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johncameronn047 · 4 months

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Top Leading Crypto Exchange Platforms Of South Korea In 2024

Cryptocurrency Exchanges are profitable businesses these days and traders looking for the best results can select the correct platform as the digital asset ecosystem develops. Come explore with us the top crypto exchange software solutions that will influence trading in South Korea in 2024. According to the reports, it is found that a large number of crypto exchanges are in demand in South Korea, so the introduction and launch of several crypto exchanges has stupefied possibilities.Among the several cryptocurrency exchange platforms available in South Korea, the following list includes the top seven exchanges that have recently shown impressive success in the nation.

Korbit Cryptocurrency Exchange

Korbit is the popular cryptocurrency exchange in South Korea and has the strong venture capital backing as of now in 2024. At present, there is a strong desire to acquire what is regarded as the first cryptocurrency exchange in Korea and the fourth largest nationwide. South Korean cryptocurrency aficionados have come to rely on Korbit because of its reputation and dedication to fostering a safe trading environment.

Coinone

For South Korea's cryptocurrency industry, Coinone serves as the bond between traditional banking and the industry. Customers can enter the digital asset market with ease thanks to the platform's support for a large variety of trading pairings.Coinone is more important in South Korea as it emphasizes security and regulatory compliance.

Binance

With huge trading volumes, Binance is regarded as the top exchange platform. An important player in the South Korean sector is the international cryptocurrency exchange Binance. A lot of South Korean cryptocurrency enthusiasts also like Binance because of its liquidity and superior trading features.Binance is notable for its low trading fees, especially for users of the native BNB currency offering a large selection of cryptocurrencies and trading pairings overall.

Bithumb

Bithumb has become quite well-known in South Korea, that makes significant trading with the inclusion of multiple trading tools like margin and futures trading. Satisfying the support of multiple cryptocurrencies, Bithumb has a wide fan base that will have a unique identity in the crypto markets.

Bybit

In terms of advanced trading capabilities and ease of use, Bybit stands tall the competition, when it comes to trading derivatives. Rapid order execution is guaranteed by the platform, which also allows perpetual contracts for the main cryptocurrencies.Bybit is a good option for traders of all skill levels who want to trade smoothly and effectively.

Upbit

Upbit has become a well-known bitcoin exchange platform on a global scale.The user-friendly design and wide range of supported cryptocurrencies have helped local exchange Upbit gain notoriety. Due to its focus on efficiency and security in trading, Upbit is attractive to both novice and experienced traders. Users in South Korea are more confident due to the platform's commitment to compliance.

PrimeXBT

Traders seeking cutting-edge resources and services, such as margin trading for a range of cryptocurrencies, can find them at PrimeXBT.Trading with PrimeXBT is made more individualized because of its configurable interface. Anyone looking to optimize their trading potential in the South Korean market will find its low trading expenses and high leverage options to be quite tempting.

Bitflex

Bitflex has become well-known for offering a large selection of cryptocurrencies to traders in South Korea. Traders of all levels can make use of it and its low trading fees enables numerous benefits to be enjoyed.

Gopax

Gopax is a centralized cryptocurrency exchange where customers may effectively handle all trades and deposits of cryptocurrencies on the site.Anyone can participate significantly in the trading of different cryptocurrencies, regardless of expertise level. Yesterday, there were millions worth of trades on the cryptocurrency market Gopax.

Huobi

Renowned for being one of the best cryptocurrency exchange platforms, Huobi Global primarily targets Asian markets and investors have contributed a total of million to Huobi. In South Korea, Huobi has become very popular and has a large user base.

Wrapping Up

As many cryptocurrency exchange platforms keep on arising, the crypto markets will face a ravishing changeover in generating revenues in millions on a daily basis. Being the top tier cryptocurrency exchange software development company, Plurance has its speciality in creating crypto exchange platforms. Based on the existence of several crypto exchanges in South Korea, we can replicate those according to your business requirements.

Source Link - https://www.plurance.com/top-crypto-exchanges-of-south-korea

#blockchain #crypto #cryptocurrency exchange script #bitcoin exchange script

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bitcoincables · 9 months

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Bitcoin SV Surges 30%, BitTorrent and ICP Emerge as Top Cryptocurrency Gainers

Bitcoin SV (BSV), a cryptocurrency that split from Bitcoin, has experienced a significant surge in value, with a 30% increase today and over 80% in the past week. This growth is largely attributed to increased interest from traders in South Korea, particularly on the Upbit exchange. Trading volume on Upbit for Bitcoin SV has reached a dominant 66.8%, surpassing $503 million in value. As a result, Bitcoin SV's market capitalization now stands at $1.7 billion, with a total trading volume of $753.5 million.

The BitTorrent (BTT) token has also seen an 8% increase in value today. This rise is connected to the growing trading activity within the Tron network, which recorded nearly $1 billion in trading volume over the past 24 hours. The recent surge in the value of the BitTorrent token indicates a growing interest in decentralized file-sharing platforms and the associated cryptocurrencies.

In a surprising development, the Internet Computer (ICP) token, which aims to revolutionize web decentralization, has experienced significant daily gains, with a nearly 10% increase. Designed as a decentralized platform, ICP offers secure, trustless, and fast network operations, making it appealing to a wide range of users. Serving as the operational currency of the network, ICP facilitates development fees for programmers and includes governance tools to ensure network stability.

These developments highlight the volatility of the cryptocurrency market and the potential for significant price fluctuations. It also underscores the growing interest in decentralized platforms and file-sharing systems, as well as the role of trading activity from specific regions, such as South Korea. For more details, read the original article.

#BitcoinSV #BSV #BitTorrent #ICP

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ailtrahq · 1 year

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XRP was the worst-performing altcoin in August. Offshore exchanges spurred selling pressure, while U.S.-based platforms saw buying demand. The joys of the partial victory in the hotly contested legal battle against the U.S. Securities and Exchange Commission (SEC) were short-lived, as Ripple [XRP] nearly reversed all the gains in the August drawdown. Is your Portfolio green? Check out the XRP Profit Calculator At press time, the payment-focused crypto lost nearly 21% of its value over the last month, data from XRP/" target="_blank" rel="noopener nofollow external noreferrer" data-wpel-link="external">CoinMarketCap revealed. Moreover, the collapse made XRP the worst-performing altcoin in the aforementioned period. XRP outpaces other alts in Trading volume Plagued by negative sentiment, XRP traders rushed to lock in gains. As per crypto Market data provider Kaiko, XRP recorded significantly higher Trading activity in August vis-à-vis other alts. In fact, XRP’s average daily volume during the month was a whopping $462.8 million, 4x times higher than the next-ranked Solana [SOL]. Source: Kaiko Offshore exchanges drive sell-offs Interestingly, the bulk of the selling pressure was exerted by non-U.S. based exchanges, according to a recent report by bitcoin-ETF-decision-ignites-volatility" target="_blank" rel="noopener nofollow external noreferrer" data-wpel-link="external">Kaiko. Upbit, South Korea’s largest exchange and OKX had a sell volume ratio of over 50%. Source: Kaiko It should be known that XRP is the most traded altcoin on offshore exchanges. It sees high demand in South Korea, in particular, and traders in the East Asian country have historically exhibited a greater affinity for the token. To further elucidate this, XRP was the most-traded altcoin and the second-most traded crypto asset on Upbit, the country’s premier exchange, per data from CoinGecko. U.S. exchanges see buying demand On the other hand, trading activity on U.S.-based exchanges like Coinbase was driven by Buyers. Kaiko stated, “This could suggest that buying demand was driven by large traders in the U.S. as investors re-gained access to the token after the July court ruling.” The above assertion was corroborated by data from Santiment. Big whales, comprising the cohort holding between 100,000 to 10 million XRP tokens, have been steadily adding on to their portfolios over the last week. Source: Santiment Read Ripple’s [XRP] Price Prediction 2023-24 It was pertinent to note that unlike offshore exchanges, XRP was only the sixth most traded altcoin in the U.S., per Kaiko. XRP’s retail ownership rises An encouraging development which caught attention was the increase in the number of retail investors of XRP. Since last week’s dip in prices, addresses owning 1–10 tokens have increased their holdings by nearly 10,000. This suggested that they bought the dip. Source: Santiment

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youroriginaltimemachinestudent · 1 year

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Cnxcoin Review 2023 Latest : Its Pros & Cons

Today we discuss about Cofinex . We Written details review about Cofinex . Also we include Cofinex crypto pros & cons .

What Is Cnxcoin?

Cnxcoin (Minos Blockchain s.r.o ), a leading fintech company, is regulated by The CNB Czech Republic. With over 115,000+ users, Cofinex is claimed to be a trusted and secure crypto asset exchange application across the world. Headquartered in Singapore, with branch offices in the USA, UK, India, Czech Republic and Thailand, their operations are already running in South Korea, Thailand, Laos, Indonesia, Cambodia, Malaysia, the Philippines, and other APAC countries. Cofinex Exchange offers its users an easy and secure platform to buy and sell Bitcoin, Ripple, Ethereum, Tron, CNX, and over 70+ crypto assets. Cofinex Coin Point Table Coin BasicInformationCoin NameCnxcoin Short NameCNXCirculating Supply2,100,000 CNXMax Supply500,000,000Source CodeClick Here To View Source CodeExplorersClick Here To View ExplorersTwitter PageClick Here To Visit Twitter GroupWhitepaperClick Here To ViewSupport24/7Official Project WebsiteClick Here To Visit Project Website

What Is Current Price Of Cofinex?

The live Cofinex price today is $0.090384 USD with a 24-hour trading volume of not available. They update CNX to USD price in real-time. Cofinex is down 0.18% in the last 24 hours. The current CoinMarketCap ranking is #8172, with a live market cap of not available. The circulating supply is not available and a max. supply of 500,000,000 CNX coins. If you would like to know where to buy Cnxcoin at the current rate, the top cryptocurrency exchange for trading in Cofinex stock is currently Finexbox. You can find others listed on crypto exchanges page.

Trade on the go

A powerful Bitcoin and cryptocurrency exchange in your pocket. Buy, sell and trade crypto on the go. View real-time cryptocurrency prices Buy and sell BTC, ETH, XRP, CNX and other digital assets with ease Get live price-change alerts for cryptocurrencies you follow Check BTC spot, futures and options prices Compare cryptocurrency prices across exchanges.

Benefits

Cofinex offers the highest referral commission with the highest payout. Users can invite friends to sign up and earn 50% of the commission on their trading fee. There's no limit, unlike other cryptocurrency exchanges in India. Collateral to borrow money The currency of borrowing can be realized and withdrawn at any time, with ultra-low interest rate and large amount of borrowing, so the security is guaranteed. Earn Upto 90%p.a. on your crypto Cnxcoin operate validators on these projects. Token holders can stake with us to help secure these networks and earn staking rewards. Multiple Cryptocurrencies Cofinex offers trading for a variety of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Ripple, and others. User-Friendly Interface To provide straightforward navigation for users, the platform is developed with a simple and intuitive interface. High Security Cofinex uses cutting-edge security techniques, such as two-factor authentication (2FA), cold storage, and DDoS protection, to safeguard users' funds and personal information. Competitive costs With a flat rate of 0.1% per trade, Cofinex has some of the lowest trading costs in the sector. Fast Execution Orders are carried out swiftly, allowing customers to profit from possibilities in the market as they present themselves. Customer Support Cnxcoin provides customer service around-the-clock via a range of platforms, including live chat, email, and social media.

Team

Meet Creative and Dedicated People who play a very important role behind the business..

Cnxcoin Use the Crypto card like a regular plastic card

Cnxcoin Crypto card links Bitcoin with traditional finances. It’s perfect for anyone involved in cryptocurrencies, and works with any point of sale terminal in the world which accepts major cards! Bring cryptos to your everyday life. Now available in the Europe, SEPA & South Asia Orders in the worldwide are live!

FAQ

What is Cofinex?CNX in the utility token issued by Binace Blockchain Foundation which comes under the category of BEP-20 tokens. CNX has a very significant role in synching various products and services available at CNX for its users. Unlike many other cryptocurrencies, CNX is also a deflationary token by its core structure, all thanks to its buy-back and burn initiative on a regular basis.How will I receive the CNX Token after I send my contribution?BEP20 based CNX token will be issued to the Cofinex wallet you used once the Seed funding finishes. Make sure you use an address with Cofinex exchange only. Do not use a wallet address from other exchanges.Where are you based and what is your legal structure?CoFinex is a digital assets exchange service owned and operated by Minos Blockchain s.r.o based in Czech Republic.Please visit https://cofinex.io/ to find out more and start to trade cryptocurrencies and assets.How to download Cofinex mobile app?If you are using the Cofinex Exchange app on your mobile device, please download and update the wallet application in the App Store (iOS) or Google Play Store (Android). Read the full article

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easykorean · 4 years

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Easy to Learn Korean 1690 – Bitcoin (Part Two). Please Visit our site for higher quality images.

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davidmathew4757-blog · 5 years

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Top Stories of the Week: From Yearly High Price of Bitcoin to Altseason 2019

Price Fluctuations of Bitcoin:

It generally feels like one particular subject has been totally dominating the report of the news this particular week, and that is the price of BTC $8590.73 -0.13%. It has been a massive ride that wedged many unexpectedly and left a just few feeling a bit unwell.

Monday saw the first move that is a two-stage push from $8k, firstly to a price of $8.5k then the entire manner up to a price of $8.9k. The value basically ended up cooling back to a price of $8700, but we were basically on the upbeat again. Even the mainstream economic press generally had to recognize the latest gains of Bitcoin (of a particular fashion).

There were the primary hints of FOMO returning back, even though some countries are to the lead of the arc this particular time. Institutional FOMO was up and doing, with Greyscale gobbling up about 21% of Bitcoin that is newly mined and latest study from Finance recommended consumer attention is also rising rapidly.

ALTSZN Yet?

Outside of the price of Bitcoin, the large topics of the respective week were gains of alt-coin.

Initially, we learned that, in spite of the gains of the last two particular months, BTC is only the 6th best-performing cryptocurrency this particular year.

The supremacy of BTC slipped 5% to 55%, arising various questions about a brand new season taking form.

And also the launch of DEX of Finance basically saw the token of Harmony realize gains of about 800% and drive everyone out of the water, on this trade volume that is sceptically high.

Microsoft Excel Added BItcoin:

There was news previous than price assumption in the community of cryptocurrency this particular week.

Microsoft Corporation added Bitcoin as an option of currency in its application of the Microsoft Excel spreadsheet.

Kik started a fund of Defend Crypto in its progressing dispute that is quite legal against the SEC over the ICO of Kin. Kik is the only organization so far to confront the all tokens of SEC are the position of securities.

Another person has filed a claim of copyright on the whitepaper of BTC, to demonstrate the lack of material behind the previous filing of Craig Wright. Even though, Bitcoin SV of Wright got a huge pump in South Korea and China when someone widens forged news that he would actually be proved himself to be none other than Satoshi.

And Lastly:

CryptoKitties craze of 2017 has formally gone absent, with only daily users around 250. Most kitties are generally now available for just over a price of a dollar, with the most costly at a price of $15.

Source link: https://www.todayq.com/news/top-stories-of-the-week-from-yearly-high-price-of-bitcoin-to-altseason-2019

#bitcoin #cryptocurreny trading

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bugge41bugge-blog · 5 years

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Augur Rep Wallet

Augur is the interesting project, and when it isn�t new that is worth looking in for its one of a kind work with of blockchain technology. Basically, it is a decentralized market program for making predictions. As Augur Wallet Download uses often the Ethereum network to harness often the �Wisdom of this Crowd� create predictions in real world situations It�s notable that this �crowdfunding� of predictive potential has actually produced quite a few results that are more accurate than those of top rated experts in the fields being predicted. Prophecies are not new, in fact in many encircles it would certainly be named gambling, during other people it goes under the guise of �analysis�. Augur actually goes further as compared to this I think, in addition to by utilizing blockchain engineering, Augur aims to enable predictive communities that have got higher accessibility, lower expenses in addition to greater accuracy in comparison with whatever seen previously. Time to get an in interesting depth take a look at Augur. What is definitely a Prediction Markets? Before getting into the nitty-gritty of Augur let�s primary get a better comprehending of just the thing a conjecture market is. As you might have got guessed, it is pretty much just what that sounds like ~ a great exchange-traded market which is used to estimate future situations. In often the Augur market members can certainly buy and sell stocks and shares for the outcome of future events, with all the pricing determined by the crowdsourced probability of the function happening. Research indicates that prediction markets can be a lot more reliable in comparison with corporations who also employ swimming pools of pros. Predictive trading markets are absolutely nothing new, with files involving predictive markets to get political betting stretching back to 1503. They use something the �Wisdom of the Crowd� to create generally accurate estimations of the outcome of situations. The underlying assumption is that with a large enough sample size answers usually are just as accurate as well as more so than the responses you would get from the individual expert, or possibly by some sort of small collection of authorities. This can be the process being used by Augur team in order to make accurate forecasts and intutions of the potential future end result of situations. The particular Market for Prediction Marketplaces The Market for Conjecture Markets Image via Fotolia Although it might tone like prediction trading markets are really just another form of poker, or some track, the fact is actually considered to be pretty valuable when implemented adequately. The �wisdom of the particular crowd� can lead for you to stunningly accurate predictions, and even eventually will as well enable markets for you to work whole lot more efficiently. Both Google plus Ford Motor Organization currently have been using predictive areas internally for over the decade, even though data provides been slow to really make it in order to the decision making process. While these internal areas have been used mostly to help assess the effectiveness connected with in-house processes, predictive markets can be used inside of the realm associated with economic markets as well. There is certainly some consensus that predictive market modeling could possibly be accustomed to hedge investments structured on a number of corporate actions, such as income records, changes in dividends or perhaps stock buyback programs, managing changes, and acquisitions. One particular interesting use of predictive market segments is as a good form of insurance around developing locations, where inhabitants have no other effective way to hedge against political, financial, or even climate risks. Utilizing a predictive market place, someone who hails from this sort of a country could in essence purchase insurance policies against city strife, drought, flooding, or currency accounting allowance (among various other things) by simply purchasing a good conjecture contract that pays off out if the unfortunate occasion takes place. Often the Augur Staff and Historical past Augur was initially one of the 1st platforms that was developed within the Ethereum network, getting been made its debut in October 2014 by a good 13-person crew led by simply Jack Peterson and Joey Krug. Prior to their work towards Augur the two gained experience of blockchain technology when that they created Sidecoin, a hand connected with Bitcoin. In add-on into the experienced team at Augur, Vitalik Buterin, the particular creator of Ethereum, can be an specialist to this project. Augur Co-Founders Augur Co-Founders. Source: augur. internet The first public the leader version of Augur was released in Summer 2015, understanding that 12 months Coinbase selected Augur as one of often the most exciting blockchain projects of 2015. This is usually likely the root regarding rumors of which Coinbase would add typically the Augur expression � ASSOCIATE � like one of their several accessible coins. That has not come true. The beta variation of Augur had been released in March 2016. The most important Augur competitor is Gnosis (GNO), which is also built within the Ethereum network and is a very similar project, with an similarly accomplished and experienced development group. The primary difference concerning both the projects comes down to the financial models being used. When Augur uses a cost based model based upon investing volume, Gnosis features costs that are based about the amount of outstanding gives. In truth, the probable market for prediction sells is large enough that both projects could flourish and flourish in a great deal the same technique of which multiple stock, connect and options exchanges are present. Just how Augur Works While you have probably currently established, Augur is meant to become a new prediction market podium that may pay users intended for making proper predictions with regards to world situations. In inclusion, the inventors of the markets and the owners of REP tokens, who else will report on events, will also be honored. Predictions in the market are manufactured by trading gives within the outcome of practical events. If you are convinced the Silver eagles will get the Superbowl, The Dow will reach 30, 500 or Northern Korea can shut down their particular indivisible program by means of 2020 an individual can buy shares in these final results. If you purchase stocks and shares in the particular correct end result an individual profit. The profits you will make are determined by way of the chances associated with an affair happening, as dependant upon this crowd. Each discuss possesses a value of 1 ETH. If there are even odds of the event happening you would certainly pay out 0. 50 ETH for a share, and in the event that the event actuall occurs you get paid 1 ETH. If the event does not occur you�ve shed your 0. 50 ETH or on the other hand much an individual spent to purchase your own personal stocks and shares. Share prices will definitely change over time, with typically the price rising as more individuals buy shares, and slipping if people are promoting their particular shares. This creates it possible to acquire stocks at a low selling price and then promote all of them at a higher cost as more people guess around the happening of a good event : even before the final results are identified. Presently the Augur software is in beta and you can test it out using virtual values � no real funds happens to be at risk. Exactly how to Create the Augur Market Anyone will generate an Augur marketplace regarding any real-world event. There is a small Ethereum fee for creating a market, and it can always be based in anything from �Will the man land on Roter planet (umgangssprachlich) by simply 2021? � to help �Will the S&P 500 close above 2, 1000 this week? � Advertise creators set their particular cost, which is taken by the entire pool collected any time the marketplace closes. Inventor fees needs to be between 0% and fifty percent and can be lowered after this market is created, but can not be raised. The author fee shows up directly via the trader returns, hence the idea is in often the needs of creators in order to keep costs as minimal as possible, but even now high enough to pay typically the cost of building often the market. This kind of offers an incentive for people to truly buy shares in this results of your market. In the event your charge is also high, traders is going to be dissuaded from participating in whose possible gains will be few. Trading Events in Augur Trading Events Augur Image via Fotolia In supplement to producing your own markets, you can also buy and then sell shares to trade on the markets the fact that other people have created. These gives you represent the chances that an event will occur by way of the time the sector closes. While a example of this let�s make use of the above �Will the S&P close previously mentioned 2, 1000 this 7 days? �* You proceed with the equity markets closely, and based on the current basic and even technical analysis you may have done youre fairly selected that the S&P 500 can close above the two, 600 level with the conclusion of this week, so you devote a bet to buy 20 gives at 0. 7 ETH per share. Because shares are worth 1 ETH with the close these people can be listed anywhere in between 0 together with one ETH, depending on the way likely the crowd thinks the outcome is. Using a new price of zero. 7 ETH for the shares the majority connected with the masses agrees with you as the cost is higher the more most likely the outcome depending on deals in the Augur process. If you�re correct whenever this market closes you stand to create 0. 3 ETH for every share or a total regarding 6 ETH. If you�re mistaken even so, you�ll lose all of your investment, or a total of 14 ETH. As some sort of trader on the Augur system you can revenue in 2 different ways: Hold the shares before market closes and if prepared appropriate you collect your current gains. Buy positions in the event the cost is low and offer them all as the price ranges rises as a result of changing opinion. Augur Wallet and emotion in the real-world can certainly and do change market place prices over time, generating it possible to make profits simply on the particular changing value of shares, even before industry closes. Note that when an individual get the trade an individual are dependable for spending the Augur Reporting fees, which vary based on this specific working out: current_reporting_fee 5. (augur_open_interest * 5 hcg diet plan rep_market_cap) Reporting fees may be up to date every 7 days and are also used to pay this REPRESENTATIVE holders who survey for the outcome of activities. *(Note: Marketplaces do certainly not have to have binary gains. They can experience any number of results and you can have a full explanation involving markets, trading, reporting and other aspects of typically the Augur platform here) REPRESENTATIVE (Reputation) Tokens Augur Rep Tokens Augur Repetition Tokens � Image via medium. possuindo The INDIVIDUAL (or Reputation) tokens are what exactly capabilities the Augur Decentralized Oracle System. You may think of that since the means to �score� activities on the Augur platform. Slots associated with REP tokens can use these people as a new stake to report upon the outcome of often the occasions listed in the market. INDIVIDUAL tokens are certainly not an investment, as these people don�t pay passively. As an alternative they are a application that helps Augur work. Many end users of Augur will never own a new INDIVIDUAL token, and even may well not even understand it is employ. It is critical to recognise why it exists and exactly what use it has while to totally understand how the particular Augur software works. Augur has few the offer of REP bridal party to be able to 11 million, many of these connected with which were sold at their ICO. The cases associated with REP tokens are considered to get �Reporters� in addition to are expected to effectively report the final result on the random situations listed on the Augur marketplace in least any couple weeks. In the event that these �Reporters� do not statement, or report inaccurately, often the Reputation of those people can be redistributed evenly to help all the particular Reporters that did statement accurately during the same coverage pattern. The Benefits of Getting INDIVIDUAL Tokens Owning REPRESENTATIVE or perhaps Reputation entitles a person to be considered a Press reporter, and by accurately coverage on the outcome of occasions from the industry you get to share in the marketplace costs imposed by Augur. Each and every REP token entitles an individual to 1/22, 000, 000 of the total marketplace expenses collected by Augur for the event. Definitely, often the more ASSOCIATE tokens anyone own, and the better reporting you do, this more expenses you may collect. The Reporters Task Each time a industry sales techniques, as a INDIVIDUAL holder you are to exactly report for the outcome connected with the event in of which markets. You also risk a certain amount associated with INDIVIDUAL to back-up your current state. If you observe that the event has not occurred yet you will draw it as �Invalid� as you wil become able to report upon it, in addition to don�t need the unfavorable consequences connected with non-reporting. Typically the Augur platform requires industry creator to assign a good selected reporter, who next features 3 days to help survey on the affair. If you want, as a reporter you can obstacle the described results during an additional several days. In the event that no a single challenges the given press reporter the market simply makes its way into its next round. If your designated reporter neglects to report the affair goes to an open reporting period of time through which anyone can review. As soon as the first record is made the event proceeds into a holding period of time until the beginning associated with the next 7-day settlement window. Once the occasion enters that 7-day charge window a dispute might be made in the next 7 days. Augur Coverage Flow Chart Revealing Flowchart of Augur. Source: Augur Whitepaper If there is zero dispute settlement can be built from the end of the 7-day dispute period. If some sort of question is made often the event goes back to some tentative final result and gets to be open for further dispute. These 7-day dispute rounds is going to repeat until the accurate result is reached. If there is challenging to the reported result, the challenging reporter can be required to pole a few REPETITION to do thus. Augur calls this secured REPETITION a �Dispute Bond�. When the challenge is prosperous the proposed outcome can be turned and this challenger gets the �Dispute Bond� funds returned in their eyes. It is crucial to be able to mention right here that REPETITION was not developed to help be, nor is the idea designed by the founders to be a steady source of value. It can be a tool used on the Augur platform to precisely statement the results connected with the events. As the name suggests it is recommended as a store involving standing for those confirming the facts. The Augur team has made thei clear in the following declaration: �REP is a good symbol that comes using both responsibility in addition to reward; it is not a foreign money. � Muddying the oceans somewhat is the particular fact that in some ways REPETITION does take action like a money, owing to the fact the fact that it is publically bought and sold and has a fiscal cost. This is required since buying REP bridal party is the just approach to access the News reporter fees generated by this system. That said, this also needs to end up being mentioned that owning REPRESENTATIVE tokens at this level should be considered really speculative and risky. Considering that the network is still around beta there is virtually no way to say having certainty how much will be generated inside of stock trading fees. Speculation is that the Media reporter pool will ultimately obtain 0. 5% in the trading fees. It is furthermore impossible to judge the demand for any predictive market place such as Drill, thus there is no method to know from this time how much are going to be produced in stock trading fees. The Augur staff has even speculated the fact that for the 1st yrs these fees can be zero more than pennies for each ASSOCIATE. Price History regarding REP The Augur ICO was held in August 2015 on which moment eight. 8 million REP tokens were being distributed. You can find at the moment 11 million REPETITION bridal party in circulation, which is this total amount that can ever always be created. Promptly following the ICO this REP token traded concerning $1. 50 together with $2. 00. Since that period the particular coin has observed a few essential price raises. The initial occurred in conjunction with the beta let go of Augur throughout Mar 2016 and saw price trade just over $16. 00. The next spike was in October 2016 as soon as the ICO tokens were published to investors. At that time price moved to just preceding $18. 00, but rapidly retreated while many ICO option traders broke up with their coins for a fast profit. This is a widespread happening in cryptocurrencies when ICO coins are released. The third price tag spike occured in 12 2017 and January 2018, when price traded in brief above $108. 00. At this time there was no relevant media to cause this increase, but quite it took place together with a general rise in cryptocurrency selling prices. Some have speculated that will the rise was caused by rumors of REP staying extra to Coinbase, but that is just gossip. Where you can buy REP Kraken could be the largest exchange for REP by level, thanks to the reality that they allow purchases connected with REP in BTC, ETH, EUR and USD. Kraken accounts for practically 25% regarding REP trading quantity. If you don�t want to employ the Kraken alternate a person can also purchase INDIVIDUAL at Bittrex or Poloniex, although only using BTC and ETH. This means that purchasing BTC or ETH on one more exchange plus then transferring to help Bittrex or maybe Poloniex. If you don�t come across any of these swaps appropriate you can look at Coinmarketcap. com to view what other exchanges offer stock trading in ASSOCIATE. Where to help store REP There can be no pre-installed pocket book support for ASSOCIATE around the Augur podium, but you may make use of either the Exodus Budget or Jaxx Budget, both equally of which help REPETITION along with the range of other cryptocurrencies. Augur recommends using some sort of frosty storage wallet to maintain your own REP. Otherwise the Ledger Nano S components budget is as well an excellent secure alternative to online and desktop wallets. In Final result Augur was first one connected with the first serious blockchain projects out there, in addition to one of the initially to use the ERC20 expression and Ethereum market. Even so, it remains inside beta form after practically several years of advancement. Possibly this is a positive plus the launch in the recognized Augur main internet will definitely come with enhancements and even efficiency not really even rumored. Or maybe it�s a negative as well as team just simply can�t fully grasp this project accomplished. If factors do get as thought out, the Augur team says they assume the platform to be able to eventually replace the need regarding centralized option and futures investing, and the decentralized marketplace might be used to be able to trade everything from commodities to stocks. With often the the latest price decline Augur could very well possibly be going to be able to elder scroll 4, or could be a huge discount. If history is any guide the ASSOCIATE endroit should see a enormous spike when Augur releases the official main online later this year.

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ailtrahq · 1 year

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Contents No, cryptocurrency isn't good for money laundering and scamsCrypto covered only 0.0075% of global cybercrime proceedsAdamant cryptocurrency critics have always insisted that digital assets are used for ransom processing or money laundering. CoinShares debunks these concepts and explains how crypto makes the global remittances system healthier and more hostile to criminals. No, cryptocurrency isn't good for money laundering and scams In the record-breaking year of 2022, the net volume of cryptocurrency received by illicit addresses was estimated at $20 billion. Meanwhile, the volume of fiat money used for money laundering might be 40x-100x higher, CoinShares reports in its latest Quantifying Crypto Crime: Expectations vs Data thesis. 🕵️‍♀️ The amount of crypto used in crime might surprise you, as it is closer to a teardrop in the ocean than the heist of the century. Our latest article invites us to take a step back from sensationalist media and analyse the actual data.🔗 pic.twitter.com/SXXuzQPdX8 — CoinShares (@CoinSharesCo) August 30, 2023 The sum of $20 billion includes potential revenues from the sale of child abuse materials, scams, fraud, terrorism financing, sanctions circumvention and so on. This number was first mentioned by leading Web3 forensics and security firm Chainalysis. CoinShares experts stressed that the very nature of blockchains is not suitable for large illegal operations as the decentralized networks can be easily supervised due to their transparency: The transparency of public blockchains is actually one of the key benefits of cryptocurrencies for law enforcement agencies. Blockchain analytics companies like Chainalysis and Elliptic specialise in tracing cryptocurrency transactions and have helped law enforcement agencies to find criminals who use Bitcoin and other cryptocurrencies for nefarious means. As covered by U.Today previously, modern trackers can identify the all history of funds movements after major scams and hacks. Everyone can track the processes of laundering, exchanging and withdrawing illicit funds to prevent interacting with them. Crypto covered only 0.0075% of global cybercrime proceeds The situation with ransomware and cybercrime-related transfers looks pretty much the same for analysts. While the net revenue of cybercriminals might exceed $6 trillion per year, cryptocurrency is only responsible for $450 million of these funds. CoinShares experts noted that all crypto involved in the facilitation of cybercrimes is equal to only 0.55% of Bitcoin (BTC) trading volume. Even cryptocurrency mixers like Tornado Cash can be useful in seeking the organizers of cybercrimes. For instance, Chainalysis managed to recover some funds stolen by North Korea hackers through such services. Source

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coinprojects · 3 years

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New Post has been published on https://coinprojects.net/experts-reject-concerns-russia-will-use-crypto-to-bypass-sanctions-totally-unfounded/

Experts reject concerns Russia will use crypto to bypass sanctions: 'Totally unfounded'

Experts on crypto policy argue that concerns expressed by high profile politicians about Russia evading economic sanctions using cryptocurrency are “totally unfounded.”

They say the crypto market is not nearly large enough nor deep enough to support the volume that Russia needs and that the country’s digital asset infrastructure is minimal.

Former U.S. Secretary of State Hillary Clinton and the current President of the European Central Bank Christine Lagarde are among the high profile figures concerned that cryptocurrency could provide the means for Russia to bypass severe financial sanctions imposed for its invasion of Ukraine.

The country has been mostly cut off from the SWIFT cross border transaction system and businesses in America and other western countries are prohibited from doing business or transacting with Russian banks and the national wealth fund.

The Head of Policy at crypto policy promoter the Blockchain Association in the U.S. Jake Chervinsky posted a lengthy Twitter thread on Mar. 2 explaining how “Russia can’t and won’t use crypto to evade sanctions.”

1/ Russia can’t & won’t use crypto to evade sanctions.

Concerns about crypto’s use for sanctions evasion are totally unfounded. They fundamentally misunderstand:

– how sanctions work- how crypto markets work- how Putin is actually trying to mitigate sanctions

I’ll explain

— Jake Chervinsky (@jchervinsky) March 1, 2022

Chervinsky stated three reasons it is unlikely that Russia will use crypto to skirt U.S. sanctions. The first is that the sanctions are not limited to USD, and it is now illegal for any US business or citizen to transact at all with Russia. He said, “It doesn’t matter if they use dollars, gold, sea shells, or Bitcoin.”

The second reason is that financial necessities of a nation like Russia far exceed the current capabilities of crypto markets which Chervinsky called “too small, costly, & transparent to be useful for the Russian economy.” In other words even if Russia could access enough liquidity it still couldn’t hide its transactions in such a market.

Finally the country has spent years trying to “sanctions proof” itself but has failed to build any meaningful crypto infrastructure or even finalize crypto regulations. Chervinsky says that crypto simply does not appear to be part of Russia’s plans to mitigate the effects of sanctions.

“The reality is Putin’s spent years trying to sanctions-proof Russia & crypto isn’t part of his plan. His strategy included diversifying Russia’s reserves into yuan & gold (not crypto), shifting trade to Asia (not onto blockchains), bringing manufacturing onshore, etc.”

However, the head of fraud investigations at blockchain research platform Coinfirm, Roman Bieda, told Al Jazeera on Mar. 1 that it was possible in general to use crypto to “evade sanctions and hide wealth” as has been done by North Korea, Venezuela, and Iran.

But other experts told the outlet that said Russia’s case is different because of the scale of sanctions, its sluggish rate of crypto adoption and lack of depth in markets.

Ari Redbord, Head of Legal and Government Affairs at crypto crime investigator TRM Labs said the transparency of blockchain was a natural deterrent to sanction evasion in this case.

“Russia cannot use crypto to replace the hundreds of billions of dollars that could be potentially blocked or frozen.”

Cointelegraph reported on Feb. 25 that ECB President Lagarde was eager to get the Markets in Crypto Assets (MiCA) bill passed by the European Parliament as soon as possible in order to give European authorities the means so that “crypto assets can actually be caught.” Lagarde is pushing to pass the policies urgently in order to prevent Putin from potentially being able to evade sanctions with crypto.

In an interview with Rachel Maddow on MSNBC this week Hilary Clinton urged U.S. President Joe Biden to bar Russia from crypto trading. She and Maddow discussed the national security threats that could exist in regards to cryptocurrency and Clinton said, “The Treasury Department and Europeans should look hard at how they can prevent crypto markets from giving an escape hatch to Russia.”

“I was disappointed to see some of the crypto exchanges, not all of them, but some of them are refusing to end transactions with Russia from some philosophy of Libertarianism.”

Related: European Parliament postpones crypto bill vote over proof-of-work

Democrat Senator Elizabeth Warren also took the opportunity on Mar. 1 to state that American financial regulators should scrutinize digital assets because they risk “allowing Putin and his cronies to evade economic pain.”

Source link By Cointelegraph By Brian Newar

#Altcoin #Bitcoin #BlockChain #BlockchainNews #Crypto

#Altcoin #Bitcoin #BlockChain #BlockchainNews #crypto #Blockchain #CryptoPress

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fitnessgroupsllc · 3 years

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Collecting Bitcoins to Use In a Exchange

Cryptocurrency Trade or Digital Currency Exchange is a business that requires the change of cryptocurrency with different resources such as for instance money or some other electronic currency. It's a web support that delivers electric transactions in electric forms and using costs for them.

Any transactions or procedures to Electronic Currency Trade could be produced through debit and credit cards, postal money purchase or some other kinds of money transfer. This informative article is about discussing the various cryptocurrency transactions which facilitate crypto mining hardware trading for newbies and what they provide with regards to availability, simplicity, protection, deposit/withdrawal methods and fees. We hope this guide to cryptocurrency trading might help you obtain began with cryptocurrency exchanges.

Coinbase/GDAX

Coinbase is one of the biggest cryptocurrency transactions based in San Francisco, California. It comes in 32 nations and currently provides over 10 million customers. Presented in 2012, it comes with an easy to use screen that produces Digital Currency Trade a simple job for a non-technical person. It can also be designed for equally iOS and Android. However, Coinbase doesn't give crypto currency mining for beginners and is an exchange.

Currently, it includes four coins, Bitcoin, Bitcoin Income, Ethereum, and Litecoin. It transactions electronic currency with US pounds, Euros and Great English Pounds. With minimal move charges, Coinbase hasn't skilled any safety breach rendering it an ideal software for digital currency exchange. In addition to that, Coinbase also supplies a fully-fledged advanced exchange called GDAX. It provides more complex characteristics and various and greater trading expenses than Coinbase.

Bitstamp

Bitstamp is another program that delivers electronic currency exchange. It is fairly easy to use and presents more complex features via TradeView. Bitstamp presents coins such as Bitcoin, Litecoin, Ethereum, Bitcoin Cash and ripple. It exchanges electronic currency with US dollars and Euro. You can put into training all the newest crypto currency trading methods in this exchange.

It gives Level remains via bank transfers and supports debit/credit cards. Possibly the just problem you can discover in Bitstamp is somewhat large fees and the fact it endured one security breach in 7 years of their operation. However, it is one the most reliable exchanges. It will come in both iOS and android.

Gemini

Gemini is just a UK centered business presented in 2015 by Winklevoss twins. It is available in few places including U.S, Europe, Hong-Kong, Singapore and South Korea. One of the problems to the software is it is maybe not specially person friendly. Therefore, novices are not advised to utilize this platform.

It gives two coins and 1 FLAT currency Bitcoin Cash, Ehtereum and US Dollars. Gemini uses rigid standards in regards to safety and by 2018, it has not withstood an individual security breach ergo making it one of the very most secure and trusted electronic currency platform. However, it is essential to own electronic currency expense strategies prior to starting trading.

Electronic Ticks

Electronic ticks is a modern crypto change that aims to be always a game changer in this sector. They've applied most of the newest methods rendering it simple for anybody to begin with with trading.

It includes a special feature named a Single Profile See that will help the traders to see most of the keeping jobs on a unitary portfolio. It could be easy for traders to make knowledgeable choices concerning the cryptocurrency change by using this distinctive feature. It also supports Bitcoin, Ethereum, Litecoin and Dashcoin.

Kraken

Kraken is one of many earliest cryptocurreny trade platform. Released in 2011, kraken is the biggest trade when it comes to volume and liquidity for EUR trading pairs. It provides global such as the US.

Kraken offers a variety of coins including Bitcoin Income, Ethereum, Monero, Augur, Litecoin and several more. Additionally, it helps deposit/withdrawals via bank transfers and cryptocurrencies. Having a maybe not therefore pleasant interface, it also is suffering from balance and performance issues but nevertheless, it's great software for cryptocurrency exchanges.

Bitfinex

Bitfinex is the biggest cryptocurrency exchange platform. Presented in 2012, it has an easy to use screen and offers advanced quantity of characteristics such as for instance profit trading, margin funding etc. It is available for equally iOS and android platforms. It offers BTC, BCH, ETH, LTC, IOTA, XMR and NEO.

Just as the prior cryptocurrency transactions, it helps withdrawals using US pounds and Euros via bank transfers. Bitfinex has suffered two protection breaches, the first one was in May 2015, which resulted in a loss of $330,000. And the next one on May 2016 that led to a loss of worth $72 million.

EtherDelta

EtherDelta is a decentralized change that straight supports look to peer connection. It's different from the previously discussed cryptocurrency exchanging platform. Here, resources are presented in a smart contract on a Ethereum network which you are solely accountable for depositing and withdrawing from. Currently, EtherDelta just supports Ehtereum centered tokens.

EtherDelta features a relatively confusing interface that makes it burdensome for consumers to perform cryptocurrency change operations. In one occasion, some body attempted to get 750 Kyber for 0.007 ETH each but finished up getting 0.007 KNC at 750 ETH.

Realization

Following considering the different cryptocurrency changing programs, we are able to properly claim that Coinbase and Bitstamp sticks out in terms of its great features like safety, user friendly screen, numerous withdraws/transfer techniques and many more.

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wd9no7f3-blog1 · 3 years

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With decent network growth, Aave, 1Inch make the most of Bitcoin’s price trajectory

Bitcoin’s short trip to under the $60K zone seemed like a blessing in disguise for some altcoins. Even though the larger market seemed to undergo minor corrections for the last couple of days, 1inch token and Aave were going against the tide. The former surged by as much as 95%, while the latter saw a close to 37% rise, on 27 October.

The aforementioned rise in price happened as Korea’s leading cryptocurrency exchange Upbit, listed the two tokens for trading. Listing on prominent exchanges has been known to pump coins’ price. More so, for mid-cap altcoins but apart from the listing mania, there were other factors that contributed to the two coin’s price growth. However, whether AAVE and 1INCH can sustain the gains, happens to be the more crucial question for now.

Metrics holding up

Notably, for both AAVE and 1inch, transaction volumes had spiked and noted large transactions at the time of writing. This is indicative of an active market for both the coins. Additionally, AAVE saw record high active users, as its active addresses spiked to 4400, as prices rose.

Source: Sanbase

However, a fall in the number of active addresses for AAVE as its price fell by 25%, from $459 was a cause for concern. 1Inch saw a similar trend where its active addresses rose to above seven thousand, as its price made an ATH on 27 October, but then there was a more than 85% dip from those levels at press time.

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ngkio · 4 years

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The average daily trading volume of South Korea’s top crypto exchanges has surpassed the stock market. Is the future of Muso blockchain token coming?

Yesterday, the token market of South Korean went viral. It turned out that the trading volume of its token market exceeded the total daily average trading volume of its stock market. According to relevant data, the total 24-hour trading volume of mainstream crypto exchanges in South Korea exceeds $14.6 billion. Last Friday, the trading volume of South Korea’s KOSPI and KOSDAQ did not exceed the trading volume of mainstream crypto exchanges.

As an important part of the Asian economy, South Korea reflects the state of the Asian economy all the time. The increase in trading volume in the Korean cryptocurrency market also means an increase in the increase in trading in the entire Asian cryptocurrency market. At the same time, it also reflects the sentiment of the entire capital market towards the cryptocurrency market.

Based on the analysis, there are three main reasons for the hot cryptocurrency market: one is that the rise of tokens led by Bitcoin, which has allowed many users to see the opportunity to earn value dividends; the other is the massive entry of Musk and Wall Street giants, which has brought many liquid funds to the cryptocurrency market; and the official implementation of the US economic relief bill that caused a portion of the funds to flow into the cryptocurrency market, prompting a boom in the cryptocurrency market.

The competitiveness of the cryptocurrency market has also led to market competition by major blockchain projects. Many blockchain projects have entered the market one after another, hoping to make a profit in this boom. However, this has also led to the confusion of the cryptocurrency market, which is difficult to distinguish between authentic and fake projects. If users are not careful, they are likely to be targeted by these fake blockchain projects and eventually lose their money.

Take the popular Muso blockchain as an example. Although it claims to be regulated by the United States, the license cannot be queried; it claims to be legally operated, but there is no official website available. Therefore, how can the tokens issued by such a blockchain project have value? It will be extremely speculative, the bubble will be large, it will not be able to bear any risks and will most likely collapse or run away. With that, the Muso blockchain token has no future value.

Compared with Muso blockchain, the compliance of the NGK blockchain is perfect. It does not rely on empty words, but the supervision number of the license can be queried on the MSB official website. In addition, the NGK blockchain is also supervised by dual foundations, so it is more compliant. In terms of token, NGK tokens, BGV, SPC and VAST issued by the NGK blockchain can all be used for commercial application, so they have extremely high value and each token is worth holding for a long time.

#Muso blockchain token #NGK BLOCKCHAIN

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cryptoevent · 4 years

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The crypto whale who wants to give billions away – Cointelegraph Magazine

Like many people in the cryptocurrency industry, Sam Bankman-Fried is in it for the money. As founder of the quantum trading company Alameda Research, the FTX exchange and the DeFi serum protocol, the 28-year-old man with curly hair has amassed a $10 billion fortune in the sector in just three years.

Unlike most people in the cryptocurrency industry, he’s building a fortune to give half of it away. He is an effective altruist who essentially steals from the rich to give to the poor through his supernatural, coded trading strategies.

Maybe without the robbery, he says. Ultimately, my goal is to have as much impact as possible, whatever that may be. And right now, I think, it’s through donations, so I’m wondering how I can do as much as I can and give as much as I can.

The SBF, as it is sometimes called, has been around for some time. He was director of development for the Center for Effective Altruism for a few months in 2017, and before that he spent half his income working on Wall Street. He plans to donate about 50% of his crypto billions, but only after he reinvests in his ever-growing empire.

Nevertheless, he donates to charities as they arise. He was the second-largest contributor to President Joe Biden’s campaign, behind former New York Mayor Michael Bloomberg, who contributed $5.2 million.

I was excited about the impact this could have. I thought what happened in the election was important.

In addition, the FTX Foundation has recently been established. It donates 1% of the cost of the platform and will double user donations, dollar for dollar, up to $10,000 per day. In its first weeks of operation, the foundation has raised more than $2 million, mostly in the form of donations from users, who can choose from a carefully curated list of charitable organizations.

Old pouffe

SBF’s growing notoriety was further enhanced when the company was included in this year’s Forbes 30 Under 30 financial list. I’m honored, he says. I usually look forward more than backward, so it was a little cool, but it went pretty fast.

It also ranked third in a recent Top 100 ranking.

He has been known to sleep on an ottoman chair in his Hong Kong office so as not to miss a deal. It seems that the main reason SBF earns more than anyone else is that it is almost never off-schedule.

I’m in the office, mostly 24 hours a day. Sometimes I just take a nap on the ottoman here and of course I talk to colleagues and sometimes people on the internet, but it’s mostly his job.

He has no girlfriend and doesn’t have many contacts outside of work, although he does find time to talk to his family in the United States on the phone several times a week. It’s safe to say that FBS’ers aren’t the kind of people who are desperate for a perfect work-life balance, or even accept that their productivity declines after the first 11 hours of work.

I think these kinds of stories are vastly overrated, and the cruel or inspiring truth, depending on how you think about it, is that the more you put in, the more you get out, he says. That motivates me, and that’s satisfying, but you know, another part of it is how I think I can have the biggest impact.

How did I get here?

The child of two law professors at Stanford University, SBF discovered the Effective Altruism movement while studying physics at MIT.

Made popular by philosophers and ethicists including Toby Ord and Peter Singer, the movement focuses on pragmatic ways of helping others, using science and reason to maximize benefits rather than the well-intentioned and mediocre results typical of some charities. This practical approach also extends to how best to help a person.

Imagine how much good you can do by working directly for a cause, compared to what you can do by working and donating to Wall Street. In many cases, you could probably help them even more with donations. So, basically, I checked out Wall Street.

Fellow interns at quant trading firm Jane Street Capital pointed him in the direction of Wall Street, and he began working there just after graduating from college in 2014. Why did they hire a physicist with little experience in finance straight out of school, you ask?

It turns out that strategies for quantum trading are valuable trade secrets, which means that effective strategies are not taught in university courses. Instead, companies hire people with raw talent: Mathematicians or people with extensive experience in physics or computer science.

What you need to know about the markets, they will teach you, he says. He has traded various ETFs, futures, currencies and stocks and has developed an automated OTC trading system. There, he became interested in the incredibly profitable arbitrage opportunities in inefficient crypto markets and founded the crypto-quantum trading company Alameda Research in late 2017 to take advantage of them.

Rules applicable to all whales

Alameda Research has grown into one of the largest crypto firms with about $2.5 billion in assets under management, although as with its own assets, SBF puts this into perspective with some caveats about liquid and illiquid assets.

Alameda is the Moby Dick of cryptocurrences, representing up to 10% of cryptocurrences circulating in the markets at any given time. I think sometimes he can get to that part of the volume, he says. I think the average is a little lower. It belongs to the group of five to ten large commercial companies in this sector.

This means that every Alameda transaction has the potential to move the markets and generate liquidity. Last October, Alameda was widely accused of having caused the IFJ’s share price collapse by short selling, although SBF minimized the impact of this practice. He believes that with great power comes great responsibility.

It’s an absolute responsibility, he says, adding that he tries to follow the approach of TradFi Quant’s companies. Their job is to find profitable companies, but also to provide liquidity and promote healthy markets, he says. The greatest responsibility is to do no harm. And to ensure that what you do generally promotes, rather than disrupts, the liquidity of healthy markets and the efficiency of transactions.

He added that arbitrage operations, for example, can have a positive effect because they make markets more efficient and reduce prices where there are premiums. Identifying and developing opportunities to profit from arbitrage transactions was the main reason for founding Alameda. One of the first big gains we made was Litecoin, he recalls.

There was a week in late 2017 when Litecoin was trading at a steady 20% price on the GDAX Coinbase [now Coinbase Pro]. That’s cool, you make 10% every half hour, I guess you make dollars forever? And that, of course, is not the solution.

It proved terribly difficult and necessary to use this facility to circumvent the trade size and withdrawal limits of one million per day. A few years ago in crypto-economics, a big part of the problem was finding the logistics, he says.

In another arbitrage transaction, SBF and its friends moved up to $25 million a day through a series of intermediaries and land banks in Japan to take advantage of Kimchee’s infamous bonus, which allowed Bitcoin to be traded up to a third more in South Korea’s hard-to-reach financial system than in the United States.

But it is the management of the outdated financial system that has caused the biggest problems. The slowest and most difficult, most expensive and frustrating part of arbitration is the fiat, he says, referring to the difficulty of getting accounts that can then be closed at any time, archaic procedures and bureaucracy, and incredibly slow bank transfers.

We worked in physical bank branches for five hours a day for over five months because it took a long time to transfer money, he says, adding:

It’s like arriving at 10am and staying there with a few people until 1pm to make all the appointments we had to have every damn day of the week to send the same recommendation we sent yesterday.

This is one of the reasons SBF is so passionate about the DeFi – its vision is to one day replace the existing financial system, which is already too cumbersome. The current payment rails are not efficient at all, he says. There are billions of companies that just abstract it, and you end up with this incredibly complicated web of shit to make it usable for most people. They work on older systems that were not even designed for the Internet.

Effects of cryptography

For many, the SBF did not become an important figure in cryptography and DeFi until the mid-1920s, when it began to have an impact on Twitter crypto. It was an intentional gesture: He would have liked to have stayed under the radar in 2018 as Alameda focuses on quota trading: Very little advertising is required, which is usually a disadvantage. But when he launched FTX, an innovative cryptocurrency exchange system, in 2019, he had to create a community around it, and he took the lead in becoming its public face on social media.

As regards FTX as a retailer, the following rules apply: The more customers, the better. You can develop the best product in the world, but if no one knows about it, it’s worthless, he says.

One of the most challenging and interesting tasks was finding ways to engage users, and a large part of this task was awareness raising.

He seems to have understood this, as the FTX is now the fifth largest derivatives exchange by volume, with a valuation of $3.5 billion. The company has launched a number of innovative markets, including offering token shares to companies like Tesla, Apple and Amazon, as well as trading on Coinbase prior to its IPO.

She is also using her wealth and influence to try to overcome what she sees as the biggest obstacle to widespread WiFi adoption. He believes that Ethereum, including Eth2, is not sufficiently sized for cryptography and DeFi to replace the existing financial system. Currently, DeFi can process about 10 transactions per second, and Layer 2 solutions offer several thousand TPS.

It’s an absolutely solid and immutable barrier to growth, he says. The Fay literally cannot develop as an ecosystem until this problem is resolved. That’s why there is no long-term plan that doesn’t address this problem. …it’s just deadly. Even the Eth2 target of 100,000 GST is not enough for what the SBF has in mind.

If your goal is to reach 100 million or a billion users, […] the application should be able to process about a million transactions per second to become one of the biggest applications in the world. So you can endlessly tick off the list without having to consider other factors, with a scaling solution that will not lead you to your goal.

This has led him to become one of the strongest proponents of Solana, a retail chain that currently handles 65,000 TPS and which the team claims could eventually reach amazing levels : 710,000 TPS on a 1 gigabit connection or 28.4 million TPS on a 40 gigabit connection.

In August 2020, he founded Serum DEX on Solana and launched SRM Cryptocurrency. Bankman-Fried says you can see the benefits of Solana in whey by the order book. The matching engine takes only a hundredth of a cent to place an order, and auctions take only a few seconds.

So get lots of juice from the higher flow. And that has really helped to broaden the product base. So much so that I think our best estimate is that Whey DEX probably consumed more transactions in six months of operation than the entire Ethereum store chain ever did.

Network effects have given Ethereum a hard time, forcing deFi projects and users to migrate to Solana. Even after Chief Nomi handed over control of SushiSwap to him, he was unable to convince the community to hand him over. In the end, it was much more complicated than we thought to migrate existing projects and much easier to create new ones, he explains, adding :

We would be very happy if they had an outpost on Solana. I think they still will at some point. But I also think Seren will go both ways. Ultimately, I want better products and better users, you know, no matter what.

(After our interview, there was a new proposal to build a version of SushiSwap on Solan and Whey, perhaps under the name Bonsai).

While the SBF argues that the network effects of many interconnected applications built on Ethereum are significant, it notes that each project will eventually need to migrate and dismantle assemblies and toolsets with existing options to move to Layer Two, Eth2 or another scalable solution. As for the number of users, he claims that the effects of the ETH network are overestimated.

The other part is that while DeFi’s current user base is very loyal, very large and powerful, it is not very large. The daily active users, I think it’s tens of thousands. I think FTX probably has more active daily users than all the DeFi’s combined.

It appears that SBF is considering implementing the Solana blockchain as infrastructure in applications where it is invisible to most users, to allow millions of users to access the DeFi. In early 2021, Alameda did a $50 million funding round to implement DeFi type tools on Maps.me, an offline European mapping application with 140 million users. Solana will build a multi-currency portfolio with exchange rates and locations. FTX’s purchase of Blockfolio could follow a similar strategy.

I think it will be a very cool product and a powerful suite of products for the application, he says of Maps.me. I’m very excited. I think this could be the start of adoption.

Related Tags:

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#Crypto #Bitcoin

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coinprojects · 3 years

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New Post has been published on https://coinprojects.net/cardano-price-dips-after-smart-contract-launch-walmart-working-with-litecoin-is-fake-news-coinbase-raises-2b-from-junk-bond-sale-hodlers-digest-sept-12-18/

Cardano price dips after smart contract launch, Walmart working with Litecoin is fake news, Coinbase raises $2B from junk-bond sale: Hodler’s Digest, Sept. 12-18

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.