Bitmain Unveils 2 Bitcoin Miners With Max Speeds Up to ...
Bitmain Unveils 2 Bitcoin Miners With Max Speeds Up to ...
Bitcoin Mining Pool Bitcoin.com
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09-03 05:13 - 'BitMax will terminate the Transaction Mining and Reverse-Mining trading at 10:00 a.m. EDT on September 12th, 2019.' (self.Bitcoin) by /u/foncryptofever removed from /r/Bitcoin within 347-357min
PowerTrade Fuel $PTF PowerTrade is on a mission to be the easiest platform to trade crypto options. For those new to crypto options, this means that with PowerTrade you can be bullish, bearish or both, on Bitcoin, Ether and other leading cryptocurrencies. Currently crypto options represent a $0.03T annual volume vs $1T annual volume in the spot markets. Thus, there is much room for growth. Key Features Mobile First To give traders an optimal experience for trading options the PowerTrade platform is mobile-first with an intuitive interface for beginners and pros alike. This enables access to trading opportunities when at home or on-the-go. Committed to Low Minimums New traders often wish to test platforms with low minimums. The PowerTrade platform uses fractional contracts which allow traders to get started with as little as $1. Built for Beginner and Advanced Traders PowerTrade makes access to crypto options simple for beginner traders with a carefully designed trading experience. Through the same interface, advanced traders will also be able to execute sophisticated strategies from their mobile device such as iron condors, straddles, and strangles. Token Use There will be the Fuel Token on the PowerTrade exchange and the benefits are: • Stake tokens to get reduced fees • Earn staking rewards • Liquidity mining incentives • VIP Access There is also a DeFi alternative to an insurance fund, a DAO (decentralized autonomous organization) that provides cover for the exchange margin facility. Token holders can vote on treasury management such as: • Hedging risk or seeking additional yield • Approving claims to cover exchange shortfalls • Providing cover services to other exchanges Who is the team behind PowerTrade? The team includes experienced executives, product, and trading folks from top institutions and crypto firms, including Liquid, one of the earliest and crypto exchanges that has done over $50B in volume in the last 12 months. Other news PowerTrade raised $4.7 million via token sales in a round led by Pantera Capital and joined by Framework Ventures, CMS Holdings and QCP Capital among others. Prominent founders Kain Warwick of Synthetix, Loi Luu of Kyber Network and Bobby Ong of CoinGecko also participated. Conclusion As we’ve seen from FTX’s acquisition of Blockfolio, mobile-first products are very valuable and can unlock more engagement and usage from users. PowerTrade is looking to bring crypto options trading on the retail side with lower friction on onboarding and a higher bar for user experience. The options market is growing and poised to be substantial while other adjacent instruments could be explored. The team has the right mix of institutional/trading and crypto experience and with the this supporting cast of investors, is in a great position to deliver on their vision. With success, I can see the entire crypto derivatives market expanding to more mainstream users and growing exponentially. You can trade PTF on Uniswap here: https://app.uniswap.org/#/swap?outputCurrency=0xc57d533c50bc22247d49a368880fb49a1caa39f7 You can view PTF listing information on Uniswap here: https://uniswap.info/token/0xC57d533c50bC22247d49a368880fb49a1caA39F7 You can trade PTF on Bitmax here: https://bitmax.io/en/basic/cashtrade-spottrading/usdt/ptf Trading Information and tools: • Coingecko: https://www.coingecko.com/en/coins/powertrade-fuel • CoinMarketCap: https://coinmarketcap.com/currencies/powertrade-fuel/ • Dextools: https://www.dextools.io/app/uniswap/pair-explore0xbe38a889d67467b665e30e20ee5604a6f5696e38 Price $0.19 Market Cap $1.4m Key Investors include pamtera capital. 4.7m in funding.
Weekly Update: The Parachute culture, $COTI on Gate.io, Pynk crowdfunding campaign live, Voyager + Sterling Trading Tech…– 22 May - 28 May'20
Heyo! Continuing with our six-part catch up series to get up to date on the May and June news from Parachute and partners, here’s Part II of VI (22 May - 28 May'20): If you're in crypto, there's often the random pump/moon/wenBinance talk that props up from time to time in groups. Especially, when someone new joins a project and is unfamiliar with the community culture. At Parachute, we have always made it a point to have more meaningful discussions than price. Cap shared some of his thoughts on this as well. For the #culturalweekend prompt this week, Jason got Parachuters to share about “something weird your family does that is a tradition for them but not a traditional tradition”. Peace Love’s Big Trivia in TTR was quite fun as always. The beta testing group for ParJar swaps was set up this week. Also, Chris organised something amazing this week which will possibly remain a secret amongst Parachute admins (and Doc Vic 😊 ). But if word of it ever goes out, you’ll realise why Parachute is the most wholesome project in all of crypto. Chris also gave out some cool $PAR to folks in the Parachute channel to talk about "something that you didn't spend much money on that had a big impact on your quality of life". This week's Two-for-Tuesday featured music from "female artists, including bands with at least one female member". Click here for the playlist. Thanks Sebastian! Some good cheer from Alexis all the way from Germany aXpire’s May recap video covers product updates from Bilr, PayBX etc. To track this week’s 20k $AXPR burn, click here. The team also shared success strategies for law firms. 2gether co-founder Salvador Casquero wrote about best security practices in finance. A new update was pushed to Wednesday Coin’s dApp, WednesdayClub. In this week’s XIO discussions, Citizens talked about ideal time allocation strategies for research and execution. Top Citizens on the Leaderboard stand a chance to win some cool merch. Also, watch out for pesky scams. Voyager announced a partnership with Sterling Trading Tech to launch a crypto trading widget. Proactive Investors covered Voyager in its latest piece chronicling their growing user base. As mentioned in a previous update, CEO Stephen Ehrlich’s crypto investment webinar happened this week. Switch crew did a community AMA just before the $GHOST airdrop snapshot. The team expanded with new dev hires. In preparation for the $GHOST airdrop, ProBit completed its $VSF:$ESH swap and Stex announced support for $ESH/$GHOST airdrop. $ESH was listed on HitBTC and Changelly. Folks who guessed these exchanges correctly won some tokens as well. Founder Josh Case sat down with Mr. Backwards for an interview. Among several updates to the Ghost website, a staking calculator was added. Click here to read the latest technical update from Fantom. $FTM was in the running to be added as a collateral for DAI. Congratulations to Uptrennd for becoming the highest ranked blockchain-based social media platform as per Alexa. They started a SmartLink campaign with 2key Network. The first Uptrennd halvening went live this week. The team is reachable on Discord from now as well. District0x’s latest District Weekly and Dev Updates can be read here and here respectively. Hydro team shared their thoughts on how virtual cards for independent contractors (otherwise referred to as 1099 employees) could improve reimbursement practices. Entries for their Decentralization Ambassador program were opened this week. These look great, XIO team This is what is planned for the GHOST ecosystem currently SelfKey compiled a master list of crypto lending platforms. The Loans Marketplace will feature many of these. Full transcript of the May 12th AMA was released. SelfKey advisor Edmund Lowell spoke at the BlockConf DIGITAL conference this week. Mongolian exchange AIS-X joined the Exchange Marketplace. Pynk’s crowdfunding campaign on Seedrs went live this week. Check out their campaign video here. Amazing production! Plus, this cool feature in City A.M. was the perfect way to close off the week. Wibson hosted a meetup (online of course!) for its Spanish speaking community this week. The crew also introduced the app at an Ethereum event in Buenos Aires. Harmony burned all mainnet tokens mined before Open Staking going public. The latest staking stats and validator data can be seen here and here respectively. That’s right, 3B+ $ONE is already staked. Woohoo! With its latest CoinDCX listing, $ONE got its first INR trading pair. Saweet! The major improvement proposals that were discussed with the community this week were making Open Staking more decentralized and creating a more liquid staking market. This led to the first release after Open Staking. The winners of the effective-median-stake contest were announced. Hope you got a chance to take part in the Flash Quiz. Do you know about all the projects that have been built in the Harmony ecosystem? Here’s a rundown. The team hosted an AMA as well. BitMax changed some of its rules for $ONE staking. Check out COTI’s latest network growth stats here. And super congratulations on winning the Gate.io listing vote! $COTI was also added to Binance’s Locked Savings staking program. Broking platform Troy Trade partnered with COTI to improve its scalability. DoYourTip’s $DYT now has 2500+ HODLers. Neat! Mycro was invited to join BitForex’s app platform CAPP Town. GET Protocol’s GUTS Tickets was covered in Cryptogeeks’ latest blogpost on blockchain-based ticketing. And with that, it’s a wrap for this week in Parachute and partners! See you again with another update. Cheerio!
Crypto News Summary- May 6 🔹 General News: — Ukraine considers using nuclear plants for cryptocurrency mining — Dutch central bank gives crypto firms ultimatum to register 🔹 Coin Specific News: — Bitcoin breaches $9.2K as open positions on CME Futures hit 10-month high — Frontier Wallet will offer Elrond DeFi products & staking tools — RiveX (RVX) will have a premiere listing on BitMax on May 8 — GeoDB to be listed on Bitforex as of 8th May — JUST (JST) will have a premiere listing on Poloniex on May 7 — Celo Network reveals over 20 new alliance members — Ripple joins ISO Global standards body on cross-border payments 🔹 Exchanges: — Bitfinex launches Bitcoin dominance futures 🔹 Cool tech fact: In 2010, Finland became the first country to make access to the internet a legal right to its citizens 💬 Quote of the day: Your personality is a phantom even more insubstantial than your body. Personality is a work of art... it’s like music, which vanishes as soon as it’s played. —Alan Watts 🔹 Brought to you by @GainsANN
Asia’s Leading Exchanges Team Up Amid Chinese Fcoin Closure
Experts predict further increase in the merge-and-acquisition (M&A) deals in 2020 One of the leading crypto exchanges in South Korea – Bithumb, announced that the company enters into a pivotal cooperation with BitMax, a Singapore-based digital asset trading platform. The joint forces will concentrate on the development of new services and products to expand the global presence for both Bithumb and Bitmax. The signed on February 17, 2020, Memorandum of Understanding (MoU) between the two companies comes amid extensive competition in the crypto exchange sector. The main goal of the MoU is to battle the competition with the launch of jointly developed services and products. Bithumb and BitMax would share knowledge and technical expertise in the fields of blockchain and IT infrastructure. George Cao, CEO of Bitmax, commented on the news about the partnership, stating that “product innovations have always been in the core of our institutional trading platform.” “We are excited about the new partnership, as now we can combine our know-how and technical infrastructure with Bithumb’s deep understanding of the crypto business. We will work side-by-side to create products and services, operable across the ecosystem of both companies”, Cao added. BitMax, despite founded in 2018, gathered a strong team of Wall Street veterans, including people with prior experience for Bloomberg, Goldman Sachs, Deutsche Bank, and Gemini. Even Greg Cao is the former CIO of Delpha Capital Management. Bithumb relies on the expertise level of the people at BitMax to further improve its products. BitMax, on the other hand, is one of the top-10 global market players, based on liquidity. The cooperation would enhance Bithumb’s security, as the exchange suffered from at least three hacks during its lifetime. The partnership comes amid Chinese crypto exchange FCoin shutting down operations, leaving $125 million worth of cryptocurrencies away from its clients. According to Zhang Jian, the founder of FCoin, the company may not pay its users around 13,000 Bitcoin. Despite Jian reassuring clients that the shutdown of the operation is not an exit scam, crypto experts are on the opposite opinion. Zhang announced that the shutdown is a consequence of a series of data errors, and that “the problem is hard to explain with plain words.” FCoin is a rather new exchange – it started operations in May 2019. FCoin quickly became a news sensation, reporting record-breaking trading volumes with its innovative “transaction mining” business model. However, several crypto enthusiasts reported that the trading volumes are not real. Some users even accused FCoin of using bots, which “manipulate” prices. Signals for fraudulent behavior started from the get-go since FCoin distributed half of its native tokens without airdrops or an ICO campaign. Changpeng Zhao, Binance’s CEO, even called FCoin a Ponzi scheme, stating that “FCoin’s founder apparently found a better invention than Bitcoin. However, the large number of data-derived problems that we noticed, as well as dividend and mining returns, would not result in any good.” During the shutdown, FCoin utilized its risk-control account, further increasing the speculation about FCoin committing and exit scam scenario. However, Zhang wrote that he, personally, would reply to everyone, seeking to withdraw funds. Zhang even mentioned a compensation mechanism from his other projects, but as of press time, there is no evidence of the existence of such businesses.
Ferrum Network and BitMax.io Announce First FRM Burn Event
https://preview.redd.it/c47bdu971sl31.jpg?width=800&format=pjpg&auto=webp&s=7dbc5bf5edd92bf6a09d3dce0421ace66ead00b6 New York, NY, September 10, 2019 — BitMax.io, the industry’s next-generation digital asset trading platform, and Ferrum Network, a high-speed interoperability network for real-world financial applications, have announced their first Ferrum Network Token (FRM) burning event. Burning is a major component of the Ferrum Network ecosystem. Each transaction on the Ferrum Network requires a small amount of FRM be spent and burned as gas. To demonstrate Ferrum Network’s commitment to burning, Ferrum is proud to announce its first burning event with its partner BitMax.io. Overview of Ferrum Network Ferrum Network is an ultra low-cap DeFI project bringing world-class financial applications to emerging markets. Ferrum aims to empower millions of people around the world with advanced financial applications that run on a DAG-based interoperability network, which can connect to nearly any blockchain and works natively with fiat currencies. It’s like the Lightning Network, but for every blockchain. The first Ferrum Network product is a African fiat gateway and payments app Kudi Exchange. Kudi was launched in June 2019 and has been growing daily. https://preview.redd.it/pspxcm8e1sl31.png?width=1082&format=png&auto=webp&s=5581252a3ceab47f9d680d651807aa30c2f4136a Next Ferrum will launch UniFyre Wallet, a non-custodial wallet for risk-free OTC transactions and staking of any cryptocurrency. As a global project, Ferrum will be launching UniFyre in numerous languages, including a Chinese version. https://preview.redd.it/g5zhvo5f1sl31.png?width=848&format=png&auto=webp&s=2a52d494c3d5827401245391428176d2fa554e2e How do the products connect to the FRM token? All products and transactions will run on Ferrum Network and use FRM as gas. Every time a transaction occurs, it requires a small amount of FRM be spent and burned. Therefore, when fully scaled, tens of thousands of FRM will be burned daily through the African users alone. Ultimately hundreds of thousands of tokens will be regularly burned once the remaining products like Infinity DEX and Sub-Zero Wallet are released. Progress Since Listing on BitMax.io On August 1, 2019, Ferrum Network’s ICO sold out in minutes. On August 5th, FRM listed on BitMax.io as its primary exchange. Here are the major developments since listing.
Token Bridge. Launched the Ferrum Network Token Bridge for instant swaps of ERC-20 FRM and BEP-2 FRM. With an emphasis on user experience, the Ferrum Network Token Bridge is simple, fast and reliable. In addition, the token bridge fee are paid in FRM. Not only did those fees burn approximately 60,000 FRM thus far, the Token Bridge also provides early FRM utility.
Social Mining.Social Mining is a next-generation community driven marketing tool that rewards community members who add value to Ferrum Network in the form of articles, videos, and other high-value social media content. To qualify, users must hold a minimum of 5000 FRM. To date, about 2,300 users have signed up, with nearly 500 users holding at least 5000 FRM.
Binance DEX. Less than 30 days after the BitMax.io listing, all Binance DEX validators voted “yes” to list FRM/BNB pairs, and on August 26, 2019 FRM was listed on Binance DEX.
Kudi Exchange Progress. Ferrum’s African fiat gateway began an aggressive marketing campaign, hosting many events in Nigeria, signing up nearly 50 merchants for the point-of-sale system, and adding nearly one thousand users.
FRM Staking. Ferrum has moved up the time to introduce staking and will be releasing a web-based staking application within the next few weeks.
UniFyre Beta Launch. Ferrum will soon begin beta testing of UniFyre Wallet. For those interested in participating in beta testing, sign up here.
3rd Exchange Listing. In the next week or so, Ferrum will announce its 3rd exchange listing.
Kudi Rebrand w/Bank Card. Kudi rebrand is coming, including the addition of Ethereum and lower fees. Moreover, the launch of the Kudi Card! The Kudi Card can turn digital currency into cash, and can be used anywhere debit cards are accepted. This will open Kudi to an entire new set of customers like international travelers and everyday Africans who want to use their crypto.
Learn About Ferrum's Product and How Can You Earn Some Free FRM!
https://preview.redd.it/84bkxkoj4jk31.jpg?width=800&format=pjpg&auto=webp&s=ee73653b4b049e89da7902dbc03cc470759523ce I think we should talk about what is really Ferrum is! Ferrum is not just another network that hopes to get users and products. They are building the products themselves and already have the users! Let’s look at all the Ferrum Network project has to offer (available & upcoming). 1) Kudi Exchange: It is a gateway for both Nigerian FIAT money & cryptocurrencies. Local people can use Kudi now. And one reminder, Kudi is rebranding and soon it will be working with ETH. Plus I am told they have a big surprise for Kudi that will take it to another level! 2) UniFyre Wallet: Unifyre Wallet is Ferrum’s non-custodial multicurrency wallet. It will be released soon. I think it is one of the most promising products for Ferrum Network. It will be able to stake any cryptocurrency (up to team and community decision). It will also host BNB tokens and other Binance Chain tokens. Later, it will include a revolutionary feature for over-the-counter trading that will remove the need for escrow! It will be an amazing wallet, I am sure. If you want to miss the UniFyre release, visit here and join for the waitlist. 3) Infinity DEX: As we all know, decentralization is very important for crypto space. The problem is that most DEXes are very limited because they don’t support all cryptocurrencies. Like IDEX is only for Ethereum tokens and Binance DEX doesn’t even have bitcoin! Infinity DEX will be able to support any token and have advanced features like high-frequency trading and AI driven trading assistance to help people make smart trading decisions. More information about Infinity DEX will be revealed soon. (According to Ferrum’s roadmap, it will be released next year.) 4) Sub-Zero Wallet: We all need also keeping our investment safe, but not everyone can afford a Ledger Nano, and even so they are complicated to use for the average person. Image a cold storage wallet but in a simple to use app! Then wait for Sub-Zero Wallet! It will be revolutionary. 5) Social Mining: And last, I want to remind you again about Social Mining. Ferrum Network completed its undervalued token sale just over a month. And it is already listed on two exchanges. (BitMax& Binance DEX!) And the third one is coming. So, FRM is a very promising project for the future. Then, why are you still waiting? Social Mining allows you earning free FRM. Just HOLD minimum 5000 FRM in you designated wallet and make some contributions for the community. Then, sit and wait for FRM to be distributed every 2 weeks! Let the community give you some rewards. Join Now! 6) Interoperability Network: in addition to all these useful products, Ferrum is building its own interoperability network that can connect to any blockchain and even works with fiat currencies! Interoperability is a really important technology and we have seen how the market reacts to this technology. But why wait for Ferrum’s main net when you can buy undervalued tokens right now! [And if you want to learn how can you use Social Mining, please look at this article]
George Cao :Let’s welcome lambda team . Xiaoyang and Lucy Lambda: Hello friends from BitMax ~~ I am Lucy Wang, Co-founder and CMO of Lambda. I am very happy to e-meet with you here and thx for George's invitation. I on behalf of Lambda wish all of you a merry Christmas and prosperous new year in 2019 George Cao: Great. I am a bit surprised to see a big volume day yesterday Christmas. Seems our users didn’t take a break even on holidays :) Lambda: I'd like to take this opportunity to introduce myself first, I have over 14 years of progressive career development with global leading enterprise software / service organizations as well as VC-backed start-up ventures, including HP, Oracle, and SAP. Before Lambda I was CMO/GM at two enterprise SaaS start ups in China backed by top VCs. And my partner Mr. He Xiaoyang, who is the founder of Lambda, he is a well-known expert in infrastructure and open source software in China. Prior to Lambda, he was the co-founder of OneAPM, a fast-growing infrastructure software focusing on ITOM (IT operation management) in China. OneAPM is known as the “New Relic or AppDynamics of China” and the company has received strong VC backing from Matrix Partners, Chengwei Capital, and Qiming Venture. Prior to his entrepreneur experiences, Mr. HE worked at BEA as a R&D software engineer. In addition, Mr. HE is also a blogger with strong following in China and some of his articles have been published by major media such as Forbes China, 36Kr, Sina, etc. Lambda idea was born at the end of year 2017 and the product development started from the beginning of 2018. Now let me talk about Lambda idea and what we do Lambda, is the leading decentralized infrastructure project providing secure, reliable, and infinitely scalable decentralized storage network that enables data storage, data integrity check, security verification, and marketplace for storage-related services on the Lambda Chain Consensus Network. In recent years, there have been frequent data leakage problems in major Internet platforms at home and abroad, and even business giants such as Facebook and Marriott have not been spared. Returning the value of data to data owners is an inevitable trend in line with human pursuit of freedom. The block-chain technology with P2P features provides an opportunity for this, and this area will be highly valued by the industry in the next few years. Lambda is the only provider of block-chain storage infrastructure projects in China. It is sometimes referred as “File-coin of China”or “File-coin 2.0”.our vision is to return the value of data to the data owner, with this vision in mind, our mission is to promote the decentralization of the Internet, with the goal of creating a storage infrastructure for the next generation of block-chain. After the Lambda project launch in early 2018, it has received strong support by well-known strategic and financial investors including Bitmain, Viking Capital, FBG Capital, Bluehills, Zhen Fund, FunCity Capital, Ceyuan Digital Fund, BlockVC, INBlockChain, DATA Foundation, Bitcoin World, Reflextion Capital, etc. To date, Lambda has received investment funding in excess of $10M. https://preview.redd.it/ynaos7rps2721.png?width=1267&format=png&auto=webp&s=77360b7cdf06c288e8c25675f94f5fb9d3d02137 n all the existing decentralized storage projects that are aiming to give a solution to this problem worldwide, Lambda is the first ever to announce its LPDP ( Lambda Provable Data Possession ) George Cao: I see we share several investors in common, So 2019 q1-q2 will be a big milestone for lambda Lambda: Provable Data Possession (PDP) and Proofs of Retrievability (POR) are critical to efficient decentralized data storage and its implementation, which is the essential difference between centralized network projects and real decentralized storage. Prior to Inter-planetary File System (IPFS), Lambda launched its minimum viable product (MVP) of core functions in the third quarter of 2018, and has been continuously upgrading and optimizing this in block-chains in a multi-role environment. File-coin is our main competitor, here is a chart shows the progress comparison FYI https://preview.redd.it/ewmyh9tqs2721.png?width=1267&format=png&auto=webp&s=cddc52a6d613196f6c0cbf870da42a5b82a8aaa6 For those who have interest to know more about Lambda's technical innovations, they can be find in our keep updating FAQ document posted on Medium, and I copied her FYI 1.Innovatively designed the Validator role which provides verification service for storage proof and the Validator replaces storage miner as the full-time storage proof result verifier, this greatly improves the performance of the storage and retrieval system. 2.In response to the limitations of the PDP algorithm, Lambda innovatively created a consensus network on the block-chain and used the validators role to replace the "TPA" in the PDP algorithm. 3.Innovatively modified the PDP algorithm from synchronous to asynchronous communication, which greatly reduces the communication traffic for Challenge in the system. Use of chain data as a random seed for storage miners to issue Challenge themselves addresses the randomness of TPA challenges. 4.Innovatively upgraded the PDP algorithm from periodic verification to a verification set generated by the miners to submit the verification result at one time, and fully realize the Proof-Of-Space-Time verification. on top of all the technical, Lambda creates a consensus network where data can be stored, storage space can be rented on the basis of a marketplace built on block-chain. In the Marketplace, the transaction process is: storage miners pledge hard disk sectors to the consensus network, and place orders and sell their own storage space in the Marketplace; storage users initiate purchase requests, complete the matching of storage requests through the Marketplace, and store data in the space of the storage miners. Different from other block-chain applications, Lambda is a storage mining project, we have miners mine on Lambda network. Earn LAMB tokens by contributing on the network, and users who have data storing requirements pay Lamb tokens to purchase services accordingly. The price of Lamb token not only rely on the exchanges but also supported by our miners who are doing works on the network. There are four roles in the Lambda mining network: storage miners (providers of storage space), verification miners (ensuring the integrity and security of data and packaging transactions), retrieval miners (providing download bandwidth), and users (storage buyers). 1024 verification miners promoted from storage miners constitute the Lambda-chain consensus network. So you will see three types of miners serve our users from all over the world. The key milestones we are looking at is the launch of test-net, where miners can start mining and earn testing Lamb tokens, the date will be around end of Jan. 2019 and main network will go live in Q2, 2019, most likely in Apr. Regarding our partnership, In the academic field, we have established a strategic partnership with Beijing Institute of Technology (BIT), which is well known in China for its engineering and computer science research programs, to conduct research into centralized storage. In the commercial field, Lambda has established a strategic collaboration with IOST, a well-known public blockchain project, and Perlin, a super computing platform, and started to conduct pilot projects for decentralized application (DAPP) companies such as DATA and BCV. Lambda also has close ties to many leading Internet data centers (IDCs) in China. They join the Lambda network as miners and take advantage of their surplus server capacity to engage in the Lambda network ecology. Q: Will the rest of the code be open sourced? If so when ? Lambda: we have released the codes of core function module, the test net codes will be released gradually in Jan. pls stay tuned with our official github Q: What can Lamb tokens be used for? Lambda: Lambs are tokens in the Lambda ecosystem, which are mainly used in the following scenarios: A. Users of services in the Lambda ecosystem have to pay with Lambda tokens. B. Providers of storage services in the system have to pledge a certain number of tokens. C. Verification nodes in the system have to pledge a certain number of tokens. D. Verification nodes can obtain a certain number of tokens as accounting rewards. E. Storage nodes get a certain number of tokens based on their storage capacity and their service level agreements (SLAs). F. Other roles in the Lambda ecosystem can also obtain a certain number of tokens based on their contributions. Q: What more incentives does miner gets to mine or rent storage on Lambda? Lambda: every miner stars from storage miner on Lambda network, they get paid by providing storage space, when their business getting bigger, system will select the top 1024 storage miners and promote them to validator, who will get block generation rewards from system. Q: how are the 1024 miners selected? Doesn't this become more centralised? Lambda: we did a survey to the Chinese miners, they mainly fall into two groups, either are waiting FileCoin to go live with purchased mining machine idle at home or they are doing hard drive or graphic cards mining, which has a high requirement to the hardware standard. To mine on Lambda, you need a mining machine ( computer ) that has big storage space ( because the bigger the higher probability you'll be promoted to be a validator ) and the connection to the internet Q: How much is initial supply? Lambda: Lambda did two rounds of fund raising, private investors have a lock up terms of 2+4+4 meaning the first 20% of tokens will only be released 2 months listing on exchange. so on the day one listing till 2 months there will be only around 0.5% initial circulation, and after 2 months, 5% in total. in addition to that, as we are recruiting miners to join our network, actually ppl have been in a situation where they can't wait to mine on our testnet. with the mining mechanism we have, miners need to buy Lamb token to get their mining work started, because a certain amount of pledge need to be made Q: What partnership will lambda and bitmax have in the future? Lambda: We value the way BitMax doing things and care about projects, we feel like we found the right exchange to be listed, in particular an initial listing. we will work with BitMax and do some joint campaigns to boost the community George: We have great chemistry with lambda team. Q: And are you still primary list in there, I heard the list was delay? Is it related to Huobi? Lambda: you are right, it is related to Huobi, but one thing you can be assured of is that our initial listing on BitMax wont change, but most likely a joint listing with Huobi. Q: what about the time of primary list? Lambda: we will primarily list very soon, we are targeting end of this week, now we are in the middle of some technical integration with Huobi George: We can assure everyone that our team will do our best to protect our investors and serve our listing projects. The promise does not change whether or not if we co-list with huobi. Q: We get reward to mine ? Any incentive? For testnet Lambda: Yes, you have two ways obtain Lamb tokens, buy from exchange and earn more from mining, but firstly you have to buy Lamb on BitMax haha. Are you asking the reward from testnet by mining on it? yes, you will get test Lamb token, and they can be redeemed to Lamb token with a ratio that will be specified shortly. on Lambda official website www.lambda.im, we have whitepaper, besides that we also have economic whitepaper to explain how the lambda economic system runs, on Dec. 28 we will launch our yellow paper where we will demonstrate the detailed technical realization and all the parameter setting for mining on Lambda Q: What are the implications if a miners rig goes offline or they decide to stop? Lambda: If miners rig goes off, they will not get the reward from the corresponding generated block, if they do cheating there will be punishment from the system, and if they decide to quit, the pledge will be returned Q: Lambda planning to have own FS? Lambda: Yes, FS and consensus network is separate. validators and marketplace are on the consensus network, while Files are in the File System. Q: Is Lambda GDPR friendly? Lambda: yes, we are Q: Hi can u explain what’s the requirements of decentralized data . Do You think big companies will like to use lambda services .... or it’s for medium level enterprises as big companies will go for their in house system with their reliable nodes ... Lambda: this is a good question, from I seeing it, ppl call out the protection of privacy, it is a trend and it takes steps. Lambda has two big groups of prospects users, one is DAPPs, another is the general industries such as big data, AI, IoT, Games, Financial, etc, as long as they need massive data storage demand, Lambda has the opportunity, data storage is expensive, especially when we are talking about big data, a lot of companies will value the cost in this area very much. currently we have lighthouse customer like DATA, BCV, VVshare, in the very near future, a game that is developed by Lambda team will also go live on Lambda network. from the BD perspective, Lambda will create a satellite network ( you can take it as channel network ) to bring us customers, we have a few reaching out to us already Q: Why suddenly launched on Huobi George Cao: I believe lambda team has its own consideration. Projects esp in bear market are facing pressures from different parties. Investors users exchanges. Not everything is under projects control. What we can do as an exchange is to stand by our partners and fully support them down the road Lambda: thx for the answer Q: I think you have made a great choice working with bitmax. Bitmax have really helped push new coins and their site in general with good PR, marketing and reward/airdrop promotions Lambda: strongly agree with you Q: GDPR has taken over the EU and the UK so that is very important Lambda: you are right, so we see to be GDPR friendly, which is one of our differentiator from FileCoin Q: Being GDPR friendly , European market is a go for lambda Lambda: I have this plan to develop European market by having a Raspberry program, it is still in planning. George Cao: Let’s take a last question and move to lambda community:) And as usual we will pick 3 best questions. We will send out 1000 800 and 500 btmx. @lambda do you want to pick 3 questions ? Q: Recent partnerships are interesting , can you tell us about coming q1 2019 both in terms of technical and marketing developments ? Lambda: from Marketing side, we are focusing on Chinese miners community and potential European market ( like I said still in construction ) Korean market is another, and US market to go along our compliance path, Lambda has been strictly abide by the regulations. from technical side, the most important task we are targeting is the main network launch as planned George Cao: Thanks everyone for your time. It’s a great ama as usual. We do have the best community. We will pick 3 winners and we will announce here after we finish ama in lambda community Lambda: thank you all for your time to participate the AMA, I had a great time with you, see you friends and have a nice day. George Cao: Hello everyone, Merry Christmas:) Lambda: Hello Lambdos. Today we have George, the founder of BitMax to join us for the AMA. Let's give him a warm welcome to do a introduction of BitMax George Cao: I am George Cao, founder of bitmax. I am happy to take the opportunity to talk to everyone here. Thanks to the lambda team. Let me start with a brief introduction about us. Bitmax.io (btmx.io) is an exchange founded by a group of Wall Street veterans. Unlike most projects, we are kinda of old :) core team are in their 30ish - 50ish. The 10 founding member have combined of 150 years of Wall st experience. I have 10+ yrs of high frequency trading experience therefore I know the trading system well. That’s why our match engine can handle 400k tps per second vs huobi 1000 tps. We want to build an exchange that is transparent, robust, and efficient. While our system is the best in class, we offer the lowest trading fees. We believe the current high commission will not sustain and we will see consolidating of the exchanges with better depth and liquidity and lower commission. We are happy to partner with lambda, one of the best projects in 2018. We are committed to serve the project and the community. Alright, I am ready to take questions. Anything you can ask, as tough as you want :) Q: Haha nice platform. George Cao: Thanks. We are young as a platform but we are working to deliver the best Q: I see reverse mining is new , I used many other mining exchange but all have normal mining . How does reverse mining works? George Cao: Reverse mining is an innovative approach that helps the exchange and the project in several ways. 1) the concept of reverse mining is by providing liquidity to the exchange, you get a rebate and deduct out tokens from your account of the same valued. You can think of a otc sell our. 2) the benefit is it removes lots of sell pressure from the secondary market. And provides a strong support for the token price. 3) it introduces lots of liquidity to the exchange and benefits all traders Q: The BTMX used in reverse mining are locked forever? George Cao: Yes so the total number of tokens are always reducing your Q: I've really been enjoying using the bitmax exchange so far especially with the low fees and data usage rewards. Does the exchange plan to bring in a shorting function in the near future? George Cao: Yes we will have margin and futures trading Q: It was supposed to December right ? George Cao: We postponed our margin to Jan. The reason is we want to be more careful on protecting margin call protections. Q: Margin trading and futures is important for BTMX price to drive up George Cao: Totally agree Q: Does BitMax have any activities on New Year's Day? George: We do have multiple promotional events. Including but not limited to airdrops. Please visit our website and stay tuned Q: I saw the whitepaper of bitmax, can you talk more about your dividends the formula is really hard for me ? George Cao: Sure 80% of our commission goes to our fee pool. 1/180 of the total pool will be distributed daily. As long as you are a token holder, the current rate we pay is over 100% annually Q: Oh I see, so the dividends will be smooth, great idea. George Cao: Yes unlike other mining exchanges have huge volatility on div we smooth our curve Q: I've also heard there is a mobile app in the works, is this likely to be released in the near future? George Cao: Almost done. Beta version is in testing Q: What about the north American, will it be available in the future? George Cao: We more cleared our legal path for fiat trading in us. Q1 2019 we will launch in the us Q: Great news I think this will bring a big volume. George Cao: Yes agree. Our team is excited as well Q: With promotional Airdrops that require a certain amount of the BTMX token to be held such as The lamb one that has taken place on the exchange this week. Are tokens that are locked for data usage or in cards taken into account when balance screenshots are taken? George Cao: Yes we will take that into account Q: When will be the private sale tokens be released ? George Cao: As soon as we mined 90m we will start to release Q: So let me get this right .. you give us FREE BTC and ltc and even Lambda EVERYDAY if we hold BTMX and agree to share our data George Cao: Free usdt btc eth Q: Wow. In a bear market, Free btc is the best thing ever George Cao: We share revenue with our users, 90% is usdt. Not sure if you like it:) Q: also consider adding coins like ADA and few from top 30. People need more coins George Cao: We are adding stellar and zcash soon Q: I heard they are insured Unless we give password to someone hehe George Cao: Yes we are using custodian service Q: George are our funds SAFU with you? Exchange insurance? I would say it is With the industry giants backing this exchange George Cao: Sequoia matrix bitmain fbg dhvc are our equity investors Q: What’s to stop People dumping BTMX token after free btc Or stop capital investor dumping on retailer George Cao: They get it every day. Why would they dump? All equity investors can not sell on secondary market. They can only to reverse mining Q: Will margin allow reverse mining instead of normal mining? George Cao: Not initially Q: People do irrational things when btc moves Or whales dumping, I heard there was a lock up token or something. To stop this George Cao: We required lock our tokens to get rewards. You can request to unlock at anytime but it takes 24 hours to process Q: Binance is developing DEX any plans for BitMax ? George Cao: Not anytime soon we have a looong to do:) Q: It's good you have dex in mind , with improved scalability in future maybe bitmax can build good dex George Cao: Agree Q: Retail investors are important , George knows it haha George Cao: We care most of retails Q: It would help if they also burned or locked tokens up George Cao: Yes we permanently locked Q: Seems you have everything thought of.. but how about moving to Malta? George Cao: We priority US. Once us is clear pretty much everywhere is clear Q: Doesn’t any exchange cover US right now? George Cao: Coinbase but they have 0 international coverage and 0 client service Q: What sort of systems are in place for abnormal/suspicious activity on the exchange? George Cao: We prohibit self trading. For unusual trading behavior we ban the account and as for explain in the first violation. For continued violations we permanently ban the account Q: can we get a glimpse of mobile application ? George Cao: There is a beta version you can use but we are keep improving Q: What are the precautions taken to prevent wash trading ? George Cao: We have pre trade and post trade checksums. E.g we don’t just scan one account. We check or related account Q: Will market orders and stop-loss orders be available in the future? George Cao: Yes we are working on it Q: what do you think of lambda project and community George Cao: Lambda is definitely one of the best projects this year. We have been working with lambda for months and have lots of respect ion for the team. Community is also great very well organized. I didn’t talk much but I joined lambda tele group for a while. Great interaction Q: So the trading starts at 8 pm ETC? George Cao: It’s postponed. Please stay tuned for announcements Lambda: We will make announcement giving out time and new date. Q: when please? It's also more professional to be able to give dates and respect them Lambda Cao: we are working hard and aiming the date of Dec. 29, pls stay tuned, thank you George: Unfortunately bitmax and lambda don’t have 100% control of the date and time. Huobi is holding the ball Lambda: The listing dates have been postponed and we don't want to give out a random date. I request you to have patience and wait for official announcement Lambda: we will try everything to protect retails interest Q: Can’t let houbi just arrive late to the party? Lambda: in the long run we may need Huobi to help us better protect us all George Cao: We trust lambda team can make the best decision for all investors Q: Have you been busy with listing recently? Anything else？ George Cao: We have been working 24 hours a day including Chris eve :) Listing and app and margin and lots of new improvements Q: Why would we need huobi with bitmax on our side. George Cao: Trust me we are as upset. However as an exchange our mission is to serve projects and investors. Please join us in fully supporting any decision lambda team made. We have 100% confidence in lambda Q: Are you familiar with the REKTbot and SYSTEM OVERLOAD problems at bitmex George Cao: Yes but still bitmex is the best place to trade future compare with okex Q: Slap that Hayes fool when bitmax start margin and futures.. George Cao: Haha i don’t want to declare war with them. Let’s be a bit patient :) Q: Could bitmax handle That volume and not system overload George Cao: We are 100% confident George Cao: Alright i have to run for another meeting. It’s been a great ama. Thanks everyone. For any trading related questions please contact our client support. We promise to get in touch in 5 mins 7/24. Thank you all! Lambda: thank you for participation, have a nice day!
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.
Yazom partners with parachute project. Now you can tip or trade ZOM using Parjar tipping bot.
We have Parjar tipping bot added to Yazom telgram channel. It could be used for an instant tipping of ZOM and token exchange between group members. It can be exchanged with any of the following tokens BTC: Bitcoin, BCH: BitcoinCash DOGE: Dogecoin, ERC20s: PAR: Parachute Token 1UP: Uptrennd 2GB: 2GetherBounty AERGO: Aergo AXPR: aXpire BAT: Basic Attention Token BIRD: BirdCoin BNB: Binance Coin BNTY: Bounty0x BOMB: The BOMB BPT: Blockport BTMX: BitMax CVC: Civic DAG: Constellation DGTX: DigitexFutures DNT: district0x ENJ: EnjinCoin ESH: Switch ETHOS: Ethos FTM: Fantom Token HST: Decision Token HYDRO: Hydro KEY: SelfKey MANA: Decentraland METM: MetaMorph MITX: Morpheus Infrastructure Token MYO: Mycro Token NKN: NKN OMG: OmiseGo OPQ: Opacity OST: OST Platform REQ: Request Network RSR: Reserve Rights SNTR: Silent Notary SNTVT: Sentivate SPF: SportyCo USDC: USDCoin WAND: Wand Token WED: WednesdayCoin WYS: Wysker ZRX: 0x YAZOM:ZOM ETH: EthereumLTC: Litecoin #FAQ #WhatIsParJarWhat is ParJar? ParJar is a Telegram wallet and tip bot that works with /tip messages. All tips happen off-chain. All deposits and withdrawals happen on-chain. The bot is entirely fee less. So ParJar takes no fees for tipping, depositing or withdrawing. Normal gas fees (on-chain mining/transaction fees) are charged by the blockchain for withdrawing crypto from ParJar to another wallet since they are on-chain transactions. Make sure to PM @parjar_bot to check out your own wallet on Telegram. There will be buttons in there to check balance, to deposit crypto to your ParJar wallet, to withdraw to another wallet etc. To tip someone, you simply reply to them with “/tip ” to tip them from your own ParJar wallet balance to theirs. For example, "/tip 100 ZOM".Please note, the tip command only works in groups that already have the ParJar bot added. You can see the list of ParJar supported coins/tokens in PM with the bot (@parjar_bot) You can also check price of ZOM in PM with the bot with the following commands: "/priceZOM" (for price in USD) OR "/priceZOM" followed by BTC/ETH/LTC/XLM/XRP/BCH/CAD/EUGBP/PLN/RUB (for price in one of these currencies and this feature is not available yet) To find value of, say, 10000 ZOM in ETH, use the command: "/convert10000 ZOM ETH" in PM with the botTo find value of, say, 10 USD in ZOM, use the command: "/convert 10 USD ZOM" in PM with the bot When depositing ZOM to your ParJar wallet, make sure to initiate a deposit each time in your ParJar (@parjar_bot) and follow instructions. The ZOM should be sent from a wallet to which you own private keys and not from an exchange. JOIN YAZOM CHANNEL https://t.me/joinchat/FycfwlI1-ZPCUZSjUJXOsg JOIN ZOM OTC CHANNEL https://t.me/otc_zom
Ariel Ling, COO of BitMax.io (BTMX.com) Exchange, Shared Insights of Crypto Industry (Part I)
Ariel Ling, as the co-founder and COO of BitMax.io (BTMX.com), was invited to the interview by Fred Schebesta, the CEO of Crypto Finder (Finder.com). Ariel has 18-year progressive executive experience in strategic planning, business development, budgeting and financial analysis risk management, regulatory program implementation, and process improvement for operational efficiency. She has an in-depth understanding of capital market products (stocks, fixed income, foreign exchange) in financial services and the development of international banking strategic trends (M&A, market structure, regulatory reforms and their impact). Her lustrous career on Wall Street made this interview a popular link on YouTube. (Link: https://www.youtube.com/watch?v=WBYK-w2uxWc) F: Welcome Ariel A: Thank you for having me. F: A quick background that you guys can understand a long history of Wall Street. Ariel is the former American Head of the Liquidity and Investment Products of Deutsche Bank. She has a very lustrous career on Wall Street, and she is now the COO of BitMax.io exchange, a crypto-to-crypto exchange that serves non-US oversea users. Ariel, you guys had a successful token sale. And BitMax.io offers primary listing of tokens, market making for these tokens, mining of the native token, and obviously some investment products. Do you want to tell us a little about what you see at BitMax.io and what’s special about it? A: I think BitMax.io is actually very special in this market, and our team is very proud of what we have built. First, as you mentioned, the 10 founding team members are all from Wall Street background. My partner, Dr. George Cao, and I, both of us are from a heavily equity trading environment. And my team, they are all quant team from buy-side and sell-side of the traditional finance. So one special thing about BitMax is that you could find very few exchanges in the crypto space that is built by the team with very much wall street mindset and trading background. That lends itself to the second point that is very unique about us, our technology platform. It is very much quant-driven. Because the guys were all from high frequency and quantitative systematic trading shops, when we designed the platform, we were really trying to make sure the platform was resilient and it can actually handle billions of volume, which actually came true when we launched the transaction mining. The first day, we actually had, within the first 24 hours, the trading volume of1.6 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 bad user responses, especially with transaction mining exchange. Number three is what we are extremely proud of and all the users can see, the customer services. When people think about crypto exchanges, they think about, oh my god, either computers, or just “digital” or “binary”, right? But for us, customer service is really important. This is again, one main thing from Wall Street, all about the customer centric. So George, the CEO of this organization, actually stands behind the platform — almost 24*7 answering questions from the customers, seeking solutions for their issues, and basically being the best customer service for the entire crypto space. There was an article about him in Chinese with the title of that article of “the best customer service CEO”. That is also what he actually tells all of the team members, customer first. When you design a product, when you launch a system, and when you look at user needs, you look from their perspective, from how we can protect the users. When we look at primary listing, we only look after the high-quality projects because we want our users to have the best investment and trading experience. So №3 is absolutely the high quality customer service. So №1 it’s our background, our educational and professional experience; №2 is really our platform, resilient, high volume quantitative platform; and №3 is really about the quality customer-centric strategy. F: Cool. Now it’s brutal market right now. Liqui Exchange in Ukraine just closed down. OKEx just removed 30 markets due to low liquidity. Now I guess the question is you guys have an interesting composition of your market and volume. Can you tell us about this mining and organic volume? Can you talk us through that? A: Yes sure. I think this is tough market, and then, my background is actually a lot of trading management for the equity side as well as expanded later on into the fixed income side. So we come down to exchange that it’s all about liquidity; it’s all about volume. So if you look at the market right now, the volume is shrinking due to the market volatility; and from our perspective, that’s why we see the need for this particular transaction mining model to attract the liquidity, to initiate the customer acquisition, to rejuvenate the market with some liquidity provision program in place. So there was a huge amount when we launched the transaction mining. With the first day, like I said, we had 1.6 billion trading volume. F: So that is one point six billion of volume? A: Oh by the way, we launched on November 18th. I guess what happened subsequently was that Bitcoin had a bit of issue with their price crash. And then with the volatility, the liquidity actually vaporized quite a bit. So from the volume perspective, the liquidity perspective, we worked really hard from a customer perspective, from a listing project perspective. And we saw the dip in our volume, including transaction mining in the beginning of December. However, with all the primary listing schedule we’ve got, it’s like IPO — you list a stock, you list a token on exchange. We got the volume back. So in the month of January, when I looked at the trading volume, it was basically around approximation of 500 million per day, which was very good for this market. And we are not complacent about it. Like you said, I look at the composition of our volume, the driver of our volume, we are very much cognizant: one is about transaction mining which we can get into a bit more about how that works; second is about what is called organic, meaning the regular trading. So when you look at the performance metrics, the transaction mining aspect of it which has actually exponential growth, because of all the listing activities and all the incentives in terms of the programs that we have; and there’s the regular trading. So I would think the regular trading, no transaction mining just like any exchange, it’s like 5% of the total volume, which is still very good for the exchange which was launched in August, and running right into the bear market. We are extremely proud of that. A: So I think you’ve asked a bit about the transaction mining and our token economics, right? F: Yes. A: So, here’s what I want to explain. You know the team is coming from a traditional finance side, right? People always ask about what is so special about your token versus so many other tokens, right? F: right. A: I have come up with a very interesting chart. Like I always explain to people, there is a traditional finance way, and there is the new way which is a more crypto way. But I always look at it from traditional finance way. So here is the chart we prepared. A: This is actually the key slide that I presented in the World Digital Asset Conference in San Francisco just about a month and half ago. It is, from a traditional finance perspective, how we look at the token economics. It is a balance act between the business model and exchange market force. What I mean is, to think about token just like any stock IPO, there is the economic valuation behind it. Does this project make money? For exchange, our exchange business model is very simple. We are exchange; and we ask people to trade on our exchange, so we can make money from transaction fees. F: Yes. A: So what we do is that the tokens actually really align the interests between the people who trade on exchange and the exchange. And we give them incentive to trade with us, to trade more. And there’s the second part of liquidity in terms of token. Where does the token come from? How does the token work? For transaction mining, it’s quite simple. Just like what the name says, the more you trade, the more you mine the token. This means, for every single trade you pay transaction fee. So instead of paying transaction fee, what you get is our token — if you have to pay 10-dollar transaction fee with the mining mode of trading, you actually get 10 dollar worth of our own utility token back. F: Right A: First of all, you don’t have to pay the transaction fee, so it’s incentive for you to trade more; second, you also get the platform token, which is the utility token. And then this goes back again to my second point about how do you use the consumption model of your token, right? F: Yep. A: It’s on the exchange. You pay the transaction fee, and now you’re getting the token. You have to use it. What’s the use of the token? You can use the token to pay for the further transaction fees; you can use token to actually get special benefits from a project listing. For example, we are launching margin product in about a week. As you know, when you trade margin, you have to pay interest as a risk management mechanism. So you can use our token to pay the interest. But again, BitMax.io is currently only for oversea users, not US residents. F: Oh so you can use your token? A: Yes! Actually you can get discount because you are using the platform token. And there’s also the membership. There are various ways to incentivize our users. I think just like any big exchanges that have those called Tiering Programs. If you are a big VIP, then your transaction fee gets discounted. So in our platform, you can use your platform token to get special membership to lower your transaction fee. And by the way, we are not giving away every single transaction fee we’ve got; so trading not every single pair is eligible for transaction mining. Again, we take it from a customer service perspective. We are looking at what people are scared of those days. Volatility, right? So, the trading pairs that are eligible for mining, are actually all related to stable coins. So, you can feel very safe to transact, to get the platform token, and to use your platform token to pay for your transaction fees that you have to pay on other trading pairs. It’s about ecosystem. It’s very healthy. So go back to this token. There’s an economic value, right? And there’s also the intrinsic value, the sustainability of your token which we just talked about, the ecosystem. And then, where the market force comes in, is really about the liquidity and depth. F: Okay. So in terms of the supply and demand? A: It’s where and why you use it. Where you use your token for, right? How do you get it and what you use it for. Intrinsic value goes back to your business model. Exchange is about liquidity. And then, the liquidity and market depth are very common terminologies in trading. So when you want to trade a stock, you want to trade a stock that has deep liquidity. In this particular case, it means there has to be enough of trading in terms of the token. It’s not only about my token or our token, but also about every single token that has listed on BitMax.io. We have a separate entity that looks after the market making, the liquidity of that. It’s the similar model like New York Stock Exchange. They have Designated Market Makers; what their jobs do is actually to provide liquidity to maintain a fair and orderly market.
Ariel Ling, COO of BitMax.io (BTMX.com) Exchange, Shared Insights of Crypto Industry (Part II)
Ariel Ling, as the co-founder and COO of BitMax.io (BTMX.com), was invited to the interview by Fred Schebesta, the CEO of Crypto Finder (Finder.com). Ariel has 18-year progressive executive experience in strategic planning, business development, budgeting and financial analysis risk management, regulatory program implementation, and process improvement for operational efficiency. She has an in-depth understanding of capital market products (stocks, fixed income, foreign exchange) in financial services and the development of international banking strategic trends (M&A, market structure, regulatory reforms and their impact). Her lustrous career on Wall Street made this interview a popular link on YouTube. (Link: https://www.youtube.com/watch?v=WBYK-w2uxWc) F: So with the token you know there are some investors out there. Maybe just simplify that down. Because there’s a lot of different dynamics which is incredible, but what do you think is going to drive the value of the token up? A: This is what we are actually trying to kind of change, not all that change, but trying to get people to think a bit more on a comprehensive base. So there is the perception in the crypto world: when you list a token, the price will skyrocket, and then pump and dump. So this is not what we think healthy for the industry. What we are looking at is, where the traditional finance business fundamental view comes in is: №1, you really have to make sure what drives the token valuation; it’s about the economic model in the project. So, for example, if we list a project and that token at the beginning, it will have a lot to do with the market force, meaning supplier and demand, who’s buying and who’s selling — maybe the investor wants to sell, and maybe the people who are interested in getting a lower price to buy. So, it’s purely managing supply and demanding equilibrium. And the market making support makes sure they can match all the orders. Once you go beyond that, actually to sustain a value, it really comes down to a simple question: Does this project make money? How does it make money? So right now, for example, we listed one European project last week or so. The project was actually quite simple. It is using blockchain technology to streamline a lot of legal paperwork within the government. It makes sense because you go to government, you have to do a lot of paperwork, and that technology is being adopted. It has contract with certain government agency. So that comes in as an economic value from a revenue perspective. So, this is what people need to see eventually. For our platform token, it is the same thing. What all the users care about is when you are going to launch more products to make “me” stay on your platform to trade. №2, if I hold your platform token, what kind of benefits do I get? And how can I use your token? Because it’s a utility token, if I don’t have a way to use it, why am I supposed to keep it? If I don’t have utility for that, I’m just going to dump it. And the price will go down. So my partner George, he himself is actually a PhD from University of Chicago in Computer Science. He’s got 15 years of quant trading and traditional finance that kind of structural experience. So he structured the token in the way that it’s been utilized on platform. It’s very intrinsic in a way that it is always trying to align with the economic interest between various different projects, users and the platform. F: So just talking about features, that are what the community has been asking about BitTreasure. People are interested in that. A: (Note: BitTreasure, like all products on BitMax.io, is only for oversea users, no US users.) It’s actually interesting, because BitTreasure is actually one of those innovations we are trying to see and test the water. Because when you see what it is with the crypto, it’s very volatile. And like I said, the customer support is very important. Customer voice is important, so we listen to our user community as well. A lot of them, when they are looking at this, particularly on the volatility side, given the price movement with Bitcoin and everything, BitTreasure is actually a bit more, I hate to use the word, like the fixed income product. But it is an innovation testbed. Right now what we have launched is the size of just 50k in USDT stable coin with basically 30 days, 10 percent return. That’s it. So we are trying to test the water to see people’s interest. If people are interested in this kind of steady income-stream product to balance out the risk-taking activity with the digital asset trading, sure we can definitely open up a bit more; but this is definitely the first wave of looking to bring some traditional finance, the longer term of investment, into the highs and lows of crypto trading. F: So, what do you do with the USDT? A: Right now, you know, the wallet and everything is locked up. We offer 10% interest. As we are launching margin product very soon. So that is where the income stream is going to be offset against it. F: Right. A: Yeah, because another thing that a lot of exchanges didn’t do very well and we do very well is really about how you manage your asset. If you have all your exchange predominantly in altcoin, you can imagine your price up and down, and also the asset, what you call instead of asset growth but asset shrinkage. What we are trying to do is we want to keep a very healthy balance between the ERC 20s, the Bitcoin and stable coins, because that will basically help manage business operation day-in day-out. F: Yes, 100%. That’s fantastic. And if you want to talk a little bit about now the roadmap and 2019 the business plan coming up. I think people in the community have a couple of questions around this, and we’ll come back to this. But now, what do you think will drive more usages of BitMax. A: I think BitMax is the first exchange that we’re launching as part of the global platform. And when I retired, this is what everybody kind of thought — I retired from the Wall Street. My background in Wall Street, it was a little bit different. I mean, I ran trading business, I could be a trader, but I decided to do more around business management, business planning and strategy. This is kind of my forte per se. So when I was looking at the overall digital asset space, and when I was looking at where the converganece, where the building blocks, and where the hindering are, when I designed with George, I mean, he was actually the brain power behind it. He pulled me out of the traditional finance. So when we looked at it, we didn’t look at just three months. We do have a pretty sophisticated three-year plan. F: Did you want to talk through this slide? Is that relevant? A: This we’ll get to it by the adoption. But you were asking about BitMax.io. BitMax.io is actually part of the global platform. So what we have, what we built out last year, wow it’s only 6 months but it feels long. It’s the first exchange we’ve launched; it’s Asian-based, and it’s overseas crypto to crypto. As part of the master plan, we also have intention to go down to the regulatory path, because we’ll talk about a bit about what broadens the adoption of digital assets. So what we have in 2019 is really to build on what we have in 2018 — we launched BitMax.io; we actually set up a global team- we got 20 people in New York, and we got 30 people in Beijing. Third, we actually set up the entire legal entity structure that allows us to have a bit more global presence from business perspective which actually includes the US. So from 2019 perspective, Objective №1 is actually to launch North America trading platform. With North America where is a very much heavily regulated market, there are two aspects of it. First is to leverage a trust structure to facilitate the major coin trading. And the second is what everybody has been going down the path of broker-dealer for the securitized token. So we’re aiming both of them in the plan, in the execution mode. So strategc №1 is to launch the North America market. Strategic №2 is actually to look at BitMax.io, work really hard with our team, the users, the design team, the developers, to actually optimize the platform. There are always a lot of feedbacks from the team, from the users in terms of how we improve the user experience, the graphics, the APP, all sorts of things — that’s one. Second, product innovation. So we are launching margin trading in about couple of weeks. We are actually opening test net I think this weekend. And then, the next bit piece is really about the derivatives. Because when you’re looking at any single financial market, you have to have a cash market and also a derivative market. In this particular volatile market, when you know the market is going through a bear stage, the derivative is actually giving people a lot more chances to bet your bet. So this is where we look at what the users need. Product innovation is something we are very good at. Like I said, transaction mining. We are the first transaction mining exchange that actually has transaction mining and reverse mining. Nobody else has that. And we are continuing this path of product innovation. So the idea of BitMax.io, we would like to see, by the end of the day, we are top 10 for sure — that’s what we want to see. And the third objective — this is a look where I put my typical Wall Street business head on — is in any harsh environment, you always have to grow your revenue; whether you grow from your existing pie which is BitMax.io, or you grow your revenue from new territory which is North America. And we can definitely spend some time on cost control, cost discipline. And №4 is because I had a very unique experience. I’ve gone through multiple financial crisis from Dot-Com collapse to Lehman Brother bankruptcies and everything. So in this bear market what I’ve seen, if you look at the crisis in Chinese actually, it’s actually made out of two words, danger and opportunity. So in the crisis mode, there’s always good opportunity for you to grow, whether you going to do vertical expansion, or a horizontal acquisition. So we are always on the lookout in terms of exchange alignments, acquisition target, and any business partnership from different aspects of the value chain. So that’s the four aspects of what drive BitMax. F: And what’s the timing on the US trading platform? A: It is between end of Q1 and Q2. So the broker-dealer part definitely is something you have to get the approval. The first part with the trust structure, we’ve already inked a deal. We have the contract, and we’ve already got the API. It’s just a matter of my technology team to prioritize their resource and start working on it.
(All citations are taken from Wall Street Journal) · A system to rate whether securities can be traded on venues comes as the industry continues to face skepticism from regulators about how it protects investors and complies with federal laws. · A two- year clash with the securities and exchanges commission has moved the companies toward reckoning with which cryptocurrencies qualify as investments that should fall under federal rules written for wall street. · The rating system draws from court decisions and regulatory statements describing which assets are securities as well as factors that are particular to the software networks that underpin cryptocurrencies.
(All citations are taken from Bloomberg) · Intelligence analyst from Bloomberg said that the primary thing that SEC is concerned about is manipulation and trading in unregulated markets. · Asset managers are rethinking their playbooks to ultimately pave the way for a retail-focused fund. · Any sign that the SEC is getting even slightly more comfortable with the concept could spur others to re-enter the race.
(All citations are taken from Forbes) · John McAfee boldly predicted crypto’s largest asset, bitcoin, would hit a price of $1 million dollars per bitcoin by the end of the year 2020. · His reasoning for such a price tag lies in bitcoin’s total supply, as well as logic. · Bitcoin has many commonly referenced use cases, such as its usage as a method of transaction or a type of investment, although, use as a store of value seems to be the front runner.
(All citations are taken from Forbes) · The current global financial system has proved to be inefficient in multiple aspects. With so many financial intermediaries present in the system, the users face countless security risks. · Blockchain could replace the current financial system because it is permissionless (which means that anyone in the world can connect to it), decentralized and transparent. · One of the examples of traditional financial companies that turns its face to crypto field is Rainier AG an independent asset management firm based in Switzerland.
(All citations are taken from Coindesk) · Tech giant Google claims to have achieved “quantum supremacy,” meaning it has built a quantum computer able to solve formerly impossible mathematical calculations. · Without proactive behavior to safeguard existing technologies from possible attacks, Koltun fears the future blockchain and cryptocurrencies — and also the internet at large — will be at risk. · blockchain transactions are secured with digital signatures based on elliptic curve cryptography (ECC). However, ECC is not “quantum-safe”, meaning that a powerful quantum computer could theoretically decrypt user private keys and forge transaction signatures on their behalf.
(All citations are taken from Coindesk) · Swiss Digital Exchange (SDX), a unit of stock exchange operator SIX Group, has organized a global consortium of financial institutions to back its “initial digital offering” (IDO). · The token sale is scheduled to happen by the middle of next year. The targeted proceeds are not yet public. · SDX has modified its business plan. Initially, it intended to tokenize traditional banking assets first and exotic assets like real estate and art further down the line. Now, it expects to do the reverse.
(All citations are taken from Coindesk) · Uzbekistan’s Ministry of Energy has introduced a new bill that threatens to stifle the cryptocurrency mining industry in the Central Asian nation. · The draft bill would usher in a sharp hike in the power rates charged to miners and is open for public comment until Oct. 12. (The contents above are all cited from corresponding websites, and don’t represent the opinion of BitMax.io platform)
(All citations are taken from Bloomberg) · A class action complaint accuses the companies behind Tether of propping and popping the largest bubble in history. · The suit alleges that Tether’s owners can execute effectively unbanked Bitcoin buy orders that don’t cost them anything with unbacked Tether. · The suit is believed to be able to bring an unprecedented level of transparency to Tether.
(All citations are taken from Bloomberg) · A crypto-futures exchange is offering derivatives that pay out based on the likelihood Libra will be operational by the end of 2020. · A spokeswoman for the Libra association said it has continued to share that the company’s goal is to launch in 2020, although it has no other specifics to share at this time. · While the Libra association wouldn’t confirm the specific breakdown, Libra Reserve is expected to be a “fungible pool of cash and very short-term government securities.”
(All citations are taken from Bloomberg) · If a third of the social network’s 2 billion members use Libra, it might be in more pockets than the U.S. dollar. · Facebook is creating an electronic “wallet” called Calibra that members could use to buy Libra using their local currencies. · Libra’s potential for use in money laundering is among some major concerns that regulators have brought up to the public.
(All citations are taken from Coindesk) · Crypto futures exchange CoinFLEX is issuing derivatives linked to the launch of the Facebook-led Libra cryptocurrency project. · The Libra IFO, a physically settled product, allows investors to bet if Libra will launch before the settlement date of Dec. 30, 2020. · The futures product will be available Oct. 24 and will pay out in Libra tokens. · Prices for the futures are set at $0.30, which equates to a 30 percent likelihood of Libra launching by the settlement date. · If Libra launches, future holders get a nice bonus for their faith in the project.
(All citations are taken from Coindesk) · Norilsk Nickel, a Russia-based metal company, is launching a palladium-backed token and an exchange for tokenized commodities. · The token is based on Hyperledger Fabric and developed with the support of IBM, CEO Potanin says. · Norilsk Nickel is reaching out to a broad range of regulators, setting up entities in Switzerland and the U.S. and starting a pilot with Russia’s central bank, Potanin says.
(All citations are taken from Coindesk) · Two of the industry’s most hotly anticipated PoS networks are scheduled to (re)launch in Q1 — namely ethereum and Cardano. · Ethereum has been looking to shift to PoS since 2014. Co-founder Vitalik Buterin sees PoS as key to ethereum reaching maturity. · With PoS, validators must own currency they are verifying: “forgers” always own the coins being minted. There is no mining, meaning no heinous use of electricity to solve maths problems.
(All citations are taken from Coindesk) · Germany’s federal finance minister Olaf Scholz said he remains “very, very critical” of Libra. · However, an e-euro would be good for Europe’s financial system, particularly in the wake of economic globalization. · “Such a payment system would be good for the [European] financial center and its integration into the world financial system,” Scholz said. “We should not leave the field to China, Russia, the U.S. or any private providers.” (The contents above are all cited from corresponding websites, and don’t represent the opinion of BitMax.io platform)
[AMA SUMMARY] Coin98 AMA #29 Ferrum Network with Ian Friend - COO At Ferrum Network
https://preview.redd.it/cjzluk91i6h31.jpg?width=960&format=pjpg&auto=webp&s=12d87043df93ed0c81317d2857f245627f1efdf4 Coin98, a Facebook Group, recently did an AMA with Ian Friend, COO of Ferrum Network. Grace Pham: Before we start the AMA could you please introduce a little bit about yourself as well as a quick introduction about FRM for anyone who hasn't heard about FRM yet? Ian Friend: Yes of course. I am the Co-Founder and COO of Ferrum Network. Prior to joining Ferrum I was a lawyer in New York City where I founded my law firm's blockchain practice team. I then met Naiem Yeganeh, PhD and we founded Ferrum. Q: Could you briefly describe what is FRM in 3-5 sentences? Ian Friend: Ferrum is really the combination of two interconnected components. First, is the high-speed interoperability network that can connect to any blockchain and executes transactions of any digital asset - even bitcoin - in milliseconds for near zero fees. Q: You guys are building among other things an Interoperability Network, can you explain a bit how this works and what the advantages are compare to the existing networks? Ian Friend: Ok so the interoperability network is a innovation from an older design, essentially it uses proxy tokens that can represent any digital asset. And because it runs on a DAG instead of a blockchain, transactions can be executed instantly for almost no fees. Q: What is the ferrum token utility in the ecosystem? Where it will be used and why the demand for the token should increase? Ian Friend: FRM is the gas of the network. You need to spend it to run transactions. The unique thing is that everytime a token is spent, it is burned. Our African users alone will account for thousands of daily token burns on day 1 of main net launch. The token should increase as we acquire more users for our products. The next product we will launch is called UniFyre Wallet. This will be available worldwide and coming to an app store near you. Q: What are the advantages of DAG that you used for Ferrum Network? Why did you choose DAG instead of blockchains? Ian Friend: We chose DAG instead of a blockcahin because they are inherently faster and cheaper than blockchains because there are no miners confirming blocks. Each transaction confirms another transaction. This is more suitable for high-speed and low cost transactions like we need to run our financial products Q: What made you decide to start with the Kudi Exchange and why Africa? Ian Friend: Africa is a huge market with billions of people and the existing banking and financial systems are lacking in many ways. They are also open to blockchain technology. Nigeria is the 7th biggest market in the world for BTC trading. Q: Is there any rewards for staking FRM TOKEN in the future? Ian Friend: Yes so there is pseudo staking now thru social mining. community.ferrum.network There will be staking in the UniFyre Wallet and staking once the main net is released in 2020. But for now you can earn thru social mining which allows you to earn FRM based on teh amount you hold plus the value you provide to the ecosystem in the form of tweets, articles, videos, etc. Q: Till now whether they conducted any TPS for their blockchain because we need to have enough security for the transactions which most of the people will show much interest in security blockchain. Through POS layer whether we can hold the coin in order to increase the staking rewards? Ian Friend: Ferrum Network can do thousands of transactions per ssecond and each transaction clears almost instantly. Here is a demo of a BTC transaction on our test net which execute in milliseconds Q: What is your go-to-market strategy? Ian Friend: Depends on the product you are talking about but for Kudi Exchange we are focused on bitcoin traders in Nigeria and also signing up merchants to our point of sale system that is built into the app. Q: What prospects of Ferrum are you most excited about? Ian Friend: UniFyre Wallet, Infinity DEX and laucnhing fiat gateways in parts of the world that really need crypto to help improve their lives. Q: What is your monetary policy? Ian Friend: We are a lean start up. We built Kudi Exchange on less than $100,000. We are very frugal and never waste money. Q: How much fund raised until now, have you reached the softcap? will you do an IEO in the future? Ian Friend: We just did an ICO. Total raised in all rounds was $1.12 million. The last round was $300,000 and we raised it in just a few minutes. Q: What technology stands behind Ferrum Network and why it’s better than the existing one? Ian Friend: So fundamentally it is a DAG based interoperability network which uses decentralied proxy tokens to achieve instant transactions of any digital asset without holding anyones private keys. Q: Currently, there is no public Github repository for the project, do you intend in showcasing the code at some point? Ian Friend: We will be showing more public repositories as we continue. https://github.com/ferrumnet Q: What's your plan after listing on Bitmax? Ian Friend: Binance DEX application was made last week, we are just waiting on the validators to vote. We are in talks with many other exchanges just looking for the right one to list on next. Q: What is the Unifire wallet? and when the Unifire wallet lauch? Ian Friend:https://unifyre.io/ is a non-custodial wallet with many unique features like the ability to recover your assets if you lose your phone, and risk free OTC trading and staking any token. Version 0.1 will be released in the next few months. Later versions will have all the features once main net is live. Q: What are Ferrum weaknesses? Ian Friend: Because of our low raise we dont have a big marketing budget or a budget to spend millions to list on exchanges. We need to work hard and be creative. But it has worked for us so far considering we listed on BItMax 5 days after the ICO. We also need to hire more engineers. If anyone here is a developer, we are hiring! Q: It's believed that staking on exchanges is a hot trend. Do you have the plan to do staking on Kudi Exchange? Ian Friend: Not on Kudi but we will have staking of FRM on UniFyre with the push of a button. Once main net is out UniFyre will enable the staking of any token even those that do not use smart contracts like BEP-2 tokens! Q: What is the biggest problem that Ferrum team has faced? and how has your team solved it? Ian Friend: Many challenges but one big one was the trend in crypto to raise money and list on an exhange before any product was built or there were users. We raised only after we built Kudi Exchange. I hope this trend continues and people do not fall for "vaporware" projetcs anymore The other big one is providing a banking app to the unbanked in Africa. With Kudi you can send real money using What's App, and access US Dollar stable coins from the same app. This had never been done before Kudi. Q: Can you share more details about the relationship between Ferrum and Gemini? What's the benefit for user under the partnership? Ian Friend: Sure so we partnered with Gemini to become the only app in West Afica offering a US Dollar backed stable coin. This means our Nigerian users can hedge out of volatile bitcoin, and also hedge out of their own fiat currency, which has lost 50% of its value since 2013. We are now looking to partner with other stable coin providers to offer alternatives to GUSD. Q: What is your inflation and deflation in Tokenomics? Ian Friend: All investor tokens are unlocked after 3 months so after that you dont have to worry about "dumping". The rest are locked up over the course of years and only slowly released. One unique thing we are doing is called the Traction Based Reserve wher tokens are unlcoked only based on the amount of burned tokens. Q: I heard a lot people said: DEX is the future so Centralized exchange will dead. so why Ferrum don't develop DEX only? Ian Friend: I agree in the long term DEXes are the future. But we will still need CEXs as fiat onramps/offramps. These fiat gateways are stil regulated by the financial rules, and therefore cannot be fully decentralized. At Ferrum, we have fiat gateways to buy crypto with fiat, but then you enter into a decentralized non-custodial ecosystem which has inherent benefits in terms of costs, privacy, speeds, and global reach. Ian Friend: Thank you all for attending! Please join our channel for all things Ferrum: https://t.me/ferrum_network https://www.facebook.com/groups/Coin98.Net/about/
Ariel Ling, COO of BitMax.io (BTMX.com) Exchange, Shared Insights of Crypto Industry (Part III)
Ariel Ling, as the co-founder and COO of BitMax.io (BTMX.com), was invited to the interview by Fred Schebesta, the CEO of Crypto Finder (Finder.com). Ariel has 18-year progressive executive experience in strategic planning, business development, budgeting and financial analysis risk management, regulatory program implementation, and process improvement for operational efficiency. She has an in-depth understanding of capital market products (stocks, fixed income, foreign exchange) in financial services and the development of international banking strategic trends (M&A, market structure, regulatory reforms and their impact). Her lustrous career on Wall Street made this interview a popular link on YouTube. (Link: https://www.youtube.com/watch?v=WBYK-w2uxWc) F: Okay. Let’s go back and talk about BitMax in terms of markets. What markets do you mainly trade with geographically? Because you have the sites in Korean, English and Chinese. Where is your focus from a market perspective? A: When you have those three languages, it almost tells those must be my top three. The reason why we have an office in Beijing is to gear towards the Asian, Pacific Asian type of market. So most people think our users are Chinese. Actually, no. If you look at our user base from a community of fan respective, within 4 month after launch, we’ve got 35,000 members and the number is growing every single day. But out of 35,000 community users, actually, 1/3, even more than 1/3 are from English channels. For example, the English telegram is one of the biggest. We also have WeChat channel. So when you ask where the trading volume comes from, I would say 40–50 percent predominantly from Chinese speaking countries, which means China, Hong Kong, Taiwan, and some of our equity investors are based there. And then when you’re looking at the development of the neighbor countries, Japan and Korea, especially Korea, are very active. So when I look at the second tranches, depending on which month, it’s either Korea or sometimes the South East countries that are very active too. And for Korean, it’s very interesting because I’ve done several conferences there too. Korean market is quite mature, the same thing with Japanese market. If you look at the adoption of Bitcoin, there’s a tight regulation, but people are used to trading. And they even have Bitcoin ATM in Japan. F: When I was ordering the equivalent of Uber when I was in Korea, it was like Credit card, Cash, and Bitcoin. A: Oh my god yes! F: It’s awesome! A: Exactly. I actually met couple of projects that are trying to optimize the payment channels, e-payment channels, or this kind of payment channel that includes crypto. So it’s interesting that they are very mature in terms of adoption acceptance. And also from the understanding of trading, Korea also has very large transaction mining exchanges. So when you go to Coinmarketcap, looking at the reported volume, you will see Bithumb is like №1 in ranking, because they have a pretty significant transaction mining as well. And in last couple of days, if you went to Coinmarketcap, you would see us, BitMax.io, moving up to №2, sometimes №3, 5, 10. That was when the Korean market was very vibrant and they are used to trading. So that’s number two market for us. And the next you will be surprised. We actually have very substantial group of users coming from Europe. Because last month, speaking of the volume, when I looked up at a daily report of trading analytics, where a lot of decisions are based on, I found we actually had five percent of total volume from UK, Russian and France last. And right now, we are listing a very significant project from India. And suddenly we see a lot of India users trading. So it is very diversified. It is not what people thought that only Chinese users are trading on the platform. It’s almost like 1/3 or 2/5 from Chinese speaking countries, then 1/3 from other part of the Asian, and then there’s the big chunk from Europe. F: I guess that the Chinese government is relatively hostile to cryptocurrency or relatively. So what’s your approach as an exchange dealing with the Chinese market and particularly China itself and people in mainland China. A: First of all, I have to say this is only speaking on a personal view. When it comes down to government, what I look at or what my team look at, it is not by one particular government. I don’t particularly think hostile is the right word. It really comes down just like US — when the government takes a look at a new financial asset, their view is always about what it is, and how I can regulate it, as simple as that. So, each government is at a different stage in terms of defining the requirement, understanding what it is, and defining how to regulate. So, I would think that certain countries are way ahead of certain countries, like Japan, let’s just look at it. They’ve already made the rules , everything you have to register. You want to be the exchange, you have to go for license. Everything has to go through all the checklist. There are very stringent requirement but there is requirement. So, for other countries such as China, US is the same where we are still waiting for either SEC or CFCT to issue the final guidance in terms of what this is and how they are going to regulate. So I think a lot of perception are really coming from a lack of clarity. At the end of day, any financial institution must work with the government, because it’s intricacy in terms of global economy and a country economy, especially from financial institutional perspective. For digital asset, I like to use the word digital asset versus cryptocurrency, because digital asset, whether its Bitcoin or ERC 20, should be really reviewed as asset class — how you define it? what is the boundary? And how does the government feel comfortable that 1) from an investor perspective, people hold it as asset to increase value; 2), from trading perspective, whether there is proper guidance or proper protection against any manipulation. This is what we all have to wait for each part of the government. And I do know for example, UK FCA, is also contemplating what is the regulation, what is the requirement. I think that they’re trying to come out soon. And Singapore has something similar. So every single country is at the different path to get to defining what it is. F: And you see that coming from China as well? A: Like I said, I don’t really have any detail. Like I said, I am just from an outside view knowing how long it took them to open their financial market. When I was working for American banks, it was also a journey to get the foreign bank established in the mainland China. That is the journey I think the government is working through in terms of what is critical for them. F: Let’s talk about broader-based adoption in terms of the evolution of the crypto market. Obviously Wall Street has its view on crypto. What do you think would be the big steps for crypto to take to evolve to be more mainstream and institutional friendly. A: I think I have answered part of your question. When you look at it as part of my business planning for this venture, for any business plan, you need to look at the current state. So for the current state of digital asset, the premise is that right now the digital asset as an industry is tiny. The entire trading volume for cryptocurrency is 20 to 30 billion a day. You know how much it trades in US equity cash market? It’s 400–600 billion. The difference is because of institutional investors exactly as you said. What prevents institutional investors coming to this industry? It’s fragmented. Everything is pretty much on its own. You’ve got exchanges taking on different roles. They are brokers; they are the wallet management; they are the custodian. They are doing everything. And there are very different shapes of exchanges. You’ve got blockchain people, and you’ve got the banks. It’s very fragmented. Nobody knows what is really the transparency. And all the institutional players, they are looking at what is the government’s view on this, what is my biggest risk to get into this. So a lot of them is really about transparency. But the word, crypto, is a bit more connotation from a not so positive perspective. Institutional investors, they don’t see transparency from a market structure perspective. F: Right. A: My team and I, we came from a very much Wall Street background. When you look at the Wall Street, they were not pretty in 1980s, like the Wolf of Wall Street. But over the last 20–30 years, with all the different regulations and market structures reforms, you will see it becomes very structured. So typically, there are three different roles. First, the broker dealer, which basically handles the client relationship: there’s retail, there’s financial institution, and there’s blockchain. And second, what does the exchange do? The exchange does really just trading, order matching and listing. And third, there’s another component in equity world, I mean, in every single country there’s clearing house. What the clearing house does is when you buy a stock, they verify for you. It’s the same; they are very independent. When you guy the bitcoin, there is an address. It’s transparent. But the clearing house is making sure that here’s your money, here’s your digital asset; you make the trade, you settle the trade. Clean and clear. And these three components are basically how every single security market operates in every single country. And then when you look at what is the ancillary support structure, you’ve got the KYC — to addresses all the AML risk — All the governments are also worried about AML, terrorist funding and stuff like that. So the second part is the custody. Who holds the asset? If the exchange holds the asset, how do you make sure they don’t have any fungibility moving around. So the custody component for regulatory market is very important. F: I think a big news right now is Fidelity has come out and launched their own custodian service. They are a fairly large institution. A: Exactly, they are the largest money managers in the world. F: How do you think that will help clarify this custody piece? Do you think this is a good thing? A: I think this is actually good development for the market when you look at the structure just like I pointed out. You have to have a custody for digital asset trading to prove the value of the asset in an independent and control location. Another huge custody institution in US as you know is State Street. They have to have proper books and records, a proper control mechanism to demonstrate. This is actually a very healthy development, meaning the market is getting matured. And each of their utility functions is actually having strong support from someone so successful as Fidelity. I think this is a very healthy development, because from regulatogovernment perspective, you need those utility check-and- balances making sure the market is transparent, the trading is fair; asset is protected, and investors are protected. That’s what it is about. F: And TokenSoft as well has just launched a custody service for security tokens. It has a cold storage custody platform for security tokens, and I think this is part of your wallet management. A: Yep.
Ariel Ling, COO of BitMax.io (BTMX.com) Exchange, Shared Insights of Crypto Industry (Part IV)
Ariel Ling, as the co-founder and COO of BitMax.io (BTMX.com), was invited to the interview by Fred Schebesta, the CEO of Crypto Finder (Finder.com). Ariel has 18-year progressive executive experience in strategic planning, business development, budgeting and financial analysis risk management, regulatory program implementation, and process improvement for operational efficiency. She has an in-depth understanding of capital market products (stocks, fixed income, foreign exchange) in financial services and the development of international banking strategic trends (M&A, market structure, regulatory reforms and their impact). Her lustrous career on Wall Street made this interview a popular link on YouTube. (Link: https://www.youtube.com/watch?v=WBYK-w2uxWc) F: Do you believe this going to help bring more institutions into the space? A: I am not very familiar with TokenSoft. It really depends on who are the backers, institutional backers of this venture. If the institutional backers of this venture are well regarded, are reputable, absolutely. Because at the end of day if you look at the value chain, the exchanges they are doing trading, they are doing broker dealer, they are doing wallet management themselves, and they are doing custody themselves. It becomes very nebulous. So for TokenSoft, they understand security token, which means under my prediction, it’s completely regulated just like securities. For securities, you must have a custody, and you must have a clearing house. Those are inevitable. So for them, they want to take a step ahead, and I also think that’s a smart move. F: And we had T0 exchange launched just last week as well. Let’s get back to that question. From a broader base of adoption in the space, for 2019, Ariel, what’s your prediction in where those are going to be cleaned up? A: I can’t predict the regulatory progress because it really comes down to how each step the government takes; sometimes it takes longer, and sometimes it takes shorter. And when the lawmaking takes place, it always takes more time to get implemented. F: Yes. And we also talked about the digital asset, the tokenization of asset. A: Yeah, when I’m looking at it, there are people always saying there’s coin, and there’s token. So I like to use the word: digital asset. So there’s one aspect of currency coin. Those are typical like Bitcoin, Ethereum, and stable coins. So their functionality is actually getting interesting. The origin of Bitcoin is really a payment processing platform. So their development is kind of like FX. You can either hold it, hoping the value goes up, or use it to buy product and services. So they’re like foreign currencies. And there is the other aspect, securitized token. So the token itself would present, whether equity or debt, certain percentage of the underlying project or underlying venture. So for those, as long as they pass certain security test, they are treated as securities. From security trading perspective, if you look at how the Wall Street is structured, and how the US equity trading market is structured, it’s very simple. №1, You must have a broker dealer license in order to take the client order and to put on the risk; №2, all what exchanges do is order matching, and then providing liquidity to the market right? On the primary market it’s IPO, while on the secondary market it’s trading. And after the exchanges trade it, execute it, and then the clearing house comes in to make sure the books and records are verified. Money is moved from the banks to the brokerage accounts. And then the custody piece is that everybody can pick their own custody to hold the assets. So those are the components where I think for the US, the regulator has to make a very strong distinction between what will be subjected on CFCT, what is currency, or what is commodity, and then the rest of it falls under the SEC regime and what it takes — Is it the same as equity or slightly different? This I would think is similar to UK where the FCA has to think about as well. That leads to an interesting dynamic about utility token. This is where I don’t have a particular view, because utility token value is very diminished if you take the token outside of this particular platform. So it is designed to be used on a platform. So this is where I am actually interested in. I want to see how that gets developed from a regulatory perspective. And from a BitMax.io perspective, we put actually a bit more stringent requirement on ourselves. When we list a utility token and when we design it, we just follow the security markets. For example in US, that’s why you need a trusted custody structure just to support that. And in BitMax.io, it’s crypto to crypto; there is no fiat. So that aspect diminishes a little bit. And from a market trading manipulation surveillance perspective which is very heavy for equity, for example, if you trade anything, the regulator will get your report in real time, knowing every single step. So nobody could actually manipulate the market. We also take the same stand for our exchange. We monitor the volume, and we monitor trading behavior. If there’s someone abusing the market, meaning a robot or anything, we identify the account, we notify the account owners, saying whether it is wash trade or whether this is artificially to jag up the price and then dump it, and we give the time to correct. And if he/she doesn’t, we basically freeze the account. So the users can see that it is a fair market. We have probably applied this called market manipulation kind of rule. This is very classical for equity trading. Every single exchange must demonstrate the capability and behavior to do that. F: OK. Two last things. You have been through four crises as you said through, like the dot-com bubble, Sarbanes Oxley, Lehman Brother collapse and European financial crisis. From your experience seeing all the rise and bust, where do you think we’re at in the cryptocurrency market. A: I think this goes back to the trading aspect, depending on whether this is a V down or a U down or U curve. So the U curve is basically when the market collapses, it takes a longer time to find a bottom. It takes a longer time for the market to find the equilibrium. And once they find it, they rise up. Or, it’s like a quick collapse. It’s down very fast and reaches the bottom. And then, there’s some catalyst event, either catalyst from a market structure, or catalyst from the market expansion itself. Suddenly it gives a boost. And then it bounces right back up. So when I look at what is happening with digital asset or crypto trading, it’s a bubble to the extent, but it’s also a market correction. And I always compare this to the internet bubble to some extent, because I remember very vividly when I first started working in 1999 on the Wall Street, the Internet was so hot that you could get an IPO without even having a website. And Nasdaq peaked in basically 2000. But then, it collapsed. It took until 2015 for Nasdaq to reach back to the last peak. So you can see how many bubbles right about dot-com because people literally just forget about the economic valuation, the intrinsic business model that kind of aspects of it. So when you look at what happened in the crypto, the Bitcoin peaked at December of 2017. Around that period, there were many many projects that could raise money so easily. This is what we call air-projects. Do they really have fundamentals? Do they really have a viable business model? Do they really have a solid user base? If they do not have those three, then you would expect what would happen when people recognize the value of that token is not sustainable, going back to my finance view. When people see through that, with Bitcoin itself it’s going through a hard time, the rest of the altcoins are actually crushing a lot more dramatically than Bitcoin. So where do we see the balance, it is just my personal view that there are couple economic theories, and one of the theories is about cost. In the financial crisis, the worst, darkest day of banking crisis is the Lehman collapse. I was right in Lehman when they fell off the cliff. And then the domino went from Lehman to Morgan to every single bank. Every single bank felt the pressure. The bank stocks got depressed so hard. At that time one of the things from investors, especially those really smart traditional investors, was looking at the book value. So if the bank stock price, was lower than a quarter of book value, of course it was a value play. It’s below the cost, basically. So you go back to Bitcoin. Assuming it costs 3,000 dollars to mine a Bitcoin, maybe that’s where certain value investor will hold a view like from a valuation perspective that if the valuation is lower than what it takes to make it, it can be called a good value. So this is where it goes back to the market that from a trading perspective, the volatility you could see where there might be some breakthrough of different resistance levels. But at the end of day, it’s all about finding the equilibrium from a valuation perspective. When it hits there, then you will see the value investors come in. If it’s cheaper enough, there are more people who will probably look into it. So when it’s 20,000 for Bitcoin, do you know how many people can afford it? Maybe not, but what if it’s getting down 4000, 3000, and especially for certain countries are way more developed than certain countries, where people understand the liquidity and usage behind Bitcoin like you can use it, you can buy piece of coffee from Starbucks. Then it comes down to the value. So right now I think it really goes back to the fundamental from a finance perspective. It’s finding the valuation, the intrinsic value. Whether it’s currency token, or it’s an altcoin from a security type of token perspective. F: Alright Ariel. That was incredible. We asked everybody on the show that what the price they think is going to be of Bitcoin on New Year’s Eve 2019 the clock strikes 12:00. We had a whole series of predictions last year in US dollars. What’s your prediction for the price of Bitcoin? A: I think right now… hmm the Bitcoin right now is what? 35 hundred? F: We are trading at 3468 dollars. A: I don’t know. It’s crazy. I actually really like Bitcoin. I mean I like Bitcoin more now because it’s cheaper and I can buy it. But when you look at it before the crisis hit, I already hoped by the end of year if they could get back to 5000 I would be really happy, because it’s pretty much a psychologic level. F: Okay. A: Let’s hope for that. F: Awesome. Ariel, thank you again for coming on to the show, and your incredible insight into the Wall Street market right now. And do check out guys on BitMax.io! We’ve got margin trading and some derivatives coming up, some new improvements we can see on the platform. Thank you very much again Ariel! We will see you guys TOMORROW!
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BitMax.io Transaction Mining Model Tutorial Part 1
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