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There are so many benefits to using a cryptocurrency, that it would seem foolish to neglect such an invention. For example, it allows you to send money anywhere in the world in an instant, with basically no fees involved. Everyone can be included in the financial system, it will change the way we interact with money, it can prevent fraud, and much more.
I'm going to buy 0.00000001 bitcoin for $1 which would make the market price for bitcoin $1 million / bitcoin.
Enjoy the spike!
A couple of months ago, for $14000. My brother talked me into abandoning my long term strategy at the start of the bull run.
Very disappointing, can't stop thinking about this mistake.
Welcome to the Daily Discussion. Please read the disclaimer, guidelines, and rules before participating.
Though karma rules still apply, moderation is less stringent on this thread than on the rest of the sub. Therefore, consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could be an attempt to manipulate new readers by known "pump and dump (PnD) groups" for their own profit. BEWARE of such practices and exercise utmost caution before acting on any trade tip mentioned here.
Please be careful about what information you share and the actions you take. Do not share the amounts of your portfolios (why not just share percentage?). Do not share your private keys or wallet seed. Use strong, non-SMS 2FA if possible. Beware of scammers and be smart. Do not invest more than you can afford to lose, and do not fall for pyramid schemes, promises of unrealistic returns (get-rich-quick schemes), and other common scams.
I'm going to buy 0.00000001 bitcoin for $1 which would make the market price for bitcoin $1 million / bitcoin.
Enjoy the spike!
A couple of months ago, for $14000. My brother talked me into abandoning my long term strategy at the start of the bull run.
Very disappointing, can't stop thinking about this mistake.
I'm going to buy 0.00000001 bitcoin for $1 which would make the market price for bitcoin $1 million / bitcoin.
Enjoy the spike!
A couple of months ago, for $14000. My brother talked me into abandoning my long term strategy at the start of the bull run.
Very disappointing, can't stop thinking about this mistake.
Welcome to the Daily Discussion. Please read the disclaimer, guidelines, and rules before participating.
Though karma rules still apply, moderation is less stringent on this thread than on the rest of the sub. Therefore, consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could be an attempt to manipulate new readers by known "pump and dump (PnD) groups" for their own profit. BEWARE of such practices and exercise utmost caution before acting on any trade tip mentioned here.
Please be careful about what information you share and the actions you take. Do not share the amounts of your portfolios (why not just share percentage?). Do not share your private keys or wallet seed. Use strong, non-SMS 2FA if possible. Beware of scammers and be smart. Do not invest more than you can afford to lose, and do not fall for pyramid schemes, promises of unrealistic returns (get-rich-quick schemes), and other common scams.
The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued a warning that alerts financial institutions in the United States about increasing ransomware attacks against coronavirus vaccine research organizations.
According to the alert, FinCEN says that fraud, ransomware attacks, and “similar types of criminal activity” target the distribution of Covid-19 vaccines, which could affect their supply chains if proper actions are not taken on time.
The alert reads as follow in regards to ransomware campaigns:
Cybercriminals, including ransomware operators, will continue to exploit the Covid-19 pandemic alongside legitimate efforts to develop, distribute, and administer vaccines. FinCEN is aware of ransomware directly targeting vaccine research, and FinCEN asks financial institutions to stay alert to ransomware targeting vaccine delivery operations as well as the supply chains required to manufacture the vaccines.
Within the attacks, the bureau states that phishing schemes are on the rise by placing misinformation about Covid-19 vaccines as bait to catch victims. The alert provides a series of steps that institutions should follow to report such incidents to FinCEN.
The warning was published the same day that the U.S. Food and Drug Administration (FDA) issued two emergency authorizations for coronavirus vaccines.
But the ransomware campaigns’ incidents have another component that put extra weight on the financial institutions’ back. On October 1, 2020, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) released an advisory to highlight the sanctions risk associated with ransomware crypto payments.
In fact, the OFAC warns:
Companies that facilitate ransomware payments to cyber actors on behalf of victims, including financial institutions, cyber insurance firms, and companies involved in digital forensics and incident response, not only encourage future ransomware payment demands but also may risk violating OFAC regulations.
On December 19, 2020, news.Bitcoin.com reported that the U.S. Federal Bureau of Investigation (FBI) published an alert warning private industry about incidents of harassment of victims made by ransomware gangs via telephone calls.
What are your thoughts on the alert issued by FinCEN? Let us know in the comments section below.
The post US Treasury Warns of Increasing Ransomware Campaigns Against Coronavirus Vaccine Research Institutions appeared first on Bitcoin News.
Welcome to the Daily Discussion. Please read the disclaimer, guidelines, and rules before participating.
Though karma rules still apply, moderation is less stringent on this thread than on the rest of the sub. Therefore, consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could be an attempt to manipulate new readers by known "pump and dump (PnD) groups" for their own profit. BEWARE of such practices and exercise utmost caution before acting on any trade tip mentioned here.
Please be careful about what information you share and the actions you take. Do not share the amounts of your portfolios (why not just share percentage?). Do not share your private keys or wallet seed. Use strong, non-SMS 2FA if possible. Beware of scammers and be smart. Do not invest more than you can afford to lose, and do not fall for pyramid schemes, promises of unrealistic returns (get-rich-quick schemes), and other common scams.
Maybe you’ve heard of Anyhedge. Last April, news.Bitcoin.com published an article about its announcement, but what is it really? What does it do, and how’s it work?
Anyhedge is an open-source protocol. It is simply a way to use the blockchain (in this case, the Bitcoin Cash blockchain) to create a specific type of smart contract. The smart contract here is a “hedge” where the hedge is between Bitcoin Cash (the underlying asset of the BCH blockchain) and any other asset. Hence, the name “Anyhedge”.
I wanted to understand more about this, so I took a look at the Anyhedge whitepaper. Whitepapers can be intimidating documents, mostly I think because people have grown accustomed to information being spoon-fed to them. The art of sitting down, focusing, and burrowing in mentally to understand something is becoming a lost art. But, I digress.
The first part of the whitepaper attempts to explain why Anyhedge is important and what problem it is trying to solve. In a word: volatility. Cryptocurrencies have always been volatile, and it’s one of the long-standing issues that crypto naysayers frequently bring up.
The whitepaper then mentions some solutions that have been tried in the past, including exchanging crypto into fiat or using various kinds of stablecoins. Each of these solutions has its own advantages and disadvantages, which are also enumerated.
Anyhedge takes a market-based approach by attempting to enable peer-to-peer “risk trading.” One big advantage of something like Anyhedge, is that there is no single point of failure, unlike, for example, a fiat-backed stablecoin.
But creating decentralized tools for trading does more than just handle volatility issues. It also offers opportunities to speculators, and we know that speculation makes up a large part of the market today, for better or for worse. This will attract more users to the Bitcoin Cash chain.
To understand how Anyhedge works, first we need to understand oracles, as they are a key component.
Oracles in Bitcoin are an idea that goes back years. The Bitcoin Wiki talks about “using external state” as part of its operations, but this is always done indirectly in Bitcoin. Why? It’s because the node software isn’t capable of “polling an external server” or importing a state of conditions. If Bitcoin were to be set up in such a way, it would drastically impact the entire system and compromise certain properties — for example, the Nakamoto consensus system that ensures that a majority of honest nodes will always outpace attackers.
But the way the Wiki suggests using an oracle is a more primitive method, as it involves the oracle evaluating the specifics of the contract and then interactively providing a signature.
In many ways, this is inferior to using a blind oracle that doesn’t require any interaction and in fact doesn’t have any awareness of the smart contracts utilizing the oracle signature. The blind oracle set up uses OP_CHECKDATASIG, which is a relatively new innovation on Bitcoin Cash (BCH), which doesn’t exist on Bitcoin (BTC).
In 2018, an op_code was added to the Bitcoin Cash protocol called OP_CHECKDATASIG. There’s a good article about this opcode here. What this opcode allows is for a Bitcoin script to check a digital signature of any arbitrary piece of data. This allows oracles to be used in a much more powerful way, as the smart contract can be set up ahead of time without any interaction or permission from the oracle.
One common problem with oracles, is that they introduce a point of failure and require trust. However, with the blind oracle setup, the potential for misuse is reduced. In addition, participants using Anyhedge could choose from different oracles, and could theoretically only participate in contracts where the users trust the oracle. In theory, smart contracts could be set up that allow multiple oracles to be used in various ways, thus further minimizing risk and reliance on trusted parties.
Now that we understand a bit about oracles, how does Anyhedge work? There are two parties to the smart contract, which the paper calls “Hedge” and “Short”. I find that terminology slightly confusing, so let’s just call them “long” and “short”. Since Anyhedge can be used with any asset (such as USD), it’s this external asset that the long and short refer to. Example: If Alice thinks BCH will go up and USD will go down, and Bob thinks the opposite, then Alice is short the dollar, and Bob is long the dollar.
The smart contract also has a maturity date. The whole thing goes like this: Alice (short on USD) and Bob (long on USD) both put their bitcoin cash (BCH) into the smart contract. At the time of maturity, they both are allowed to withdraw bitcoin cash. If the BCH/USD price goes up, Alice gets more BCH and Bob gets less. The opposite would happen if the BCH/USD price had gone down.
The trusted oracle provides a signed message with a price and time stamp, and the smart contract funds can be unlocked when the oracle signature is valid. This is the normal way that the smart contracts function — they get closed out at the time of maturity. However, there is another way that the contract can be redeemed, and that is if the price of the asset (such as USD) goes unusually high or unusually low.
The smart contract allows the users to specify a liquidation price on both the low and the high side. Again, if the oracle provides a signed message and the contract validates it, the funds can be withdrawn. The early liquidation is possible because price has reached one of the two boundaries.
There is a third way to close out the contract, which is a failsafe mechanism. The two parties can close out the contract any way they want (as long as they both agree). This would happen if the oracle stops operating, for example.
That’s it. It’s pretty simple, really. Users lock their funds in the smart contract address, and only can withdraw under the right conditions.
It’s one thing to create an open-source protocol on paper, and another thing to have a working prototype. And it’s yet another thing to have a fully functioning ecosystem, which requires liquidity in terms of a sufficient number of participants.
The paper discusses a few different types of “matchmaking setups”.
One option is using a centralized order book. Although decentralized exchanges are great in theory, they don’t necessarily provide the most responsive system. Centralized exchanges have their advantages — namely the ability to attract liquidity. In this model, access to the order book itself is permissioned. However, this can be combined with a noncustodial client-side setup that preserves the advantages of Anyhedge including having no custodial risk.
For this reason, it makes sense that the first deployment of Anyhedge will be on a centralized exchange.
Another method utilizes the “Federated” model in which exchanges can communicate with each other via APIs. In theory, Anyhedge contracts could be trustlessly coordinated between exchanges. Cooperation between exchanges can grow along with a global and trustless pool of demand.
But it is also possible to use Anyhedge contracts between any two willing parties. An exchange is not even necessary. In practice, order books are necessary to create an efficient market. Just as OTC trading is common, tools can be released for ad-hoc contracts. These tools may have lower liquidity and speed, but they are also more private, as well as potentially more flexible. They are also impossible to censor and offer more privacy.
Defi was a huge buzzword in 2020, but are ordinary users getting involved? One of the most praised applications is the Uniswap smart contract on the Ethereum blockchain, which is providing true decentralized exchange (dex) capabilities.
Similar decentralized services can be built on Bitcoin Cash. One major advantage that BCH has is that fees are still low, while they are getting quite high on Ethereum. That may change in the future as ETH 2.0 is rolled out, but it is unclear how long that process may take. In the meantime, BCH is a good low fee option for many applications.
Detoken is about to be launched. It’s an implementation of the Anyhedge protocol.
The folks who ran the Cryptophyl token exchange are busy working on the release of this upcoming product, and the fact that there is a business-driven initiative behind the rollout of this technology is promising, since it will likely receive the attention and resources necessary to bootstrap liquidity in this nascent ecosystem.
Detoken is planning to allow SLP token support shortly after launching and says they will allow zero-confirmation trades, which means users don’t have to wait for block confirmations before their transactions are created. They also mention combining atomic swaps with Detoken so that trustless and noncustodial trades can be accomplished with users having full control of their private keys.
What do you think about Anyhedge and Detoken? Let us know what you think about this subject in the comments section below.
The post Is Defi Coming to Bitcoin Cash? An Overview of Detoken and the Anyhedge Protocol appeared first on Bitcoin News.
The motion to withdraw: https://www.courtlistener.com/recap/gov.uscourts.nysd.524076/gov.uscourts.nysd.524076.159.0.pdf
Just a fun tidbit:
Counsel believe that withdrawal is appropriate under Rule 1.16(c)(1) of the New York Rules of Professional Conduct. New York Rule of Professional Conduct 1.16(c)(1) states that “a lawyer may withdraw from representing a client when withdrawal can be accomplished without material adverse effect on the interests of the client
If I remember correctly, the deadline is in 2 weeks. Should be a fun story in the next weeks.
What does this have to do with you? Everything. If you are fortunate enough to make a or have made a ton of money in Bitcoin, you need to understand why so many lottery winners end up broke. They have little to no idea on how to manage money.
Making a lot of money is not the same as managing a lot of money; People screaming about lambo's and how they want this and that, it's a stupid way to go about receiving the beautiful gift of bitcoin.
Avoid liabilities, gain assets.
If Bitcoin teaches you anything, be weary about spending tons of your money on things that can be replicated. Cars, clothes, tv's, computers. They won't make you happier.
During this journey everybody should be learning on how to gain, and hold onto wealth.
Edit: apparently the statistic isn't correct. Some some news spewing it around. Credit to u/itsnotlupus for pointing it out (Also happy cake day).
The point still stands though.
The motion to withdraw: https://www.courtlistener.com/recap/gov.uscourts.nysd.524076/gov.uscourts.nysd.524076.159.0.pdf
Just a fun tidbit:
Counsel believe that withdrawal is appropriate under Rule 1.16(c)(1) of the New York Rules of Professional Conduct. New York Rule of Professional Conduct 1.16(c)(1) states that “a lawyer may withdraw from representing a client when withdrawal can be accomplished without material adverse effect on the interests of the client
If I remember correctly, the deadline is in 2 weeks. Should be a fun story in the next weeks.
What does this have to do with you? Everything. If you are fortunate enough to make a or have made a ton of money in Bitcoin, you need to understand why so many lottery winners end up broke. They have little to no idea on how to manage money.
Making a lot of money is not the same as managing a lot of money; People screaming about lambo's and how they want this and that, it's a stupid way to go about receiving the beautiful gift of bitcoin.
Avoid liabilities, gain assets.
If Bitcoin teaches you anything, be weary about spending tons of your money on things that can be replicated. Cars, clothes, tv's, computers. They won't make you happier.
During this journey everybody should be learning on how to gain, and hold onto wealth.
Edit: apparently the statistic isn't correct. Some some news spewing it around. Credit to u/itsnotlupus for pointing it out (Also happy cake day).
The point still stands though.
Of course, some will buy Lambos but bet there are people desperately awaiting the funding for their ideas with full creative control which excites me.
Of course, some will buy Lambos but bet there are people desperately awaiting the funding for their ideas with full creative control which excites me.
With a lot of new people entering the market, i thought it could be helpful to give a brief summary of why holding truly is the best strategy you can take. Bear in mind there will be some exceptions, but I think this should apply to most people here that are new in the space. I invite experienced investors to share any additional pieces of advice you deem necessary to pass on to the new “generation” of entrants.
Here a few reasons why holding truly is the best thing you can do:
Day Traders lose money
80% of active traders lose money, 10% break even and the last 10% make money. Im not saying there aren’t experienced traders that don’t make a fortune. They do. However, this requires A LOT of work, dedication and discipline. Sadly, most people will fall under the losing category. I think the “instagram-image” of successful investors play day trading out to be a simple thing that everyone will be able to do. Rest assured, this is not the reality. From my personal experience, I’ve also attempted to day trade and take advantage of swings, but looking back at my last 4 years in the crypto world, I most surely would have made A LOT more money by just keeping my crypto untouched and not being tempted to day trade.
Source: https://www.wealthwithin.com.au/learning-centre/share-trading-tips/trading-the-stock-market
Taxes
This area is tricky. Every country has different rules in regards to taxes, therefore always make sure you consult with an accountant before making any decisions. Nevertheless, the general advice here is that all trades will trigger some kind of tax liability. Day trading will involve a lot of trades, some profitable, some not. Therefore keeping an eye on your taxes will be a lot more difficult when you day trade. There are countless stories I know of people making big bucks on a trade, using those profits to re-invest and then losing their money, only to find out they still owe money from the profitable trade, and not only now owe a large amount of taxes, but have also lost their money on new trades. As the saying goes, if you’re gonna sell drugs, make sure you still pay your taxes, because not paying taxes is 10x the crime of selling drugs. Whether you agree with the concept of taxes or not, you will feel the full power of the law when avoiding taxes, and therefore, holding will simplify your tax payments massively.
FUD
Fear, uncertainty and Doubt. Take the latest ripple news as an example. Im not going to go into detail at all whether or not ripple did anything bad at all. My point here is that this market is young, markets tend to overreact massively when news comes out. Most people will panic sell, and then kick themselves when they re-enter their original positions at higher prices.Im not saying its not possible to sell high and buy low, but there is a reason people joke about things like “Buy high, sell low”. Whatever you think you know about the market, you don’t know anything. Whether you believe in technical analysis, as a beginner, FUD will cause you to want to abandon ship at any sign of negative news. Remember that time a Chinese article claimed Vitalik Buterin was killed din a car crash? The market bled more than the virgin Mary on her first period, only to regain most of the losses shortly after. Long story short, most of the FUD that exists now, you won’t even remember a year from now. Don’t get emotional, don’t overreact, don’t panic!
Risk of exchanges
Never leave your coins on an exchange. When trying to time the market, you may be temped to keep your coins on the exchange to be able to react quickly to news, this puts your coins at risk as you are trusting the exchange with your money.
Unpredictable markets
As the name implies, markets are unpredictable. I get messages daily from new friends entering this space asking “Why is the market down 10% today????”. Nobody, i don’t care if your warren buffet or jimmy buffet, nobody knows if the stocks gonna go up down left right or in circles.
Long term thinking
I remember talking to my friend at a BTC price of 200$ if we should be buying more. My god I wish we had. What im getting at is, you need to think long term. Don’t buy crypto if you’re not willing to hold them for at least a few years. This market is so so young and we have no idea where it is going. Think of the gains we could see if only institutions invested just 1% of their capital in the crypto space. Think long term!
Take profits
This post is not to say you shouldn’t take profits. Do! In cray times like this we all need to keep some small sense of reality in us, your bills will come, your life outside of crypto has real costs, don’t bankrupt yourself waiting for a moon. Invest what you can afford to lose and be patient. There will be bumps, but holding what you can afford to lose is the way to go.
Ive never really made a post like this, many might see this and disregard all of it. This is a post mostly dedicated to new investors, who may be tempted to day trade or panic sell very easily as they are new to the space and are not aware of the things more experienced investors may know. This all represents just my opinion, but i think its important to share, as if it even helps just 1 person, then I will consider this post a success.
“ A child only learns that fire is hot by burning themselves a few times” —> If this post hasn’t convinced you, no problem, take a small portion of your investments and give it a go. Maybe you make a killing, and i hope you do. Maybe you lose it all and now have learnt a painful lesson. Either way, trying will let you know the truth for yourself. Thats one way to be assured you learn no matter what :)
Good luck out there, and feel free to add or correct anything you may agree/disagree with.
Welcome to the Daily Discussion. Please read the disclaimer, guidelines, and rules before participating.
Though karma rules still apply, moderation is less stringent on this thread than on the rest of the sub. Therefore, consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could be an attempt to manipulate new readers by known "pump and dump (PnD) groups" for their own profit. BEWARE of such practices and exercise utmost caution before acting on any trade tip mentioned here.
Please be careful about what information you share and the actions you take. Do not share the amounts of your portfolios (why not just share percentage?). Do not share your private keys or wallet seed. Use strong, non-SMS 2FA if possible. Beware of scammers and be smart. Do not invest more than you can afford to lose, and do not fall for pyramid schemes, promises of unrealistic returns (get-rich-quick schemes), and other common scams.
π§ππ§ππ§ππ§ππ§ππ§ππ§ππ§ Bitcoin Cash: Forked at Block 478558, 1 August 2017, For each 1 BTC you get 1 BCH Bytether: Cross for...