Bitcoin All-Time High in 2020? Chances Are Only 4%

BitOffer Institute: The method for making money without lose while Bitcoin futures explode

BitOffer Institute: The method for making money without lose while Bitcoin futures explode

https://preview.redd.it/cu8wh4grh0a51.png?width=1400&format=png&auto=webp&s=8a3e10cdd21d1e5a004794fac2f00aacf3588da7
In June 2019, the Exchange Bitsane closed down and refused to withdraw money, which involving more than 246,000 people.
In July 2019, Btron exchange closed down. Due to the rights defending from a large number of people, Btron returned most of its assets and was praised as “the integrity exchange, lifts the mud without staining it”.
When the Fubit exchange collapsed on May 28th, investors found the company’s address and arrived there with only an empty office left.
There are more cases similar to what was mention. Although many exchanges did not abscond with the money, many people might hear of the uneven quality of exchanges, such as there are frequent cases of behind-the-scenes manipulation as well. Many of the exchanges’ users have suffered huge losses from the influence of those behind them, in addition to concern about the risk of market conditions, their operation strategy, but also worry about the “murder” from the platform.
Still, many users are taking high risks in pursuit of high returns from high leverage. In terms of risk control, most people will set up self-damage, but this method only cures the symptoms and cannot recover the losses caused by the explosion. Nowadays, the digital currency derivatives market has been very well developed, and we can hedge the risks with various combinations of trades. What I want to share with you today is to use correctly with the option and futures to gain without lose under the market explosion.
About Bitcoin Option
What we take in this article is with the lower cost to buy a bitcoin option on the BitOffer exchange. To choose from the expecting direction up or down (call option and put option), you can earn as much as the bitcoin goes up or down in the futures. It has the same equity as the stock, but it costs less principal.
For example, now the Bitcoin price is $10,000:
  1. Open long 20X Bitcoin at $800;
  2. Meanwhile, buy 2 put options contracts on BitOffer
It is worth noting that the option and the futures should be reversed operation, the open-short plus call option, the open-long plus put option, to play a hedge, to ensure that the steady income.
After then, there will be 2 situations:
The first situation: When the Bitcoin price increases by $200 (+2%)
1.Open long 20X Bitcoin: Earning 40% in profits, $320.
2.Lose the premium that you use to buy put options contract: -$60.
3.The net profit will be $320-$60= $260
The second situation: When the Bitcoin price decreased by $200 (-2%)
  1. Open long 20X Bitcoin: Losing 40%, $320.
  2. The Put Options contracts You buy earn $400.
  3. The net profit will be $400-$320–$60=$20.
Through the above hedging operations, we found that no matter whether bitcoin goes up or down eventually, we can achieve a stable profit. It is worth noting that the above options specifically refer to the BTC options (American version) issued globally by BitOffer Exchange, which is characterized by zero margins, zero handling fee, and no explosion mechanism. If you choose traditional European options such as OKEX and JEX, then you cannot hedge and there is liquidity risk.
In addition to hedging the risk, this method can also for hedge stock. The biggest difference between option and stock is that the cost of buying a BTC with the spot is $10,000, while an option only needs $5. If the bitcoin rises to $15,000, the spot profit is $5,000 and the cost is $10,000. Meanwhile, a bitcoin option earns $5,000 with only $5 costs, which is 1,000 times from the cost. This is the unique charm of options, the limited risk with unlimited benefits.
submitted by Bitoffer_Official to BitOffer_Official [link] [comments]

Blockchain Security with Michael Shaulov

Hello everyone - the latest episode of The BitcoinTaxes Podcast is live. In this podcast, we interview experts in the crypto/blockchain/fintech spaces who share their insights and opinions. In this episode, we speak with Michael Shaulov, CEO and Co-Founder of Fireblocks, and we discuss security as it relates to blockchain technology and cryptocurrency; and the unique challenges that exist in the space.
Full disclosure, I work for BitcoinTaxes and also help with the production process of this podcast. I have been posting our latest episodes on this as well as other subreddits, and I have noticed people seem to enjoy/engage with them. However, please let me know if you find an issue posting this here (not trying to spam people). Otherwise, I hope you guys enjoy this episode and gain some valuable knowledge. Feel free to hit me with any further questions so I can relay them to Michael.
BTW, if you want to be on the show (or if you know anyone who might be a good fit), please let me know. We are always looking for exciting topics to discuss in the show and add value to the crypto community.
Find the full episode here!
Episode Page
Audio Only
_______________
Episode highlights & Discussion
A Lengthy History of Cyber Security Experience (00:40) Michael: I started in cyber security about 20 years ago in the Israeli cyber command, basically the corresponding unit to the American NSA. About nine years ago, I started my previous company…doing mobile security for enterprise customers. Basically, protecting their mobile devices from being hacked; malware attacks over WIFI, phishing and so on. We had folks like Intel, Samsung, and Geico as part of our customer base. About three years ago I sort of stepped into the Bitcoin & blockchain space – we actually were investigating a fairly big hack that happened in South Korea. That was sort of the first time that I stepped into this asset class and then realized that there is work to be done here to increase the security. Fireblocks Aims To Solve An Age-Old Cyber Security Issue (03:30) Michael: A lot of trading related activities and setups were being established from hedge funds to exchanges, to proprietary trading groups, to a lot of different brokers, OTCs, lending providers – generally speaking they need a very different infrastructure. You clearly have a lot of both external cybersecurity risks, but also internal cyber security risks inside the institutional environments. Our average transaction size is north of $100,000 – you have zero room to make a mistake because the nature of public blockchains is that there is no recourse. Because there were so many mistakes or hacks…most organizations had a lot of operational constraints in terms of how they were actually sending the transactions: they will do all the tests transfers, they will have multiple people approve and sign those transactions to make sure that there are no errors…you are only able to do those transactions incidents during certain windows during the day…A lot of different constraints, anxiety, and operational deficiency. It’s not a good return on capital. You are still susceptible to the human factor. You actually need to do 100 transactions per day, and you have three, four people in your operations team. At some point they will make an error, right? That’s just a numbers game over there. Basically, what we’ve created is a solution that solves all those issues. First, we provide our customers with a high secure, high SLA storage that is institutional grade. Second, is basically what we call the Fireblocks Network is essentially an authentication network for settlements between counter parties. We currently have integration to about 30 exchanges. We have over 60 market participants on our platform. Overall, 90 organizations that are on our platform, transferring coins between them with a click of a button without actually being susceptible to making a human error or susceptible to any of those hacks. Three Critical Attack Vectors Exploited by Hackers to Steal Digital Assets (Text From Fireblocks WhitePaper; Discussion @ 12:25) Wallet Compromise Access to your wallet is powered by private keys which control your funds stored on the blockchain. This means that as soon as a malicious actor acquires your private key they too have control and can transfer the funds from the wallet. The most common methods for compromising private keys are: • Infecting a server with malware that steals the private key. • Stealing the HSM authentication token and forcing the HSM to sign a withdraw transaction. • An authorized internal employee steals the private key. Deposit Address Spoofing Derived from the public key, deposit addresses are long strings of alphanumeric values that designate the public address of a wallet to which funds are sent. In order for two parties to facilitate a transaction, they need to exchange the deposit address. However, as there is no current end-to-end security protocol for the address exchange, hackers can target the procedure at any number of points along the way. Such methods include: • Spoofing the address while copy and pasting between the web browser and the wallet’s app. • Hijacking javascript(s) on the exchange’s website and spoofing the address at the origin. • Malicious chrome plugins that hijack the web browser (man-in-the-browser). • Malware that hijacks the wallet interface or driver. Credentials and API Keys Currently, each exchange and liquidity provider requires a set of credentials (username and password) in order to gain access. In addition, API-keys can be generated for automated access to the platforms. These credentials are particularly vulnerable to many traditional forms of malware such as keylogging and phishing. API-keys stored in trading software can be harvested if the server or code repository is compromised. Once a hacker obtains elevated credentials or API-keys they could: • Instruct unauthorized withdrawal of funds from an exchange. • Manipulate the market using pre-funded assets on a compromised account.
submitted by IsaN-BitcoinTax to BlockchainStartups [link] [comments]

Blockchain Security with Michael Shaulov

Hello everyone - the latest episode of The BitcoinTaxes Podcast is live. In this podcast, we interview experts in the crypto/blockchain/fintech spaces who share their insights and opinions. In this episode, we speak with Michael Shaulov, CEO and Co-Founder of Fireblocks, and we discuss security as it relates to blockchain technology and cryptocurrency; and the unique challenges that exist in the space.
Full disclosure, I work for BitcoinTaxes and also help with the production process of this podcast. I have been posting our latest episodes on this as well as other subreddits, and I have noticed people seem to enjoy/engage with them. However, please let me know if you find an issue posting this here (not trying to spam people). Otherwise, I hope you guys enjoy this episode and gain some valuable knowledge. Feel free to hit me with any further questions so I can relay them to Michael.
BTW, if you want to be on the show (or if you know anyone who might be a good fit), please let me know. We are always looking for exciting topics to discuss in the show and add value to the crypto community.
Find the full episode here!
Episode Page
Audio Only
_______________
Episode highlights & Discussion
A Lengthy History of Cyber Security Experience (00:40) Michael: I started in cyber security about 20 years ago in the Israeli cyber command, basically the corresponding unit to the American NSA. About nine years ago, I started my previous company…doing mobile security for enterprise customers. Basically, protecting their mobile devices from being hacked; malware attacks over WIFI, phishing and so on. We had folks like Intel, Samsung, and Geico as part of our customer base. About three years ago I sort of stepped into the Bitcoin & blockchain space – we actually were investigating a fairly big hack that happened in South Korea. That was sort of the first time that I stepped into this asset class and then realized that there is work to be done here to increase the security. Fireblocks Aims To Solve An Age-Old Cyber Security Issue (03:30) Michael: A lot of trading related activities and setups were being established from hedge funds to exchanges, to proprietary trading groups, to a lot of different brokers, OTCs, lending providers – generally speaking they need a very different infrastructure. You clearly have a lot of both external cybersecurity risks, but also internal cyber security risks inside the institutional environments. Our average transaction size is north of $100,000 – you have zero room to make a mistake because the nature of public blockchains is that there is no recourse. Because there were so many mistakes or hacks…most organizations had a lot of operational constraints in terms of how they were actually sending the transactions: they will do all the tests transfers, they will have multiple people approve and sign those transactions to make sure that there are no errors…you are only able to do those transactions incidents during certain windows during the day…A lot of different constraints, anxiety, and operational deficiency. It’s not a good return on capital. You are still susceptible to the human factor. You actually need to do 100 transactions per day, and you have three, four people in your operations team. At some point they will make an error, right? That’s just a numbers game over there. Basically, what we’ve created is a solution that solves all those issues. First, we provide our customers with a high secure, high SLA storage that is institutional grade. Second, is basically what we call the Fireblocks Network is essentially an authentication network for settlements between counter parties. We currently have integration to about 30 exchanges. We have over 60 market participants on our platform. Overall, 90 organizations that are on our platform, transferring coins between them with a click of a button without actually being susceptible to making a human error or susceptible to any of those hacks. Three Critical Attack Vectors Exploited by Hackers to Steal Digital Assets (Text From Fireblocks WhitePaper; Discussion @ 12:25) Wallet Compromise Access to your wallet is powered by private keys which control your funds stored on the blockchain. This means that as soon as a malicious actor acquires your private key they too have control and can transfer the funds from the wallet. The most common methods for compromising private keys are: • Infecting a server with malware that steals the private key. • Stealing the HSM authentication token and forcing the HSM to sign a withdraw transaction. • An authorized internal employee steals the private key. Deposit Address Spoofing Derived from the public key, deposit addresses are long strings of alphanumeric values that designate the public address of a wallet to which funds are sent. In order for two parties to facilitate a transaction, they need to exchange the deposit address. However, as there is no current end-to-end security protocol for the address exchange, hackers can target the procedure at any number of points along the way. Such methods include: • Spoofing the address while copy and pasting between the web browser and the wallet’s app. • Hijacking javascript(s) on the exchange’s website and spoofing the address at the origin. • Malicious chrome plugins that hijack the web browser (man-in-the-browser). • Malware that hijacks the wallet interface or driver. Credentials and API Keys Currently, each exchange and liquidity provider requires a set of credentials (username and password) in order to gain access. In addition, API-keys can be generated for automated access to the platforms. These credentials are particularly vulnerable to many traditional forms of malware such as keylogging and phishing. API-keys stored in trading software can be harvested if the server or code repository is compromised. Once a hacker obtains elevated credentials or API-keys they could: • Instruct unauthorized withdrawal of funds from an exchange. • Manipulate the market using pre-funded assets on a compromised account.
submitted by IsaN-BitcoinTax to BlockchainNews [link] [comments]

VipMex Crypto and Futures Contract Trading Platform Gives Away 346 USDT to Celebrate Launch

VipMex Crypto and Futures Contract Trading Platform Gives Away 346 USDT to Celebrate Launch
vipmex.com
A new trading platform called VipMex has entered the market, allowing users to invest in cryptos and futures contracts with ease.
About the Company
Hong Kong-based VipMex is a company specialized in providing all-inclusive financial investment options and management for crypto assets and futures.
The team behind VipMex is made up of many highly educated professionals with a background in various advanced technologies. Their main goal is to develop accessible futures and cryptocurrency options by establishing a secure investing environment which can be navigated by clients of all levels of experience.
This cryptocurrency exchange relies on a powerful trading system that serves as the basis of a comprehensive and strong trading environment. VipMex focuses on providing low cost and easy to use crypto investment alternatives that can be accessible to all users.
VipMex Risk Strategy
The VipMex exchange was built on providing exposure to cryptocurrency markets for all kinds of investors at competitive and low rates.
Usually, when the clients have opposing positions, let’s say one Bitcoin contract is long and the other Bitcoin contract short, both sides of the trade are covered, with the exchange making its profits from the fees of the trades.
If most clients trade in the same position, VipMex will hedge in the underlying market or derivates markets, meaning they might actually buy Bitcoin or long Bitcoin futures if the majority of clients take long positions on Bitcoin contracts. This allows the platform to pay out all its clients if their positions turn out to be correct.
In case of unforeseen market developments, the exchange will store a certain percentage of its profit in a Risk Reserve Fund to always pay out the revenues of their clients.
USDT Base Currency
On the VipMex crypto exchange, the Tether (USDT) stablecoin is used as the base currency, meaning that the exchange rates of the other digital assets are generally quoted against Tether. USDT is the most popular and used stablecoin in the crypto market, having its value pegged to that of the US dollar. The coin recently surpassed XRP and became the world’s third-largest crypto according to a market cap of $8.805.483.772. USDT is also the most traded crypto based on its 24-hour volume, surpassing even Bitcoin.
With the occasion of platform launch, VipMex is giving 346 USDT to users who register on the crypto exchange and perform trading activities.
Fees and Discount Bonus
VipMex users can withdraw USDT from their account without having to pay any fees. A one-time transaction fee which is 0.05% becoming the best cost-effective comparing with Binance, Huobi, SnapEx, OKEX etc. for each position opened.
The crypto exchange offers zero spread accounts, which have no difference between the bid and ask price. This allows traders to know their entry and exit levels when they open a position.
There are no slippage costs (the difference between the projected price of a trade and the price at which the trade is completed) and no clawback (take back money as a form of taxation).
Moreover, VipMex also introduced a system where users can gather bonus for missions or trading and then use these bonus to deduct their margin.
Multi-Currency Account
VipMex supports the trading of multiple digital assets and commodities from one single account. This means that users do not have to go and create multiple accounts to hold and manage different cryptos or futures. All trading can be done from one account, simplifying matters for investors who want a diverse trading portfolio.
In addition to cryptocurrencies, users can also trade using fiat by making deposits on the platform’s Over The Counter exchange. This way, those who are new to crypto and do not yet own the assets can still invest by using their fiat funds.
Up to 500x Leverage
VipMex users can engage in margin trading and leverage anywhere from 10x to 500x. While margin trading is riskier compared to other types of trades, it can bring higher rewards.
The trading platform incorporates a unique “close all” function. Also, in order to protect clients’ profitability and hedge against risk exposure, in certain extreme market conditions, VIPMEX might temporarily prevent clients from opening new positions in a single direction until it is safe to open trades on that position again.
Accurate Price Listing
VipMex displays its crypto prices by using a K-line weighted average based on the data sourced from 3 of the biggest crypto exchanges on the market, namely Binance (30%), OKEx (40%), and Huobi (30%). This is done in order to feature cryptocurrency prices in the most accurate way. Binance is the world’s first crypto exchange in terms of 24-hour trading volume, while OKEx is sixth.
VipMex is ready to help investors find easy crypto trading solutions, as well as futures contract options, and help them get the best profits by adopting risk-mitigating strategies.
submitted by VipMex to u/VipMex [link] [comments]

Review: The most thrilling 24 hours in Bitcoin history

From 12:00 on March 12th to 12:00 on the 13th, Bitcoin, the most influential currency in the cryptocurrency industry, suffered two major declines, and its price fell from a maximum of 7,672 USD to a minimum of 3,800 USD (data from Huobi, the next Same), the decline was 50.4%, which means that the price of Bitcoin has achieved a fairly accurate "half price" in these 24 hours.
Previously, Bitcoin's "halving market" was mostly considered to be an increase in market prices caused by Bitcoin's halving production, although many people have questioned the "halving market" as " The price is halved ", but when bitcoin walks out of the current bad market, it still surprises most investors.
First plunge
The bad 24 hours started at 12 o'clock on March 12. Due to the rapid spread of the new crown epidemic in Europe and the United States, the global financial markets have been raining for several days. After several adjustments, the price of Bitcoin has hovered up and down within the range of $ 7600-8200 in the previous three days. However, after 12 o'clock on the 12th, Bitcoin The price fell below $ 7,600 for the first time, breaking the psychological expectations of many investors, entering a rapid decline channel, and dropping to about $ 7,200 at around 18 o'clock.
At this time, the decline of Bitcoin is still around 7%, which is a common occurrence in the history of Bitcoin. However, after 18 o'clock that day, the market turned sharply, and the price of bitcoin plunged again in a short period of time. It fell to US $ 5,555 within tens of minutes, a drop of 28%, and the amount of contractual positions on each platform exceeded US $ 2 billion.
During the decline, most major exchanges such as Huobi, Binance, and OKEx experienced systemic freezes of varying degrees. Many users complained for a long time that the exchange app could not properly display the homepage, market page, and transaction page, and added positions, stops, and withdrawals. Obstacles such as cash withdrawal and cash withdrawal operations have also shown that this situation also highlights that mainstream exchanges still fail to address the ability of their trading systems to respond to extreme conditions.
For this decline, the collective sell-off of large Bitcoin holders is considered to be the main reason. For example, Grayscale Investment, the world's largest crypto asset fund management company, was sold and sold 40,000-50,000 Bitcoins. News from the exchange said that Bitcoin sold 400,000.
For a long time, bitcoin has been called "digital gold" by the blockchain industry, and has good risk aversion properties. During the tense situation between the United States and Iran in January this year and the global stock market fell, Bitcoin rose from $ 7,200 all the way to more than $ 10,000. Bitcoin's safe-haven attributes have been widely recognized in history, but this time caused by the new crown epidemic Under the risk of the global economic downturn, the decline in the price of bitcoin has become the asset with the largest depreciation among various mainstream financial assets, and its high-risk nature will most likely collapse.
Some analysts believe that bitcoin should be further classified as an alternative asset. At a time when liquidity shortage is extremely serious, as a high-risk alternative investment asset with the highest volatility in the world, funds will naturally be drawn from the market by investors. Looking for safer, more liquid assets, prices plummet.
"Everyone in the future will realize that Bitcoin is not digital gold, but" an amplifier of risk. " Its value cannot be anchored. Unlike other asset prices, which are affected by costs and prices, Bitcoin has no normal market value range. As of now, it does not have any convincing valuation basis, more like a swaying boat. Without the anchor, its value fluctuates greatly, and the impact of halving the market and supply and demand on it is far less important than psychological factors. "Said Cai Kailong, senior researcher at the Institute of Financial Technology of Renmin University of China.
However, some people in the industry hold different opinions. "BTC is still the most powerful currency in the history of mankind. It provides liquidity 24 hours a day. This is something that other markets simply can't imagine, but because liquidity is too good, this time it just happened to happen in other markets. When funds are scarce, the first choice for selling supplementary funds has also led to the decline of gold. Of course, the amount of BTC that is currently much lower than gold is certainly unstoppable in a short period of time. "A Weibo blogger" "fhrp".
In addition to the sell-off of large institutions, some mortgage lending platforms have also passively become an important boost for this downturn. In the past six months, the Defi concept has been particularly hot in the blockchain industry, and many cryptocurrency-based cryptocurrency lending platforms were born.
As a result, a large number of large Bitcoin users will pledge the Bitcoin in their accounts to third-party lending platforms and use the USDT to borrow cash to purchase cash, which is equivalent to increasing leverage. However, these platforms are not mature in terms of mortgage rate setting and liquidation mechanisms. Users who increase the mortgage rate of assets have a slower transfer speed on the chain. As a result, during this period of rapid decline in the market, a large number of mortgage orders have lower mortgage assets than loans. As a result, the amount of bitcoin out-of-market positions this time was far more than in the previous period of large market volatility, which further exacerbated the selling pressure of the bitcoin spot market.
From 19:00 on the 12th to the early morning of the 13th, the price of Bitcoin hovered in the range of 5800-6200 US dollars, and the market began to prepare for the next stage of the trend.
Second plunge
On the evening of the 12th, the stock markets of mainstream countries in Europe and the United States successively opened and collectively fell, and the stock markets of at least 11 countries, such as the United States, Canada, and the Philippines, melted down. At the close of the morning on the 13th, both the Dow Jones Industrial Average and the S & P 500 Index had the largest single-day percentage decline since the 1987 stock disaster. The Dow closed down about 2352 points, the largest drop in history.
The bad performance of the stock market quickly passed to the currency market. Beginning at 7 o'clock on the 13th, the price of bitcoin plunged from the position of $ 5,800 once again, dropping all the way, and successively fell below $ 5,000 and $ 4,000.
For the rapid decline of the market, many people in the industry believe that the main factor is not only the panic selling of the market, but also the mutual stepping on of contract investors. Weibo blogger "AlbertTheKing" pointed out that most of the long positions in Bitcoin leverage are in the BitMEX perpetual contract market. The long positions caused by the decline in bitcoin prices caused a series of short positions, which in turn caused arbitrage spreads and spot arbitrage. The party rushed in to open multiple orders and sell spot arbitrage at the same time, thinking it was okay. As a result, I did not expect Bitcoin to fall more and more fiercely, and his own arbitrage and long positions also burst. So at first, the leveraged bulls stepped down on each other, and later became the arbitrage party. .
"Fhrp" also pointed out that because BitMEX only has BTC margin, ETH's permanent liquidation also needs to be undertaken by btc. The profit portion of the hedge order cannot be included in the margin, and BTC is not sufficient because of the card being in serious shortage. The exploding warehouse order was opaque, so that no one dared to pick up the corpse later, fearing that it would become a corpse. Of course, the key is the lack of a fusing system, so that the market can slowly wait for liquidity to keep up.
Under the interweaving of many risks, the price of bitcoin is about 10:15. It has fallen below 3,800 US dollars in many exchanges such as Huobi and OKEx, which is 38% lower than the price of 0 on the day and 50.4% lower than 24 hours ago. This is the highest record in the 24-hour drop since the birth of Bitcoin.
Such a precise decline cannot be doubted as the bad taste of the bookmaker behind the exchange, if the bookmaker does exist. Of course, it is not excluded that this situation is due to the tacit understanding among the main market participants, or a purely natural phenomenon.
But judging from objective facts, there is indeed some evidence that the situation is unnatural. After bitcoin hit a low of $ 3,800, its price quickly rose in the next 20 minutes, rising by 59% to $ 5,250, but then fell rapidly. At the turning point of $ 3,800, which is 10:16, the BitMEX trading system, the largest bitcoin exchange in the cryptocurrency industry, suddenly stopped until 10:40.
It can be seen that the time point when the Bitcoin price stopped falling rapidly and stopped rising rapidly was close to the time point when BitMEX went down and returned to normal. This shows that BitMEX has a huge influence on the secondary market, and it also makes a lot of One suspects BitMEX is manipulating the market.
Sam Bankman-Fried, chief executive of Derivatives Exchange FTX, tweeted that he suspects BitMEX may have intentionally closed transactions to prevent further crashes and to avoid using exchange insurance funds. Mining company BitPico also tweeted yesterday, "According to our analysis, BitMEX Research has closed its long position of $ 993 million with its own robots and capital. Today the manipulation of the bitcoin market is caused by an entity and the investigation is ongoing. "
In response to this incident, BitMEX responded that there was a hardware problem with the cloud service provider, and in a subsequent announcement, it was pointed out that the DDoS attack was the real cause of the short-term downtime.
Why the downtime of the BitMEX trading system is difficult to verify, but from its objective impact, its short-term downtime plays a vital role in curbing the further decline in the price of cryptocurrencies such as Bitcoin, which has eased investment to a certain extent. The panic sentiment created by this has created space for the rebound and correction of cryptocurrency prices such as Bitcoin.
Sam Bankman-Fried even speculated that if BitMEX did not go offline because of a "hardware problem" this morning (February 13), the price of Bitcoin could fall to zero.
If compared with the traditional financial market, the effect of this BitMEX outage event is quite similar to the "fuse" mechanism of the stock market. Trading is suspended for dozens of minutes at the moment when investor sentiment is most panic, so this outage event Also aroused the emotions of many people in the industry.
"BitMEX has helped the currency circle" melt out, "otherwise the chainless stepping will not know where to fall. After the fuse, everyone calmed down and the market returned to normal. Weibo blogger "Blockchain William" posted a blog saying, "The market is not afraid of falling, and it is not afraid of stepping on it. That is why. This is why the global stock market has melted down because investors panic. It is a bottomless pit. Once out of control, there is no bottom Now. "
Of course, the factors that cause the market situation to reverse are not limited to this. According to the feedback from multiple users on social platforms, BitMEX and Binance's major exchanges forced the short positions of multiple accounts to close positions at 10 o'clock on March 13th, that is, the automatic lightening mechanism was in effect.
According to the BitMEX platform mechanism, when investor contracts are forced to close out, their remaining positions will be taken over by BitMEX's strong closing system. However, if a strong liquidation position cannot be closed in the market, and when the marked price reaches the bankruptcy price, the automatic lightening system will lighten the investor holding the position in the opposite direction, and the order of lightening is determined according to the leverage and profit ratio .
Specifically, due to the sharp fluctuations in the price of bitcoin, a large number of long single-series bursts and the scarcity of market liquidity. In order to control the risk, the platform will automatically place some short orders with high profit ratios and high leverage on the market, increasing market flow. It also avoids the risk to the platform caused by the inability of the short-selling order to be executed in a timely manner.
According to BitMEX's announcement, about 200 positions were automatically closed by the system. And Twitter blogger Edward Morra said, "On BitMEX alone, short positions worth about $ 500 million have been liquidated." If this data is true, it means that BitMEX's strong liquidation operation has brought more than 5 to the contract market. The market price of 100 million US dollars has a significant positive effect on the market that is being sold out.
However, as a compensation, BitMEX also stated that it would contact each damaged user and compensate them according to the maximum potential profit that the investor obtained during the automatic liquidation.
In any case, through the operation of exchanges such as BitMEX, the price of bitcoin has entered a recovery channel, and it is still hovering at the $ 5,000 mark, while driving the entire cryptocurrency market to pick up.
After this thrilling 24 hours of bitcoin, the ideal "halving market" has disappeared. The real and brutal "halving market" is coming. Perhaps many investors and investment institutions have expressed their confidence in the crypto assets represented by bitcoin. The understanding will change in this regard, and the confidence of the entire industry needs to be rebuilt. This depends on the application value of bitcoin to be deepened.
submitted by FmzQuant to u/FmzQuant [link] [comments]

Weekly news review (July 27-2)

Weekly news review (July 27-2)
How have you been? I guess it's time to deep dive into last week's news.
https://preview.redd.it/5meikrws4le31.png?width=1200&format=png&auto=webp&s=1b2264d3023fc564a88c4da6a7b54ef4624f5c24
The Kazakhstan government has once again issued an advisory to all major local Internet Service Providers (ISPs) asking them to make it mandatory for all their customers to install government-issued root certificates on their devices in order to regain access to the Internet services. The root certificate in question, labeled as "trusted certificate" or "national security certificate," if installed, allows ISPs to intercept and monitor users' encrypted HTTPS and TLS connections, helping the government spy on its citizens and censor content. In other words, the government is essentially launching a "man in the middle" attack on every resident of the country.

Crypto derivatives platform FTX has perhaps the most speculative and oddly-named futures index fund on the market: SHIT-PERP, or the Shitcoin Index Perpetual Futures.
An index of 58 low market cap coins, SHIT-PERP includes projects like Waves, Grin, and Nano. It is flanked by two other low-cap indexes on the site, MID-PERP and ALT-PERP.
Regardless of the index’s name, FTX stands by its product which it launched in June. Speaking to CoinDesk, FTX Chief Marking Officer Darren Wong said the index allows traders and investors to interact with coins in an innovative way. Wong listed three examples:
If you want exposure to a particular initial coin offering, but not the general industry, you can short SHIT-PERP. By shorting the greater alt market, you hedge your bets and limit your downside.
If you want to short low market cap altcoins in general, you can use SHIT-PERP. The indexed future is one of few ways to short low cap alt markets.
If you think bitcoin’s dominance is too high, you can buy all three of FTX’s altcoin futures indexes and sell BTC-PERP, the platforms Bitcoin futures index.

The United States National Basketball Association (NBA) and its affiliated union — the National Basketball Players Association (NBPA) — have partnered with Dapper Labs of CryptoKitties-fame to release a new crypto collectibles game.
According to an official announcement on the NBPA website, the upcoming game is scheduled to launch in early 2020.
The game, called NBA Top Shot, will be a roster-building competitive game that is based on crypto collectibles. According to the announcement, fans will be able to gather live footage of NBA games that can then be used in some capacity to build a competing roster for the game — or to simply be owned and trade as a collectible, as the user chooses.

Fortaleza, a major city of northeast Brazil, will start accepting Bitcoin (BTC) as payment for bus tickets by the end of 2019.
A local transportation service announced an initiative to allow citizens to pay for bus tickets by credit and debit cards as well as Bitcoin and other cryptocurrencies. The initiative purportedly aims to reduce operational costs in the bus ticketing system, the report notes.
The entity, called Cooperative of Independent Transport of Passengers of the State of Ceará (Cootraps), said that passengers will be able to pay for their trips with Bitcoin through their smartphones by scanning a QR code, as first reported by Brazilian tabloid newspaper O Povo.

An iMessage vulnerability patched by Apple as part of the 12.4 iOS update allows potential attackers to read contents of files stored on iOS devices remotely with no user interaction, as user mobile with no sandbox.
The security flaw tracked as CVE-2019-8646 was discovered by Google Project Zero security researcher Natalie Silvanovich who reported it to Apple during May.
The proof of concept Silvanovich created works only on devices running iOS 12 or later and it is designed as "a simple example to demonstrate the reach-ability of the class in Springboard. The actual consequences of the bug are likely more serious."

Let us know what you think!
submitted by rokkex to Rokkex [link] [comments]

A Letter to CoinEx Users from Haipo Yang in 2020

A Letter to CoinEx Users from Haipo Yang in 2020
Dear CoinEx Users:
I am Haipo, CEO of CoinEx. The Chinese New Year has just passed and the coronavirus outbreak casts a shadow on society and our hearts. At this moment, I sincerely hope that everyone stay safe and healthy.
From December 24, 2017 to today, CoinEx has been with you for more than two years. Having experienced a rebirth in 2018, CoinEx embarked on a new journey since last year. “Do something that can change the real world with the blockchain.” This is my original intention to create CoinEx, and I hope more people will get to know blockchain through CoinEx. CoinEx always bears in mind the ambition of putting the blockchain to good use and making the world better.
2019 witnessed how CoinEx consolidated the foundation for its ambitions. CoinEx Accelerators, futures, options, CoinEx Lending, CoinEx DEX, CoinEx Chain, the key account privilege system, and a new value system for CET… We have completed what may take others four or five years, but we also know that a complete ecosystem is the first step to achieve our ambitions. CoinEx still has a long way to go, and what we are doing now is just a small part.
With the arrival of 2020, the blockchain world has embraced its eleventh year, and CoinEx has also ushered in its third year of growth. I am very grateful to every user who has always been supporting CoinEx. It is your encouragement along the way that makes it possible for me to share with you our progress in 2019 and look into 2020. Now I’m going to explain to you in details of what CoinEx has gone through in the past year and every new breakthrough it has achieved.

First, users are our first priority: 24-hour online customer service and key account privileges

“Users first” is the service principle that CoinEx has always implemented, and the ultimate product experience is our basic practice in abiding by this concept.
As the chief product experience officer of CoinEx, I deliver one idea to the team on many occasions, that is, the most important for a product developer is the ability of instantly changing from an expert to a novice so that he or she can judge and design the product from users’ perspective. We want CoinEx to be a product that can be operated with ease even by a novice and a digital asset service platform that serves as a wallet. I believe that’s exactly what CoinEx means to its users as we really did it.
In addition, in order to serve users around the world, we have launched versions of ten languages, respectively Arabic, Italian, Malaysia, German, Ukraine, Portuguese, French, Turkish, Vietnamese and Indonesian, in 2019. CoinEx has become a global trading platform with the most languages.
High-quality and efficient service represents our efforts to implement the “users first” concept.
In 2019, CoinEx’s global customer service team expanded four times on the original basis, and gradually improved the customer service system in practice. At CoinEx, every customer service personnel must be strictly selected and trained from interview to induction. We strive to ensure that each customer service personnel can be timely, meticulous and professional in answering users’ questions so that our users can enjoy high-quality services. As long as you have any doubt, the CoinEx customer service team will be there for you around the clock.
On September 26, 2019, after months of user surveys and reference to the VIP service cases of hundreds of Fortune 500 companies, we officially launched a privilege program for key users. We must never be unworthy of every user’s trust, and we want every key user to enjoy his or her privileges at CoinEx. In addition to basic customer service, we provide them with “customized fast services” and “customized value-added services” from three aspects: the account, transaction, and service.

Second, build a complete product system: spot, futures, leveraged trading, options, perpetual contracts, CoinEx Lending, and Accelerator

In order to meet users’ diversified trading needs, we have refined our products carefully, and now we have established a complete product system covering spot, futures, leverage, options, perpetual contracts, wealth management products, and high-quality project accelerators.
Spot Trading
To enrich the asset classes of the spot market, the CoinEx Research Institute has dedicated itself to exploring and screening of global blockchain projects last year. At the end of 2019, there were 100 asset classes on CoinEx, a success in fulfilling the target set at the beginning of the year.
For trading depth, we have introduced preferential policies for market makers, which is to cooperate with excellent quantitative teams in the market and run operating campaigns to increase our asset liquidity.
Futures Trading
On July 15, 2019, we launched a new trading service — futures contracts, and opened five major trading markets: Binance Coin, Huobi Token, OKB, Polkadot, and Telegram Open Network. At the same time, our original Call Auction along with Short-term/Long-term price limit ensures the stability of Futures market and large fluctuations in futures prices can be avoided.
Leverage Trading
In 2019, we launched a leverage trading function that allows users to invest more with small funds.
Perpetual Contracts
In addition to futures trading, we have also developed perpetual contracts to support the trading of digital currency futures such as BTC, BCH, LTC and ETH to meet the needs of professional traders for high leverage and arbitrage, inter temporal arbitrage and hedging. In the long run, such market is of great positive significance for digital assets.
Options Trading
In August 2019, we successfully launched a new derivatives trading market — options trading, a financial instrument based on futures. Compared with futures trading, options trading features lower risks, helping investors to profit from multiple dimensions.
CoinEx Lending
We launched CoinEx Lending, a wealth management product, which improves our derivatives services and provides users with an additional option for the pursuit of a stable investment. CoinEx Lending will distribute 70% of the platform’s interest from leveraged. Users only need to transfer the idle assets to CoinEx Lending to enjoy daily revenue, further enhancing their asset utilization.
Excavator of quality projects: CoinEx Accelerator
For the past decade since the birth of the blockchain, digital assets and projects have been driving the blockchain to realize its value step by step. As an important exploration of the application of blockchain technology, blockchain projects are often
In 2019, after rigorous screening and in-depth research by the CoinEx Research Institute, the CoinEx Accelerator screened 13 premium blockchain projects including SEELE and BNN for users. These projects have proved excellent in both technology and asset appreciation. Among the ten projects with the highest return on investment according to media statistics in 2019, technology-based SEELE was included in the list with a 400% increase.
At this point, CoinEx has completed the construction of the entire ecosystem for the product system. The cornerstone of the product has been solidified. What we need to do next is to make every function and service perfect.

Third, optimize the team structure and do something interesting with great minds

I once said that I wanted to create a company that is very fun, interesting, and awesome where some great minds are working on something exciting together. I have created the fun and interesting part. The main task of the past year is to find those great minds to join me.
In 2019, the team went through a period of confusion and groping. There are some problems in terms of both staffing and department collaboration. Fortunately, such troubles have been greatly relieved after two organizational structure adjustments.
In September 2019, Eddie, former Marketing Director at Bitmain, officially joined the CoinEx team. Eddie is an all-rounder with extensive experience in market operation and team management. I believe with him working with us, CoinEx will make greater breakthroughs in team management and brand building in the future.
In addition, we have attracted increasing outstanding talents for the past year, and have grown to a team with nearly 100 members. At present, we have established a complete team management system, incentive system and training system. I always believe that only when the team members are united as one and all do a great job, can we provide better services for users.

Fourth, it is the mission of a digital asset service platform to screen high-quality projects: to launch 100 high-quality projects

The abundant types of trading assets serve as the foundation of a digital asset service platform. In the past year, the CoinEx Research Institute has been committed to exploring and screening high-quality projects worldwide, increasing the types and number of tradable assets for users. I am proud to say that, as of December 31, 2019, CoinEx has launched 100 high-quality blockchain projects. We ensure that every project has undergone in-depth research and investigation by the think tank of the Research Institute, and is finally strictly appraised by the coin issuance decision committee before it goes online. We hope that each CoinEx user can avoid unnecessary risks and rest more assured in investment.
In 2020, we will continue to improve the asset list on CoinEx and provide users with global high-quality blockchain projects to further realize the vision of global and professional cryptocurrency exchange service provider.

Fifth, build the most solid cornerstone of the blockchain: CoinEx Chain, CoinEx DEX, and CET

At present, the public chain, the cornerstone of the blockchain industry, remains the bottleneck of the industry’s development, and the key still lies in technological breakthroughs. In 2019, CoinEx also explored the third generation of public chains. Our solution is three dedicated chains in parallel to achieve both performance and flexibility.
On Nov.11 last year, ViaBTC, Bitmain, Matrixport, and Bitcoin.com jointly launched the Mainnet of CoinEx Chain, a milestone in our journey towards the ambition.
CoinEx DEX is the first application scenario of CoinEx Chain. It is the world’s first DEX dedicated public chain developed on the Tendermint consensus protocol and Cosmos SDK, under the leadership of my good friend Jiazhi Jiang, a senior blockchain technology expert. CoinEx DEX is friendly to ordinary users who have zero experience in digital assets, and has made many innovations in applications and wallets.
After CoinEx Chain and CoinEx DEX went online, CET was also given higher value and mission. As the basic currency of the public chain ecosystem, it has more value sources than the income of the CoinEx platform. Now we can use CET to develop tools at CoinEx DEX, to open accounts, to purchase and modify account names, etc.

Sixth, CoinEx’s ecosystem and partners

In the past year, besides the fruitful results in products and ecosystem improvements, CoinEx has also gained many like-minded partners.
Market liquidity team
In 2019, CoinEx further upgraded the market maker’s preferential policies. Market makers on other platforms or other excellent maker strategy teams can directly match CoinEx market makers and enjoy privileges at a negligible rate in CoinEx.
CoinEx Chain nodes
On October 16, 2019, CoinEx Chain officially launched the global Node Election plan. We set off from Shenzhen to places such as Beijing, Shanghai, Hangzhou, and Singapore to host offline campaigns. It’s easy to make new acquaintances, yet those who share the same ideals with you are hard to find. So we really cherish the cooperation with dozens of peers such as Matrixport, Hoo, TokenInsight, BTC.com, Bitcoin.com, Ant Mining Pool, Wayi, and NNB in the construction of the CoinEx Chain ecosystem.
CoinEx Ambassadors
Of course, CoinEx cannot grow without a group of special partners around the world — CoinEx Ambassadors. They commit themselves in work such as community building, promotion and product translation. They all contribute their share to CoinEx.
I would also like to take this opportunity to express my gratitude to the CoinEx Ambassadors.

Seventh, keep moving forward in 2020

The year 2020 is a very special year. A considerable part of the important national strategic goals are set to be achieved in this year. Based on an intergenerational interval of a decade, we have entered the third generation of the 21st century.
It is also a year of special significance for CoinEx. This year we will comprehensively upgrade our products to further enhance users’ experience, keep launching high-quality assets online at a steady pace to meet users’ more diversified demands for trading assets, accelerate globalization and compliance across the world, and launch a new Ambassador Program to drive the construction of CoinEx’s community.
As for the CoinEx Chain, we will focus on the development of the Smart Chain, perform two hard fork upgrades on the DEX Chain, and introduce high-quality stable coins, Defi and other applications.

Blessings for the Future

The blockchain industry is still in its early stage of development, and huge room for growth is expected in the future. What we have to do is to continuously improve our product and service quality, as well as to enrich asset types to better meet user needs.
Again, I would like to express my gratitude to the users who have shown great patience and support to CoinEx, to the CoinEx Chain nodes who have trusted us enough, to the CoinEx Ambassadors who have contributed a lot to our development, and to partners who have been working with us along the way.
I wish you all the best in the new year!
Haipo Yang, CoinEx CEO
February, 2020

https://preview.redd.it/im4kwke3wtg41.jpg?width=1092&format=pjpg&auto=webp&s=7bb452833f2fa827f06a80c034dca1fa71025c73
submitted by CoinExcom to u/CoinExcom [link] [comments]

Large Enterprise Adoption of Blockchain is happening, enabled by Quant Network’s Overledger

Large Enterprise Adoption of Blockchain is happening, enabled by Quant Network’s Overledger
https://medium.com/@CryptoSeq/large-enterprise-adoption-of-blockchain-is-happening-enabled-by-quant-networks-overledger-32321b650115
This is Part Two in the mini-series looking at Quant Network. You can see Part One here as well as links to other articles at the bottom of this post.
Quant Network have achieved incredible levels of adoption since launching Overledger less than a year ago. Their growth strategy is to partner with multinational global organisations with huge amounts of employees to then host / implement / take Overledger to each of their own clients. So one Partnership, leads to exponentially more and is the fastest way to scale rather than trying to partner with each customer individually. This is how companies such as Oracle grew so fast and Microsoft with their Partner Network.
These are multinational global organisations with 100,000 + employees, this is the scale that we are working towards to take Overledger to the mass market. We can’t do it one by one in each country and sign them up but we can partner with someone that has 100 customers and they can take it to all their customers as well which helps with the adoption of our technology” — Gilbert Verdian
Let’s start with arguably the biggest partnership for any Blockchain company listed on Coinmarketcap, the leading Financial Network Provider in Europe, SIA.

SIA

  • Provide the leading Financial Network in Europe with more than 100 Tier 1 banks connected, 44 Trading venues (including the main international stock markets in Milan, Rome, London, Frankfurt and New York) and other financial institutions covering the entire trading process from pre-trading to post-trading
  • process 14 Billion institutional services transactions, 7.2 billion card transactions, 3 billion payments, 51.7 billion financial transactions and carried 1,204 terabytes of data on the network
  • SIA in partnership with Colt and SWIFT are the only two network providers awarded a 10 year tender commissioned by the European Central Bank for the provisioning of connectivity services allowing European central and commercial banks, central depositories, automated clearing houses and other payment service providers to connect directly to Eurosystem market infrastructures through a single access interface (Eurosystem Single Market Infrastructure Gateway — ESMIG).
  • SIA’s SIAchain is the leading blockchain architecture in Europe connecting 570 Banks, Central Banks, Trading Venues and other Financial Institutions using R3’s Corda, Permissioned variants of Ethereum and Hyperledger Fabric.
  • SIA have Integrated Overledger into the leading blockchain architecture in Europe SIAchain so that all of the 570 banks, Central Banks, Trading venues etc can benefit from Blockchain Interoperability.
“Since the European launch of our private infrastructure SIAchain, we are at the forefront of innovation in blockchain technology with the aim of supporting financial markets with a high-performance and secure architecture and a clear governance model. We actively continue on our path of innovation and the achievement of a fully interoperable blockchain network is the foremost objective we want to reach with the collaboration of Quant Network and its disruptive vision on DLT”, says Daniele Savarè, Innovation & Business Solutions Director, SIA.
https://youtu.be/0cNmGrLPoTo
So what we’ve done is instead of just announcing one client and one thing, we’re announcing that we’re working with SIA. So, SIA is the leading European payment infrastructure. And what we’re doing with SIA is interconnecting blockchain networks with SIA, and doing settlements, which are central bank settlements, with the central bank in Italy. So what Overledger is doing is we’re actually bringing blockchain and interoperability to all of SIA’s clients, which are 580 banks. So, Overledger could be rolled out to all these institutions, financial services, banks, at scale, and have interoperability to get the benefits of this.
To read more see my other article which goes into more details about SIA here
https://preview.redd.it/dbpfz3914pn31.png?width=1148&format=png&auto=webp&s=f9e6b3db87954f2e86a4ce2e060646fa440e8543

AX Trading

Quant Network are working with AX Trading to bring more digital assets, securities and tokenised assets to their existing 800 institutional traders in an already live and connected FINRA and SEC regulated exchange. AX Trading is not just about trading securities but other digital assets such as Bitcoin, Ethereum and potentially even Quant in the Future.
  • an SEC-registered broker-dealer and Alternative Trading System (ATS) Operator. They are a member of FINRA and SIPC regulated authorities.
  • Have investors and sponsored brokers such as Credit Suisse, (a multinational investment Bank and Financial services company worth $27.5 billion).
  • AX currently have over 800 Institutional traders (these are not individuals, but corporations such as hedge funds, banks, investment banks, pension funds, insurance companies, endowment funds etc).
  • AX Trading have also partnered with Euronext, the largest Stock Exchange in Europe with a market cap of $4.65 trillion as of 2018, in the creation of Euronext Block which utilises AX Trading.
  • This is a multi-trillion dollar market with huge global enterprises, traditional exchanges and global banks are all adopting DLT at a rapid pace and going into production at scale in a matter of months
Overledger a blockchain operating system, will enable universal interoperability for regulatory-compliant security tokens and digital assets to be traded on AX ATS, a regulated secondary trading market. AX intends to integrate Overledger to help foster the evolution of traditional capital markets infrastructure to facilitate the mass implementation of regulated digital assets. With the increased market adoption of digital assets and banking “coins” such as JPMorgan Coin, AX and Quant Network are at the forefront to enable the transferability and movement of digital assets
George O’Krepkie, AX CEO said: “we look forward to partnering with Quant. Their technology will allow our blockchain agnostic security token exchange to communicate seamlessly with issuers, traders, investors, and regulators across different blockchain protocols. This is a key technological breakthrough that will help us bring the benefits of security tokens to Main Street and Wall Street.”
To read more see my other article which goes into more details about Wall Street 2.0: Enabled by Quant Network’s Partnership with SEC & FINRA registered AX Trading here
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Oracle

  • Oracle are the second largest software company in the world, second only to Microsoft and worth $174.5 billion.
  • Quant Network are an Oracle Fintech Partner. Oracle are jointly going to market with Quant Network and taking Overledger directly to their 480,000 clients globally.
  • On the week commencing the 23rd September 2019 Quant Network and Oracle will be showcasing Overledger at the largest Financial event of the year SIBOS. SIBOS is a very exclusive financial services only event that only institutions that are connected to SWIFT can attend. The only 2 Blockchain firms attending are Quant Network and Ripple.
At Sibos 2019 Oracle is excited to feature 10 of our fintechs that have proven they are enterprise cloud ready and span a wide range of digital transformation themes including several available on Oracle’s Open Banking API ecosystem. Discover how you can accelerate your digital banking journey with a wide range of proven Oracle fintech solutions that meet the security, performance, and compliance needs for today’s Adaptive Bank — Oracle SIBOS 2019 Blockchain Enables Trustworthy Transactions The potential uses of blockchain technologies are seemingly endless, from providing easy access to online payments to creating connected economies. But one of blockchain’s standout promises is to automate trust by providing an incorruptible platform for transactions. Quant’s Overledger is the world’s first blockchain operating system. It’s designed to provide any network in the world with a gateway to all other blockchains, and therefore enable companies to develop new solutions by incorporating features from multiple blockchain applications. — https://blogs.oracle.com/startup/innovation-pays%3a-the-five-fintech-startups-making-money-more-interesting
https://preview.redd.it/bv0hxxr84pn31.png?width=1100&format=png&auto=webp&s=8e67dd4a7b23eae444ed1ed9e7f7bda972236280

Crowdz

  • Crowdz are the leading blockchain-based trade finance company
  • Headed by Cisco’s former global supply-chain leader
  • In business since 2014, with 270+ beta clients
  • partnered with Barclaycard, part of Barclays Bank, to integrate into their payment solutions
  • Recently received $5.5 million Series A Investment from Barclays Bank and BOLD Capital Partners, with additional investments coming from TFX Capital Partners, Techstars Ventures, and First Derivatives
  • In talks with the Korean Government about using their tech.
Payson Johnston, President and CEO of Crowdz, a Silicon Valley trade-finance and financial-technology company, stated that, “Although Crowdz uses the Ethereum blockchain as the foundation for our Invoice Auction Exchange, we have needed a solution that allows for invoices and other documents to be transferred from one blockchain to another — for example, among Hyperledger, Corda, and EOS. With the Overledger solution from Quant Network, it is now possible to pass data among different blockchains. Crowdz looks forward to working with Quant Network to enable the true multi-blockchain environment that our customers demand.”
You can read more about the announcement here

AuCloud and UKCloud

  • UKCloudX is the UK Sovereign High assurance cloud services designed for the UK’s most sensitive and mission critical systems from Defence, National Security to wider Government requirements.
  • AUCloud is Australia’s sovereign cloud Infrastructure-as-a-Service (IaaS) provider, exclusively focused on the Australian Government (Federal, State and Local) and Critical National Industry (CNI) communities.
  • AuCloud integrate Overledger onto the AUCloud platform to provide highly secure and interoperable Blockchain-as-a-Service for Australian Government and Defence and the critical national industries and supply chains that serve the nation.
Scott Wilkie, Director of AUCloud stated that Australian Government, Department of Defence and major industries are using or testing blockchain to interact with their supply chain, critical infrastructure, national record keeping and financial services. These organisations require the interoperable functionality that can only come with an operating system like Overledger and the security of the leading sovereign Australian cloud platform. Without Overledger, none of these projects or systems will be able to communicate with each other or enable cross party collaboration. Brad Bastow, CTO AUCloud (previously CTO Department of the Prime Minster & Cabinet) stated that “applying world leading blockchain technologies to enhancing the cyber security of cloud IaaS and PaaS can significantly improve the ease of adoption and reduces risks for all government users and citizens. We aim to bring the most effective and assured technologies as-a-Service and Quant Network have some of the most advanced blockchain technology in the world in this respect.”
You can read more about the announcement here

SIMBA Chain

  • A Cloud-based, smart-contract-as-a-service (SCaas) platform. enabling users across a variety of skill sets to implement DAPPs.
  • formed from a Defense Advanced Research Projects Agency (DARPA) grant in 2017 originally developed by ITAMCO and the University of Notre Dame
  • Awarded a grant from the Department of Energy to develop a platform for a blockchain solution for the solar energy market.
  • Their platform is available on Azure and are Microsoft Start Up Partners with a former Microsoft Global Exec Joining SIMBA Chain.
  • Some of their other partnerships include the Government Blockchain Association, Air Force Research Laboratory, Caterpillar, SAP and EY
  • Recently announced they are starting to develop on Quant Network’s Overledger to enable connection to all of the blockchains currently connected through Overledger and provide interoperability between them.
https://preview.redd.it/blpktdhc4pn31.png?width=438&format=png&auto=webp&s=ddf8bbad9bb1c2e32e84718b03fdac08e1f46663

https://preview.redd.it/lv7c8upd4pn31.png?width=1085&format=png&auto=webp&s=33c1b51f8b4b4479de99ac37ea4def67b348fe5e
https://youtu.be/u4ymv3AM_Us

AllianceBlock

  • an AI-powered decentralized investment and financing ecosystem, which allows corporates to quickly, cheaply and safely raise funds, whether it be equity, debt or tokens.
  • Selected as 1 of 15 Best Early-Stage startups at Money 20/20, Europe’s Largest Finetech Conference.
  • Joined Kickstart Innovation, one of Europe’s largest multi-corporate accelerators.
  • Joined Level39 Europe’s largest Fintech Accelerator
  • Partnered with Holochain, Elastos and Portugal Finlab
  • have more than 35 years combined experience in capital markets at top investment banks (Goldman, JP Morgan, Barclays…) and more than 10 years in AI, IT and software development (Barclays, VINCI, PostNL…).
“AllianceBlock will use Overledger to leverage multiple blockchains and create multi-chains token swaps. This partnership offers the possibility to open a new set of real-world applications leveraging different features from different chains. AllianceBlock is delighted about this partnership which will help blockchain projects and SMEs wield blockchain technology very easily” said Rachid Ajaja, Co-founder of AllianceBlock.

Jiangsu Huaxin Blockchain Institute

  • the first state-owned research hub dedicated to exploring blockchain technology for the Chinese Ministry of Commerce with over 100 employees.
  • high-tech R & D institution backed by the provincial government in Jiangsu, the second highest GDP grossing province in China
  • Backed by parent company Beijing Huaxin Electronics Enterprise Group, a conglomerate that has incubated and invested in numerous IT and telecommunications companies
  • China’s official institution for blockchain development, signed an agreement to collaborate on the development of innovations like distributed computing and quantum cryptography to revolutionize the next generation of distributed ledger technology (DLT) protocols.
  • Quant Network have signed a MoU for a 5 year cooperation

Atlantic Power Exchange

  • An Early Stage start-up developing P2P energy software enabling automated trading of green and sustainable electricity over the blockchain
  • Creating an Upstream Energy exchange which interconnects existing P2P exchanges (like PowerLedger, WePower, GridSingularity etc) to multiple stakeholders, suppliers and customers in Australia.
  • All Built on Overledger

Managing Director of Rockefeller Capital Joins the Board of Quant Network

  • Rockefeller Capital Management is a leading independent financial services firm led by President & Chief Executive Officer Gregory J. Fleming, offering global family office, wealth management, asset management and strategic advisory services to ultra-high-net-worth individuals, families, institutions and corporations
  • Rockefeller Capital Management manages over $19 Billion in Assets with the aim of expanding this to $100 billion within 5 years.
Guy Dietrich, Managing Director, Rockefeller Capital commented:
“I’m delighted to join the Board of Quant Network. This is an exceptional team of experienced professionals in the cybersecurity and blockchain industry.”
Guy Dietrich recently personally attended meetings with the UK’s Financial Conduct Authority (FCA) with Gilbert.

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International Organization for Standardization (ISO)

Gilbert Verdian is the founder of ISO TC 307, the global standard for Blockchain and Distributed Ledger Technologies which 55 countries are currently working towards. Gilbert is the chairman for the TC 307 Working Group for Interoperability of blockchain and distributed ledger technology systems

https://preview.redd.it/vfk2sgnk4pn31.png?width=1133&format=png&auto=webp&s=edd7ac8f51a9e08742f9754cec92cf1bcc0539ff

European’s Union INATBA

Quant Network is a founding member in the European Union’s launch of the International Association for Trusted Blockchain Applications (INATBA). Other members of INATBA include Accenture, Accord Project, Alastria,Banco Santander, BBVA, Consensys, Enterprise Ethereum Alliance, Fujitsu, IOTA, Ledger, SAP, SIA, Swift, Telefonica, We.Trade and many more. INATBA is a collaboration of 26 EU countries to develop EU blockchain regulation and prepare the launch of EU-wide blockchain applications

Pay.UK

  • Quant Network accepted as a company guarantor of Pay.UK, the UK’s largest payment network, alongside banks and other FinTech companies
  • Through this relationship, Quant Network will shape the payment ecosystem to promote competition, innovation and openness, as well as setting the strategic direction of the Payments infrastructure and adopting the New Payments Architecture (NPA).
https://preview.redd.it/e6v2eqom4pn31.png?width=438&format=png&auto=webp&s=87de79c1bf4a7a3207b5f9f17ee496da94662f54
You can read more about it here and here
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MOBI

  • consortium for blockchain innovation in the mobility industry. The consortium was founded by leading automakers including Renault, Ford, GM, and BMW, and now represents more than 80 percent of global auto manufacturing by volume. Other members include Bosch, IBM, Cognizant, Accenture, Consensys, IOTA, R3, VeChain, Hyperledger, Ocean Protocol and Honda (Full list can be seen here)
  • Overledger operating system will enable interconnectivity and interoperability of data between manufacturers, devices, transportation and autonomous vehicles
https://preview.redd.it/9e6tfv9q4pn31.png?width=1138&format=png&auto=webp&s=29956ae26b72c0bae6d55c63945108e7a8dd2e0b

Hyperledger

  • Quant Network has joined Hyperledger where more than 270 organisations are now contributing to the growth of Hyperledger’s open source distributed ledger frameworks and tools. Some of the companies involved are Accentrue, Airbus, American Express, Baidu, Cisco, Deutsche Bank, DTCC, Fujitsu, Hitachi, IBM, Intel, J.P.Morgan, SAP, BBVA, Bosch, Deloitte, Fedex, Huawei, Lenovo, NTT Data, Oracle, PWC, R3, Ripple, Samsung, We.trade, Bank of England, Enterprise Ethereum Alliance, Federal Reserve, MOBI etc. Full list of members can be seen here.
  • Working with the Hyperledger Quilt team to enhance Blockchain Interoperability capability for Hyperledger members

Accord Project

  • The Accord Project is the organization for the development of techno-legal standards for smart legal contracts and distributed ledger applications in the legal industry
  • The Project operates in collaboration with IEEE, the International Association for Contract and Commercial Management, Hyperledger, R3, Decentralized Identity Foundation, and a number of leading trade associations, industry and standards organizations, and world leading law firms.
  • Quant Network have joined the Accord Project and are providing the Technology with Overledger and Treaty Contracts.
https://preview.redd.it/9o790gjs4pn31.png?width=1086&format=png&auto=webp&s=a5475b58acef6e9544236f2adcc6b6fb760c49e2

As well as many being worked on and yet to be publicly announced:

HCL Technologies

  • Indian Multinational IT Service and consulting company with offices in 44 countries and 137,000+ employees
  • Among the top 20 largest publicly traded companies in India with a market cap of $18.7 Billion and revenue of $9 billion.
  • Customers include 250 of the Fortune 500 and 650 of the Global 2000 companies.
we are really looking at ASIA, especially around Singapore, Hong Kong and we are working with partners to go there, just yesterday we had a meeting with a $8 billion company based in the ASIA region and they want to use Overledger for their clients and they are going to help us expand to that region, once we partner with the right bigger players
https://youtu.be/G1b9TX6rcuI
https://preview.redd.it/ac3f0yjv4pn31.png?width=827&format=png&auto=webp&s=dc1bfde0a476ee6ffbcb15284236dbb5d9d508e9

2 of the Big 4 Global Consultancy Firms are taking Quant Network’s Overledger to their clients.

The Big 4 Global Consultancy firms are huge and consist of Deloitte, PwC, EY and KPMG. They offer a range of services from offering consultancy advice on what to use, assisted prototyping right through to the delivery of production-ready enterprise solutions. Previously Gilbert was the Director of Cybersecurity at PwC and a Senior Manager of Security at EY plus Lara Verdian was the director for Deloitte Access Economics at Deloitte.
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Quant Network are currently working with 2 of the above 4 global consultancy firms who are taking Overledger to their clients.

As well as many other consultancy firms:
https://preview.redd.it/usoyx5b15pn31.png?width=1215&format=png&auto=webp&s=a60b243d74e50dbc97ada380001f6f9396c8bb5b

Quant Health

  • Quant are working the Government of Armenia in Health, futureproofing the eHealth Strategy with Blockchain
https://preview.redd.it/7wkjbb045pn31.png?width=429&format=png&auto=webp&s=440f568ecb1ce8f587552e2e196b357c21f5592d
  • Working with huge Conglomerates to establish a new consortium in Healthcare
https://preview.redd.it/fbvia5r65pn31.png?width=1395&format=png&auto=webp&s=dfe009348deedb06844970d11d4b6a0d7e768ab1

Exchanges

They are also in talks with Traditional Exchanges such as the Swiss Stock Exchange SDX Platform and others as well as Large asset management firms
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As well as various Governments including the Australian Treasury with DATA61 regarding open banking and consumer data rights, the UK’s HMRC, Central Banks, Global companies in Korea, Insurance Companies, Airlines and Logistic companies.
https://preview.redd.it/t35ctv3b5pn31.png?width=1237&format=png&auto=webp&s=311762c9dbdc2755001b9b1a426dbe0206105574
It’s truly remarkable what they have achieved in such a short space of time, working non-stop all around the globe, working with enormous Global organisations, Leading Financial Institutions, Governments and Health. Quant Network is enabling the mass adoption of Blockchain, bridging all blockchains and offchain networks together (as well as plans to connect directly to the Internet) to achieve the true potential of this revolutionary technology.
In the last article of this mini-series I will take a closer look at the tokenomics of the QNT token and why there isn’t another utility token with as much value as QNT. With a tiny total supply of just 14.6 million QNT tokens, with no inflation, Supply reducing further as tokens are taken out circulation with licensing and strong demand / usage for the token, as well as minimum QNT holdings for wallets to benefit from Universal Interoperability.
Part One — Blockchain Fundamentals
Part Two — The Layers Of Overledger
Part Three — TrustTag and the Tokenisation of data
Part Four — Features Overledger provides to MAPPs
Part Five — Creating the Standards for Interoperability
Part Six — The Team behind Overledger and Partners
Part Seven — The QNT Token
Part Eight — Enabling Enterprise Mass Adoption
Quant Network Enabling Mass Adoption of Blockchain at a Rapid Pace
Quant Network Partner with SIA, A Game Changer for Mass Blockchain Adoption by Financial Institutions
Part One of this mini Series — What is a blockchain operating system and what are the benefits? Introducing Overledger from Quant Network
Wall Street 2.0: How Blockchain will revolutionise Wall Street and a closer look at Quant Network’s Partnership with AX Trading
submitted by xSeq22x to QuantNetwork [link] [comments]

Daily analysis of cryptocurrencies 20191120(Market index 32 — Fear state)

Daily analysis of cryptocurrencies 20191120(Market index 32 — Fear state)

https://preview.redd.it/8irotxs8juz31.jpg?width=1200&format=pjpg&auto=webp&s=15a9b609b787a03c059799fe4cc58def1ca0d28a

Singapore’s MAS Allows Authorized Crypto Exchanges To Deal With Crypto Asset Derivatives TradingAccording to the news released by Nikkei, the Monetary Authority of Singapore (MAS), Singapore’s central bank and financial regulatory authority, released a solution to list a ban on Nov 20, detailing that the city state allows the authorized crypto exchanges to deal with the transactions relating to financial derivatives of crypto assets (or cryptocurrency). Institutional investors at home and abroad can reduce the risks brought by price changes in cryptocurrencies such as Bitcoin through carrying out the arbitrage transactions with the spot.The MAS incorporates cryptocurrency into the restricted objects of the Securities and Futures Act, allowing cryptocurrency futures to be listed on the authorized crypto exchanges such as the Singapore Exchange (SGX).The main trading participants of MAS are institutional investors such as hedge funds and asset management companies. The MAS indicates that it does not recommend individual investors to participate in transactions, and the reason is that there are high trading risks. In order to make it more difficult for individual investors to participate in these transactions, the MAS decided to set the margin required for the transactions to be more than 1.5 times that of institutional investors.
Tezos Smart Contracts Already Being Used By French ArmyThe French Army and the Gendarmerie’s Information & Public Relations Center (SIRPA) has said that the government entity has been using Tezos since September. It has been leveraging it to track judicial costs for operational purposes.
Neo Launched Blockchain Course In St Petersburg State UniversityNeo has launched a new course titled “Software Development Using Neo Blockchain Technology” in the St Petersburg State University in St Petersburg, Russia. The course aims to provide insights into distributed ledger in general and Neo technology in particular, and help students building skills in developing with core components of Neo technology.
Major South African Bank Closes Crypto Exchange Bank AccountsFNB, one of the “big five” South African banks, is closing down accounts operated by crypto exchanges in the country. The bank, however, says the emergence of clear-cut cryptocurrency regulations in South Africa may trigger a reversal of the policy.
https://preview.redd.it/uegd29wciuz31.png?width=504&format=png&auto=webp&s=d69e1e08e8ac5d6c6c961e0974237d78233f1da7

This week, there were further losses in bitcoin below the $8,200 support area against the US Dollar. BTC extended its decline below the 100 hourly simple moving average and even tested the $8,000 support area.
A new monthly low was formed near $7,987 and the price is currently correcting higher. It traded above the $8,100 level and tested the $8,150 resistance area.
Furthermore, the price tested the 23.6% Fib retracement level of the recent decline from the $8,631 high to $7,987 low. However, the price seems to be facing a strong resistance near the $8,150 and $8,200 levels.
Review previous articles: https://medium.com/@to.liuwen

Encrypted project calendar(November 20, 2019)

OKB (OKB): 20 November 2019 OKEx Cryptour Odessa Ukr “Join us in Odessa as we journey through Ukraine for our OKEx Cryptour!DAPS Token (DAPS): 20 November 2019 Partnership with SWFT “Everyone will have $DAPS mobile wallets, atomic swaps and much more starting on the 20th of November!”Aragon (ANT): 20 November 2019 Draft Proposal Deadline “Draft proposals for Aragon Network Vote #5 are due in one week, on November 20 at 16:00 UTC…”IOTA (MIOTA): 20 November 2019 Smart City Expo Wilfried Pimenta, our Director of Business Development, will be among the speakers at the AI & Blockchain Summit in the Smart City Expo Worl…Bitcoin Fast (BTCF): 20 November 2019 BTCF Snapshot Snapshot taken of BTCF holders at 8:00 am (GMT-6).Credits (CS): 20 November 2019 AMA AMA with Credits team at 15:00 UTC.

Encrypted project calendar(November 21, 2019)

Cardano (ADA): and 2 others 21 November 2019 Meetup Netherlands (AMS) “This meetup is all about how to decentralize a blockchain, the problems and differences between Proof-of-Work and Proof-of-Stake…”Cappasity (CAPP): 21 November 2019 Virtuality Paris 2019 “Cappasity to demonstrate its solution for the interactive shopping experience at Virtuality Paris 2019.”Horizen (ZEN): 21 November 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.OKB (OKB): 21 November 2019 OKEx Talks — Johannesburg “Join us the largest city of South Africa — Johannesburg where we will host our OKEx Talks on the 21st Nov.”IOST (IOST): 22 November 2019 Singapore Workshop Join the Institute of Blockchain for their 2nd IOST technical workshop in Singapore on 22 Nov 2019. The workshop includes IOST’s key tech.OKB (OKB): 22 November 2019 St. Petersberg Talks “Join us in St. Petersberg on 22 Nov as we answer your questions on Crypto Security. “NEM (XEM): 21 November 2019 SME Thought Leadership “SME Thought Leadership Series Forum #2” in Selangor, Malaysia from 8:30 AM — 2:30 PM.Stellar (XLM): 21 November 2019 NYC Meetup “Stellar Blockchain Meetup ft. FIC Network and Sam Conner’s Meridian Recap” in NYC from 6–8 PM.Waves (WAVES): 21 November 2019 Edinburgh Workshop “Next Thursday, we’re running a practical workshop on building DeFi products & designing Smart Contracts in your city!”

Encrypted project calendar(November 22, 2019)

IOST (IOST): 22 November 2019 Singapore Workshop Join the Institute of Blockchain for their 2nd IOST technical workshop in Singapore on 22 Nov 2019. The workshop includes IOST’s key techOKB (OKB): 22 November 2019 St. Petersberg Talks “Join us in St. Petersberg on 22 Nov as we answer your questions on Crypto Security. “Zenon (ZNN): 22 November 2019 Awareness Fund Payout “Distribution of the fund takes place every Friday until Pillars Lock-in Phase is completed.”

Encrypted project calendar(November 23, 2019)

Californium (CF) and 1 other: 23 November 2019 Greece Meetup “On November 23, the Greek #Cryptocurrency Community Meetup will take place in Greece!”

Encrypted project calendar(November 25, 2019)

0x (ZRX): 25 November 2019 0x V3 Proposal Live “The 0x v3 proposal was approved and will go live on Ethereum mainnet starting November 25th!”Dynamic Trading Rights (DTR): 25 November 2019 Chain Migration “On November 25 at 23:00 CET, TokensNet will make a migration of the $ELI token from Ethereum blockchain to Bitcoin Cash blockchain…”

Encrypted project calendar(November 27, 2019)

OKB (OKB): 27 November 2019 OKEx Cryptour Vinnytsia “Join us in Vinnytsia as we journey through Ukraine for our OKEx Cryptour!”Fetch.ai (FET): 27 November 2019 London Meetup “Join us on 27 November @primalbasehq to hear an exciting progress report as we prepare for the launch of our #mainnet”

Encrypted project calendar(November 28, 2019)

Horizen (ZEN): 28 November 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.

Encrypted project calendar(November 29, 2019)

Zenon (ZNN): 29 November 2019 Awareness Fund Payout “Distribution of the fund takes place every Friday until Pillars Lock-in Phase is completed.”

Encrypted project calendar(November 30, 2019)

Ethos (ETHOS): 30 November 2019 (or earlier) Rebranding “In November, we unveil the broker token, a dynamic utility token to power our commission-free crypto trading and broker platform, Voyager.”Digitex Futures (DGTX): 30 November 2019 Public Testnet Launch “…We can expect to see the world’s first zero-commission futures trading platform live on the Ethereum public testnet from 30th November.”Monero (XMR): 30 November 2019 Protocol Upgrade “Preliminary information thread regarding the scheduled protocol upgrade of November 30.”Chiliz (CHZ): 30 November 2019 (or earlier) Fiat to CHZ Exchanges “We will add another two fiat to $CHZ exchanges in November…”Skrumble Network (SKM): 30 November 2019 (or earlier) P2P & Group Calling “P2P & Group Video Calling,” during November 2019.Aergo (AERGO): 30 November 2019 (or earlier) Mainnet 2.0 Upgrade Mainnet 2.0 Protocol update by end of November.Akropolis (AKRO): 30 November 2019 (or earlier) Beta Release “All functionality has been deployed to mainnet.”Nash Exchange (NEX): 30 November 2019 (or earlier) Mobile Strategy Phase 2 “Phase 2 of our mobile strategy will be live soon with our wallet and portfolio app hitting stores in November!”Akropolis (AKRO): 30 November 2019 (or earlier) Beta Release “All functionality has been deployed to mainnet.”Pakcoin (PAK): 30 November 2019 Staking Mobile App Android app for staklet is going to be launched on November 30th.

Encrypted project calendar(December 1, 2019)

Auxilium (AUX): 01 December 2019 AUX Interest Distribution Monthly interest distribution by Auxilium Interest Distribution Platform for coinholders. Also supports charity.I/O Coin (IOC): 01 December 2019 Pos Reward Halving IOC block reward halving is happening on December 1st 2019.

Encrypted project calendar(December 2, 2019)

Bitcoin (BTC): 02 December 2019 CME Futures BTCX19 Bitcoin Futures Contract (BTCX19) settles on December 02, 2019.Waves (WAVES): 02 December 2019 Waves Exchange Launch “As of November 18, users will be able to import their accounts and seed phrases, and, on December 2, the new exchange will be launched.”BZLCOIN (BZL): 02 December 2019 New Website New website and pre-launch “Patron”.Decentraland (MANA): 02 December 2019 Creator Contest “Announcing the Creator Contest, from Dec 2–15. Submit your most creative interactive scenes for a share of $50k USD worth of prizes up.”

Encrypted project calendar(December 3, 2019)

Aeternity (AE): 03 December 2019 Sofia, Bulgaria Meetup “Come hear @noyyy and @em introducing the project, followed by talks by Karol Skočik, Juraj Hlista, and Stephan Verbücheln.”

Encrypted project calendar(December 5, 2019)

***OKB (OKB):***05 December 2019 OKEx Cryptour Kyiv Ukr “Join us in Kyiv as we journey through Ukraine for our OKEx Cryptour!”

Encrypted project calendar(December 6, 2019)

TenX (PAY): 06 December 2019 COMIT Hackathon “The #hackathon will be held over the weekend of 6–8 Dec at the TenX HQ in Singapore.”

Telegram: https://t.me/Lay126
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LinkedIn:https://www.linkedin.com/in/liu-wei-294a12176/
submitted by liuidaxmn to u/liuidaxmn [link] [comments]

Don’t listen to what people are saying, look at what they’re doing.

When I was first exposed to Bitcoin I thought it was a fraud and a Ponzi scheme. It didn’t make any sense that people were mining this internet magic money and claiming it had value. I saw Bitcoin rise from $7 to $1,200 before it came crashing down to $200 and I thought that was the end of Bitcoin. However, Bitcoin was still worth about 3 Billion Dollars and I knew I must be missing something important. When something's fraudulent or is a bubble it goes to zero with little to no volume. Roberto Maeda, Bernie Madoff, and Enron all went to zero because it no longer had any value.
After some research, I finally understood the power of Bitcoin and the blockchain. I realized that this was a way for people who didn't know each other, like each other, or trust each other could transact in a trustless way. We could own value that nobody else had any claim over which is not how the world works right now. It doesn't matter how wealthy you are because if the government wants to take away your money then there’s really nothing you can do about it. Cryptocurrency solves this problem.
The last time something like this happened was during the mid-90s. Individuals were making enormous amounts of money buying companies like Dell, AOL, Microsoft, Netscape and some of the other smaller internet stocks. Institutions had completely missed the bull market and were looking for a way to join. The bear market in 1994-1995 provided a great opportunity for them. Institutions were out saying “Oh anybody buying Internet stocks, you're idiotic” and so you started to see people selling their AOL, Microsoft, and Dell shares. I’m sure you can guess who was buying, it was the institutions.
Institutional allocation to venture capital internet deals doubled between 1994-1995, which was exactly when institutions were spreading all this fear, uncertainty and doubt into the minds of small investors. You can go back and look at some old CNBC clips during 2003 and you’ll see them saying “Oh don't buy tech stocks, everyone knows they're evil”. However, if you look at the 10-Ks, 10-Q's and all of the quarterly filings of these institutions then you would find that they’re all loading up on tech stocks. They literally stole all this wealth that should have been in the hands of individuals and put it into their own pockets. From 1995-2000 we saw 5 Trillion dollars come into the market which propelled one the biggest bull runs we've ever seen. This blueprint of creating fear in order to get cheap prices isn't anything new and we’re seeing it again with Bitcoin and Cryptocurrency.
Don’t listen to what people are saying, look at what they’re doing
Follow the Money
Chicago Board of Options Exchange (CBOE)
Since 2014, people have been trying to do these ETF’s. I knew it was never going to happen, there's no way the SEC is going to approve it. The Winklevoss twins have been trying since 2014. There's no way the SEC is going to trust, in their eyes, a couple of kids with a Bitcoin ETF. They’re not Wall Street guys, and they don't think that they have the ability to protect the assets or the end-user. They want to make sure that this doesn't become a giant disaster because if it does, they’ll lose their jobs.
Then you have the Chicago Board of Options Exchange, one of the most trusted and most important financial institutions in the United States. It's up there with Swift, the NYSC, and the Nasdaq. They do more derivatives trading than anywhere else in the world and they’re the largest options platform. They came in and they said that they would provide insurance for this ETF, which is huge! If it gets hacked, if there's fraud, if somebody loses the key or anything happens that could potentially impact the value or security of the cryptocurrency held there then they would cover it. So now it's the big boys at the table, it's the adults. The CBOE and the SEC, they speak the same language, they all know each other and they all go to the same places.
The fact that the CBOE has put their stamp of approval means that this ETF is going to get approved unequivocally. The earliest it could happen is August 16th, the latest it can happen is Q1, 2019. I don't think it's going to happen August 16th (CONFIRMED 8/8/18). It will happen closer to the end of this year. As people start realizing that this is actually going to happen, the price of Bitcoin will go up significantly.
DISCLAIMER: This post was from Teeka Tiwari during an interview with Glenn Beck. I took bits and parts of this interview that resonated with me the most and tried to convey them in an easy to read text.
EDIT: Fixed grammar errors.
submitted by lZobot to Vechain [link] [comments]

Understanding Bitcoin Futures: How they work and why they are NOT going to crash the crypto market

Recently there has been a lot of talk about Bitcoin futures causing downward pressure for prices, especially with expectations of a crash around expiry date. Its clear that not many understand how derivatives work or why the specific structure of the CME/CBOE future contracts makes it so there is a pretty much no chance that there is a collusive scheme by futures traders to crash Bitcoin.
So I wrote up a quick description of how it works, and why there are 3 major reasons that futures are not to blame for Bitcoin's decline in price.

How futures contracts work

Futures contracts are an agreement to buy or sell an asset on a specific date in the future at a specified price. If you take a long position, you agree to buy an asset in the future at a specific price when the contract expires. When you take a short position, you agree to sell an asset at a set price when the contract expires.
A simple example to illustrate: Think of a shipping company who has a bunch deliveries planned in a year. The price of fuel is $2 per gallon today. They can enter a futures contract on an exchange that will allow them to buy say 10,000 gallons of fuel at $2.5 per gallon. A fuel wholesaler might be willing to take this contract on to lock in the $2.5 price guarantee. If a year from now the price of fuel rises to $4 dollars a gallon, the shipping company will save (4-2.5) x 1000 = $15,000. In this case its a risk management tool, often used in financial markets to hedge against the risk of changing prices. However it can also be used by speculators, simply to profit off expected changes in price and these are generally cash settled.
Bitcoin futures are cash settled, meaning no bitcoins actually change hands when a contract expires. The differential between spot prices (ie. current price) and the contract price is settled with cash. Winning traders effectively collect their gains from the losers.
A key point to realize is that futures markets are a zero-sum game. For every long there is a short. For every winner, there’s a loser. Every dollar of one trader’s profit is a dollar lost by another trader. If someone wants to bet big that bitcoin is going down, say, by shorting 1,000 bitcoin contracts, there needs to be one or more traders willing to take the opposite side.
Bitcoin futures trade on two exchanges: CME and CBOE.
The CME is the big one and offers contracts with a unit size of 5 BTC per contract. It has a contract limit of 1,000, meaning that no one party can have more than 1,000 contracts.
The CBOE offers contracts with a unit size of 1 BTC per contract. It has a contract limit of 5,000 contracts.

Why Bitcoin Futures aren't crashing Bitcoin

Reason #1: There simply isn't enough open interest position or volume
You can look at the total open interest and volume for BTC Futures on the CME for January 25th, a day before expiry:
http://www.cmegroup.com/trading/equity-index/us-index/bitcoin_quotes_volume_voi.html?marginsTab=SOM
The total volume for January was 769, the total volume for all months up to June 2018 is 1,223 contracts. The "open interest" number is the number of contracts which are still open (ie. haven't settled) and its only 139. If you go back to the beginning of the period just after the prior expire date, there were only 560 open contracts for the January 26th expiration date.
What this means that the total market on CME for shorting futures for the end of January period was only 560 x 5 = 2,800 BTC.
What if those evil Wall Street suits had the brilliant idea to buy Bitcoin back when it was $8,000 and then now flash sell it to bring the price down to profit off the short side? On January 19 the open interest was 560 contracts and the BTC price was $11,500, lets say the entire open interest is actually one group of people colluding to profit off the short positions. That means there is a total of 2,800 BTC value is contractually at stake, with a total nominal value of $32.2 million. Futures markets have something called "margin requirements", which is the minimum amount you have to pony up as collateral when taking a futures position. For Bitcoin its 43%, which means that they would need to put in $13.8 million of capital to short 2,800 Bitcoin.
According to Bitcointy, the volume traded in Bitcoin/USD on January 19 was around 134,000, with about 16 million BTC in circulation. This actually drastically underestimates the total volume of BTC traded since it excludes the big Asian markets, but let actually give the scenario this benefit. Lets imagine that someone would need to purchase just half of the daily volume (about 77K BTC) or about 0.5% of the total Bitcoin supply and then dumped it, and lets say this caused a huge $3K drop in Bitcoin price from its $11,500 price level back to about $8,500. They would need to pony up $616 milion to purchase just 77K BTC (0.5% of the supply) at $8,000. Assuming they achieve the $3K drop in price, that would net them a profit of 2800 BTC x $3,000 = $8.4 million from a $11,500 settlement price, or about 1% profit on their BTC purchase investment, less than a guaranteed government bond. All of this is assuming that 0.5% of the outstanding float would be enough to drive the price down $3K, and that they could somehow not experience substantial loses themselves in the dump. Basically it doesn't make any sense, the volume of open interest for futures available is simply too low to make this anything akin to profitable. Even if we assume there was a collusion scheme by everyone participating in the short market.
You can look at the Settlements to see the total open interest for all remaining months:
http://www.cmegroup.com/trading/equity-index/us-index/bitcoin_quotes_settlements_futures.html?marginsTab=SOM
The total open interest for all months up to June on January 25th is only 1,459 contracts. That's means the entire market for shorting Bitcoin up to June is only 7,295 BTC. No matter where you set the entry point, the return simply doesn't justify the risk or initial investment required.
Reason #2: The margin requirements are too high to offer enough leverage to manipulate the market
One attraction of trading futures is the ability to use relatively small amounts of money to potentially achieve outsized returns. In a lot of futures market, the margin (the amount of money that your broker requires up-front) can be quite small compared to the ultimate value of the contract. For example looking at CME Futures market for S&P 500 futures, each contract is worth about $143,000 (50 x S&P 500 value) and the margin requirement is only $4,800 (as of writing this) or about 3.3% nominal margin rate.
Your margin account balance is adjusted at the end of every trading day to account for the winnings or losses of the day, this is called daily settlement. If your account balance falls below the margin minimum of $4.8K you'll need to quickly add money to your account or your position will be summarily closed out by your broker. On the plus side, if you've predicted the S&P's direction correctly your profits will be that same as if you completely owned the underlying stocks in the index. A +1% daily move in the S&P500 would yield $1430 (1% of $143,000) in profit even though you only have $4800 invested - a huge return on. Margin requirements this low are only possible because the volatility of the S&P 500 is pretty low and well understood.
On the other hand Bitcoin futures have massive maintenance margin rates. The CBOE requires 40% of the notional amount for maintenance margin, the CME requires 43%. Your broker will likely require more than that.
Because of the high margin requirements, Bitcoin futures don't offer much leverage compared to just buying Bitcoins outright. You would need to place a huge amount of capital at risk just to get one Bitcoin contract on CME, the equivalent of 5 x (BTC USD value) x 0.43. If you wanted to short just 5 BTC and the price was 11K, that would require a margin of $23,650 to be maintained.
Reason #3: The big Wall Street Levered Funds aren't actually that into shorting Bitcoin
The CBOE is smaller than CME, but one neat thing about it is that it releases statistics on groupings for its futures markets, it gives out information on long vs short positions among Levered Funds, Other Reportable entities and Non-reportable.
The Levered Funds is what we would call "Wall Street", large hedge funds that invest other people's money. The "Other Reportable" would be other institutional investors but not necessarily trading with other's people's money, and the "Non Reportable" are small time investors and speculators. Here is the breakdown of Bitcoin Futures open interest contracts by these categories:
Levered Funds (Large Wall Street hedge funds)
Long Short
1142 518
Other Reportable (Other trading firms that don't necessarily manage money for outside investors)
Long Short
1243 3668
Non Reportable (ie. small speculators)
Long Short
2665 919
http://www.cftc.gov/dea/futures/financial_lf.htm
As you can see 68% of the Levered Funds actually go long on Bitcoin!
For "Other Reportable" you do have more short interest, but it only adds up to 3668 contracts and at 1 BTC/contract its only 3668 BTC, against 1243 BTC that are long. Finally the non-Reportable are the small time speculators and they're overwhelmingly long. There are a few other smaller categories that make up the difference, but overall there isn't any wide spread of short vs. longs between the big levered funds and the more retail investors.

So what did cause Bitcoin's correction around the first expiry date?

There was a plethora of factors that compounded around that mid-January expiry date: the cyclical selloff period that we usually see combined with FUD headlines coming out quickly regarding regulation out of China, Korea and Europe. Its highly unlikely that futures actually caused any of the sell off, they actually provide stability by helping with price discovery.
If futures do have any downward price pressure on Bitcoin, its largely psychological. Let face it, most Bitcoin investors don't understand anything about finance or derivatives, to them the CME futures are this big scary Wall Street boogeyman that is trying to take Bitcoin down. In essence you got a self fulfilling prophecy, lots of people feared the futures expiration would cause a crash so they panicked and sold, bringing the price down. Its a perfect thing to scapegoat after the huge bubble we saw started to correct. This is what I fear, that a lot of people will now look to anything to point their finger at to blame for Bitcoin and cryptocurrency price declines. Everything will be scapegoated, from the CME futures to "weak hand Asians" to governments to Wall Street.
As we inevitably revert to the mean, very few will be willing to accept that it was their own unrealistic expectations of returns that are continually parabolic that is the sole reason for the gross mispricing of most cryptocurrencies.
submitted by arsonbunny to CryptoCurrency [link] [comments]

❗️ #US Rescue in #Bitcoin Cryptocurrency!

❗️ #US Rescue in #Bitcoin Cryptocurrency!
➖➖➖➖➖➖➖➖➖
According to Arthur Hayes, #CEO of the #BitMEX crypto-derivative #exchange, due to emergency measures of the US Federal Reserve, bitcoin can update its historical maximum.
“They do not stop practicing quantitative easing. If the Fed prints new money once again, then you can wait for bitcoin for $ 20,000, ”he wrote, commenting on an article by the Zero Hedge portal, which is called“ The Fed Has Again Lost Control over Bets ”. Today, the US Federal Reserve announced a decision on the interest rate, once again lowering it to 1.75-2%.
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https://t.me/moonvoyagerbounties/8931
https://preview.redd.it/m4s9a3k8ikn31.png?width=640&format=png&auto=webp&s=7d60962fd9640e42d459d00c8128cb8e790b3983
submitted by LastCryptoHunter to u/LastCryptoHunter [link] [comments]

Current State & The Future Of Digital Assets From Ariel Ling, BitMax COO.

Current State & The Future Of Digital Assets From Ariel Ling, BitMax COO.
Ariel Ling, co-founder and COO of BitMax, has shared her thoughts on the current state of digital assets and what to expect in the next years, what retail investor should take into account when buying any cryptocurrencie and the key factors that drive the value of the token/coin.
Ariel Ling, BitMax COO
Why, when and how have you started your crypto journey?
I started my crypto journey at the beginning of 2018 when my long-time friend, the co-founder and CEO of BitMax.io, Dr. George Cao “pulled” me out of the traditional Wall Street and asked me to join him in launching this exciting venture. Three main drivers are 1) to learn more about blockchain technology and its transformational applications in different industries; 2) to leverage in-depth traditional finance expertise to improve overall crypto trading and exchange market structure for better efficiency and transparency; 3) to have a chance to work with a talented and driven team who share similar vision, passion and conviction to build a top global digital asset trading platform as well as a wonderful organization from good to great!
If your friend will ask you: should I consider cryptocurrencies as investment opportunity? What will be your answer? Will you recommend any specific digital asset?
Coming from traditional finance perspective, I would explain my thoughts process from three angles — 1) types of crypto or digital assets as the foundation for understanding; 2) whether they, are more for short-term trading or mid-term investment 2) what are elements for investment valuation and decision-making so our friends can assess and make decision for themselves.
First, in general there are three types of digital assets:
  • Major currency / coin-type like Bitcoin, ETH, XRP, Litecoin, etc. and stable coins;
  • Security-type tokens representing some equity or debt rights of underlying projects;
  • Utility tokens for usage on specific blockchain platform or network.
Each type represents different type of opportunity and risk.
Second: is digital asset good for trading or investment? due to the nascent nature and very short history of market development with most of retail investors’ participation and lack of proper regulatory framework globally, there are quite some market manipulation, speculation and fraud activities in the current market, causing significant volatility and investors loss across all types within very short period of time. This made it very hard for any investors to assess the real valuation and momentum drivers behind those large swings. So at this point, I would think with its high volatility and risk, digital asset in general is more of very short-term trading product than investment vehicle. From liquidity perspective, major currency/coin-type will have more market depth across exchanges, hence more suitable for short-term trading-focused strategies.
Third, from traditional investment perspective, it is critical to assess digital asset investing from valuation and fundamental perspectives, such as business model, future growth, economic return vs. person’s risk tolerance and investment objectives. For major coins, especially Bitcoin itself with its longest history among all the digital assets, have started to provide certain payment function similar to fiat currencies in certain countries. Hence, there are more interesting dynamics to the Bitcoin investing based on one’s view of Bitcoin usage over mid-term horizon and the relative valuation vs its production (mining cost) especially with the price down to 3,500–3,650 USD. For security-type or utility tokens, the performance over short-to-medium term really comes down to combination of intrinsic value of underlying blockchain projects and token economics. Similar to Internet in 1990s, blockchain technology projects are still at the early stage of development and looking for meaningful and applicable use cases to bring real economic benefit from the economics and business model perspective, so it becomes very difficult to apply traditional finance valuation and assess the real intrinsic value of those projects. Recent market crash has brought many of those tokens down to near zero value. So the investment in those tokens are extremely high risk and everyone should be really careful and prudent in the evaluation of any specific projects for the decision-making and risk protection.
What is the story behind BitMax? Who are the foundefounders? When it was founded?
Q1 2018, Dr. George Cao and I founded Global Digital Mercantile (GDM), global operator of digital asset platforms, including BitMax.io based on Singapore for overseas markets and North America’s trading platform aiming for the first half of 2019. BitMax.io started public beta testing mid July, 2018, and was officially launched later mid August. On November 18th , we launched our mining mechanism, the industry very first transaction-mining & reverse-mining mechanism, which has made us the industry leading third-generation cryptocurrency exchange — after first generation of traditional exchanges like Binance, Gemini, Coinbase, etc. and 2nd generation of transaction-mining ones like FCoin, Bitthumb, etc.
Just a quick introduction of my partner. Dr. Cao studied Computer Science in the University of Science and Technology of China, and earned his PhD degree from the University of Chicago. Dr. Cao was the Founder and the Chief Investment Officer of Delpha Capital Management, LLC., New York, specializing in trading equity, ETFs and commodity future products in all major exchanges across the globe. He is also the founder and managing partner of Whitestone Investment Group, a New York based venture fund that invests in a large variety of startup companies that are in the high tech, fintech, big data and medical area. Before founding Delpha Capital, Mr. Cao worked at the Equity Division of Barclays Capital in both the New York and London offices. During that period, he oversaw equity electronic trading in the U.S., European and Asian markets. Prior to Barclays, he researched and traded U.S. equity as a Portfolio Manager at Knight Capital Group.
For me, I have built more than 18-year extensive experience in strategic planning, business development, financial risk management and regulatory implementation across major trading asset classes (Equity, FX, and Fixed Income) at several top global banks. Previous to jumping into digital asset trading, I ran USD liquidity and investment product for top financial institutions and corporate clients at tier-one global investment bank. Before that, I ran US Broker Dealer as COO and head of Business Development for Germany 2nd largest bank. Earlier from 2007 to 2012, I was global equity trading COO across Lehman Brothers and Barclays Capital, building out trading franchise and market making businesses globally. I have four degrees — graduated top of class from Nankai University with two Bachelor degrees in Finance and English Literature and got my MBA from NYU and Master of Mass Communication from University of Georgia.
Where is Bitmax located? Are you a distributed team or do you have an office to work together? How many people work for Bitmax?
Our global team of 50 members are based off two main location — New York with 20 members, including all the founding members, and Beijing with 30 members.
Would you be so kind to introduce briefly the core team members?
Both George and I are very proud of our 10-member founding team. Similar to us, they are all from Wall Street top firms like Morgan Stanley, Deutsche Bank, Goldman Sachs, Bloomberg, and top high-frequency hedge funds with deep experience in the fields of financial engineering research and development of large-scale quant trading infrastructure. Our educational background span across multiple prestigious institutions including Columbia University, University of Chicago, Carnegie Mellon University, and New York University in the United States, as well as Peking University and Tsinghua University in China. So one special thing about BitMax.io is that very few exchanges in the crypto trading space are built by solid team like ours with strong traditional finance mindset and trading background.
You’ve started BitMax during market downtrend in pretty competitive environment. What is your value proposition? Why traders should switch to BitMax?
I think BitMax.io is actually very special in this market, and our team is very proud of what we have built in the short period of six months. There are at least three reasons I think traders should chooseBitMax.io:
  • It’s our real-word professional trading experience and expertise;
  • It’s is our platform, resilient, high volume quantitative-trading platform;
  • It’s is our top-quality customer-centric strategy.
First of all, as I mentioned in the last question, architected by a group of Wall Street veterans, BitMax.io builds upon the core value of blockchain, transparency and reliability, and delivers high-quality client services and trading experience through its innovative trading platform.
Second, our quant-driven tech platform. Our development members were all from high frequency and quantitative systematic trading shops. They definitely make sure the platform was resilient and it can actually handle billions of volume during the design and build. The platform resilience and scalability were fully being tested when we launched the transaction mining and reverse-mining. The first day, we actually had, within the first 24 hours, the trading volume of 1.6 billion in notional; and our system didn’t flinch, didn’t slow down, and didn’t shut down. This is very rare in any of today’s exchanges where you can frequently see the slowdown, the crash, and very slow user responses, especially with transaction mining exchanges.
Third, what we are extremely proud of and all the users can see, is our 24/7 customer services built upon the core Wall Street client-centric concept. Besides our customer support team who never sleep, George actually stands behind the platform almost 24/7 answering questions from the customers, seeking solutions for their issues, and providing the most responsive customer service for the entire crypto trading space.
BitMax CEO, George Cao, is often seen in official Telegram group answering different questions.
We constantly remind our team: customer first. When we design a product, when we launch a system, and when we look at user needs, we all look from customers’ perspective, from how we can protect the users. When we look at primary listing, we only select the high-quality projects because we want our users to have the best investment and trading experience on BitMax.io.
Are you satisfied with the current results of BitMax? Is transaction mining model giving expected volume? What is the % of traders using this model?
We are very pleased with current business development and delivery results from client acquisition and trading perspectives.
On the business development side, we completed the global setup for both 50-member team organization and comprehensive legal entity structure from Asia to North Americas in 2018, which laid down foundation and paved way for 2019 business expansion especially with US.
Since our platform launch in mid Aug, we successfully started Industry FIRST transaction mining and reverse-mining exchange and built out the most active global communities and users within four months in the bear market, with registered users more than 95k; average daily active traders more than quadrupled since the start of transaction mining; average daily trading volume of $465mm through the month of January and February in 2019. Those are extremely promising under this tough market condition.
From the composition of trading volumes, there are two parts — transaction mining which grows exponentially; second is organic, the regular trading which has experienced healthy increase as well because of all the listing activities and all the incentives we have. The regular trading takes about 5% of total trading volume, which is very good for an exchange which was launched in August and running right into the bear market.
What are the key factors that drive the value of the token/coin?
From traditional finance /investment view token economics is really a balance act between business / economic model and exchange market force, driven by three factors: intrinsic value and sustainability, supply and demand, and liquidity and depth.
First, from a traditional finance perspective, we need to look at the intrinsic value, the economic valuation behind a project. How does this project make money? Do they really have fundamentals? Do they really have a viable business model? Do they really have a solid user base for future growth? For example, our exchange business model is very simple. We are exchange; People trade on our platform. The more they trade, the more transaction fee the exchange collect — the revenue source. The exchange will last when people keep trading on the platform and the transaction revenue generated covers the operating cost of running an exchange.
Second, it is the supply and demand of token on the market — who will buy and for what purpose; who will sell and under what scenarios. For major currency coins like Bitcoin, people might buy and sell for potential investment or use in actual payment processing. For other types of token, it is more driven by short-term trading pattern and profit taking. So it is extremely important to set up certain token mechanism to support the equilibrium of supply and demand like how Central Banks manage the supply of currency in circulation through monetary policies.
Third, when the market force comes in, it comes down to the liquidity and depth. Exchange is about liquidity and market depth. That means there has to be enough of trading volumes at each pricing level for each token. For BitMax.io, we have very sophisticated market making model that is similar to Designated Market Maker model of New York Stock Exchange. We focus on providing liquidity and maintaining a fair and orderly market for those token listings who agree to engage our market making services.
Every exchange is looking for good projects in order to become a premiere market for this new asset. Can you name some projects that impressed you recently (even if you are not discussing possible listing with them)?
BitMax.io has strict listing requirements in order to identify high-quality projects for our users. Very proud that we have listed five industry star projects in the last several weeks, with more in the pipeline. All of them have the following attributes that made them successful — viable and profitable business model, growing user bases, strong community support, and comprehensive funding sources.
One of the shining examples is European project named LTO Network listed mid Jan. Its price has been steadily rising since then, as more and more people get to know their business model and more project support comes into the market place to buy the tokens — It uses blockchain technology to streamline a lot of legal processing for one of EU governments, which is very easy to understand its economic value from a revenue perspective. This is simply what people need to see eventually, clean and clear from business economic model perspective.
Let’s imagine a crypto market in 5 or 10 years. Can you make any prediction what the market will look like? What customers will expect from exchange in 5–10 years?
Based off my long-time experience in traditional trading, especially how equity market evolved last twenty years, I would imagine maturing market structure and entrance of institutional investors are key mandatory and healthy development of digital asset market.
First, As the market develops and expands globally, traditional institution participation is a must, in order to upgrade and strengthen the overall market structure and maturity, making it more transparent and resilient, and most importantly enabling the real broad-base adoption of digital assets. Most institutional investors, such as mutual fund, pension fund and other financial institutions, hold the majority of world investment assets, not individual retail investors. Only when those big guys join the market, will there be real revolutionary improvement and expansion of the digital asset just like any other financial markets.
Second, I would expect the market to become more structured with major building blocks for transparent trade life cycle processing and separate risk analytics supporting services. Current crypto trading market is very fragmented with exchanges taking on different roles of trading, wallet management, custodian, etc. Also the lack of clear and consistence regulation on market structure has led to many aspects of market inefficiency — inconsistent liquidity and depth, wide spread, high transaction cost, high volatility, speculation, etc. This definitely hampers the broader adoption of digital assets from institutional investors.
Forward looking, multi-tier structure under some level of regulatory framework with clear guidance is required for future maturing market. Similar to security market, there should be at least three layers of different and independent roles: the role of broker dealer to handle the client relationship with good KYC/ AML processes, retail clients, other financial institutions, blockchain players and to take client order as agent or dealer; the role of exchange to focus on listing and trading — liquidity provision and order matching; the role of clearing house to provide clearing and settlement and custodian on custody of assets with proper control and independence. It is very clean and clear with good check and balance in place.
What are the key challenges for 2019?
During our 2018 business planning, we clearly view 2019 to continue being full of challenges with market uncertainty from both asset price and valuation as well as regulatory development globally. In prep for that and further growth of our platform, we have laid out the following four main strategic objectives and they are all well underway:
  • To launch North America trading platform for high networth and institutional clients. With North America being heavily regulated market, there are two aspects of our plan — First is to leverage a trust structure to facilitate the major coin trading with fiat, and the second is broker-dealer license application with potential for securitized tokens pending regulatory guidance in place.
  • To enhance BitMax.io platform and reach global top-tier exchange. We will continue listening to our users and working hard to enhance user interface and experience by upgrading website vs. other competitors for better client retention.We will continue leading product innovation among the competitors with margin trading (successfully launched in mid Feb) and then derivative to attract new clients.
  • Relent focus on implementation and expansion of current business lines — listing, Market Making, marketing advisory services to grow current revenue base; and further seek new revenue opportunity through North America platform while maintaining cost discipline.
  • we are always on the lookout in terms of exchange alignments, acquisition target, and any business partnership from different aspects of the value chain.
When do you expect a market recovery or next bull run? What are the factors that will influence the start of the market recovery?
With current market crash or correction, there are two possibilities from trading perspective — recovery depending on whether this is a V down or U curve. The U curve occurs when the market collapses, it takes a longer time for market to find the bottom and struggle to rise up. The V down is like a quick collapse — dropping down very fast and reaching the bottom, and then, with some catalyst event, either catalyst from market structure, or catalyst from the market expansion itself, suddenly it gives a boost and bounces right back up.
For market recovery, besides all the investment and economics elements I’ve discussed above, I believe one critical factor is the regulatory development especially clear guidance from key regulatory bodies of those major financial markets such as US, UK, EU, etc. on those key building blocks I mentioned in the maturing market structure. Once those in place, more traditional institutional investors will be ready to get in and hence boost the liquidity and valuation of the digital assets. That is the new beginning of digital assets being accepted as part of Main Street investment globally.

submitted by BitMax_Support to BitMax [link] [comments]

CoinFLEX announce $10m funding and Market Making Program

Physically delivered crypto futures exchange, CoinFLEX, has announced its $10 million funding total for this year, with contributions from crypto investors Polychain Capital, NGC Ventures II and NGC Ventures.
Other bitcoin advocates who invested in the crypto exchange, based on the African island Seychelles, included Divergence Digital Currency and Roger Ver.
CoinFLEX have a trading volume of more than $150 million
With a trading volume of more than $150 million, CoinFLEX has also announced the launch of its Market Making Program.
The initiative will target professional proprietary trading firms, hedge funds and institutions within the cryptocurrency industry, giving eligible firms the opportunity to be a part of CoinFLEX’s success, whilst meeting pre-set monthly objectives.
“Since going live in March, we’ve seen rapid adoption of the CoinFLEX platform,” says CoinFLEX CEO, Mark Lamb. “Now, with a consortium of high profile and engaged backers in place, we’re ready to grow liquidity even faster to create the leading way for investors to hedge their crypto exposure with zero manipulation risk.”
Investor Polychain believes cryptocurrency futures are “a natural evolution of trading”, seeing high potential in CoinFLEX’s physically delivered futures.
Fellow investor, NGC Ventures, agrees, calling crypto derivatives “an important financial tool within our evolving ecosystem”. NGC look to CoinFLEX, who have a “shared vision of bridging the gap between traditional financial practices and the emerging crypto economy”.
* More Details Here
submitted by sa007sammy to BankingInfo [link] [comments]

Why Bitcoin Futures aren't a conspiracy against Bitcoin

Recently there has been a lot of talk about Bitcoin futures causing downward pressure for prices, especially with expectations of a crash around expiry date. Its clear that not many understand how derivatives work or why the specific structure of the CME/CBOE future contracts makes it so there is a pretty much no chance that there is a collusive scheme by futures traders to crash Bitcoin.
So I wrote up a quick description of how it works, and why there are 3 major reasons that futures are not to blame for Bitcoin's decline in price.

How futures contracts work

Futures contracts are an agreement to buy or sell an asset on a specific date in the future at a specified price. If you take a long position, you agree to buy an asset in the future at a specific price when the contract expires. When you take a short position, you agree to sell an asset at a set price when the contract expires.
A simple example to illustrate: Think of a shipping company who has a bunch deliveries planned in a year. The price of fuel is $2 per gallon today. They can enter a futures contract on an exchange that will allow them to buy say 10,000 gallons of fuel at $2.5 per gallon. A fuel wholesaler might be willing to take this contract on to lock in the $2.5 price guarantee. If a year from now the price of fuel rises to $4 dollars a gallon, the shipping company will save (4-2.5) x 1000 = $15,000. In this case its a risk management tool, often used in financial markets to hedge against the risk of changing prices. However it can also be used by speculators, simply to profit off expected changes in price and these are generally cash settled.
Bitcoin futures are cash settled, meaning no bitcoins actually change hands when a contract expires. The differential between spot prices (ie. current price) and the contract price is settled with cash. Winning traders effectively collect their gains from the losers.
A key point to realize is that futures markets are a zero-sum game. For every long there is a short. For every winner, there’s a loser. Every dollar of one trader’s profit is a dollar lost by another trader. If someone wants to bet big that bitcoin is going down, say, by shorting 1,000 bitcoin contracts, there needs to be one or more traders willing to take the opposite side.
Bitcoin futures trade on two exchanges: CME and CBOE.
The CME is the big one and offers contracts with a unit size of 5 BTC per contract. It has a contract limit of 1,000, meaning that no one party can have more than 1,000 contracts.
The CBOE offers contracts with a unit size of 1 BTC per contract. It has a contract limit of 5,000 contracts.

Why Bitcoin Futures aren't crashing Bitcoin

Reason #1: There simply isn't enough open interest position or volume
You can look at the total open interest and volume for BTC Futures on the CME for January 25th, a day before expiry:
http://www.cmegroup.com/trading/equity-index/us-index/bitcoin_quotes_volume_voi.html?marginsTab=SOM
The total volume for January was 769, the total volume for all months up to June 2018 is 1,223 contracts. The "open interest" number is the number of contracts which are still open (ie. haven't settled) and its only 139. If you go back to the beginning of the period just after the prior expire date, there were only 560 open contracts for the January 26th expiration date.
What this means that the total market on CME for shorting futures for the end of January period was only 560 x 5 = 2,800 BTC.
What if those evil Wall Street suits had the brilliant idea to buy Bitcoin back when it was $8,000 and then now flash sell it to bring the price down to profit off the short side? On January 19 the open interest was 560 contracts and the BTC price was $11,500, lets say the entire open interest is actually one group of people colluding to profit off the short positions. That means there is a total of 2,800 BTC value is contractually at stake, with a total nominal value of $32.2 million. Futures markets have something called "margin requirements", which is the minimum amount you have to pony up as collateral when taking a futures position. For Bitcoin its 43%, which means that they would need to put in $13.8 million of capital to short 2,800 Bitcoin.
According to Bitcointy, the volume traded in Bitcoin/USD on January 19 was around 134,000, with about 16 million BTC in circulation. This actually drastically underestimates the total volume of BTC traded since it excludes the big Asian markets, but let actually give the scenario this benefit. Lets imagine that someone would need to purchase just half of the daily volume (about 77K BTC) or about 0.5% of the total Bitcoin supply and then dumped it, and lets say this caused a huge $3K drop in Bitcoin price from its $11,500 price level back to about $8,500. They would need to pony up $616 milion to purchase just 77K BTC (0.5% of the supply) at $8,000. Assuming they achieve the $3K drop in price, that would net them a profit of 2800 BTC x $3,000 = $8.4 million from a $11,500 settlement price, or about 1% profit on their BTC purchase investment, less than a guaranteed government bond. All of this is assuming that 0.5% of the outstanding float would be enough to drive the price down $3K, and that they could somehow not experience substantial loses themselves in the dump. Basically it doesn't make any sense, the volume of open interest for futures available is simply too low to make this anything akin to profitable. Even if we assume there was a collusion scheme by everyone participating in the short market.
You can look at the Settlements to see the total open interest for all remaining months:
http://www.cmegroup.com/trading/equity-index/us-index/bitcoin_quotes_settlements_futures.html?marginsTab=SOM
The total open interest for all months up to June on January 25th is only 1,459 contracts. That's means the entire market for shorting Bitcoin up to June is only 7,295 BTC. No matter where you set the entry point, the return simply doesn't justify the risk or initial investment required.
Reason #2: The margin requirements are too high to offer enough leverage to manipulate the market
One attraction of trading futures is the ability to use relatively small amounts of money to potentially achieve outsized returns. In a lot of futures market, the margin (the amount of money that your broker requires up-front) can be quite small compared to the ultimate value of the contract. For example looking at CME Futures market for S&P 500 futures, each contract is worth about $143,000 (50 x S&P 500 value) and the margin requirement is only $4,800 (as of writing this) or about 3.3% nominal margin rate.
Your margin account balance is adjusted at the end of every trading day to account for the winnings or losses of the day, this is called daily settlement. If your account balance falls below the margin minimum of $4.8K you'll need to quickly add money to your account or your position will be summarily closed out by your broker. On the plus side, if you've predicted the S&P's direction correctly your profits will be that same as if you completely owned the underlying stocks in the index. A +1% daily move in the S&P500 would yield $1430 (1% of $143,000) in profit even though you only have $4800 invested - a huge return on. Margin requirements this low are only possible because the volatility of the S&P 500 is pretty low and well understood.
On the other hand Bitcoin futures have massive maintenance margin rates. The CBOE requires 40% of the notional amount for maintenance margin, the CME requires 43%. Your broker will likely require more than that.
Because of the high margin requirements, Bitcoin futures don't offer much leverage compared to just buying Bitcoins outright. You would need to place a huge amount of capital at risk just to get one Bitcoin contract on CME, the equivalent of 5 x (BTC USD value) x 0.43. If you wanted to short just 5 BTC and the price was 11K, that would require a margin of $23,650 to be maintained.
Reason #3: The big Wall Street Levered Funds aren't actually that into shorting Bitcoin
The CBOE is smaller than CME, but one neat thing about it is that it releases statistics on groupings for its futures markets, it gives out information on long vs short positions among Levered Funds, Other Reportable entities and Non-reportable.
The Levered Funds is what we would call "Wall Street", large hedge funds that invest other people's money. The "Other Reportable" would be other institutional investors but not necessarily trading with other's people's money, and the "Non Reportable" are small time investors and speculators. Here is the breakdown of Bitcoin Futures open interest contracts by these categories:
Levered Funds (Large Wall Street hedge funds)
Long Short
1142 518
Other Reportable (Other trading firms that don't necessarily manage money for outside investors)
Long Short
1243 3668
Non Reportable (ie. small speculators)
Long Short
2665 919
http://www.cftc.gov/dea/futures/financial_lf.htm
As you can see 68% of the Levered Funds actually go long on Bitcoin!
For "Other Reportable" you do have more short interest, but it only adds up to 3668 contracts and at 1 BTC/contract its only 3668 BTC, against 1243 BTC that are long. Finally the non-Reportable are the small time speculators and they're overwhelmingly long. There are a few other smaller categories that make up the difference, but overall there isn't any wide spread of short vs. longs between the big levered funds and the more retail investors.

So what did cause Bitcoin's correction around the first expiry date?

There was a plethora of factors that compounded around that mid-January expiry date: the cyclical selloff period that we usually see combined with FUD headlines coming out quickly regarding regulation out of China, Korea and Europe. Its highly unlikely that futures actually caused any of the sell off, they actually provide stability by helping with price discovery.
If futures do have any downward price pressure on Bitcoin, its largely psychological. Let face it, most Bitcoin investors don't understand anything about finance or derivatives, to them the CME futures are this big scary Wall Street boogeyman that is trying to take Bitcoin down. In essence you got a self fulfilling prophecy, lots of people feared the futures expiration would cause a crash so they panicked and sold, bringing the price down. Its a perfect thing to scapegoat after the huge bubble we saw started to correct. This is what I fear, that a lot of people will now look to anything to point their finger at to blame for Bitcoin and cryptocurrency price declines. Everything will be scapegoated, from the CME futures to "weak hand Asians" to governments to Wall Street.
As we inevitably revert to the mean, very few will be willing to accept that it was their own unrealistic expectations of returns that are continually parabolic that is the sole reason for the gross mispricing of most cryptocurrencies.
submitted by arsonbunny to Bitcoin [link] [comments]

Bitcoin Derivatives Clearly Explained BitOrb: A Crypto Derivatives Exchange Best Exchanger: PayPal To Bitcoin Exchange Instantly  buy bitcoin with paypal CFA Level 3 (2020): Derivatives - Zero Cost Collar JP MORGAN: BTC HAS PASSED THE TEST. Bitcoin has longevity as an asset class

The price of Bitcoin plunged from $10,160 to $9,012 on BitMEX within less than 28 hours, dropping by 11.3%. It coincided with a staggering 5.6% drop of the Dow Jones Industrial Average (DJIA). Now, as the cryptoconomy prepares to enter a new decade, derivatives products will play a pivotal role in price discovery. 2020 will be a big year for bitcoin and for the futures markets where Hedge, Arbitrage, Invest: Stablecoin Demand in a Zero Interest Rate Economy 2020.04.14 Olivia Capozzalo Since mid-February, the market value of Bitcoin (BTC) has fallen by more than 30 percent. Bitcoin.com Exchange is thrilled to announce the upcoming listing of a new digital asset on the 20th of August 2020 at 10:00 UTC. BUY by Burency is a new cryptocurrency that aims to increase Fig 3: Derivatives Volume per Exchange from the latest CryptoCompare Exchange Review Instruments. In this section I briefly explain how the perpetual contracts and options on bitcoin work.

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Bitcoin Derivatives Clearly Explained

Educate yourself on how to trade Bitcoin correctly, just like I have done. If you take all 3 levels, the last level is jaw-dropping as you will learn how to buy stocks for free. Get a $50 discount ... Hedging Bitcoin with Futures - How to Protect Your Long Term Crypto Investments During a Downturn - Duration: 10:23. Pro Trading Mentors 5,158 views A crypto derivatives exchange that is fair, transparent and easy-to-use for all levels of traders. ... Hedge your Bitcoin gains using Deribit Options : ... Bitcoin Derivatives Clearly Explained ... (How to) Hedge your Bitcoin gains using Deribit Options : Derivatives exchange - Duration: 11:42. MrJozza 21,660 views. 11:42. HEDGING TUTORIAL Profit From ANY Direction! More info on those innovate derivatives using Zero Trust Contracts. This is poised to potentially upend the financial system.

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