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Crypto-Powered: Understanding Bitcoin, Ethereum, and DeFi

Crypto-Powered: Understanding Bitcoin, Ethereum, and DeFi
Until one understands the basics of this tech, they won’t be able to grasp or appreciate the impact it has on our digital bank, Genesis Block.
https://reddit.com/link/ho4bif/video/n0euarkifu951/player
This is the second post of Crypto-Powered — a new series that examines what it means for Genesis Block to be a digital bank that’s powered by crypto, blockchain, and decentralized protocols.
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Our previous post set the stage for this series. We discussed the state of consumer finance and how the success of today’s high-flying fintech unicorns will be short-lived as long as they’re building on legacy finance — a weak foundation that is ripe for massive disruption.
Instead, the future of consumer finance belongs to those who are deeply familiar with blockchain tech & decentralized protocols, build on it as the foundation, and know how to take it to the world. Like Genesis Block.
Today we begin our journey down the crypto rabbit hole. This post will be an important introduction for those still learning about Bitcoin, Ethereum, or DeFi (Decentralized Finance). This post (and the next few) will go into greater detail about how this technology gives Genesis Block an edge, a superpower, and an unfair advantage. Let’s dive in…
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Bitcoin: The First Cryptocurrency

There are plenty of online resources to learn about Bitcoin (Coinbase, Binance, Gemini, Naval, Alex Gladstein, Marc Andreessen, Chris Dixon). I don’t wanna spend a lot of time on that here, but let’s do a quick overview for those still getting ramped up.
Cryptocurrency is the most popular use-case of blockchain technology today. And Bitcoin was the first cryptocurrency to be invented.
Bitcoin is the most decentralized of all crypto assets today — no government, company, or third party can control or censor it.
Bitcoin has two primary features (as do most other cryptocurrencies):
  1. Send Value You can send value to anyone, anywhere in the world. Nobody can intercept, delay or stop it — not even governments or financial institutions. Unlike with traditional money transfers or bank wires, there are no layers of middlemen. This results in a process that is much more cost-efficient. Some popular use-cases include remittances and cross-border payments.
  2. Store Value With nothing but a smartphone, you can become your own bank and store your own funds. Nobody can seize your assets. The funds are digital and stored on a blockchain. Your money no longer needs to be stored at a bank, in a vault, or under your mattress. I covered a few inspiring use-cases in a previous post. They include banking the unbanked, protecting assets from government seizure, mitigating the risk of a bank run, and protection against hyperinflation (like what recently happened in Venezuela).
The fact that there are so few things one can do with Bitcoin is one of its greatest strengths.
Its design is simple, elegant, and focused. It has been 10+ years since Satoshi’s white paper and no one has been able to crack or hack the Bitcoin network. With a market cap of $170B, there is plenty of incentive to try.
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Public Awareness

A few negative moments in Bitcoin’s history include the collapse of Mt. Gox — which resulted in hundreds of millions of customer funds being stolen — as well as Bitcoin’s role in dark markets like Silk Road — where Bitcoin arguably found its initial userbase.
However, like most breakthrough technology, Bitcoin is neither good nor bad. It’s neutral. People can use it for good or they can use it for evil. Thankfully, it’s being used less and less for illicit activity. Criminals are starting to understand that transactions on a blockchain are public and traceable — it’s exactly the type of system they usually try to avoid. And it’s true, at this point “a lot more” crimes are actually committed with fiat than crypto.
As a result, the perception of bitcoin and cryptocurrency has been changing over the years to a more positive light.
Bitcoin has even started to enter the world of media & entertainment. It’s been mentioned in Hollywood films like Spiderman: Into the Spider-Verse and in songs from major artists like Eminem. It’s been mentioned in countless TV shows like Billions, The Simpsons, Big Bang Theory, Gray’s Anatomy, Family Guy, and more.
As covid19 has ravaged economies and central banks have been printing money, Bitcoin has caught the attention of many legendary Wall Street investors like Paul Tudor Jones, saying that Bitcoin is a great bet against inflation (reminding him of Gold in the 1970s).
Cash App already lets their 25M users buy Bitcoin. It’s rumored that PayPal and Venmo will soon let their 325M users start buying Bitcoin. Bitcoin is by far the most dominant cryptocurrency and is showing no signs of slowing down. For more than a decade it has delivered on its core use-cases — being able to send or store value.
At this point, Bitcoin has very much entered the zeitgeist of modern pop culture — at least in the West.
https://preview.redd.it/dnuwbw8mfu951.png?width=800&format=png&auto=webp&s=6f1f135e3effee4574b5167901b80ced2c972bda

Ethereum: Programmable Money

When Ethereum launched in 2015, it opened up a world of new possibilities and use-cases for crypto. With Ethereum Smart Contracts (i.e. applications), this exciting new digital money (cryptocurrency) became a lot less dumb. Developers could now build applications that go beyond the simple use-cases of “send value” & “store value.” They could program cryptocurrency to have rules, behavior, and logic to respond to different inputs. And always enforced by code. Additional reading on Ethereum from Linda Xie or Vitalik Buterin.
Because these applications are built on blockchain technology (Ethereum), they preserve many of the same characteristics as Bitcoin: no one can stop, censor or shut down these apps because they are decentralized.
One of the first major use-cases on Ethereum was the ability to mint and create your own token, your own cryptocurrency. Many companies used this as a way to fundraise from the public. This led to the 2017 ICO bubble (Initial Coin Offerings). Some tokens — and the apps/networks they powered — were fascinating and innovative. Most tokens were pointless. And many tokens were outright scams. Additional token reading from Fred Ehrsam, Balaji, and Naval.
https://reddit.com/link/ho4bif/video/b5b1jh9ofu951/player

Digital Gold Rush

Just as tokens grew in popularity in 2017–2018, so did online marketplaces where these tokens could be bought, sold, and traded. This was a fledgling asset class — the merchants selling picks, axes, and shovels were finally starting to emerge.
I had a front-row seat — both as an investor and token creator. This was the Wild West with all the frontier drama & scandal that you’d expect.
Binance — now the world’s largest crypto exchange —was launched during this time. They along with many others (especially from Asia) made it really easy for speculators, traders, and degenerate gamblers to participate in these markets. Similar to other financial markets, the goal was straightforward: buy low and sell high.
https://preview.redd.it/tytsu5jnfu951.jpg?width=600&format=pjpg&auto=webp&s=fe3425b7e4a71fa953b953f0c7f6eaff6504a0d1
That period left an embarrassing stain on our industry that we’ve still been trying to recover from. It was a period rampant with market manipulation, pump-and-dumps, and scams. To some extent, the crypto industry still suffers from that today, but it’s nothing compared to what it was then.
While the potential of getting filthy rich brought a lot of fly-by-nighters and charlatans into the industry, it also brought a lot of innovators, entrepreneurs, and builders.
The launch and growth of Ethereum has been an incredible technological breakthrough. As with past tech breakthroughs, it has led to a wave of innovation, experimentation, and development. The creativity around tokens, smart contracts, and decentralized applications has been fascinating to witness. Now a few years later, the fruits of those labors are starting to be realized.

DeFi: Decentralized Finance

So as a reminder, tokens are cryptocurrencies. Cryptocurrencies can carry value. And value is a lot like money. Because tokens are natively integrated with Ethereum, it’s been natural for developers to build applications related to financial services — things like lending, borrowing, saving, investing, payments, and insurance. In the last few years, there has been a groundswell of developer momentum building in this area of financial protocols. This segment of the industry is known as DeFi (Decentralized Finance).
https://preview.redd.it/f0sjzqspfu951.png?width=461&format=png&auto=webp&s=8e0a31bf29250fc624918fbd8514b008762f379e
In Q2 of 2020, 97% of all Ethereum activity was DeFi-related. Total DeFi transaction volume has reached $11.5B. The current value locked inside DeFi protocols is approaching $2 Billion (double from a month ago). DeFi’s meteoric growth cannot be ignored.
Most of that growth can be attributed to exciting protocols like Compound, Maker, Synthetix, Balancer, Aave, dYdX, and Uniswap. These DeFi protocols and the financial services they offer are quickly becoming some of the most popular use-cases for blockchain technology today.
https://preview.redd.it/wn3phnkqfu951.png?width=800&format=png&auto=webp&s=02f56caa6b94aa59eadd6e368ef9346ba10c7611
This impressive growth in DeFi certainly hasn’t come without growing pains. Unlike with Bitcoin, there are near-infinite applications one can develop on Ethereum. Sometimes bugs (or typos) can slip through code reviews, testing, and audits — resulting in loss of funds.
Our next post will go much deeper on DeFi.

Wrap Up

I know that for the hardcore crypto people, what we covered today is nothing new. But for those who are still getting up to speed, welcome! I hope this was helpful and that it fuels your interest to learn more.
Until you understand the basics of this technology, you won’t be able to fully appreciate the impact that it has on our new digital bank, Genesis Block. You won’t be able to understand the implications, how it relates, or how it helps.
After today’s post, some of you probably have a lot more questions. What are specific examples or use-cases of DeFi? Why does it need to be on a blockchain? What benefits does it bring to Genesis Block and our users?
In upcoming posts, we answer these questions. Today’s post was just Level 1. It set the foundation for where we’re headed next: even deeper down the crypto rabbit hole.
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Other Ways to Consume Today's Episode:
We have a lot more content coming. Be sure to follow our channels: https://genesisblock.com/follow/
Have you already downloaded the app? We're Genesis Block, a new digital bank that's powered by crypto & decentralized protocols. The app is live in the App Store (iOS & Android). Get the link to download at https://genesisblock.com/download
submitted by mickhagen to genesisblockhq [link] [comments]

r/Bitcoin recap - June 2019

Hi Bitcoiners!
I’m back with the 30th monthly Bitcoin news recap.
For those unfamiliar, each day I pick out the most popularelevant/interesting stories in Bitcoin and save them. At the end of the month I release them in one batch, to give you a quick (but not necessarily the best) overview of what happened in bitcoin over the past month.
You can see recaps of the previous months on Bitcoinsnippets.com
A recap of Bitcoin in May 2019
Adoption
Development
Security
Mining
Business
Research
Education
Regulation & Politics
Archeology (Financial Incumbents)
Price & Trading
Fun & Other
submitted by SamWouters to Bitcoin [link] [comments]

r/Bitcoin recap - September 2019

Hi Bitcoiners!
I’m back with the 33rd monthly Bitcoin news recap.
For those unfamiliar, each day I pick out the most popularelevant/interesting stories in Bitcoin and save them. At the end of the month I release them in one batch, to give you a quick (but not necessarily the best) overview of what happened in bitcoin over the past month.
You can see recaps of the previous months on Bitcoinsnippets.com
A recap of Bitcoin in September 2019
Adoption
Development
Security
Mining
Business
Education
Regulation & Politics
Archeology (Financial Incumbents)
Price & Trading
Fun & Other
submitted by SamWouters to Bitcoin [link] [comments]

AMA with Wanchain VP Lini

AMA with Wanchain VP Lini
Original article here: https://medium.com/wanchain-foundation/ama-with-wanchain-vp-lini-58ada078b4fe

“What is unique about us is that we have actually put theory into practice.”
— Lini
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Wanchain’s Vice President of Business Development, Lini, sat down with blockchain media organization Neutrino for an AMA covering a wide range of topics concerning Wanchain’s development.
The following is an English translation of the original Chinese AMA which was held on December 13th, 2018:
Neutrino: Could you please first share with us a little basic background, what are the basic concepts behind cross chain technology? What are the core problems which are solved with cross-chain? In your opinion, what is the biggest challenge of implementing cross chain to achieve value transfer between different chains?
Lini: Actually, this question is quite big. Let me break it down into three smaller parts:
  1. First, what is the meaning of “cross-chain”?
https://preview.redd.it/cpui6t7qtn621.png?width=720&format=png&auto=webp&s=86bc39d94b0713949c150598e2397a4f9d3ac491
In China, we like to use the word “cross-chain”, the term “interoperability” is used more frequently in foreign countries. Interoperability is also one of the important technologies identified by Vitalik for the development of a future blockchain ecosystem mentioned in the Ethereum white paper. So cross-chain is basically the concept of interoperability between chains.
  1. The core problem solved by cross chain is that of “multi-ledger” synchronous accounting
https://preview.redd.it/603dl86stn621.png?width=720&format=png&auto=webp&s=425b827298ac919f8cf05909037458a173100cc4
In essence, blockchain is a distributed bookkeeping technique, also known as distributed ledger technology. Tokens are the core units of account on each chain, there currently exist many different chains, each with their own token. Of especial importance is the way in which each ledger uses tokens to interact with each other for the purpose of clearing settlements.
  1. The core purpose of the cross-chain technology is as one of the key infrastructures of the future economy based on digital currencies.
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Cross chain technology is one of the foundational technological infrastructures that is necessary for the large scale application of blockchain technology.
Neutrino: As we all know, there are many different kinds of cross-chain technologies. Please give us a brief introduction to several popular cross-chain technologies on the market, and the characteristics of each of these technologies。
Lini: Before answering this question, it is very important to share two important concepts with our friends: heterogeneity and homogeneity, and centralization and decentralization.
https://preview.redd.it/n6wbs77wtn621.png?width=720&format=png&auto=webp&s=83fcadd09afb214d2aa5a2a6deb6c24d0d4da671
These two points are especially important for understanding various cross-chain technologies, because there are many different technologies and terminologies, and these are some of the foundational concepts needed for understanding them.
There are also two core challenges which must be overcome to implement cross-chain:
https://preview.redd.it/84wqd28ytn621.png?width=720&format=png&auto=webp&s=dafe1cd2993f853547b532421404e6ab86e185f1
Combining the above two points, we look at the exploration of some solutions in the industry and the design concepts of other cross-chain projects.
First I’d like to discuss the Relay solution.
https://preview.redd.it/qgcqiwlztn621.png?width=720&format=png&auto=webp&s=0925d4221c9e92e365e150638c645bef8c609b3f
However the Relay solution must consume a relatively large amount of gas to read the BTC header. Another downside is that, as we all know, Bitcoin’s blocks are relatively slow, so the time to wait for verification will be long, it usually takes about 10 minutes to wait for one block to confirm, and the best practice is to wait for 6 blocks.
The next concept is the idea of Sidechains.
https://preview.redd.it/9cg79bl1un621.png?width=720&format=png&auto=webp&s=1260e14213b1757eadc4b6141a365ed3b0e20316
This solution is good, but not all chains contain SPV, a simple verification method. Therefore, there are certain drawbacks. Of course, this two way peg way solves challenge beta very well, that is, the atomicity of the transaction.
These two technical concepts have already been incorporated into a number of existing cross chain projects. Let’s take a look at two of the most influential of these.
The first is Polkadot.
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This is just a summary based on Polkadot’s whitepaper and most recent developments. The theoretical design is very good and can solve challenges alpha and beta. Last week, Neutrino organized a meetup with Polkadot, which we attended. In his talk, Gavin’s focus was on governance, he didn’t get into too much technical detail, but Gavin shared some very interesting ideas about chain governance mechanisms! The specific technical details of Polkadot may have to wait until after their main net is online before it can be analyzed.
Next is Cosmos.
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Cosmos is a star project who’s basic concept is similar to Polkadot. Cosmos’s approach is based on using a central hub. Both projects both take into account the issue of heterogeneous cross-chain transactions, and both have also taken into account how to solve challenges alpha and beta.
To sum up, each research and project team has done a lot of exploration on the best methods for implementing cross-chain technology, but many are still in the theoretical design stage. Unfortunately, since the main net has not launched yet, it is not possible to have a more detailed understanding of each project’s implementation. A blockchain’s development can be divided into two parts: theoretical design, and engineering implementation. Therefore, we can only wait until after the launch of each project’s main network, and then analyze it in more detail.
Neutrino: As mentioned in the white paper, Wanchain is a general ledger based on Ethereum, with the goal of building a distributed digital asset financial infrastructure. There are a few questions related to this. How do you solve Ethereum’s scaling problem? How does it compare with Ripple, which is aiming to be the standard trading protocol that is common to all major banks around the world? As a basic potential fundamental financial infrastructure, what makes Wanchain stand out?
Lini: This question is actually composed of two small questions. Let me answer the first one first.
  1. Considerations about TPS.
First of all, Wanchain is not developed on Ethereum. Instead, it draws on some of Ethereum’s code and excellent smart contracts and virtual machine EVM and other mature technical solutions to build the mainnet of Wanchain.
The TPS of Ethereum is not high at this stage, which is limited by various factors such as the POW consensus mechanism. However, this point also in part is due to the characteristics of Ethereum’s very distributed and decentralized features. Therefore, in order to improve TPS, Wanchain stated in its whitepaper that it will launch its own POS consensus, thus partially solving the performance issues related to TPS. Wanchain’s POS is completely different from the POS mechanism of Ethereum 2.0 Casper.
Of course, at the same time, we are also paying close attention to many good proposals from the Ethereum community, such as sharding, state channels, side chains, and the Raiden network. Since blockchain exists in the world of open source, we can of course learn from other technological breakthroughs and use our own POS to further improve TPS. If we have some time at the end, I’d love to share some points about Wanchain’s POS mechanism.
  1. Concerning, Ripple, it is completely different from what Wanchain hopes to do.
Ripple is focused on exchanges between different fiat pairs, the sharing of data between banks and financial institutions, as a clearing and settlement system, and also for the application of DLT, for example the Notary agent mechanism.
Wanchain is focused on different use cases, it is to act as a bridge between different tokens and tokens, and between assets and tokens. For various cross-chain applications it is necessary to consume WAN as a gas fee to pay out to nodes.
So it seems that the purpose Ripple and Wanchain serve are quite different. Of course, there are notary witnesses in the cross-chain mechanism, that is, everyone must trust the middleman. Ripple mainly serves financial clients, banks, so essentially everyone’s trust is already there.
Neutrino: We see that Wanchain uses a multi-party computing and threshold key sharing scheme for joint anchoring, and achieves “minimum cost” for integration through cross-chain communication protocols without changing the original chain mechanism. What are the technical characteristics of multi-party computing and threshold key sharing? How do other chains access Wanchain, what is the cross-chain communication protocol here? What is the cost of “minimum cost?
Lini: The answer to this question is more technical, involving a lot of cryptography, I will try to explain it in a simple way.
  1. About sMPC -
It stands for secure multi-party computation. I will explain it using an example proposed by the scholar Andrew Yao, the only Turing Award winner in China. The scenario called Yao’s Millionaire Problem. How can two millionaires know who is wealthier without revealing the details of their wealth to each other or a trusted third party? I’m not going to explain the answer in detail here, but those who are interested can do a web search to learn more.
In sMPC multiple parties each holding their own piece of private data jointly perform a calculation (for example, calculating a maximum value) and obtain a calculation result. However, in the process, each party involved does not leak any of their respective data. Essentially sMPC calculation can allow for designing a protocol without relying on any trusted third parties, since no individual ever has access to the complete private information.
Secure multiparty computing can be abstractly understood as two parties who each have their own private data, and can calculate the results of a public function without leaking their private data. When the entire calculation is completed, only the calculation results are revealed to both parties, and neither of them knows the data of the other party and the intermediate data of the calculation process. The protocol used for secure multiparty computing is homomorphic encryption + secret sharing + OT (+ commitment scheme + zero knowledge proofs, etc.)
Wanchain’s 21 cross chain Storeman nodes use sMPC to participate in the verification of a transaction without obtaining of a user’s complete private key. Simply put, the user’s private key will have 21 pieces given to 21 anonymous people who each can only get 1/21 part, and can’t complete the whole key.
  1. Shamir’s secret sharing
There are often plots in a movie where a top secret document needs to be handed over to, let’s say five secret agents. In order to protect against the chance of an agent from being arrested or betraying the rest, the five agents each hold only part of a secret key which will reveal the contents of the documents. But there is also a hidden danger: if one the agents are really caught, how can the rest of the agents access the information in the documents? At this point, you may wonder if there is any way for the agents to still recover the original text with only a portion of the keys? In other words, is there any method that allows a majority of the five people to be present to unlock the top secret documents? In this case, the enemy must be able to manipulate more than half of the agents to know the information in the secret documents.
Wanchain uses the threshold M<=N; N=21; M=16. That is to say, at least 16 Storeman nodes must participate in multi-party calculation to confirm a transaction. Not all 21 Storeman nodes are required to participate. This is a solution to the security problem of managing private keys.
Cross-chain communication protocols refers to the different communication methods used by different chains. This is because heterogeneous cross-chain methods can’t change the mechanism of the original chains. Nakamoto and Vitalik will not modify their main chains because they need BTC and ETH interoperability. Therefore, project teams that can only do cross-chain agreements to create different protocols for each chain to “talk”, or communicate. So the essence of a cross-chain protocol is not a single standard, but a multiple sets of standards. But there is still a shared sMPC and threshold design with the Storeman nodes.
The minimum cost is quite low, as can be shown with Wanchain 3.0’s cross chain implementation. In fact it requires just two smart contracts, one each on Ethereum and Wanchain to connect the two chains. To connect with Bitcoin all that is needed is to write a Bitcoin script. Our implementation guarantees both security and decentralization, while at the same time remaining simple and consuming less computation. The specific Ethereum contract and Bitcoin scripts online can be checked out by anyone interested in learning more.
Neutrino: What kind of consensus mechanism is currently used by Wanchain? In addition, what is the consensus and incentive mechanism for cross-chain transactions, and what is the purpose of doing so? And Wanchain will support cross-chain transactions (such as BTC, ETH) on mainstream public chains, asset cross-chain transactions between the alliance chains, and cross-chain transactions between the public and alliance chains, how can you achieve asset cross-chain security and privacy?
Lini: It is now PPOW (Permissioned Proof of Work), in order to ensure the reliability of the nodes before the cross-chain protocol design is completed, and to prepare to switch to POS (as according to the Whitepaper roadmap). The cross-chain consensus has been mentioned above, with the participation of a small consensus (at least 16 nodes) in a set of 21 Storeman nodes through sMPC and threshold secret sharing.
In addition, the incentive is achieved through two aspects: 1) 100% of the cross chain transaction fee is used to reward the Storeman node; 2) Wanchain has set aside a portion of their total token reserve as an incentive mechanism for encouraging Storeman nodes in case of small cross-chain transaction volume in the beginning.
It can be revealed that Storeman participation is opening gradually and will become completely distributed and decentralized in batches. The first phase of the Storeman node participation and rewards program is to be launched at the end of 2018. It is expected that the selection of participants will be completed within one quarter. Please pay attention to our official announcements this month.
In addition, for public chains, consortium chains, and private chains, asset transfer will also follow the cross-chain mechanism mentioned above, and generally follow the sMPC and threshold integration technology to ensure cross-chain security.
When it comes to privacy, this topic will be bigger. Going back to the Wanchain Whitepaper, we have provided privacy protection on Wanchain mainnet. Simply put, the principle is using ring signatures. The basic idea is that it mixes the original address with many other addresses to ensure privacy. We also use one-time address. In this mechanism a stamp system is used that generates a one-time address from a common address. This has been implemented since our 2.0 release.
But now only the privacy protection of native WAN transactions can be provided. The protection of cross-chain privacy and user experience will also be one of the important tasks for us in 2019.
Neutrino: At present, Wanchain uses Storeman as a cross-chain trading node. Can you introduce the Storeman mechanism and how to protect these nodes?
Lini: Let me one problem from two aspects.
  1. As I introduced before in my explanation of sMPC, the Storeman node never holds the user’s private key, but only calculates the transaction in an anonymous and secure state, and the technology prevents the Storeman nodes from colluding.
  2. Even after technical guarantees, we also designed a “double protection” against the risk from an economic point of view, that is, each node participating as a Storeman needs to pledge WAN in the contract as a “stake”. The pledge of WAN will be greater than the amount of any single transaction as a guarantee against loss of funds.
If the node is malicious (even if it is a probability of one in a billion), the community will be compensated for the loss caused by the malicious node by confiscation of the staked WAN. This is like the POS mechanism used by ETH, using staking to prevent bad behavior is a common principle.
Neutrino: On December 12th, the mainnet of Wanchain 3.0 was launched. Wanchain 3.0 opened cross-chain transactions between Bitcoin, Ethereum and ERC20 (such as MakerDao’s stable currency DAI and MKR). What does this version mean for you and the industry? This upgrade of cross-chain with Bitcoin is the biggest bright spot. So, if now you are able to use Wanchain to make transactions between what is the difference between tokens, then what is the difference between a cross chain platform like Wanchain and cryptocurrency exchanges?
Lini: The release of 3.0 is the industry’s first major network which has crossed ETH and BTC, and it has been very stable so far. As mentioned above, many cross-chain, password-protected theoretical designs are very distinctive, but for engineering implementation, the whether or not it can can be achieved is a big question mark. Therefore, this time Wanchain is the first network launched in the world to achieve this. Users are welcome to test and attack. This also means that Wanchain has connected the two most difficult and most challenging public networks. We are confident we will soon be connecting other well-known public chains.
At the same time of the release of 3.0, we also introduced cross chain integration with other ERC20 tokens in the 2.X version, such as MakerDao’s DAI, MKR, LRC, etc., which also means that more tokens of excellent projects on Ethereum will also gradually be integrated with Wanchain.
Some people will be curious, since Wanchain has crossed so many well-known public chains/projects; how is it different with crypto exchanges? In fact, it is very simple, one centralized; one distributed. Back to the white paper of Nakamoto, is not decentralization the original intention of blockchain? So what Wanchain has to do is essentially to solve the bottom layer of the blockchain, one of the core technical difficulties.
Anyone trying to create a DEX (decentralized exchange); digital lending and other application scenarios can base their application on Wanchain. There is a Wanchain based DEX prototype made by our community members Jeremiah and Harry, which quite amazing. Take a look at this video below.
https://www.youtube.com/watch?v=codcqb66G6Q
Neutrino: What are the specific application use cases after the launch of Wanchain 3.0? Most are still exploring small-scale projects. According to your experience, what are the killer blockchain applications of the future? What problems need to be solved during this period? How many years does it take?
Lini:
  1. Wanchain is just a technology platform rather than positioning itself as an application provider; that is, Wanchain will continue to support the community, and the projects which use cross-chain technology to promote a wide range of use cases for Wanchain.
  2. Cross-chain applications that we anticipate include things like: decentralized exchanges, digital lending, cross chain games, social networking dAPPs, gambling, etc. We also expect to see applications using non fungible tokens, for example exchange of real assets, STOs, etc.
  3. We recently proposed the WanDAPP solution. Simply speaking, a game developer for example has been developing on Ethereum, and ERC20 tokens have been issued, but they hope to expand the player base of their games to attract more people. To participate and make full use of their DAPP, you can consider using the WanDAPP solution to deploy the game DAPP on other common platforms, such as EOS, TRON, etc., but you don’t have to issue new tokens on these chains or use the previous ERC20 tokens. In this way the potential user population of the game can be increased greatly without issuing more tokens on a new chain, improving the real value of the original token. This is accomplished completely using the cross-chain mechanism of Wanchain.
  4. For large-scale applications, the infrastructure of the blockchain is not yet complete, there are issues which must first be dealt with such as TPS, sharding, sidechains, state channels, etc. These all must be solved for the large-scale application of blockchain applications. I don’t dare to guess when it will be completed, it depends on the progress of various different technical projects. In short, industry practitioners and enthusiasts need a little faith and patience.
Neutrino community member Block Venture Capital Spring: Will Wanchain be developing any more cross chain products aimed at general users? For example will the wallet be developed to make automatic cross chain transfers with other public chains? Another issue the community is concerned about is the currency issuance. Currently there are more than 100 million WAN circulating, what about the rest, when will it be released?
Lini: As a cross-chain public chain, we are not biased towards professional developers or ordinary developers, and they are all the same. As mentioned above, we provide a platform as infrastructure, and everyone is free to develop applications on us.
For example, if it is a decentralized exchange, it must be for ordinary users to trade on; if it is some kind of financial derivatives product, it is more likely to be used by finance professionals. As for cross-chain wallets which automatically exchange, I’m not sure if you are talking about distributed exchanges, the wallet will not be “automatic” at first, but you can “automatically” redeem other tokens.
Finally, the remaining WAN tokens are strictly in accordance with the plan laid out in the whitepaper. For example, the POS node reward mentioned above will give 10% of the total amount for reward. At the same time, for the community, there are also rewards for the bounty program. The prototype of the DEX that I just saw is a masterpiece of the overseas community developers, and also received tokens from our incentive program.
Neutrino community member’s question: There are many projects in the market to solve cross-chain problems, such as: Cosmos, Polkadot, what are Wanchain’s advantages and innovations relative to these projects?
Lini: As I mentioned earlier, Cosmos and pPolkadot all proposed very good solutions in theory. Compared with Wanchain, I don’t think that we have created anything particularly unique in our theory. The theoretical basis for our work is cryptography, which is derived from the academic foundation of scholars such as Yao Zhizhi and Silvio Micali. Our main strong point is that we have taken theory and put it into practice..
Actually, the reason why people often question whether a blockchain project can be realized or not is because the whitepapers are often too ambitious. Then when they actually start developing there are constant delays and setbacks. So for us, we focus on completing our very solid and realizable engineering goals. As for other projects, we hope to continue to learn from each other in this space.
Neutrino community member Amos from Huobi Research Institute question: How did you come to decide on 21 storeman nodes?
Lini: As for the nodes we won’t make choices based on quantity alone. The S in the POS actually also includes the time the tokens are staked, so that even if a user is staking less tokens, the amount of time they stake them for will also be used to calculate the award, so that is more fair. We designed the ULS (Unique Leader Selection) algorithm in order to reduce the reliance on the assumption of corruption delay (Cardano’s POS theory). which is used for ensuring fairness to ensure that all participants in the system can have a share of the reward, not only few large token holders.
Wu Di, a member of the Neutrino community: Many big exchanges have already begun to deploy decentralized exchanges. For example, Binance, and it seems that the progress is very fast. Will we be working with these influential exchanges in the future? We we have the opportunity to cooperate with them and broaden our own influence?
Lini: I also have seen some other exchange’s DEX. Going back the original point, distributed cross-chain nodes and centralized ones are completely different. I’m guessing that most exchanges use a centralized cross-chain solution, so it may not be the same as the 21 member Storeman group of Wanchain, but I think that most exchanges will likely be using their own token and exchange system. This is my personal understanding. But then, if you are developing cross chain technology, you will cooperate with many exchanges that want to do a DEX. Not only Binance, but also Huobi, Bithumb, Coinbase… And if there is anyone else who would like to cooperate we welcome them!
Neutrino community member AnneJiang from Maker: Dai as the first stable chain of Wanchain will open a direct trading channel between Dai and BTC. In relation to the Dai integration, has any new progress has been made on Wanchain so far?
Lini: DAI’s stable currency has already been integrated on Wanchain. I just saw it yesterday, let me give you a picture. It’s on the current 3.0 browser, https://www.wanscan.org/, you can take a look at it yourself.
This means that users with DAI are now free to trade for BTC, or ETH or some erc20 tokens. There is also a link to the Chainlink, and LRC is Loopring, so basically there are quite a few excellent project tokens. You may use the Wanchain to trade yourself, but since the DEX is not currently open, currently you can only trade with friends you know.
https://preview.redd.it/jme5s99bun621.png?width=800&format=png&auto=webp&s=7ba3d430ba3e7ddcab4dbcdedc05d596d832f5a7

About Neutrino

Neutrino is a distributed, innovative collaborative community of blockchains. At present, we have established physical collaboration spaces in Tokyo, Singapore, Beijing, Shanghai and other places, and have plans to expand into important blockchain innovation cities such as Seoul, Thailand, New York and London. Through global community resources and partnerships, Neutrino organizes a wide range of online an offline events, seminars, etc. around the world to help developers in different regions better communicate and share their experiences and knowledge.

About Wanchain

Wanchain is a blockchain platform that enables decentralized transfer of value between blockchains. The Wanchain infrastructure enables the creation of distributed financial applications for individuals and organizations. Wanchain currently enables cross-chain transactions with Ethereum, and today’s product launch will enable the same functionalities with Bitcoin. Going forward, we will continue to bridge blockchains and bring cross-chain finance functionality to companies in the industry. Wanchain has employees globally with offices in Beijing (China), Austin (USA), and London (UK).
You can find more information about Wanchain on our website. Additionally, you can reach us through Telegram, Discord, Medium, Twitter, and Reddit. You can also sign up for our monthly email newsletter here.
https://preview.redd.it/w7ezx27dun621.png?width=720&format=png&auto=webp&s=6ef7a651a2d480658f60d213e1431ba636bfbd8c
submitted by maciej_wan to wanchain [link] [comments]

‘Youngest Bitcoin Millionaire’ Willing to Stake it All on Metal Pay

‘Youngest Bitcoin Millionaire’ Willing to Stake it All on Metal Pay
https://preview.redd.it/f2hdpngkljh31.png?width=2000&format=png&auto=webp&s=5cc57b932f5e950203aec3cabcd9e686a6f9c585
Metallicus, the startup behind the peer-to-peer payments platform Metal Pay, received an undisclosed angel investment from the youngest bitcoin millionaire, Erik Finman.
In partnership with Metal Pay CEO Marshall Hayner, the two look to develop the first “all-in-one” cryptocurrency banking platform, which includes a 17 digital asset exchange, a digital bank and a payments application with social features similar to Venmo.
Founded in September, Metal Pay has processed approximately $11 million in total payments from nearly 130,000 registered users across 38 states. On a monthly basis, the company processes $1 million in crypto or fiat for around 30,000 active users, according to Hayner.
Finman staked a modest amount of bitcoin to finance the development of the banking and exchange ecosystem, he said, which currently holds approximately $2 million in crypto and fiat on the platform. Though Finman is willing to put in his entire “400 something” bitcoin fortune to fund Metal Pay’s growth, the 20 year old told CoinDesk.
“We’re looking to beat bitcoin,” Finman said.
“I’ve been a bit back and forth in the past (‘crypto is dead’/ ‘resurrect Bitcoin’) but have found in recent months, especially, that the bitcoin community is super fragmented. And the actual usability for bitcoin is minimal,” Finman said.
This project is an attempt to move beyond the siloed developments within the crypto industry and become a usable financial tool, he said.
Hayner agrees, and said crypto has grown to mirror “the existing financial industry,” rather than the open-source community where he found his footing in “the days when you could still mine BTC on a MacBook.”
Before Metal’s founding in 2016, Hayner helped build Stellar, Dogecoin and Block.io. The company previously received $3 million in funding from G2 Ventures, Gateway and Shapeshift CEO Erik Voorhees.

Crypto meets conventional

The two took a “crypto-agnostic” approach when building the system and have worked actively with regulators.
Metal Pay is partnered with Arkansas-based Evolve Bank and Trust to provide FDIC insured deposit accounts. As the platform develops, Evolve will help Metal Pay introduce a number of financial products associated with conventional banking services.
In 2018, Hayner also developed a proof of processed payment as a means of distributing MTL tokens native to the platform. The proof reaches consensus and validates transactions conducted on Metal Pay.
Instead of a mining reward, however, the counterparties receive up to 5 percent of the transaction volume in MTL, which, “for consumers, is construed as cash back,” said Hayner. These rewards, called Pop can be converted into fiat, sent to another Metal Pay user, or held as an investment.
MTL holders are rewarded in additional ways. For instance, those that “hold over 10,000 MTL on an average spot price between Binance, Kraken and Bittrex,” will not be charged fees. Further, Hayner said the company intends to offer free trading on MTL specific pairs and fee-less options for merchants following the introduction of Metal Merchant.
Metal Pay looks to gain market validation in a crowded field of payment apps like Venmo and Cash App. Hayner recognizes the difficulty in attracting non-crypto users, and is working to build an application that passes industry muster first.
He said:
“Bitcoin is flawed, but only in the way the Ford Model T was flawed, the concept of a car will live on and constantly be improved upon, hopefully it builds upon the existing model and there is always room for Ford, Toyota, Mazda, BMW, Tesla even!”
submitted by Rajladumor1 to omgfin [link] [comments]

Weekly Crypto Recap for the week ending July 27

Developments in Financial Services

Regulatory

General News

submitted by QuantalyticsResearch to CryptoMarkets [link] [comments]

Weekly Crypto News Recap for the Week ending July 27

Developments in Financial Services

Regulatory

General News

submitted by QuantalyticsResearch to CryptoCurrency [link] [comments]

Western Union is about to introduce cryptocurrency transfer services. Read more in the analytical report

Western Union is about to introduce cryptocurrency transfer services. Read more in the analytical report
Key market events in December 17-23, 2018
  1. According to the Blockchain Transparency Institute, most exchanges lie about their transaction volumes. The real figure is close to 1% of the number displayed on the CoinMarketCap. Bitfinex and Binance are exceptions, though, of course, many have doubts about Binance.
2.Bloomberg gained access to the financial documentation of Tether Limited, which issues the USDT stablebcoin, and confirmed that almost a year ago, on January 31, 2018, all the coins issued by the company were secured by $2.2 billion.
  1. Payment giant Western Union is about to introduce cryptocurrency transfer services right after the tests are done. However, according to the president of the division of the Global Money Transfer payment system Odilon Almeida, so far the cryptocurrency has not gained wide traction, since it needs to be controlled by the authorities and reduce volatility.
  2. The Reddit user under the nickname sotashi urged Bitcoin owners UTC to withdraw their funds from all exchanges on January 3 at 16:00 to celebrate the decade of Genesis Block, and at the same time to check how many bitcoins are in circulation now and whether all exchanges are truly decentralized.
  3. The Coincheck cryptocurrency exchange, which lost more than $500 million to the hacker attack in January 2018, received an operating license from the Financial Services Agency of Japan after improving service, increasing security and introducing anti-money laundering measures.
  4. An accounting company Grant Thornton LLP conducted a second audit of stablecoin USD Coin (USDC) by Circle and Coinbase, which confirmed it was secured by fiat currency. By the end of November 2018, 177,190,279 USDC were released, and $180,192,792. 7 more remained in the reserves of issuing companies.
  5. Bitcoin network complexity dropped by 10% as the coin value grew, and the miners started earning more on mining this first cryptocurrency.
  6. Coinbase, the largest US exchange, confirmed that it was transferring almost $5 billion in cryptocurrency to a new repository for the cryptoassets of its clients. The total transfer amount included 5% of company’s Bitcoin reserves, 8% of Ethereum stash and 25% of Litecoin.
  7. The analytical company McAfee Labs published a report, which says the number of virus software for hidden mining increased by 4467% in 2018. IoT devices are the main attack vector.
10.Facebook began the development of a stablecoin secured by US dollar for WhatsApp users. The coin would be launched in India, where the messenger has about 200 million active users.
  1. ConsenSys aims to close its startup incubator, which included 36 projects. The company explained that all these startups have not created cost-effective products and are not ready to join the new ConsenSys. Therefore, the number of ConsenSys employees can be reduced by 60%.
  2. The Israeli firm GMT, which has 250 branches and cooperates with MoneyGram, American Express and other financial companies, has joined the RippleNet network.
  3. Wong Ching, a 24-year-old Bitcoin millionaire, decided to raise awareness about the crypto industry in a rather peculiar way - he dropped 100 million Hong Kong dollars (about $12.8 million) from the roof of a high-rise building.
Market analytics from club experts for December 17 - 23, 2018
Surprisingly enough, the last week turned out to be rather joyful and full of festive mood. The price of BTC and altcoins started to grow. The total market capitalization climbed from $103 billion in the beginning of the week to $133 billion.
Trading volumes also showed a good growth - on average roughly $17 billion. The BTC kept dominating the market at 53-54%, falling to 49% only by December 20, when there was a massive increase in altcoin price.
The BTC price climbed from $3276 to $4009 over the week, peaking at $4144.
This week witnessed the historical maximum of BTC trade volume - 2.27 million BTC or $9 billion. The last record was set on December 7, 2017, with almost 2 million BTC.
Moreover, the drop of recent corrections during the weekend was followed by good purchasing volumes.
There are reasons to assume that the buyers have accumulated enough funds and strength, and the reporting periods, together with the u, keep pointing out that the trend is about to change - if not globally, then at least locally. We expect quite a few landmark events in 2019 - the launch of Bakkt is just one of them. The train is about to leave, so hop on!
Changes in the cost and capitalization of the TOP-10 cryptocurrencies in the period for December 17-23, 2018:

https://preview.redd.it/fmbgy5d359621.jpg?width=610&format=pjpg&auto=webp&s=caa637c2bb8b84f1c288808b12d396b72e441e02
4. TOP-3 growing coins from the long-term portfolio for December 17-23, 2018 (including portfolio updates)
What an amazing week – all coins in the recommended portfolio showed growth! The best-performing coins are NKN +110% (successful launch of the testnet), Mysterium MYST +103% (release of a VPN application for the blockchain), Edgeless +96% (official launch of Slots). Others kept up, with the exception of Quarkchain QKC, which only grew +7%.
Want to be the first to receive news, updates from analysts and trade signals? Join @gitsupport channel and start earning with us!
submitted by Golden_Island_Club to u/Golden_Island_Club [link] [comments]

Subreddit Stats: NewYorkCoin posts from 2017-07-24 to 2018-04-09 09:00 PDT

Period: 258.76 days
Submissions Comments
Total 543 3256
Rate (per day) 2.10 12.57
Unique Redditors 205 474
Combined Score 3835 6264

Top Submitters' Top Submissions

  1. 1067 points, 120 submissions: hivewalletvictim
    1. Welcome Pro Snowboarder Jeff Sponzo to TEAM NYC! NewYorkCoin (NYC) has sponsored professional snowboarder Jeff Sponzo (instagram: @sp0nzo) Wish Jeff luck! He's competing in Oslo, Norway and spreading the word about NYC on his world tour!!! (33 points, 6 comments)
    2. An exhaustive email explaining NYC "roadmap" to the 'hype and scam' crowd. PLEASE READ. (31 points, 59 comments)
    3. 1,000,000 NYC BOUNTIES for every new retail/storefront business YOU get to accept NewYorkCoin in New York City. Business owner downloads Coinomi Wallet (beta) from link at newyorkcoin.net and prints their QR code for customers to pay! Business owner receives 1,000,000 NYC too! (27 points, 11 comments)
    4. Gila's Nosh | 23rd Street NOW ACCEPTS NYC! (24 points, 7 comments)
    5. LEASE NEGOTIATIONS IN PROCESS FOR AN AMAZING GALLERY SPACE IN LOWER EAST SIDE, MANHATTAN! THE NEW YORK COIN CENTER WILL BE OPENING SOON IN MANHATTAN. (24 points, 18 comments)
    6. 3 new businesses NOW ACCEPT @NewYorkCoinNYC ! Eqwipped Entertainment Recording Studio | Greenpoint, Brooklyn, An Nails Salon | Orlando, FL, Khameleon Koatings | Brattleboro, VT. newyorkcoin.net/#real (23 points, 6 comments)
    7. Another new business ACCEPTING NYC in Manhattan! Welcome the NYC Falafel Co of the Lower East Side to TEAM NYC. Merchant acceptance of NYC is starting to gain momentum... (20 points, 7 comments)
    8. NYC NOW ACCEPTED AT 14 BUSINESSES (and growing!). Welcome Paul Zepeda Gallery and Grown Fresh NYC to TEAM NYC. (19 points, 0 comments)
    9. Centre Finest Deli | New York, NY | Bitcoin ATM location | Now Supports NewYorkCoin | Acceptance Coming Soon (18 points, 4 comments)
    10. NYC Electrum-X now on github! Pull request also made to the original project: https://github.com/kyuupichan/electrumx/pull/354, once it's accepted it will be included in the master branch of electrum-x. Tip Coinomi devs! (18 points, 9 comments)
  2. 215 points, 27 submissions: Tnyc2477
    1. Calm (15 points, 10 comments)
    2. NewYorkCoin is on coinomi wallet. Coinomi is a security-first multi-asset wallet that provides native support and true ownership for 96 coins and 244 tokens, for a total of total of 340 coins and tokens, available in 168 fiat currency representations and 25 languages. (15 points, 14 comments)
    3. One special pitch for our coin to one special exchange (14 points, 10 comments)
    4. So You Want to Own Some NewYorkCoin (NYC) But Don’t Know Where to Start! Here is an Easy Guide for Beginners (14 points, 3 comments)
    5. That Perfect, Rich Exchange Everyone Needs (13 points, 7 comments)
    6. NYC Discord 2nd Meeting 1-24-2018.mp4 - Google Drive (12 points, 5 comments)
    7. Analysis of The Institutional Money On NewYorkCoin and What Our Main Objective Really Is (11 points, 7 comments)
    8. Looks a bit more crowded there on the list of Markets to trade NYC :-) (11 points, 2 comments)
    9. Please also join us at nycoincommunity for important posts from dev team. Thank you. (11 points, 20 comments)
    10. For Newly Joined Community Memebers (10 points, 0 comments)
  3. 150 points, 12 submissions: jamesburrell2
    1. Wall Street Journal article about NewYorkCoin (35 points, 25 comments)
    2. NewYorkCoin featured in Crains NewYork magazine (21 points, 5 comments)
    3. ***MUST READ FOR NEWBIES (NOOBS) trying to understanding what NewYorkCoin and other cryptocurrencies are (and are not). Very easy to read and written by a top player in the cryptocurrency space. (14 points, 2 comments)
    4. Great arguments for why NewYorkCoin's code is better for P2P micropayments than Bitcoin (14 points, 1 comment)
    5. My analogy for the early growing community of NewYorkCoin enthusiasts (NewYorkCoin is the abandoned cars and the garage is the bottom of CoinMarketCap) (13 points, 3 comments)
    6. NewYorkCoin is a technological improvement for informal value transfer systems and local currencies (12 points, 1 comment)
    7. A reminder of Bitcoin's price trajectory and potential trajectory for NewYorkCoin enthusiasts (10 points, 0 comments)
    8. YouTube user Coinreview was pretty early in identifying the promise of NewYorkCoin. (9 points, 0 comments)
    9. Good article why the NewYorkCoin community shouldn't judge the value of the coin by marketcap alone (8 points, 0 comments)
    10. Good video by the LitePay CEO (5 points, 0 comments)
  4. 129 points, 11 submissions: nodecache
    1. A New York Coin Development Vision: How BTC could be 'powered by NYC' via Lightning Network (20 points, 27 comments)
    2. Fast 'n Free Forever: an inflationary vision for a Proof of Stake New York Coin (19 points, 13 comments)
    3. Ask shapeshift and changelly to add NYC now that we're on Coinomi (18 points, 9 comments)
    4. BTC: powered by NYC - 1.1 Million NYC bounty raised for Segwit implementation (11 points, 29 comments)
    5. Requested NYC on Polo today, where are you requesting it? (11 points, 8 comments)
    6. 250,000 NYC Bounty to developer(s) to implement Segwit w/ intent to make NYC a BTC cash layer (10 points, 49 comments)
    7. Bounty update: Segwit/Lightning on NYC Roadmap (10 points, 6 comments)
    8. Alternative rebrand concept for a real artist to alter (9 points, 3 comments)
    9. Donation Address for Segwit Bounty: RGpAYLk2CtsLvBQBENQyNUhJyF8QH2zC53 (8 points, 30 comments)
    10. NYC is Checking Account to Bitcoin's Savings Account (7 points, 10 comments)
  5. 115 points, 13 submissions: gopes11
    1. Found this gem in one of the earlier posts. A lot of Great reads btw.. this guy nailed NYC (19 points, 0 comments)
    2. NYC VALUE (18 points, 1 comment)
    3. Only way NYC will go big is if we as a community come together and make it big. It’s not magic, we are investors and it is our duty to help this coin grow so developers have enough resources to further the project. (18 points, 9 comments)
    4. More exchanges is the solution (14 points, 6 comments)
    5. Dallas Mavericks announced they will accept Cryptocurrency next season.. (13 points, 3 comments)
    6. NYC ATMs (6 points, 3 comments)
    7. Reducing the supply (6 points, 2 comments)
    8. Did anyone meet up yesterday? (5 points, 5 comments)
    9. What is the next step and how can we help? (5 points, 1 comment)
    10. Go vote. Get our name out there (4 points, 0 comments)
  6. 95 points, 7 submissions: kyguy17
    1. Please vote for NYC to go on more exchanges (18 points, 13 comments)
    2. Adding NYC to tradesatoshi.com (17 points, 12 comments)
    3. Trade satoshi (16 points, 11 comments)
    4. We are accepted in Trade satoshi but (16 points, 3 comments)
    5. Added another exchange! This will be number four if we can pull it off. (15 points, 17 comments)
    6. Great job everybody that donated! I want to thank everyone for that and I want to personally thank everyone that trusted me on handling the funds. (10 points, 4 comments)
    7. Why did coinomi delist NYCoin? (3 points, 26 comments)
  7. 74 points, 15 submissions: dynamicmormon
    1. A new business accepts the New York Coin. Here the link: http://www.extravagantllc.com/ (14 points, 1 comment)
    2. New acceptance of New York coin found the community website. Please look there. There is an artist mentioned. (11 points, 0 comments)
    3. Cryptonator (8 points, 0 comments)
    4. I saw something that shows the Coins gets international (8 points, 3 comments)
    5. Crex24 (7 points, 3 comments)
    6. A question about New York Coin (4 points, 12 comments)
    7. A further press report found (3 points, 1 comment)
    8. Fork (3 points, 2 comments)
    9. How are the experiences with the New York Coin Center? (3 points, 45 comments)
    10. Huobi (3 points, 0 comments)
  8. 74 points, 9 submissions: NYCoinIsTheFuture
    1. NYC Website (16 points, 18 comments)
    2. It is imperative we get this coin on SEVERAL different exchanges (11 points, 7 comments)
    3. For whomever wins the website contest (10 points, 2 comments)
    4. One last request, could we please somehow remove the scam-like all caps description under the Google search page, something as simple as New York Coin (NYC) would be good. It just doesn't feel very professional, I'm sure others agree. (9 points, 2 comments)
    5. More exchanges - stay hungry. (8 points, 3 comments)
    6. NewYorkCoin price predictions? Expectations for 2018? (7 points, 5 comments)
    7. Website Contest (7 points, 14 comments)
    8. Which website are we going with??? (4 points, 6 comments)
    9. NYC PREDICTIONS (2 points, 3 comments)
  9. 69 points, 19 submissions: NewYorkCoin
    1. THE NEW YORK COIN CENTER (12 points, 3 comments)
    2. NYC (24hr) trading volume passing $1m!!! Coinmarketcap is fixing bug that is stopping updating of volume. All markets offline at coinmarketcap. NYC TRADING VOLUME IS EXPLODING!!! (10 points, 4 comments)
    3. WIN 1,000,000 NYC! (7 points, 5 comments)
    4. newyorkcoin.net is now multi-lingual ! NYC in 17 most popular languages. Links at bottom of homepage. 1/2 on left side now completed, the rest will be live by end of weekend (7 points, 7 comments)
    5. NYC IS STARTING TO MOVE!!! NewYorkCoin getting ready to break into TOP 300 at coinmarketcap. BUY NYC AT YOBIT! Coinomi in December. NYC ATM's in January. NEW YORK COIN CENTER coming in 2018! (5 points, 0 comments)
    6. $30,000 trading volume now. And climbing... Will NYC break $50,000/day for the first time EVER soon... P.S. This is BEFORE Coinomi adds NYC! (3 points, 1 comment)
    7. MEET NEW YORK COIN (NYC) (3 points, 0 comments)
    8. THE NEW YORK COIN CENTER is looking better and better by the day! (3 points, 3 comments)
    9. Can you find any more NYC cheapies under 0.00004? Are those gone forever? Next cheapies to disappear 0.00005. My prediction is that by end of this weekend, the CHEAPEST NYC you can ever buy again will be 0.00008 (maybe higher!) nycoin.net (2 points, 2 comments)
    10. FIND NEW YORK COIN AT 2017 MACY*S THANKSGIVING DAY PARADE! (2 points, 4 comments)
  10. 63 points, 4 submissions: throwawayhey1234w
    1. New website idea. The so called creator is absent from this, i can help with the website, we still need to get the blockchain working, rumbles of others workign on this but i think IF we want to drag this back from the dead we need to start reviving. (23 points, 29 comments)
    2. Nice Video For This Coin (21 points, 3 comments)
    3. Update on website, more pages. Now accpeting donations of new york coin so i can just keep powering through: REWEc7pAqxgD249pVm9aKBSaQU5nwzWhms (16 points, 9 comments)
    4. I am buying all in! (3 points, 4 comments)
  11. 61 points, 12 submissions: modoromodo
    1. Good job Newyorkcoin Team very interesting (28 points, 0 comments)
    2. NEW YORK COIN (NYC) PRICE LIVE, CRYPTOCURRENCY, NEWS, WIKI, PREDICTION (7 points, 4 comments)
    3. Who think nyc will make 0.01 soon (6 points, 6 comments)
    4. What are the best expectations for 2018 (5 points, 2 comments)
    5. NYC next year in top 10 ( very possible ) (4 points, 4 comments)
    6. SOON IN THE MOON (3 points, 0 comments)
    7. Is there news about ATMS (2 points, 2 comments)
    8. NEED MOR EXCHANGES FOR THIS COIN LIKE CRYPTOPIA . BINANCE . BITREX (2 points, 1 comment)
    9. New york coin in stocktwits (2 points, 1 comment)
    10. . (1 point, 1 comment)
  12. 53 points, 6 submissions: zer0san
    1. Reddit Banner & Marketing (17 points, 19 comments)
    2. New Variation: When needed I can make specific infographics for the website. (11 points, 5 comments)
    3. NYC Infographic Design for fun — Composition stolen from Sia ;) (8 points, 6 comments)
    4. New York Coin Reddit banner W.I.P (7 points, 13 comments)
    5. Plans for 2017/ Road map?? (7 points, 3 comments)
    6. Wanted to say Hi (3 points, 1 comment)
  13. 50 points, 4 submissions: ASSBORDERLINE
    1. COINOMI To add NYC In next update You can test NYC in there Beta App! (14 points, 2 comments)
    2. Just Bought 29 Million NYC (13 points, 14 comments)
    3. Reason Why NYC Rising & Brief History (13 points, 6 comments)
    4. ATM Coming very soon 😅 (10 points, 3 comments)
  14. 50 points, 4 submissions: CoinmaticNYC
    1. WISH US LUCK (ARTICLE ON CNBC REQUESTED)!!! (15 points, 7 comments)
    2. PLEAE READ!!! (14 points, 10 comments)
    3. FACEBOOK PAGE UPDATE (12 points, 1 comment)
    4. Quick maths bruv (9 points, 10 comments)
  15. 47 points, 7 submissions: lCyberneticl
    1. What do you all think? Anyone working on logo/graphics/advertising (20 points, 7 comments)
    2. Go NYC! (8 points, 0 comments)
    3. NYC (7 points, 1 comment)
    4. Work in progress! (5 points, 2 comments)
    5. My contribution to the website contest (3 points, 0 comments)
    6. Just an idea (2 points, 1 comment)
    7. NYC (2 points, 1 comment)
  16. 40 points, 1 submission: RealWorldCoins
    1. BREAKING NEWS! CNBC producer was at KEATS restaurant to video the first ever retail transaction using cryptocurrency, NY Coin.....This story is still developing and air date has not been disclosed. NY Coin is supposedly 20x faster than Bitcoin and does not have any fees. (40 points, 20 comments)
  17. 39 points, 5 submissions: NYC_NewYorkCoin
    1. If anyone can contact this place La Sirene in Manhattan, Im sure they will place the NYC sticker up (14 points, 6 comments)
    2. NYC New York Coin is now actively trading on Tradesatoshi.com Congrat's all. (8 points, 2 comments)
    3. NYC New York Coin This must be the coin!! (7 points, 0 comments)
    4. Picked up some more NYCoin! Lets Hope for the Best! NYC Coin 20X faster than Bitcoin NYC is simply more usable than Bitcoin. NYC is 20X faster to send, receive & confirm transactions. And 5X faster than Litecoin. NYC is much cheaper to use than Bitcoin or Litecoin. Actually, it's free! (7 points, 4 comments)
    5. New York Coin ,New York Coin, Start spreading the news You're leaving today Your vagabond shoes, they are longing to stray And steps around the heart of it, New York, New York -New York Frank Sinatra (3 points, 1 comment)
  18. 36 points, 4 submissions: nicovs_be
    1. ElectrumX and Electrum-NYC wallet by the newyorkcoin community (14 points, 0 comments)
    2. There's the 1st 2SAT NYC sells ever (11 points, 1 comment)
    3. KEATSBAR confirmation is now on the site (7 points, 5 comments)
    4. NYCoin Core Wallet Block data Download (Data up to date up to Jan 7th 9PM) (4 points, 5 comments)
  19. 35 points, 4 submissions: TweeknTekneek
    1. I bought in newyorkcoin !!! (15 points, 34 comments)
    2. I hope one day NYC coins are soo common, that they become the new digital coin for parking meters! (10 points, 0 comments)
    3. If and when NYC hits $0.01 - $0.10 (5 points, 8 comments)
    4. What is the best Walter for NYC? (5 points, 3 comments)
  20. 34 points, 5 submissions: fionaman
    1. Binance is Possible... (16 points, 7 comments)
    2. Will NYC make us millionaires? (8 points, 8 comments)
    3. We should try to get NYC on Coin Exchange (5 points, 2 comments)
    4. Lescovex vote - NYC #3 & "under consideration (3 points, 3 comments)
    5. Why is the total supply increasing? (2 points, 5 comments)

Top Commenters

  1. hivewalletvictim (611 points, 343 comments)
  2. Tnyc2477 (367 points, 171 comments)
  3. nodecache (340 points, 131 comments)
  4. dwilkes827 (168 points, 75 comments)
  5. nicovs_be (166 points, 74 comments)
  6. cryptonyxx (153 points, 62 comments)
  7. mariusadrian2103 (132 points, 42 comments)
  8. JohnSewards (122 points, 53 comments)
  9. zer0san (118 points, 48 comments)
  10. GiorgosK (110 points, 104 comments)
  11. kuch167 (102 points, 37 comments)
  12. jamesburrell2 (99 points, 39 comments)
  13. polkaberries (92 points, 47 comments)
  14. CoinmaticNYC (92 points, 32 comments)
  15. yarikd (90 points, 45 comments)
  16. GU1TARW0RLD- (69 points, 42 comments)
  17. kyguy17 (57 points, 21 comments)
  18. dynamicmormon (54 points, 30 comments)
  19. NewyorkCoinFrance (53 points, 21 comments)
  20. TweeknTekneek (52 points, 32 comments)

Top Submissions

  1. BREAKING NEWS! CNBC producer was at KEATS restaurant to video the first ever retail transaction using cryptocurrency, NY Coin.....This story is still developing and air date has not been disclosed. NY Coin is supposedly 20x faster than Bitcoin and does not have any fees. by RealWorldCoins (40 points, 20 comments)
  2. Wall Street Journal article about NewYorkCoin by jamesburrell2 (35 points, 25 comments)
  3. Welcome Pro Snowboarder Jeff Sponzo to TEAM NYC! NewYorkCoin (NYC) has sponsored professional snowboarder Jeff Sponzo (instagram: @sp0nzo) Wish Jeff luck! He's competing in Oslo, Norway and spreading the word about NYC on his world tour!!! by hivewalletvictim (33 points, 6 comments)
  4. An exhaustive email explaining NYC "roadmap" to the 'hype and scam' crowd. PLEASE READ. by hivewalletvictim (31 points, 59 comments)
  5. Good job Newyorkcoin Team very interesting by modoromodo (28 points, 0 comments)
  6. 1,000,000 NYC BOUNTIES for every new retail/storefront business YOU get to accept NewYorkCoin in New York City. Business owner downloads Coinomi Wallet (beta) from link at newyorkcoin.net and prints their QR code for customers to pay! Business owner receives 1,000,000 NYC too! by hivewalletvictim (27 points, 11 comments)
  7. Who is applying and sending in the info the exchanges require to get added ? Ill do it and pay the fees they require if someone will give me permission and materials I request. I’ll pay the fees as well they range $5000 to 20,000. Exchanges want money it’s that simple. by earthfunds (26 points, 10 comments)
  8. Logo Idea by shotxchance (25 points, 18 comments)
  9. LEASE NEGOTIATIONS IN PROCESS FOR AN AMAZING GALLERY SPACE IN LOWER EAST SIDE, MANHATTAN! THE NEW YORK COIN CENTER WILL BE OPENING SOON IN MANHATTAN. by hivewalletvictim (24 points, 18 comments)
  10. Gila's Nosh | 23rd Street NOW ACCEPTS NYC! by hivewalletvictim (24 points, 7 comments)

Top Comments

  1. 14 points: deleted's comment in LEASE NEGOTIATIONS IN PROCESS FOR AN AMAZING GALLERY SPACE IN LOWER EAST SIDE, MANHATTAN! THE NEW YORK COIN CENTER WILL BE OPENING SOON IN MANHATTAN.
  2. 12 points: hivewalletvictim's comment in An exhaustive email explaining NYC "roadmap" to the 'hype and scam' crowd. PLEASE READ.
  3. 12 points: yarikd's comment in dkbigmoney = Charlie K
  4. 11 points: zer0san's comment in Reddit Banner & Marketing
  5. 10 points: deleted's comment in I dreamt that NYC coin becomes #1 last night.
  6. 10 points: deleted's comment in LEASE NEGOTIATIONS IN PROCESS FOR AN AMAZING GALLERY SPACE IN LOWER EAST SIDE, MANHATTAN! THE NEW YORK COIN CENTER WILL BE OPENING SOON IN MANHATTAN.
  7. 10 points: bshaw2019's comment in Please release regular wallet updates and show that you are actually doing SOMETHING in terms of development.
  8. 10 points: jamesburrell2's comment in Wall Street Journal article about NewYorkCoin
  9. 10 points: nodecache's comment in Web page
  10. 9 points: 3mar7's comment in In an unbiased and honest opinion, what do you guys see this coin reaching in 1-2 years?
Generated with BBoe's Subreddit Stats (Donate)
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Bitcoin and other Cryptocurrencies

What is Bitcoin?
Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.
It’s the first example of a growing category of money known as cryptocurrency. It was created in 2009 by a software developer called Satoshi Nakamoto. The idea was to produce a currency independent of any central authority, transferable electronically, more or less instantly, with very low transaction fees.
This is a video that explains it better: Bitcoin
Why are a lot of people talking about it?
Bitcoin's price skyrocketed in 2017. From around $1,000 per Bitcoin, it is now $11,000. Alternative coins (or altcoins), like Ethereum and Litecoin, went up by as much 1000% this year as well. I have a lot of friends who became millionaires because of Bitcoin just this year.
How do I buy Bitcoin?
  1. Download the coins.ph app from the app store. If you find this guide useful, you can use my referral code. here If you finish the level 2 verification, we'll both get 50 pesos.
  2. From there, you can load money to your account thru 7-11 outlets or thru banks. You can convert the Peso you deposited into Bitcoin in your account. Note that the price of Bitcoin fluctuates throughout the day, so it is best to convert when the price of Bitcoin is low. If you want to withdraw your money from the app, you can do so via Banks, GCash, etc.
There are also similar apps, like Abra, or physical stores like Moneybees, but I have no experience using them. I believe you can buy Ethereum in Abra and Moneybees.
How do I earn money?
You can keep your Bitcoin in your coins.ph account, HOLD, and wait for the price of Bitcoin to go up. There was this person who posted here in reddit about a few weeks ago that he earned 50k from an initial investment of 35k. I started a few months ago and earned double my initial investment.
If you want to trade, you can transfer your bitcoin from your coins.ph account, to exchanges like Bittrex, Binance, or Poloniex. There are other exchanges, but these are the ones I'm familiar with. Once you've transferred your Bitcoin there, you can buy other coins. Trading is very risky and I do not recommend it if you do not have prior experience. You can lose a lot of money overnight or even in a few minutes.
https://poloniex.com https://www.binance.com https://www.bittrex.com https://www.coinbase.com
Stocks, or Bitcoin?
The returns if you invest in Bitcoin are huge, potentially. The coins are limited in number, it is becoming harder and harder to mine, and with more people becoming aware of Bitcoin and wanting to invest in it, it will drive the price up. Bitcoins and other cryptocurrencies can go up by 10%, 20% or even 100% or higher overnight. However, you can lose just as much. The prices are very volatile that one good or bad news can affect its price by a lot.
Also, people argue that Bitcoin has no intrinsic value. For stocks, the value is determined by the performance of the company, its assets, earnings, etc. Bitcoin doesn't have that. The price is determined by the demand for it. The banks hate Bitcoin and other cryptocurrencies for good measure and have been calling it a "bubble".
I'd still say that diversifying your investment is still the best way to go.
Bitcoin's price is too high. What can I do?
You don't have to buy 1 bitcoin for 550,000 pesos. You can buy .5, .05, or even .001 Bitcoin. You can also buy other cryptocurrencies. The top cryptocurrencies after Bitcoin are: Ethereum, Bitcoin Cash, Ripple, IOTA, Dash, Litecoin, Bitcoin Gold, NEO, etc.
If you want to own other coins, transfer your Btc to an exchange, and you can buy the other coins there.
You can track your monies by downloading the Blockfolio app. Trust me, there's no better feeling than waking up in the morning to see that you've earned a lot of money while sleeping.
You can check them by going to https://coinmarketcap.com.
What is Mining?
Imagine depositing money in a bank. The bank's database stores the information that you deposited the money and how much you have. In Bitcoin, People are sending bitcoins to each other over the bitcoin network all the time, but unless someone keeps a record of all these transactions, no-one would be able to keep track of who had paid what. The bitcoin network deals with this by collecting all of the transactions made during a set period into a list, called a block. It’s the miners’ job to confirm those transactions, and write them into a general ledger. They are rewarded with the transaction fees and coins.
I personally don't mine, but from what I've gathered, a "mining rig" costs between 100k-180k pesos depending on the number of video cards. The average ROI is around 4-6 months.
submitted by JSmooveGG to phinvest [link] [comments]

How to trade using Binance Mobile app - YouTube How to Become a Crypto Millionaire with $1,000 BINANCE EXCHANGE UITLEG: COMPLETE HANDLEIDING IN HET ... Como comprar BITCOIN y otras CRIPTOMONEDAS en BINANCE 2020 ... How to deposit and withdraw on Binance - YouTube How to Use Binance App on Mobile, Iphone / Android - YouTube Binance app Tutorial  How to use Binance app ... HOW I MADE 20k NAIRA FROM BINANCE (IN 12HRS) - YouTube The ONLY Strategy to Become a Bitcoin Millionaire in 2020 ...

‘Teenage Bitcoin Millionaire’ Co-Founds $1 Million Investment Fund for Crypto Startups The leaders of crypto payment app Metal Pay, Marshall Hayner and Erik Finman, are launching an investment ... ‘Teenage Bitcoin Millionaire’ Co-Founds $1 Million Investment Fund for Crypto Startups . The leaders of crypto payment app Metal Pay, Marshall Hayner and Erik Finman, are launching an investment fund. Dubbed Metal VC, the $1 million dollar fund will focus on micro and angel investments, primarily in early-stage companies involved in banking and decentralized finance. The fund will allow ... Teenage Bitcoin Millionaire Launches $1 Million Investment Fund. Posted on by Toshendra Kumar Sharma. Marshall Hayner and Eric Finman, the leaders of the crypto payment app Metal Pay, are launching an investment fund. The $1 million fund, dubbed Metal VC, will focus on micro and angel investments, primarily in early-stage companies that are involved in decentralized finance and banking ... John McAfee, the creator of the widely-used McAfee antivirus, has announced the launch of his new app, called “Bitcoin Play.” On May 4th, 2019, McAfee revealed to his over 900k followers on Twitter that Bitcoin Play is now available on Google Play for Android users. According to the eccentric crypto millionaire, the Bitcoin Play app has a “family friendly option” and a separate version ... Bitcoin Billionaire App Review (Hacks, Cheats and Mod apk) By Ofir Beigel Last updated on January 2, 2018 at 00:00 6 Comments I got to admit, this post is a little silly since it has nothing to do with the actual Bitcoin world. With its mainnet test launch just around the corner, TRON and its native cryptocurrency Tronix is making waves in the cryptocurrency community. Whether the buzz around this innovative platform caused you to only learn more about it or already made up your mind to invest in its disruptive solutions, you may have just fulfilled a portion of TRON’s objective to expand its user base. He chose Bitcoin again and ended up making yet another good business move. Bitcoin is worth over USD 6,000 as of this writing, having went as high as USD 20,000 in December 2017. In total, Erik Finman had about BTC 400 and by June 2017 this was already worth over USD 1 million. Bitcoin had turned him into a millionaire before reaching adulthood. After picking which cryptocurrency you want, you’ll need to tell the app how much of the currency you’d actually like to purchase, and which wallet they’ll be going into. When you’ve done that, it’s time to pick your payment method, and then confirm your order. Now you’ve got some Bitcoin, or some other cryptocurrency of your ... If Binance does launch Bitcoin options trading it will be joining fellow Malta-based OKEx, which launched the service for selected traders in January 2020, and others including FTX, Deribit (which recently relocated from the Netherlands to Panama), as well as regulated institutional services like CME and Bakkt. Binance also created a list of projects, concepts, and ideas it wants to see from developers, particularly in the Binance Chain ecosystem. These include Bloomberg-like terminal for serious manual traders and Robinhood-like UX for casual traders. Chia believes that the platform will produce innovative and creative projects from third party creators and developers. That, in turn, will catalyze ...

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How to trade using Binance Mobile app - YouTube

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