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Weekly Update: $WIB, $VID, $CHZ on ParJar, Pynk crushes Web Summit, XIO swap bridge, Sentivate reorg... – 1 Nov - 7 Nov'19
Hi folks! We are catching up real quick. Here’s your week at Parachute + partners (1 Nov - 7 Nov'19): Three new projects and their awesome communities joined the Parachute fam this week: Wibson, VideoCoin and Chiliz. Welcome! And if you missed, we also added Shuffle Monster, Harmony and CyberFM last week. #cryptoforeveryone is getting bigger by the day. Woot woot! In this week’s TTR trivias, we had Richi’s movie quiz qith a 25k $PAR pot. Charlotte's Rebus trivia in TTR on Tuesday had 25k $PAR in prizes for 10 Qs. Noice! Jason’s creative contest for this week was #artdeadmin: “draw/paint/sketch/whatever you imagine a group of the parachute admins doing together”. Click here to check out some of the entries of the TTR Halloween photo contest from last week. Doc Victor (from Cuba) hosted a Champions League wager round in tip room. And congrats to Victor (Anox) for passing his final Medical exams. We have 2 Doc Vics now. One from Cuba and the other from *redacted*. Some of the top #artdeadmin submissions. Insane talent! Jason’s running medal collection. Say what! Andy shared the latest standings in the Parachute Fantasy Football League (#PFFL). Clinton (7-2) is on top followed by Chris (7-2) in second place and Hang (7-2) in third place. So close! As we rolled into November, Parachute crew signed up for Movember. So now we have 3 teams from the Parachute fold, doing a no-shave November for men’s health issues: Parachute (Tony, Cap, Alexis, Cuban Doc Vic, Richi), TTR (Vali, Ashok, Tavo, Alejandro, Marcos, PeaceLove) and TTR-Ladies (Mery, Martha, AngellyC, Liem, Durby, LeidyElena, Charlotte). Show them some support peeps! This is all for charity. Show them some support folks! This week’s #wholesomewed was about “your most precious possession and give us the story of why it is so precious to you”. A whole lot of $PAR was given out for some real wholesome life stories. Best. Community. Eva! Two-for-Tuesday theme for this week: colors! As always, a melodic Tuesday thanks to Gian! And thank you Borna for writing about Parachute and ParJar on the Blockchain Andy blog. <- This is where Jose creates his magic. Respect / Cuban Doc Vic’s doggo, Symba, could easily be a TTR mascot. Good boi! -> This week at aXpire there were two separate $AXPR burns: 20k of last week and 200k of this week. Last week’s news recap can be seen here. Congratulations to the team for being conferred the honour of being handed a key to Miami-Dade County by Mayor Carlos A. Gimenez at the 2019 Miami-Dade Beacon Council Annual Meeting & Key Ceremony. aXpire's disruptive solutions like Resolvr (expense allocation), Bilr (invoice management) and DigitalShares (deal marketplace) help hedge funds and PE firms scale through better profit margins. How? Read here. Did you know that the 2gether Ambassador Zone lets you customise referral messages with a #PicOfTheDay while you earn some sweet 2GT rewards? Super cool! There was an upgrade to the platform this week that might have led to a temporary deactivation in withdrawals while the update was being deployed. CEO Ramón Ferraz’s interview by BeInCrypto was released. Founder Salvador Algarra travelled to an ABANCA event for a keynote speech on Fintech innovation. Next week he will be at Rankia's Blockchain and Crypto Tech gathering to speak on "Blockchain, from predicting the future to building it". CardRates’ feature article on 2gether came out this week. The BOMBX:XIO token swap bridge went live. The swap will be open till 15th December. Plus, $XIO is now listed on DDEX and Switcheo. There were some disruptions in the bridge from time to time because of heavy traffic. Hence, the team also set up a manual swap page as an alternative solution. And please be wary of scammers posing as admins to help with the swap instructions. For any doubts, always reach out to accounts with admin tags on the official Telegram channel. The first set of incubated startups will be revealed on the 22nd of November. Ever wanted to find out about the people who frequent the BOMB token chat? Well, the BOMB Board is running a "Humans of Bomb" series to feature some of the most active members. This week, say Hello to Gustavo. Key to Miami-Dade County awarded to aXpire. Cool! WednesdayCoin’s founder Mike floated the idea of making WednesdayClub open on all days. The nature of the $WED token will not change on chain. Just that it will be usable inside the DApp everyday. What do you think? Let him know in the Reddit thread. Birdchain’s $BIRD token was listed on Mercatox this week. A new monthly referral contest was launched as well. 50k BIRD tokens to be won. Nice! Want the SMS feature to be released in your country? Start promoting! A featured article on Chainleak capped off the week perfectly for Birdchain. $ETHOS, $AXPR (aXpire), $HYDRO, $BNTY (Bounty0x) and $HST (Horizon State) were added to the eToro Wallet. The airdrops for Switch’s various token holders were distributed this week. As mentioned earlier as well, $ESH and $SDEX are revenue sharing tokens. Winners of the John McAfee contest and trading competition were announced. Congratulations! Tron blockchain support will be added to the Switch-based McAfeeDex next week. The news was covered by Beincrypto, U Today, Crypto Crunch, Altcoin Buzz and Tron’s Justin Sun as well. The Dex was featured in a Forbes article about John McAfee’s views on Libra. The latest community contest at Fantom involves writing educational articles on the platform. If you have been following Fantom developments, then this would be a breeze. Also, USD 100 in FTM tokens to be won. Sweet! Check out the cool $FTM merch on display at Odd Gems fashion. Even though these are not official gear, they have the blessings from the project. CMO Michael Chen sat down for an interview with Crypto Intelligence India to talk about the upcoming mainnet launch. The crew also appeared for an AMA with Atomic Wallet community. The latest technical update covers "Golang implementation of Lachesis consensus" or Go-Lachesis in short. Check out its demo with 7 nodes here. Parachute presentation (WIP). That’s right. 500k transactions and counting. Wow! While the Uptrennd Halloween contest got over last week, AltcoinBuzz made a friggin amazing graphic! Don’t forget to follow the Ann channel to stay up to date with the latest from Uptrennd. Founder Jeff Kirdeikis also announced that he will be working closely with PrefLogic on Security Tokens. Jeff’s interview with MakerDAO Biz Dev Gustav Arentoft came out. After some upgrades on Uptrennd, withdrawals are live again. Instead of the weekly meme contest, there was a flyer contest this week. 5k $1UP prize pool for winners. Wicked! The latest community picked TA report was on ETH. And the crew reached Malta for the AIBC Summit. More pics next week! Did you know that you can get Opacity Gift Codes for various plans at ShopOpacity.com? If not, make sure to read up on the Opacity October update. Catch up on the latest at District0x from the District weekly. The District Registry was live demo’ed. Looks cool! Hydro crew travelled to the Web Summit in Lisbon to spread word on the project. They were also represented at the Chicago fintech science fair this week. For a summary of the last few weeks gone by at Hydrogen, you can read the Project update and Hydro Labs update. We have covered most of these in previous posts. For the latest scoop on Hydro Labs, there’s always the Ann channel. Silent Notary’s Ubikiri wallet is undergoing upgrades. One of which is, wallets will be auto-named after creation. A ton more upgrades to be released. Sentivate announced a reorganisation in the company in order to devote full focus on Sentivate. The parent company will close and all resources will move to Sentivate. Here’s another use-case story to emphasise the potential of Universal Web. In the latest community vote on Blockfolio, folks voted overwhelmingly Yes on whether they would like to see more explainer articles on web tech. Also, the epic shoutout from Scott Melker (The Wolf Of All Streets) has to be the best thing ever! Updated Sentivate roadmap for next 3 months Pynk travelled to the Web Summit in Lisbon (wonder if they crossed paths with Hydro and SelfKey teams) as an official delegate of the Mayor's International Business Programme and were featured by KPMG. How to catch people’s eyes in a Summit where everyone is trying to grab your attention? With LED back packs. Genius! Such a lit idea, that even Web Summit tweeted it. Woohoo! And then they rocked a series of pitches to get to the big stage. Wins in Round 1 and quarter finals ensured an entry into the semi finals on the main stage. Click here to watch their presentation. Great job guys! Business Insider Poland included Pynk in their list of 12 Fintech companies worth following. The latest Pynk Tank episode delves into deep fakes in political advertising. One of the upcoming features on the platform will be the addition of gold to the daily price prediction tool. Pynk has "absolutely no interest in Bitcoin fanatics, ‘bagholders’ or ANYONE who mentions moons or Lamborghini’s. It’s tacky". This vibes perfectly with Parachute. Read more on Pynk's guide to becoming a super-predictor here. Horizon State announced that it will be resuming business under a new management. Welcome back! The original $HST token will not be supported anymore. The team will be looking into how the token holders are included in the new system. DENGfans, don’t forget to check the mini-projects posted by Mathew in the Telegram channel. Look up #getDENG in the channel. If you’re proficient in excel and VB, get in touch. Shuffle Monster’s $SHUF token is now listed on Dex.ag which acts as a decentralised price aggregator. CyberFM distributed the $CYFM payouts for October this week. Total payout as of 1st Nov is USD 266k+ in crypto. Say what! Pynk’s LED back packs are a stroke of genius OST’s Pepo was the 19th most popular dApp on State of the DApps last week. This week it climbed to the 16th position. Upcoming features on Pepo include video replies, threads and debates. Stay tuned! OST crew was at the Web3 UX Unconference in Toronto to talk all things UX. Next week they will be at ETHWaterloo to present and judge the UX award there. SelfKey’s $KEY token got listed on Hong Kong’s Lukki exchange. Like Hydro, the SelfKey team also attended the Web Summit in Lisbon for networking. If you were there, hope you said Hi. Ever wondered how Distributed Identity keeps your information private and safe when blockchains are supposed to be public? Click here to find out how SelfKey does this. More insight was shared into the Chainlink partnership this week by Constellation CEO Ben Jorgensen. The team attended the Air Force Space Pitch Day where it was selected to pitch the platform to attendees. Go get’em! How and why does Constellation do things? Check out the Constellation Principles. The October update for Yazom covers news such as alpha build of the app nearing completion, ongoing deal negotiation with clients etc. And with that, we close for this week in Parachuteverse. See you again soon. Ciao!
The biggest announcement of the month was the new kind of decentralized exchange proposed by @jy-p of Company 0. The Community Discussions section considers the stakeholders' response. dcrd: Peer management and connectivity improvements. Some work for improved sighash algo. A new optimization that gives 3-4x faster serving of headers, which is great for SPV. This was another step towards multipeer parallel downloads – check this issue for a clear overview of progress and planned work for next months (and some engineering delight). As usual, codebase cleanup, improvements to error handling, test infrastructure and test coverage. Decrediton: work towards watching only wallets, lots of bugfixes and visual design improvements. Preliminary work to integrate SPV has begun. Politeia is live on testnet! Useful links: announcement, introduction, command line voting example, example proposal with some votes, mini-guide how to compose a proposal. Trezor: Decred appeared in the firmware update and on Trezor website, currently for testnet only. Next steps are mainnet support and integration in wallets. For the progress of Decrediton support you can track this meta issue. dcrdata: Continued work on Insight API support, see this meta issue for progress overview. It is important for integrations due to its popularity. Ongoing work to add charts. A big database change to improve sorting on the Address page was merged and bumped version to 3.0. Work to visualize agenda voting continues. Ticket splitting: 11-way ticket split from last month has voted (transaction). Ethereum support in atomicswap is progressing and welcomes more eyeballs. decred.org: revamped Press page with dozens of added articles, and a shiny new Roadmap page. decredinfo.com: a new Decred dashboard by lte13. Reddit announcement here. Dev activity stats for June: 245 active PRs, 184 master commits, 25,973 added and 13,575 deleted lines spread across 8 repositories. Contributions came from 2 to 10 developers per repository. (chart)
Hashrate: growth continues, the month started at 15 and ended at 44 PH/s with some wild 30% swings on the way. The peak was 53.9 PH/s. F2Pool was the leader varying between 36% and 59% hashrate, followed by coinmine.pl holding between 18% and 29%. In response to concerns about its hashrate share, F2Pool made a statement that they will consider measures like rising the fees to prevent growing to 51%. Staking: 30-day average ticket price is 94.7 DCR (+3.4). The price was steadily rising from 90.7 to 95.8 peaking at 98.1. Locked DCR grew from 3.68 to 3.81 million DCR, the highest value was 3.83 million corresponding to 47.87% of supply (+0.7% from previous peak). Nodes: there are 240 public listening and 115 normal nodes per dcred.eu. Version distribution: 57% on v1.2.0 (+12%), 25% on v1.1.2 (-13%), 14% on v1.1.0 (-1%). Note: the reported count of non-listening nodes has dropped significantly due to data reset at decred.eu. It will take some time before the crawler collects more data. On top of that, there is no way to exactly count non-listening nodes. To illustrate, an alternative data source, charts.dcr.farm showed 690 reachable nodes on Jul 1. Extraordinary event: 247361 and 247362 were two nearly full blocks. Normally blocks are 10-20 KiB, but these blocks were 374 KiB (max is 384 KiB).
Update from Obelisk: shipping is expected in first half of July and there is non-zero chance to meet hashrate target. Another Chinese ASIC spotted on the web: Flying Fish D18 with 340 GH/s at 180 W costing 2,200 CNY (~340 USD). (asicok.com – translated, also on asicminervalue) dcrASIC team posted a farewell letter. Despite having an awesome 16 nm chip design, they decided to stop the project citing the saturated mining ecosystem and low profitability for their potential customers.
Changenow announced the option to buy DCR with fiat.
TokenPride: "We are seeking feedback on the general setup of our payment processor. We have tried to make it simple and user friendly. 10% of all purchases made in Decred will be donated to the Decred Development fund - and we will be releasing original Decred designs in the future".
BlueYard Capital announced investment in Decred and the intent to be long term supporters and to actively participate in the network's governance. In an overview post they stressed core values of the project:
There are a few other remarkable characteristics that are a testament to the DNA of the team behind Decred: there was no sale of DCR to investors, no venture funding, and no payment to exchanges to be listed – underscoring that the Decred team and contributors are all about doing the right thing for long term (as manifested in their constitution for the project). The most encouraging thing we can see is both the quality and quantity of high calibre developers flocking to the project, in addition to a vibrant community attaching their identity to the project.
The company will be hosting an event in Berlin, see Events below. Arbitrade is now mining Decred.
Campus Party in Brasilia, Brazil. @girino, @Rhama and @matheusd talked about Decred. Matheus was interviewed by a TV channel. Check this quick report about the event, click "Show newer" to continue reading. (photos: 123)
Blockchain Summit in London, UK. This was not a full blown presence with stand but rather investigation of opportunities by @kyle and @Ani. The resulting detailed report is a good example of a document advising to stakeholders whether it is worth spending project funds.
Meetup in Berlin, Germany on July 18. @jz will give a talk and Q&A about Decred and chat with Ele from @oscoin about incentivizing developers. Hosted by BlueYard Capital.
Hey guys! I'd like to share with you my latest adventure: Stakey Club, hosted at stakey.club, is a website dedicated to Decred. I posted a few articles in Brazilian Portuguese and in English. I also translated to Portuguese some posts from the Decred Blog. I hope you like it! (slack)
Decred Assembly - Ep20 - Governance: Driving the Future (youtube) @cburniske and @traceagain discuss the importance of governance protocols being foundational and problems with delegated proof of stake
"I think that developers in the future are going to base their decision on where to build on the basis of governance and community. And so I look for good governance mechanisms and strong communities in blockchains." (@decredproject)
What is on-chain cryptocurrency governance? Is it plutocratic? by Richard Red (medium)
Apples to apples, Decred is 20x more expensive to attack than Bitcoin by Zubair Zia (medium)
What makes Decred different and better from other cryptocurrencies? (cxihub.com)
Community stats: Twitter followers 40,209 (+1,091), Reddit subscribers 8,410 (+243), Slack users 5,830 (+172), GitHub 392 stars and 918 forks of dcrd repository. An update on our communication systems:
Matrix chat logs are nowviewable on the web with the exception of some channels that are not bridged. The new web logs means our chats are now fully public and indexed by search engines.
Slack had an outage on Jun 27 that disturbed communications for a few hours, discussions continued on Decred's bridged platforms.
Jake Yocom-Piatt did an AMA on CryptoTechnology, a forum for serious crypto tech discussion. Some topics covered were Decred attack cost and resistance, voting policies, smart contracts, SPV security, DAO and DPoS. A new kind of DEX was the subject of an extensive discussion in #general, #random, #trading channels as well as Reddit. New channel #thedex was created and attracted more than 100 people. A frequent and fair question is how the DEX would benefit Decred. @lukebp has put it well:
Projects like these help Decred attract talent. Typically, the people that are the best at what they do aren’t driven solely by money. They want to work on interesting projects that they believe in with other talented individuals. Launching a DEX that has no trading fees, no requirement to buy a 3rd party token (including Decred), and that cuts out all middlemen is a clear demonstration of the ethos that Decred was founded on. It helps us get our name out there and attract the type of people that believe in the same mission that we do. (slack)
Another concern that it will slow down other projects was addressed by @davecgh:
The intent is for an external team to take up the mantle and build it, so it won't have any bearing on the current c0 roadmap. The important thing to keep in mind is that the goal of Decred is to have a bunch of independent teams on working on different things. (slack)
A chat about Decred fork resistance started on Twitter and continued in #trading. Community members continue to discuss the finer points of Decred's hybrid system, bringing new users up to speed and answering their questions. The key takeaway from this chat is that the Decred chain is impossible to advance without votes, and to get around that the forker needs to change the protocol in a way that would make it clearly not Decred. "Against community governance" article was discussed on Reddit and #governance. "The Downside of Democracy (and What it Means for Blockchain Governance)" was another article arguing against on-chain governance, discussed here. Reddit recap: mining rig shops discussion; how centralized is Politeia; controversial debate on photos of models that yielded useful discussion on our marketing approach; analysis of a drop in number of transactions; concerns regarding project bus factor, removing central authorities, advertising and full node count – received detailed responses; an argument by insette for maximizing aggregate tx fees; coordinating network upgrades; a new "Why Decred?" thread; a question about quantum resistance with a detailed answer and a recap of current status of quantum resistant algorithms. Chats recap: Programmatic Proof-of-Work (ProgPoW) discussion; possible hashrate of Blake-256 miners is at least ~30% higher than SHA-256d; how Decred is not vulnerable to SPV leaf/node attack.
DCR opened the month at ~$93, reached monthly high of $110, gradually dropped to the low of $58 and closed at $67. In BTC terms it was 0.0125 -> 0.0150 -> 0.0098 -> 0.0105. The downturn coincided with a global decline across the whole crypto market. In the middle of the month Decred was noticed to be #1 in onchainfx "% down from ATH" chart and on this chart by @CoinzTrader. Towards the end of the month it dropped to #3.
Please note: we will not accept any kind of payment to list an asset.
Bithumb got hacked with a $30 m loss. Zcash organized Zcon0, an event in Canada that focused on privacy tech and governance. An interesting insight from Keynote Panel on governance: "There is no such thing as on-chain governance". Microsoft acquired GitHub. There was some debate about whether it is a reason to look into alternative solutions like GitLab right now. It is always a good idea to have a local copy of Decred source code, just in case. Status update from @sumiflow on correcting DCR supply on various sites:
To begin with, none of the below sites were showing the correct supply or market cap for Decred but we've made some progress. coingecko.com, coinlib.io, cryptocompare.com, livecoinwatch.com, worldcoinindex.com - corrected! cryptoindex.co, onchainfx.com - awaiting fix coinmarketcap.com - refused to fix because devs have coins too? (slack)
About This Issue
This is the third issue of Decred Journal after April and May. Most information from third parties is relayed directly from source after a minimal sanity check. The authors of Decred Journal have no ability to verify all claims. Please beware of scams and do your own research. The new public Matrix logs look promising and we hope to transition from Slack links to Matrix links. In the meantime, the way to read Slack links is explained in the previous issue. As usual, any feedback is appreciated: please comment on Reddit, GitHub or #writers_room. Contributions are welcome too, anything from initial collection to final review to translations. Credits (Slack names, alphabetical order): bee and Richard-Red. Special thanks to @Haon for bringing May 2018 issue to medium.
I’ve been researching privacy coins deeply and feel I’ve reached a sufficient findings to merit sharing my stance re SUMO.
By Taylor Margot. Everyone should read this! THE BASICS SUMOkoin is a fork of MONERO (XMR). XMR is a fork of Bytecoin. In my opinion, XMR is hands down the most undervalued coin in the top 15. Its hurdle is that people do not know how to price in privacy to the price of a coin yet. Once people figure out how to accurately assess the value privacy into the value of a coin, XMR, along with other privacy coins like SUMOkoin, will go parabolic. Let’s be clear about something. I am not here to argue SUMOkoin is superior to XMR. That’s not what this article is about and frankly is missing the point. I don’t find the SUMOkoin vs. XMR debate interesting. From where I stand, investing in SUMOkoin has nothing to do with SUMOkoin overtaking XMR or who has superior tech. If anything, I think the merits of XMR underline the value of SUMOkoin. What I do find interesting is return on investment (“ROI”). Imagine SUMO was an upcoming ICO. But you knew ahead of time that they had a proven product-market fit and an awesome, blue chip code base. That’s basically what you have in SUMO. Most good ICOs raise over 20mil (meaning their starting market cap is $20 mil) but after that, it’s a crapshoot. Investing in SUMO is akin to getting ICO prices but with the amount of information associated with more established coins. Let me make one more thing clear. Investing is all about information. Specifically it’s about the information imbalance between current value and the quality of your information. SUMO is highly imbalanced. The fact of the matter is that if you are interested in getting the vision and product/market fit of a $6 billion market cap coin for $20 mil, you should keep reading. If you are interested in arguing about XMR vs. SUMOkoin, I point you to this infographic Background I’m a corporate tech & IP lawyer in Silicon Valley. My practice focuses on venture capital (“VC)”) and mergers & acquisitions (“M&A”). Recently I have begun doing more IP strategy. Basically I spend all day every day reviewing cap tables, stock purchase agreements, merger agreements and patent portfolios. I’m also the CEO of a startup (Scry Chat) and have a team of three full-time engineers. I started using BTC in 2014 in conjunction with Silk Road and TOR. I recently had a minor conniption when I discovered how much BTC I handled in 2014. My 2017 has been good with IOTA at sub $0.30, POWR at $0.12, ENJIN at $0.02, REQ at $0.05, ENIGMA at $0.50, ITC (IoT Chain) and SUMO. My crypto investing philosophy is based on betting long odds. In the words of Warren Buffet, consolidate to get rich, diversify to stay rich. Or as I like to say, nobody ever got rich diversifying. That being said I STRONGLY recommend you have an IRA and/or 401(k) in place prior to venturing into crypto. But when it comes to crypto, I’d rather strike out dozens of times to have a chance at hitting a 100x home run. This approach is probably born out of working with VCs in Silicon Valley who do the same only with companies, not coins. I view myself as an aggressive VC in the cryptosphere. The Number 1 thing I’ve taken away from venture law is that it pays to get in EARLY. Did you know that the typical founder buys their shares for $0.00001 per share? So if a founder owns 5 million shares, they bought those shares for $50 total. The typical IPO goes out the door at $10-20 per share. My iPhone calculator says ERROR when it tries to divide $10/0.00001 because it runs out of screen real estate. At the time of this writing, SUMO has a Marketcap of $18 million. That is 3/10,000th or 1/3333th. Let that sink in for a minute. BCH is a fork of BTC and it has the fourth largest market cap of all cryptos. Given it’s market cap, I am positive SUMO is the best value proposition in the Privacy Coin arena at the time of this writing. * ROI MERITS OF SUMOkoin So what’s so good about SUMOkoin? Didn’t you say it was just a Monero knock-off? 1) Well, sort of. SUMO is based on CryptoNote and was conceived from a fork of Monero, with a little bit of extra privacy thrown in. It would not be wrong to think SUMO is to Litecoin as XMR is to Bitcoin. 2) Increased Privacy. Which brings us to point 2. SUMO is doing several things to increase privacy (see below). If Monero is the King of Privacy Coins, then SUMO is the Standard Bearer fighting on the front lines. Note: Monero does many of these too (though at the time of fork XMR could not). Don’t forget Monero is also 5.8 billion market cap to SUMO’s 18 million. a) RingCT. All transactions since genesis are RingCT (ring confidential transactions) and the minimum “mixin” transactions is 13 (12 plus the original transaction). This passes the threshold to statistically resist blockchain attacks. No transactions made on the SUMO blockchain can ever be traced to the actual participants. Nifty huh? Monero (3+1 mixins) is considering a community-wide fork to increase their minimum transactions to 6, 9, or 12. Not a bad market signal if you’re SUMOkoin eh? b) Sub-addresses. The wallet deploys disposable sub-addresses to conceal your real sumo wallet address even from senders (who typically would need to know your actual address to send currency). Monero also does this. 3) Fungibility aka “Digital Cash” aka Broad Use Case. “Fungibility” gets thrown about a bunch but basically it means ‘how close is this coin to cash in terms of usage?’ SUMO is one of a few cryptos that can boast true fungibility — it acts just like physical cash i.e. other people can never trace where the money came from or how many coins were transferred. MONERO will never be able to boast this because it did not start as fungible. 4) Mining Made Easy Mode. Seeing as SUMO was a fork, and not an ICO, they didn’t have to rewrite the wheel. Instead they focused on product by putting together solid fundamentals like a great wallet and a dedicated mining app. Basically anyone can mine with the most intuitive GUI mining app out there. Google “Sumo Easy Miner” – run and mine. 5) Intuitive and Secure Wallet. This shouldn’t come as a surprise, yet in this day and age, apparently it is not a prereq. They have a GUI wallet plus those unlimited sub-addresses I mentioned above. Here’s the github if you’d like to review: https://github.com/sumoprojects/SumoGUIWallet The wallet really is one of the best I have seen (ENJIN’s will be better). Clear, intuitive, idiot proof (as possible). 6) Decentralization. SUMO is botnet-proof, and therefore botnet mining resistant. When a botnet joins a mining pool, it adjusts the mining difficulty, thereby balancing the difficulty level of mining. 7) Coin Emission Scheme. SUMO’s block reward changes every 6-months as the following “Camel” distribution schema (inspired by real-world mining production like of crude oil, coal, etc. that is often slow at first, then accelerated in before decline and depletion). MONERO lacks this schema and it is significant. Camel ensures that Sumokoin won’t be a short-lived phenomena. Specifically, since Sumo is proof-of-work, not all SUMO can be mined. If it were all mined, miners would no longer be properly incentivized to contribute to the network (unless transaction fees were raised, which is how Bitcoin plans on handling when all 21 million coins have been mined, which will go poorly given that people already complain about fees). A good emission scheme is vital to viability. Compare Camel and Monero’s scheme if you must: https://github.com/sumoprojects/sumokoin/blob/mastescripts/sumokoin_camel_emission_cal.cpp vs. https://monero.stackexchange.com/questions/242/how-was-the-monero-emission-curve-chosen/247. 8) Dev Team // Locked Coins // Future Development Funds. There are lots of things that make this coin a ‘go.’ but perhaps the most overlooked in crypto is that the devs have delivered ahead of schedule. If you’re an engineer or have managed CS projects, you know how difficult hitting projected deadlines can be. These guys update github very frequently and there is a high degree of visibility. The devs have also time-locked their pre-mine in a publicly view-able wallet for years so they aren’t bailing out with a pump and dump. The dev team is based in Japan. 9) Broad Appeal. If marketed properly, SUMO has the ability to appeal to older individuals venturing into crypto due to the fungibility / similarities to cash. This is not different than XMR, and I expect it will be exploited in 2018 by all privacy coins. It could breed familiarity with new money, and new money is the future of crypto. 10) Absent from Major Exchanges. Thank god. ALL of my best investments have happened off Binance, Bittrex, Polo, GDAX, etc. Why? Because by the time a coin hits a major exchange you’re already too late. Your TOI is fucked. You’re no longer a savant. SUMO is on Cryptopia, the best jenky exchange. 11) Marketing. Which brings me to my final point – and it happens to be a weakness. SUMO has not focused on marketing. They’ve instead gathered together tech speaks for itself (or rather doesn’t). So what SUMO needs a community effort to distribute facts about SUMO’s value prop to the masses. A good example is Vert Coin. Their team is very good at disseminating information. I’m not talking about hyping a coin; I’m talking about how effectively can you spread facts about your product to the masses. To get mainstream SUMO needs something like this VertCoin post: https://np.reddit.com/vertcoin/comments/7ixkbf/vertbase_a_vertcoin_to_usd_exchange/ MARKET CAP DISCUSSION For a coin with using Monero’s tech, 20 million is minuscule. For any coin 20 mil is nothing. Some MC comparisons [as of Jan 2, 2017]:
SUMO: 18 million
ENJIN: 150 million (9x)
Enigma: 465 million (26x)
REQ: 500 million (28x)
POWR: 500 million (28x)
Monero: 5.8 billion (mental maths iz hard)
Let’s talk about market cap (“MC”) for a minute. It gets tossed around a lot but I don’t think people appreciate how important getting in as early as possible can be. Say you buy $1000 of SUMO at 20 mil MC. Things go well and 40 million new money gets poured into SUMO. Now the MC = 60 million. Your ROI is 200% (you invested $1,000 and now you have 3,000, netting 2,000). Now let’s says say you bought at 40 million instead of 20 million. $20 mill gets poured in until the MC again reaches 60 mil. Your ROI is 50% (you put in $1,000, you now have 1,500, netting 500). Remember: investing at 20 mil MC vs. 40 mil MC represents an EXTREMELY subtle shift in time of investment (“TOI”). But the difference in net profit is dramatic. the biggest factor is that your ROI multiplier is locked in at your TOI — look at the difference in the above example. 200% ROI vs. 50% ROI. That’s huge. But the difference was only 20 mil — that’s 12 hours in the crypto world. I strongly believe SUMO can and will 25x in Q1 2018 (400m MC) and 50x by Q4 2018 reach. There is ample room for a tricked out Monero clone at 1 bil MC. That’s 50x. Guess how many coins have 500 mil market caps? 58 as of this writing. 58! Have many of these coins with about ~500 mil MC have you heard of? MaidSafeCoin? Status? Decred? Veritaseum? DRAGONCHAIN ARE YOU KIDDING ME THE ROLE OF PRIVACY I want to close with a brief discussion of privacy as it relates to fundamental rights and as to crypto. 2018 will be remembered as the Year of Privacy Coins. Privacy has always been at the core of crypto. This is no coincidence. “Privacy” is the word we have attached to the concept of possessing the freedom to do as you please within the law without explaining yourself to the government or financial institution. Discussing privacy from a financial perspective is difficult because it has very deep political significance. But that is precisely why it is so valuable. Privacy is the right of billions of people not to be surveilled. We live in a world where every single transaction you do through the majority financial system is recorded, analyzed and sold — and yet where the money goes is completely opaque. Our transactions are visible from the top, but we can’t see up. Privacy coins turn that upside down. Privacy is a human right. It is the guarantor of American constitutional freedom. It is the cornerstone of freedoms of expression, association, political speech and all our other freedoms for that matter. And privacy coins are at the root of that freedom. What the internet did for freedom of information, privacy coins will do for freedom of financial transactions. POST SCRIPT: AN ENGINEER’S PERSPECTIVE Recently a well respected engineer reached out to me and had this to say about SUMO. I thought I’d share. "I’m messaging you because I came at this from a different perspective. For reference, I started investing in Sumo back when it was around $0.5 per coin. My background is in CS and Computer Engineering. I currently research in CS. When I was looking for a coin to invest in, I approached it in a completely different way from what you described in your post, I first made a list of coins with market caps < 20m, and then I removed all the coins that didn’t have active communities. Next, because of my background, I read through the code for each of the remaining coins, and picked the coins which had both frequent commits to GitHub (proving dev activity), and while more subjective, code that was well written. Sumo had both active devs, and (very) well written code. I could tell that the people behind this knew what they were doing, and so I invested. I say all of this, because I find it interesting how we seem to have very different strategies for selecting ‘winners’ but yet we both ended up finding Sumo." — Legal Disclaimer: THIS POST AND ANY SUBSEQUENT STATEMENTS BY THE AUTHOR DO NOT CONSTITUTE LEGAL OR FINANCIAL ADVICE AND IS NOT INTENDED TO BE LEGAL OR FINANCIAL ADVICE OR RELIED UPON. NO REFERENCES TO THIS POST SHALL BE CONSTRUED AS LEGAL OR FINANCIAL ADVICE. THIS POST REPRESENTS THE LONE OPINION OF A NON-SOPHISTICATED INVESTOR.
Hello! My name is Kristina Semenova, I am the Head of Investors Relation Department at Platinum, the world’s number one business facilitator. Our team knows how to start ICO/STO in 2019! Why are we so sure? Well, our experience speaks for itself: Platinum.fund But what is the difference between ico and sto? What is the cornerstone of ICO marketing strategy? You will know this after finishing the UBAI courses! Here’s just a quick preview of our Short Course lesson. Real World Examples Multinational accounting firm Ernst and Young found that $400 million of the $3.7 billion USD raised from ICOs (as of January 22, 2018) had been stolen. That is, up to 10% of all ICO funding is virtually being stolen from investors. Though ICO scams are the most common method of theft in the crypto world, some projects will actually operate for a period of time before disappearing with the money. Like in a Ponzi scheme, an exit scam may be planned for later, sometime after a manipulated pump; or some other time the team believes is most opportune to take the money and run. Giza: Giza marketed itself as a platform within which different cryptocurrencies could be stored securely. But after raising $2.4 million in one month, the team deleted the website and stopped replying to emails. Investors were duped by a very convincing whitepaper, and actors had been hired to appear in photographs promoting the project. No investor funds have ever been recovered. Centra: The SEC put an end to fundraising for the Centra ICO and charged the founders Robert Farkas and Sohrab Sharma with orchestrating a fraudulent ICO after they raised $32 million USD. They were promoting the ability to develop financial products backed by VISA and Mastercard, though it was later found that neither partnership was real. One of the major red flags in the Centra project was the use of celebrity endorsements for publicity, reportedly paying champion boxer Floyd Mayweather a significant sum to promote their project. Who wants to leave their Blockchain investment decisions up to Floyd Mayweather, regardless of his unbelievable skill as a boxer and regardless of his own financial success? He should still not influence where you invest your money! Ponzi Schemes: Bitconnect: This is the most infamous Ponzi scheme in the history of cryptocurrency, and certainly the most damaging. Bitconnect was a Bitcoin-based project that rose to an all-time high of $463 per token on the back of a fictitious trading bot. The Bitconnect scam operated by paying dividends to users, proportional to the number of tokens they held and the number of referrals they made. The BCC tokens were exchanged for the users’ Bitcoin, and the highly sophisticated and wildly successful trading bot would trade BTC for them and distribute profits as dividends. The value of the dividends offered was approximately 1% of the initial investment per day. In other words, that is approximately 3,780% per year in cumulative gain! The referral system was capitalized upon most heavily by many of the biggest crypto YouTube channels, including CryptoNick and Trevon James, both of whom are now under investigation by the Federal Bureau of Investigation. Shortly after the Bitconnect Token reached its all-time high, they received cease and desist orders from the security regulators of Texas and North Carolina, which caused the owners of the Bitconnect exchange to shut down operations, and the price to plummet. Davorcoin: Davorcoin was a lending platform very similar to Bitconnect. And Davorcoin was farcically promoted by the same Trevon James crypto Youtuber who promoted Bitconnect, and is currently under investigation by the FBI for promoting Ponzi schemes. The Texas State Securities Board, in likening Davor to Bitconnect, stated that “DavorCoin is telling investors they can earn lucrative profits by investing in a lending program based on a new cryptocurrency known as davorcoin. Investors allegedly purchase davorcoin and then lend it to DavorCoin”. Davorcoin promptly plunged from an all-time high of $180 to very close to zero after a cease and desist order was made against them on the 2nd of February 2018. Useless Ethereum Token: Despite brazenly stating in the name of the project that the token has no use, the UET managed to raise $340,000 in its crowdsale, and saw a significant pump of over 300% on the HitBTC exchange in February of 2018. The scam was an obvious case of pump and dump, with the total trading volume for UET crashing back down to as low as $3 per day, after reaching as high as $350,000 per day during the pump. It is currently an unfortunate consequence of the decentralized nature of cryptocurrency, but there is a distinct lack of recourse for scammed investors. It is wise to become as well-acquainted with the various indicators of good and bad ICOs as you possibly can. In weighing the factors that will allow you to avoid expensive mistakes, ask yourself in whose favor are the terms of the ICO slanted, yours or the teams? To what extent are you actually likely to profit from this investment? Cryptocurrency is inherently a grey area, whether you are investing in it or not. Investing is another inherently grey area, no matter what the area or object of investing might be. Laws and regulations are not always able to keep up. Trying to define and prove what was or was not a scam is not likely to be as simple as the scammed investor would want it to be. A project can be set up in certain ways to avoid being technically classified or provable as a scam, but the unprepared investor can still be burnt or scammed just as badly. Now we look at more individual indicators that can help you form a valid impression whether or not an ICO or even a fully-fledged exchange-listed coin is a scam or a bona fide investment opportunity. Common Signposts Contrasting Scam & Legitimate Projects Presale Bonus/Token Release If the ICO allots massive bonuses to team members, you may leave yourself open to getting dumped on by presale investors if you buy when the project tokens are listed on an exchange. Likewise, if the project has a short lock-up period for developers and founders, you run the risk of them selling as soon as the token is listed on a major exchange. The token release schedule for the founders of a worthwhile project should show long-term team commitment to that project. The Jibrel Network team tokens will be locked up for 5 years before release, and they had no early investor bonus in the main sale. Both of these factors instilled confidence in the JNT ICO investors, and the tokens were sold out weeks before the ICO was due to end. No Presale lock up If Presale investor tokens are not locked up at all for any period after listing, that could easily be a set up for an exit scam after the initial listing. No presale lockup for early investor tokens is a crystal clear warning, the project may be fatally rigged toward those in the inner circle, with little commitment to the long term health or success of that project. Unsolicited Offers or Unasked for Additions to Groups Characters running scam projects will often add you to Telegram groups out of the blue or send you unsolicited emails with information about their project. Telegram is the most widely used messaging app in the cryptocurrency community and you should familiarize yourself with it to keep yourself in the loop for specific projects in which you invest as well as all kinds of other relevant crypto info. You can adjust the settings on the Telegram app to disallow anonymous additions to cryptocurrency projects if you find yourself bombarded with offers by scammers. Reputable projects at the ICO stage will spread by word of mouth, or by eloquent and meaningful articles posted on their Medium page. A project with serious potential does not need to actively seek participants for their ICO like that. They will often be able to fill their ICO hard cap in a matter of hours, or even just minutes! Anonymous Team Alarm bells, again, immediately, if the project has minimal online presence. The individual team members could be mere fabrications. The entire project could be a farce by utterly inexperienced characters. What if the project leaders are simply unaware of the importance of a strong social media profile? That in itself would be too strange to ignore. Top-level projects will have team members with experience in crypto and the LinkedIn accounts for those members will be easily accessible right there on the project website. You should be able to easily see and evaluate each individual’s experience in their field and ascertain what they bring to the project team. Bitconnect’s anonymous team should have been the only deterrent prospective investors needed to discourage them from putting money into that doomed project. Ethhorse, a current project with anonymous founders and operators should be steered clear of at all costs for the same reasons. Community Atmosphere The subreddits or Telegram groups of scam projects will often feature moderators that do not allow any kind of criticism in the group chat. If, in the process of your due diligence, you encounter didactic admins that only wish to silence your questioning of certain aspects of the whitepaper or mechanism of the tokenomics , you should be concerned. Similarly if you see a coherent critical reply attacked by many different users who refuse to engage the substance of the point being made, that may be a subreddit infested with bots. Projects that have nothing to hide will allow free debate in the chat. Ideally, they hope to develop a positive community that is itself an asset to the long-term success and overall strength of the project. Good projects do not need to automatically brand all criticism as Fear Uncertainty and Doubt (FUD). Whitepaper One common tactic of scammers is to produce a whitepaper that uses too many buzzwords, and deliberately obfuscates and overcomplicates the explanation of the problem and/or its solution. A good whitepaper clearly and concisely lays out the problem and answer, as well as provides compelling arguments why a Blockchain solution is preferable to the current solution. Another point of concern is a whitepaper that gives unrealistic time frames and goals. Bitconnect’s almost comically optimistic profit projections are a prime example of this, as are the 1,354% yearly gains promised by Plexcoin. Respectable projects will set out development timescales in terms of quarters or years, rather than offering immediate profit projections, which are simply a red flag. Advisors/Connections in the Cryptoworld The most prestigious projects will already have partnerships made before the ICO stage, and the worst ones, i.e. the scams, will not mention any such partnerships. Icon (ICX) for example was spawned from a South Korean project named The Loop, a collaboration between 3 Korean universities and the DAYLIFinancial Group. They boasted an advisory panel consisting of the legendary investor Don Tapscott, Jehan Chu and crowdfunding expert Jason Best. On top of a solid team of advisors, good projects will also be visible at major Blockchain events such as the Consensus, and the World Blockchain Forum, etc. Scam projects will be unable to inspire this same level in confidence. As an investor, you should sense a certain presence and expect a certain feeling of trust that should guide you in your investments. After all, it is actually a people-to-people thing you are doing. Key Stress points upon the Timeline to Identify Scam Projects Post Whitepaper Release The period in the immediate aftermath of the release of the whitepaper can also be decisive in establishing the validity of a project. How a team copes with the roadmap that they have laid out for themselves is key. Valuable insight into the operational efficiency and commitment to the project can be gleaned from the quality of and amount of code committed to GitHub. If you have any experience in computer programming you can see how clean and orderly the code is, which gives insight into the skill of the developers, and in turn the quality of project leaders’ decision-making in hiring team members. Scam projects will have little or no code committed to GitHub, or at best it will be copied and pasted from other projects just to cover their tracks. Start of ICO Sometimes, a scam project, or other project in which you would be better off not investing, will change the terms of the ICO just before the ICO starts. The Key (TKY) ICO doubled the price of tokens on the day before the ICO was due to take place, because the price of NEO had risen so drastically. Currently, the TKY token price is still only half of its ICO price. Initial investors are faced with the prospect of a 50% loss on their investment. Exchange Listing Some particularly greedy scammers will create a scam project with the intent of selling tokens in the ICO for BTC and ETH, and then pumping and dumping their share of the tokens immediately after listing. The team of fraudsters behind Monero Gold used this method after the crowdfunding of their useless ERC-20 token. After listing on CoinExchange.io, the team dumped their tokens until the exchange finally ceased trading. Although it is not uncommon for ICO tokens to sold after listing (just like can happen with shares of stock after an IPO), if the price does not stabilize and massive sell walls are continually placed, a scam is likely taking place and the token is being dumped. Fake Ethereum Twitter giveaway You may have noticed Ethereum creator Vitalik Buterin’s twitter handle has been changed to Vitalik “Not giving away Eth” Buterin in recent months. This is because a group of devious scammers had created fake accounts with almost exact replicas of his profile (deviating by only one character). The fake accounts promised to deposit 1 whole ETH for every 0.1 ETH the potential sucker deposited into the wallet address provided by the scammer. These fake account “Ether giveaway” scam tweets were set up to be sent in just a matter of seconds after the real person tweeted, and usually always appear immediately after the tweet of the real public figure. Fake bot profiles then came into play, thanking the fake Vitalik, or fake Elon Musk, for holding up their end of the bargain and depositing the ETH as promised. One scammer, or group of scammers, managed to fill a wallet up with almost $20 thousand worth of ETH, which they transferred out, never to be seen or heard from again. Effect of Scam Customers, Upon the Affected Parties Of course, this is no fun for the targeted public figure either. They need to take steps to avoid being targeted again. This will mean changing their handle, their username, or making their accounts private. However, the injured party with whom we are most concerned is the unfortunate scammed social media user, who has no chance whatsoever of getting his or her funds back, ever. It is a harsh lesson to learn. But it is a fact of crypto reality. Nearly every one that trades crypto will at least be exposed to frauds or scams in one way or another. In this case, we think it is better to learn about scams by studying them, rather than learn from your own unfortunate and expensive experience. In the case of Mr. Buterin, these incidents were awful public relations for the Ethereum project. It had only been a few years since cryptocurrency as a whole was primarily associated with criminality and seedy transactions on the Darkweb. Any connection with unscrupulous behavior is best avoided at all costs. Negative associations could have been particularly damaging for Ethereum’s brand because the vast majority of ICO fraud is committed using the ERC-20 token as the template for the scam tokens. Any and all the scamming or fraudulent behavior in the cryptocurrency ecosystem is bound to have a negative impact on the speed at which mainstream uptake finally takes place. Cryptocurrencies, as an emerging asset class, will be painted in the worst possible light. Crypto is aiming to, and is in fact in the process of, causing great disruption in traditional centralized finance and business. Mainstream media organizations are also part of that traditional centralized economy. Press coverage will be damning. Something is happening here, but Mr. Jones doesn’t know what it is. Legal Recourse for Scams We clearly understand, there is a possibility of being scammed. We know the scams are happening. The SEC has made some arrests and actually charged people for operating fraudulent ICOs. But it is a struggle to deal with the flood of ICOs coming from anywhere at any time. The SEC filed charges against two founders of a purported financial services startup for orchestrating a fraudulent ICO that raised more than $32million from thousands of investors. As you know from the ICOs we have covered so far, the lack of regulation allows for direct contact and dealing between the entrepreneurs, business owners and potential investors. While we believe this is a blessing according to the founding principles of Bitcoin and other alternate Cryptocurrencies, because it frees us from traditional roadblocks, middle-men, and all kinds of time-consuming procedures; it also leaves investors in a place where there is often little to no hope of ever recovering funds lost in fraudulent schemes. Actions after a Successful ICO Good post-ICO practice is characterized by stringent security, well thought-out legal strategy and clear communication. Many projects have paid the price in damage to their reputation for failing to adequately guard customer information, leaving themselves open to phishing attacks by fraudsters. Investors in the Enigma project had half a million dollars stolen from them; and a whopping $8.4 million was defrauded from investors in Veritaseum via phishing attacks. After a successful token distribution, the team’s main focus is initially on switching the enterprise from one primarily focused on fundraising, to superficially at least, a fully-fledged, functioning business. This involves removing most of the token sale-related content from their main webpage, sending newsletters to all successful ICO participants, and sending refunds to those who may have missed the deadline or the hardcap. Then, with the stressful and complicated fundraising stage finally concluded, a portion of the funds raised can be assigned to fuel the growth of the project community. This can involve hiring community managers, forum admins, and social media managers to outsource the job of keeping investors in the loop. The founders can focus on growth strategy and product development. The cultivation of a thriving and energetic community is extremely important. The community will give you free marketing for your product and your business. Community members who believe in the project, and are engaged by professional moderators, can give you very effective promotion to other prospective investors. Communication with community members is a great way to test ideas and gauge sentiment related to various aspects of your project. The project leads must set aside adequate funds for lawyers. The project will need to address potential future or imminent problems with regulators, at the very least. The transition from fundraising project to full-fledged business can be incredibly challenging, and even more stressful than the ICO itself. The main thing to remember is that your pre-sale and ICO investors are not just silent investors waiting for a return. They are the early adopters of your solution, of your product; they are the community and promoters of your project; and they are the individuals with a vested interest in the financial success of your venture. The ICO environment is not as heavily regulated, so quarterly and/or semi-annual reporting is not required the way it is in the traditional world. That means your own style of effective communication about the progress and key developments on your project matters even more. In the ICO world, you communicate with your press releases, social media, and Medium posts. You also communicate by the very nature of your relations with your exchange, and relationships with your cornerstone investors. Effective communication and good business relationships can play a prominent role in the success or failure of your venture (by token liquidity and valuation). If your investors start to lose interest, and stop trading your token on the exchange, liquidity will dry up and cause increasingly volatile price swings. You need to keep certain things in mind, and follow effective practices to maintain a happy and motivated community. Social Media & Medium In addition to your website, your social media & Medium blog most likely formed a significant part of your ICO preparations. Your purpose pivots after the ICO from one of promotion to one of communication. Consistent, informative and material Medium blogs, also Facebook and Twitter updates, ensure that investors remain engaged and well-informed of what the company is up to. Frequent activity in this space makes investors feel much more comfortable. You can foster a kind of organic community expansion that is consistently advertising your project to potential new members. Cornerstone Investors & Exchanges As we mentioned, your relationship with investors in the ICO world is different from that of the traditional silent IPO minority equity partners. Consistent, Transparent & Honest communication is incredibly important here. Even if an ICO is struggling to overcome a problem or whatever issues are occurring, honest communication from the team is key to business survival. You should think of and treat your exchange like a business partner too, a very important one at that. Exchanges provide liquidity for you and your investors. That liquidity is like the blood for your business. Many top exchanges demand nothing less than absolute honesty and integrity, it is imperative to maintain strong and comfortable relationships with exchanges. Everything we have said so far, also applies to your Telegram channel and forums too. These give you another great opportunity to build a thriving community. Team members and investors can enjoy lively debates in their Telegram channels. This can be constructive discussion, or critical commentary too. But it is always valuable as a direct link between the team and the community. It is always good to know how people are feeling and what they expect from you and your project. You are able to use your Telegram channel and forums to consistently adapt your marketing and communication strategy. Keep your investors as happy and comfortable as possible, and you will be more likely to attract new investors and allocations. Other forums around the internet operate more or less in the same manner as Telegram. After a successful funding round with the hardcap reached and time to spare, legal counsel has been secured, and the community is flourishing, the team will prepare for their first listing by paying the exchange fee and waiting for the announcement by the exchange. Unless they are willing to pay exorbitant fees for an immediate listing on Binance for example, teams will usually settle for an initial listing on a second-tier exchange. The fee charged by an exchange depends on many different factors that we will cover in more detail in the next section. ICO Company actions after a Successful ICO Real World Case Study The Basic Attention Token (BAT) project, when used in conjunction with the Brave Browser, allows users to pay micro-fees in BAT to their most-used sites. The idea was conceived by Brendan Eich, the inventor of Javascipt and former CEO of Mozilla Firefox. Investors absolutely pounced on it at ICO and the project raised an amazing $35million in under 30 seconds. The BAT/Brave project has delivered on time on nearly all of its targets, helped in no small part by having a working product, the Brave Browser, for over a year before the token launch. The project secured a listing on the premier exchange, Binance, in November 2017. A project can suffer through a disappointing funding phase and, for example, fail to reach 75% of its hardcap. The team will be only partially funded. Though they may be able to initiate the project, the value proposition of the token has been compromised, potentially forever. The market has spoken. There is limited faith in the team’s ability to complete or carry out their project. Failure to reach a hardcap is a serious obstacle on the project road map. This will mean massive revisions to the timescales for development and listing. Such a project may have to be content listing on decentralized exchanges for a period of time and they will lose any post-ICO hype that could have helped the project price to “moon” early on. There is less money to be allocated. Each section of the business will be underfunded compared to the original plan. There can be delays in code development, exchange listing, marketing and community development as well. Calling the Tezos ICO a disappointment might seem strange considering they raised over $232million. But this open-source, smart contracts fintech platform became a victim of its own success post-ICO by devolving into multiple class-action lawsuits between the founders and its foundation chairman. They suffered from a distinct lack of clearly defined roles and expectations on key positions. There was infighting at the boardroom level. This all caused an as yet unresolved delay in listing and development. This is also one example why a capped ICO can be more desirable for investors than an uncapped ICO. If the team have a set amount of capital to work with, an amount that isn’t absolutely ridiculous, like in the case of Tezos, perhaps the resultant greed and discord is less likely. Although it may not be so easy for speculative investors to make a profit from an uncapped ICO with such a massive initial market cap, it is a very impressive feat of fundraising nonetheless. Tezos’s post ICO market cap of $232million is already 64th of all projects, and would have to perform brilliantly on listing to maintain this position. Company actions after a Failed ICO Failed ICOs can mean either fundraising initiatives that have failed to reach the softcap and will therefore not be economically viable, or fraudulent projects whose sole intention was to steal from investors and do an exit scam. We’ve already covered scams and fraud projects in detail, but what happens when an ICO just fails to raise the requisite funds? Projects that are legitimate, with honest founders and developers, refund the ETH or BTC deposited by investors as quickly as possible if the softcap is not reached. The same process that is followed by ICOs that are oversubscribed is employed by those that have failed to raise enough capital. The process of returning funds back to the sender ideally should take a period of days, but more likely will take a few weeks. The Sappy Network, advised by Dan Tapscott, failed to come anywhere near to their funding goals. They are currently in the process of sending all investor funds back to the wallets from which they came. The statement from the founders read as a textbook example of how you should react to failure with the founder stating “In the spirit of transparency and honesty, we are sharing with the community that we did not reach the soft cap, and thus we will be honoring our terms and conditions and returning the Ethers to all contributors” Exchange Listing A bottleneck developed in the ICO market after the explosion of crypto prices in 2017. There was a massive increase of ICO teams on all stages along the pathway from start-up to fully listed crypto asset. Certainly, a huge part of the value proposition for both the token and the project depends on securing a listing on an exchange. It is precisely the liquidity of the token as a valuable asset on a free market exchange, that determines or even defines its value. The liquidity is what makes tokens attractive to investors, but that liquidity simply does not exist without a platform for the exchange. Unfortunately for new projects, the balance of power is heavily weighted in favor of large centralized exchanges that can pick and choose which tokens to list, and the timescale within which listing will occur. Each large exchange has its own list of pros and cons as well as its own specific procedure for coin/token listing. They also have their own particular ethos regarding the type of projects they prefer to list. ERC-20 tokens will be available for trade immediately on decentralized exchanges (IDEX Forkdelta) but those platforms are generally quite low volume, and certainly not a long term solution. Projects must often pay huge fees to be listed on the larger centralized exchanges. At first those fees will be prohibitive. The usual route is to initially list on a more reasonably priced smaller exchange like Kucoin or Gate.io. Listing Process Major centralized exchanges have the power to list anything they want, and they also each have a unique structure that projects must adhere to if they wish to be listed. Each potential new listing will undergo a rigorous examination by the exchange operators to test the feasibility for listing the token. An exchange will likely have forms available on its website that you can fill out to give them all the necessary initial information. If a particular project and token qualify for listing, the team will invariably be put under a NDA, Non-Disclosure Agreement, to avoid any insider trading or other regulatory problem s. In the case of larger exchanges like Binance, there is a period within which owners of a newly listed coin or token can transfer them to the exchange in preparation for trading. This is a fantastic opportunity for traders to make use of the likely pump that occurs after a new token is listed on a large exchange. It is common to see up to 100% increases on the first day of trading, and a subsequent dump of up to 50% or more can follow. This allows traders holding the coin already, to sell for a good profit, and maybe buy back in at a much lower price too, if they think that is a good idea. Exchange Fees There are no definitive figures available to the public regarding fees that major exchanges charge new projects to list. Binance, Bitfinex, Kraken and Bittrex have all been quoted as saying that they do not charge any fee at all but this is almost definitely untrue. Knowledgeable industry insiders estimate between $500,000 and $1,000,000 USD for listing on a top-tier exchange. (There have been more rumors of 7 figure exchange listing fees since January 2018 too). This figure will vary greatly from project to project. Various factors can affect how an exchange determines the fee for a particular project. These are some of the most important ones: Market Maker Service Required Whether or not the client project requires liquidity services directly from the exchange, or can connect proprietary ones via API, will lead to a huge reduction in listing cost. Type of Token (ERC-20 NEP-5 or DAG) Not all tokens are created equal in the listing process. ERC-20 tokens and BTC based tokens have code architecture that will almost certainly be preferred by the exchange. NEO based tokens (NEP-5) such as Ontology will be far most costly to integrate because separate new wallets have to be built to facilitate NEO transactions. The costs involved in integrating Direct Acyclic Graph projects such as Nano into the exchange structure are even worse. Expected Daily Volume Exchanges derive their profits largely from transaction fees and withdrawal fees. The trading volume a new token is likely to bring in will have a great influence on the computation of the exchange listing fee. Exchange Listing Procedures Evaluation Different exchanges have different rules for new listings. A new project must of course abide by specific rules for that exchange before they are allowed to list there. There are procedures that must generally be followed for the most noteworthy exchanges. You can get a good idea of the hurdles to be overcome before listing can take place. Ongoing relationship with Exchanges Exchanges, usually Huobi or Kucoin, will sometimes make it essential for newly listed tokens to engage in “trading competitions” after listing. Competitions can last between 2 weeks, or a month or more, aiming to increase the trading volume for that token, thereby increasing trading fees collected by the exchange, and giving the project extra publicity too. The whales may have made a nice profit already and be very happy about it; but the project token can still get stuck in a long period of stagnation and a loss of post-ICO hype. Once a coin or token has been successfully registered for trading on a particular exchange, the project must focus on maintaining regulatory compliance and paying things like annual maintenance fees too. Exchanges can investigate and delist coins or tokens to see if they have fallen below a certain standard set by the exchange. The exchange is concerned about such things as: an extended period with an extremely low volume; a team member connection to an exit scam; or other such immoral/illegal behavior. Post ICO Company Evaluation After a presumably successful ICO, the necessary funds have been obtained, and the real business, the real team challenge is now, to bring the project to life as a bona fide disruptive Blockchain endeavor! The core advantage of the ICO method of funding business startups is the lack of regulatory hurdles to navigate with regards to fundraising and fund allocation. The funds that have been raised have, in effect, been freely given to the project leads to do with what they will in a no-strings-attached transaction. Of course, there are still strings attached in that the team are tasked with making that money grow for the investors. But there is no regulatory oversight of the process. The regulatory freedom is a double edge sword. It gives a good team freedom to work however they want; and it also allows for unscrupulous thieves to use the ICO process to defraud investors of their ETH and BTC. Advantages of being Post ICO From Investor Perspective You should have little to fear in terms of fraud from a project in which you have invested, if you have done your due diligence correctly. You can expect the tokens to be distributed, and the exchange listing to take place as expected. And you know your project is totally legitimate. There are different ways to think about your ICO tokens after the crowd sale has concluded. If you are a speculative investor looking for a quick flip, you can gauge the correct moment and sell anytime you like, assuming the ICO has been well-received by the markets. From Team Perspective The post-ICO period is, from the point of view of the team, a period where stress and responsibility for the safety of investor funds is passed, in the form of ICO tokens, from the team to the investors themselves. This responsibility for tokens is replaced with the stress of building the actual company itself, and succeeding in the business as planned. A small portion of the responsibility for the project’s success is also passed on to the exchange that has listed the tokens. This is especially true if market makers have been employed by the team or the exchange to provide liquidity. After the ICO has concluded, all funds are released to the project team immediately, so they can start building their business brand, and tackling each step on the road map right away. The freedom with which startups can operate is one of the main reasons behind the explosion in Blockchain businesses in 2017. With the ICO funds safe, and money being put to work on various areas essential to the growth of the project, and the tokens already distributed to investors, the risk of fraud is greatly diminished. If KYC and Anti-money Laundering procedures have been followed correctly during the ICO phase, the risk of phishing attacks and theft will also be marginal now. At any rate, with tokens safely delivered to all participants, the responsibility has passed from the team to the investor. From Team Perspective The release of all funds and the freedom to allocate them with no supervision, as cited above, is certainly a tremendous advantage empowering the team to fulfil the entire breadth of their vision unimpeded. But it does have its drawbacks. If there is a mistake made in the allocation of funds, or an unforeseen problem arises, there is nowhere to turn to, and no means of generating further money via crowdfunding. The ICO is over; it is finished. The project simply has to work with what it has. Your community can sometimes turn against you when the market is going down. Times like that just add to the already intense pressure of presiding over a startup Blockchain business. Solution: DAICO The DAICO, or Decentralized Autonomous Organization Initial Coin Offering, is a means to integrate a more specific, rigorous and regimented smart contract schedule into the ICO process. Doing so will eliminate fraudulent ICOs, exit scams, pump and dumps, and many of the other disadvantages listed above. The DAICO method, proposed by Ethereum creator, Vitalik Buterin, will merge the core concepts of both an ICO and a DAO to leverage the most relevant features of both, in order to solve the main problems in the ICO method. For example, to eliminate the risk of an exit scam, the release of funds will be spread out over a period of time, with the next allotment only being released when a certain set of parameters are met. Buterin explains that the DAICO method will provide user protection in a manner not present in the current ICO model, ensuring funds are not misspent or used in any way contrary to the intention of investors. In simpler terms the DAICO will operate as follows: The DAICO will start with a smart contract by its executors that can set whether this is to be a capped or uncapped round of fundraising (amongst many other options) as well as including KYC requirements. After these settings have been configured, the DAICO is set into “contribution mode” and presented to the public. This stage will function identically to a normal ICO with ETH exchanged for project tokens. Once the funding period has elapsed, or the hardcap has been met, investors will have the ability to set the “tap” for the collected funds. This will set the amount per second, or amount per minute, that will be available to the executor to develop that specific portion of the project to which those funds have been assigned. If investors believe at any point that the team is misspending funds or otherwise wasting time, etc., the investors have significant options to take. Of course they could choose to release more funds to the team. But, they could also stop the tap altogether, and stop the entire ICO, by voting, and actually release all unused funds back to their own wallets from which the investment had first been made! Learn more on how to market any ICO and STO, get better understanding of security token definition and learn what a scam project is! Follow the link to read the full article: UBAI.co Contact me via Facebook or LinkedIn to know more about our services: LinkedIn Facebook
From unprofitable crypto mining to profitable algorithmic trading.
The story of a Quantor community member. So today I would like to share with you a story of a very very successful year of a miner and a very successful year as an investor. https://preview.redd.it/al6mzwfvx2f11.png?width=376&format=png&auto=webp&s=337f73cb86caaf7cc85a0fe601dd77c9c84c45ed It all started at the beginning of 2015 when I realised everyone around me was talking about this new amazing gig called bitcoin and later as crypto currencies. At first I was very enthusiastic but as soon as I delved deeper into these concepts I was quite honestly disappointed… the hype did not live up to my expectations as I heard that this bitcoin thing will disrupt every industry and it will only be a matter of time before everyone owns, wants and uses one. My other disappointment with crypto was bitcoin’s lack of physical foundation and the growing transaction costs. Later on the problem of scalability also arose in my mind because blockchain continues to grow infinitely. After a long debate I nonetheless, decided to give it a try, but not to buy tokens or crypto itself it was to mine it so, I decided to invest in computers and graphic cards. I started with mining ETC (Ethereum). Not only I had learned a lot in the process I also realised that it was still the right time for me to get into crypto, hence it was the right decision however, a question arose. What to do with the money (crypto) I now had, which was worth a lot. I decided that trading would be the best option. My experience with bittrex to say the least wasn’t the best, my accounts kept getting frozen, deleted, suspended and flagged. I therefore decided to go for another trading platform Binance (which in my opinion is the best). The only thing I didn’t like was that my trading experience and portfolio management strategy weren’t quite cutting it, I was gaining sometimes, but I was losing just as much in both BTC and USD value. https://preview.redd.it/thmtumywx2f11.png?width=366&format=png&auto=webp&s=0702d091e4bdb0b2cb14afa4a9055184ceac720d One late afternoon after speaking to one of my pioneer friends who got into bitcoin in 2011 told me about the company called Quantor. An algorithmic trading platform and marketplace that is currently undergoing its token-sale, but is also testing prototypes, which after successful tests become profitable trading algorithms. And so I again decided to go ahead and contacted the project to understand the potential benefits and rewards of algorithmic trading based on blockchain. After a few months of testing I can surely say that Quantor is not only an amazing project which has all of the possibilities to be the best, even now in the early stage of development the platform is able to do more than some ICOs after 2 years after the completion. Full alpha version of trading. The results of trading algorithms are stored in Ethereum blockchain. Full support. Amazing community. Not only great goals set, but great goals achieved! Thank you Quantor and let’s prosper together. www.tokens.quantor.co
WeTrust AMA - October 6 (Originally in Slack, formatted to Reddit)
Hello everyone! It took me a bit longer than last week due to family obligations but here’s the transcript for the third WeTrust Slack AMA! Like last week the majority of the questions were collected through Sli.do and not everyone left their username.
AnonymousWhen do you plan to start marketing and more social media outreach? Patrick.WeTrust As we near the rollout of the TLC, we plan on increasing marketing and social media outreach. This is necessary since it is important that we get the word out of what we are building. AnonymousAre you still on track with the roadmap? When can we see/play with the alpha app? Patrick.WeTrust The dApp is currently being worked on by our engineering team and is scheduled to be released in a few weeks. The features have been locked down and the team is working hard on building out the many features. AakeelrWhitepaper is a must and it shouldn't be delayed. Whatever revised version needs to be done should happen and be visible on the site asap if possible. Patrick.WeTrust We have an older version of our whitepaper (pre-crowdsale) here: https://bravenewcoin.com/assets/Whitepapers/WeTrustWhitePaper.pdf Our top priority is building out and delivering on the Alpha Release of the TLC and resources are focused on that. Once this is complete and more resources are available, we will update the whitepaper. AnonymousAs a large holder of TRST - how can I be assured recent pushes from the SEC and Trex (theyre cleaning house) will not impact TRST? Do you have legal counsel? George.WeTrust We're not aware of any changes on Bittrex side, and we've just reached out to them to see if there's any information they need from us. We are very conservative in our approach towards regulatory/ compliance issues, and we will continue as such by working with our legal counsel. AakeelrNeed more exchanges listing TRST to safeguard the token value from today's incident of Bittrex.... Patrick.WeTrust We stand firmly that delivering a quality product that will impact the lives of many as our prime mission and goal. If we are successful, I believe the exchange issue will be small as many will want to list our Token. AnonymousAny update on getting the whitepaper back on the website? Patrick.WeTrust We are working on a new landing page of our Trusted Lending Circle page which will feature a new experience of what our app will be like. This is just a temporary page: https://tlc.wetrust.io/, but the new site will be at this domain soon! (hopefully, next week!) JealdAre you going to complete your TLC Alpha build mid-October as per your roadmap? Patrick.WeTrust Yes, this is the current target. Running 1 week or so behind, but we are trying to push to squeeze for lost time. There will be an update in the next community blog post. AnonymousThe Trusted Lending Circles product due for release in December. Where will it be released? Is it an app for the pc? Will it be accessible on mobile devices? Patrick.WeTrust Correct. The TLC is slated to be released in December. This first iteration will be a Chrome Web App. In the future, mobile definitely will be on the horizon as a large portion of the world uses mobile and do not have computer. DgutDo you guys have any plans to revamp the current wetrust.io design and logo? Some projects like Waves have recently "upgraded" to "professional" design and copy-writing, I think that's the way to go because good design is crucial for user adoption today. Patrick.WeTrust We have updated the website and will look into the current design of the logo. Thanks for the feedback. Dgut Updating doesn't equal improvement though. :slightly_smiling_face: The current design has too many flaws. See stripe.com and fleep.io for kick-ass designs. Is this something you guys are taking seriously? Other well designed sites: standuply.com and elev.io ... see the difference? Patrick.WeTrust Fair enough - I will loop in our designers @hailey.wetrust and @yutai to take a look at what these sites have and takeaways we can make. Yutai.WeTrust We are very focused on the user experience and adoption. The design team is currently working on make sure we have a smooth UX in the TLC dApp. But we love community feedback and if there is anything else, please don't hesitate to let us know. Patrick.WeTrust Thanks for chiming in @Yutai! AnonymousWhen are you going to do anything besides amas? George.WeTrust We have a diverse list of channels of communication available -- slack, telegram, bi-weekly updates, bi-weekly AMAs -- let us know if you all think there are any that we should drop and any we should be adding and we're all ears. Jcga:) Despite hardwork are you guyz ready for the new NBA season via Golden State Warriors, I little feel you dont really care about NBA ;) Go WeTrust ! Patrick.WeTrust Golden State Warriors is our local team :) JealdDo you have a roadmap for 2018 available for general viewing?Patrick.WeTrust See answer below. BoghiumdHow i can get to your telegram channel? As i don’t see any links on your website Patrick.WeTrust Telegram isn't as active yet. I recommend Slack/ Reddit/ Bitcointalk. BalengiVisionCan you send steph curry and kevin durant WeTrust gear when you release TLC? patrick.WeTrust We can try. They would need to fill out the WeTrust Tshirt Request Form though :) BalengiVision Lol cool. Do you mind if we tweet at them? Patrick.WeTrust We can do that sure! AnonymousWill you be providing a roadmap that covers some part of 2018? It helps investors understand the company's vision. Patrick.WeTrust Yes, we are working on this and have had some internal discussions already. Our VP of Product, @tomd is working on this now and we will have a few iterations for internal discussions and debate before it is released to the general public. BalengiVision Release timeframe? Patrick.WeTrust I will follow up on Tom, and he shared with me a preliminary draft yesterday. We want to have something that is actionable and something we can hold ourselves accountable for. Thus, it will require some work internally before we can release something to the public. Rest assured, it is being worked on and each date is carefully thought about. BalengiVision Totally understandable! Patrick.WeTrust Thanks. Cheers, @BalengiVision - thanks for all your support and activity in our Slack. Aakeelr2) While planning the TLC has the team reached a point and zeroed on it where the TRST token should claim its value. How will TRST derive its value. George.WeTrust We are building out a sequence of Financial dApps and will use a "Freemium" model. Essentially, there will be basic features that will be free for our users (e.g., TLCs charge no fees up to 10 users in the circle), but more premium services -- will require some TRST tokens to use (these are currently being planned, and will be included in the roadmap). The main goal is to drive user adoption first, and then monetization after there is a critical mass. SecunoidWhat happens when somebody collects their payout and stops contributing after that? Patrick.WeTrust To thwart bad actors, WeTrust will have four deterrents: 1. Reputation risk/ Reviews: ROSCA groups will be limited to "trusted associates" - family, friends, co-workers, fraternal groups, and professional/ religious organizations. Defaulting on payments could mean social shame and loss of reputation amongst an individual's closest associates. The idea is that for ROSCAs with small enough dollar amount commitments, reputation risk will be sufficient enough to keep participants honest. Reviews may also be left by other members to show how they felt about any participant. 2. Legal risk: ROSCA formation will allow trusted associates to e-sign and bind each other to a legal contract which requires faithful adherence and payment to the ROSCA. Defaulting on payments and stealing could mean legal repercussions. Legal recourse will only be used if individuals are participating in a "high-stakes" ROSCA and legal action would be worthwhile. I've spoken to our legal advisor and she believes it will be possible to create auto-populating templates that will be tailored to each person's ROSCA terms. 3. Collateral risk: Collateral commitments may be required prior to joining a ROSCA. The collateral will be entered into a smart contract which will surrender the property to the ROSCA group if the ROSCA agreement is breached. Collateral can be liquid-cash like assets like Bitcoin or even less liquid assets such as auto/ home titles. Our system will benefit significantly from the ability to accept less liquid assets, since the majority of middle classes’ net worth is locked in real estate. Collateral would allow capital to be used more efficiently. 4. Smart contract bounty (self-enforcement): If a ROSCA participant violates the terms of the ROSCA, the ROSCA group may start a “Bounty” on the retrieval of funds. If the funds are retrieved, the “Bounty” is paid out to the person who enforces the terms of the ROSCA. These deterrent options will be on an "opt-in" basis and participants will be able to choose the level of security they want. Aakeelr4) We saw the last update where product functionality has frozen and bugs are being fixed. When do we expect the alpha release precisely? George.WeTrust We will have an update next week on the status -- we're working hard to hit the initial targets. BoghiumdIs there a chance to have a discussion with Vitalik that he would somehow confirm directly may be via tweeter post that he actually is suporting this project? George.WeTrust We met with VB during the early phases of the project, and soon after also brought on Bo Shen (VB's partner at FenBuShi Capital) as an early supporter and advisor. We have a number of advisors and they all provide some help in their own specific capacities. For example, Benedict Chan the Director of Engineering at BitGo is nearby and he often drops by, Emin Gun also checks up on us regularly. We engage with all of advisors as needed and ask them for help if it can materially help the progress of our development or user adoption. As such, we will consider reaching out to him when our product is ready for testing. BalengiVision That'd be great. Then everyone won't think we have been making stuff up :) Not you guys, but we the people. I tell peeps Vitalik advises early in the project, and people say we are making things up. SecunoidAnd how do you manage the risk of delinquent payments? damo Hey @Secundoid this was answered in the last AMA. Lemme see if I can track it down real quick. Patrick.WeTrust Here it is: To thwart bad actors, WeTrust will have four deterrents:
Reputation risk/ Reviews: ROSCA groups will be limited to "trusted associates" - family, friends, co-workers, fraternal groups, and professional/ religious organizations. Defaulting on payments could mean social shame and loss of reputation amongst an individual's closest associates. The idea is that for ROSCAs with small enough dollar amount commitments, reputation risk will be sufficient enough to keep participants honest. Reviews may also be left by other members to show how they felt about any participant.
Legal risk: ROSCA formation will allow trusted associates to e-sign and bind each other to a legal contract which requires faithful adherence and payment to the ROSCA. Defaulting on payments and stealing could mean legal repercussions. Legal recourse will only be used if individuals are participating in a "high-stakes" ROSCA and legal action would be worthwhile. I've spoken to our legal advisor and she believes it will be possible to create auto-populating templates that will be tailored to each person's ROSCA terms.
Collateral risk: Collateral commitments may be required prior to joining a ROSCA. The collateral will be entered into a smart contract which will surrender the property to the ROSCA group if the ROSCA agreement is breached. Collateral can be liquid-cash like assets like Bitcoin or even less liquid assets such as auto/ home titles. Our system will benefit significantly from the ability to accept less liquid assets, since the majority of middle classes’ net worth is locked in real estate. Collateral would allow capital to be used more efficiently.
Smart contract bounty (self-enforcement): If a ROSCA participant violates the terms of the ROSCA, the ROSCA group may start a “Bounty” on the retrieval of funds. If the funds are retrieved, the “Bounty” is paid out to the person who enforces the terms of the ROSCA. These deterrent options will be on an "opt-in" basis and participants will be able to choose the level of security they want.
Secundoid k damo nice thanks @patrick.wetrust One of our community members had a really interesting idea about using a voluntary community pool as an opt-in insurance option that would pay a small percentage of the ROSCA pool to the community pool. An interesting "staking" option for TRST holders! We're looking to provide insurance products anyway right? ;) Patrick.WeTrust Yes, we are as an evolution of the TLC. @damo beefMajority of PPL here are selfish enough to admit that they want to see the TRST token become more and more valuable. I've read that it will be used for Premium features, but are there other use cases for the token itself? Does it power dApps in the environment? Can I supply X amount of TRST and use that to fund ROSCA circles? Patrick.WeTrust That is correct. Another way to think of Trustcoin is that it is the gas that will power various interactions on our network. The current use case we have in mind are premium features (e.g. sort of like a redemption ticket), but please keep in mind that... the mission of WeTrust is to build movement toward financial inclusion/ empowerment and the token will be a core piece of that. beef The more we are able to cycle TRST through the ecosystem the better. Thanks Patrick Patrick.WeTrust That is correct. We will be keeping this in mind as we roll out our dApps and other initiatives. Cheers, @beef! BoghiumdBinance has started to do monthly voting, can you submit a request to them so on next voting wetrust coin will participate as well? Patrick.WeTrust Is this something the community can request? Boghiumd @patrick.wetrust actually someone from the team have to submit a request, this is what i read on their website Patrick.WeTrust Can you email me the link? [email protected]. I'll look into it. Boghiumd @patrick.wetrust https://binance.zendesk.com/hc/zh-cn/requests/new I presume this one is DgutTrustcoin's success is glued to Wetrust. But Wetrust's success is glued to the success of humankind. Any application that simplifies and makes practical the use cryptocurrencies are not only necessary but crucial for the survival of the tech and ideology. Therefore @george.wetrust and @patrick.wetrust should care more about design. (y) Patrick.WeTrust Thanks for all your feedback and involvement @dgut ThomasTrustcoin's success is glued to Wetrust. how? i dont get it.. for me it looks like TenX.. they have a token but dont realy need one for the Company... same on Iconomi ... good Projects but they dont need realy a token... i dont get it on TRST ... for me it looks like you dont need realy a token to build this system.. Can you help me to understand this? I am wrong ? Patrick.WeTrust Another way to think of Trustcoin is that it is the gas that will power various interactions on our network. The current use case we have in mind are premium features (e.g. sort of like a redemption ticket), but please keep in mind that... the mission of WeTrust is to build movement toward financial inclusion/ empowerment and the token will be a core piece of that. Thomas hmm ok thx BalengiVision Can you elaborate on the premium features? Patrick.WeTrust Premium features: lending circles above a certain size (>10 individuals), reporting data to a Credit Agency, accessing a WeTrust ATM to redeem lending circle proceeds, etc... More features will come in due time as we continually iterate and learn from each version of our product. BalengiVision So credit agencies will accept ROSCA data? Sounds intriguing though I've never heard of that before! AmazongirlHave you spoken to Ripio (formerly BitPagos) yet about how they handle crypto-fiat exchange risk over a loan's lifetime? https://ripiocredit.network/#benchmarks * *George.WeTrust** We haven't, and will read into how they are able to do this. We are working on some ideas of our own which may bring about stability for users. Aakeelr@george.wetrust @patrick.wetrust we have some good suggestions from @amazongirl. Would love you guys to actually take a view om that. Patrick.WeTrust I will take a deeper dive into her suggestions and if I have any questions, will follow up with her. Aakeelr Thanks for this. You will love her idea Dgut@patrick.wetrust Are you familiar with https://klart.co/pixels ? Patrick.WeTrust I am not, but these sites look beautiful. Dgut Yeah, I hope you guys aim for something like that. It's not rocket surgery either :) SecunoidWhich country/area are you targeting when you go live first? Patrick.WeTrust Local, immigrant communities within the Bay Area. (SF, CA) Dgut Hopefully global. The nature of this whole environment and tech is global. CowMooFlage It definitely is global but they want to be testing close to home. Dgut It think westerns might be inclined to use the app if it's sufficiently well designed and works well. damo @dgut see above. Aiming for local immigrant communities CowMooFlage The biggest issue I see is Westerners not understanding it's purpose because it's not embedded in our culture. damo Right For that i think there are other permutations of the platform that could take off quicker and be stickier to the global north. Dgut that's the cool part, it's a completely new thing for them. Patrick.WeTrust There are pockets of immigrants from Mexico, India, etc. that have used this in the past back home. In fact, my grandmother and father was part of a lending circle back home in Vietnam. We will go after this crowd and do a pilot test in these communities. BalengiVision I think if the idea is explained well, westerners will love it. I never heard of it until I joined this group. Dgut Exactly. The reason westerners don't use it is because they never heard of such a concept. When I heard of it I thought... why the f aren't we doing the same? I see it being used among students AnonymousAmazonGirl from the Slack community as an advisor? She has freely been an amazing one. We need to keep this happening with fair compensation. George.WeTrust We will reach out to her to gauge her interest -- I think generally we can continue improving our engagement with our community, and leveraging our supporters so we can move faster. We already have a good number of referrals for potential partners, potential pilot groups, folks who would like to work for us, etc... and please do keep them coming! CowMooFlageGeorge, Patrick, can Damo be listed on the site as a "community manager" or similar position? He's in this channel day in day out answering questions and we love him to bits. By far one of the best people you could ever have doing such a job; humble, cheerful and honest. Patrick.WeTrust We can have this happen - wonder why this hasn't happened sooner! CowMooFlage Awesome :) thanks Patrick :D *Patrick.WeTrust * I will ping @damo for his blurb, picture and get that to @hoang.wetrust as soon as possible. Thanks! CowMooFlage @damo pink wig? :thinking_face: damo Lol i have waaay better pictures ready to go lol damo Thanks for such kind words @cowmooflage! I’m seriously blushing over here. Patrick.WeTrust Thanks! both of you :D Bradicle Yeaaaa agree. Damo has been the face for We Trust in this chat since day one for me. Answering all the hard hitting questions day in and out <3 :B AnonymousWhen are you ditching slack? The phishing is out of control! George.WeTrust We have been testing with Rocket Chat internally, and are currently working towards migration. We will have more information on the timing, next week, but we want this to be as soon as possible, in the balance of our product development focus. CowMooFlage Can't wait to check out the new home. Jcga That a pity, Slack is nice compared to the others. I do believe the myetherw... phishing mail notification have decreased, they "collect" nothing. Slack is beautifull with cool features that others dont. Anyway security is super important and with time we will get used to the new place :slightly_smiling_face: CowMooFlage @jcga Slack is a decent platform but it lacks certain control features and flexibility that others have (e.g. the moderation tools were not made to support thousands of users). Jcga Yes sure I understand the priorities. BalengiVisionI definitely see US college students being a great test group! Patrick.WeTrust Yes! There are lots of community college, Stanford, Berkeley... all within 20-30 miles of our office. BalengiVision Exactly. Remember, facebook started off with colleges...now look at it. Once they all graduated, they took the idea with them and BOOM! CowMooFlage Plus, didn't you go there yourself @patrick.wetrust? You could have a professor introduce it to students even? They might be open to it as you're an ex-grad? Patrick.WeTrust Yes, I went to UC Berkeley and @george.wetrust was at Stanford. @U2M8H6DUJ also went to Berkeley and @shinelay to Davis. Definitely will be rekindling some old connections with my old professors :) CowMooFlage @patrick.wetrust It's always nice to come back with something to show off! :> Dgut @BalengiVision absolutely ... there is no reason for this to be immigrant-communities only. WeTrust can become a lot stronger if adopted by those groups (students) ... Kimutai @BalengiVision . Good idea In fact @patrick.wetrust . Students will show us all the flaws and a good number of unheard of issues. All their diversity of ideas is an untapped Gold mine. CowMooFlage Students can be very bold and open about expressing their opinions. Might be a fun brain storm session. Patrick.WeTrust As long as there is a good mix of supply and demand for credit - there is a potential opportunity there. An idea we have been bouncing around... if we could somehow match students (seeking credit) with alumni (that have the wherewithal to contribute to a loan), we could have a large user group here! BalengiVision Interesting concept Patrick.WeTrust yes, it is :slightly_smiling_face: damo I like this. Another connect for Westerners is in auction ROSCAs where they intentionally take the money last as a way to earn a modest return providing capital to the developing world. I'll definitely be doing this. Thanks to everyone for participating in this week's AMA.
From unprofitable crypto mining to profitable algorithmic trading.
The story of a Quantor community member. So today I would like to share with you a story of a very very successful year of a miner and a very successful year as an investor. https://preview.redd.it/iwknz2pfx2f11.png?width=376&format=png&auto=webp&s=81662343e918eb6bffc4b3bd5ace46a313c36d8e It all started at the beginning of 2015 when I realised everyone around me was talking about this new amazing gig called bitcoin and later as crypto currencies. At first I was very enthusiastic but as soon as I delved deeper into these concepts I was quite honestly disappointed… the hype did not live up to my expectations as I heard that this bitcoin thing will disrupt every industry and it will only be a matter of time before everyone owns, wants and uses one. My other disappointment with crypto was bitcoin’s lack of physical foundation and the growing transaction costs. Later on the problem of scalability also arose in my mind because blockchain continues to grow infinitely. After a long debate I nonetheless, decided to give it a try, but not to buy tokens or crypto itself it was to mine it so, I decided to invest in computers and graphic cards. I started with mining ETC (Ethereum). Not only I had learned a lot in the process I also realised that it was still the right time for me to get into crypto, hence it was the right decision however, a question arose. What to do with the money (crypto) I now had, which was worth a lot. I decided that trading would be the best option. My experience with bittrex to say the least wasn’t the best, my accounts kept getting frozen, deleted, suspended and flagged. I therefore decided to go for another trading platform Binance (which in my opinion is the best). The only thing I didn’t like was that my trading experience and portfolio management strategy weren’t quite cutting it, I was gaining sometimes, but I was losing just as much in both BTC and USD value. https://preview.redd.it/oh57teugx2f11.png?width=366&format=png&auto=webp&s=31650f5a015dd8b3614409ca892eebc3e4dda91a One late afternoon after speaking to one of my pioneer friends who got into bitcoin in 2011 told me about the company called Quantor. An algorithmic trading platform and marketplace that is currently undergoing its token-sale, but is also testing prototypes, which after successful tests become profitable trading algorithms. And so I again decided to go ahead and contacted the project to understand the potential benefits and rewards of algorithmic trading based on blockchain. After a few months of testing I can surely say that Quantor is not only an amazing project which has all of the possibilities to be the best, even now in the early stage of development the platform is able to do more than some ICOs after 2 years after the completion. Full alpha version of trading. The results of trading algorithms are stored in Ethereum blockchain. Full support. Amazing community. Not only great goals set, but great goals achieved! Thank you Quantor and let’s prosper together. www.tokens.quantor.co
PSA: Stop spelling the Bitcoin fraudulent site correctly - It only helps them as search engines pick it up. Use: bitcoin,com | bitcoin .com | bitcoin (.) com | bitcoindotcom | ... (153 points, 52 comments)
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