels of volume across other crypto-to-crypto transfers. This helps to maintain a buzz around the exchange, and BitMEX also employs relatively low trading fees, and is available round the world (except to US inhabitants).
This helps to attract the attention of people new to the process of trading on leverage and when getting started on the platform there are 5 main navigation Tabs to get used to:
  • **Trade:**The trading dashboard of BitMEX. This tab allows you to select your preferred trading instrument, and choose leverage, as well as place and cancel orders. You can also see your position information and view key information in the contract details.
  • **Account:**Here, all your account information is displayed including available Bitcoin margin balances, deposits and withdrawals, and trade history.
  • **Contracts:**This tab covers further instrument information including funding history, contract sizes; leverage offered expiry, underlying reference Price Index data, and other key features.
  • **References:**This resource centre allows you to learn about futures, perpetual contracts, position marking, and liquidation.
  • **API:**From here you can set up an API connection with BitMEX, and utilize the REST API and WebSocket API.
BitMEX also employs 24/7 customer support and the team can also be contacted on their Twitter and Reddit accounts.
In addition, BitMEX provides a variety of educational resources including an FAQ section, Futures guides, Perpetual Contracts guides, and further resources in the “References” account tab.
For users looking for more in depth analysis, the BitMEX blog produces high level descriptions of a number of subjects and has garnered a good reputation among the cryptocurrency community.
Most importantly, the exchange also maintains a testnet platform, built on top of testnet Bitcoin, which allows anyone to try out programs and strategies before moving on to the live exchange.
This is crucial as despite the wealth of resources available, BitMEX is not really suitable for beginners, and margin trading, futures contracts and swaps are best left to experienced, professional or institutional traders.
Margin trading and choosing to engage in leveraged activity are risky processes and even more advanced traders can describe the process as a high risk and high reward “game”. New entrants to the sector should spend a considerable amount of time learning about margin trading and testing out strategies before considering whether to open a live account.

Is BitMEX Safe?

BitMEX is widely considered to have strong levels of security. The platform uses multi-signature deposits and withdrawal schemes which can only be used by BitMEX partners. BitMEX also utilises Amazon Web Services to protect the servers with text messages and two-factor authentication, as well as hardware tokens.
BitMEX also has a system for risk checks, which requires that the sum of all account holdings on the website must be zero. If it’s not, all trading is immediately halted. As noted previously, withdrawals are all individually hand-checked by employees, and private keys are never stored in the cloud. Deposit addresses are externally verified to make sure that they contain matching keys. If they do not, there is an immediate system shutdown.
https://preview.redd.it/t04qs3484cc41.jpg?width=808&format=pjpg&auto=webp&s=a3b106cbc9116713dcdd5e908c00b555fd704ee6
In addition, the BitMEX trading platform is written in kdb+, a database and toolset popular amongst major banks in high frequency trading applications. The BitMEX engine appears to be faster and more reliable than some of its competitors, such as Poloniex and Bittrex.
They have email notifications, and PGP encryption is used for all communication.
The exchange hasn’t been hacked in the past.

How Secure is the platform?

As previously mentioned, BitMEX is considered to be a safe exchange and incorporates a number of security protocols that are becoming standard among the sector’s leading exchanges. In addition to making use of Amazon Web Services’ cloud security, all the exchange’s systems can only be accessed after passing through multiple forms of authentication, and individual systems are only able to communicate with each other across approved and monitored channels.
Communication is also further secured as the exchange provides optional PGP encryption for all automated emails, and users can insert their PGP public key into the form inside their accounts.
Once set up, BitMEX will encrypt and sign all the automated emails sent by you or to your account by the [[email protected]](mailto:[email protected]) email address. Users can also initiate secure conversations with the support team by using the email address and public key on the Technical Contact, and the team have made their automated system’s PGP key available for verification in their Security Section.
The platform’s trading engine is written in kdb+, a database and toolset used by leading financial institutions in high-frequency trading applications, and the speed and reliability of the engine is also used to perform a full risk check after every order placement, trade, settlement, deposit, and withdrawal.
All accounts in the system must consistently sum to zero, and if this does not happen then trading on the platform is immediately halted for all users.
With regards to wallet security, BitMEX makes use of a multisignature deposit and withdrawal scheme, and all exchange addresses are multisignature by default with all storage being kept offline. Private keys are not stored on any cloud servers and deep cold storage is used for the majority of funds.
Furthermore, all deposit addresses sent by the BitMEX system are verified by an external service that works to ensure that they contain the keys controlled by the founders, and in the event that the public keys differ, the system is immediately shut down and trading halted. The exchange’s security practices also see that every withdrawal is audited by hand by a minimum of two employees before being sent out.

BitMEX Customer Support

The trading platform has a 24/7 support on multiple channels, including email, ticket systems and social media. The typical response time from the customer support team is about one hour, and feedback on the customer support generally suggest that the customer service responses are helpful and are not restricted to automated responses.
https://preview.redd.it/8k81zl0a4cc41.jpg?width=808&format=pjpg&auto=webp&s=e30e5b7ca93d2931f49e2dc84025f2fda386eab1
The BitMEX also offers a knowledge base and FAQs which, although they are not necessarily always helpful, may assist and direct users towards the necessary channels to obtain assistance.
BitMEX also offers trading guides which can be accessed here

Conclusion

There would appear to be few complaints online about BitMEX, with most issues relating to technical matters or about the complexities of using the website. Older complaints also appeared to include issues relating to low liquidity, but this no longer appears to be an issue.
BitMEX is clearly not a platform that is not intended for the amateur investor. The interface is complex and therefore it can be very difficult for users to get used to the platform and to even navigate the website.
However, the platform does provide a wide range of tools and once users have experience of the platform they will appreciate the wide range of information that the platform provides.
Visit BitMEX
submitted by bitmex_register to u/bitmex_register [link] [comments]

r/Bitcoin recap - March 2018

Hi Bitcoiners!
I’m back with the fifteenth monthly Bitcoin news recap.
For those unfamiliar, each day I pick out the most popularelevant/interesting stories in Bitcoin and save them. At the end of the month I release them in one batch, to give you a quick (but not necessarily the best) overview of what happened in bitcoin over the past month.
And a lot has happened. It's easy to forget with so much focus on the price. Take a moment and scroll through the list below. You'll find an incredibly eventful month.
You can see recaps of the previous months on Bitcoinsnippets.com
A recap of Bitcoin in March 2018
submitted by SamWouters to Bitcoin [link] [comments]

How to trade Ethereum

How to trade Ethereum

https://preview.redd.it/i6wrjvz5um541.png?width=1000&format=png&auto=webp&s=6334ee0ddb8be6c1219eea8a191780f5b1ca366e
Ethereum is the second largest cryptocurrency by capitalization after Bitcoin, founded in 2014 by Vitalik Buterin. The work of the ether is based on smart contracts technology, which was first implemented in this cryptocurrency. Smart contracts allow to conclude transactions between users without intermediaries, and the program code controls the fulfillment of the obligations of both parties.

Where you can trade Ethereum

Ethereum is traded on all cryptocurrency exchanges, as it is the main altcoin. The most popular trading platforms are Binance and BitMEX. To store ether, you need to have a wallet, such as MyEtherWallet. If you plan to trade, there is no need to buy cryptocurrency through exchangers, but you can buy it on the exchange directly - Binance added support for ruble and currency pairs, including ETH/RUB.

How to trade

The Ethereum price chart is represented by the Trading View resource, which is integrated into the Trade-mate.io service. In your account you can connect three exchanges Binance, BitMEX and Poloniex. In addition to advanced Tradingview charts service provides smart trade functionality with trailing stops and autotrade, allowing you to copy trades of other traders and trading bots.
The Ethereum volatility allows you to use any classic strategies inherited from Forex. If the foreign exchange market has long acquired immunity to technical analysis, the crypto market allows you to make a profit due to the immaturity of the industry. The most popular trading indicators are Bollinger Bands, Fibonacci Levels, RSI and others. A detailed description is easy to find on the Internet, but do not forget about the main rule - set up stop losses, because any cryptocurrency can collapse by 20% or more in a few hours. Trade-mate.io will help to extract the maximum profit, because smart trade allows you to automatically rearrange the stop loss as long as the price rises.

Little trick

Special attention is focused on Ether because of its popularity, so the coin is quite sensitive to news. Even rumors can lead to strong growth or collapse of this cryptocurrency. For example, fake information about the death of the founder of the project at the end of June led to a strong price collapse.

https://preview.redd.it/yx3yjqmcum541.png?width=762&format=png&auto=webp&s=39578308f01912d3b45df2e5dc13ec53f0c2e96a
submitted by mrhadow to matetrade [link] [comments]

Playing with fire with FinCen and SEC, Binance may face a hefty penalty again after already losing 50 percent of its trading business

On 14 June, Binance announced that it “constantly reviews user accounts to improve (their) platform security and to comply with global compliance requirements”, mentioning that “Binance is unable to provide services to any U.S. person” in the latest “Binance Terms of Use” attached within the announcement.
According to the data from a third-party traffic statistics website, Alexa, users in the U.S. form the biggest user group of Binance, accounting for about 25% of the total visitor traffic.
In the forecast of Binance’s user scale compiled by The Block, the largest traffic is dominated by users in the U.S., surpassing the total of the ones from the second place to the fifth place.
Also, considering that the scale of digital asset trading for the users in the U.S. far exceeds that of the users of many other countries, it could mean that Binance may have already lost 50 % of the business income by losing users in the U.S. Apparently, such an announcement by Binance to stop providing services to users in the U.S. means Binance has no other alternative but “seek to live on.”
So, what are the specific requirements of the U.S. for digital asset exchanges and which of the regulatory red lines of the U.S. did Binance cross?
Compliance issues relating to operation permission of digital asset exchanges
In the U.S., the entry barrier for obtaining a business license to operate a digital asset exchange is not high. Apart from the special licencing requirements of individual states such as New York, most of the states generally grant licences to digital asset exchanges through the issuance of a “Money Transmitter License” (MTL).
Each state has different requirements for MTL applications. Some of the main common requirements are:
Filling out the application form, including business address, tax identification number, social security number and statement of net assets of the owneproprietor Paying the relevant fees for the licence application Meeting the minimum net assets requirements stipulated by the state Completing a background check Providing a form of guarantee, such as security bonds
It is worth noting that not all states are explicitly using MTL to handle the issues around operation permission of digital asset exchanges. For instance, New Hampshire passed a new law on 12 March 2017, announcing that trading parties of digital assets in that state would not be bound by MTL. Also, Montana has not yet set up MTL, keeping an open attitude towards the currency trading business.
On top of obtaining the MTL in each state, enterprises are also required to complete the registration of “Money Services Business” (MSB) on the federal level FinCEN (Financial Crimes Enforcement Network of the U.S. Treasury Department) issued the “Application of FinCEN’s Regulations to Persons Administering, Exchanging, or Using Virtual Currencies” on 18 March 2013. On the federal level, the guideline requires any enterprise involved in virtual currency services to complete the MSB registration and perform the corresponding compliance responsibilities. The main responsibility of a registered enterprise is to establish anti-money laundering procedures and reporting systems.
However, California is an exception. Enterprises in California would only need to complete the MSB registration on the federal level and they do not need to apply for the MTL in California.
Any enterprise operating in New York must obtain a virtual currency business license, Bitlicense, issued in New York
Early in July 2014, the New York State Department of Financial Services (NYSDFS) has specially designed and launched the BitLicense, stipulating that any institutions participating in a business relevant to virtual currency (virtual currency transfer, virtual currency trust, provision of virtual currency trading services, issuance or management of virtual currencies) must obtain a BitLicense.
To date, the NYSDFS has issued 19 Bitlicenses. Among them includes exchanges such as Coinbase (January 2017), BitFlyer (July 2017), Genesis Global Trading (May 2018) and Bitstamp (April 2019).
Solely from the perspective of operation permission, Binance has yet to complete the MSB registration of FinCEN (its partner, BAM Trading, has completed the MSB registration). This means that Binance is not eligible to operate a digital asset exchange in the U.S. FinCEN has the rights to prosecute Binance based on its failure to fulfil the relevant ‘anti-money laundering’ regulatory requirements.
Compliance issues relating to online assets
With the further development of the digital asset market, ICO has released loads of “digital assets” that have characteristics of a “security” into the trading markets. The Securities and Exchange Commission (SEC) has proposed more comprehensive compliance requirements for digital asset exchanges. The core of the requirements is reflected in the restrictions of offering digital assets trading service.
In the last two years, the SEC has reiterated on many occasions that digital assets that have characteristics of a security should not be traded on a digital asset exchange
In August 2017, when the development of ICO was at its peak, the SEC issued an investor bulletin “Investor Bulletin: Initial Coin Offerings” on its website and published an investigation report of the DAO. It determined that the DAO tokens were considered ‘marketable securities’, stressing that all digital assets considered ‘marketable securities’ would be incorporated into the SEC regulatory system, bound by the U.S. federal securities law. Soon after, the SEC also declared and stressed that “(if) a platform offers trading of digital assets that are securities and operates as an “exchange,” as defined by the federal securities laws, then the platform must register with the SEC as a national securities exchange or be exempt from registration.”
On 16 November 2018, the SEC issued a “Statement on Digital Asset Securities Issuance and Trading,” in which the SEC used five real case studies to conduct exemplary penalty rulings on the initial offers and sales of digital asset securities, including those issued in ICOs, relevant cryptocurrency exchanges, investment management tools, ICO platforms and so on. The statement further reiterates that exchanges cannot provide trading services for digital assets that have characteristics of a security.
On 3 April 2019, the SEC issued the “Framework for ‘Investment Contract’ Analysis of Digital Assets” to further elucidate the evaluation criteria for determining whether a digital asset is a security and providing guiding opinions on the compliance of the issuance, sales, holding procedures of digital assets.
As of now, only a small number of digital assets, such as BTC, ETH, etc. meet the SEC’s requirement of “non-securities assets.” The potentially “compliant” digital assets are less than 20.
Early in March 2014, the Inland Revenue Service (IRS) has stated that Bitcoin will be treated as a legal property and will be subject to taxes. In September 2015, the U.S. Commodity Futures Trading Commission (CFTC) stated that Bitcoin is a commodity and will be treated as a “property” by the IRS for tax purposes.
On 15 June 2018, William Hinman, Director of the Corporate Finance Division of the SEC, said at the Cryptocurrency Summit held in San Francisco that BTC and ETH are not securities. Nevertheless, many ICO tokens fall under the securities category.
So far, only BTC and ETH have received approval and recognition of the U.S. regulatory authority as a “non-securities asset.”
Since July 2018, the SEC has investigated more than ten types of digital assets, one after another, and ruled that they were securities and had to be incorporated into the SEC regulatory system. It prosecuted and punished those who had contravened the issuance and trading requirements of the securities laws.
Although there are still many digital assets that have yet to be characterised as “securities”, it is extremely difficult to be characterised as a “non-securities asset” based on the evaluation criteria announced by the SEC. As the SEC’s spokesperson has reiterated many times, they believe the majority of ICO tokens are securities.
Under the stipulated requirements of the SEC, Coinbase, a leading U.S. exchange, has withdrawn a batch of digital assets. The assets withdrawn included digital assets that had been characterised as “securities” as well as those that have high risks of being characterised as “securities.” However, it is worth noting that although the risk to be characterised as “securities” for more than ten types of digital assets, which have not been explicitly required by SEC to be withdrawn, is relatively small, they are not entirely safe. With the further escalation of the SEC’s investigations, they could still be characterised as securities and be held accountable for violating their responsibilities. However, this requires further guidance from the SEC.
*Coinbase’s 14 types of digital assets that have yet to be requested for withdrawal
Poloniex announced on 16 May that it would stop providing services for nine digital assets, including Ardor (ARDR), Bytecoin (BCN), etc. under the compliance guidelines of the SEC. On 7 June, Bittrex also announced that it would stop providing trading services to U.S. users for 32 digital assets. The action of the SEC on its regulatory guidance was further reinforced apparently.
In fact, it is not the first time that these two exchanges have withdrawn digital assets under regulatory requirements. Since the rapid development of digital assets driven by ICO in 2017, Poloniex and Bittrex were once leading exchanges for ICO tokens, providing comprehensive trading services for digital assets. However, after the SEC reiterated its compliance requirements, Poloniex and Bittrex have withdrawn a considerable amount of assets in the past year to meet the compliance requirements.
In conclusion, the takeaways that we have got are as follows: Under the existing U.S. regulatory requirements of digital assets, after obtaining the basic entry licences (MSB, MTL), exchanges could either choose the “compliant asset” solution of Coinbase and only list a small number of digital assets that do not have apparent characteristics of a security, and at all times prepare to withdraw any asset later characterised as “securities” by the SECs; or choose to be like OKEx and Huobi and make it clear they would “not provide services to any U.S. users” at the start.
Binance has been providing a large number of digital assets that have characteristics of a security to U.S users without a U.S. securities exchange licence, so it has already contravened the SEC regulatory requirements.
On top of that, it is also worth noting that the rapid development of Binance has been achieved precisely through the behaviours of “contrary to regulations” and “committing crimes.” Amid the blocking of several pioneering exchanges, such as OKCoin, Huobi, etc. providing services to Chinese users in the Chinese market under new laws from the regulatory authorities, Binance leapfrogged the competition and began to dominate the Chinese market. Similarly, Binance’s rapid growth in the U.S. market is mainly due to its domination of the traffic of digital assets withdrawn by Poloniex and Bittrex. One can say that Binance not only has weak awareness of compliance issues, but it is also indeed “playing with fire” with the U.S. regulators.
In April 2018, the New York State Office of Attorney General (OAG) requested 13 digital asset exchanges, including Binance, to prepare for investigations, indicating it would initiate an investigation in relations to company ownership, leadership, operating conditions, service terms, trading volume, relationships with financial institutions, etc. Many exchanges, including Gemini, Bittrex, Poloniex, BitFlyer, Bitfinex, and so on, proactively acknowledged and replied in the first instance upon receipt of the investigation notice. However, Binance had hardly any action.
Binance has been illegally operating in the U.S. for almost two years. It has not yet fulfilled the FinCEN and MSB registration requirements. Moreover, it has also neglected the SEC announcements and OAG investigation summons on several occasions. The ultimate announcement of exiting the U.S. market may be due to the tremendous pressure imposed by the U.S. regulators.
In fact, the SEC executives have recently stressed that “exchanges of IEO in the U.S. market are facing legal risks and the SEC would soon crack down on these illegal activities” on numerous occasions. These were clear indications of imposing pressure on Binance.
Regarding the SEC’s rulings on illegal digital asset exchanges, EtherDelta and investment management platform, Crypto Asset Management, it may not be easy for Binance to “fully exit” from the U.S. market. It may be faced with a hefty penalty. Once there are any compensation claims by the U.S. users for losses incurred in the trading of assets at Binance, it would be dragged into a difficult compensation dilemma. It would undoubtedly be a double blow for Binance that has just been held accountable for the losses incurred in a theft of 7,000 BTC.
Coincidentally, Binance was tossed out of Japan because of compliance issues. In March 2018, the Financial Services Agency of Japan officially issued a stern warning to Binance, which was boldly providing services to Japanese users without registering for a digital asset exchange licence in Japan. Binance was forced to relocate to Malta instead. Binance may have to bear hefty penalties arising from challenging the compliance requirements after it had lost important markets due to consecutive compliance issues.
The rise of Binance was attributed to its bold and valiant style, grasping the opportunity created in the vacuum period of government regulation, breaking compliance requirements and rapidly dominating the market to obtain user traffic. For a while, it gained considerable advantages in the early, barbaric growth stage of the industry. Nonetheless, under the increasingly comprehensive regulatory compliance system for global digital asset markets, Binance, which has constantly been “evading regulation” and “resisting supervision” would undoubtedly face enormous survival challenges, notwithstanding that it would lose far more than 50 per cent of the market share.
https://www.asiacryptotoday.com/playing-with-fire-with-fincen-and-sec-binance-may-face-a-hefty-penalty-again-after-already-losing-50-percent-of-its-trading-business/
submitted by Fun_Judgment to CryptoCurrencyTrading [link] [comments]

Growth of BTC Millionaires Now Matches Bitcoin’s Early Years: New Data

Growth of BTC Millionaires Now Matches Bitcoin’s Early Years: New Data


The number of Bitcoin (BTC) addresses containing more than 1,000 BTC ($8.3 million) is growing at the same pace in 2019 as before 2014, new data shows.

Woo “super bullish” on wallet trend

Uploaded to social media by Bitcoin statistician Willy Woo on Oct. 11, a chart of Bitcoin address growth by balance shows the network is now repeating a trend from its earliest years.

https://preview.redd.it/87ak0ot1sjs31.png?width=1200&format=png&auto=webp&s=adef11f876694b167d49649b75d505033744ba6d
Source: charts.woobull.com
“The rate of growth of 1000BTC addresses now matches the early growth in Bitcoin's network,” he summarized.
Woo was expanding on original data from blockchain analysis resource Glassnode.
According to him, fresh desire for major Bitcoin balances at vastly higher prices than five years ago speaks to wealthier individuals coming into the space.
If those generating addresses with over 1,000 BTC at that time were doing so out of technical curiosity, the incentives in 2019 are purely financial. Woo concluded:
“IMO we're likely in a new renaissance of Bitcoin, this one is powered by capital influx of high net worth investors, while the early one was from the tech savvy who were bootstrapping the network. Super Bullish.”

Bitcoin rich list highs

The data suggests the trajectory of balances topping 1,000 BTC picked up at the start of 2019 after a period of flat growth, which began in late 2013 just prior to the implosion of major exchange, Mt. Gox.
As Cointelegraph reported last month, the number of addresses containing more than $100,000 has also hit an all-time high.
At press time, 3,070 address held more than 1,000 BTC each, representing just 0.01% of the total, according to BitInfoCharts’ Bitcoin Rich List. It should also be noted that many of the richest addresses — specifically the top four — belong to exchanges such as Binance, which hold Bitcoins belonging to millions of users.
submitted by Rajladumor1 to omgfin [link] [comments]

Can ParamountDax Challenge Binance, Poloniex, and Bitfinex?

Can ParamountDax Challenge Binance, Poloniex, and Bitfinex?

https://preview.redd.it/2t4iq3nap8y31.png?width=540&format=png&auto=webp&s=db672be26a68254ca134670981873fe66c29d36c
Dear Community,
ParamountDax’s dream of becoming a cryptocurrency giant seems to become more achievable day by day, however, cryptocurrencies have noticeable challenges both at the technical and the social level, so let’s dive in.
The majority of well-known large exchanges have encountered unforeseen problems, for example, Binance, Bittrex, Poloniex.
ParamountDax is a promising platform for cryptocurrency exchange, which took into account all the flaws of its competitors and created a unique and comfortable platform for its users.
A few important steps before joining an exchange:
Reputation — reputation is always the major point, which defines the brand in general.
Security — is the second and very important way to identify the right platform, as it’s important to know your money is safe.
Fees — some bitcoin exchanges are taking a fee on every transaction like withdrawal, deposit, or trading, some of them are not. Choose the platform according to the kind of trader you are.
Payment Methods — every platform has different methods, make your own analysis and find out what fits you more.
Verification Requirements and Geographical Restrictions — are also important. Pay attention to this part before completing the registration.
Support — The best services offer 24/7 support.

BINANCE

About: Binance is a China-based cryptocurrency exchange that gives users access to a robust set of trading tools, charts, and security features. Following a successful initial coin offering (ICO), Binance began live trading in July 2017. By offering both Basic and Advanced exchange interfaces, Binance makes it easy for beginners to use.
Claims that: Low fees on transactions and withdrawals, Capable of processing 1.4 million transactions per second. Binance has a Basic and Advanced exchange view. Security: 2-FA and Google Authenticator to verify withdrawals. However, only Chinese phone numbers are supported for SMS 2-FA.
PARAMOUNTDAX
About: As one of the few crypto exchanges licensed before its launch date, ParamountDax serves the real needs of the crypto community. In this respect, we created a highly proficient, stable and secure centralized hub for crypto assets. ParamountDax is a Fully — Developed from the scratch, ready-to-use product implemented as a modern-age crypto trading exchange. ParamountDax gives users access to a robust set of trading tools, Trading from the charts, Advanced Market Detector, Daily profit up to 46%, Unique Trading Interface,The simplicity and depth chart are certain to satisfy the needs of any trader at any experience level and security features.
Claims that: all features are on a single page without having to scroll down to the access order book, trade history, depth chart or other important information. Increase TPS from 100.000 to 1 million transactions per second, Low fees. Multi-language capabilities (it is does not matter what nationality a consumer is).
Security: Risk-Free, Unique security measurements for all users including insurances against hack and employee mistakes, cold wallet storage
POLONIEX
About: Poloniex launched in 2014 and is based out of Wilmington, Delaware, in the United States. Poloniex is a widely used exchange based in the US. It is the largest cryptocurrency exchange in terms of volume. Users can trade almost every crypto coin. It also presents unrestricted access to previous charts of cryptocurrencies.
Claims that: there are many features that experienced traders will appreciate. You can find a range of efficient data-analysis tools, along with very detailed charts that let you make educated decisions regarding trades. The high-volume nature of Poloniex also appeals to traders, particularly the ability to do lending and margin trading.
Security: Poloniex takes care of security in multiple ways. To keep hackers out, it stores the majority of customers’ deposits in air-gapped cold storage offline.

BITFINEX

About: since 2014, Bitfinex has emerged as one of the world’s leading bitcoin exchanges. Based in Hong Kong, the company first entered the market in 2012 and has enjoyed steady expansion ever since. In addition to bitcoin, it provides access to the world’s leading altcoins as well as full-spec wallet services.
Claims that: in addition to being widely recognized as the world’s largest bitcoin exchange, Bitfinex offers a customizable interface that allows you to personalize your workstation. The platform is fully equipped with margin trading and ten different order types that give you the opportunity to trade the market without limitation.
Security: because Bitfinex gets a lot of its liquidity from Tether, many people are concerned that the exchange might not be as financially secure as it claims to be. But it was not any precedents yet.
In Conclusion, ParamountDax offers new tools that satisfy the needs of any trader, which will set its standards for ideal trading. ParamountDax clients are able to count on the answer at their requests 24 hours 7 days a week. Other exchanges could keep silence a few months and the user will stay without helpful information.
The aim of the ParamountDax team is to meet worldwide demand.
Good luck! And see you soon!
Website : https://paramountdax.io/
View MVP : https://staging.paramountdax.com
And here’s how to get involved with the ParamountDax community:
Telegram : https://t.me/joinchat/LNehJxUX9sVoZabNrnaEZA
Twitter : https://twitter.com/ParamountDax
Facebook : https://www.facebook.com/Paramountdax-2024636494500768
Bitcointalk: https://bitcointalk.org/index.php?topic=5137789.0
Reddit: https://www.reddit.com/ParamountDax/
submitted by ParamountDax to u/ParamountDax [link] [comments]

Can ParamountDax Challenge Binance, Poloniex, and Bitfinex?

Can ParamountDax Challenge Binance, Poloniex, and Bitfinex?

https://preview.redd.it/emo8c5oje9y31.png?width=540&format=png&auto=webp&s=ed486c8a0aecb1f1c1060b93575b01a20161c819
Dear Community,
ParamountDax’s dream of becoming a cryptocurrency giant seems to become more achievable day by day, however, cryptocurrencies have noticeable challenges both at the technical and the social level, so let’s dive in.
The majority of well-known large exchanges have encountered unforeseen problems, for example, Binance, Bittrex, Poloniex.
ParamountDax is a promising platform for cryptocurrency exchange, which took into account all the flaws of its competitors and created a unique and comfortable platform for its users.
A few important steps before joining an exchange:
Reputation — reputation is always the major point, which defines the brand in general.
Security — is the second and very important way to identify the right platform, as it’s important to know your money is safe.
Fees — some bitcoin exchanges are taking a fee on every transaction like withdrawal, deposit, or trading, some of them are not. Choose the platform according to the kind of trader you are.
Payment Methods — every platform has different methods, make your own analysis and find out what fits you more.
Verification Requirements and Geographical Restrictions — are also important. Pay attention to this part before completing the registration.
Support — The best services offer 24/7 support.

BINANCE

About: Binance is a China-based cryptocurrency exchange that gives users access to a robust set of trading tools, charts, and security features. Following a successful initial coin offering (ICO), Binance began live trading in July 2017. By offering both Basic and Advanced exchange interfaces, Binance makes it easy for beginners to use.
Claims that: Low fees on transactions and withdrawals, Capable of processing 1.4 million transactions per second. Binance has a Basic and Advanced exchange view. Security: 2-FA and Google Authenticator to verify withdrawals. However, only Chinese phone numbers are supported for SMS 2-FA.
ParamountDax
About: As one of the few crypto exchanges licensed before its launch date, ParamountDax serves the real needs of the crypto community. In this respect, we created a highly proficient, stable and secure centralized hub for crypto assets. ParamountDax is a Fully — Developed from the scratch, ready-to-use product implemented as a modern-age crypto trading exchange. ParamountDax gives users access to a robust set of trading tools, Trading from the charts, Advanced Market Detector, Daily profit up to 46%, Unique Trading Interface,The simplicity and depth chart are certain to satisfy the needs of any trader at any experience level and security features.
Claims that: all features are on a single page without having to scroll down to the access order book, trade history, depth chart or other important information. Increase TPS from 100.000 to 1 million transactions per second, Low fees. Multi-language capabilities (it is does not matter what nationality a consumer is).
Security: Risk-Free, Unique security measurements for all users including insurances against hack and employee mistakes, cold wallet storage
POLONIEX
About: Poloniex launched in 2014 and is based out of Wilmington, Delaware, in the United States. Poloniex is a widely used exchange based in the US. It is the largest cryptocurrency exchange in terms of volume. Users can trade almost every crypto coin. It also presents unrestricted access to previous charts of cryptocurrencies.
Claims that: there are many features that experienced traders will appreciate. You can find a range of efficient data-analysis tools, along with very detailed charts that let you make educated decisions regarding trades. The high-volume nature of Poloniex also appeals to traders, particularly the ability to do lending and margin trading.
Security: Poloniex takes care of security in multiple ways. To keep hackers out, it stores the majority of customers’ deposits in air-gapped cold storage offline.

BITFINEX

About: since 2014, Bitfinex has emerged as one of the world’s leading bitcoin exchanges. Based in Hong Kong, the company first entered the market in 2012 and has enjoyed steady expansion ever since. In addition to bitcoin, it provides access to the world’s leading altcoins as well as full-spec wallet services.
Claims that: in addition to being widely recognized as the world’s largest bitcoin exchange, Bitfinex offers a customizable interface that allows you to personalize your workstation. The platform is fully equipped with margin trading and ten different order types that give you the opportunity to trade the market without limitation.
Security: because Bitfinex gets a lot of its liquidity from Tether, many people are concerned that the exchange might not be as financially secure as it claims to be. But it was not any precedents yet.
In Conclusion, ParamountDax offers new tools that satisfy the needs of any trader, which will set its standards for ideal trading. ParamountDax clients are able to count on the answer at their requests 24 hours 7 days a week. Other exchanges could keep silence a few months and the user will stay without helpful information.
The aim of the ParamountDax team is to meet worldwide demand.
Good luck! And see you soon!
Website : https://paramountdax.io/
View MVP : https://staging.paramountdax.com
And here’s how to get involved with the ParamountDax community:
Telegram : https://t.me/joinchat/LNehJxUX9sVoZabNrnaEZA
Twitter : https://twitter.com/ParamountDax
Facebook : https://www.facebook.com/Paramountdax-2024636494500768
Bitcointalk: https://bitcointalk.org/index.php?topic=5137789.0
Reddit: https://www.reddit.com/ParamountDax/

1

submitted by ParamountDax to Crypto_ICO_Investing [link] [comments]

Can ParamountDax Challenge Binance, Poloniex, and Bitfinex?

Can ParamountDax Challenge Binance, Poloniex, and Bitfinex?

https://preview.redd.it/rp85khq9d9y31.png?width=540&format=png&auto=webp&s=53f056a7439a462c872025ede47eaf5ebf87307f
Dear Community,
ParamountDax’s dream of becoming a cryptocurrency giant seems to become more achievable day by day, however, cryptocurrencies have noticeable challenges both at the technical and the social level, so let’s dive in.
The majority of well-known large exchanges have encountered unforeseen problems, for example, Binance, Bittrex, Poloniex.
ParamountDax is a promising platform for cryptocurrency exchange, which took into account all the flaws of its competitors and created a unique and comfortable platform for its users.
A few important steps before joining an exchange:
Reputation — reputation is always the major point, which defines the brand in general.
Security — is the second and very important way to identify the right platform, as it’s important to know your money is safe.
Fees — some bitcoin exchanges are taking a fee on every transaction like withdrawal, deposit, or trading, some of them are not. Choose the platform according to the kind of trader you are.
Payment Methods — every platform has different methods, make your own analysis and find out what fits you more.
Verification Requirements and Geographical Restrictions — are also important. Pay attention to this part before completing the registration.
Support — The best services offer 24/7 support.

BINANCE

About: Binance is a China-based cryptocurrency exchange that gives users access to a robust set of trading tools, charts, and security features. Following a successful initial coin offering (ICO), Binance began live trading in July 2017. By offering both Basic and Advanced exchange interfaces, Binance makes it easy for beginners to use.
Claims that: Low fees on transactions and withdrawals, Capable of processing 1.4 million transactions per second. Binance has a Basic and Advanced exchange view. Security: 2-FA and Google Authenticator to verify withdrawals. However, only Chinese phone numbers are supported for SMS 2-FA.
ParamountDax
About: As one of the few crypto exchanges licensed before its launch date, ParamountDax serves the real needs of the crypto community. In this respect, we created a highly proficient, stable and secure centralized hub for crypto assets. ParamountDax is a Fully — Developed from the scratch, ready-to-use product implemented as a modern-age crypto trading exchange. ParamountDax gives users access to a robust set of trading tools, Trading from the charts, Advanced Market Detector, Daily profit up to 46%, Unique Trading Interface,The simplicity and depth chart are certain to satisfy the needs of any trader at any experience level and security features.
Claims that: all features are on a single page without having to scroll down to the access order book, trade history, depth chart or other important information. Increase TPS from 100.000 to 1 million transactions per second, Low fees. Multi-language capabilities (it is does not matter what nationality a consumer is).
Security: Risk-Free, Unique security measurements for all users including insurances against hack and employee mistakes, cold wallet storage
POLONIEX
About: Poloniex launched in 2014 and is based out of Wilmington, Delaware, in the United States. Poloniex is a widely used exchange based in the US. It is the largest cryptocurrency exchange in terms of volume. Users can trade almost every crypto coin. It also presents unrestricted access to previous charts of cryptocurrencies.
Claims that: there are many features that experienced traders will appreciate. You can find a range of efficient data-analysis tools, along with very detailed charts that let you make educated decisions regarding trades. The high-volume nature of Poloniex also appeals to traders, particularly the ability to do lending and margin trading.
Security: Poloniex takes care of security in multiple ways. To keep hackers out, it stores the majority of customers’ deposits in air-gapped cold storage offline.

BITFINEX

About: since 2014, Bitfinex has emerged as one of the world’s leading bitcoin exchanges. Based in Hong Kong, the company first entered the market in 2012 and has enjoyed steady expansion ever since. In addition to bitcoin, it provides access to the world’s leading altcoins as well as full-spec wallet services.
Claims that: in addition to being widely recognized as the world’s largest bitcoin exchange, Bitfinex offers a customizable interface that allows you to personalize your workstation. The platform is fully equipped with margin trading and ten different order types that give you the opportunity to trade the market without limitation.
Security: because Bitfinex gets a lot of its liquidity from Tether, many people are concerned that the exchange might not be as financially secure as it claims to be. But it was not any precedents yet.
In Conclusion, ParamountDax offers new tools that satisfy the needs of any trader, which will set its standards for ideal trading. ParamountDax clients are able to count on the answer at their requests 24 hours 7 days a week. Other exchanges could keep silence a few months and the user will stay without helpful information.
The aim of the ParamountDax team is to meet worldwide demand.
Good luck! And see you soon!
Website : https://paramountdax.io/
View MVP : https://staging.paramountdax.com
And here’s how to get involved with the ParamountDax community:
Telegram : https://t.me/joinchat/LNehJxUX9sVoZabNrnaEZA
Twitter : https://twitter.com/ParamountDax
Facebook : https://www.facebook.com/Paramountdax-2024636494500768
Bitcointalk: https://bitcointalk.org/index.php?topic=5137789.0
Reddit: https://www.reddit.com/ParamountDax/

1

submitted by ParamountDax to IcoInvestor [link] [comments]

All About Zcoin

All About Zcoin

https://preview.redd.it/hixbz9f3lxm31.jpg?width=1200&format=pjpg&auto=webp&s=43896de84a3693d840c84057c0314af71718f0a3
What is Zcoin?
Zcoin, also referred to as XZC or Zerocoin, is an open source decentralized cryptocurrency that provides privacy and anonymity for its users when making transactions.
To achieve its privacy and anonymity, Zcoin uses zero-knowledge proofs via the Zerocoin protocol, which is at this moment in time one of the most cited cryptography papers.
According to Wikipedia, in cryptography, a zero-knowledge proof or zero-knowledge protocol is a method in which one party proves to another party (the verifier) that a given statement is actually true.
In other words, in a transaction with Bitcoin or Ethereum or something similar, your transaction history is always linked to your coins by default, leaving you vulnerable. All it takes is one link to your personal information or IP to find out the origin of the coins.
However, when you trade with Zcoin’s Zercoin feature, your transaction history is not linked to the actual coins. Only the receiver and sender know that the funds have actually been exchanged.

How Does Zcoin Work?

Zcoin works on the Zerocoin protocol by enforcing Zero-knowledge proofs. Here are the components of Zcoin to explain how it works.
Mint: When sending a private transaction with Zcoin, all you need to do is select the number of coins you want to mint. Post that your normal Zcoin balance would reduce automatically and you will be credited with new coins and no transaction history. In essence, your old coins are burned cryptographically, which prevents anyone else from using them again and being directed to your transaction history. You get credited with new coins with no history, while the total supply is maintained.
For now, you can only mint in denominations of 1, 10, 25, 50 and 100. If you choose ‘100’ coins to be minted, for instance, you will instantly be credited with 100 new Zcoins with no history attached to them.
  • Spend: When you want to make a private transaction, you will be required to use these ‘100’ newly minted coins. From this pool of funds, you can now send any amount in any denomination to anyone anonymously because no history is attached to it.
  • Repeat: You can ‘mint’ and ‘send’ Zcoins any number of times at anytime with your privacy intact.

Zcoin’s Vision

Zcoin seeks to improve things that Bitcoin hasn’t been able to so far, some of which include fungibility, privacy and miner’s centralization.
Users of Zcoin can enjoy full fungibility and privacy along with demolishing miner’s centralization by implementing a better proof of work algorithm called MTP.
Total Zcoin supply
Only 21 million units of Zcoin will ever be produced. Currently, there are about 3.4 million units in circulation, with the rest yet to be mined.
But the total supply has increased by 388450 XZC units after a Zcoin code bug, which the team refused to roll back due to economic reasons, which is why the total supply stands at approximately 21.4 million.
Every 10 minutes, a Zcoin block is mined and 50 coins are generated, making 72,000 Zcoins per day.
Market cap of Zcoin
According to CoinMarketCap, the total circulating supply of Zcoin is 5,757,841 XZC and the current unit price is $9.6. That makes the market cap approximately $55 million*.*
https://preview.redd.it/qw2igvupoxm31.png?width=1080&format=png&auto=webp&s=cfaa195d5d75ba8f20e5894d0351b2eabf76825a

How To Buy Zcoin Cryptocurrency

If you are looking to get some Zcoin, here is a list of resources where it can be bought from.
  • Atomars – Supported pairs are XZC/BTC, XZC/ETH, XZC/USDT
  • Binance - Supported pairs are XZC/BTC, XZC/ETH, XZC/BNB
  • Huobi - Supported pairs are XZC/BTC, XZC/ETH
  • Bittrex - Supported pairs are XZC/BTC
  • Cryptopia - Supported pairs are XZC/BTC, XZC/LTC, XZC/DOGE
  • CoinExchange - Supported pairs are XZC/BTC
  • LiteBit.eu - Supported pairs are XZC/EUR
Note: At the moment, buying XZC in fiat currencies such as USD, EUR, or GBP is quite difficult.
https://preview.redd.it/rrwao97woxm31.png?width=1460&format=png&auto=webp&s=442bf152f86a63300c5c4a029bb07369a69e6f70
Zcash:
Zcash is a decentralized and open-source peer-to-peer cryptocurrency that provides strong privacy protections. It was created as a fork of Bitcoin and, like bitcoin, it also has a hard limit of 21 million coins. Unlike bitcoin, however, Zcash offers total privacy for its users maintaining the absolute anonymity behind each transaction along with the parties and the amounts involved in it.
PIVX:
PIVX, which stands for Private Instant Verified Transaction, is an open-source, decentralized form of digital online money that uses blockchain technology. This makes it easy to transfer all around the world in an instant with low transaction fees with market leading security & privacy. PIVX focuses on privacy, security, anonymity, and instant transactions.
Monero:
Monero is a fast, private, secure and untraceable digital currency system that uses a special kind of cryptography to keep all its transactions 100% unlinkable and untraceable. With Monero, you are your own bank. You can spend safely, knowing that others cannot see your balances or track your activity.
Some Zcoin misconceptions
There are some misconceptions regarding Zcoin:
  • Some believe that, since Zcoin has a trusted setup that allows indefinite minting of coins, it is not safe. This is untrue. Of course, to start with they had to use a trusted setup because they have an auditable total coin supply that prevents any form of cheating. This downside however, is being taken care of by removing this trusted setup in the near future and when that happens, Zcoin will be one of the serious coins to count on for privacy.
  • Zcoin has been considered as Zcash’s fork but that is also not true because Zcash is based on the Zerocash protocol whereas Zcoin was started from scratch by applying Zerocoin tech.
Now that some of the Zcoin’s misconceptions have been cleared, here’s a look into its future.

Zcoin’s Future & Roadmap

Zcoin’s future is quite promising and worth watching based on these interesting milestones on their roadmap:
  • Zcoin is the first coin to implement MTP proof of work, which makes it possible for general masses to mine Zcoin with GPUs and CPUs. MTP doesn’t allow costly ASIC-like miners to mine XZC coins.
  • Zcoin is also implementing Znodes to make their cryptocurrency more decentralized and anonymous. These Znodes will be like masternodes and facilitate anonymous transactions as making an anonymous transaction single-handedly is quite computational.
  • Znodes will be incentivized by reducing some portion of the founder’s reward. Also, the surplus funds that get generated from the founder’s reward reduction would be used for hiring new developers and increased marketing efforts.
  • Another agenda on their roadmap is to bring inbuilt Tor or some IP obfuscation mechanism that will make it completely anonymous.
  • Apart from these, some innovative and exciting things like sigma protocol, decentralized anonymous voting and Zcoin Labs are on their roadmap, making this project worth checking out.
  • Last but not least, its recent price is a good indicator of its healthy market sentiment and shows that there are people who understand this project’s worth. Just to put things into perspective – a unit of Zcoin was priced $2 in March 2017 and now it is $37*.*

Zcoin Team & Progress

Zerocoin is a cryptocurrency proposed by professor Matthew D. Green, a professor of Johns Hopkins University, and graduate students Ian Miers and Christina Garman. It was proposed as an extension to the Bitcoin protocol that would add true cryptographic anonymity to Bitcoin transactions.
Zerocoin was first implemented into a fully functional cryptocurrency and released to the public by Poramin Insom, the lead developer, as Zcoin in September 2016.
Some of the notable dev members of the team are listed below.
Poramin Insom
Founder and Core Developer
Poramin Insom created what was the world's 4th most valuable cryptocurrency in February 2014. He is also the world's first person to implement stealth addresses in QT-Wallets, improving cryptocurrency anonymity. He earned a master’s degree in Information Security from Johns Hopkins University, where he wrote a paper on a proposed practical implementation of the Zerocoin protocol.
Alexander N.
Developer
Alexander N. aka Aizensou is a full-stack developer who has experience in many programming languages (C++, C#, Python, Perl, Java etc.) and has been involved in the cryptocurrency space since 2013. He has a broad development portfolio from low level APIs in Python and C++ to Android native applications in Java. In addition to his involvement in cryptocurrencies, Alexander was doing his P.h.D. in machine learning at a German university from 2012 to 2016.
Saran Siriphantnon
Developer
Saran Siriphantnon is the CTO of Satang.co/Satoshift, a fintech company focusing on creating an open financial system for Southeast Asia. He served as President of the Computer System Administrator Group at King Mongkut's Institute of Technology Ladkrabang.
Tadhg Riordan
Solidity Developer
Tadhg Riordan is a 24 year old Software Developer from Wexford, Ireland. He recently completed his MSc from Trinity College Dublin, where he worked with Blockchain privacy mechanisms, focusing particularly on Zero-Knowledge Proofs and the Ethereum platform. He is a strong advocate for the adoption of cryptocurrency and for complete financial privacy.
Apart from these, their team comprises of other developers, community managers, support personnel and advisors who maintain the required balance.

Advisors:

Aram Jivanyan (Cryptography Advisor): Co-Founder at Skycryptor & KMSchai
Torphop Korgtadam (It Security Consultant): Senior Vice President, Head Of Internal Audit Strategy, Innovation and Decision Science at United Overseas Bank Limited
Alexander N. aka Aizensou (Advisor)

Unique/Key Features Against Its Competitors:

  • Anonymous transactions. The project establishes a notably higher level of anonymity and seeks to bypass current analysis techniques which governments use to reveal the identity of users.
  • Not subject to transaction graph analysis. Zcoin has an anonymity set that encompasses all minted coins in a particular RSA accumulator that can scale to many thousands.
  • Innovative process. Tokens are burned cryptographically and replaced with new coins without a transaction history. This actively prevents anyone else from using the tokens again and stops the public from being directed to a user's transaction history.
  • Transparency focused. Zcoin's main advantage is its auditable money supply.
submitted by atomarsofficial to Atomars [link] [comments]

batching in Bitcoin

On May 6th, 2017, Bitcoin hit an all-time high in transactions processed on the network in a single day: it moved 375,000 transactions which accounted for a nominal output of about $2.5b. Average fees on the Bitcoin network had climbed over a dollar for the first time a couple days prior. And they kept climbing: by early June average fees hit an eye-watering $5.66. This was quite unprecedented. In the three-year period from Jan. 1 2014 to Jan. 1 2017, per-transaction fees had never exceeded 31 cents on a weekly average. And the hits kept coming. Before 2017 was over, average fees would top out at $48 on a weekly basis. When the crypto-recession set in, transaction count collapsed and fees crept back below $1.
During the most feverish days of the Bitcoin run-up, when normal users found themselves with balances that would cost more to send than they were worth, cries for batching — the aggregation of many outputs into a single transaction — grew louder than ever. David Harding had written a blog post on the cost-savings of batching at the end of August and it was reposted to the Bitcoin subreddit on a daily basis.
The idea was simple: for entities sending many transactions at once, clustering outputs into a single transaction was more space- (and cost-) efficient, because each transaction has a fixed data overhead. David found that if you combined 10 payments into one transaction, rather than sending them individually, you could save 75% of the block space. Essentially, batching is one way to pack as many transactions as possible into the finite block space available on Bitcoin.
When fees started climbing in mid-2017, users began to scrutinize the behavior of heavy users of the Bitcoin blockchain, to determine whether they were using block space efficiently. By and large, they were not — and an informal lobbying campaign began, in which these major users — principally exchanges — were asked to start batching transactions and be good stewards of the scarce block space at their disposal. Some exchanges had been batching for years, others relented and implemented it. The question faded from view after Bitcoin’s price collapsed in Q1 2018 from roughly $19,000 to $6000, and transaction load — and hence average fee — dropped off.
But we remained curious. A common refrain, during the collapse in on-chain usage, was that transaction count was an obfuscated method of apprehending actual usage. The idea was that transactions could encode an arbitrarily large (within reason) number of payments, and so if batching had become more and more prevalent, those payments were still occurring, just under a regime of fewer transactions.

“hmmm”
Some sites popped up to report outputs and payments per day rather than transactions, seemingly bristling at the coverage of declining transaction count. However, no one conducted an analysis of the changing relationship between transaction count and outputs or payments. We took it upon ourselves to find out.
Table Of Contents:
Introduction to batching
A timeline
Analysis
Conclusion
Bonus content: UTXO consolidation
  1. Introduction to batching
Bitcoin uses a UTXO model, which stands for Unspent Transaction Output. In comparison, Ripple and Ethereum use an account/balance model. In bitcoin, a user has no balances, only UTXOs that they control. If they want to transfer money to someone else, their wallet selects one or more UTXOs as inputs that in sum need to add up to the amount they want to transfer. The desired amount then goes to the recipient, which is called the output, and the difference goes back to the sender, which is called change output. Each output can carry a virtually unlimited amount of value in the form of satoshis. A satoshi is a unit representing a one-hundred-millionth of a Bitcoin. This is very similar to a physical wallet full of different denominations of bills. If you’re buying a snack for $2.50 and only have a $5, you don’t hand the cashier half of your 5 dollar bill — you give him the 5 and receive some change instead.
Unknown to some, there is no hardcoded limit to the number of transactions that can fit in a block. Instead, each transaction has a certain size in megabytes and constitutes an economic incentive for miners to include it in their block. Because miners have limited space of 2 MB to sell to transactors, larger transactions (in size, not bitcoin!) will need to pay higher fees to be included. Additionally, each transaction can have a virtually unlimited number of inputs or outputs — the record stands at transactions with 20,000 inputs and 13,107 outputs.
So each transaction has at least one input and at one output, but often more, as well as some additional boilerplate stuff. Most of that space is taken up by the input (often 60% or more, because of the signature that proves they really belong to the sender), while the output(s) account for 15–30%. In order to keep transactions as small as possible and save fees, Bitcoin users have two major choices:
Use as few inputs as possible. In order to minimize inputs, you can periodically send your smaller UTXOs to yourself in times when fees are very low, getting one large UTXO back. That is called UTXO consolidation or consolidating your inputs.
Users who frequently make transfers (especially within the same block) can include an almost unlimited amount of outputs (to different people!) in the same transaction. That is called transaction batching. A typical single output transaction takes up 230 bytes, while a two output transaction only takes up 260 bytes, instead of 460 if you were to send them individually.
This is something that many casual commentators overlook when comparing Bitcoin with other payment systems — a Bitcoin transaction can aggregate thousands of individual economic transfers! It’s important to recognize this, as it is the source of a great deal of misunderstanding and mistaken analysis.
We’ve never encountered a common definition of a batched transaction — so for the purposes of this study we define it in the loosest possible sense: a transaction with three or more outputs. Commonly, batching is understood as an activity undertaken primarily by mining pools or exchanges who can trade off immediacy for efficiency. It is rare that a normal bitcoin user would have cause to batch, and indeed most wallets make it difficult to impossible to construct batched transactions. For everyday purposes, normal bitcoiners will likely not go to the additional effort of batching transactions.
We set the threshold at three for simplicity’s sake — a normal unbatched transaction will have one transactional output and one change output — but the typical major batched transaction from an exchange will have dozens if not hundreds of outputs. For this reason we are careful to provide data on various different batch sizes, so we could determine the prevalence of three-output transactions and colossal, 100-output ones.
We find it helpful to think of a Bitcoin transaction as a mail truck full of boxes. Each truck (transaction) contains boxes (outputs), each of contains some number of letters (satoshis). So when you’re looking at transaction count as a measure of the performance and economic throughput of the Bitcoin network, it’s a bit like counting mail trucks to discern how many letters are being sent on a given day, even though the number of letters can vary wildly. The truck analogy also makes it clear why many see Bitcoin as a settlement layer in the future — just as mail trucks aren’t dispatched until they’re full, some envision that the same will ultimately be the case for Bitcoin.

Batching
  1. A timeline
So what actually happened in the last six months? Let’s look at some data. Daily transactions on the Bitcoin network rose steadily until about May 2017, when average fees hit about $4. This precipitated the first collapse in usage. Then began a series of feedback loops over the next six months in which transaction load grew, fees grew to match, and transactions dropped off. This cycle repeated itself five times over the latter half of 2017.

more like this on coinmetrics.io
The solid red line in the above chart is fees in BTC terms (not USD) and the shaded red area is daily transaction count. You can see the cycle of transaction load precipitating higher fees which in turn cause a reduction in usage. It repeats itself five or six times before the detente in spring 2018. The most notable period was the December-January fee crisis, but fees were actually fairly typical in BTC terms — the rising BTC price in USD however meant that USD fees hit extreme figures.
In mid-November when fees hit double digits in USD terms, users began a concerted campaign to convince exchanges to be better stewards of block space. Both Segwit and batching were held up as meaningful approaches to maximize the compression of Bitcoin transactions into the finite block space available. Data on when exchanges began batching is sparse, but we collected information where it was available into a chart summarizing when exchanges began batching.

Batching adoption at selected exchanges
We’re ignoring Segwit adoption by exchanges in this analysis; as far as batching is concerned, the campaign to get exchanges to batch appears to have persuaded Bitfinex, Binance, and Shapeshift to batch. Coinbase/GDAX have stated their intention to begin batching, although they haven’t managed to integrate it yet. As far as we can tell, Gemini hasn’t mentioned batching, although we have some mixed evidence that they may have begun recently. If you know about the status of batching on Gemini or other major exchanges please get in touch.
So some exchanges have been batching all along, and some have never bothered at all. Did the subset of exchanges who flipped the switch materially affect the prevalence of batched transactions? Let’s find out.
  1. Analysis
3.1 How common is batching?
We measured the prevalence of batching in three different ways, by transaction count, by output value and by output count.

The tl;dr.
Batching accounts for roughly 12% of all transactions, 40% of all outputs, and 30–60% of all raw BTC output value. Not bad.
3.2 Have batched transactions become more common over time?
From the chart in 3.1, we can already see a small, but steady uptrend in all three metrics, but we want to dig a little deeper. So we first looked at the relationship of payments (all outputs that actually pay someone, so total outputs minus change outputs) and transactions.

More at transactionfee.info/charts
The first thing that becomes obvious is that the popular narrative — that the drop in transactions was caused by an increase in batching — is not the case; payments dropped by roughly the same proportion as well.
Dividing payment count by transaction count gives us some insight into the relationship between the two.

In our analysis we want to zoom into the time frame between November 2017 and today, and we can see that payments per transactions have actually been rallying, from 1.5 payments per transaction in early 2017 to almost two today.
3.3 What are popular batch sizes?
In this next part, we will look at batch sizes to see which are most popular. To determine which transactions were batched, we downloaded a dataset of all transactions on the Bitcoin network between November 2017 and May 2018from Blockchair.
We picked that period because the fee crisis really got started in mid-November, and with it, the demands for exchanges to batch. So we wanted to capture the effect of exchanges starting to batch. Naturally a bigger sample would have been more instructive, but we were constrained in our resources, so we began with the six month sample.
We grouped transactions into “batched” and “unbatched” groups with batched transactions being those with three or more outputs.

We then divided batched transactions into roughly equal groups on the basis of how much total output in BTC they had accounted for in the six-month period. We didn’t select the batch sizes manually — we picked batch sizes that would split the sample into equal parts on the basis of transaction value. Here’s what we ended up with:

All of the batch buckets have just about the same fraction of total BTC output over the period, but they account for radically different transaction and output counts over the period. Notice that there were only 183,108 “extra large” batches (with 41 or more outputs) in the six-month period, but between them there were 23m outputs and 30m BTC worth of value transmitted.
Note that output value in this context refers to the raw or unadjusted figure — it would have been prohibitively difficult for us to adjust output for change or mixers, so we’re using the “naive” estimate.
Let’s look at how many transactions various batch sizes accounted for in the sample period:


Batched transactions steadily increased relative to unbatched ones, although the biggest fraction is the small batch with between 3 and 5 outputs. The story for output counts is a bit more illuminating. Even though batched transactions are a relatively small fraction of overall transaction count, they contain a meaningful number of overall outputs. Let’s see how it breaks down:


Lastly, let’s look at output value. Here we see that batched transactions represent a significant fraction of value transmitted on Bitcoin.


As we can see, even though batched transactions make up an average of only 12% of all transactions, they move between 30%-60% of all Bitcoins, at peak times even 70%. We think this is quite remarkable. Keep in mind, however that the ‘total output’ figure has not been altered to account for change outputs, mixers, or self-churn; that is, it is the raw and unadjusted figure. The total output value is therefore not an ideal approximation of economic volume on the Bitcoin network.
3.4 Has transaction count become an unreliable measure of Bitcoin’s usage because of batching?
Yes. We strongly encourage any analysts, investors, journalists, and developers to look past mere transaction count from now on. The default measure of Bitcoin’s performance should be “payments per day” rather than transaction count. This also makes Bitcoin more comparable with other UTXO chains. They generally have significantly variable payments-per-transaction ratios, so just using payments standardizes that. (Stay tuned: Coinmetrics will be rolling out tools to facilitate this very soon.)
More generally, we think that the economic value transmitted on the network is its most fundamental characteristic. Both the naive and the adjusted figures deserve to be considered. Adjusting raw output value is still more art than science, and best practices are still being developed. Again, Coinmetrics is actively developing open-source tools to make these adjustments available.
  1. Conclusion
We started by revisiting the past year in Bitcoin and showed that while the mempool was congested, the community started looking for ways to use the blockspace more efficiently. Attention quickly fell on batching, the practice of combining multiple outputs into a single transaction, for heavy users. We showed how batching works on a technical level and when different exchanges started implementing the technique.
Today, around 12% of all transactions on the Bitcoin network are batched, and these account for about 40% of all outputs and between 30–60% of all transactional value. The fact such that a small set of transactions carries so much economic weight makes us hopeful that Bitcoin still has a lot of room to scale on the base layer, especially if usage trends continue.
Lastly, it’s worth noting that the increase in batching on the Bitcoin network may not be entirely due to deliberate action by exchanges, but rather a function of its recessionary behavior in the last few months. Since batching is generally done by large industrial players like exchanges, mixers, payment processors, and mining pools, and unbatched transactions are generally made by normal individuals, the batched/unbatched ratio is also a strong proxy for how much average users are using Bitcoin. Since the collapse in price, it is quite possible that individual usage of Bitcoin decreased while “industrial” usage remained strong. This is speculation, but one explanation for what happened.
Alternatively, the industrial players appear to be taking their role as stewards of the scarce block space more seriously. This is a significant boon to the network, and a nontrivial development in its history. If a culture of parsimony can be encouraged, Bitcoin will be able to compress more data into its block space and everyday users will continue to be able to run nodes for the foreseeable future. We view this as a very positive development. Members of the Bitcoin community that lobbied exchanges to add support for Segwit and batching should be proud of themselves.
  1. Bonus content: UTXO consolidation
Remember that we said that a second way to systematically save transaction fees in the Bitcoin network was to consolidate your UTXOs when fees were low? Looking at the relationship between input count and output count allows us to spot such consolidation phases quite well.

Typically, inputs and outputs move together. When the network is stressed, they decouple. If you look at the above chart carefully, you’ll notice that when transactions are elevated (and block space is at a premium), outputs outpace inputs — look at the gaps in May and December 2017. However, prolonged activity always results in fragmented UTXO sets and wallets full of dust, which need to be consolidated. For this, users often wait until pressure on the network has decreased and fees are lower. Thus, after transactions decrease, inputs become more common than outputs. You can see this clearly in February/March 2017.

Here we’ve taken the ratio of inputs to outputs (which have been smoothed on a trailing 7 day basis). When the ratio is higher, there are more inputs than outputs on that day, and vice versa. You can clearly see the spam attack in summer 2015 in which thousands (possibly millions) of outputs were created and then consolidated. Once the ratio spikes upwards, that’s consolidation. The spike in February 2018 after the six weeks of high fees in December 2017 was the most pronounced sigh of relief in Bitcoin’s history; the largest ever departure from the in/out ratio norm. There were a huge number of UTXOs to be consolidated.
It’s also interesting to note where inputs and outputs cluster. Here we have histograms of transactions with large numbers of inputs or outputs. Unsurprisingly, round numbers are common which shows that exchanges don’t publish a transaction every, say, two minutes, but instead wait for 100 or 200 outputs to queue up and then publish their transaction. Curiously, 200-input transactions were more popular than 100-input transactions in the period.


We ran into more curiosities when researching this piece, but we’ll leave those for another time.
Future work on batching might focus on:
Determining batched transactions as a portion of (adjusted) economic rather than raw volume
Looking at the behavior of specific exchanges with regards to batching
Investigating how much space and fees could be saved if major exchanges were batching transactions
Lastly, we encourage everyone to run their transactions through the service at transactionfee.info to assess the efficiency of their transactions and determine whether exchanges are being good stewards of the block space.
Update 31.05.2018
Antoine Le Calvez has created a series of live-updated charts to track batching and batch sizes, which you can find here.
We’d like to thank 0xB10C for their generous assistance with datasets and advice, the people at Blockchair for providing the core datasets, and David A. Harding for writing the initial piece and answering our questions.
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