In early October, the US Commodity Futures Trading Commission (CFTC) charged this crypto exchange with illegally operating an unregistered trading platform.
A) Bittrex B) Binance C) Bitmex D) That other crypto exchange that starts with the letter “B” Scroll down for the answer.
Ranking and October Winners and Losers
2019 Top Ten Ranking - 40% dropout rate After losing quite a bit of ground in the rankings in September, the 2019 Top Ten rebounded a bit in October. Only BSV finished down on the month, down two places (from #9 to #11) and dropping out of the Top Ten. The rest either held or climbed: EOS, Tron and Stellar each advanced one position each and Litecoin picked up four places and was able to rejoin the Top Ten. It’s good to have LTC back in the familiar confines of the Top Ten, as last month it found itself on the outside looking in, for the first time since the Experiments started back in January 2018. 40% of the crypotos that were in the Top Ten on January 1st, 2019 have dropped out: Tron, Stellar, BSV, and EOS have been replaced by BNB, DOT, ADA, and LINK. October Winners – Big PoppaBTC had a great month, finishing up +25%. Second place goes to LTC, up +17% in October, followed by BCH, up +14%. October Losers – The losses were moderate this month, but the L for October goes to BSV, which lost -7% and fell out of the Top Ten. EOS was second worst performing, down -5%. For overly competitive nerds, here is a tally of which coins have the most monthly wins and losses during the first 22 months of the 2019 Top Ten Experiment: 2019 Ws/Ls Because it's the default winner in down months, Tether is still far ahead in terms of monthly victories (7). That’s more than twice as much as second place BSV, BTC, and ETH. And although BSV is up 74% since January 2019, it dominates the monthly loss count: it has now finished last in nine out of twenty-two months (paying attention, swing traders?). And XRP is still the only crypto that has yet to notch a monthly win.
Overall update – BTC’s lead increases, XRP back to the basement, 2019 Top Ten pulls ahead of other Experiments.
BTC extended the lead it carved out last month over second place ETH in October. The top two are up +262% and +191% respectively, followed distantly by Litecoin, which is up +79% since January 2019. The initial $100 investment in BTC is currently worth $369. For the first time since April 2019, BSV has dropped out of the Top Ten. Twenty-two months into the 2019 Top Ten Index Fund Experiment, 70% of the 2019 Top Ten cryptos are either flat or in the green. After barely escaping the basement last month, XRP has once again sunk to the bottom of the pack, down -33% since January 2019. At +66%, the 2019 Top Ten Portfolio has pulled ahead of the 2020 Top Ten Portfolio’s +61% gain and both are far, far ahead of the 2018 group , which is down -74% (more on that below).
Total Market Cap for the entire cryptocurrency sector:
Total market cap since Jan 2019 is +215% Since January 2019, the total market cap for crypto is up +215%. The overall market gained about $50B in October, ending the month just over the psychologically important $400B mark. This is now the highest month-end level since the 2019 Top Ten Experiment began 22 months ago.
Overall return on investment since January 1st, 2019:
The 2019 Group gained $122 in October, so after the initial $1000 investment, the 2019 Top Ten Crypto Portfolio is worth $1,660. 2019 Top Ten Index Fund Experiment ROI For some context, here’s a look at the ROI over the life of the first 22 months of the 2019 Top Ten Index Fund experiment, month by month: 2019 Top Ten ROI summary Unlike the completely red table you’ll see in the 2018 Top Ten Experiment, the 2019 crypto table is almost all green. The first month was the lowest point (-9%), and the highest point (+114%) was May 2019. At +66%, the 2019 Top Ten Portfolio is now the best performing out of the three Experiments but not by much: the 2020 Top Ten Portfolio is up +61%. Speaking of the other Experiments, let’s take a look at how the 2019 Top Ten Index Fund Portfolio compare to the parallel projects:
Taking the three portfolios together, here’s the bottom bottom bottom line: After a $3000 investment in the 2018, 2019, and 2020 Top Ten Cryptocurrencies, my combined portfolios are worth $3,537 ($264+ $1,660 +$1,613). That’s up about +18% for the three combined portfolios, compared to +11% last month. Here’s a table to help visualize the progress of the combined portfolios: 2018, 2019, 2020 Top Tens combined ROI To sum up: +18% gain by dropping $1k once a year on whichever cryptos happened to be in the Top Ten on January 1st, 2018, 2019, and 2020. But what if I’d gone all in on only one Top Ten crypto for the past three years? While many have come and gone over the life of the experiment, only five cryptos have started in Top Ten for all three years: BTC, ETH, XRP, BCH, and LTC. Let’s take a look at those five: A tie: BTC catches up to ETH this month for leader of the Three Year Club Up until this month, Ethereum would have been your best bet. As of the end of October, it’s basically a tie between BTC and ETH. Both are up +121%, (although BTC is technically $21 ahead of ETH). On the other hand, if I had followed this world’s slowest dollar cost averaging approach with XRP, I’d be down -32%. With BCH I would have just about broken even. Alright, that’s crypto. How does crypto compare to the stock market?
Comparison to S&P 500:
I’m also tracking the S&P 500 as part of the experiments to have a comparison point with traditional markets. The S&P continued to fall from an all time high in the summer, and is now up +30% since January 2019. S&P since Jan 2019? +30% The initial $1k investment I put into crypto 22 months ago would be worth $1,300 had it been redirected to the S&P 500 in January 2019. +30% is not a bad return at all. But the 2019 Top Ten Portfolio is up more than double (+66)% over the same time period. That’s 2019. But what if I took the same world’s-slowest-dollar-cost-averaging $1,000-per-year-on-January-1st crypto approach with the S&P 500? It would yield the following:
$1000 investment in S&P 500 on January 1st, 2018 = $1220 today
$1000 investment in S&P 500 on January 1st, 2019 = $1300 today
$1000 investment in S&P 500 on January 1st, 2020 = $1010 today
Taken together, here’s the bottom bottom bottom line for a similar approach with the S&P: After three $1,000 investments into an S&P 500 index fund in January 2018, 2019, and 2020, my portfolio would be worth $3,530. That is up +17.6%since January 2018. Compared to a +17.9% gain of the combined Top Ten Crypto Experiment Portfolios. You can also compare against five individual coins (BTC, ETH, XRP, BCH, and LTC) by using the table above if you want. It’s small, but that tiny 0.3% difference in favor of crypto. That’s now seven monthly victories for the S&P vs. three monthly victories for crypto, all clustered in the second half of the year. Crypto re-takes the lead in October....barely
Thanks mainly to Bitcoin, October was a good month for crypto and a good month for the 2019 Top Ten Portfolio. As traditional markets have struggled over the last few months, crypto seems to be headed in the opposite direction. I’m looking forward to seeing if those trends hold in the last few months of a crazy year. Take care of each other out there, stay safe. Thanks for reading and for supporting the experiment. I hope you’ve found it helpful. I continue to be committed to seeing this process through and reporting along the way. Feel free to reach out with any questions and stay tuned for progress reports. Keep an eye out for the original 2018 Top Ten Crypto Index Fund Experiment and the 2020 Top Ten Experiment.
In September, this decentralized exchange (DEX) overtook Coinbase in trading volume:
A) UniswapB) AaveC) CompoundD) Both A and B Scroll down for the answer.
Ranking and September Winners and Losers
2020 Top 10 Rank Lots of movement this month: six out of the Top Ten changed positions in September. BCH climbed one from #6 to #5 and BNB made a big move from #10 to #6. Going the opposite direction were BSV, EOS, and Tezos, dropping one, two, and four places respectively. The big story though, at least for anyone who’s been watching crypto for a while, was the ejection of Litecoin from the Top Ten. In just 30 days, LTC fell five places from #7 to #12. For some context, Litecoin’s absence from the Top Ten is a Top Ten Experiment first. It is also the first time since CoinMarketCap has tracked crypto rankings that Litecoin has not has not held a spot in the Top Ten. Drop outs: after nine months of the experiment, 30% of the cryptos that started 2020 in the Top Ten have dropped out. LTC, EOS, and Tezos have been replaced by ADA,LINK, and most recently, DOT. September Winners – Winner, singular: BNB was the only crypto to finish in the green, finished up +25% for the month, and gained four places in the rankings. A very good month for Binance Coin. September Losers – Tezos was the worst performing crypto of the 2020 Top Ten portfolio, losing nearly a third of its value, down -31% for the month. LTC also had a bad month, losing -24% and dropping out of the Top Ten. Since COVID-19 has hammered the sporting world, let’s be overly competitive and pit these cryptos against each other, shall we? Here’s a table showing which cryptos have the most monthly wins and losses nine months into the 2020 Top Ten Crypto Index Fund Experiment: Wins/Losses ETH is in the lead three monthly Ws, followed by Tether and Tezos with two wins each. Even though it is up +79% since January 1st, 2020, BSV has the most monthly losses: it has been the worst performing crypto of the group four out of the first nine months in 2020.
Overall update – ETH maintains strong lead, followed by BNB. 100% of Top Ten are in positive territory.
Ethereum remains firmly in the lead, up +187% on the year. Thanks to a strong month for BNB and a weak month for Tezos,Binance Coin has overtaken XTZ for second place, and is now up +109% in 2020. Discounting Tether (no offense Big-T), EOS (+4%) is the worst performing cryptocurrency of the 2020 Top Ten Portfolio. 100% of the cryptos in this group are in positive territory.
Total Market Cap for the cryptocurrency sector:
The overall crypto market lost about $35B in September, ending the month up +85% since the beginning of this year’s experiment in January 2020. Despite a rough month, this is the second highest month-end level since the 2020 Top Ten Experiment started nine months ago.
Monthly BitDom - 2020 BitDom ticked up slightly this month, but is still lower than it has been for most of the year. As always, a low BitDom reflects a greater appetite for altcoins. For context, the BitDom range since the beginning of the experiment in January 2020 has been roughly between 57% and 68%.
Overall return on investment since January 1st, 2020:
After an initial $1000 investment on January 1st, the 2020 Top Ten Portfolio is now worth $1,536, up +56%. This is the best performing of the three Top Ten Crypto Index Fund Portfolios, but not by much: the 2019 Top Ten came in at +54% in September. Here’s the month by month ROI of the 2020 Top Ten Experiment, hopefully helpful to maintain perspective and provide an overview as we go along: Monthly ROI - 2020 Top Ten Even during the zombie apocalypse blip in March, the 2020 Top Ten has managed to end every month so far in the green (for a mirror image, check out the all red table you’ll find in the 2018 experiment). The range of monthly ROI for the 2020 Top Ten has been between a low of +7% in March and high of +83% in August. So, how does the 2020 Top Ten Experiment compare to the parallel projects?
Taken together, here’s the bottom bottom bottom line for the three portfolios: After a $3000 investment in the 2018, 2019, and 2020 Top Ten Cryptocurrencies, the combined portfolios are worth $3,340 ($238+ $1,538 +$1,564). That’s up about +11% for the three combined portfolios, compared to +31% last month. Here’s a table to help visualize the progress of the combined portfolios: Combined ROI - UP +11% That’s a +11% gain by buying $1k of the cryptos that happened to be in the Top Ten on January 1st, 2018, 2019, and 2020. But what if I’d gone all in on only one Top Ten crypto for the past three years? While many have come and gone over the life of the experiment, five cryptos have started in Top Ten for all three years: BTC, ETH, XRP, BCH, and LTC (Big L, no pressure, but if you don’t claw yourself back in the Top Ten by January 2021, you’re out of the club). Let’s take a look: Three Year Club At this point in the Experiments, Ethereum (+104%) would have easily returned the most, followed by BTC (+77%). On the other hand, following this approach with XRP, I would have been down nearly a third at -31%. So that’s the Top Ten Crypto Index Fund Experiments snapshot. Let’s take a look at how traditional markets are doing.
Comparison to S&P 500
I’m also tracking the S&P 500 as part of my experiment to have a comparison point to traditional markets. The S&P slipped a bit from an all time high in August and is now up just +5% in 2020. Over the same time period, the 2020 Top Ten Crypto Portfolio is returning about +56%. The initial $1k investment in crypto is now worth about $1,563. That same $1k I put into crypto in January 2020 would be worth $1050 had it been redirected to the S&P 500 instead. That’s a $513 difference on a $1k investment, one of the largest gaps in favor of crypto all year. But that’s just 2020. What about in the longer term? What if I invested in the S&P 500 the same way I did during the first three years of the Top Ten Crypto Index Fund Experiments? What I like to call the world’s slowest dollar cost averaging method? Here are the figures:
$1000 investment in S&P 500 on January 1st, 2018 = $1260 today
$1000 investment in S&P 500 on January 1st, 2019 = $1350 today
$1000 investment in S&P 500 on January 1st, 2020 = $1050 today
So, taken together, here’s the bottom bottom bottom line for a similar approach with the S&P: After three $1,000 investments into an S&P 500 index fund in January 2018, 2019, and 2020, my portfolio would be worth $3,660. That $3,660 is up +22%since January 2018, compared to a +11% gain of the combined Top Ten Crypto Experiment Portfolios over the same period of time. That’s an 11% swing in favor of the S&P 500 and breaks a two month mini-streak of wins from the Top Ten crypto portfolios. For those keeping track or unable to see the table above: that’s seven monthly victories for the S&P vs. two monthly victories for crypto. The largest gap so far was a 22% difference in favor of the S&P back in June.
September saw losses for both traditional and crypto markets, but crypto got hit harder. What can we expect for the rest of 2020? The Neverending Year is entering the final quarter and is not finished with us yet: a lot can and will happen in the remaining months. More volatility is no doubt to come as we enter the final stretch of a truly unpredictable and exhausting year. Buckle up. Stay healthy and take care of yourselves out there. Thanks for reading and for supporting the experiment. I hope you’ve found it helpful. I continue to be committed to seeing this process through and reporting along the way. Feel free to reach out with any questions and stay tuned for progress reports. Keep an eye out for the original 2018 Top Ten Crypto Index Fund Experiment and the 2019 Top Ten Experiment follow up experiment.
Ultimate glossary of crypto currency terms, acronyms and abbreviations
I lost it all (this my old rogerver bcashy troll account btw) I don’t even know how to start but as of yesterday I’m officially broke, I ruined my life and future. I’m a 23yrs guy, my journey with Bitcoin started in 2014. I bought it to actually use it not sure if people do that nowadays? but The HODL journey didn’t start until the beginning of 2017 as I notice the $ value in my blockchain wallet steadily increasing didn’t even know how or why it was increasing I thought it was a glitch making me free money for this reason I decided to go ALL IN I dumped my life saving into Bitcoin. price was around 1-2K $ and I was able to get 11 BTC in total. Unfortunately before the Bullrun start I lost around 4 coin due to ICO"s scams and just buying shitcooins in poloniex with zero trading knowledge(had a great time with the trollbox). After my loss I took my coins out of the exchange and held in a cold wallet, Fast forwards September 2017 the price kept going up I couldn’t even believe it specially after it broke past 10k I was so euphoric matter fact I was chilling in here, in this subreddit celebrating with everyone posting memes etc.. When BTC hit 20k my greedy asss still didnt wanna sell I didn’t have a price target I though it will keep going up forever. It was going so quick I couldn’t even process what was happening I told my siblings I was rich they told me to sell this bubble but I said "HELL NO! I was part of the moonboy gang we don’t sell we HOODL" I was 19 at the time. seeing this type of money was unreal I had more than 6 fucking figures in my wallet. Eventually we topped out at 20k I didn’t sell although the price kept going down and down and Depression started to hit after we dropped below 10k specially when it went down more near the 3k level I started to regret everything kicking my self for not listening to my siblings when they told me sell. Nonetheless I still had faith in Bitcoin and knew one day we will recover but I needed to accepted the fact that it might take months maybe years to get back to ath. for this reason I disconnected from the crypto community I had to forget about Bitcoin so I shifted my focus somewhere else luckily I stumbled across this popular game called “Fortnite” it took all my time and distraction away from my crypto for a good year or two I barely even noticed the peak of 2019. Anyways mid-late 2019 I got heavy in the stock market I started to see all these guru make insane amount of money just day trading. I was more of an investor type guy but I consumed so much information about day trading and how the psychological aspect is so important, I guess I mastered a bit of that by holding Bitcoin throughout the bear market. Anyways recently in August during the Bitcoin rally I though I had enough skills and decided it was finally time for me to trade Bitcoin specially because it was tradable 24/7 I wanted to start increasing my money and stop sitting on my coins I've had enough of the bear market I thought it was gonna be another P&D episode specially after I started to get deeper in the Crypto community and understood how price moves. I used to be Bitcoin maximalist but then I started to notice the suspicious activity around bitcoin, I came to realize that bitcoin was not the same as it was before, these toxic unregulated entities have turned bitcoin into a giant ponzi playground with everyone being brainwashed by these crypto twitter advocates who are nothing but CZ binance acting puppets. I know it sound crazy but it’s true, the receipt it out to the public, the price is manipulated by Tetther Mafia and these scam exchange. I don’t believe in conspiracy but neither do I believe in coincidence, I witnessed this fraud my own eyes, Whale-alert notified me every time Tetther printed new money and sent it to exchanges and next thing you the price went up. Ever since they added derivative I assume they manipulate the price in spot to liquidate future traders. This whole rally was propt by Tetther mafia using the overall condition in the market as an excuse to attempt artificial FOMO and bring real liquidity in this fake liquidity pool. As the fraud was getting more obvious I started to despise Bitcoin and traded the ponzi based off emotions I neglected the technicals I didn’t have risk management and eventually got liquidated. This is my 3yr+ journey went from 11 btc to 0.. I feel horrible,sad, hopeless and disappointed this was my whole networth vanished in 1-2month. I deprived myself from so many things these last few years hoping my investment grows enough to fund my future. My family still think I’m holding Bitcoins I feel so bad I let them down not sure I'll be able to recover from this. Ps: for those saying Tetther is an old conspiracy trust me this time is different and incomparable to the previous years, the fraud is fully transparent now. Their activity has been very suspicious and concerning lately I’m sensing a major exit-scam. this will impact the whole crypto space because this unbacked counterfeit USD holds most if not all the order book liquidity.
Will BitMEX Survival Efforts Help Despite The Mandatory KYC?
BitMEX, one of the world’s leading Bitcoin margin trading exchanges, appears to be taking major steps to increase its value proposition. In a couple of recent announcements, the exchange said that it’s going to reduce some of its fees while also adding more cryptocurrencies for trading. This comes months after the exchange had to introduce mandatory KYC procedures and following its clash with US regulators.
BitMEX Reducing Fees and Adding Coins
BitMEX used to be the world’s leading Bitcoin margin trading exchange in terms of daily volumes. Now, according to CoinMarketCap, it rests on the third spot after Binance Futures and Huobi. A couple of days ago, the exchangeannounceda fee reduction on its linear futures contracts. First, the take fees are reduced to 0.075% on the ALTXBT linear futures contracts, while also adjusting the maker fee to -0.025%. Both changes are to take effect today, October 23rd.
“This change, which applies to all future ALTXBT listings, is intended to align the fee structure across our products and optimize the overall trading experience for this product segment.” – Reads the announcement.
Additionally, the exchange is taking extra steps toadd more cryptocurrenciesfor trading. BitMEX will open trading for Binance Coin, Polkadot, and Yearn Finance’s YFI token based on quanto futures contracts starting October 30th, 2020.
“These three contracts aim to provide our users with quality coverage of highly liquid products. We plan to introduce several more altcoin product listings before the end of the year.”
It’s no wonder that BitMEX is doing its best to catch up with its competitors. What was once the world’s leading derivatives trading platform is now taking serious steps to catch up. Related Post:Bitcoin (BTC) Is Inversely Correlated to USD, No Correlation with Stocks: Max Keiser Binance Futures has introduced a myriad of features for its traders, for the time being, with Huobi following suit close by. Meanwhile, BitMEX has other issues to worry as well. Towards the beginning of October, the US Commodities and Futures Trading Commission charged the owner-operators of BitMEX with illegally running a derivatives platform. Shortly after, CEO Arthur Hayes and other top-level executives stepped down, highlighting the seriousness of the situation.
21,42% Monthly Return Algorithm Bot Trading - 3Commas Case Study Follow-Up #2
This is the 1-month follow-up to my previous post about bot trading on 3Commas you can find it here: https://www.reddit.com/passive\_income/comments/i2zfjd/31\_daily\_return\_algorithm\_bot\_trading\_3commas/ Since my last post, I have now officially been running the algorithm trading on 3Commas for 1 month and I am blown away by the results. My portfolio increased from 1267$ to 1568$ In 1 month giving me 301$ in profit at the same time I have also earned 0.02511 BTC increasing both my dollar value and the BTC value of the portfolio.
Market performance in test period (1st of August – 1st of September)
Okay so cross referencing whether I’ve been better off just buying BTC and HODLING? In the period where I started from the 1st of August until the moment of writing this (September 1st) BTC only increased 0,627% meaning I outperformed the market with 20,8% in USD terms (Portfolio Performance)! Great news AND my BTC value increased significantly.
Benefits of trading bots
· Bots make it easy to enter the industry (Since you are not actively managing or updating the algorithms, which can get quite complex) · Ensuring efficiency across the board (Bots never sleep and don’t make mistakes) · Trading on a 24-hour basis (Especially useful in the crypto space since the markets never close unlike the stock exchange) · Removing emotions from the equation (You won’t make the emotional YOLO all-in on a crypto/stock that you subjectively like over other, the bot simply follows algorithms and orders and execute)
How to get started?
You can sign up to 3Commas here for your own free 3 days trial period and if you choose to extend you will get a 10% discount and I will get a small commission, so win-win :-). I made a combination of two composite Gordon bots. A Binance BTC Conservative strategy (Safe & Slow) (50%) of portfolio and a Binance BTC Aggressive (Riskier & Fast) (50%) of portfolio. The aggressive bot was outperforming the conservative bot in terms of profit, but of course is more subdue to big volatility. I have also modified my strategy Increasing the amount of trades my bots currently perform I have two Aggressive bots one using BTC and one using USDT. In total I usually have 9 active trading 24/7 and now earn around 25$ per day so expecting my return to exponentially grow as I optimize my bots. Hit me up if you need setup help and I’ll gladly support you first make an account here. Current bot trades
What exchange? Okex
I used Binance initially as 3Commas integrated perfectly with Binance and they are a trusted exchange with low fees. The base fee for trades on Binance is 0.1% for makers and takers. You can reduce that by 25% (that is, to 0.075%) if you hold BNB on Binance, so this is definitely a trick I recommend!. If you don’t have a Binance account you can sign up here and we both get 10% of each other’s trading volume (You will benefit from my continued trades on Binance). However, on the 11th of August I made the transfer over to Okex due to 3Commas making an exclusive deal with Okex giving 100 USDT free in trading fees for new sign-ups giving me a much higher margin on my first trades on that platform. Okex is also highly recommended an have fantastic customer support that answers your question within 30 seconds guaranteed! I can only highly recommend Okex and you can get 10$ in free Bitcoins using this link Sign up to 3Commas here(Free trial + 10% discount): https://3commas.io/?c=Reddit Sign up to Okex here: https://www.okex.com/join/1/2123821
I would love to help anyone interested in getting started with this as it seems like a great passive income stream as I used 15 minutes per day on this bot and earned 0,02511 BTC ≈ 300 USD so far and still counting.
Bitcoin is worth more than $ 15,600, Why Suddenly The Price Is Increasing?
Bitcoin is worth more than $ 15,600, the highest level since January 2018. https://preview.redd.it/ix9k84b46lx51.png?width=398&format=png&auto=webp&s=863080fefca01dbd91023c14b7f052910aa69a5e The price of cryptocurrency bitcoin has skyrocketed in recent days to the highest level since January 2018. The absence of the US presidential election result may play a role, but that is not the only reason. In recent days, the price of the BTC rose from roughly $ 13,350 on November 3 to $ 15,700 today, according to data from CoinMarketCap. That is more than 12 percent increase. The price increase was more or less synchronized with the vote count in the United States and the ever-increasing tension in the country. "Uncertainty always encourages people to buy gold, for example. But I don't know if that is positive for bitcoin," analyzes Durk Veenstra, RTL Z stock market commentator. "Everything is going up," he adds another comment on the price increase. Investors are thus responding to the Bank of England's decision to pump 166 billion euros extra into financial markets and expect the US Fed to take additional measures to support the economy. Another reason for bitcoin's price revival is the US Public Prosecutor's plan to seize more than $ 1 billion in bitcoin. It concerns bitcoin that has been earned through the criminal online marketplace Silk Road, Bloomberg news agency reports. Highest price since January 2018 The price of bitcoin was last this high in January 2018, after the highest ever price of 19,783 dollars was reached in December 2017. On Sunday, January 7, the price peaked again to more than $ 17,500, after which the price dropped sharply. This year, the exchange rate recovered somewhat, peaking at $ 12,600 in October. This was due to the decision of the payment service Paypal to make payments in cryptocurrency possible. This Paypal move is also a reason in the upward price movement of Bitcoin. And now the price is stablizing between 15k to 16k.
Australia to become first crypto-friendly IPO by accepting Tether
An Aussie organization working a hydroponics ranch in Malaysia is directing the principal first sale of stock to acknowledge crypto resources in Australia. https://preview.redd.it/b9esxf8nx7x51.jpg?width=700&format=pjpg&auto=webp&s=f5fa096179a32647bd3f7e685c7d697e3428689a Australia's crypto-accommodating capital-raising stage Stax has declared its customer West Coast Aquaculture Group, or WCA will direct the nation's first sale of stock that acknowledges virtual cash as installment. Speculators taking an interest in WCA's contribution can buy value in the organization utilizing Tether (USDT) or Australian dollars. USDT was picked over Bitcoin (BTC) and Ether (ETH) because of its value dependability. Stax CEO Kenny Lee underlined that stablecoins offer the advantages of cryptographic money without the instability of other computerized resources:
“The acceptance of USDT in an IPO is a transformative move in Australia and a significant step forward for cryptocurrency adoption in general. It paves the way for the future of capital markets down under.”
Lee noted Stax is thinking about help for extra stablecoins in the future. WCA works a huge marine ranch in Langkawi, Malaysia, where it essentially creates new Grouper fish for discount and retail clients in Singapore, Hong Kong, and Malaysia. The capital raised will be utilized for asset extensions including the acquisition of a new incubation centre and nursery offices. WCA is offering between 10 million and 14 million offers at $0.50 each, speaking to somewhere in the range of 8.78% and 11.87% of the complete access. The base objective is $5 million. After the raise, WCA's arrangements for its offers to drift on the Sydney Stock Exchange, with the offers expected to start exchanging close to Nov. 19 SSX CEO Michael Go commended Stax for encouraging a capital raise supporting USDT, expressing:
“This is a first, and historic development in the Australian market which will dictate the future of capital raising, particularly for growth companies.”
Here is how to play the altcoin game - for newbies & champs
I have been here for many previous altcoin seasons (2013,2017 etc) and wanted to share knowedle. It's a LOOONG article. The evaluation of altcoins (i.e not Bitcoin) is one of the most difficult and profitable exercises. Here I will outline my methodology and thinking but we have to take some things as a given. The first is that the whole market is going up or down with forces that we can't predict or control. Bitcoin is correlated with economic environments, money supply increases, safe havens such as Gold, hype and country regulations. This is an impossible mix to analyze and almost everyone fails at it. That's why you see people valuing Bitcoin from $100 to $500k frequently. Although I am bullish on the prospects of Bitcoin and decentralization and smart contract platforms, this is not the game I will be describing. I am talking about a game where you try to maximize your BTC holdings by investing in altcoins. We win this game even if we are at a loss in fiat currency value. To put it another way:
If you are not bullish in general on cryptocurrencies you have no place in investing or trading cryptocurrencies since it's always a losing proposition to trade in bubbles, a scientifically proven fact. If on the other hand you are then your goal is to grow your portfolio more than you would if holding BTC/ETH for example.
Bitcoin is the big boy
How the market works is not easily identifiable if you haven't graduated from the 2017 crypto university. When there is a bull market everything seems amazingly profitable and things keep going up outgrowing Bitcoin by orders of magnitude and you are a genius. The problem with this is that it only works while Bitcoin is going up a little bit or trades sideways. When it decides to move big then altcoins lose value both on the way up and on the way down. The second part is obvious and proven since all altcoins from 2017 are at a fraction of their BTC value (usually in the range of 80% or more down). Also, when BTC is making a big move upwards everyone exits altcoins to ride the wave. It is possible that the altcoin market behaves as an inversed leveraged ETF with leakage where in a certain period while Bitcoin starts at 10k and ends at 10k for example, altcoins have lost a lot of value because of the above things happening.
We are doing it anyway champ!
OK so we understand the risks and just wanna gambol with our money right? I get it. Why do that? Because finding the ideal scenario and period can be extremely profitable. In 2017 several altcoins went up 40x more than BTC. But again, if you don't chose wisely many of them have gone back to zero (the author has first hand experience in this!), they have been delisted and nobody remembers them. The actual mentality to have is very important and resembles poker and other speculative games: A certain altcoin can go up in value indefinitely but can only lose it's starting investment. Think about it. You either lose 1 metric or gain many many more. Now that sounds amazing but firstly as we said we have the goal to outperform our benchmark (BTC) and secondly that going up in value a lot means that the probability is quite low. There is this notion of Expected Value (EV) that poker players apply in these kind of situations and it goes like that. If you think that a certain coin has a probability let's say 10% to go up 10X and 90% probability it goes to zero it's an even bet. If you think that probability is 11% then it's a good bet, a profitable bet and you should take it. You get the point right? It's not that it can only go 10X or 0X, there is a whole range of probability outcomes that are too mathematical to explain here and it doesn't help so much because nobody can do such analysis with altcoins. See below on how we can approximate it.
How to evaluate altcoins
A range of different things to take into account outlined below will form our decision making. Not a single one of them should dictate 100% of our strategy.
It's all about market cap. Repeat after me. The price of a coin doesn't mean anything. Say it 10 times until you believe it. I can't remember how many times I had conversations with people that were comparing coins using their coin price instead of their market cap. To make this easy to get.
If I decide because the sky is blue to make my coin supply 100 Trillion FoolCoins with a price of $0.001 and there is another WiseCoin with a supply of 100 Million and price of $1 then FoolCoins are more expensive. - Alex Fin's Cap Law
This is done usually in the stock world and it means that each company has some fundamental value that includes it's assets, customers, growth prospects, sector prospects and leadership competence but mostly centered in financial measures such as P/E ratios etc. Valuation is a proper economic discipline by itself taught in universities. OK, now throw everything out of the window!. This kind of analysis is impossible in vague concepts and innovations that are currently cryptocurrencies. Ethereum was frequently priced at the fictional price of gas when all financial systems on earth run on the platform after decades (a bit of exaggeration here). No project is currently profitable enough to justify a valuation multiple that is usually equal to P/E in the thousands or more. As such we need to take other things into account. What I do is included in the list below:
Check Github. You need to make sure there is active development for the platform and it's a very bad sign if the project is either keeping the code closed source or even worse there is simply no development. No projects are "complete".
Check Website. If the website is written in bad English the Chinese google translate type it means that they are not serious enough to produce an unbreakable decentralized project. If you can't write English you can't change the world, period. That's a deal breaker.
Check Team's Linkedin. Numerous projects have either fake Linkedin accounts or the team is comprised mainly by unexperienced employees that are even shown to be working in other companies currently.
Check backers. Projects that have Binance, Coinbase or Silicon Valley VC funds backing them are way more legit but way more overpriced too!
One of my favorite ways to value altcoins that is based on the same principle in the stock market is to look at peers and decide what is the maximum cap it can grow to. As an example you take a second layer Ethereum solution that has an ICO and you want to decide if you will enter or not. You can take a look at other coins that are in the same business and compare their market caps. Thinking that your coin will outperform by a lot the top coins currently is overly optimistic so I usually take a lower valuation as a target price. If the initial offering is directly implying a valuation that is more than that then there is no room to grow according to my analysis and I skip it. Many times this has proven me wrong because it's a game theory problem where if many people think irrationally in a market it becomes a self-fulfilling prophecy. But since there is opportunity cost involved, in the long run, getting in initial offerings that have a lot of room to grow will pay off as a strategy.
In 2017 the sexiest sector was platforms and then coins including privacy ones. Platforms are obviously still a highly rated sector because everything is being built on them, but privacy is not as hot as it used to be. In 2018 DEXes were all they hype but still people are massively using centralized exchanges. In 2020 Defi is the hottest sector and it includes platforms, oracles and Defi projects. What I am saying is that a project gets extra points if it's a Defi one in 2020 and minus points if it's a payment system that will conquer the world as it was in 2017 because that's old news. This is closely related to the next section.
Needless to say that the crypto market is a worse FOMO type of inexperienced trigger happy yolo investors , much worse than the Robinhood crowd that drove a bankrupt company's stock 1200% after they declared bankruptcy. The result is that there are numerous projects that are basically either vaporware or just so overhyped that their valuation has no connection to reality. Should we avoid those kind of projects? No and I will explain why. There are many very good technically projects that had zero hype potential due to incompetent marketing departments that made them tank. An example (without shilling because I sold out a while back) is Quantum Resistant Ledger. This project has amazing quantum resistant blockchain, the only one running now, has a platform that people can build tokens and messaging systems and other magnificent stuff. Just check how they fared up to now and you will get the point. A project *needs* to have a hype factor because you cannot judge it as normal stocks that you can do value investing like Warren Buffet does where a company will inevitable post sales and profitability numbers and investors will get dividends. Actually the last sentence is the most important: No dividends. Even projects that give you tokens or coins as dividends are not real dividends because if the coin tanks the value of the dividend tanks. This is NOT the case with company stocks where you get dollars even if the company stock tanks. All that being said, I would advice against betting on projects that have a lot of hype but little substance (but that should be obvious!).
How to construct your portfolio
My strategy and philosophy in investing is that risk should be proportional to investment capital. That means that if you are investing 100K in the crypto market your portfolio should be very different than someone investing 1K because 10% annual gains are nothing in the latter while they are very significant in the former. Starting from this principle each individual needs to construct a portfolio according to how much risk he wants to take. I will emphasize two important concepts that play well with what I said. In the first instance of a big portfolio you should concentrate on this mantra: "Diversification is the only free meal in finance". In the case of a small portfolio then this mantra is more important: "Concentrate to create wealth, diversify to maintain wealth". Usually in a big portfolio you would want to hold some big coins such as BTC and ETH to weather the ups and downs explained in previous paragraphs while generating profits and keep progressively smaller parts of your portfolio for riskier investments. Maybe 50% of this portfolio could be big caps and 10% very risky initial offerings. Adapting risk progressively to smaller portfolios makes sense but I think it would be irrational to keep more than 30% of a portfolio no matter what tied to one coin due to the very high risk of bankruptcy.
The altseason is supposedly coming every 3 months. Truth is that nobody can predict it but altcoins can be profitable no matter what. Forget about maximalists who are stuck in their dogmas. Altcoins deliver different value propositions and it makes sense because we are very far from a situation where some project offers everything like Amazon and we wouldn't even want that in the first place since we are talking about decentralization and not a winner takes all and becomes a monster kind of scenario! Some last minute advice:
Stay out of paid telegram/discord pump groups. They are deadly for your wallet.
Avoid jumping on overhyped coins that have pumped massively during the last days without any very important news.
Don't keep coins in obscure exchanges for too long or you will get burned with certainty.
Stop thinking that your coin will 1000x and overtake Bitcoin!
P.S If you find value in reading this and want more weekly consider subscribing to my newsletterhere
It is no doubt Grayscale’s booming popularity as a mainstream investment has caused a lot of community hullabaloo lately. As such, I felt it was worth making a FAQ regarding the topic. I’m looking to update this as needed and of course am open to suggestions / adding any questions. The goal is simply to have a thread we can link to anyone with questions on Grayscaleand its products. Instead of explaining the same thing 3 times a day, shoot those posters over to this thread.My hope is that these questions are answered in a fairly simple and easy to understand manner. I think as the sub grows it will be a nice reference point for newcomers. Disclaimer: I do NOT work for Grayscale and as such am basing all these answers on information that can be found on their website / reports. (Grayscale’s official FAQ can be found here). I also do NOT have a finance degree, I do NOT have a Series 6 / 7 / 140-whatever, and I do NOT work with investment products for my day job. I have an accounting background and work within the finance world so I have the general ‘business’ knowledge to put it all together, but this is all info determined in my best faith effort as a layman. The point being is this --- it is possible I may explain something wrong or missed the technical terms, and if that occurs I am more than happy to update anything that can be proven incorrect Everything below will be in reference to ETHE but will apply to GBTC as well.If those two segregate in any way, I will note that accordingly.
ETHE is essentially a stock that intends to loosely track the price of ETH. It does so by having each ETHE be backed by a specific amount of ETH that is held on chain. Initially, the newly minted ETHE can only be purchased by institutions and accredited investors directly from Grayscale. Once a year has passed (6 months for GBTC) it can then be listed on the OTCQX Best Market exchange for secondary trading. Once listed on OTCQX, anyone investor can purchase at this point. Additional information on ETHE can be found here.
So ETHE is an ETF?
No. For technical reasons beyond my personal understandings it is not labeled an ETF. I know it all flows back to the “Securities Act Rule 144”, but due to my limited knowledge on SEC regulations I don’t want to misspeak past that. If anyone is more knowledgeable on the subject I am happy to input their answer here.
How long has ETHE existed?
ETHE was formed 12/14/2017. GBTC was formed 9/25/2013.
How is ETHE created?
The trust will issue shares to “Authorized Participants” in groups of 100 shares (called baskets). Authorized Participants are the only persons that may place orders to create these baskets and they do it on behalf of the investor. Source: Creation and Redemption of Shares section on page 39 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here Note – The way their reports word this makes it sound like there is an army of authorizers doing the dirty work, but in reality there is only one Authorized Participant. At this moment the “Genesis” company is the sole Authorized Participant. Genesis is owned by the “Digital Currency Group, Inc.” which is the parent company of Grayscale as well. (And to really go down the rabbit hole it looks like DCG is the parent company of CoinDesk and is “backing 150+ companies across 30 countries, including Coinbase, Ripple, and Chainalysis.”) Source: Digital Currency Group, Inc. informational section on page 77 of the “Grayscale Bitcoin Trust (BTC) Form 10-K (2019)” – Located Here Source: Barry E. Silbert informational section on page 75 of the “Grayscale Bitcoin Trust (BTC) Form 10-K (2019)” – Located Here
How does Grayscale acquire the ETH to collateralize the ETHE product?
An Investor may acquire ETHE by paying in cash or exchanging ETH already owned.
Cash: The investor pays the subscription amount in cash and the Authorized Participant will use that cash to purchase ETH.
ETH: The investor transfers the ETH to the Authorized Participant, which will contribute the ETH in-kind to the Trust.
Source: Creation and Redemption of Shares section on page 40 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Where does Grayscale store their ETH? Does it have a specific wallet address we can follow?
ETH is stored with Coinbase Custody Trust Company, LLC. I am unaware of any specific address or set of addresses that can be used to verify the ETH is actually there. As an aside - I would actually love to see if anyone knows more about this as it’s something that’s sort of peaked my interest after being asked about it… I find it doubtful we can find that however. Source: Part C. Business Information, Item 8, subsection A. on page 16 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Can ETHE be redeemed for ETH?
No, currently there is no way to give your shares of ETHE back to Grayscale to receive ETH back. The only method of getting back into ETH would be to sell your ETHE to someone else and then use those proceeds to buy ETH yourself. Source: Redemption Procedures on page 41 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Why are they not redeeming shares?
I think the report summarizes it best:
Redemptions of Shares are currently not permitted and the Trust is unable to redeem Shares. Subject to receipt of regulatory approval from the SEC and approval by the Sponsor in its sole discretion, the Trust may in the future operate a redemption program. Because the Trust does not believe that the SEC would, at this time, entertain an application for the waiver of rules needed in order to operate an ongoing redemption program, the Trust currently has no intention of seeking regulatory approval from the SEC to operate an ongoing redemption program.
Source: Redemption Procedures on page 41 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
What is the fee structure?
ETHE has an annual fee of 2.5%. GBTC has an annual fee of 2.0%. Fees are paid by selling the underlying ETH / BTC collateralizing the asset. Source: ETHE’s informational page on Grayscale’s website - Located Here Source: Description of Trust on page 31 & 32 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
What is the ratio of ETH to ETHE?
At the time of posting (6/19/2020) each ETHE share is backed by .09391605 ETH. Each share of GBTC is backed by .00096038 BTC. ETHE & GBTC’s specific information page on Grayscale’s website updates the ratio daily – Located Here For a full historical look at this ratio, it can be found on the Grayscale home page on the upper right side if you go to Tax Documents > 2019 Tax Documents > Grayscale Ethereum Trust 2019 Tax Letter.
Why is the ratio not 1:1? Why is it always decreasing?
While I cannot say for certain why the initial distribution was not a 1:1 backing, it is more than likely to keep the price down and allow more investors a chance to purchase ETHE / GBTC. As noted above, fees are paid by selling off the ETH collateralizing ETHE. So this number will always be trending downward as time goes on. Source: Description of Trust on page 32 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
I keep hearing about how this is locked supply… explain?
As noted above, there is currently no redemption program for converting your ETHE back into ETH. This means that once an ETHE is issued, it will remain in circulation until a redemption program is formed --- something that doesn’t seem to be too urgent for the SEC or Grayscale at the moment. Tiny amounts will naturally be removed due to fees, but the bulk of the asset is in there for good. Knowing that ETHE cannot be taken back and destroyed at this time, the ETH collateralizing it will not be removed from the wallet for the foreseeable future. While it is not fully locked in the sense of say a totally lost key, it is not coming out any time soon. Per their annual statement:
The Trust’s ETH will be transferred out of the ETH Account only in the following circumstances: (i) transferred to pay the Sponsor’s Fee or any Additional Trust Expenses, (ii) distributed in connection with the redemption of Baskets (subject to the Trust’s obtaining regulatory approval from the SEC to operate an ongoing redemption program and the consent of the Sponsor), (iii) sold on an as-needed basis to pay Additional Trust Expenses or (iv) sold on behalf of the Trust in the event the Trust terminates and liquidates its assets or as otherwise required by law or regulation.
Source: Description of Trust on page 31 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Grayscale now owns a huge chunk of both ETH and BTC’s supply… should we be worried about manipulation, a sell off to crash the market crash, a staking cartel?
First, it’s important to remember Grayscale is a lot more akin to an exchange then say an investment firm. Grayscale is working on behalf of its investors to create this product for investor control. Grayscale doesn’t ‘control’ the ETH it holds any more then Coinbase ‘controls’ the ETH in its hot wallet. (Note: There are likely some varying levels of control, but specific to this topic Grayscale cannot simply sell [legally, at least] the ETH by their own decision in the same manner Coinbase wouldn't be able to either.) That said, there shouldn’t be any worry in the short to medium time-frame. As noted above, Grayscale can’t really remove ETH other than for fees or termination of the product. At 2.5% a year, fees are noise in terms of volume. Grayscale seems to be the fastest growing product in the crypto space at the moment and termination of the product seems unlikely. IF redemptions were to happen tomorrow, it’s extremely unlikely we would see a mass exodus out of the product to redeem for ETH. And even if there was incentive to get back to ETH, the premium makes it so that it would be much more cost effective to just sell your ETHE on the secondary market and buy ETH yourself. Remember, any redemption is up to the investors and NOT something Grayscale has direct control over.
Yes, but what about [insert criminal act here]…
Alright, yes. Technically nothing is stopping Grayscale from selling all the ETH / BTC and running off to the Bahamas (Hawaii?). BUT there is no real reason for them to do so. Barry is an extremely public figure and it won’t be easy for him to get away with that. Grayscale’s Bitcoin Trust creates SEC reports weekly / bi-weekly and I’m sure given the sentiment towards crypto is being watched carefully. Plus, Grayscale is making tons of consistent revenue and thus has little to no incentive to give that up for a quick buck.
That’s a lot of ‘happy little feels’ Bob, is there even an independent audit or is this Tether 2.0?
Actually yes, an independent auditor report can be found in their annual reports. It is clearly aimed more towards the financial side and I doubt the auditors are crypto savants, but it is at least one extra set of eyes. Auditors are Friedman LLP – Auditor since 2015. Source: Independent Auditor Report starting on page 116 (of the PDF itself) of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here As mentioned by user TheCrpytosAndBloods (In Comments Below), a fun fact:
The company’s auditors Friedman LLP were also coincidentally TetheBitfinex’s auditors until They controversially parted ways in 2018 when the Tether controversy was at its height. I am not suggesting for one moment that there is anything shady about DCG - I just find it interesting it’s the same auditor.
“Grayscale sounds kind of lame” / “Not your keys not your crypto!” / “Why is anyone buying this, it sounds like a scam?”
Welp, for starters this honestly is not really a product aimed at the people likely to be reading this post. To each their own, but do remember just because something provides no value to you doesn’t mean it can’t provide value to someone else. That said some of the advertised benefits are as follows:
Access to trading within a tax advantaged retirement account
Institutions can easily and safely get exposure to crypto in a more legal-friendly manner
Ease of use for those who are not very technologically savvy
Ease of access for someone who doesn’t want to set up a Coinbase account
Perceived trust in institutional platforms over something like Coinbase or Kraken
Degen traders who just want access to the volatility ETHE provides that have no interest in crypto beyond that
So for example, I can set up an IRA at a brokerage account that has $0 trading fees. Then I can trade GBTC and ETHE all day without having to worry about tracking my taxes. All with the relative safety something like E-Trade provides over Binance. As for how it benefits the everyday ETH holder? I think the supply lock is a positive. I also think this product exposes the Ethereum ecosystem to people who otherwise wouldn’t know about it.
Why is there a premium? Why is ETHE’s premium so insanely high compared to GBTC’s premium?
There are a handful of theories of why a premium exists at all, some even mentioned in the annual report. The short list is as follows:
ETHE is NOT redeeming shares and as such doesn’t have an effective arbitrage mechanism
ETHE has a 1 year wait to be sold on the secondary market, again negating the ability to effectively arbitrage the premium
People may simply be willing to pay a premium for the benefits stated above.
Why is ETHE’s so much higher the GBTC’s? Again, a few thoughts:
ETHE hasn’t been around as long, so there is less secondary market supply to go around
ETHE was listed at an insanely high premium to begin with
ETHE might simply be more popular at the moment
Could just be sheer stupidity (investors think ETHE is a 1:1 ratio not 1:11)
Are there any other differences between ETHE and GBTC?
I touched on a few of the smaller differences, but one of the more interesting changes is GBTC is now a “SEC reporting company” as of January 2020. Which again goes beyond my scope of knowledge so I won’t comment on it too much… but the net result is GBTC is now putting out weekly / bi-weekly 8-K’s and annual 10-K’s. This means you can track GBTC that much easier at the moment as well as there is an extra layer of validity to the product IMO.
I’m looking for some statistics on ETHE… such as who is buying, how much is bought, etc?
There is a great Q1 2020 report I recommend you give a read that has a lot of cool graphs and data on the product. It’s a little GBTC centric, but there is some ETHE data as well. It can be found here hidden within the 8-K filings.Q1 2020 is the 4/16/2020 8-K filing. For those more into a GAAP style report see the 2019 annual 10-K of the same location.
Is Grayscale only just for BTC and ETH?
No, there are other products as well. In terms of a secondary market product, ETCG is the Ethereum Classic version of ETHE. Fun Fact – ETCG was actually put out to the secondary market first. It also has a 3% fee tied to it where 1% of it goes to some type of ETC development fund. In terms of institutional and accredited investors, there are a few ‘fan favorites’ such as Bitcoin Cash, Litcoin, Stellar, XRP, and Zcash. Something called Horizion (Backed by ZEN I guess? Idk to be honest what that is…). And a diversified Mutual Fund type fund that has a little bit of all of those. None of these products are available on the secondary market.
Are there alternatives to Grayscale?
I know they exist, but I don’t follow them. I’ll leave this as a “to be edited” section and will add as others comment on what they know. Per user Over-analyser (in comments below):
As asked by pegcity - Okay so I was under the impression you can just give them your own ETH and get ETHE, but do you get 11 ETHE per ETH or do you get the market value of ETH in USD worth of ETHE?
I have always understood that the ETHE issued directly through Grayscale is issued without the premium. As in, if I were to trade 1 ETH for ETHE I would get 11, not say only 2 or 3 because the secondary market premium is so high. And if I were paying cash only I would be paying the price to buy 1 ETH to get my 11 ETHE. Per page 39 of their annual statement, it reads as follows:
The Trust will issue Shares to Authorized Participants from time to time, but only in one or more Baskets (with a Basket being a block of 100 Shares). The Trust will not issue fractions of a Basket. The creation (and, should the Trust commence a redemption program, redemption) of Baskets will be made only in exchange for the delivery to the Trust, or the distribution by the Trust, of the number of whole and fractional ETH represented by each Basket being created (or, should the Trust commence a redemption program, redeemed), which is determined by dividing (x) the number of ETH owned by the Trust at 4:00 p.m., New York time, on the trade date of a creation or redemption order, after deducting the number of ETH representing the U.S. dollar value of accrued but unpaid fees and expenses of the Trust (converted using the ETH Index Price at such time, and carried to the eighth decimal place), by (y) the number of Shares outstanding at such time (with the quotient so obtained calculated to one one-hundred-millionth of one ETH (i.e., carried to the eighth decimal place)), and multiplying such quotient by 100 (the “Basket ETH Amount”). All questions as to the calculation of the Basket ETH Amount will be conclusively determined by the Sponsor and will be final and binding on all persons interested in the Trust. The Basket ETH Amount multiplied by the number of Baskets being created or redeemed is the “Total Basket ETH Amount.” The number of ETH represented by a Share will gradually decrease over time as the Trust’s ETH are used to pay the Trust’s expenses. Each Share represented approximately 0.0950 ETH and 0.0974 ETH as of December 31, 2019 and 2018, respectively.
Year 2022 The year is 2022. Most companies have issued their own crypto tokens. The stock-markets NYSE, AEX, FTSE have all been shutdown after a hack which caused global markets to collapse. Those in the know speculate that the hack is just a scape-goat propagated by central banks and governments to hide the failure of fiat-currencies. Bitcoin is still king followed by Ethereum, Apple, Alphabet, Microsoft, Saudi Aramco, Shell and Tesla. The crypto-markets gave grown substantially now hovering around 200 trillion tether. I could say dollars but after the historic collapse they don't have any value and are not longer noted on Coinmarketcap as an unit of account. Bitcoin is currently trading at 130.000 and according to "experts" it's currently in a bear-market after tapping 250.000. Gold is hovering around 35.000 and silver around 2500. Oil is still relatively cheap at 130 and the average income is around 40.000. Wages have not kept with the crash of fiat-currencies which means that 90 percent of the citizenry are dependent on the state to receive an additional 40.000 in UBI. The UBI is clearly not enough to support people in their lives. The state made it illegal for landlords to charge any rent after a protest-group called Renters lives Matter went on a killing spree. To compensate the landlords all houses were equipped with hightech monitoring gadgets to collect as much data as possible to sell to big tech companies. If you don't like to be monitored you will have to pay "home-services" or buy a home. All excess oil reserves are now being used to mine Bitcoin. Paying with bitcoin is more for the big shots nowadays. Common folks like to use fast, cheap and highly deflationary coins to transact in like Tesla, Apple or Amazon. Most companies started burning their own coins with a certain percentage of profit every quarter to incentivise hodling and tend to pay their employees in their crypto. Off-course the big tech coins are not really just coins. They are securities like stocks used to be and are quite centralised. God only knows what would happen to the crypto securities if Bezos, Zuckerberg or Gates would suddenly die. But in general the crypto-markets have grown up and are now more stable than let's say the wild wild west days in 2017 where every billionaire could just steer the markets with some pocketchange in every desired direction. Binance along with other crypto-exchange companies became one of the biggest beneficiaries after the closure of the global stock-markets, with a market-cap of 900 billion tether accompanying the big boys in the top 30. What follows...I leave up to you.
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Stocks Webull: 2 free stock (worth $8-$ 1600 each) for opening an account and making a $100 deposit. https://act.webull.com/mo/xZWa45w2qoXgbi/inviteUs/ Webull is a commission free stock trading platform/app which is giving out 2 free stocks (worth $8-$1600 each) for opening an account via this ever-changing referral link and making a $100 deposit. Webull can be used on iOS, Android or the website. referral link- https://act.webull.com/mo/xZWa45w2qoXgbi/inviteUs/ Public: 1 free stock worth up to $50 for opening an account. http://share.public.com/daysndaze Public is another commission free stock trading app which gives you a free stock (valued up to $50) when you create an account with this referral link. No initial deposit is required. Available on iOS or Android. referral link- http://share.public.com/daysndaze FirstTrade: 1 free stock worth $3 - $200 (I got Microsoft!) simply for opening an account. No deposit required. https://share.firstrade.com/MilaAQOK FirstTrade is a commission-free stock trading app which gives you a free stock (valued up to $200) when you open an account via a referral link. No initial deposit is required. Available on iOS or Android only. referral link- https://share.firstrade.com/MilaAQOK Dough: 1 free stock worth $2 - $200 simply for opening an account. No deposit required ($25 deposit required before first withdrawal, but you can then withdraw that too). https://dough.com/referrals?referral=5BKGKBR95V&referredby=Jesse Dough is a commission free stock trading app which gives you a free stock (valued $2- $200) when you open an account via a referral link. No initial deposit is required, though you need to deposit $25 in order to make your first withdrawal (you can also withdraw your initial $25 too). Available for iOS or Android only. referral link- https://dough.com/referrals?referral=5BKGKBR95V&referredby=Jesse TradeUP: 1 free stock worth $2.50-250 just for opening an account, and an optional second stock worth $8-$1000 for making a $100 deposit from any source. https://tradeup.marsco.com/activity/market/us-open-price/#/share?invite=T8WH47 TradeUP is a commission free stock trading app which gives you a free stock (valued $2.50-250) for opening an account via a referral link. No deposit required. Additionally, they will give you a second stock (valued $8-$1000) for making a $100 deposit. Available for iOS or Android only. referral link- https://tradeup.marsco.com/activity/market/us-open-price/#/share?invite=T8WH47 Robinhood: 1 free stock worth $2.50- $200 for opening an account. No deposit required. https://join.robinhood.com/jessel2353 Robinhood is a stock trading platform/app which gives you a free stock (valued $2.50 - $200) when you open an account via a referral link. No initial deposit is required. Available on iOS and Android, or you can use their website. referral link- https://join.robinhood.com/jessel2353 Acorns: $5 for $5 deposit from any source (additional steps required, please see below details). https://www.acorns.com/invite/9B9FGQ Acorns is an online investing app (iOS or Android) which is offering a free $5 bonus for simply opening an account via a referral link, depositing $5, and keeping the money in the account until the 15th of the following month. You can then withdraw the money and close the account, fee free! If you keep the account longer, they may charge you a $3 fee, so be sure to close it after the 15th on the following month from when you signed up. 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(Make sure to enter the referral code of the day jgyync2nba) https://crypto.com/app/jgyync2nba This is a risky one warning. You do have to hold the crypto for at least a 180 days. However there is a possibility that it will increase in money during that time. If you believe in crypto it might be a good investment. (enter referral code jgyync2nba if not pre-filled) https://crypto.com/app/jgyync2nba Gemini: Free $10 worth of Bitcoin for trading $100. Account Signup: https://gemini.com/share/d8ykp7cl Gemini is a cryptocurrency trading app/websitewhich will give you $10 worth of bitcoin for signing up using a referral link and buying/selling $100 worth of cryptocurrency. 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The events of a SIM swap attack (and defense tips)
Posted this on Coinbase and someone recommend it also be posted here. The information below on an attempted SIM swap attack was pieced together through a combination of login and security logs, recovering emails initiated by the attacker that were deleted and then deleted again from the trash folder, and learning from AT&T’s fraud representatives. The majority if this is factual, and we do our best to note where we are speculating or providing a circumstantial suspicion. TLDRs at the bottom. The full story: We were going about our business and received a text from AT&T that says “…Calls & texts will go to your new phone/SIM card. Call 866-563-4705 if you did not request.” We did not request this, and were suspicious that the text itself could be a phishing scam since we searched the phone number and it wasn’t overtly associated with AT&T. Thus, we tried calling AT&T’s main line at 611 but all we hear is beep beep beep. The phone number is already gone. We use another phone to call AT&T and at the same time start working on our already compromised email. While we didn’t see everything real time, this is what the recovered emails show. In less than 2 minutes after receiving the text from AT&T, there is already an email indicating that the stolen phone number was used to sign into our email account associated with Coinbase. 2 minutes after that, there is an email from Coinbase saying: "We have received your request for password reset from an unverified device. As a security precaution, an e-mail with a reset link will be sent to you in 24 hours. Alternatively, if you would like your password reset to be processed immediately, please submit a request using a verified device. This 24 hour review period is designed to protect your Coinbase account." This is where Coinbase got it right to have a 24 hour review period (actually a recovery period) before allowing the password to be reset. However, the attackers knew this and planned to steal the second email from Coinbase by setting email rules to forward all emails to a burner address and also have any emails containing “coinbase” re-routed so they don’t appear in the Inbox. 5 minutes later, they request a password reset from Gemini and the password was reset to the attacker’s password within a minute after that. The next minute they target and reset DropBox’s password followed immediately with Binance. Less than 2 minutes later, an email from Binance indicates that the password has been reset and another email arrives a minute later indicating a new device has been authorized. It’s at this point that we begin locking the attacker out by (1) removing the phone number as 2FA (2) changing the email password, (3) and three forcing a logout of all sessions from the email. There was a bit of back and forth where they still had an active login and re-added the stolen phone number as 2FA. They added only one more password reset to a gaming account that was not deleted. I can only suspect that was a decoy to make it look like the attack was directed at gaming rather than finances. The Gemini and Binance accounts were empty and effectively abandoned, with no balances and inactive bank accounts (if any), and no transactions in 1-3 years. DropBox had no meaningful files (they probably look for private keys and authenticator backups) and the phone number they stole from us was suspended, so as far as the attacker is concerned, there is no meat on this bone to attack again… unless they had inside information. This is where I suspect someone internal at Coinbase receiving wire deposits has been compromised in tipping off ripe accounts – accounts with new and somewhat large balances. We had completed a full withdrawal of funds from Coinbase earlier in the year, and had a balance of less than $20 heading into May. Deposits to Coinbase staggered in to get above six figures through mid-May then stopped. The attack occurred 7 days after the last large wire deposit was made to Coinbase. From the perspective of an attacker that had no inside information, we were a dead end with abandoned Gemini and Binance accounts with zero balances and stale transactions, no DropBox information, and the suspended phone number access. Our Coinbase deposits were known to no one except us, Coinbase, and our bank. We were also able to stop the hacker’s email forwarding before Coinbase’s 24 hour period to send the password reset, so this one didn’t work out for the attackers and it would make sense for them to move on to the next rather than put efforts into a second attack only for Coinbase - for what would appear to be a zero-balance Coinbase account based on the other stale accounts. Then…23 hours and 42 minutes after the first attack, another message from AT&T “…Calls & texts will go to your new phone/SIM card. Call 866-563-4705 if you did not request.” Here we go again. We had been confident in AT&T’s assurances that our account had been locked and would not be SIM swapped again, so we unwisely added the phone number back to our email account as a backup (it’s now removed permanently and we use burner emails for account recovery like we should have all along). Upon seeing that our phone number had been stolen again I knew they were after the Coinbase reset email that was delayed by 24 hours from Coinbase as part of their security. We did 4 things within 2 minutes of that text: (1) removed the phone number again from the email account – this time for good, (2) market sell all Bitcoin on Coinbase, (3) withdraw from Coinbase, (4) have AT&T suspend service on the phone line. In speaking with AT&T, they were floored that our SIM would be transferred again in light of all the notes about fraud on the account and the PIN being changed to random digits that had never been used by us before. Based on the response of disbelief from AT&T on the second port, I suspect that this attack also involved a compromised AT&T employee that worked with the attacker to provide timely access to the Coinbase password reset email. Apparently, this has been going on for years: https://www.flashpoint-intel.com/blog/sim-swap-fraud-account-takeove with phone carrier employees swapping SIMs for $80s a swap. Remember that most of this was hidden in real time, and was only known because we were able to recover emails deleted from Trash by the attacker. Since we require any withdrawals to use Google Authenticator on Coinbase, our funds may have been secure nonetheless. However, under the circumstances with attackers that were apparently working with insiders to take our phone number twice in attempts to steal Bitcoin, and it being unknown if they had additional tools related to our Google Authenticator, we decided it was safer on the sidelines. The coins were held on the exchange for a quick exit depending on whether Bitcoin was going to break up or down from $10,000. A hardware wallet is always safest, but we were looking to time the market and not have transaction delays. For some some security recommendations: AT&T: If you are going to send a text saying that calls and texts are moving to a new number, provide a 10 minute window for the phone number to reply with a “NO” or “STOP” to prevent the move. This can escalate the SIM dispute to more trusted employees to determine who actually owns the line. Don’t let entry level employees swap SIMs. Coinbase: Do not default to phone numbers as 2FA. Also, if someone logs in successfully with the password before the 24 hours are up, the password is known and there is no need to send the password reset email again for attacker to have forwarded to them. At least have an option to stop the password reset email from being sent. We did not tag our account at Coinbase with fraud because of the stories of frozen funds once an account is tagged. I’m not sure what the solution is there, but that is another problem. Being a trader, it would be nice to think of Coinbase as any other type of security brokerage where your assets are yours (someone can’t steal your phone number and transfer your stocks to their account). We fell into that mindset of security, yet this experience has reminded us of the uniqueness of cryptocurrency and the lack of custodial assurance and insurance from exchanges because of the possession-is-everything properties of cryptocurrency. As many have said before, 2FA with a phone number quickly becomes 1-factor authentication as soon as that phone number is associated with password recovery on your email or other accounts. Our overall recommendation is to avoid having a phone number associated with any recovery options across all your accounts. TLDR on the process: Scammers will steal your phone number (in our case twice in 24 hours) and use your phone number to access your email and accounts. They will use your email to reset passwords at financial accounts and file hosting such as DropBox. They will then use that combination to transfer any assets they can access from your accounts to theirs. They will do their best to hide this from you by (1) not resetting your email password so as to raise suspicion, (2) immediately delete any password reset emails you may receive from financial accounts to hide them from you, (3) attempt to forward all emails sent to your address to a burner email, and (4) set email rules to forward emails containing “coinbase” to an email folder other than your Inbox so that you don’t see the transactions and password reset emails that arrive to your inbox. TLDR on defense tips: If your phone stops working or you receive a text of your number being ported do the following as soon as possible: (1) log into your email account(s) associated with your financial accounts and remove your phone number as 2FA immediately (2) change your email password, (3) force a logout of all sessions from your email (at this point you have locked them out), then (4) check your mail forwarding settings for forwards to burner addresses, (5) check your mail rules for rerouting of emails from accounts such as Coinbase, and (6) call your carrier to have them suspend service on your lost phone number and ask them to reinstate your SIM or get a new SIM. This will require a second phone because your personal phone number has been stolen. We hope this helps some others be safe out there in protecting their coins. The more we know, the more we can protect ourselves. Wishing you all the best!
Is there any ACTUAL procedure from A to Z that let you buy/sell Bitcoin with no KYC?
For months I've been searching and learning on how to invest in the stock market, I have even used many simulations and it seems that I've been doing good, so I moved to the next step, actually making an account and do the thingy. But apparently, not being able to trade in the in the stock market was just another con to be added to the endless cons of being in/from Iraq. So I turned my face to crypto currency, because, it's "decentralised" and "open for everyone", but for another whole month I came to realise that crypto-related corporation don't differ much from governments, because to this moment, I am still not able to transfer money from my credit card into crypto currency on any wallet/exchange. Yes, if you're from anywhere other than the "do they have internet there?" countries, there are alot of ways to get and exchange crypto with no KYC regulations needed, but they don't work for me, because at some point in the procedure, I'll need to apply for KYC, manly to make payment-services accounts, as such as PayPal (which also don't support Iraq). I did find one and I think it's the only way to BUY crypto and cycle it through exchanges with no need for KYC, which is by paying with gift cards to a P2P website, which then will send you bitcoin to your wallet let's on Binance. But then the problem is how to get the money out of the cycle, because I need to finish KYC in order to withdraw to my credit card, and neither can I exchange them with gift cards because in order to be a merchandiser (seller) on P2P exchanges, I would need to finish KYC. So, is there any actual way for someone in my situation to get into the crypto world?
Now transactions in the TkeyNet network are instant. You won’t even notice how the TKEY delivers to the recipient. For example, when you send a payment from card to card, and after a few seconds, the money is in the recipient’s possession. Despite the fast speed of transactions, the system has not only preserved its security properties but also strengthened them and still works on the blockchain.
“The chain of information a store on every computer in the network. The addition of information occurs by using cryptographic functions, allowing you to identify the information for any period. When a new data block adds to the TkeyNet network, the integrity of all previous information confirm by the entire TkeyNet, and each node checks its integrity.”
What is it for, and how does the “Financial Marketplace module” work?
TkeyNet combines various assets in a single system, creating instant access to liquidity. Digital exchanges connect to TkeyNet and provide assets for exchange: BTC, USDT, ETH, and others. For example, Kraken connects to TkeyNet and provides digital assets: ETH, ETC. Binance: USD, BTC. Bitfinex: USDT, EOS, etc. Exchanges can provide any assets that trade on their platforms. The blockchain acts as a Registrar of financial transactions. Accounts, balances, and orders store in a distributed registry TkeyNet, and copies of data to distribute across network TkeyNet nodes. Payment routing is implemented in the TkeyNet system, which allows you to track not only balances but also distribute transactions without the participation of any party. The user, in turn, has quick access to transactions with digital currencies, regardless of the blockchain used: Bitcoin, Ethereum, EOS, or any other, transactions are recorded in TkeyNet, and transactions are processed instantly.
“The task of the platform is to automate the interaction of the parties and ensure the convenience of performing operations. — This is the core element of a trusted environment.”
In addition to digital assets, the “Financial Marketplace module” includes working with Fiat currencies, stocks, bonds, as well as raw materials: oil, gas, diamonds, etc. — This means that payment systems, banks, currency exchanges, commodity exchanges, and other financial market participants, are also connected to the TkeyNet blockchain.
Payments between companies in a few seconds
https://preview.redd.it/v84fizszvdp51.png?width=1920&format=png&auto=webp&s=e501b06661b2a960fe75abe07a1aba5177db620d Companies can make payments in seconds, not days. TkeyNet can seriously mitigate the adverse risks of extraterritorial sanctions against the financial system of the countries if such follow. Also, the ability to conduct internal and cross-border transfers through an independent financial channel directly to the counterparty at high-speed is beneficial to business and the state from any point of view. Each user will be able to make quick transfers to counterparty wallets, exchange digital currency for another or fiat money at the current exchange rate.
What else is interesting? — Applications
Developers can connect to TkeyNet and get access to a large-scale pool of liquidity: digital currencies, stocks, precious metals, etc. This solution not only reduces development costs but also allows you to get access to the best prices and fast exchanges. You can create any financial application, regardless of the market usage: a cryptocurrency, or financial markets. Developers can create a digital Bank or exchange, fast connect the app, and TkeyNet using the API.
“By working with partners around the world, we can significantly increase our market share in this business, providing our partners with ready-made tools without risks.”
And also regardless of the applications that will be created by partner developers. The company will provide its interfaces that will provide access to various types of assets — digital currencies: BTC, USDT, ETH, etc.; Fiat currencies: euros, dollars, pounds, etc.; securities and commodity assets. https://preview.redd.it/23whmnm1wdp51.png?width=679&format=png&auto=webp&s=52bf10bf43268f835cff981a110d41528b838a89 Anywhere in the world, at any time, the system user will have access to the desired currency without having to exchange one for another. Also, when implementing the application for NFC payments, it will become even easier to use the system. However, even with the availability of several types of currencies, such as the pound, dollar, and euro, it is easy to make payments abroad.
“According to the World Bank, more than 1.7 billion adults are still not covered by banking services, but two-thirds of them have a mobile phone that can help them access financial services. — This tells us one thing: the traditional banking approach is exceptionally inefficient. Lack of infrastructure: a network of ATMs, fees and deposits, a network of cashiers, and internal money transfer programs are just some named obstacles to creating a real banking experience.”
Imagine that in one app you have access to Apple shares, Tesla shares, gold, precious metals, rubles, dollars, and even oil if you want. TkeyNet — makes this possible. TkeyNet is an industrial solution designed for companies and users at the same time. Since payments in the system are very fast, a person can store and send money in any asset they want. This flexibility creates an open market, which is necessary at present.
TkeyNet back-end — completed. Currently, we are actively working on the front-end side. Regardless of working on the front-end side, the TkeyNet system is tested on an ongoing basis.
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