Binance Will Survive Any Bitcoin Bear Market: Crypto ...
Binance Delists Bitcoin SV, Shows Market Influence As ...
Overstock CEO Cashes Out – Goes All In on Crypto and Gold ...
$14 Million Sushi Buyback Crashes Price, ETH Sent to ...
Very Expensive Mistake: WAVES Flash Crash By 99.9% To 10 ...
Binance Reviews Read Customer Service Reviews of binance.com
Cryptocurrency: Exchange grows as demand ROCKETS despite ...
Whales Offload: Ethereum Crashes 4% In 4 Hours—What's ...
Periodic exchange outages during bitcoin crashes... Why?
How is your passive income from Crypto going in 2020? So far I have made around $11k plus from approximately 13 or so sources. Details below.
I remember in 2017 there were epic stories of people making fortunes from free crypto-giveaways – for example, the nano faucet gave people fantastic wealth if they held on all year. Then there were things like the various bitcoin forks – great if you cashed in. Now in 2020 there seems to be another uptrend in terms of the ability to get “free crypto” – in various ways. Overtime this can build up to quite a lot. This year I have:
Coinbase earn – I’ve done almost all of these and have had a few referrals. I think I earned maybe $200 or so all up, cashed in BTC, and that BTC is probably around $400
Reddit moons – I have earned 3100 moons, sold for roughly $220
Uniswap – My free 400 tokens are still held, so they are worth maybe $1200
Binance Coin – lots of staking and lottery compensation payments here – for example, I recently sold my Flamingo, Venus and Alpha tokens – maybe $30;
Hex – Yes I know it’s a scam, but I think I bit have a decent little payout in a month when my 90% locked tokens open (won’t say how much as that will reveal my BTC wallet holdings);
Swissborg – A fun little “guess the bitcoin app” that has $50 worth of tokens in it now;
Brave Browser – I’ve earned like $20 from that this year (insert: “Its not much but its honest work gif”);
Uniswap Pools etc – Hard to calculate this one but I’m earning some really great fees and Uni from pooling WBTC and WETH – about 0.5% return a week. Was also previously staking Uni / ETH - I made $1000 in fees but mostly gobbled up by impermanent loss.
Honeyswap – Every 48 hours, I log-in to get free honey from the faucet – around $40 or so;
Survey – I did a phone survey for a local project and got given $100 of free tokens;
Livepeer – No idea what this is but I sold two airdrops for around $20;
Nexus Mutual – Probably the king here. Invested $1200 worth. Received a 58% dividend on the first day of staking (say $700) which I reinvested. That $700 is now $8000 or something ridiculous (and itself earning rewards), plus another 13 NXM (So another $416 on top).
And then lots of rats and mice rewards from things like staking Celsius, staking Tezos referral rewards etc. I even have 3000 of that damn Pi coin thing but don’t know where that is going.
And to top it off a free ledger nano for participation in a private group on FB
(EDIT: I forgot to mention I am currently winning a "pick four" crypto competition that I entered in January where you pick four cryptos and the winner takes the pot. I picked BTC, FTX, SNX and CEL - so that might be another $200 to add to my collection!)
So in all, that is an entire bitcoin just for doing a bunch of crazy stuff. Who said it was difficult to join the 21 million club? So for some people that might be considered a decent pay package for a full time job! What other opportunities do you guys have where you have passive income coming from crypto? Am I missing any obvious ones here?
Weekly update. 437 BTC were traded using LocalBitcoin last week,trading Bs. /BTC and BTC/Bs. (Bolivares, Venezuelan "official" currency, ISO VES). These 437 BTC were 1,852,000,000,000 Bs. One BTC is around 4,600,000,000 Bs. Monthly minimum wage is less 2 USD. PhD uni professor earns 4 USD monthly.
Usually, bull markets attract a lot of new investors - although speculators should be the right word here - and as usual, a lot of them are going to be crushed a way or another. First, before putting a single dollar, euro or whatever in the market, you should read a lot to know exactly what you're looking for. Are you here for the tech and/or the cypherpunk ethos ? Great, there's lot of resources out there (my links are cleaned but as always, do your due diligence) :
The Bitcoin Whitepaper, the one and only : bitcoin.org/bitcoin.pdf Since I'm linking to bitcoin.org, friendly reminder to avoid bitcoin.com, owned by a former supporter now con-artist Roger Ver.
Andreas Antonopoulos website : https://aantonop.com Andreas is one of best guys able to educate on bitcoin and its properties, for free, which helps.
Jameson Lopp website : lopp.net Jameson is a member of Bitcoin Core, cypherpunk, also able to educate a lot. His website is full of free resources and other links. You'll have a lot to read.
Hal Finney : he's unfortunately dead but I would advise to read about Hal Finney, the first to receive bitcoin Satoshi. A great cryptographer, the inventor of the first reusable PoW and one of the first bitcoin supporters. You'll be able to find his messages on this old forum Bitcoin Talk, by the way you'll be able to find the first chats about bitcoin on this forum bitcointalk.org
Monero website : getmonero.org Yep, I know it's gonna be controversial to post an altcoin link but personally, I think that Monero (aka XMR) is the only other coin with a big cypherpunk community, decentralized, and able to help newcomers with a great sense of responsibility, since the ethos here is to save privacy.
What Bitcoin Did : of course, Peter is controversial but I love him and I find his former blog and his podcasts very needed because he doesn't oversell himself. Pete knows that he's not a tech guy (like many of us) and just wants to spread the word, I think he does a good job with this.
Now, you've read and you want to put some skin in the game. Several exchanges are acceptable, a lot of aren't, be careful and assume that none really are (know that I won't post any ref links) :
to me, the best, although it's UI is quite old : Kraken €/$/pound/swiss franc on-off ramp
Coinbase and Coinbase Pro Difficult not to mention Coinbase, although I can't stand Brian Armstrong and the way they are doing their best to support scams currently. You should rather use Coinbase Pro if you have to since the fees are much lower.
Binance Binance came later than the previous ones but has managed to take most of the market. Now, you should remember what I said about being careful.
Huobi The biggest chinese exchange and they work closely with chinese official. Again, careful.
Bittrex Once at the top, now somewhere in the limbs.
A lot of new comers came recently like btse, ftx, feel free to try them while always keeping in mind that once your money is on exchanges, it's not yours anymore.
This was for centralized exchanges aka CEX. Talking about custodial, you'll need wallets to store your (bit)coins. Always try to use non-custodial wallets, which means wallets that give you your private keys. This way, if the software goes down, you can always retreive your money. Now, I won't link to all the existing wallets but will advise you to buy hardware wallets (trezor or ledger but there are others) or to create (on off-gap computers) paper wallets you're able to store safely (against all risks, not only robbery but housefire). You also could use your memory with brain wallets but, my gosh, I wouldn't trust myself. For Bitcoin (or even Litecoin), Electrum software can do a good job (but save your keys). AGAIN, DON'T KEEP YOUR SAVINGS ON AN EXCHANGE Now, about trading : it's been repeated and repeated but don't chase pumps and altcoins. Yep, it's probably the fastest way to make money. It's also the fastest to lose it. I won't lie : I made good money during the 2017-bullrun and I took profits but I also forgot to sell some shitcoins thinking it would keep going up, now I'm still holding these bags (although I don't really care). I know that a lot forgot to take profits. Take profits, always take profits, whatever your strategy is. Don't fall for people trying to sell you their bags, for ICOs trying to sell you a product which isn't released yet and obviously, don't fall for people asking for your private key. Also, know that there's two endgames : accumulating bitcoin or fiat. I'm rather in the first team but whatever your strategy is, take profits. (Yes, I know, some will say accumulating ethereum or something else). It's true that a lot of ethereum holders made a lot of money during the last bullrun (ethereum helped me make money too) but I'm really biased in favor of bitcoin (and monero). So, pick your coin but again, do your due diligence. A lot of people here or there will talk about the best tech, the fact that bitcoin is old and slow. I would need another post to go further on this point but know that a lof of air flight systems are old too but reliable. Trustless and reliable is the point here. This is the post from someone who bought bitcoin seven or six years ago, who lost part of them, who spent part of them (but don't regret this at all), who is still learning and I hope it will help others, although it would need a book to be complete.
Weekly update. 437 BTC were traded using LocalBitcoin last week,trading Bs. /BTC and BTC/Bs. (Bolivares, Venezuelan "official" currency, ISO VES). These 437 BTC were 1,852,000,000,000 Bs. One BTC is around 4,600,000,000 Bs. Monthly minimum wage is less 2 USD. PhD uni professor earns 4 USD monthly.
Hello guys, Really happy to be here in the crypto world, im in finance for 10 years, but for some reasons I was always a bit anxious or procrastinating to move some of my cash to crypto until 3 months ago. Since then it was quite a nice ride because mostly I bought bitcoin and eth at good prices and some other 8 smaller coins, and currently im up 10% on my portfolio, which I know for the crypto veterans is not that much, but im happy with this return. My question now is for Binance trading, I have on my radar for 3 months a smaller coin, which is currently priced at $0.02000 roughly, I liked the project, their partners, and the potential growth. My question is about margin / leverage trading, I want to invest $9.000 usd with x3 leverage and I want to know if I buy at $0.02000, at what price my position will be liquidated ? Also if this coins drops too much, will I owe any money to Binance, because I traded with margin ? Many thanks, and Im sorry if my question is too noobish for the seasoned crypto traders, but is better to be a fool for 1 day and ask questions, than to regret later :). Thank you in advance, Lord C.
I have been holding crypto and following the ecosystem for a long time, and I believe crypto will revolutionise the financial system and still has much potential to increase in value. However until now my holdings have been mostly handpicked. In traditional investments I am a subscriber to passive investing and usually invest in broad index funds, and I want to apply that investment philosophy to my crypto holdings. With this in mind I looked at some available crypto indices and none of them seemed to fill my needs, but looking at them helped me define some of the criteria for my own index:
Not too broad
I will be reproducing the index manually, so having too many assets will make the extra hassle of trading and storing the small-weighted assets not worth it.
I don't see the point of including stablecoins in a cryptoasset index. If I wanted to invest in the asset the stablecoin tracks I'd be better off holding the followed asset itself.
Exclude centrally managed tokens
All indices I found included assets such as Binance Coin and OKB. I see investing in such assets as investing in the managing entity and not in the crypto ecosystem itself, as those tokens will be much more correlated with the business success of the entity than with the success of the ecosystem.
Require reasonable trading availability
The asset must be available for trading in a reasonable number of exchanges.
Market capitalization weighting
Free-float market cap weighting is the standard method of weighting whole-market indices. I have seen some indices that use square root of market cap weighting in order to not be so Bitcoin-heavy, but I am not convinced that that is a better representation of the market or that it would lead to better returns. With these criteria in mind I evaluated the top coins by market capitalization. I decided to use CoinGecko as my main source, but I do cross check the values with CoinMarketCap and CoinCap.io to avoid some big flaw in CoinGecko's methodology.
Obviously the big guy is in.
I also have no issues with Ethereum.
Ripple is a bit too centrally-controlled for my taste and there's also the worry that the value of the XRP token itself may not be too correlated with the network's success, but I still consider it to be worthy for inclusion.
Tether is excluded due to being a stable coin and being centrally-controlled.
The only thing that worries me about Bitcoin Cash is that the community seems to be too worried about insisting that it is the true Bitcoin instead of developed, but I don't see any reason to exclude it given my criteria.
This is the first asset with which I don't have too much experience. Their website is a bit too heavy on buzzwords, but my research seems to show that it is a real network, there's no big problems with their whitepaper.
I personally have no idea how Bitcoin SV is so high in market capitalization, as I see it as just Craig Steven Wright's tool to strengthen his Satoshi claim, but the point of the index and the criteria is to remove my personal feelings from the decision, so it stays in.
Litecoin is one of the oldest assets around and I have no objection for it.
This is the first one where I am having a hard time deciding if it stays in or not. Its website is full of buzzwords. They have a whitepaper explaining how the network works, but I can't see it as much more than a centrally-managed token with a bunch of apps around it and no real value proposition. The company itself seems shady, having been through a name change, as it was previously called Monaco, the way their cards work smells heavily like a Ponzi scheme, they promise huge interest rates for staking random coins with them and the amount of people that show up speaking well of it in any post about it reeks of paid shills. For some reason it is also not listed on CoinCap.io, although it is listed on CoinGecko and CoinMarketCap. It is also listed on fewer exchanges than other coins we've seen so far. I couldn't find any concrete evidence of it being a scam, but I am excluding it for being a centrally-controlled token.
This is a Binance-controlled token, so it is out.
I also didn't know much about this coin, but my research didn't raise any red flags about it, so it's in.
This one is an ERC20 token, but it is managed by a smart contract and although it seems to be somewhat centrally-controlled by now it does have a governance model to make this control be diluted over time. It is also trying to solve a real problem, so it is in.
I was not too familiar with it, but after researching about it I really like the idea. I see no problem in including it.
Stellar feels to me a bit too much like Ripple 2.0, but I don't have any concrete problems with it.
This is an OKEX-controlled token, so it is out.
Another one of the old kids in town, I have no problems with it.
I have a "too buzzwordy" feeling about TRON, and I feel it is a bit too much connected to its founder, but no concrete problems as well.
This is a bitfinex-controlled token, so it is out.
USD Coin is excluded due to being a stable coin and being centrally-controlled.
This is an asset that I am not too sure I understand completely, and it is not listed from CoinCap.io and its market cap is not computed on CoinMarketCap. From what I can gather a cToken is meant to be a token that identifies that you have deposited in Compound's loan market. The only place where it is really traded is in the Compound exchange itself, and it's value is tied to the interest accrued from the loans in the platform and to the underlying asset, which in this case is DAI, a stablecoin. I find Compound Finance interesting and intend to read more about it, but I don't think cDAI is fit for my index, as it is not freely tradeable and tied to a stablecoin.
This is a Huobi-controlled token, so it is out.
This is one more buzzwordy smart contract platform with no concrete red flags to it.
A fork from the main Ethereum chain that rejects the rescue of stolen funds from a buggy smart contract. I am sympathetic to the idea of rejecting a centrally-proposed hardfork, and I see no red flags with this coin. And with this we are up to my intended 15 assets. This is the composition of the index with current market capitalizations:
This is the portfolio I intend to target from now on, with occasional rebalances of course. I would like to hear what you think about my criteria and my application of them, and where I could improve it.
I’m new into stock trading it’s been real fun ever since I opened up my account about a week ago. It’s up and down and I’ve already been up about 225$ and now I’m back down under my original investment . Anyways I’m still learning and it’s been fun so far so here’s my concern : So this guy at my work comes up to me almost everyday and tells me to get out of the regular stock market trade and invest more into the whole bitcoin gig. He has a list of bitcoin stocks that he told me to invest in but I don’t see any real potential as for me being a new investor I can’t even download and get Binance to work, and honestly I’m having fun with just getting into TD Ameritrade every morning and seeing some action. I feel as though if I don’t download it and invest into some of them I’m getting FOMO and might miss out on some major cash in the future. Is there anyone who thinks or can confirm this? Should I just stick to what I’m doing with the regular stocks and not worry about all that bitcoin stuff through Binance ? Thanks guys
Disclaimer: I am not and have never been affiliated with any of the mentioned parties in a private or professional matter. Presumably in an attempt to smear a local competitor, Hayden Otto inadvertently publishes irrefutable on-chain proof that he excluded non-BCH retail revenue to shape the "BCH #1 in Australia" narrative.
Scroll down to "Proof of exclusion" if you are tired of the drama recap.
Scroll down to "TLDR" if you want a summary.
In September 2019, BitcoinBCH.com started publishing so called monthly "reports" about crypto retail payments in Australia. They claimed that ~90% of Australia's crypto retail revenue is processed via their own HULA system and that ~92% of all crypto retail revenue happens in BCH. They are aggregating two data sources to come up with this claim. One is TravelByBit (TBB) who publishes their PoS transactions (BTC, LN, ETH, BNB, DASH, BCH) live on a ticker. The other source is HULA, a newly introduced POS system (BCH only) and direct competitor to TBB run by BitcoinBCH.com - the same company who created the report. Despite being on-chain their transactions are private, not published and not verifiable by third parties outside BitcoinBCH.com Two things stood out in the "reports", noted by multiple users (including vocal BCH proponents):
The non-BCH parts must have tx excluded and the report neglects to mention it (the total in their TBB analysis does not match what is reported on the TBB website.)
The BCH part has outliers included (e.g. BCH city conference in September with 35x the daily average)
Hayden Otto's reaction
In direct response to me publishing these findings on btc, Hayden Otto - an employee at BitcoinBCH.com and the author of the report who also happens to be a moderator of /BitcoinCash - banned me immediately from said sub (source). In subsequent discussion (which repeated for every monthly "report" which was flawed in the same ways as described above), Hayden responded using the same tactics: "No data was removed"
"The guy is straight out lying. There is guaranteed no missing tx as the data was collected directly from the source." (source)
"Only data I considered non-retail was removed"
"I also had these data points and went through them to remove non-retail transactions, on both TravelbyBit and HULA." (source)
He admits to have removed non-BCH tx by "Game Ranger" because he considers them non-retail (source). He also implies they might be involved in money laundering and that TBB might fail their AML obligations in processing Game Ranger's transactions (source). The report does not mention any data being excluded at all and he still fails to explain why several businesses that are clearly retail (e.g. restaurants, cafes, markets) had tx excluded (source). "You are too late to prove I altered the data"
"[...] I recorded [the data] manually from https://travelbybit.com/stats/ over the month of September. The website only shows transactions from the last 7 days and then they disappear. No way for anyone to access stats beyond that." (source)
Proof of exclusion
I published raw data as extracted from the TBB site after each report for comparison. Hayden responded that I made those numbers up and that I was pulling numbers out of my ass. Since he was under the impression that
"The website only shows transactions from the last 7 days and then they disappear. No way for anyone to access stats beyond that." (source)
he felt confident to claim that I would be
unable to provide a source for the [missing] data and/or prove that that data was not already included in the report. (source)
Luckily for us Hayden Otto seems to dislike his competitor TravelByBit so much that he attempted to reframe Bitcoin's RBF feature as a vulnerability specific to TBB PoS system (source). While doublespending a merchant using the TBB PoS he wanted to prove that the merchant successfully registered the purchase as complete and thus exposed that the PoS sales history of TBB's merchants are available to the public (source), in his own words:
"You can literally access it from a public URL in the Web browser. There is no login or anything required, just type in the name of the merchant." (source)
As of yet it is unclear if this is intentional by TBB or if Hayden Ottos followed the rules of responsible disclosure before publishing this kind of data leak. As it happens, those sale histories do not only include the merchant and time of purchases, they even include the address the funds were sent to (in case of on-chain payments). This gives us an easy method to prove that the purchases from the TBB website missing in the reports belong to a specific retail business and actually happened - something that is impossible to prove for the alleged HULA txs. In order to make it easier for you to verify it yourself, we'll focus on a single day in the dataset, September 17th, 2019 as an example:
Hayden Otto's report claims 20 tx and $713.00 in total for that day (source)
The TBB website listed 40 tx and a total of $1032.90 (daily summary)
Paste the associated crypto on-chain address 17MrHiRcKzCyuKPtvtn7iZhAZxydX8raU9 in a blockchain explorer of your choice, e.g like this. This proves that a transfer of funds has actually happened.
I let software aggregate the TBB statistics with the public sale histories and you'll find at the bottom of this post a table with the on-chain addresses conveniently linked to blockchain explorers for our example date. The total of all 40 tx is $1032.90 instead of the $713.00 reported by Hayden. 17 tx of those have a corresponding on-chain address and thus have undeniable proof of $758.10. Of the remaining 23, 22 are on Lightning and one had no merchant history available. This is just for a single day, here is a comparison for the whole month.
TBB wo. Game Ranger
TBB according to Hayden
The usual shills will respond in a predictive manner: The data must be fake even though its proof is on-chain, I would need to provide more data but HULA can be trusted without any proof, if you include outliers BCH comes out ahead, yada, yada. But this is not important. I am not here to convince them and this post doesn't aim to. The tx numbers we are talking about are less than 0.005% of Bitcoin's global volume. If you can increase adoption in your area by 100% by just buying 2 coffees more per day you get a rough idea about how irrelevant the numbers are in comparison. What is relevant though and what this post aims to highlight is that BitcoinBCH.com and the media outlets around news.bitcoin.com flooding you with the BCH #1 narrative are playing dirty. They feel justified because they feel that Bitcoin/Core/Blockstream is playing dirty as well. I am not here to judge that but you as a reader of this sub should be aware that this is happening and that you are the target. When BitcoinBCH.com excludes $1,000 Bitcoin tx because of high value but includes $15,000 BCH tx because they are made by "professionals", you should be sceptical. When BitcoinBCH.com excludes game developers, travel businesses or craftsmen accepting Bitcoin because they don't have a physical store but include a lawyer practice accepting BCH, you should be sceptical. When BitcoinBCH.com excludes restaurants, bars and supermarkets accepting Bitcoin and when pressed reiterate that they excluded non-retail businesses without ever explaning why a restaurant shouldn't be considered reatil, you should be sceptical. When BitcoinBCH.com claims the reports have been audited but omit that the data acquisition was not part of the audit, you should be sceptical. I expect that BitcoinBCH.com will stop removing transactions from TBB for their reports now that it has been shown that their exclusion can be provably uncovered. I also expect that HULA's BCH numbers will rise accordingly to maintain a similar difference. Hayden Otto assumed that nobody could cross-check the TBB data. He was wrong. Nobody will be able to disprove his claims when HULA's BCH numbers rise as he continues to refuse their release. You should treat his claims accordingly. As usual, do your own research and draw your own conclusion. Sorry for the long read.
BitcoinBCH.com claimed no transactions were removed from the TBB dataset in their BCH #1 reports and that is impossible to prove the opposite.
Hayden Otto's reveals in a double spend attempt that a TBB merchant's sale history can be accessed publicly including the merchant's on-chain addresses.
(For example,) this table shows 40 tx listed on the TBB site on Sep 17th, including their on-chain addresses where applicable. The BitcoinBCH.com report lists only 20 tx for the same day.
(Most days and every months so far has had BTC transactions excluded.)
(For September, TBB lists $10,502 yet the report only claims $3,737.
A small story about how I discovered r/BTC, and some stuff I want to say
So, when I first went back to the Crypto community back November 2019, I was rather, hesitant. I just finished verification of a mobile wallet with BTC support called Coins.ph and it made me curious on the crypto it allows: BTC, BCH, ETH, and XRP. I went and shuffled money around, and once my father gave his 0.01 BTC he mined (which I lost like a fraction because of Binance, seriously that place is weird), I decided to keep it to my centralized bank. Fast forward to February, the bear drop of BTC and most crypto was like a new chance for me. I can finally get something good! So I tried the faucets. Which lead me to finding that CoinPot has decreased withdrawal rates. Well... BCH entered my crypto portfolio through Bitcoin.com. I'm just a gullible person. Any shiny thing and I go for it the last second. When I learned that BCH is actually faster than BTC (had tested the speed by placing PHP 500 or more or less 0.05 BCH , I took PHP 1,000 and placed it on my account. It was a fool's attempt, since Philippines just struck quarantine, and I can't do anything about it. The fast confirmation speed pre-Halving sold it for me, and I thought, maybe I can hold it for a while? After testing Keys4Coins by buying a steam card, it was really just a few minutes of payment, then I realized that BCH (and pre 2017 BTC) is really peer-to-peer. Back in 2019 until today I was trying to mine XMR (failed to retrieve it after dumping all my BCH and dumping XMR back, showing less money). Back in 2017, just a few weeks before the split, I was trying hard to get enough satoshis to have on my Electrum-built wallet. Which is currently empty. Right now, I decided to cash out 0.05 BCH because money is needed right now, and my PC froze while I was trying to mine Zcoin. I also decided to try a semi-unused coin named BLUR after asking you guys about what to mine with GPU. It's not worth it, mining. Now, let's say some things I want to say lately.
BCH and BTC came from one blockchain and one whitepaper. BTC doesn't follow the whitepaper.
BCH is not yet fully adopted. I know because while we have other countries adopt it, crypto news have it, trolls are fighting against it, there is not even one news of all in the mainstream media.
The IFP is a sound plan, but it doesn't work in the long run. It looks like a forced donation to some whitelisted addresses, which, while might help Bitcoin ABC, will turn Bitcoin ABC into our own Blockstream. Money does that to people, don't push it.
For some reason, I met this guy who claims that Roger Vers owes him $100. Nice guy, knows the good faucets and stuff. He's making a forum that uses Satoshis by the way. Here's a link: Bitcoin Forums.
Also for some reason, BTC trolls have a perspective that BCH is made up of BCH maxis, shills, and idiots. Let their perspective be unchallenged, even if it means that you need to agree to disagree. After all, they are only defending BTC. Let them stick to latest news too, because people don't read old stuff.
I wonder what Satoshi is doing right now? He's probably just lurking in the crypto world, mining his own dev node, doing something new with cryptography... he probably oversaw all this.
BTC is gold bars. BCH is gold coins melted from gold bars sent around. BSV is some shit I don't even understand why they even made in the first place, lol
Bitcoin is not just the name of an revolutionary idea, it's now a name of the first crypto. I have a feeling we will receive less trolls if we stop claiming Bitcoin Cash is true Bitcoin, because in name, Bitcoin (Core) is.
I wonder what will happen if Bitcoin reaches $4,999...
tl:dr; I'm an idiot with cryptocurrency, and BCH is working fine, no need to see anything here, just bored and going insane on quarantine
Binance Support Number 🎧 【+𝐼 】 𝟪𝟦𝟦-𝟫𝟢𝟩-𝒪𝟧𝟪𝟥☎️ Customer Service Number
Binance Support Number 🎧 【+𝐼 】 𝟪𝟦𝟦-𝟫𝟢𝟩-𝒪𝟧𝟪𝟥☎️ Customer Service Number
Binance support number 1844-907-0583 CEO Changpeng "CZ" Zhao really doesn't want to tell you where his firm's headquarters is located. Binance support number 1844-907-0583 has loads of offices, he continued, with staff in 50 countries. It was a new type of organization that doesn't need registered bank accounts and postal addresses. To kick off ConsenSys' Ethereal Summit on Thursday, Unchained Podcast host Laura Shin held a cozy fireside chat with Zhao who, to mark the occasion, was wearing a personalized football shirt emblazoned with the Binance support number 1844-907-0583 brand. Scheduled for 45 minutes, Zhao spent most of it explaining how libra and China's digital yuan were unlikely to be competitors to existing stablecoin providers; how Binance support number 1844-907-0583's smart chain wouldn't tread on Ethereum's toes – "that depends on the definition of competing," he said – and how Binance support number 1844-907-0583 had an incentive to keep its newly acquired CoinMarketCap independent from the exchange. There were only five minutes left on the clock. Zhao was looking confident; he had just batted away a thorny question about an ongoing lawsuit. It was looking like the home stretch. Then it hit. Shin asked the one question Zhao really didn't want to have to answer, but many want to know: Where is Binance support number 1844-907-0583's headquarters? This seemingly simple question is actually more complex. Until February, Binance support number 1844-907-0583 was considered to be based in Malta. That changed when the island European nation announced that, no, Binance support number 1844-907-0583 is not under its jurisdiction. Since then Binance support number 1844-907-0583 has not said just where, exactly, it is now headquartered. Little wonder that when asked Zhao reddened; he stammered. He looked off-camera, possibly to an aide. "Well, I think what this is is the beauty of the blockchain, right, so you don't have to ... like where's the Bitcoin office, because Bitcoin doesn't have an office," he said. The line trailed off, then inspiration hit. "What kind of horse is a car?" Zhao asked. "Wherever I sit, is going to be the Binance support number 1844-907-0583 office. Wherever I need somebody, is going to be the Binance support number 1844-907-0583 office," he said. Zhao may have been hoping the host would move onto something easier. But Shin wasn't finished: "But even to do things like to handle, you know, taxes for your employees, like, I think you need a registered business entity, so like why are you obfuscating it, why not just be open about it like, you know, the headquarters is registered in this place, why not just say that?" Zhao glanced away again, possibly at the person behind the camera. Their program had less than two minutes remaining. "It's not that we don't want to admit it, it's not that we want to obfuscate it or we want to kind of hide it. We're not hiding, we're in the open," he said. Shin interjected: "What are you saying that you're already some kind of DAO [decentralized autonomous organization]? I mean what are you saying? Because it's not the old way [having a headquarters], it's actually the current way ... I actually don't know what you are or what you're claiming to be." Zhao said Binance support number 1844-907-0583 isn't a traditional company, more a large team of people "that works together for a common goal." He added: "To be honest, if we classified as a DAO, then there's going to be a lot of debate about why we're not a DAO. So I don't want to go there, either." "I mean nobody would call you guys a DAO," Shin said, likely disappointed that this wasn't the interview where Zhao made his big reveal. Time was up. For an easy question to close, Shin asked where Zhao was working from during the coronavirus pandemic. "I'm in Asia," Zhao said. The blank white wall behind him didn't provide any clues about where in Asia he might be. Shin asked if he could say which country – after all, it's the Earth's largest continent. "I prefer not to disclose that. I think that's my own privacy," he cut in, ending the interview. It was a provocative way to start the biggest cryptocurrency and blockchain event of the year. In the opening session of Consensus: Distributed this week, Lawrence Summers was asked by my co-host Naomi Brockwell about protecting people’s privacy once currencies go digital. His answer: “I think the problems we have now with money involve too much privacy.” President Clinton’s former Treasury secretary, now President Emeritus at Harvard, referenced the 500-euro note, which bore the nickname “The Bin Laden,” to argue the un-traceability of cash empowers wealthy criminals to finance themselves. “Of all the important freedoms,” he continued, “the ability to possess, transfer and do business with multi-million dollar sums of money anonymously seems to me to be one of the least important.” Summers ended the segment by saying that “if I have provoked others, I will have served my purpose.” You’re reading Money Reimagined, a weekly look at the technological, economic and social events and trends that are redefining our relationship with money and transforming the global financial system. You can subscribe to this and all of CoinDesk’s newsletters here. That he did. Among the more than 20,000 registered for the weeklong virtual experience was a large contingent of libertarian-minded folks who see state-backed monitoring of their money as an affront to their property rights. But with due respect to a man who has had prodigious influence on international economic policymaking, it’s not wealthy bitcoiners for whom privacy matters. It matters for all humanity and, most importantly, for the poor. Now, as the world grapples with how to collect and disseminate public health information in a way that both saves lives and preserves civil liberties, the principle of privacy deserves to be elevated in importance. Just this week, the U.S. Senate voted to extend the 9/11-era Patriot Act and failed to pass a proposed amendment to prevent the Federal Bureau of Investigation from monitoring our online browsing without a warrant. Meanwhile, our heightened dependence on online social connections during COVID-19 isolation has further empowered a handful of internet platforms that are incorporating troves of our personal data into sophisticated predictive behavior models. This process of hidden control is happening right now, not in some future "Westworld"-like existence. Digital currencies will only worsen this situation. If they are added to this comprehensive surveillance infrastructure, it could well spell the end of the civil liberties that underpin Western civilization. Yes, freedom matters Please don’t read this, Secretary Summers, as some privileged anti-taxation take or a self-interested what’s-mine-is-mine demand that “the government stay away from my money.” Money is just the instrument here. What matters is whether our transactions, our exchanges of goods and services and the source of our economic and social value, should be monitored and manipulated by government and corporate owners of centralized databases. It’s why critics of China’s digital currency plans rightly worry about a “panopticon” and why, in the wake of the Cambridge Analytica scandal, there was an initial backlash against Facebook launching its libra currency. Writers such as Shoshana Zuboff and Jared Lanier have passionately argued that our subservience to the hidden algorithms of what I like to call “GoogAzonBook” is diminishing our free will. Resisting that is important, not just to preserve the ideal of “the self” but also to protect the very functioning of society. Markets, for one, are pointless without free will. In optimizing resource allocation, they presume autonomy among those who make up the market. Free will, which I’ll define as the ability to lawfully transact on my own terms without knowingly or unknowingly acting in someone else’s interests to my detriment, is a bedrock of market democracies. Without a sufficient right to privacy, it disintegrates – and in the digital age, that can happen very rapidly. Also, as I’ve argued elsewhere, losing privacy undermines the fungibility of money. Each digital dollar should be substitutable for another. If our transactions carry a history and authorities can target specific notes or tokens for seizure because of their past involvement in illicit activity, then some dollars become less valuable than other dollars. The excluded But to fully comprehend the harm done by encroachments into financial privacy, look to the world’s poor. An estimated 1.7 billion adults are denied a bank account because they can’t furnish the information that banks’ anti-money laundering (AML) officers need, either because their government’s identity infrastructure is untrusted or because of the danger to them of furnishing such information to kleptocratic regimes. Unable to let banks monitor them, they’re excluded from the global economy’s dominant payment and savings system – victims of a system that prioritizes surveillance over privacy. Misplaced priorities also contribute to the “derisking” problem faced by Caribbean and Latin American countries, where investment inflows have slowed and financial costs have risen in the past decade. America’s gatekeeping correspondent banks, fearful of heavy fines like the one imposed on HSBC for its involvement in a money laundering scandal, have raised the bar on the kind of personal information that regional banks must obtain from their local clients. And where’s the payoff? Despite this surveillance system, the U.N. Office on Drugs and Crime estimates that between $800 billion and $2 trillion, or 2%-5% of global gross domestic product, is laundered annually worldwide. The Panama Papers case shows how the rich and powerful easily use lawyers, shell companies, tax havens and transaction obfuscation to get around surveillance. The poor are just excluded from the system. Caring about privacy Solutions are coming that wouldn’t require abandoning law enforcement efforts. Self-sovereign identity models and zero-knowledge proofs, for example, grant control over data to the individuals who generate it, allowing them to provide sufficient proof of a clean record without revealing sensitive personal information. But such innovations aren’t getting nearly enough attention. Few officials inside developed country regulatory agencies seem to acknowledge the cost of cutting off 1.7 billion poor from the financial system. Yet, their actions foster poverty and create fertile conditions for terrorism and drug-running, the very crimes they seek to contain. The reaction to evidence of persistent money laundering is nearly always to make bank secrecy laws even more demanding. Exhibit A: Europe’s new AML 5 directive. To be sure, in the Consensus discussion that followed the Summers interview, it was pleasing to hear another former U.S. official take a more accommodative view of privacy. Former Commodities and Futures Trading Commission Chairman Christopher Giancarlo said that “getting the privacy balance right” is a “design imperative” for the digital dollar concept he is actively promoting. But to hold both governments and corporations to account on that design, we need an aware, informed public that recognizes the risks of ceding their civil liberties to governments or to GoogAzonBook. Let’s talk about this, people. A missing asterisk Control for all variables. At the end of the day, the dollar’s standing as the world’s reserve currency ultimately comes down to how much the rest of the world trusts the United States to continue its de facto leadership of the world economy. In the past, that assessment was based on how well the U.S. militarily or otherwise dealt with human- and state-led threats to international commerce such as Soviet expansionism or terrorism. But in the COVID-19 era only one thing matters: how well it is leading the fight against the pandemic. So if you’ve already seen the charts below and you’re wondering what they’re doing in a newsletter about the battle for the future of money, that’s why. They were inspired by a staged White House lawn photo-op Tuesday, where President Trump was flanked by a huge banner that dealt quite literally with a question of American leadership. It read, “America Leads the World in Testing.” That’s a claim that’s technically correct, but one that surely demands a big red asterisk. When you’re the third-largest country by population – not to mention the richest – having the highest number of tests is not itself much of an achievement. The claim demands a per capita adjustment. Here’s how things look, first in absolute terms, then adjusted for tests per million inhabitants. Binance support number 1844-907-0583 has frozen funds linked to Upbit’s prior $50 million data breach after the hackers tried to liquidate a part of the gains. In a recent tweet, Whale Alert warned Binance support number 1844-907-0583 that a transaction of 137 ETH (about $28,000) had moved from an address linked to the Upbit hacker group to its wallets. Less than an hour after the transaction was flagged, Changpeng Zhao, the CEO of Binance support number 1844-907-0583, announced that the exchange had frozen the funds. He also added that Binance support number 1844-907-0583 is getting in touch with Upbit to investigate the transaction. In November 2019, Upbit suffered an attack in which hackers stole 342,000 ETH, accounting for approximately $50 million. The hackers managed to take the funds by transferring the ETH from Upbit’s hot wallet to an anonymous crypto address.
Professional male escort (Gigolo) wish to support and expand cryptocurrencies!
Hello guys, my name is John. I'm working as a professional gigolo for people with eccentric tastes for 6 years now. I'm 28 years old, I am in very good shape, I'm very educated and I know how to please both a lady and a cuckold husband.I'm educated in poetry, cryptocurrency, science, philosophy, psychology, and I'm here to make a change in the world of male escorts by adding BCH and BTC in our payment methods. My abilities include: Special techniques to please you or your lady in very intense yet romantic ways. You get a 25% discount if you're using BTC or BCH. 2)Elaborated argumentative abilities over why male escorts should change to BCH and BTC payments and other cryptocurrencies! 3)Special kinks are allowed, and I'm willing to as far as it takes to satisfy my costumers! With very few exceptions! We can discuss the details in dm.. 4)I'm also willing to travel to whatever location you would like me to, all the payments are in cryptocurrency! Why you should hire me: A) I'm a man of a high moral compass, and I'm always respecting my costumers and their requests, I'm also very open minded and I'm willing to both discuss, behave, and react the way you want me to! 2)I'm extremely good looking and tall, for safety reasons I'm willing to provide proof so you can judge my appearance yourself in dm's. 3)I'm also very brutal if I have to, in case you wish to see your lady or your lady wants to get treated in a very dominating and degrading way, I am here for you! My experience also includes BDSM, Kama sutra. Cuckoldery (as the dom). I also provide my services to couples who have sexual and psychological issues! I'm also very good in dating, and if you wish for something more than just sexual gratification, I am willing to adjust to your wishes! Soon I will upload some videos of my services in pornhub and youporn or even xxxnxxx so the whole world can see my services! You can also message me in dm for any special requests and we can discuss payment, location, time, and anything else that you wish I am an amazing listener! The common thing between our profession and cryptocurrencies is that they're both overlooked! So it's time to combine the two communities into one! We will name it the cryptosexy escorts. In order to show your support for the CryptoSexy Escorts, you can also donate in one of the following addresses! Bitcoin: 1VmFBiccxepWbWYYAxUjyaugEACaMYwxc Bitcoin cash: bitcoincash:qze4k8qqwc8l0ha9v233xzjqufwzaewpvs4vlrj9qp Ethereum: 0x98878ad6787eB540D217E4c6FD7e25cDa14054A2 Litecoin: LQFbgao7Gz29TKNXZXFhHzYUhmT7kFGU4n Dashcoin: XoP3JVxpjF7EbzzYFsvTXX4Kz4k1oMyjNu Binance: XoP3JVxpjF7EbzzYFsvTXX4Kz4k1oMyjNu Dogecoin: XoP3JVxpjF7EbzzYFsvTXX4Kz4k1oMyjNu
Crypto-Powered: Understanding Bitcoin, Ethereum, and DeFi
Until one understands the basics of this tech, they won’t be able to grasp or appreciate the impact it has on our digital bank, Genesis Block. https://reddit.com/link/ho4bif/video/n0euarkifu951/player This is the second post ofCrypto-Powered— a new series that examines what it means forGenesis Blockto be a digital bank that’s powered by crypto, blockchain, and decentralized protocols. --- Our previous post set the stage for this series. We discussed the state of consumer finance and how the success of today’s high-flying fintech unicorns will be short-lived as long as they’re building on legacy finance — a weak foundation that is ripe for massive disruption. Instead, the future of consumer finance belongs to those who are deeply familiar with blockchain tech & decentralized protocols, build on it as the foundation, and know how to take it to the world. Like Genesis Block. Today we begin our journey down the crypto rabbit hole. This post will be an important introduction for those still learning about Bitcoin, Ethereum, or DeFi (Decentralized Finance). This post (and the next few) will go into greater detail about how this technology gives Genesis Block an edge, a superpower, and an unfair advantage. Let’s dive in… https://preview.redd.it/1ugdxoqjfu951.jpg?width=650&format=pjpg&auto=webp&s=36edde1079c3cff5f6b15b8cd30e6c436626d5d8
Bitcoin: The First Cryptocurrency
There are plenty of online resources to learn about Bitcoin (Coinbase, Binance, Gemini, Naval, Alex Gladstein, Marc Andreessen, Chris Dixon). I don’t wanna spend a lot of time on that here, but let’s do a quick overview for those still getting ramped up. Cryptocurrency is the most popular use-case of blockchain technology today. And Bitcoin was the first cryptocurrency to be invented.
Bitcoin is the most decentralized of all crypto assets today — no government, company, or third party can control or censor it.
Bitcoin has two primary features (as do most other cryptocurrencies):
Send Value You can send value to anyone, anywhere in the world. Nobody can intercept, delay or stop it — not even governments or financial institutions. Unlike with traditional money transfers or bank wires, there are no layers of middlemen. This results in a process that is much more cost-efficient. Some popular use-cases include remittances and cross-border payments.
A few negative moments in Bitcoin’s history include the collapse of Mt. Gox — which resulted in hundreds of millions of customer funds being stolen — as well as Bitcoin’s role in dark markets like Silk Road — where Bitcoin arguably found its initial userbase. However, like most breakthrough technology, Bitcoin is neither good nor bad. It’s neutral. People can use it for good or they can use it for evil. Thankfully, it’s being used less and less for illicit activity. Criminals are starting to understand that transactions on a blockchain are public and traceable — it’s exactly the type of system they usually try to avoid. And it’s true, at this point “a lot more” crimes are actually committed with fiat than crypto. As a result, the perception of bitcoin and cryptocurrency has been changing over the years to a more positive light. Bitcoin has even started to enter the world of media & entertainment. It’s been mentioned in Hollywood films like Spiderman: Into the Spider-Verse and in songs from major artists like Eminem. It’s been mentioned in countless TV shows like Billions, The Simpsons, Big Bang Theory, Gray’s Anatomy, Family Guy, and more. As covid19 has ravaged economies and central banks have been printing money, Bitcoin has caught the attention of many legendary Wall Street investors like Paul Tudor Jones, saying that Bitcoin is a great bet against inflation (reminding him of Gold in the 1970s). Cash App already lets their 25M users buy Bitcoin. It’s rumored that PayPal and Venmo will soon let their 325M users start buying Bitcoin. Bitcoin is by far the most dominant cryptocurrency and is showing no signs of slowing down. For more than a decade it has delivered on its core use-cases — being able to send or store value.
At this point, Bitcoin has very much entered the zeitgeist of modern pop culture — at least in the West.
When Ethereum launched in 2015, it opened up a world of new possibilities and use-cases for crypto. With Ethereum Smart Contracts (i.e. applications), this exciting new digital money (cryptocurrency) became a lot less dumb. Developers could now build applications that go beyond the simple use-cases of “send value” & “store value.” They could program cryptocurrency to have rules, behavior, and logic to respond to different inputs. And always enforced by code. Additional reading on Ethereum fromLinda XieorVitalik Buterin.
Because these applications are built on blockchain technology (Ethereum), they preserve many of the same characteristics as Bitcoin: no one can stop, censor or shut down these apps because they are decentralized.
Just as tokens grew in popularity in 2017–2018, so did online marketplaces where these tokens could be bought, sold, and traded. This was a fledgling asset class — the merchants selling picks, axes, and shovels were finally starting to emerge.
I had a front-row seat — both as an investor and token creator. This was the Wild West with all the frontier drama & scandal that you’d expect.
Binance — now the world’s largest crypto exchange —was launched during this time. They along with many others (especially from Asia) made it really easy for speculators, traders, and degenerate gamblers to participate in these markets. Similar to other financial markets, the goal was straightforward: buy low and sell high. https://preview.redd.it/tytsu5jnfu951.jpg?width=600&format=pjpg&auto=webp&s=fe3425b7e4a71fa953b953f0c7f6eaff6504a0d1 That period left an embarrassing stain on our industry that we’ve still been trying to recover from. It was a period rampant with market manipulation, pump-and-dumps, and scams. To some extent, the crypto industry still suffers from that today, but it’s nothing compared to what it was then.
While the potential of getting filthy rich brought a lot of fly-by-nighters and charlatans into the industry, it also brought a lot of innovators, entrepreneurs, and builders.
The launch and growth of Ethereum has been an incredible technological breakthrough. As with past tech breakthroughs, it has led to a wave of innovation, experimentation, and development. The creativity around tokens, smart contracts, and decentralized applications has been fascinating to witness. Now a few years later, the fruits of those labors are starting to be realized.
I know that for the hardcore crypto people, what we covered today is nothing new. But for those who are still getting up to speed, welcome! I hope this was helpful and that it fuels your interest to learn more. Until you understand the basics of this technology, you won’t be able to fully appreciate the impact that it has on our new digital bank, Genesis Block. You won’t be able to understand the implications, how it relates, or how it helps. After today’s post, some of you probably have a lot more questions. What are specific examples or use-cases of DeFi? Why does it need to be on a blockchain? What benefits does it bring to Genesis Block and our users? In upcoming posts, we answer these questions. Today’s post was just Level 1. It set the foundation for where we’re headed next: even deeper down the crypto rabbit hole. --- Other Ways to Consume Today's Episode:
We have a lot more content coming. Be sure to follow our channels: https://genesisblock.com/follow/ Have you already downloaded the app? We're Genesis Block, a new digital bank that's powered by crypto & decentralized protocols. The app is live in the App Store (iOS & Android). Get the link to download at https://genesisblock.com/download
1)It is possible to change the code through a miner vote or a fork and change the total supply or anything. DASH did it : they reduced the total supply from 84M to 18.9M a few years ago. They could also increase it to 999 Trillions if they wanted to so that millions of DASH are mined every week. 2)You can also fork bitcoin anytime , start over from 0 and claim it's the real bitcoin. (BCH , BSV , BTG , LTC , BCD etc) 3)Why would you pay $10,000 for a digital collectible unit called BTC when you can use BCH or TRX or LTC .. you name it. They work just as fine and cost less. There is no rarity like in gold. 4)Think of any amount you hold in ethereum as a gift card to use smart contracts on the ETH blockchain. Ridiculous. You’d rather hold a wal mart gift card or even simply cash. 5)Private keys may be bruteforced as we speak. Quintillions entries a second. When they’ll have enough bitcoins under control , they could move them all at once instantly.(At least 45,000 ETH have been stolen this way for now through ethereum bandit)SHA 256 is too old , bitcoin is 10 years old , it is not secure enough , quantum computing could potentially break it. 6)And that’s if people don’t find a way to create an infinite amount of coins to sell on exchanges.. it happened with monero , stellar , bitcoin , zcash , zcoin , eos , etc.. proofs : “Bitcoin , Coindesk : “The Latest Bitcoin Bug Was So Bad, Developers Kept Its Full Details a Secret”an attacker could have actually used it to create new Bitcoin — above the 21 million hard-cap of coin creation — thereby inflating the supply and devaluing current bitcoins.” Stellar : “Stellar Inflation: Glitch Leads to 2.25 Billion Extra XLM Printed” Monero : “A bug in the Monero (XMR) wallet software that could enable fake deposits to exchanges has been recently brought to public attention through a Medium post” Zcoin : Forged coins were created, but not exceeding 1% of the circulating supply. We will release further details on exact numbers when Sigma is released. EOS : “Hackers Forge Billion EOS Coins to Steal Real Crypto From DEX “ Zcash : “Zcash Team Reveals It Fixed a Catastrophic Coin Counterfeiting Bug” etc.. 7)Segwit , and especially Lightning network is a very complex technology and it will inevitably have flaws , bugs , it will be exploited and people will lose money. That alone can cause bitcoin to drop very low levels. 8)Then miners may be losing millions so they will stop mining , blocks may be so slow , almost no transaction will come though , and bitcoin may not have enough time to reach the next difficulty adjustement. This is reffered to as a death spiral. Then every crypto even those with no mining involved may crash hard. 9)Many crypto wallets are unsafe and have already caused people to lose all their investment , including the infamous “parity wallet”. 10)It is NOT trustless. you have to trust the wallet you’re using is not just generating an address controlled by the developper , you have to trust the node the wallet connects to is an honest node , you have to trust a Rogue state or organization with enough computing power will not 51% attack the network. etc.. 11)Bitcoin is NOT deflationary. Bitcoins are created every blocks (roughly every 10 minutes) and you wil be dead by the time we reach the 21 million current hard cap. 12)Bitcoin price may artificially be inflated by Tether. 13)It’s an energy waste , an environmental catastrophy. 14)The only usecases are money laundering , tax evasion , gambling , buying on the dark net , evading sanctions and speculation. 15)Governments will ban it if it gets too big , and they have a big incentive to do so , not only for the obscure usecases but also because it threatens the stability of sovereign currencies. Trump could kill bitcoin with one tweet , force fiat exchanges to cease activity. 16)Most cryptos are scams , the rest are just crazy speculative casino investments. 17)It is pyramidal : early adopters intend to profit massively while last comers get crushed. That's not how money works. The overwhelming majority of crypto holders are buying it because they think they will be able to sell it to a higher price later. Money is supposed to be rather stable. That's why the best cryptocurrencies are USDT USDC etc.. 18)The very few stores accepting bitcoin always have the real price in the local currency , not in bitcoin. And prices like 0.00456329 BTC are ridiculous ! 19)About famous brokers listing bitcoin : they have to meet the demand in order to make money , it doesn't mean they approve it , some even short it (see interactive broker's CEO opinion on bitcoin) 20)People say cash is backed by nothing and losing value slowly , and yes it is very flawed , but there is a whole nation behind it , it's accepted everywhere , you can buy more things with it. 21)Everybody in crypto thinks that there will be a new bullrun and that then , they will sell. But because everybody thinks it will happen , it might not happen. The truth is past performance doesn’t indicate future performance and it is absolutely not guaranteed that there will ever be another bullrun. The markets are unpredictable. 22)Also BTC went from about $0.003 to the price it is today , so don’t think it’s cheap now. 23)There is no recourse if you’re scammed/hacked/made a mistake in the address etc. No chargebacks. But it might be possible to do a rollback (blockchain reorganization) to reverse some transactions. BSV did it. 24)In case of a financial crisis , the speculative assets would crash the most and bitcoin is far from being a non speculative safe heaven ; and governments might ban it to prevent fiat inflation to worsen. 25) Having to write down the private key somewhere or memorize it is a security flaw ! It’s insane to think a system like this will gain mass adoption. 26) The argument saying governments can not ban it because it is decentralized (like they banned drugs) doesn’t work for cryptos. First , drugs are much harder to find and much more expensive and unsafe because of the ban , and people are willing to take the risk because they like it. But if crypto is banned , value will drop too much , and if you can’t sell it for fiat without risking jail , goodluck to find a buyer. Fiat exchanges could close. Banks could terminate every crypto related bank account. And maybe then the mining death spiral would happen and kill all cryptos. 27) Crypto doesn’t exist. It’s like buying air. It’s just virtual collectibles generated by a code. Faguzzi, fugazzi, it’s a whazzie, it’s a whoozie.. it’s a.. fairy dust. It doesn’t exist. It’s never landed. It’s no matter, it’s not on the elemental chart. It… it’s not fucking real! 28) Most brilliant guys have come out and said Bitcoin was a scam or worthless. Including Bill Gates , Warren Buffet , The Wolf Of Wall Street… 29) Inflation is necessary for POW , BTC code will have to be changed to bypass the 21M cap or mining will die ! If BTC code is not changed to allow for miners to be paid reasonably , they will cease mining when the bitcoin block reward gets too low.Even monero understood it ,the code will have to be changed to allow for an infinite bitcoin supply (devaluating all current bitcoins) or the hash will decrease and the security of bitcoin will decrease dramatically and be 51% attacked 30) Don’t mix up blockchain and cryptos. Even blockchain is overrated. But when you hear this or that company is going blockchain , it doesn’t mean they support cryptocurrencies. 31) Craig Wright had a bitcoin mining company with Dave Kleinman (he died) and on january 1 2020 he claims he will be able to access the 1.1M BTC/BCH/BTG from the mining trust. He may or may not dump them on the market , he also said BTC had a fatal flaw and that by 2019 there will be no more BTC. 32) Hacks in cryptos are very common and usually massive. Billions of dollars in crypto have been stolen in the last 6 years. In may 2019 Binance was hacked and lost 7,000 BTC (and it’s far from being the biggest crypto hack). 33) Bitcoin was first. It's an ancient technology. Newer blockchains have privacy, smart contracts, distributed apps and more.Bitcoin is our future? Was the Model T the future of the automobile? (John Mc Afee) 34) IOTA investiguating stolen funds on mainnet. IOTA shuts down the whole network to deal with trinity wallet attack. 35) Compared to bitcoin other cryptos work just as fine and don't waste so much energy. 36 ) Everytime miners disagree on the updates it will create another version of bitcoin : problem of governance and legitimacy. 37) Cryptos are only legitimate if they act as a credit for a redeemable asset like USDT or gold backed coins. While the native language of the writter is not english , I think you get the point and it doesn't make it any less relevant.
Answer - As for Kava, Kava was originally founded in January 2018. It was formed by cofounders Scott Stuart, Ruaridh O’Donnell and myself with the mission to tackle the problem of interoperability. We started the company working with larger projects like Ripple, MakerDao, and Cosmos on their layer 2 and interoperability problems and developed a lot of expertise in this area. It wasn’t until 2019 that we eventually decided to put our expertise to public use and create the first interoperable DeFi blockchain, Kava.
Could you please tell me what KAVA cryptocurrency is? What problem does it solve?
Answer - KAVA is the staking, governance, and reserve asset of the Kava DeFi platform. KAVA is required by node operators to secure transactions on the blockchain. Additionally, when lending fees are paid, they are converted to Kava and burned reducing the overall supply of KAVA tokens. As more users use the Kava lending platform, KAVA should become more scarce overtime.
What is the advantage of keeping the KAVA token for a long and short term?
Answer - In the short term, if you stake KAVA you can earn additional block rewards every day, block by block. This provides a nice steady return on the Kava usually in the range of 3-20% depending on the number of people staking.
We will be opening the gates of DeFi to many top tier assets such as BNB, XRP, ATOM, and BTC which have never been able to use lending, stablecoins, or other DeFi Services. If you are a KAVA hodler you can benefit from owning and having a stake in the network as we grow because as the network grows, Kava is burned and it becomes more scarce as a resource.
Chainlink is KAVA’s partner, can you explain more about this partnership?
Answer - Yes, this is not the usual chainlink partnership where a blockchain consumes data from Chainlink’s oracle solution.
No oracle solution adequate for DeFi applications on Cosmos was available. For this reason, Kava has teamed up with Chainlink to bring its data and reliable oracle solution to the Cosmos ecosystem. Chainlink nodes now will be able to securely publish data directly on the Kava blockchain where it can be used or easily transported to other Cosmos-based blockchains and applications. Chainlink oracles on Kava utilize all the industry-leading technologies of Chainlink, while enabling more frequent price updates and improving the reach and distribution of where that data can be used.
Since Kava’s blockchain is built using Tendermint, Tendermint-based blockchains within the Cosmos ecosystem (Binance, Terra, OKChain, Cosmos Hub, Agoric, Aragon, and others) will now be able to retrieve market data such as cryptocurrency, FX, and commodity prices. For DEX’s like Binance this will enable them to create futures, options, and other derivative products they were not able to do so before.
TLDR: Kava + Chainlink Data creates the ideal hub for all blockchains and applications to get their DeFi services and Data, and as result makes Kava a natural hub for the growing Cosmos ecosystem.
What is the KAVA CDP product? Do you have any exciting things down the pipeline that you can share?
Answer - First, let me clarify that CDP simply means “collateralized-debt-position” similar to CDOs that exist in the traditional finance world. What it means is a loan using collateral to back the loan.
Kava’s lending platform offers collateralized loans to users who have crypto. Getting a loan with Kava’s platform is great if you don’t want to sell your crypto position, but need short term cash for payments or if you want to use the loan to get a levered / margin position without going through KYC.
As for news! Kava’s lending platform is scheduled to officially launch on the mainnet June 10th.
At this time, DeFi will be made available to BNB for the first time ever. Also at this time, the Kava DeFi platform will be awarding the first users that have BNB extremely high rewards for being early adopters.
Each week, 74,000 KAVA will be given out to all the users who have taken out loans on Kava. Yes, you get free KAVA, for taking out a loan using BNB!
Why should BNB users use KAVA’s lending platform and take out USDX? And how to mint USDX with BNB on KAVA CDP?
Answer - Free- maybe let's call it rewards for being good users 😉
The rewards are platform growth incentives so that we can grow the platform quickly.
Well at launch, definitely the KAVA rewards are a huge reason for BNB users to use it.
As for the product long-term, the major use case for our lending platform is to get a levered position without needing an exchange or to go through KYC.
How it works is that a BNB holder can deposit their BNB and take out USDX loans - this capital they will take and buy more BNB with it. Most people will use the loan this way to get 2-3x the original BNB amount. If the price goes up on BNB, they win 2-3x the gains!
Of course if the price goes down and they cannot repay their loan, the BNB collateral might get liquidated, so be careful, it works just like a margin trading account.
Brian do you have any more information or links for our community about this?
KAVA was initially planned to launch on Ripple network but later switched to Cosmos Tendermint Core. [email protected] is that something you see in Tendermint Core that is not available anywhere?
Answer - For clarification, Kava was never planned to be on Ripple. However, Ripple is a Kava investor, shareholder, and partner.
We selected the Cosmos-SDK featuring the Tendermint BFT consensus because during our past work with Ripple, MakerDao, ETH, and other layer 2 work we learned the value of “finality” of blockchains. For example, on ETH, the finality of blocks do not happen right away. You need to reach 15+ blocks to be confirmed on Ethereum to really know a transaction has passed. This results in really slow user experiences that aren’t acceptable in finance or any application really.
Tendermint solves this because it makes every transaction final and occur in seconds.
Additionally, we chose the Cosmos-SDK as the framework to build our stand alone blockchain, Kava because it allowed us to create our own security model and design which enables Kava as a DeFi platform responsible for millions of dollars of collateral to be very secure in a way we could net get if we built it on any other network.
KAVA does cross-chain support. Compared to other DeFi platforms, KAVA offer collateralized loans and stable coins to users too. How will volatility be managed there with so many different collateral systems in CDP?
Answer - Volatility is an important consideration and accurate and timely price reference data is needed to make sure the system works.
All the collateral positions rely on price feeds from oracles to determine if they are safe or need to be liquidated. Kava has created a novel partnership with Chainlink, where Chainlink oracles that normally run on Ethereum, operate nodes directly on Kava where they can post prices. This Kava to avoid network congestion, high gas fees, and other less desirable issues found on Ethereum, while enabling the oracles with Kava’s fast blocktimes and finality so they can actually deliver price updates 10-20x more frequently than is possible elsewhere. This makes Kava’s price feed data very reliable.
In times of volatility, if liquidations occur, the Kava platform automatically auctions collateral off for USDX on the market and burns the USDX. This mechanism keeps the system balanced and USDX algorithmically stable and always fully collateralized by real assets.
And it does this transparently, unlike the real world CDOs which caused the world issues in 2008 due to the lack of transparency in their assets and risk.
Recently, Binance has released a white paper on BSC, a Binance smart chain. So, what can I get by staking through Binance Coin BNB?
Answer - Yay for smart contracts!
What can we get by staking bnb?
Staking BNB on Kava, or depositing it in a CDP and creating USDX from it earns users KAVA in rewards everyweek. A lot of rewards. In addition, you get USDX to hold which also pays out a savings rate each block that is much better than say what USD in a checking account could do.
Various platforms are in Ethereum. So why is Kava not at Ethereum?
Answer - I could speak about this for ages, but there is a reason for Ethereum being the home to many hacks and bugs.
Kava is not on ethereum because we couldn’t build our system there. The main reasons. as I have mentioned are:
(1) Ethereum has congestion, oracle issues, high fees, and slow block times.
(2) Ethereum’s open smart contracting system can do anything. This is great for building crypto kitties, but horrible for financial software as it makes all code have infinite attack vectors that hackers can use which are impossible to test for. We built our own chain so we could scope the code and limit what attack vectors are possible.
(3) Building in solidity, the language of Ethereum, is horrible. The development environment is bad, testnets don’t work, and many other things are painful. Kava is primarily built in GO which is far superior for financial applications in most respects.
(4) The future is Cosmos. Binance, Okchain, terra, Cosmos Hub(ATOM), and Kava all are created using the Cosmos-SDK framework. I believe this is the future and the blockchain developers are moving to this in mass. Over 110 projects now are building with the Cosmos-SDK.
What are ways by which Kava project generates profit/revenue to maintain project. What is your revenue model?
Answer - Kava is a for-profit financial DAO with over 80 different businesses staking Kava and voting on its evolution. They want to see Kava succeed so they vote to fund operations and developments that drive user growth in Kava. Due to fees paid in Kava and the burning mechanism, as the system grows in users, the Kava supply decreases making those that hold Kava win due to scarcity.
Lending/Borrowing has been introduced by Binance. How can this affect the Kava since people can directly borrow BUSD from Binance with BNB used as collateral than going to Kava?
Answer - Kava will be featured on Binance as well. The main benefit of Kava is that there is no counterparty. The capital is minted on demand not sourced from somewhere. Binance and other centralized parties on the otherhand need to find capital to provide loans, creating a cost of capital. Kava is much more efficient at providing capital and avoids a lot of regulator issues.
I'll add I think BUSD in the future might be usable for collateral to Kava's loans as well. It would be cool 🙂
What's your opinions on Future of DeFi & DApps? Do you think that DeFi is the future of current Financial world? Also, How do you see the future of KAVA?
Answer - I believe Centralized Finance and the existing infrastructure has a place. It has a lot of issues that cause things like the 2008 crisis and the current insolvency issues that are happening across the world due to trust-based debt with no actual backers other than the people which end up bailing out banks and other financial institutions that have made poor decisions.
DeFi's future is bright because it solves this fundamental issue. It removes trust and adds transparency. Kava is right at the foundation for all of DeFi as things grow and mature.
Recently, we have seen some big hacks in DeFi platforms. How will KAVA deal with these bad actors of crypto and what security measures have been taken by KAVA for the safety of users' funds?"
Answer - Unlike a lot of DeFi startups, we take things seriously. We don't ""move fast and break things"" as Mark Zuckerberg would say.
We do a thorough analysis before suggesting to deploy code. Our internal team works very hard to run tests and simulations, once it passes internally, we give it to 3rd party auditors who try and game it and break the code. If it passes there, we give the code to the community to review and vote into the mainnet. In this way, I’d estimate about 100+ people review our code and test it before it goes live and consumers can touch it. I don't know many other project teams that due things with such diligence.
Binance for KAVA is a very valuable partner in terms of increasing the number of users, but what is KAVA ready to give equivalent to Binance users? What applications will be integrated into Binance to expand the ecosystem?
Answer - Kava gives the BNB users loans. It gives the DEX a stablecoin and the ability to offer margin products. Kava’s connection to binance chain and chainlink data also enables Binance DEX to offer trustless derivatives like options and futures products going forward.
Cosmos has limitations on working with PoW coins. How do you technically solve the problem of implementing DeFi products for bitcoin?
Answer - Cosmos is great for hard-to-work-with blockchains like BTC. It's flexible in how you can construct bridges. For example, the validator set can have a multisig private key split up into pieces in order to create a trustless escrow and control of assets on other blockchains. In this way, we can create peg zones with Cosmos for the best assets in the world. Once a zone is established, it can be used on Kava and other Cosmos chains.
USDX is currently a little-known stable coin. Do you plan to add it to the top exchanges with good liquidity, including Binance?
Answer - USDX will be growing quickly. We have a plan to have it listed and get liquidity across several known exchanges shortly after launch.
There are several options for using USDX on the KAVA platform, one of which is Margin Trading / Leverage. Is this a selection function or a compulsory function? Wondering since there are some investors who don`t like margin. What is the level of leverage and how does a CDP auction work?
Answer - Using Kava for Margin trading is 100% optional. You can choose how you want to use the margin loan. You don’t have to spend the USDX unless you want to. It could be used for everyday payments as well in the case you simply don’t want to sell your underlying collateral. If you don’t want the risk, do small loans with lots of collateral.
Will your team have a plan to implement the DAO module on your platform, as it provides autonomy, decentralization and transparency?
Answer - DAO - Kava is a for-profit DAO and it’s fully functional already. We have on-chain governance and have underwent several votes and evolutions you can look at. You actually can see some current voting processes taking place here: https://kava.mintscan.io/proposals
We recently implemented a cool feature called committees, which enables the DAO to elect a small group of experts to make decisions without needing a vote of the whole user base. This enables the experts to have control over a small portion of the protocol - such as monitoring the debt limit, fees, etc and enables Kava to operate faster and be more adaptable in volatile market conditions.
How can we address the possible overloads and security threats caused by increased users in the DeFi scene?
Answer - Yes, this is a huge issue for Ethereum, MakerDAO and everyone in the space. I don’t see a bright future for DeFi on Etheruem unfortunately. You can’t have a blockchain do everything well. Tether alone congests most of Ethereum and makes oracle price feeds lag the market. This can cause liquidations that should not happen and real people will lose real funds. It’s a huge issue.
The hope is for a dedicated system like Kava to provide a better backbone for DeFi applications going forward.
I should point out that Kava is not just a MakerDao for Cosmos or a CDP for Bitcoin. Kava is designed to be a foundational layer for DeFi services that every new blockchain and application will need.
Every blockchain will need DeFi services like lending, stablecoins, and data and they need it to be very secure. Kava does all this with its cross-chain lending plarform, USDX stablecoin, and Chainlink data in an incredibly secure, but accessible manner.
In this way, Kava aims to connect and serve all the major cryptocurrency communities and build it’s place at the center, where every developer can get what they need to build financial applications of the future."
What distinguishes Kava from your existing competitors like Syntetix?
Answer - Synthetix isn't really a competitor, but it is an interesting project in terms of mechanism design. We share a lot of common investors and have similar token economic ideas with them. The only blockchain project that could be is MakerDAO, but they can only work with ETH assets due to their design. We are focused on the major cap assets - BTC, BNB, XRP, ATOM and others have a much larger market than ETH to address. BTC is 10x the size alone. Currently no one serves them with DeFi. We’re going after this opportunity and believe it to be a huge one.
Why is the KAVA coin not used for Mint, why am I asking that because I see it can also make the value of KAVA coins grow naturally?
Answer - Why is Kava not used as a collateral? Well, it could be I suppose. The community might vote for this in the near future if they want us to be like synthetix. It makes the Kava token more valuable and it will incentivize much more locked-up Kava reducing overall circulating supply which is fairly favorable. The main reason we have not done this yet is that we(Kava and its community) are still weighing the risks of doing this given that Kava also functions as a reserve asset. I think it's likely Kava gets added as collateral at some point, but it will likely have a high debt-collateral ratio to address the issues similar to Synthetix which is 750%.
How do you prevent in a manipulated KAVA Mint just to take advantage of a token prize when minting?
Answer - Minting rewards and manipulation. We’ve thought of this. Each week, the blockchain counts all the blocks, counts how many people had a loan in that period, then takes the average loan amount over time to calculate the rewards. If you open and close a loan - you will get very little rewards. You only get a large reward if you keep the loan open the full period.
Who are your oracle providers? Are you also an oracle provider?
Answer - Kava may run 1 oracle in the future, but we will always have many and be the minority. Most chainlink oracle node operators are large players in the space that run staking infrastructure companies like cosmostation, chainlayer, chorus one, figment networks, etc. Binance will also be one of our oracles.
If we look at all the different types of DeFi products _(decentralized exchanges, stablecoins, atomic swaps, insurance products, loan platforms, trade financing platforms, custody platforms, and crowdfunding platforms) currently covering important areas of traditional finance...where does Kava fit in?
Answer - To make any interesting financial product work you need capital, a stable store of value, and price data. These are really hard to get on current blockchain environments. Kava provides all of these.
Many people describe Kava as similar to Maker (MKR). How is Kava different? Why do you think Kava has more potential?
Answer - MakerDAO is a smart contract with a singular purpose, to serve ETH. It sadly inherited the problems of ethereum. Kava is designed from the ground up for security and interoperability. We are targeting bigger and better assets and have more capabilities to serve them with what their developers and ecosystem need.
What is the uniqueness of KAVA project that cannot be found in other project that´s been released so far ?
Answer - Well in June 10th, we will be the first ever blockchain project to bring DeFi to another blockchain in a real way. BNB users will have loans, stablecoins, and much more.
The gas fee is an issue for blockchain besides scalability. Does your Kava provide a solution for gas?
Answer - gas fees are very low on Kava, only high enough to prevent spam. We dont need high fees for TX because validators are paid in block rewards. Additionally, we dont have competing transactions from crypto-kitties or other non-financial applications. This leaves all of Kava's throughput 100% dedicated to scaling financial transactions.
Kava project works on DeFi (Decentralized Finance) But what’s the benefits of Decentralized Financial system? What are the possibilities of DeFi over Centralized Finance system?
Answer - Open access, no need for trust, and no censorship by singular governments or parties. Kava is accessible anywhere in the world, by anyone.
Data supplied by oracles are false at times, how do you prevent this? How reliable are data received by KAVA?
Answer - This is why using premium / credentialed APIs is important for oracles. These data sources tend to be more accurate and better managed. Wrong prices can happen - for liquidation systems like Kava, we factor this into our design by using an average of data overtime form all oracles as part of the calculation.
Can anyone become a KAVA validator, or is it just an invitation from the project itself? What are the requirements for becoming a KAVA verifier?
Answer - Anyone can become a validator, but you will need to stake or have enough stake delegated to you from others to be in the top 100 validators to earn block rewards.
DEFI PULSE said that a total of 902M is currently locked. According to you, how will this number change in the next few years, and how will KAVA position itself as the top player in this market segment?
Answer - DeFi will only grow through 2020. And likely grow massively.
All projects on DeFi pulse are ""ethereum"" based. Kava is going to shake the blockchain world in the next few weeks by being the first ""multi-chain"" project on DeFi pulse and by my estimations we should quickly surpass a lot of the projects on that list.
I am an testnet minter and the process seem Simplified, now I want to know if minting of USDX will continue when you launch Mainnet and do you have plans to build your own KAVA WALLET for easy minting on your mainnet
Answer - Simple blockchain experience?! high praise! Yes the process will be the same. Kava will not provide interfaces or wallets. Kava Labs builds software for the blockchain, our community members like Cosmostation, Frontier, Trust Wallet build support for people to interact with it.
What business plans does Kava have with Seoul (South Korea) after partnering with Cosmostation? Do you plan to expand your products beyond Asia? Have you thought about harnessing the potential of South America?
Answer - South Korea is a perfect market for Kava's DeFi. Regulations prohibit fiat-backed stablecoins and margin trading. Kava's platform uses crypto-backed stabvlecoins and can enable users to get loans to margin trade. I am looking forward to further developing the Korean market for Kava, working with close partners like Cosmostation and showing the world real use cases of DeFi.
Thank you for taking the time to conduct this AMA. Do you have any parting words, and where can the people go to keep up with all of the new happenings regarding Kava Labs?
Answer - Thanks for all the awesome questions! Amazingly thoughtful!
I've been promising the world cross-chain DeFi since June of last year. The IEO and mainnet went live Nov 2019. It's been a year of hard work - but an industry first is coming on June 10th. I'm excited. I hope you guys are.
Thanks for having me, I hope you become a USDX minter and get KAVA rewards. And last but not least, I love Binance - it's Kava's first home and I'm really happy to open up DeFi to BNB first.
Binance Customer Care Number +(𝟣) 𝟪𝟦𝟦-𝟫𝟣𝟪-𝟢𝟧𝟪𝟣 Call Now and Talk To Rep
Binance Customer Care Number +(𝟣) 𝟪𝟦𝟦-𝟫𝟣𝟪-𝟢𝟧𝟪𝟣
Binance support number 1844-918-0581 CEO Changpeng "CZ" Zhao really doesn't want to tell you where his firm's headquarters is located. To kick off ConsenSys' Ethereal Summit on Thursday, Unchained Podcast host Laura Shin held a cozy fireside chat with Zhao who, to mark the occasion, was wearing a personalized football shirt emblazoned with the Binance support number 1844-918-0581 brand. Scheduled for 45 minutes, Zhao spent most of it explaining how libra and China's digital yuan were unlikely to be competitors to existing stablecoin providers; how Binance support number 1844-918-0581's smart chain wouldn't tread on Ethereum's toes – "that depends on the definition of competing," he said – and how Binance support number 1844-918-0581 had an incentive to keep its newly acquired CoinMarketCap independent from the exchange. There were only five minutes left on the clock. Zhao was looking confident; he had just batted away a thorny question about an ongoing lawsuit. It was looking like the home stretch. Then it hit. Shin asked the one question Zhao really didn't want to have to answer, but many want to know: Where is Binance support number 1844-918-0581's headquarters? This seemingly simple question is actually more complex. Until February, Binance support number 1844-918-0581 was considered to be based in Malta. That changed when the island European nation announced that, no, Binance support number 1844-918-0581 is not under its jurisdiction. Since then Binance support number 1844-918-0581 has not said just where, exactly, it is now headquartered. Little wonder that when asked Zhao reddened; he stammered. He looked off-camera, possibly to an aide. "Well, I think what this is is the beauty of the blockchain, right, so you don't have to ... like where's the Bitcoin office, because Bitcoin doesn't have an office," he said. The line trailed off, then inspiration hit. "What kind of horse is a car?" Zhao asked. Binance support number 1844-918-0581 has loads of offices, he continued, with staff in 50 countries. It was a new type of organization that doesn't need registered bank accounts and postal addresses. "Wherever I sit, is going to be the Binance support number 1844-918-0581 office. Wherever I need somebody, is going to be the Binance support number 1844-918-0581 office," he said. Zhao may have been hoping the host would move onto something easier. But Shin wasn't finished: "But even to do things like to handle, you know, taxes for your employees, like, I think you need a registered business entity, so like why are you obfuscating it, why not just be open about it like, you know, the headquarters is registered in this place, why not just say that?" Zhao glanced away again, possibly at the person behind the camera. Their program had less than two minutes remaining. "It's not that we don't want to admit it, it's not that we want to obfuscate it or we want to kind of hide it. We're not hiding, we're in the open," he said. Shin interjected: "What are you saying that you're already some kind of DAO [decentralized autonomous organization]? I mean what are you saying? Because it's not the old way [having a headquarters], it's actually the current way ... I actually don't know what you are or what you're claiming to be." Zhao said Binance support number 1844-918-0581 isn't a traditional company, more a large team of people "that works together for a common goal." He added: "To be honest, if we classified as a DAO, then there's going to be a lot of debate about why we're not a DAO. So I don't want to go there, either." "I mean nobody would call you guys a DAO," Shin said, likely disappointed that this wasn't the interview where Zhao made his big reveal. Time was up. For an easy question to close, Shin asked where Zhao was working from during the coronavirus pandemic. "I'm in Asia," Zhao said. The blank white wall behind him didn't provide any clues about where in Asia he might be. Shin asked if he could say which country – after all, it's the Earth's largest continent. "I prefer not to disclose that. I think that's my own privacy," he cut in, ending the interview. It was a provocative way to start the biggest cryptocurrency and blockchain event of the year. In the opening session of Consensus: Distributed this week, Lawrence Summers was asked by my co-host Naomi Brockwell about protecting people’s privacy once currencies go digital. His answer: “I think the problems we have now with money involve too much privacy.” President Clinton’s former Treasury secretary, now President Emeritus at Harvard, referenced the 500-euro note, which bore the nickname “The Bin Laden,” to argue the un-traceability of cash empowers wealthy criminals to finance themselves. “Of all the important freedoms,” he continued, “the ability to possess, transfer and do business with multi-million dollar sums of money anonymously seems to me to be one of the least important.” Summers ended the segment by saying that “if I have provoked others, I will have served my purpose.” You’re reading Money Reimagined, a weekly look at the technological, economic and social events and trends that are redefining our relationship with money and transforming the global financial system. You can subscribe to this and all of CoinDesk’s newsletters here. That he did. Among the more than 20,000 registered for the weeklong virtual experience was a large contingent of libertarian-minded folks who see state-backed monitoring of their money as an affront to their property rights. But with due respect to a man who has had prodigious influence on international economic policymaking, it’s not wealthy bitcoiners for whom privacy matters. It matters for all humanity and, most importantly, for the poor. Now, as the world grapples with how to collect and disseminate public health information in a way that both saves lives and preserves civil liberties, the principle of privacy deserves to be elevated in importance. Just this week, the U.S. Senate voted to extend the 9/11-era Patriot Act and failed to pass a proposed amendment to prevent the Federal Bureau of Investigation from monitoring our online browsing without a warrant. Meanwhile, our heightened dependence on online social connections during COVID-19 isolation has further empowered a handful of internet platforms that are incorporating troves of our personal data into sophisticated predictive behavior models. This process of hidden control is happening right now, not in some future "Westworld"-like existence. Digital currencies will only worsen this situation. If they are added to this comprehensive surveillance infrastructure, it could well spell the end of the civil liberties that underpin Western civilization. Yes, freedom matters Please don’t read this, Secretary Summers, as some privileged anti-taxation take or a self-interested what’s-mine-is-mine demand that “the government stay away from my money.” Money is just the instrument here. What matters is whether our transactions, our exchanges of goods and services and the source of our economic and social value, should be monitored and manipulated by government and corporate owners of centralized databases. It’s why critics of China’s digital currency plans rightly worry about a “panopticon” and why, in the wake of the Cambridge Analytica scandal, there was an initial backlash against Facebook launching its libra currency. Writers such as Shoshana Zuboff and Jared Lanier have passionately argued that our subservience to the hidden algorithms of what I like to call “GoogAzonBook” is diminishing our free will. Resisting that is important, not just to preserve the ideal of “the self” but also to protect the very functioning of society. Markets, for one, are pointless without free will. In optimizing resource allocation, they presume autonomy among those who make up the market. Free will, which I’ll define as the ability to lawfully transact on my own terms without knowingly or unknowingly acting in someone else’s interests to my detriment, is a bedrock of market democracies. Without a sufficient right to privacy, it disintegrates – and in the digital age, that can happen very rapidly. Also, as I’ve argued elsewhere, losing privacy undermines the fungibility of money. Each digital dollar should be substitutable for another. If our transactions carry a history and authorities can target specific notes or tokens for seizure because of their past involvement in illicit activity, then some dollars become less valuable than other dollars. The excluded But to fully comprehend the harm done by encroachments into financial privacy, look to the world’s poor. An estimated 1.7 billion adults are denied a bank account because they can’t furnish the information that banks’ anti-money laundering (AML) officers need, either because their government’s identity infrastructure is untrusted or because of the danger to them of furnishing such information to kleptocratic regimes. Unable to let banks monitor them, they’re excluded from the global economy’s dominant payment and savings system – victims of a system that prioritizes surveillance over privacy. Misplaced priorities also contribute to the “derisking” problem faced by Caribbean and Latin American countries, where investment inflows have slowed and financial costs have risen in the past decade. America’s gatekeeping correspondent banks, fearful of heavy fines like the one imposed on HSBC for its involvement in a money laundering scandal, have raised the bar on the kind of personal information that regional banks must obtain from their local clients. And where’s the payoff? Despite this surveillance system, the U.N. Office on Drugs and Crime estimates that between $800 billion and $2 trillion, or 2%-5% of global gross domestic product, is laundered annually worldwide. The Panama Papers case shows how the rich and powerful easily use lawyers, shell companies, tax havens and transaction obfuscation to get around surveillance. The poor are just excluded from the system. Caring about privacy Solutions are coming that wouldn’t require abandoning law enforcement efforts. Self-sovereign identity models and zero-knowledge proofs, for example, grant control over data to the individuals who generate it, allowing them to provide sufficient proof of a clean record without revealing sensitive personal information. But such innovations aren’t getting nearly enough attention. Few officials inside developed country regulatory agencies seem to acknowledge the cost of cutting off 1.7 billion poor from the financial system. Yet, their actions foster poverty and create fertile conditions for terrorism and drug-running, the very crimes they seek to contain. The reaction to evidence of persistent money laundering is nearly always to make bank secrecy laws even more demanding. Exhibit A: Europe’s new AML 5 directive. To be sure, in the Consensus discussion that followed the Summers interview, it was pleasing to hear another former U.S. official take a more accommodative view of privacy. Former Commodities and Futures Trading Commission Chairman Christopher Giancarlo said that “getting the privacy balance right” is a “design imperative” for the digital dollar concept he is actively promoting. But to hold both governments and corporations to account on that design, we need an aware, informed public that recognizes the risks of ceding their civil liberties to governments or to GoogAzonBook. Let’s talk about this, people. A missing asterisk Control for all variables. At the end of the day, the dollar’s standing as the world’s reserve currency ultimately comes down to how much the rest of the world trusts the United States to continue its de facto leadership of the world economy. In the past, that assessment was based on how well the U.S. militarily or otherwise dealt with human- and state-led threats to international commerce such as Soviet expansionism or terrorism. But in the COVID-19 era only one thing matters: how well it is leading the fight against the pandemic. So if you’ve already seen the charts below and you’re wondering what they’re doing in a newsletter about the battle for the future of money, that’s why. They were inspired by a staged White House lawn photo-op Tuesday, where President Trump was flanked by a huge banner that dealt quite literally with a question of American leadership. It read, “America Leads the World in Testing.” That’s a claim that’s technically correct, but one that surely demands a big red asterisk. When you’re the third-largest country by population – not to mention the richest – having the highest number of tests is not itself much of an achievement. The claim demands a per capita adjustment. Here’s how things look, first in absolute terms, then adjusted for tests per million inhabitants. Binance support number 1844-918-0581 has frozen funds linked to Upbit’s prior $50 million data breach after the hackers tried to liquidate a part of the gains. In a recent tweet, Whale Alert warned Binance support number 1844-918-0581 that a transaction of 137 ETH (about $28,000) had moved from an address linked to the Upbit hacker group to its wallets. Less than an hour after the transaction was flagged, Changpeng Zhao, the CEO of Binance support number 1844-918-0581, announced that the exchange had frozen the funds. He also added that Binance support number 1844-918-0581 is getting in touch with Upbit to investigate the transaction. In November 2019, Upbit suffered an attack in which hackers stole 342,000 ETH, accounting for approximately $50 million. The hackers managed to take the funds by transferring the ETH from Upbit’s hot wallet to an anonymous crypto address.
[Part 2] KAVA Historical AMA Tracker! (Questions & Answers)
ATTN: These AMA questions are from Autumn 2019 - before the official launch of the Kava Mainnet, and it's fungible Kava Token. These questions may no longer be relevant to the current Kava landscape, however, they do provide important historical background on the early origins of Kava Labs. Please note, that there are several repeat questions/answers.
How do you think about France in Kava market development plan?
What is your next plan to raise awareness among French about Kava?
Answer: It is important to reach many top markets. For countries like France we need to find 1st regulator partners such as Binance that can help provide access to KAVA for users. When our CDP platform launches, we will work through local validator partners to help translate content and work with local users.
We have some great community efforts where people create content for us.
Why did you choose Cosmos instead of Aion, which comes with AVM built on JAVA, which can be accepted by many developers?
Will there be a possibility that one day we will be able to collateralize a privacy coin, such as Monero, on KAVA?
Answer: We like programming in GO, interfaces are OK for Java. Cosmos will also feature a WASM module and EVM later. The Cosmos-SDK is very flexible and it allowed us to choose our own security model. That was unique compared to other frameworks where we had to adopt the underlying blockchains. In Cosmos-SDK we can create our own blockchain.
Re: privacy - you can do some fun things in payment channels to make transactions more private. Such as onion routing clearing and settlement across different nodes. This can be possible in the future, but not our priority now.
The biggest advantage of finance is the efficient allocation of resource allocation. If KAVA connects assets of multiple platforms through the interchain technology, the efficiency across the market will be improved.
But in terms of connectivity, Facebook's Libra, with its centralized giant platform, could be a big threat for the future. Of course, regulatory uncertainty still exists. KAVA wonders what big platform companies think about entering the blockchain field and how they can cope with their competition.
Answer: We think of Kava as a DeFi service that can integrate with wallets, exchanges, and other platforms when users want loans or stable coins for payments. We don't see competition with Libra, but we see lots of users potentially getting into crypto which will be good for the market, good for BTC, and good for Kava.
What will you do with the money after IEO?
What is the most important markets that Kava is focusing?
What is your marketing strategy to approach those markets?
Answer: What will we do with the IEO money? Put it in a bank and keep building. We keep our funds safe in secure accounts that are insured. We always maintain at least 2 years runway in pure fiat to ensure we can survive in any bear market conditions and come out on top in the end.
On mainnet, which function/feature can we expect to see on Kava since i only saw informations about its testnet?
Answer: mainnet will feature KAVA, staking, delegating, validator software, voting and governance / parameter changes. Following mainnet, the validators will vote to enable transactions and the CDP platform. We expect this to be towards the end of the yeaQ1 2020
How does Kava maintain the stability of its stablecoin? Are there any opportunties for outsiders to arbitrage or any other mechanisms to maintain price stabilization?
Answer: Kava users deposit crypto assets as collateral and can withdraw a loan based on the amount they deposited. They must always provide more collateral than the loan is worth. When the value of the collateral drops due to market conditions, before it reaches the value of the loaned amount, the platform will auction off the crypto assets for USDX that is on the market at a discount. Holders of USDX can buy these assets at a profit. This removes USDX from the market and makes sure that the global USDX to collateral in the system remains balanced. Similar to MakerDao, 3rd parties can run "keepers" - very simple implementations which continuously monitors the Kava/USDX credit system for unsafe CDPs, and execute the liquidation function the moment they become unsafe. Keepers can also perform arbitrage on DEX/Exchanges executing trades across the Kava platform and the markets.
Alright! So KAVA is doing DeFi right, could you explain DeFi in layman term to us.
Answer: Decentralized Finance. Finance is really ensuring everything about past, present, and future value of money. You need safe custody and a store of value to keep money you earned in the past safe to be used later when you need it. You need something liquid and easily tradable to be used in the present. And the trickier one is the future - people need to get loans on the assets they have or hedge against the assets they have in order to ensure they can build for a better future. That’s finance.
DeFi is taking all those things and making them open access and unregulated so that regardless if you were born with out an ID, if your credit score is bad, or if the government is trying to censor your actions and limit your spending - DeFi promises to give you a way to get access to the financial products you need.
Could you please briefly explain your projects, and why you choose DeFi as a problem to solve?
Answer: Kava is a cross-chain DeFi platform for cryptocurrencies. Kava offers decentralized loans and stable coins for any other crypto asset such as BTC, XRP, BNB, and ATOM.
DeFi is the killer use case of crypto today. I think most people see this clearly now. We believe providing the basic DeFi services is the very first step that is required before blockchain technology can really become wide spread - so we started here.
Why the name of the project KAVA?
Answer: We started in crypto thinking we would build banking products and we wanted a more relaxed cool name to stand out from other solutions. Turns out Kava means many things.
Kava = Hippopotamus in Japanese
Kava = crow in hindi
Cava = wine region in spain
Kava = a medicinal root you add to Tea
Kava = now a cross-chain DeFi platform
But TLDR - we liked the name and thought it sounded short and sweet.
What do you think of the future of DeFi in this space? Will DeFi one day take over the traditional financial systems? -- any wild guess on when it might happen?
Answer: I think centralized solutions will always have certain advantages and DeFi will also have certain advantages.
But truthfully, KYC is a problem from a user experience point of view. One of the big things with DeFi is there is no need to make people go through a KYC process anymore.
If we imagine a world where USD Is king, or Renminbi is king, or BTC is king. DeFi has a place in all of them because open access to financial services is a basic human necessity.
As we have known, Lending is not the only problem to solve in the whole financial areas, are you planning on going beyond lending? What other financial products are in your pipeline?
Answer: Thats a good #Q .
While we have a lot to solve to offer lending to other crypto assets - we can expand our support to non-crypto assets, to NFT tokens, and other assets.
We also have plans to offer derivatives and other synthetics other than USDX - such as synthetic bitcoin and Yuan. What is exciting about Kava and the oracle system run by validators is that we can leverage this infrastructure around the world to do all sort of things.
One of the more interesting products is creating under-collateralized loans using payment channel (layer-2 tech) of our USDX coin. Two parties can lock funds in payment channels and place bets on the price feeds from the oracles. When the funds reach a maximum threshold, the bet closes. Since a price feed is just a data set, we can have the settlement rules be multiples of the real data. In simple terms we can create 100x leverage products for the craziest of traders 😉
Btw KAVA is a bit unique because it use Cosmos/Tendermint. While other DeFi use Ethereum , why you guys choose Cosmos?
Answer: Cosmos is the future. Even facebook’s Libra consensus design was just a copy of Tendermint. Kava, Binance, the Cosmos Hub and many other blockchains are built on the same Cosmos-SDK framework.
It’s very flexible and soon interoperable. This is a huge advantage over Ethereum. Where system’s like MakerDAO will be forced to develop in a slowly evolving chain like Ethereum and only touching Erc20 assets, Kava will be able to rapidly evolve, program in GO rather than solidity, and interoperate with chains like Binance directly.
We’re very excited to get BNB and BTCB onto Kava’s CDPs and to put KAVA and USDX onto the Binance DEX. This is fairly easy on Cosmos.
I saw in KAVA deck that you guys will use USDX, is it a stable coin? How is it going to work and its relationship with KAVA token itself?
Answer: USDX is an algorithmically stable token pegged to the USD. USDX is the token users recieve when they get a loan from the Kava platform. USDX is collateralized or backed by crypto assets so the Kava platform should always hold more crypto value than the USDX it loans making USDX a very safe store of value even if the market crashes 10x overnight. That is what a stable coin should do.
USDX is special though. Natively, users can spend or trade USDX freely like other stable coins, but the important difference is that 1) USDX is free of censorship and does not require a bank or anything else. 2) USDX can be “bonded” or “staked” providing an interest bearing yield between 2-10% APR. This is substantially more than what I can even get from my bank account.
From your point of view as KAVA team, what would be most anticipated feature in KAVA ?
Answer: Our CDP platform launch later this year. The first USDX will be minted then.
Support of BTC in the CDP smart contracts. No blockchain has supported a real decentralized custody and use of BTC with smart contracts before.
Indonesia is one of the “developing” countries, how is DeFi can help in making a difference in those “developing” countries?
Answer: I can’t speak for developing countries as it’s not my expertise, but DeFi in general is trying to offer the exact same services to EVERYONE. Whether you are in San Francisco or Indonesia, the financial services you should have should be similar. The rates and fees you pay should be the same. DeFi is fair treatment and open access for everyone. That is what’s nice about having things run on a protocol.
Last but no least, since we are doing AMA in Indonesian group, I believed our members wants to know if you are interested in going to Indonesia to expand your community and reach?
Answer: As I said, I have not been before! I am traveling throughout South East Asia for a lot of the year. It is one of my destinations. I hope to meet many of you while I am out there.
Defi companies are growing at a rapid pace, but they're actually smaller than traditional financial institutions. In order for Defy to become a global trend, it must eventually acquire consumers within the traditional financial industry.
Traditional financial consumers, however, have poor technical understanding and want psychological stability through government guarantees such as deposit insurance. After all, what does KAVA think about long-term competitors as traditional financial institutions, and what long-term strategies do they have to embrace traditional financial consumers?
Answer: We think of financial institutions as big honey pots of potential DeFi users. For example, if Kava can offer margin lending at better rates than a bank because there is no middle men or compliance costs, users should want to use that service.
As crypto grows, I believe more FIs will integrate crypto assets and DeFi services. For example, in the US you cannot currently margin trade crypto as a retail user. But it could be possible for a regulated FI to integrate a lending service like KAVA without causing issues with regulators due to Kava having no counter party risk other than the user itself.
MakerDAO is only for ethereum but Kava support multiple assets, is this only difference?
What are Kava main advantages compared to MakerDAO?
Answer: Kava supports multiple assets THAT are on different blockchains. Maker can only support ETH. This is a huge difference. In addtion, the role of Maker is quite likely a security token. It represents fees paid by others. Where in Kava, the token is used in security of the blockchain protocol itself. The holders of Kava have a lot at stake and need it to govern the system. Maker holders have nothing at stake.
I think a huge difference is that with our model being POS and based on validators with slashing if they don't participate our governance participation and management will be much more effective than MakerDao.
Ticket claim for KAVA Launchpad is comming around the corner. This maybe last IEO ticket claim of this year. With this hype and expectation of investors/traders, do you think KAVA will be a big boom to end this year with happy tears?
If someone wants to manipulate Governance function of KAVA by changing voting result by possessing many Validators Node through buying over 51% KAVA of market, what will KAVA team do? Do you think Emergency Shutdown(Maker has this) can be considerd as a solution?
How will USDX be minted and backed on KAVA platform? If its based on uses crypto collateral, how will KAVA team make it stable since the inflation of crypto price?
Answer: I believe Kava to be underpriced currently, especially compared to maker which is 10x the value and serving ETH which is much smaller market than ours.
But I cannot tell you with certain if Kava will boom or bust - only the market can decide that. As with all speculative assets, do your homework and trade at your own risk. We here at kava are very LONG Kava, but we are biased 😉
Stablecoin is the word that I heard everyday, so do you have any plans to release wallet for stablecoin?
Answer: There are already wallets created for Kava that can hold our tokens 😉
My first question is: Why do traders choose to use KAVA instead of margin on exchanges?
My second #Q is: What happens whenKAVA doesn't have enough cash to loan out?
Answer: Traders who cannot get passed KYC can use Kava. Traders who want better rates than exchanges can use Kava. If regulators like in the US prevent margin trading, Kava is a great solution.
Kava creates USDX out of thin air when users withdraw loans. It will only create Kava is the user locks a great value of crypto in the system to back it. When the USDX loan is repaid, it is destroyed. In this way, Kava can scale however big it wants - it will never run out of cash.
i heard as you said before in San Fransisco, Silicon Valley. what is the relationship about Silicon Valley and KAVA? and what will KAVA done in this Q1 ?
Answer: I am born and raised in Silicon Valley. I am blessed to have grown up in this area where lots of tech innovation is. However, I am the only one at Kava that lives here full time. The others on my team are in the Cayman Islands and Cambridge.
San Francisco is a hub for the largest crypto projects - Ripple, Coinbase, Stellar, etc. It's a great place to network with founders and feel inspired to do big things. It is not the best weather here, but the people are focused and extremely helpful if they can be if you aim to do big things.
With regard to minting new USDX, is there any potential chance to against Global financial law? Likewise USDT, issuing money should guarantee deposit of real collateral as I have known.
Answer: USDX is debt. It is not a guarantee, but the protocol's rules state it must have more crypto assets behind it than the # of USDX issued. In this way, rules are better than guarantees. Tether guaranteed 1:1 USD, it turned out not to be true because their funds were seized by regulators. That is impossible in the case of Kava.
What is the uniqueness of KAVA project that cannot be found in other project that´s been released before?
Answer: Cross-chain is unique for us. But most unique is our partners and validator group that is launching our blockchain. We have incredible partners that support our work including Ripple, Cosmos, Arrington, Hashkey, SNZ, Lemniscap, etc.
KAVA was initially planned to launch on Ripple network but later switched to Cosmos Tindermint Core. What is that something you see in Tindermint Core that is not available anywhere.
Answer: We did not plan to launch on ripple and did not launch on "Tinder"-mint. I have a fiance - she would be quite mad.
We did however use the Cosmos SDK - a tool set, to build our blockchain that features tendermint consensus.
Tendermint is just the consensus so I assume you mean the SDK. The SDK is very much "choose your own adventure" you can build anything and design all the spec of your blockchain easily. In this way you choose the tradeoffs that make the most sense for your special application/network
How much portion of USDX is backed from crypto/fiat money ...& please mention why any trader, hodler will prefer USDX over other stable coins?
What are the biggest challenges you expect to face and how do you plan to overcome these challenges?
Answer: 150% of USDX or more is backed by crypto. Traders will use USDX because it offers a savings rate. This rate allows traders heding bitcoin or other assets to not only store value, but earn a return.
What do you think about creating liquidity for the Kava project?
Answer: It's the biggest challenge. My hope is the savings rate USDX offers will give it natural organic demand over existing stable coins. It will definitely be a large BD process to get USDX listed and used worldwide.
We work with some of the worlds best market makers to seed liquidity today. But we will need organic demand in the long-term
So many IEO projects consistently drop in price after listing. Whats different with KAVA, what are some special highlights?
Answer: Why is Kava based on Cosmos? Based on what considerations?
How do you see the chinese language community? How do you view the opportunities for growth in the chinese community?
Answer: You will be soon listing on Binance, what are your plans on the business side after listing? In one years time, what are your thoughts on where Kava's development will be?
If we take a look at all the different types of DeFi products/apps out there, including decentralized exchanges, stablecoins, atomic swaps, insurance products, lending platforms, trade financing platforms, custodial platforms, crowd investment platforms, etc, nearly cover all the important areas of traditional finance.
In this age of all these different platforms taking hold, where does Kava see itself appealing to its app developers, users, investors?
Answer: What does Kava do? What can a normal user (of crypto) achieve by using KAVA?
How does Kava maintain the stability of its stablecoin? Are there any opportunities for outsiders to arbitrage or any other mechanisms to maintain price stabilization
Answer: What is the reason for the IEO price reaching 6x the first round private sale price? How did you come about to reaching this valuation?
What would you be able to do more for Russian-speaking communities and regions?
Answer: one thing to keep in mind is that yes, we do have limitations and regulations to follow when it comes to certain countries and we will adhere to those regulations in hopes of proving ourselves to be a thoughtful and long-term solution. while we may not directly work with some countries, we hope that communities there can understand that we're here focused on being sustainable rather than another project around shorter-term gains.
for myself, I'm actually belarusian myself so I absolutely see the value of working in the CIS/Russian-speaking regions. we'll continue to do AMAs, interviews, and always engage with Russian-speaking communities to better understand what the #Q s, concerns, and thoughts.
If there's anything else we can do in this region and with the @gagarin_ico communities, please let us know!
What are your major goals to archive in the next 3-4 years? Where can we KAVA ecosystem in this period? What are your plans to expand and gain more adoption?
Do you guys feel satisfied by seeing your progresses and achievements till now, when you look back to the day when you have started this project?
Answer: We want to really build out great DeFi products for the masses. I really believe that DeFi will be a major force to allow much more mass adoption for crypto over the coming years. In the sorter term, we want to push out our blockchain and build on top of that our CDP platform, which allows users to trustlessly put collateral onto the Kava blockchain, and receive a loan in USDX that will be also trustlessly administered.
We will then build out more complex products and financial derivatives for crypto users and traders. We have barely scratched the surface in what we can do with DeFi so I can't predict the future, but we want to build products that are pegged to BTC values so that traders have more leverage purely in crypto.
Which one of your milestone do you think was difficult and which was the encouragement that courages you to achieve it?
What were the Minimum and Maximum limit of KAVA tokens that one can be able to STAKE after the Mainnet launch ? And What will be the percentage of reward one gets and will it in future ?
Answer: Good #Q ! Well we've been working on open source cross-chain technologies for a number of years and honestly it can be a pain. I think the Cosmos SDK made it significantly easier to implement the features that we wanted into the software.
I think the largest challenges for Kava are not software based but in market adoption. Makerdao is a great project and they have spearheaded a lot of the work in the lending field. Hopefully Kava can be a very meaningful contributor as well
What if someone fails to repay the debt? Is that KAVA is taking collateral system to enterprise level & if so, what's the plan? How secure KAVA is to safely handle the collateral tokens?
Answer: These CDPs or "collateral debt positions" are always over-collateralized, which means you have to have more asset locked up in the bucket than you can draw from the bucket. The system leaves a margin when the collateral is 'called' to be able to sell off. If the asset cannot be fully redeemed KAVA is minted to cover the balance. Hence KAVA is a 'lender of last resort". This is why its important that we select good initially assets to support 👍
I am very impressed with your voting method, how does it work? Whether users can vote to change things in the platform, are you a programmer with filters to decide what can be voted on and what is not possible?
Answer: Thanks. A lot of this was pioneered with the Tendermint team. Basically voting is entirely open and asynchronous, meaning anyone can submit a proposal to be voted on. All the project in the Cosmos ecosystem are working diligently to expand the space of variable or features that can be modified via this governance method in protocol. For example, we were the first to enable transactions directly via governance in our Testnet-2000!
Where does the interest rate come from for holding USDX specifically & technically?
Answer: Great #Q ! Just like in MakerDAO, lenders of collateral (e.g. BTC, BNB) pay an annual interest rate to borrow USDX. A portion of that interest rate accretes to holders of KAVA, the rest we can apply a 'carrot' for users to adopt USDX. In short, Savings rate is loan interest rate less 'rents' collected from KAVA holders
As far as I understand it KaVa is used both as a staking token and as collateral for Kava stablecoins (UsDX) .Can you talk a bit about the stability mechanism? Can other forms of collateral be used to create Kava stablecoins (a la Multi-Collateral Dai)?
Answer: KAVA will not be used as a collateral type in the CDPs. Collateral types will be assets exogenous to the system, like BTC and BNB. Of course BTC and BNB's value fluctuates. To make USDX not fluctate we ensure there is always more BTC or BNB in the CDP bucket than 'stable' USDX. Therefore BTC could increase or decrease a lot, as long as its less than the 'stable' debt of USDX that you have drawn, the system is healthy and functional 👌
As far as I know, KAVA had 150 Validators in the test. Why do you have so much. Which conditions are your team based on to choose / invite them to stay decentralized, important for a Defi platform like KAVA?
Answer: KAVA mainnet will launch with a cap of 100 validators. We want as many validators as possible. The reason? What if KAVA was run by just you and me. Well that works if people trust us, but its pretty for us to collude and act maliciously. Its harder for 100 people to collude -- its still possible, but harder. And so we put a lot of effort in to promoting a healthy and large validator community, and empowering them to grow their stake in the system
As a developer, which program languages can i use in kava core smart contracts?
2How secure your fully on-chain liquidity protocol & What's is a core Smart Contract ?can you briefly explain.
Answer: Yay developers! 🤓 The Cosmos SDK is currently written in Golang. So thats a good start. What other language would you like to work in?
What do you think of DEFI in the Blockchain space?
DeFi brings many benefits to users, but conflicts of interests with the Bank. What is the solution of kava?
Answer: Defi to me is offering financial primates, the supplies of which are spreadout amongst many participants, as opposed to few. People offer loans on BTC today. Kava's goal is to maximize the amount of counterparties to any loan, thereby 'socializing' the returns on any activiely used financial product
What is the crucial thing, in your opinion,that would increase adoption of KAVA and possibly the rest of crypto. What’s the KAVA economic model and how will it is architecture ensure scarcity of the token and help to growth token price?
Can you tell me more about the new technology that combines the benefits and interactive functions of Cosmos with the DeFi applications you have built?
Answer: Principly what I believe is 'new' about the KAVA tech stack is that we are building a standalone piece of software that treats other network techologies as 'first class citizens'. This means from the ground up our design is mean to easily incorporate and work with other software. A lot of blockchain is a story of "everyone will use my software, because its the best". Kava Labs worked for years against this view while bringing open Interledger to market.
As Per Kava website ! $KAVA was done many partnerships with Big project like Ripple, Cosmos, TenderMint, Hashkey, etc ! So, whats the major reason and benefits of these partnerships to kava project?
Kava Project have their own Mainnet Blockchain So, whats the main work of Cosmos Blockchain in Kava ? Is Kava projects is on Both mainnet and Cosmos OR Kava is just using the Cosmos Blockchain services?
Answer: Working together. Pooling resources and talent to make something bigger! Crypto is still a little fish in a huge ocean of financial services. Kava Labs has always had an eye for inclusivity. Grow the pie!
I have been too involved in KAVA's AMA, I think I know all about your technology.I want to ask a successful person like you why come with cryptocurrencies and blockchain, with talent. There are many other areas for you to choose, so why are you targeting such a risky market?
Answer: Successful ay? hehe. Depends how you define success and what your goals are. I love delivering products to users. Crypto has some fantastic users, and there is still sooo much to be built. I think KAVA has a lot of promise, but there is still so much work to be done and I hope users like you all become producers some day as well
What's the most critical and innovative point of KAVA to ensure users that it is the best under DeFi niche?
How can you compete MakerDAO which has done good number of business with recent market! If I hold KAVA tokens how KAVA leverage the tokens value and make it moon for me? 🙈
Answer: "IF" you hold KAVA tokens now? 😂 Again I think this a markets concern. To the extend that users on other chains begin to trust KAVA brand for loan issuance, and we get some solid adoption of USDX I think we're in a good spot. I would say a benefit of KAVA is that we are FOCUSED. We're not trying to be everything for everyone. This is lending, quite simply, for the large market cap coins -- and that's hard enough
Why KAVA needs to create it's own stable coin, whereas there are are many other options available in the market? Is that crypto tokens can be stable!!?
Answer: Yeah there are a lot of USD backed stable coins that is true. Indeed we have looked around with working together with a number of them. The difference with USDX (and DAI) is that its crypto-collateral backed. Doesnt mean we won't work with others in the future 😉
Processing fees on loans we need to pay in kava or usdx?
Which types of success you've been seen in testnet? Why on Nov 5th you've planned to launch mainnet? How many testnet was processed in the past?
Answer: Three major testnets with some minor iterations therein. Testnet-3000's software was pinned to KAVA mainnet software. That testnet is looking good which is a good indicator for smooth sailing on mainnet launch, we'll see 🤞
DeFi is a hot niche when it comes to crypto/blockchain project! Most of the projects are developing aiming DeFi, How KAVA is looking to contribute in DeFi ecosystem? What will be the approach of KAVA to systemize & increase adoptability?
Answer: DeFi is big. Mostly on Ethereum, which is great! KAVA is for non-ethereum networks 😇
What is the main reason that you think that Cosmos-based Kava zone will present a new validator opportunity :- a complex and multi-faceted governance system that allows differentiation?
Answer: Validator #Q , nice. I believe its important for validators to be able to distiguish there service in multiple ways, not just on security (otherwise they will be treated as a commodity). KAVA present an opportunity for validators to distiguish themselves on the basis of proper governance of system parameters on behalf of their delegating constituents. KAVA is a "lender of last resort", so delegating to a sophisticated validator could lead to better results beyond security.
How is kavas tendermint better than other defi consensus especially with the introduction of etheruem 2.0 which many believe will be better than all others - considering kavas association with ripple, is it possible to foresee defi loans from crypto to fiat ?
Maybe kava partnership with centralised banks?
Answer: IDK about that. But we will be working closely with the great folks over at Ripple, thats for sure!
Adoption is one of the important factor that all sustainable blockchain projects should focus to be more attractive in the invertors' eyes.
Can you tell me what KAVA has done and plan to do to achieve Adoption in the reality, real use cases, our real society?
Answer: Bitcoin is real!? I'm continuously impressed by the demand and size of that network. Help us capture that demand! Really, if we can I think the future looks bright for KAVA!
Bitcoin SV (BCHSV)” Binance is a top-three cryptocurrency exchange by adjusted volume, with nearly $1 billion in trading volume over the last 24 hours. It is also currently the exchange with Bitcoin SV’s highest trading volume $14.13 million over the last 24 hours. This announced delisting has sharply affected the Bitcoin SV price, which has experienced a 12% drop over the past 24 hours at ... Binance CEO Zhao Changpeng said: “Warren Buffett is a guy I truly respect from an investment point of view. But I do not think he understands cryptocurrencies at all. It is what it is. I still ... — Binance (@binance) February 7, 2019. Changpeng Zhao: ‘Our Aim Is 10, 50, 100 Years’ In response to a question about whether Binance can survive another year of a bear market, Zhao said absolutely. In fact, Zhao says Binance ― the world’s largest crypto exchange ― will still be there in 100 years no matter what happens to the industry. Binance Futures 50 USDT FREE Voucher: ... Felix got into Bitcoin back in 2014, but his interest quickly expanded to everything blockchain-related. He's particularly excited about real-world applications of blockchain technology. Having worked as a professional content writer for three years before that, Felix transitioned to working on blockchain-centered projects and hasn't looked back ever ... This is being reported and I Hope Binance is shut down permanently. They are scamming where they can in a way that can not be traced. This is all to do with government that want companies such as Binance to obtain as much bitcoin as they can from people that are holding it. My balance was under $100 not really worth taking but it has been ... Bitcoin, Ethereum, XRP, Tether, Bitcoin Cash, Litecoin, EOS, Binance Coin, Bitcoin SV, and Tezos are the coins I’ll be tracking as part of the 2020 Top Ten Crypto Index Fund Experiment. Let’s get into it. Here’s the 2020 Top Ten Crypto Experiment update for January. Only in crypto is a buyback very bad for the asset bought, well in this case. Binance does buybacks every quarter and there they have the expected result, price rises not crashes. Here though, buying $13 million worth of something leads to a 27% drop with some $100 million wiped off sushi’s market cap. Related posts. Bitcoin Tokenized on Ethereum Near $1 Billion . September 15, 2020 1:21 pm ... The price of Ethereum (ETH), the second-largest cryptocurrency valued at $43 billion, declined by 4% in 4 hours. The steep drop followed a whale moving 4,000 ETH to Binance 20 minutes before a marketwide crash. The most obvious reason behind the sharp fall of Ethereum on November 2 was the... In addition to Binance going haywire, other exchanges also faced a few abnormal incidents with today's bitcoin drop. FTX users were among those exchanges that experienced slippage and ADLs. On FTX,The post Periodic exchange outages during bitcoin crashes... Why? appeared first on AMBCrypto. "The guy is straight out lying. There is guaranteed no missing tx as the data was collected directly from the source." "Only data I considered non-retail was removed" "I also had these data points and went through them to remove non-retail transactions, on both TravelbyBit and HULA." He admits to have removed non-BCH tx by "Game Ranger" because he considers them non-retail . He also implies ...
BTC Golden Cross- The Prophecy Of ScienceGuy Was True! Bitcoin, Ethereum, Binance, & More News!
The Relaxed Guy Recommended for you 3:01:36 Heavy Thunderstorm Sounds Relaxing Rain, Thunder & Lightning Ambience for Sleep HD Nature Video - Duration: 4:00:04. Hello Guy's, I Am PRANJAL SHARMA the OWNER & HOST OF CRYPTOVEL Youtube Channel FOR BUY TECHNICAL ANALYSIS COURSE HERE IS FORM : https://docs.google.com/forms... Open An Account With Binance! https://www.binance.com/?ref=22170588 ----- Sign up a... Bitcoin future ट्रेडिंग कैसे करेBinance exchange Full Tutorial for Beginners - Duration: 27:15. TRADE FOR PROFIT 1,940 views 27:15 In this video i show how to transfer Bitcoin from QuadrigaCX to Binance, and then Use that Bitcoin to buy some Tronix! Sign up here for Binance : https://www... BEST ALTCOIN TO BUY in BINANCE JANUARY 18, 2020. 1967 Shelby GT500 Barn Find and Appraisal That Buyer Uses To Pay Widow - Price Revealed - Duration: 22:15. Jerry Heasley Recommended for you Dans cet épisode, nous vous expliquons ce que vous devriez savoir avant d’investir dans le BITCOIN. ️Lien Coinbase pour investir dans le BITCOIN ($10 offert... Hello Guy's, I Am PRANJAL SHARMA the OWNER & HOST OF CRYPTOVEL Youtube Channel FOR BUY TECHNICAL ANALYSIS COURSE HERE IS FORM : https://docs.google.com/forms... This Line Is Critical For Bitcoin + Binance Scandal Altcoin Daily. Loading... Unsubscribe from Altcoin Daily? Cancel Unsubscribe. Working... Subscribe Subscribed Unsubscribe 161K. Loading ... Will Endless Money Printing Benefit Bitcoin? - Daily Cryptocurrency News LIVE! (March 23rd, 2019) - Daily Cryptocurrency News LIVE! (March 23rd, 2019) - Duration: 44:01.