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VeChain Apotheosis: The Beginning – Masternodes, New Partners, Big Exchanges, and a Rebrand

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On Nov 27th and 28th, the first ever VeChain Foundation Steering Committee meeting was held in Singapore. Over the course of this meeting, we have accomplished a lot. We are pleased to say that we have finalized members for our VeChain Foundation Steering Committee; we have revolutionized our blockchain foundation governance system; we have discussed the evolution of the our blockchain design and functionalities and an exponentially upgraded economic model for all of our stakeholders.
In celebration of the VeChain Foundation evolution, we have initiated a rebranding effort, or rather an escalation of our brand, which we will have finalized within a month and a half. More will be presented below.
VeChain believes that a well governed foundation is the key to longevity, growth and stability. Making an actionable governance system, that matches the identity we envision for our product, is the base in which we built on for our apotheosis. As such, the governance model of VeChain Foundation was at the paramount of discussions.
VeChain is going through an evolutionary period across all aspects of the foundation as directed by our Board of Steering Committee. At its core, the VeChain Foundation does not believe in a fully anarchically decentralization, nor does it believe in totalitarian governance. It is for that reason the board members envisioned something in between. Our governance structure is a new breed of a decentralized system through centralized channels, at its core it is a principal never seen before within the blockchain industry.
PICTURE ONE
Being the centralized agency to govern the decentralized workflows, VeChain is as strong as our Board of Steering Committee enables us to become. The Board of Steering Committee oversees the various functional committees within a decentralized foundation. The board members, though a governing agency, ultimately guide units towards cohesive goals and enables collaboration, efficiency, and output across channels that traditional org charts cannot.
The Board of Steering Committee is the governing body of VeChain Foundation. It oversees the various functional committees within the foundation and represents the balanced interests of the VeChain blokchains stakeholders as a whole. Stakeholders include Blockchain Smart Contract Owners, VeChain Authority Nodes, and token holders. In addition, the Board of Steering Committee ensures the development, innovation, coordination and advancement of the VeChain blockchain ecosystem. Though not necessarily involved in day to day operational activities, the main functions include but not limited to the following:
The Board of Steering Committee must be comprised of brilliant and respected individuals across a multitude of industries and it is for that reason we are very lucky to introduce our complete Board:
Name Experience Responsibility
CY Cheung PwC Cybersecurity and Fintech Partner Head of Regulation Committee
George Kang CEO of Greater China Region, DNV GL Business Assurance Head of Public Relation Committee
Jay Zhang CFO, VeChain Co-founder Head of Operational Committee
Margret Rui Zhu Assistant Professor of City University of Hong Kong Head of Compensation & Nomination Committee
Peter Zhou Chief Scientist, VeChain Partner Head of Technical Committee
Renato Grottola Global Digital Transformation Director, DNV GL Business Assurance In charge of VeChain business development related affairs
Sunny Lu CEO, VeChain Co-founder General Secretary of the Foundation
C Y Cheung - PwC Cybersecurity and Fintech Partner
Chun Yin Cheung is a partner in PwC China's Risk Assurance Practice, based in the Shanghai office, having worked at PwC for over 14 years.
Mr. Cheung is an information security subject matter expert, with extensive experience in security assessment and regulatory compliance related advisory for financial service institutions in China and Hong Kong.
Mr. Cheung was educated at the Hong Kong University of Science and Technology and achieved a Bachelor of Business Administration (B.B.A.) in Information Technology
George Kang - CEO Greater China Region, DNV GL Assurance
George Kang has worked for one of the biggest state-owned automotive design and manufacturing company - SAIC Motor before joined GNV GL in 1999.
George has accumulated extensive experience in supply chain management, product assurance with a particular strategic focus on the food & beverage, healthcare and automotive & aerospace sectors.
George was graduated from Shanghai Jiaotong University with a bachelor degree in Engineering and EMBA from Xiamen University. ** Jie (Jay) Zhang - CFO / CoFounder VeChain**
Jay has worked at 2 of the ‘Big 4’ accountancy firms - PwC and Deloitte’s and joined VeChain as leader of their Blockchain governance framework design and digital asset management framework.
Jay has 14 years’ experience in IT assurance and advisory services. Jie’s major areas of expertise and experience include IT General controls, IT security, IT Governance and risk management, System Application Controls, etc.
Jay was educated at Shanghai Jiaotong University and studied Electrical and Electronics Engineering
Margret Rui Zhu - Assistant Professor City University of Hong Kong
Professor Zhu received her BA from Fudan University, China, MA in Economics from Indiana University USA and PhD in Finance from University of Texas at Austin USA. Professor Zhu is currently interested in corporate finance, corporate risk management and the interaction of capital market and product market.
Peter Zhou - Chief Scientist / VeChain Partner
Dr. Zhou obtained a Ph.D in Computer Sciences from the University of Southampton and serves as VeChain’s R&D Director. He has been involved in projects funded by the European Commission and Academy of Finland whilst working as a postdoctoral researcher for the University of Kent in the UK. He has been published in numerous international scientific research journals.
Renato Grottola - Global Digital Transformation Director, DNV GL Assurance
Renato is an experienced global Director with a demonstrated history of working in the advisory industry, skilled in Strategic Planning, Mergers and Acquisitions, Business Development and Management of complex international operations. Renato has been working on a blockchain backed project to introduce ship certifications to a private blockchain.
Sunny Lu - CEO, VeChain Co-founder
Sunny Lu, the Project Lead for VeChain, has a wealth of experience in IT and Information Security across luxury retail brands, with his most recent role prior to co-founding BitSE being as CIO, IS&T Director for Louis Vuitton China.
Part of the LVMH Group, other famous brands across the portfolio include luxury fashion brands Givenchy and Christian Dior, alongside Champagne Brands Moet et Chandon, Veuve Cliquout and Dom Perignon.
Sunny was educated at Shanghai Jiao Tong University and studied Electronics and Communication Engineering
A board of this magnitude will need outside forces keeping them in check and aiding in the design, implementation, and vision of VeChain. This is why VeChain has seeked out a promising Advisory Board to be a backbone that the foundation can lean on to provide immense wisdom and experience in the blockchain industry. VeChains Advisory Board is currently comprised as follows:
Name Experience
Bo Shen Partner, founder of FenBuShi Capital
Daniel Kelman General Counsel of Bitcoin.com
James Gong CEO of ChainB.com
Roland Sun Partner of Broad&Bright Law Firm
Ning Nan CEO of BitOcean
Bo Shen - General partner of FENBUSHI Capital
Bo cofounded Bitshares, Qtum, Zcash, etc. He is also a veteran of traditional financial industry, accumulating 12 years of senior management in brokerages, hedge funds and investment banks.
Daniel Kelman - General Counsel of GSR and Bitcoin.com
Daniel represented the interests of creditors who lost funds in the MtGox hacking scandal. Besides, he is also a co-founder of BitOcean Japan, a cryptocurrency exchange which will be licensed by Japanese regulator FSA.
James Gong - CEO of ChainB.com
ChainB is the most influential professional blockchain and cryptocurrency media in China.
Roland Sun - Partner of a full-service Chinese law firm named Broad&Bright
Roland has rich experience in providing law consultancy services in the following practice areas, such as cryprocurrency, blockchain, banking and trust.
Nan Ning - CEO of BitOcean
BitOcean is a cryptocurrency exchange which will be licensed by Japanese regulator FSA.
With the combined expertise of the Board of Steering Committee and the wisdom of the Advisory Board, VeChain has the foundation to be a revolutionary force within the blockchain industry and a global initiative for decentralization of businesses, truly embracing a digital way of life.

Voting:

As mentioned above, VeChain stakeholders include Blockchain Smart Contract Owners, Authority Nodes and token holders (including VeChain Economic Masternodes/Nodes). Each of the stakeholder holds at least 10,000 VeChain tokens with a single public key will be considered to have ONE vote, and each stakeholder can have not more than ONE vote.
PICTURE TWO
The following fundamental subjects will be voted by the stakeholders:
  • The election of new Board of Steering Committee;
  • The modification of fundamental consensus mechanism;
  • Other subjects that Board of Steering Committee deemed necessary for general voting.
The general voting activities shall be carried in the VeChain Blockchain voting platform, designed to ensure anonymity, accuracy and not subject to manipulation.

VeChain Rebrand

Our brand is not our name or logo, it is who we are. It is as much our governance model as it is our economic model. With VeChain undergoing its apotheosis it is imperative for our brand to grow with it. This evolution brings VeChain from a status of a blockchain solution to an one of a kind blockchain pioneer that can last indefinitely, offering a powerful and adaptable product for any business process that could benefit from trustless, immutable, and readily available data. This evolutional output requires us to reinvent the structure of our mainnet to coexist with an economic model design for indefinite stability and reward. As a result VeChain has become bigger, faster, stronger, disruptive, ambitious, incentivized and above all else, impactful. The board has made every effort to bring power to the stakeholders/people of VeChain. There are many attributes that make the Norse God “Thor“ and VeChain similar, and therefore:
VeChain is opting to upgrade the VeChain blockchain itself to VeChain Thor. The process of this transformation we call Apotheosis.
Our efforts towards apotheosis will last over the course of a month and a half from today, the full range of details will be released periodically from now until the mid of January.
Here is a glimpse at some of the changes being incorporated into VeChain Thor:
  • VeChain Blockchain will be upgraded to VeChain Thor Blockchain
  • Upon this release, we will be converting the existing VEN tokens for VeChain Thor tokens (VET). We are taking the appropriate measures to make this conversion seamless, we will begin this process by aiding current exchanges with the conversion first, all future exchanges will list our token as VET instead of VEN, including the ones we have been actively speaking to prior to this announcement of the name change.
  • Transactions on VeChain Thor Blockchain will not use VET token as expense. This is our way of giving back to the stakeholders. In turn the blockchain transactions will be incentivized through other reward structures. This allows VeChain to offer a stable and predictable budget for enterprise users. This new system also enables resource optimisation and adjustments by economical approaches for the indefinite future.
  • In order to take full advantage of decentralization and strong governance, the Foundation has decided to adopt Proof of Authority as the consensus mechanism of the VeChain Blockchain so that future developments are aligned with vision and direction the Foundation has designed;
  • As for Nodes and Masternodes, (Yes, we have them!) We categorize two major types of nodes on the VeChain Thor Blockchain, a total of four distinctive nodes all together:
    1. One Authority Masternode
    2. Three Economic Masternodes/Nodes

VeChain Authority Masternode

Thrudheim means ‘World of Strength’ and is the home of Thor. We announce Thrudheim Masternode as the senior and most privileged masternodes that VET token holders can own.
There will be a total 101 Thrudheim Masternodes on the VeChain Thor Network. Thrudheim Masternodes:
  • Receive the highest rewards of any node operators on VeChain Thor;
  • Hold the most power when it comes to voting rights
  • Are the most senior of masternodes that VET token holders can attain;
  • Stabilise the VeChain Thor blockchain network;
  • Are selected and rated based on the criteria the VeChain Foundation announce in the near future;
To successfully become a Thrudheim Masternode Owner operating a Thrudheim Masternode, the token holder needs to fulfill certain criteria:
   A) Owns a Qualified Thrudheim Masternode Candidate, the said candidate is a trackable address holding a minimum of 250,000 VET/VEN starting from Trust Tracking Day until the Date of Decision. Date of Decision will be announced soon, this date should coincide approximately with our main net launch date.
   B) The person who owns a Qualified Thrudheim Masternode Candidate is a Qualified Thrudheim Masternode Operator Applicant and will automatically enter into the application process, given he/she meets the below criteria:
  1. Due to the importance of these Masternodes, and the limited number available, VeChain Foundation will need a period of time to observe and review each applicant to determine their trustworthiness and value proposition within the network, and the decision of acceptance will take into consideration of the holder’s contributions to the Foundation as whole, therefore, the Trust Tracking Day of the Thrudheim Masternodes will start on December 21th. More detailed information soon to be released on The Decision Making Criteria of Becoming a Thrudheim Masternode Holder.
  2. The moment the token holding of Qualified Thrudheim Masternode Candidate is less than 250,000 VET, the address will lose the privilege of applying to become a Thrudheim Masternode when the blockchain launches.
  3. Hardware conditions: CPU, hard disk capacity, memory, overall performance will be reviewed individually.
  4. A full KYC and application procedure.
VeChain Foundation will release a detailed Thrudheim Nodes selection standards, procedure and rewards together in a later announcement.

VeChain Economic Masternodes and Nodes:

A VeChain Economic Masternode/Node offers stability to the ecosystem and acts as a distribution of power and privilege within the blockchain’s economy. VeChain Economic Masternodes/Nodes also have representation within the ecosystems voting periods. For an address with at least 10,000 VET/VEN held, a node represents one vote within the majority consensus. Unlike Authority Masternodes, Economic Masternodes/nodes do not produce blocks and ledger records.

Mjolnir Masternodes (Second highest-incentive Nodes)

Token possession: 150,000 VET and above
Incentive received: receive the highest reward among VeChain Economic Nodes.
Cannot be upgraded More information on Mjolnir Masternodes soon

Thunder Nodes (Higher-incentive Nodes)

Token possession: 50,000 - 149,999 VET/VEN;
Incentive received: receive the higher Thor incentive;
Can be upgraded; More information on Thunder Nodes to come.

Strength Nodes (Medium-incentive Nodes)

Token possession: 10,000-49,999 VET/VEN;
Incentive received: receive the medium Thor incentive, however, still more than none-node holders;
Can be upgraded;
More information on Strength Nodes to come.
Holders with less than 10,000 VET tokens receive default incentive.

Important Timetable and planned events:

  • Hold corresponding quantity of VET/VEN tokens in a trackable wallet (such as MEW) starting from 00:00:00 UTC+8 on 21st December; if your wallet has more than or equal to 250,000 VET/VEN, then you will be considered as an applicant to become a Thrudheim Masternode Operator, this is one of important must-have criteria when the Foundation selects Thrudheim Masternode Operators.
  • Any wallet holding a corresponding quantity of VEN/VET tokens for any other nodes begins to accumulate seniority and that will be used as a means of distributing incentives in the future.
  • An official strategic partnership announcement event is planned late January at London between DNV GL and VeChain.
  • A VeChain Rebranding event, in Singapore, is planned for mid-January.
  • A detailed economic model upon completion
  • Listing on a major exchange in December
  • A complete upgrade and rewrite of our current “VeChain Development Plan (Not a Whitepaper Document)
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Trading Cryptocurrency Markets

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Major Exchanges
In finance, an exchange is a forum or platform for trading commodities, derivatives, securities or other financial instruments. The principle concern of an exchange is to allow trading between parties to take place in a fair and legally compliant manner, as well as to ensure that pricing information for any instrument traded on the exchange is reliable and coherently delivered to exchange participants. In the cryptocurrency space exchanges are online platforms that allow users to trade cryptocurrencies or digital currencies for fiat money or other cryptocurrencies. They can be centralized exchanges such a Binance, or decentralized exchanges such as IDEX. Most cryptocurrency exchanges allow users to trade different crypto assets with BTC or ETH after having already exchanged fiat currency for one of those cryptocurrencies. Coinbase and Kraken are the main avenue for fiat money to enter into the cryptocurrency ecosystem.
Function and History
Crypto exchanges can be market-makers that take bid/ask spreads as a commission on the transaction for facilitating the trade, or more often charge a small percentage fee for operating the forum in which the trade was made. Most crypto exchanges operate outside of Western countries, enabling them to avoid stringent financial regulations and the potential for costly and lengthy legal proceedings. These entities will often maintain bank accounts in multiple jurisdictions, allowing the exchange to accept fiat currency and process transactions from customers all over the globe.
The concept of a digital asset exchange has been around since the late 2000s and the following initial attempts at running digital asset exchanges foreshadows the trouble involved in attempting to disrupt the operation of the fiat currency baking system. The trading of digital or electronic assets predate Bitcoin’s creation by several years, with the first electronic trading entities running afoul of the Australian Securities and Investments Commission (ASIC) in late 2004. Companies such as Goldex, SydneyGoldSales, and Ozzigold, shut down voluntarily after ASIC found that they were operating without an Australian Financial Services License. E-Gold, which exchanged fiat USD for grams of precious metals in digital form, was possibly the first digital currency exchange as we know it, allowing users to make instant transfers to the accounts of other E-Gold members. At its peak in 2006 E-Gold processed $2 billion worth of transactions and boasted a user base of over 5 million people.
Popular Exchanges
Here we will give a brief overview of the features and operational history of the more popular and higher volume exchanges because these are the platforms to which newer traders will be exposed. These exchanges are recommended to use because they are the industry standard and they inspire the most confidence.
Bitfinex
Owned and operated by iFinex Inc, the cryptocurrency trading platform Bitfinex was the largest Bitcoin exchange on the planet until late 2017. Headquartered in Hong Kong and based in the US Virgin Island, Bitfinex was one of the first exchanges to offer leveraged trading (“Margin trading allows a trader to open a position with leverage. For example — we opened a margin position with 2X leverage. Our base assets had increased by 10%. Our position yielded 20% because of the 2X leverage. Standard trades are traded with leverage of 1:1”) and also pioneered the use of the somewhat controversial, so-called “stable coin” Tether (USDT).
Binance
Binance is an international multi-language cryptocurrency exchange that rose from the mid-rank of cryptocurrency exchanges to become the market dominating behemoth we see today. At the height of the late 2017/early 2018 bull run, Binance was adding around 2 million new users per week! The exchange had to temporarily disallow new registrations because its servers simply could not keep up with that volume of business. After the temporary ban on new users was lifted the exchange added 240,000 new accounts within two hours.
Have you ever thought whats the role of the cypto exchanges? The answer is simple! There are several different types of exchanges that cater to different needs within the ecosystem, but their functions can be described by one or more of the following: To allow users to convert fiat currency into cryptocurrency. To trade BTC or ETH for alt coins. To facilitate the setting of prices for all crypto assets through an auction market mechanism. Simply put, you can either mine cryptocurrencies or purchase them, and seeing as the mining process requires the purchase of expensive mining equipment, Cryptocurrency exchanges can be loosely grouped into one of the 3 following exchange types, each with a slightly different role or combination of roles.
Have you ever thought about what are the types of Crypto exchanges?
  1. Traditional Cryptocurrency Exchange: These are the type that most closely mimic traditional stock exchanges where buyers and sellers trade at the current market price of whichever asset they want, with the exchange acting as the intermediary and charging a small fee for facilitating the trade. Kraken and GDAX are examples of this kind of cryptocurrency exchange. Fully peer-to-peer exchanges that operate without a middleman include EtherDelta, and IDEX, which are also examples of decentralized exchanges.
  2. Cryptocurrency Brokers: These are website or app based exchanges that act like a Travelex or other bureau-de-change. They allow customers to buy or sell crypto assets at a price set by the broker (usually market price plus a small premium). Coinbase is an example of this kind of exchange.
  3. Direct Trading Platform: These platforms offer direct peer-to-peer trading between buyers and sellers, but don’t use an exchange platform in doing so. These types of exchanges do not use a set market rate; rather, sellers set their own rates. This is a highly risky form of trading, from which new users should shy away.
To understand how an exchange functions we need only look as far as a traditional stock exchange. Most all the features of a cryptocurrency exchange are analogous to features of trading on a traditional stock exchange. In the simplest terms, the exchanges fulfil their role as the main marketplace for crypto assets of all kinds by catering to buyers or sellers. These are some definitions for the basic functions and features to know: Market Orders: Orders that are executed instantly at the current market price. Limit Order: This is an order that will only be executed if and when the price has risen to or dropped to that price specified by the trader and is also within the specified period of time. Transaction fees: Exchanges will charge transactions fees, usually levied on both the buyer and the seller, but sometimes only the seller is charged a fee. Fees vary on different exchanges though the norm is usually below 0.75%. Transfer charges: The exchange is in effect acting as a sort of escrow agent, to ensure there is no foul play, so it might also charge a small fee when you want to withdraw cryptocurrency to your own wallet.
Regulatory Environment and Evolution
Cryptocurrency has come a long way since the closing down of the Silk Road darknet market. The idea of crypto currency being primarily for criminals, has largely been seen as totally inaccurate and outdated. In this section we focus on the developing regulations surrounding the cryptocurrency asset class by region, and we also look at what the future may hold.
The United States of America
A coherent uniform approach at Federal or State level has yet to be implemented in the United States. The Financial Crimes Enforcement Network published guidelines as early as 2013 suggesting that BTC and other cryptos may fall under the label of “money transmitters” and thus would be required to take part in the same Anti-money Laundering (AML) and Know your Client (KYC) procedures as other money service businesses. At the state level, Texas applies its existing finance laws. And New York has instituted an entirely new licensing system.
The European Union
The EU’s approach to cryptocurrency has generally been far more accommodating overall than the United States, partly due to the adaptable nature of pre-existing laws governing electronic money that predated the creation of Bitcoin. As with the USA, the EU’s main fear is money laundering and criminality. The European Central Bank (ECB) categorized BTC as a “convertible decentralized currency” and advised all central banks in the EU to refrain from trading any cryptocurrencies until the proper regulatory framework was put in place. A task force was then set up by the European Parliament in order to prevent and investigate any potential money laundering that was making use of the new technology.
Likely future regulations for cryptocurrency traders within the European Union and North America will probably consist of the following proposals: The initiation of full KYC procedures so that users cannot remain fully anonymous, in order to prevent tax evasion and curtail money laundering. Caps on payments that can be made in cryptocurrency, similar to caps on traditional cash transactions. A set of rules governing tax obligations regarding cryptocurrencies Regulation by the ECB of any companies that offer exchanges between cryptocurrencies and fiat currencies It is less likely for other countries to follow the Chinese approach and completely ban certain aspects of cryptocurrency trading. It is widely considered more progressive and wiser to allow the technology to grow within a balanced accommodative regulatory framework that takes all interests and factors into consideration. It is probable that the most severe form of regulation will be the formation of new governmental bodies specifically to form laws and exercise regulatory control over the cryptocurrency space. But perhaps that is easier said than done. It may, in certain cases, be incredibly difficult to implement particular regulations due to the anonymous and decentralized nature of crypto.
Behavior of Cryptocurrency Investors by Demographic
Due to the fact that cryptocurrency has its roots firmly planted in the cryptography community, the vast majority of early adopters are representative of that group. In this section we cover the basic structure of the cryptocurrency market cycle and the makeup of the community at large, as well as the reasons behind different trading decisions.
The Cryptocurrency Market Cycle
Bitcoin leads the bull rally. FOMO (Fear of missing out) occurs, the price surge is a constant topic of mainstream news, business programs cover the story, and social media is abuzz with cryptocurrency chatter. Bitcoin reaches new All Timehigh (ATH) Market euphoria is fueled with even more hype and the cycle is in full force. There is a constant stream of news articles and commentary on the meteoric, seemingly unstoppable rise of Bitcoin. Bitcoin’s price “stabilizes”, In the 2017 bull run this was at or around $14,000. A number of solid, large market cap altcoins rise along with Bitcoin; ETH & LTC leading the altcoins at this time. FOMO comes into play, as the new ATH in market cap is reached by pumping of a huge number of alt coins.
Top altcoins “somewhat” stabilize, after reaching new all-time highs. The frenzy continues with crypto success stories, notable figures and famous people in the news. A majority of lesser known cryptocurrencies follow along on the upward momentum. Newcomers are drawn deeper into crypto and sign up for exchanges other than the main entry points like Coinbase and Kraken. In 2017 this saw Binance inundated with new registrations. Some of the cheapest coins are subject to massive pumping, such as Tron TRX which saw a rise in market cap from $150 million at the start of December 2017 to a peak of $16 billion! At this stage, even dead coins or known scams will get pumped. The price of the majority of cryptocurrencies stabilize, and some begin to retract. When the hype is subsiding after a huge crypto bull run, it is a massive sell signal. Traditional investors will begin to give interviews about how people need to be careful putting money into such a highly volatile asset class. Massive violent correction begins and the market starts to collapse. BTC begins to fall consistently on a daily basis, wiping out the insane gains of many medium to small cap cryptos with it. Panic selling sweeps through the market. Depression sets in, both in the markets, and in the minds of individual investors who failed to take profits, or heed the signs of imminent collapse. The price stagnation can last for months, or even years.
The Influence of Age upon Trading
Did you know? Cryptocurrencies have been called “stocks for millennials” According to a survey conducted by the Global Blockchain Business Council, only 5% of the American public own any bitcoin, but of those that do, an overwhelming majority of 71% are men, 58% of them are between the ages of 18 and 35, and over half of them are minorities. The same survey gauged public attitude toward the high risk/high return nature of cryptocurrency, in comparison to more secure guaranteed small percentage gains offered by government bonds or stocks, and found that 30% would rather invest $1,000 in crypto. Over 42% of millennials were aware of cryptocurrencies as opposed to only 15% of those ages 65 and over. In George M. Korniotis and Alok Kumar’s study into the effects of aging on portfolio management and the quality of decisions made by older investors, they found “that older and experienced investors are more likely to follow “rules of thumb” that reflect greater investment knowledge. However, older investors are less effective in applying their investment knowledge and exhibit worse investment skill, especially if they are less educated and earn lower income.”
Geographic Influence upon Trading
One of the main drivers of the apparent seasonal ebb and flow of cryptocurrency prices is the tax situation in the various territories that have the highest concentrations of cryptocurrency holders. Every year we see an overall market pull back beginning in mid to late January, with a recovery beginning usually after April. This is because “Tax Season” is roughly the same across Europe and the United States, with the deadline for Income tax returns being April 15th in the United States, and the tax year officially ending the UK on the 6th of April. All capital gains must be declared before the window closes or an American trader will face the powerful and long arm of the IRS with the consequent legal proceedings and possible jail time. Capital gains taxes around the world vary from jurisdiction to jurisdiction but there are often incentives for cryptocurrency holders to refrain from trading for over a year to qualify their profits as long term gain when they finally sell. In the US and Australia, for example, capital gains are reduced if you bought cryptocurrency for investment purposes and held it for over a year. In Germany if crypto assets are held for over a year then the gains derived from their sale are not taxed. Advantages like this apply to individual tax returns, on a case by case basis, and it is up to the investor to keep up to date with the tax codes of the territory in which they reside.
2013 Bull run vs 2017 Bull run price Analysis
In late 2016 cryptocurrency traders were faced with the task of distinguishing between the beginnings of a genuine bull run and what might colorfully be called a “dead cat bounce” (in traditional market terminology). Stagnation had gripped the market since the pull-back of early 2014. The meteoric rise of Bitcoin’s price in 2013 peaked with a price of $1,100 in November 2013, after a year of fantastic news on the adoption front with both Microsoft and PayPal offering BTC payment options. It is easy to look at a line going up on a chart and speak after the fact, but at the time, it is exceeding difficult to say whether the cat is actually climbing up the wall, or just bouncing off the ground. Here, we will discuss the factors that gave savvy investors clues as to why the 2017 bull run was going to outstrip the 2013 rally. Hopefully this will help give insight into how to differentiate between the signs of a small price increase and the start of a full scale bull run. Most importantly, Volume was far higher in 2017. As we can see in the graphic below, the 2017 volume far exceeds the volume of BTC trading during the 2013 price increase. The stranglehold MtGox held on trading made a huge bull run very difficult and unlikely.
Fraud & Immoral Activity in the Private Market
Ponzi Schemes Cryptocurrency Ponzi schemes will be covered in greater detail in Lesson 7, but we need to get a quick overview of the main features of Ponzi schemes and how to spot them at this point in our discussion. Here are some key indicators of a Ponzi scheme, both in cryptocurrencies and traditional investments: A guaranteed promise of high returns with little risk. Consistentflow of returns regardless of market conditions. Investments that have not been registered with the Securities and Exchange Commission (SEC). Investment strategies that are a secret, or described as too complex. Clients not allowed to view official paperwork for their investment. Clients have difficulties trying to get their money back. The initial members of the scheme, most likely unbeknownst to the later investors, are paid their “dividends” or “profits” with new investor cash. The most famous modern-day example of a Ponzi scheme in the traditional world, is Bernie Madoff’s $100 billion fraudulent enterprise, officially titled Bernard L. Madoff Investment Securities LLC. And in the crypto world, BitConnect is the most infamous case of an entirely fraudulent project which boasted a market cap of $2 billion at its peak.
What are the Exchange Hacks?
The history of cryptocurrency is littered with examples of hacked exchanges, some of them so severe that the operation had to be wound up forever. As we have already discussed, incredibly tech savvy and intelligent computer hackers led by Alexander Vinnik stole 850000 BTC from the MtGox exchange over a period from 2012–2014 resulting in the collapse of the exchange and a near-crippling hammer blow to the emerging asset class that is still being felt to this day. The BitGrail exchange suffered a similar style of attack in late 2017 and early 2018, in which Nano (XRB) was stolen that was at one point was worth almost $195 million. Even Bitfinex, one of the most famous and prestigious exchanges, has suffered a hack in 2016 where $72 million worth of BTC was stolen directly from customer accounts.
Hardware Wallet Scam Case Study
In late 2017, an unfortunate character on Reddit, going by the name of “moody rocket” relayed his story of an intricate scam in which his newly acquired hardware wallet was compromised, and his $34,000 life savings were stolen. He bought a second hand Nano ledger into which the scammers own recover seed had already been inserted. He began using the ledger without knowing that the default seed being used was not a randomly assigned seed. After a few weeks the scammer struck, and withdrew all the poor HODLer’s XRP, Dash and Litecoin into their own wallet (likely through a few intermediary wallets to lessen the very slim chances of being identified).
Hardware Wallet Scam Case Study Social Media Fraud
Many gullible and hapless twitter users have fallen victim to the recent phenomenon of scammers using a combination of convincing fake celebrity twitter profiles and numerous amounts of bots to swindle them of ETH or BTC. The scammers would set up a profile with a near identical handle to a famous figure in the tech sphere, such as Vitalik Buterin or Elon Musk. And then in the tweet, immediately following a genuine message, follow up with a variation of “Bonus give away for the next 100 lucky people, send me 0.1 ETH and I will send you 1 ETH back”, followed by the scammers ether wallet address. The next 20 or so responses will be so-called sockpuppet bots, thanking the fake account for their generosity. Thus, the pot is baited and the scammers can expect to receive potentially hundreds of donations of 0.1 Ether into their wallet. Many twitter users with a large follower base such as Vitalik Buterin have taken to adding “Not giving away ETH” to their username to save careless users from being scammed.
Market Manipulation
It also must be recognized that market manipulation is taking place in cryptocurrency. For those with the financial means i.e. whales, there are many ways in which to control the market in a totally immoral and underhanded way for your own profit. It is especially easy to manipulate cryptos that have a very low trading volume. The manipulator places large buy orders or sell walls to discourage price action in one way or the other. Insider trading is also a significant problem in cryptocurrency, as we saw with the example of blatant insider trading when Bitcoin Cash was listed on Coinbase.
Examples of ICO Fraudulent Company Behavior
In the past 2 years an astronomical amount of money has been lost in fraudulent Initial Coin Offerings. The utmost care and attention must be employed before you invest. We will cover this area in greater detail with a whole lesson devoted to the topic. However, at this point, it is useful to look at the main instances of ICO fraud. Among recent instances of fraudulent ICOs resulting in exit scams, 2 of the most infamous are the Benebit and PlexCoin ICOs which raised $4 million for the former and $15 million for the latter. Perhaps the most brazen and damaging ICO scam of all time was the Vietnamese Pincoin ICO operation, where $660million was raised from 32,000 investors before the scammer disappeared with the funds. In case of smaller ICO “exit scamming” there is usually zero chance of the scammers being found. Investors must just take the hit. We will cover these as well as others in Lesson 7 “Scam Projects”.
Signposts of Fraudulent Actors
The following factors are considered red flags when investigating a certain project or ICO, and all of them should be considered when deciding whether or not you want to invest. Whitepaper is a buzzword Salad: If the whitepaper is nothing more than a collection of buzzwords with little clarity of purpose and not much discussion of the tech involved, it is overwhelmingly likely you are reading a scam whitepaper.
Signposts of Fraudulent Actors §2
No Code Repository: With the vast majority of cryptocurrency projects employing open source code, your due diligence investigation should start at GitHub or Sourceforge. If the project has no entries, or nothing but cloned code, you should avoid it at all costs. Anonymous Team: If the team members are hard to find, or if you see they are exaggerating or lying about their experience, you should steer clear. And do not forget, in addition to taking proper precautions when investing in ICOs, you must always make sure that you are visiting authentic web pages, especially for web wallets. If, for example, you are on a spoof MyEtherWallet web page you could divulge your private key without realizing it and have your entire portfolio of Ether and ERC-20 tokens cleaned out.
Methods to Avoid falling Victim
Avoiding scammers and the traps they set for you is all about asking yourself the right questions, starting with: Is there a need for a Blockchain solution for the particular problem that a particular ICO is attempting to solve? The existing solution may be less costly, less time consuming, and more effective than the proposals of a team attempting to fill up their soft cap in an ICO. The following quote from Mihai Ivascu, the CEO of Modex, should be kept in mind every time you are grading an ICO’s chances of success: “I’m pretty sure that 95% of ICOswill not last, and many will go bankrupt. ….. not everything needs to be decentralized and put on an open source ledger.”
Methods to Avoid falling Victim §2 Do I Trust These People with My Money, or Not?
If you continue to feel uneasy about investing in the project, more due diligence is needed. The developers must be qualified and competent enough to complete the objectives that they have set out in the whitepaper.
Is this too good to be true?
All victims of the well-known social media scams using fake profiles of Vitalik Buterin, or Bitconnect investors for that matter, should have asked themselves this simple question, and their investment would have been saved. In the case of Bitconnect, huge guaranteed gains proportional to the amount of people you can get to sign up was a blatant pyramid scheme, obviously too good to be true. The same goes for Fake Vitalik’s offer of 1 ether in exchange for 0.1 ETH.
Selling Cryptocurrencies, Several reasons for selling with the appropriate actions to take:
If you are selling to buy into an ICO, or maybe believe Ether is a safer currency to hold for a certain period of time, it is likely you will want to make use of the Ether pair and receive Ether in return. Obviously if the ICO is on the NEO or WANchain blockchain for example, you will use the appropriate pair. -Trading to buy into another promising project that is listing on the exchange on which you are selling (or you think the exchange will experience a large amount of volume and become a larger exchange), you may want to trade your cryptocurrency for that exchange token. -If you believe that BTC stands a good chance of experiencing a bull run then using the BTC trading pair is the suitable choice. -If you believe that the market is about to experience a correction but you do not want to take your gains out of the market yet, selling for Tether or “tethering up” is the best play. This allows you to keep your locked-in profits on the exchange, unaffected by the price movements in the cryptocurrency markets,so that you can buy back in at the most profitable moment. -If you wish to “cash out” i.e. sell your cryptocurrency for fiat currency and have those funds in your bank account, the best pair to use is ETH or BTC because you will likely have to transfer to an exchange like Kraken or Coinbase to convert them into fiat. If the exchange offers Litecoin or Bitcoin Cash pairs it could be a good idea to use these for their fast transaction time and low fees.
Selling Cryptocurrencies
Knowing when and how to sell, as well as strategies to inflate the value of your trade before sale, are important skills as a trader of any product or financial instrument. If you are satisfied that the sale itself of the particular amount of a token or coin you are trading away is the right one, then you must decide at what price you are going to sell. Exchanges exercise their own discretion as to which trading “pairs” they will offer, but the most common ones are BTC, ETH, BNB for Binance, BIX for Bibox etc., and sometimes Tether (USDT) or NEO. As a trader, you decide which particular cryptocurrency to exchange depending on your reason for making that specific trade at that time.
Methods of Sale
Market sell/Limit sell on exchange: A limit sell is an order placed on an exchange to sell as soon as (also specifically only if and when) the price you specified has been hit within the time limit you select. A market order executes the sale immediately at the best possible price offered by the market at that exact time. OTC (or Over the Counter) selling refers to sale of securities or cryptocurrencies in any method without using an exchange to intermediate the trade and set the price. The most common way of conducting sales in this manner is through LocalBitcoins.com. This method of cryptocurrency selling is far riskier than using an exchange, for obvious reasons.
The influence and value of your Trade
There are a number of strategies you can use to appreciate the value of your trade and thus increase the Bitcoin or Ether value of your portfolio. It is important to disassociate yourself from the dollar value of your portfolio early on in your cryptocurrency trading career simply because the crypto market is so volatile you will end up pulling your hair out in frustration following the real dollar money value of your holdings. Once your funds have been converted into BTC and ETH they are completely in the crypto sphere. (Some crypto investors find it more appropriate to monitor the value of their portfolio in satoshi or gwei.) Certainly not limited to, but especially good for beginners, the most reliable way to increase your trading profits, and thus the overall value and health of your portfolio, is to buy into promising projects, hold them for 6 months to a year, and then reevaluate. This is called Long term holding and is the tactic that served Bitcoin HODLers quite well, from 2013 to the present day. Obviously, if something comes to light about the project that indicates a lengthy set back is likely, it is often better to cut your losses and sell. You are better off starting over and researching other projects. Also, you should set initial Price Points at which you first take out your original investment, and then later, at which you take out all your profits and exit the project. That should be after you believe the potential for growth has been exhausted for that particular project.
Another method of increasing the value of your trades is ICO flipping. This is the exact opposite of long term holding. This is a technique in which you aim for fast profits taking advantage of initial enthusiasm in the market that may double or triple the value of ICO projects when they first come to market. This method requires some experience using smaller exchanges like IDEX, on which project tokens can be bought and sold before listing on mainstream exchanges. “Tethering up” means to exchange tokens or coins for the USDT stable coin, the value of which is tethered to the US Dollar. If you learn, or know how to use, technical analysis, it is possible to predict when a market retreatment is likely by looking at the price movements of BTC. If you decide a market pull back is likely, you can tether up and maintain the dollar value of your portfolio in tether while other tokens and coins decrease in value. The you wait for an opportune moment to reenter the market.
Market Behavior in Different Time Periods
The main descriptors used for overall market sentiment are “Bull Market” and “Bear Market”. The former describes a market where people are buying on optimism. The latter describes a market where people are selling on pessimism. Fun (or maybe not) fact: The California grizzly bear was brought to extinction by the love of bear baiting as a sport in the mid 1800s. Bears were highly sought after for their intrinsic fighting qualities, and were forced into fighting bulls as Sunday morning entertainment for Californians. What has this got to do with trading and financial markets? The downward swipe of the bear’s paws gives a “Bear market” its name and the upward thrust of a Bull’s horns give the “Bull Market” its name. Most unfortunately for traders, the bear won over 80% of the bouts. During a Bull market, optimism can sometimes grow to be seemingly boundless, volume is rising, and prices are ascending. It can be a good idea to sell or rebalance your portfolio at such a time, especially if you have a particularly large position in one holding or another. This is especially applicable if you need to sell a large amount of a relatively low-volume holding, because you can then do so without dragging the price down by the large size of your own sell order.
Learn more on common behavioral patterns observed so far in the cryptocurrency space for different coins and ICO tokens.
Follow the link:
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[uncensored-r/CryptoCurrency] VeChain Apotheosis: The Beginning – Masternodes, New Partners, Big Exchanges, and a Rebrand

The following post by JoshuaSP is being replicated because the post has been silently removed and some comments within it have been openly removed.
The original post can be found(in censored form) at this link:
np.reddit.com/ CryptoCurrency/comments/7hqyfe
The original post's content was as follows:

PLEASE READ ORIGINAL TEXT HERE

On Nov 27th and 28th, the first ever VeChain Foundation Steering Committee meeting was held in Singapore. Over the course of this meeting, we have accomplished a lot. We are pleased to say that we have finalized members for our VeChain Foundation Steering Committee; we have revolutionized our blockchain foundation governance system; we have discussed the evolution of the our blockchain design and functionalities and an exponentially upgraded economic model for all of our stakeholders.
In celebration of the VeChain Foundation evolution, we have initiated a rebranding effort, or rather an escalation of our brand, which we will have finalized within a month and a half. More will be presented below.
VeChain believes that a well governed foundation is the key to longevity, growth and stability. Making an actionable governance system, that matches the identity we envision for our product, is the base in which we built on for our apotheosis. As such, the governance model of VeChain Foundation was at the paramount of discussions.
VeChain is going through an evolutionary period across all aspects of the foundation as directed by our Board of Steering Committee. At its core, the VeChain Foundation does not believe in a fully anarchically decentralization, nor does it believe in totalitarian governance. It is for that reason the board members envisioned something in between. Our governance structure is a new breed of a decentralized system through centralized channels, at its core it is a principal never seen before within the blockchain industry.
PICTURE ONE
Being the centralized agency to govern the decentralized workflows, VeChain is as strong as our Board of Steering Committee enables us to become. The Board of Steering Committee oversees the various functional committees within a decentralized foundation. The board members, though a governing agency, ultimately guide units towards cohesive goals and enables collaboration, efficiency, and output across channels that traditional org charts cannot.
The Board of Steering Committee is the governing body of VeChain Foundation. It oversees the various functional committees within the foundation and represents the balanced interests of the VeChain blokchains stakeholders as a whole. Stakeholders include Blockchain Smart Contract Owners, VeChain Authority Nodes, and token holders. In addition, the Board of Steering Committee ensures the development, innovation, coordination and advancement of the VeChain blockchain ecosystem. Though not necessarily involved in day to day operational activities, the main functions include but not limited to the following:
  • Propose and organize blockchain-wide general voting;
  • Review and approve the Foundation’s fundamental strategies on technical, financial and business;
  • Review and approve the governance principle;
  • Review and approve the Foundation’s annual budget;
  • Review, approve and monitor the procedure of nomination and election of the Steering Committee members, functional committee chairs and the General Secretary of the Foundation.
The Board of Steering Committee must be comprised of brilliant and respected individuals across a multitude of industries and it is for that reason we are very lucky to introduce our complete Board:
Name Experience Responsibility
CY Cheung PwC Cybersecurity and Fintech Partner Head of Regulation Committee
George Kang CEO of Greater China Region, DNV GL Business Assurance Head of Public Relation Committee
Jay Zhang CFO, VeChain Co-founder Head of Operational Committee
Margret Rui Zhu Assistant Professor of City University of Hong Kong Head of Compensation & Nomination Committee
Peter Zhou Chief Scientist, VeChain Partner Head of Technical Committee
Renato Grottola Global Digital Transformation Director, DNV GL Business Assurance In charge of VeChain business development related affairs
Sunny Lu CEO, VeChain Co-founder General Secretary of the Foundation
C Y Cheung - PwC Cybersecurity and Fintech Partner
Chun Yin Cheung is a partner in PwC China's Risk Assurance Practice, based in the Shanghai office, having worked at PwC for over 14 years.
Mr. Cheung is an information security subject matter expert, with extensive experience in security assessment and regulatory compliance related advisory for financial service institutions in China and Hong Kong.
Mr. Cheung was educated at the Hong Kong University of Science and Technology and achieved a Bachelor of Business Administration (B.B.A.) in Information Technology
George Kang - CEO Greater China Region, DNV GL Assurance
George Kang has worked for one of the biggest state-owned automotive design and manufacturing company - SAIC Motor before joined GNV GL in 1999.
George has accumulated extensive experience in supply chain management, product assurance with a particular strategic focus on the food & beverage, healthcare and automotive & aerospace sectors.
George was graduated from Shanghai Jiaotong University with a bachelor degree in Engineering and EMBA from Xiamen University. ** Jie (Jay) Zhang - CFO / CoFounder VeChain**
Jay has worked at 2 of the ‘Big 4’ accountancy firms - PwC and Deloitte’s and joined VeChain as leader of their Blockchain governance framework design and digital asset management framework.
Jay has 14 years’ experience in IT assurance and advisory services. Jie’s major areas of expertise and experience include IT General controls, IT security, IT Governance and risk management, System Application Controls, etc.
Jay was educated at Shanghai Jiaotong University and studied Electrical and Electronics Engineering
Margret Rui Zhu - Assistant Professor City University of Hong Kong
Professor Zhu received her BA from Fudan University, China, MA in Economics from Indiana University USA and PhD in Finance from University of Texas at Austin USA. Professor Zhu is currently interested in corporate finance, corporate risk management and the interaction of capital market and product market.
Peter Zhou - Chief Scientist / VeChain Partner
Dr. Zhou obtained a Ph.D in Computer Sciences from the University of Southampton and serves as VeChain’s R&D Director. He has been involved in projects funded by the European Commission and Academy of Finland whilst working as a postdoctoral researcher for the University of Kent in the UK. He has been published in numerous international scientific research journals.
Renato Grottola - Global Digital Transformation Director, DNV GL Assurance
Renato is an experienced global Director with a demonstrated history of working in the advisory industry, skilled in Strategic Planning, Mergers and Acquisitions, Business Development and Management of complex international operations. Renato has been working on a blockchain backed project to introduce ship certifications to a private blockchain.
Sunny Lu - CEO, VeChain Co-founder
Sunny Lu, the Project Lead for VeChain, has a wealth of experience in IT and Information Security across luxury retail brands, with his most recent role prior to co-founding BitSE being as CIO, IS&T Director for Louis Vuitton China.
Part of the LVMH Group, other famous brands across the portfolio include luxury fashion brands Givenchy and Christian Dior, alongside Champagne Brands Moet et Chandon, Veuve Cliquout and Dom Perignon.
Sunny was educated at Shanghai Jiao Tong University and studied Electronics and Communication Engineering
A board of this magnitude will need outside forces keeping them in check and aiding in the design, implementation, and vision of VeChain. This is why VeChain has seeked out a promising Advisory Board to be a backbone that the foundation can lean on to provide immense wisdom and experience in the blockchain industry. VeChains Advisory Board is currently comprised as follows:
Name Experience
Bo Shen Partner, founder of FenBuShi Capital
Daniel Kelman General Counsel of Bitcoin.com
James Gong CEO of ChainB.com
Roland Sun Partner of Broad&Bright Law Firm
Ning Nan CEO of BitOcean
Bo Shen - General partner of FENBUSHI Capital
Bo cofounded Bitshares, Qtum, Zcash, etc. He is also a veteran of traditional financial industry, accumulating 12 years of senior management in brokerages, hedge funds and investment banks.
Daniel Kelman - General Counsel of GSR and Bitcoin.com
Daniel represented the interests of creditors who lost funds in the MtGox hacking scandal. Besides, he is also a co-founder of BitOcean Japan, a cryptocurrency exchange which will be licensed by Japanese regulator FSA.
James Gong - CEO of ChainB.com
ChainB is the most influential professional blockchain and cryptocurrency media in China.
Roland Sun - Partner of a full-service Chinese law firm named Broad&Bright
Roland has rich experience in providing law consultancy services in the following practice areas, such as cryprocurrency, blockchain, banking and trust.
Nan Ning - CEO of BitOcean
BitOcean is a cryptocurrency exchange which will be licensed by Japanese regulator FSA.
With the combined expertise of the Board of Steering Committee and the wisdom of the Advisory Board, VeChain has the foundation to be a revolutionary force within the blockch...
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3 pieces of unsolicited financial advice I offer to anyone that bought bitcoin since the last bubble.

First, you probably have noticed that bitcoin is exhibiting bubble-like characteristics, and it might seem time to take profits with the plan of buying back in when it pops. I want to advise caution and suggest that the bubble still may have a ways to go. I think the best strategy for most people who own bitcoin and aren't active traders is to buy-and hold, and simply forget about it. The latest climb is being fuelled by Chinese speculation and American/European speculation on what might come of that, so I think it still has a ways to go before the third (and first truly global) bitcoin bubble pops. When I want to get a sense of the bitcoin situation now, I look at the charts in China as well as the US and Canada. It is now truly a global phenomenon and there is no way to know how it will go. Myself, I plan to sell a small portion at around $800 with the hope (but not the certainty) that I can buy back in later at around $500 or so.. that sounds crazy, but we will see.
Second (and as a "bitcoin believer", I cannot emphasize this one enough): Never sell all of your bitcoin. The only reason why bitcoin is doing as well as it is, and why it will continue to (and why it was invented in the first place) is because the dollar is dying, and it is going to take most other major currencies with it. There is no way to know what is going to replace them. Bitcoin will within a few years (months?) become a force on the global foreign exchange markets, and an incredibly innovative one. Nothing like it has ever existed before. It offers easy convertibility into almost any currency. It is like gold, but it can be divided into a 10 millionth of a part while retaining uniform value, it can be traded at the speed of electricity, and it can be stored securely for nothing. I actually expect there will come a time when bitcoins are worth in the $100,000s range... So always hold onto a sizable portion of your initial investment. A lot of people are selling during this bubble, and they will never be able to buy back in at the same price.
My third piece of unsolicited financial advice - what I have been telling anyone that is willing to listen since 2007 - and for the same reasons that bitcoin is rising right now (the death of the dollar around the world): physical gold and silver are historic opportunities.
There is a good reason that China is buying gold at the rate they are they are quietly liquidating their US treasuries and preparing for a post-US dollar world. Major US banks are manipulating the price of gold and silver to artificial lows for reasons tied to their derivative scams, meanwhile demand for physical gold is surging throughout the world. By doing so they are going to bury themselves and their currency. Personally, I believe that silver will offer a higher rate of return than gold, but both are good ideas right now. This website is the one of the best places on the Internet to buy precious metals. There are also many companies that will sell precious metals for bitcoin.
*edit hyperlink mistake
submitted by robblse to Bitcoin [link] [comments]

[Table] IAmA full-time Bitcoin day-trader, blogger, and explainer. I was a pro TCG player. Here until Midnight EST. AMA!

Verified? (This bot cannot verify AMAs just yet)
Date: 2014-02-20
Link to submission (Has self-text)
Questions Answers
Let's say someone was looking for a stay at home computer job, would you recommend doing what you do? Is it something you can hop into, or is it something a lot of time must be put into before considerable income comes? You handle risk and pressure well, and you don't let your emotions guide your decision-making. Professional Poker and TCG players often develop this skillset.
You have experience working with stocks, bonds, derivatives, foreign exchange, or other financial instruments. If you have a strong mathematical background, that would also likely fulfill this.
You can invest significant capital into trading while remaining financially secure if it all suddenly vanishes.
You are capable of constantly monitoring a situation, waking up in the middle of the night if an alarm goes off, etc. It requires serious dedication.
You are good at keeping up with news, understanding market psychology, and "feeling" shifts in attitude and perception among other market participants.
Of those, I'd be most cautious if you don't meet no. 3. Going bust is a real possibility--day-trading a volatile commodity is inherently extremely high-risk. Nos. 2 and 4 are the easiest to learn or force through routine. No. 1 requires a person who approaches things in an emotionally detached manner. No. 5 is something that comes with investing enough time.
Second question: I'm answering this after that big block of text because this answer will come off like a get-rich-quick scheme. Yes, you can hop into it very quickly, and you can start making very high profits very quickly. I put in a small initial investment to test the waters, and made 10% on it in a few days. If you have the right skillset, composure, and resources, yes. It is a potentially very lucrative and exciting stay-at-home job. It is not for everyone, though.
As much as it would be beneficial for me (being in the industry and all), to tell everyone it's easy and that it will help them provide for themselves I feel that people need to know the real risks that are involved. Regardless, that's all a little irrelevant. We're not playing the house, and we're not flipping coins. We're playing other investors, and we're making actual decisions. You keep saying things like "98% lose money" and "Go onto any FOREX forum, and you will see from the users posts that they pretty much all lose money" but you don't back it up. Cool, yeah, it's a zero-sum game with a rake: a little more than half of the players will lose. That's expected. They'll probably complain about it, too, huh?
Retrospect can have a very positive effect. Got any real account trading statements I can have a look at? Let's see how fast you can come up with excuses not to show me ;) I only have and need one: I have chosen not to disclose my personal valuation for privacy reasons. Same reason I've had all along. I instead publicly disclose my trades, as they happen, on my website. The posts are timestamped, and the ones that are the start of a position contain the price I entered at. Go check the posts, then go check the charts, then go check my archive. But feel free to continue to arbitrarily call my credibility into question--that makes your argument better!
What leverage do you use? In Australia the leverage is typically 100:1, perhaps that's why your not seeing how risky I deem it to be. First, our argument so far has had nothing to do with risk. Second, I told you I am leveraged 2.5:1, two posts ago. Third, you realize I'm trading Bitcoin, not ForEx, correct? And that no one in their right mind would offer 100:1 leverage on Bitcoin due to its volatility?
What's your last year's hourly salary? A year ago I was finishing up college and extricating myself from the TCG business I'd co-founded. I took very little in take-home pay over that period, but kept part ownership of the continuing business. Money isn't just about the number on your bank account--it's also about residual future income.
How many hours a week are you typically on a computer? On a computer, probably 50-55, if you add in time I spend on my phone, I'd say 65-70. Day trading takes constant watchfulness. I imagine it's like an easier version of taking care of a baby.
What are your favorite to sources of news besides waiting for it to get to the front/hot page of /Bitcoin when it's several hours old? I have an IFTTT for /BitcoinMarkets and /Bitcoin that notifies me early on about some posts.
What's the weirdest thing about your mom? She started a bookselling business online in her 50s and makes more money than me.
Or.
She's a little old lady who loves gadgets and technology.
What are your thoughts on Dogecoin and other bitcoin competitors? Do you think any have staying value? LTC.
DOGE.
NXT.
VTC.
Coins that offer something different or that have a strong community to them can be valuable prospects.
LTC is the first-mover scrypt coin - DOGE has the most non-techies interested in its success and is spreading quickly as a result - NXT is a cool generation two coin that has a lot of features BTC doesn't have - VTC is ASIC-resistant
Ok, let me spell it out to you. The retail forex market only makes up 5% of the total forex markets liquidity. The other 95% is from hedge funds and institutions. Therefore, 99% of the retail market losing their money is very possible, as that only makes up 4.95% of the whole market. Is it possible that 4.95% of the market generally loses? Yes. How is that infeasible? Nope. That's a false equivalence. It is possible that 4.95% of the market loses. It is not feasible, that, say, 99% of people with blue eyes lose. What, exactly, in empirical terms, is the difference between retail investors and hedge/institutions that causes this INCREDIBLE disparity? Would you care to respond to my above empirical argument that demonstrates that a zero-decision system is flipping a losing coin? Do you consider it feasible for 99% of people playing a 45-55 game to lose?
Are there options and/or futures markets for Bitcoin? Not really yet, but there will be more prominent ones soon. I hear about a new one pretty regularly, it seems, but nothing that seems truly legitimate has come out. I'm certainly excited for them, though.
Eventually, once Mr. Lawsky and co. get things sorted out, I'm certain we'll see a big-name investment bank start offering them.
From the time you started trading until today, what is your overall percentage return? In USD, my percentage return calculated from investment to current valuation is about 300% over a little more than 2 months.
In BTC, my percentage return calculated from investment to current valuation is about 425% over a little more than 2 months.
Using my average per-coin buy-in price, if I had just bought-and-held, I would have lost about 27% of my initial investment value.
Ben, i told you I'd be here and asking about Hearthstone first. If there's one class that needs a bit of tuning, up or down, which is it and why? I think Mage needs basic, class-level tuning. I'm not sure what needs to be done exactly, but I don't like what the Mage class power does to gameplay. I've thought some about how different it would be if it could only hit minions, and I'd want to know if Blizzard had tried that out. The Mage power is too versatile, and over the long-term I think it will prove to be problematic.
What's your favorite card? Lord Jaraxxus is my favorite card. He has a truly legendary feel to him when you play him, but your opponent can still win, even though he's very powerful.
So, where do you think we go from here? I'm currently short, but I don't expect to be so for a lot longer. I don't think we'll get past 550. I also don't expect this drop to hold on for a really long time.
I haven't seen a good, substantive rationale for what the MtGox situation really has to do with Bitcoin price. Yes, it looks bad, it certainly doesn't help with our legitimacy, but is it really worth the incredible price declines we continue to see? I don't think so. I think we are seeing these impressive declines because the price on MtGox (which is a reflection of trust in MtGox relative to Bitcoin price, not just Bitcoin price) has been declining heavily. I don't expect it to continue forever, especially not with things like the Winkdex and the accompanying ETF launching.
MtGox is basically dead to me, for now at least. The sooner everyone stops paying attention to it, the sooner we can all get back on track, which I, for one, will be quite happy about.
Do you think that it's a good thing for a game when the developers of that game discourage certain playing styles (e.g. mill decks or decks that try to win in unconventional manners) whether in hearthstone, MTG, or other TCGs? It can be. I don't want the developers metaphorically over my shoulder outlawing strategies, but I don't mind if the strategies that are "less fun" for your opponent (Draw/Go, Mill, or Hard Combo from MTG, for example) are also less powerful. Most players prefer a game where the best decks are also among the most fun, because it means that they are playing against fun decks more often. Clearly the 2-cost 3/3 will be played most often. If you fix this by making both 2-cost guys 2/2s or 3/3s, or by making one a 2/3 and the other a 3/2, then you've done something--but it's not that interesting. If you instead make the 2-cost 2/2 have text that says "While you control the 3-cost 3/3, this gets +2/+2" and you give the 3 cost 3/3 text that says "While you control the 2-cost 2/2, it has Taunt" you now have more complex cards that reward players for doing something other than just playing the best stand-alone card.
Which do you think is a better option to encourage diversity in TCGs; improving/buffing cards/decks that hardly see any play versus weakening/nerfing cards that are overwhelmingly played? This is obviously a very simplistic example, but I hope it makes the point. Games are more fun when you give players more relevant choices: buffing and nerfing cards tends not to do that as well as promoting synergies does.
Where/what is the actual money behind bitcoin? If it does exist. You might need to rephrase your question for me to understand what you're asking. If you're asking why a Bitcoin has value, the answer is the same as any other good: because someone is willing to pay it.
If you're asking why someone is willing to pay that amount, my answer would be utility.
I just got started on Bitfinex (using your referral link) and am a little intimidated. What types of trades would I recommend I try as a beginner? From there, just keep careful watch, and see what happens. Be neutral and objective toward your own hypothesis, just like in science. Don't be biased by your hopes, be focused on the reality.
So far I've only done a liquidity swap offer to try it since it seemed (nearly) risk free. Have you done any liquidity swap or is it too low in profit? If I'm not going to be able to check my computer for a day or two, or I'm uncertain of what's going to happen the next few days, I do use the liquidity swap function. It's actually very profitable, relative to traditional investments. And you're right, it is low-risk. I'm a fan. Good job selecting it if you were intimidated--that's a good place to start. As far as actually starting trading, do science. Start with a hypothesis. If you were up at 5 AM today when MtGox published their announcement, a good hypothesis might have been something like: "This announcement is going to be a blow to their credibility, and might panic the markets. We'll probably drop by some amount as a result." Invest based on it, figure out around what price you want to take profits, and at what price you'll cut your losses and get out. Stick to those determinations unless something substantive changes. The time you tell yourself you can afford to not close your position because it will "rebound" back to where you want is also the time you lose your shirt.
Is it true that you like Balloons? No, I <3 them.
Lol to the question about your mom... Ben, from my understanding Bitcoin is anonymous, does this mean that you can avoid taxation when receiving payment? Bitcoin isn't anonymous. That's actually a common misconception. It's actually pseudonymous, like Reddit. You end up with an online identity--a wallet address--that you use with Bitcoin.
If I walk up to you on a street corner and buy Bitcoin with cash, then I'm pretty much anonymous. If I buy it from a large institution like Coinbase or some other company, they will have records of the address my Bitcoin was bought for. As a result, you can trace them down, generally speaking.
As for avoiding taxation, that's a general no.
What do you think Bitcoin's biggest hurdle is and how do you think it can be overcome? Are there any misconceptions about Bitcoin that you think people have? The biggest hurdle for Bitcoin to overcome is governments. Governments have a variety of reasons not to want an alternative currency. We seem to have done pretty well on that front here in the US, but for other countries (China) that is not the case. Past that, the other major hurdle is something I consider an inevitability: consumer adoption. Business adoption has begun in earnest, consumer adoption hasn't. It will when enough businesses take Bitcoin to give it sufficient utility for the average customer.
What trading platform do you use to daytrade Bitcoin? What is the standard margin that Bitcoin brokers offer? what's the typical ask/bid spread? I primarily use Bitfinex.
Very few Bitcoin brokers currently offer leverage, Bitfinex offers 2.5:1. Over time, I anticipate it will become more like current Forex, where 10:1 or greater leverage is common.
It varies by exchange depending on their fees. Huobi charges 0% fees, so their spread is generally tiny. Some exchanges can be as wide as 1.5%. Typically, I see spreads between .5 and .7%.
Do you invest in any other type of cryptocurrency? if so, which is your favorite besides bitcoin? I currently have no other holdings, but I've held DOGE and LTC at points and am considering VTC and NXT. DOGE is probably my favorite, because if the community can keep this up for a little longer it will snowball into amaze.
Can you trade me a Jace? TMS WWK, TMS FTV, Beleren, MA, or AoT?
Beleren. M10, M11, LOR, JVC, JVCJPN, or Book Promo?
M10 and if not possible then M11. Sure.
I've been reading your blog for quite some time and especially like your summaries for recent events. Keep up the good work! Do you use strict stop-loss orders for your trades? When do you decide to close a trade? Especially in situations where you can basically see you profit/loss grow by the minute. When is enough? Do you have a longterm bitcoin investment you don't touch or do you use everything you have for trading? I do use relatively strict stop losses, but they're not stop loss orders. My conditions usually aren't just the price hitting a certain point, but instead it sustaining for a brief period, or hitting it with a certain volume, or with a certain amount of resistance to retreat. I don't want my stop loss to be triggered by some idiot who dumps 300 BTC and temporarily drops the price 15, but only ends up really dropping it 3. I am very strict with myself about this, though, generally speaking--if I can't trust promises I make to myself, what good am I?
Let's say for example you have a sum x dollar and a sum y bitcoin on your trading account. How much % of x or y do you risk at every trade? I've seen a formula for the max. amount of investment and read numerous times that traders shouldn't risk more than one or two percent of their "bankroll". Do you generally have dollar and btc or just one of them at any given time? 100% of funds in every trade, so long as all funds are easily moved into the position. Common exceptions are lack of liquidity and funds being on other exchanges. My reasoning for being all-in all-the-time is that it's a profit-maximizing move. It is also risk-maximizing. My risk tolerance is infinite; most people's isn't. Only ever one. Generally BTC if I'm long, dollar if I'm short. I prefer to double-dip, as otherwise it would be in contradiction to the 100% plan. I use everything I have for trading. Again, profit-maximization, infinite risk tolerance.
I decide a closing price when I'm near either my stop loss or my profit aim. I place a limit order or multiple limit orders wherever I need to. I avoid market orders whenever possible. Enough is when I hit my goals or my loss tolerance. I decide these at the start, but I frequently re-evaluate them as news and market conditions develop.
What is a typical bid/ask spread for Bitcoin? It depends what exchange you're looking at, but generally .5-.7%.
What's the best way to popularize Bitcoin among the masses? Add your own but would love your thoughts on: -microtransactions developing nations -gift economy (tipping) I would suggest just running around shouting "You get to be your own bank" is probably the best way.
In all seriousness, though--we don't need to try. It's going to happen on its own from now on, as the news media slowly starts to pick up the story. People will start appearing on TV talking about it with more and more frequency. Things like the Dogelympic teams are great PR and help boost it up, as well, of course, but in general it's just going to follow the adoption curve of every other technology.
If it picks up in a few developing nations that have stable internet, it will be a massive revolution for them. Self-banking can do a huge amount of good for an economy like theirs. We might see reports on that. If a major newspaper decides to run a permanent paywall like what the Sun-Times tested recently, that could be big as well. The slow PR from tipping on Reddit is another way, to be honest. Every bit helps, but the cryptocurrency community is now large enough that we're going to do a significant amount of organic, word-of-mouth style growth.
Do you think that a magic game could beat harthstone? If they do a good job, absolutely. They have to focus on the right things. It needs to be mobile-available, easy to pick up and play, and fun.
Is there a good crypto currency to get in on now, before it explodes like bitcoin did? There are plenty of options. Check out coinmarketcap.com. Fair warning, there are plenty of horrible things there--treat it kind of like penny stocks. I like BTC, LTC, DOGE, NXT, and VTC.
Also, why is it such a pain in the ass to buy them with actual money? Like you have to have bitcoins to buy other crypto currency. It's such a pain to buy them with USD because no one has made a good system to do it on, like Coinbase. If you think there's a desire, go do it!
Well the way I look at it, is how the hell else would you be able to buy them? Not everyone has piles of bitcoins lying around and I really don't want to spend $600+ on a single bitcoin just to buy some other currencies. Ah, I see the problem! You can buy fractions of a Bitcoin using Coinbase--I think .01BTC (~$6) is their minimum.
The March 2013 appreciation was from American and European investors and November 2013 was mainly from Chinese investors. Which group of people do you think will be the next to buy (I hate using the word invest when talking about bitcoin) bitcoin for investment purposes? American institutional and hobby investors. That is, Wall Street and people who pay attention to Wall Street.
Which do you think will be a better long term (~5 years) investment, Bitcoins, Litecoins, Dogecoins, Fetch Lands, Shock Lands, or Original Dual Lands? Does it change for ~10 years? Either Bitcoin or Fetch lands for 5 years. For 10 years, Bitcoin. I'd be worried about the 10-year view for paper MTG.
Ive been mining Bitcoins for years now, i have a good sum im my wallet but i never plan to use them. Does this make me a bad person? Approximately yes.
Ben, I should've simultaneously copied and pasted all of my questions from the Spreecast over to here but here are a few... It seems like the conspiracy crowd has really latched onto the idea of Bitcoin as being a discreet form of currency. If Bitcoin is backed up by the internet why would people choose having a currency that's being tracked over say cash, gold, different commodities? Having a currency be tracked has negatives and positives, but it's overwhelmingly positive for the average consumer. Because it's tracked, you don't need to pay someone to move your money for you. There also are no chargebacks, which means merchants aren't getting scammed and passing those costs onto consumers. Theft costs everyone money. It's also very fast--transactions confirm in just 10 minutes, regardless of size or where it's going. Transferring dollars from here to China is very difficult--transferring Bitcoin? Just as easy as from anywhere else to anywhere.
My job is a mix of voodoo, intuition, science, and news. In USD, my percentage return calculated from investment to current valuation is about 300% over a little more than 2 months.
No, just gambling. In BTC, my percentage return calculated from investment to current valuation is about 425% over a little more than 2 months.
Anyway, how have the profits been from start to finish compared to the market? Using my average per-coin buy-in price, if I had just bought-and-held, I would have lost about 27% of my initial investment value.
Are you willing to disclose how much you have in your trading portfolio/what kind of profit you turn both % and $ wise? In USD, my percentage return calculated from investment to current valuation is about 300% over a little more than 2 months.
In BTC, my percentage return calculated from investment to current valuation is about 425% over a little more than 2 months.
Using my average per-coin buy-in price, if I had just bought-and-held, I would have lost about 27% of my initial investment value.
What would you say is the easiest method of shorting bitcoin or any other coin? For shorting Bitcoin or Litecoin, check here.
For other coins, there isn't really a good way yet, to the best of my knowledge. A few exchanges have plans to add short-selling, but Bitfinex is really the only one I know of that has.
What did you have for breakfast today. Didn't breakfast, was delicious.
Hey Ben, I know next to nothing about Bitcoin. I went to /bitcoin after seeing this AMA on your FB, and I noticed that everyone is going apeshit over "Gox". I have no idea what that means or why everyone is so sad/angry/suicidal. MtGox (which originally stood for Magic the Gathering Online eXchange) was the first prominent Bitcoin exchange. They've been going through some rather rough times lately, some of which I was an early cataloguer of here. In short, everyone is freaking out because the exchange may be insolvent. It's not really a big deal to Bitcoin as a whole, but it's certainly an obvious blow to credibility. In my view, people are primarily upset because MtGox has been a part of Bitcoin for a very long time, and it can be hard to let go of what we're used to. I expect that they will either fix the issues or will go out of business officially very soon.
Please explain what happened.
Tell me every artist in your iTunes. Daft Punk, detektivbyrån, Kid Cudi, Matisyahu, The White Panda.
Spotify for life, yo.
Follow up question, what % are you in BTC vs Fiat and when you are on the losing side of a trade do you find your self dumping in more to get right or do you pull the cord Unless my positions are on different exchanges or in different coins, they're all always 100% of what I'll put into that trade at entrance and exit. As a result, I end up with a binary choice: stay or reduce/close. I very rarely reduce position size, nearly always preferring to just end the position instead.
Last updated: 2014-02-25 04:57 UTC
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Blame it on MT.GOX Bitcoin Transaction Bitcoin Quick Tutorial and Overview Craig Wright HACKED MT GOX! Bitcoin LAST CHANCE! Stock Market TUMBLE! Crypto News Crypto News  Bitcoin Creeping Up To $10,000?! MTGOX Move $140 Million Bitcoin, Ready To Dump?

Cryptocurrency News & Your Guide to the Blockchain Economy. All content on Blockonomi.com is provided solely for informational purposes, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, product, service or investment. Bitcoin history for 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019. Bitcoin price chart since 2009 to 2019. The historical data and rates of BTC MtGox was the biggest and most popular exchange in the early Bitcoin days (2010-2014). It was based in Tokyo, Japan. The website was originally created by developer Jed McCaleb (also the creator or eDonkey and founder of both Ripple and Stellar Lumens). Originally McCaleb created MtGox as a platform for trading cards for the famous video game "Magic, The Gathering". The European Court of Justice ruled that the exchange of Bitcoin and "virtual currencies" is not subject to value-added-tax (VAT) in the European Union. The ruling acts to classify Bitcoin and related alt-coins as currency, instead of goods or property. 3 March 2018, 5:04pm, Bitcoin Futures Market News. Bitcoin is currently trading at $8,567.75. At the end of the last session, the market closed -$11.56 (-0.13%) lower at $8,854.76.; 30 Minute Indicator Analysis

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