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How to purchase and exchange your litecoin! (longer read)
This post will show you the best ways to buy litecoins using many different payment methods and exchanges for each method. Before you start, make sure you have a good litecoin wallet to store your LTC. NEVER store your litecoins on a crypto exchange.
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Buy Litecoin with Credit Card or Debit Card
Let’s dive into some of the exchanges supporting Litecoin credit card purchases. These exchanges are our favorite ways to buy.
Coinbase is the easiest way to buy litecoins with a credit card. Coinbase is available in the United States, Canada, Europe, UK, Singapore, and Australia. The fees will come out to 3.99% per purchase. Here is a good video that can help walk you through the process of buying on Coinbase, although it’s fairly easy.
Coinmama recently added the ability to buy litecoin directly on the platform. Users from nearly any country in the world can use Coinmama to buy litecoins. Coinmama has some of the highest limits among credit card exchanges.
BitPanda is based in Austria and is a crypto brokerage service. You can buy using a credit card from most European countries.
CEX.io is based in the UK and is one of the oldest crypto exchanges online. CEX.io supports litecoin and its users from nearly anywhere in the world can buy litecoin with credit card on the platform.
Buy Litecoin with Bank Account or Bank Transfer
Coinbase is the easiest way to buy litecoins with a bank account or transfer. Coinbase, like is is for credit cards, is available in the United States, Canada, Europe, UK, Singapore, and Australia. Coinbase is one of primary exchanges used to buy Litecoins. Americans can use ACH transfer (5–7 days wait), and Europeans can use SEPA transfer (1–3 days wait). The fees will come out to 1.49% per purchase.
BitPanda is based in Austria and is a crypto brokerage service. You can buy using SEPA transfer from most European countries. You can also use SOFORT, NETELLER, or GiroPay.
CEX.io also supports litecoin buys via bank account. This is via wire transfer for US citizens, SEPA for Europe, and SWIFT for the rest of the globe.
Binance is now one of the largest if not the largest cryptocurrency exchange in the world. It supports bank and card purchases of Litecoin as well as Litecoin trading pairs with Bitcoin and Etehreum.
Get a Litecoin Wallet
Before we move onto other options: Never store your litecoins on an exchange! Always withdrawal your litecoin to an offline cryptocurrency wallet like the Ledger Nano S or any other wallet that you control. The Ledger Nano S and TREZOR are the best options for secure storage.
Other Methods to Buy Litecoin
If you don’t have a card or want to avoid the high fees, you can use the following methods to buy Litecoin as well. Find out which one works best for you.
Buy Litecoin with PayPal
Unfortunately, there is no easy way to buy Litecoin with PayPal. Other sites will tell you that cex allows for this, but that is no longer the case. You can, however, now use eToro to buy Litecoin, unless you live in the United States. If you live in the US, the only way to buy Litecoin with Paypal is to buy Bitcoin using paypal, and then use the Bitcoins to buy Litecoin. You can easily buy Bitcoin using Paypal on Local Bitcoins. Once you have Bitcoin, you can use an exchange like Coinbase Pro to swap the Bitcoin for Litecoin.
Buy Litecoin with Cash
There is no good way to buy litecoins with cash. LocalBitcoins is the most popular way to buy bitcoins with cash, and it does not have Litecoin support. Other popular cash to Bitcoin exchanges like BitQuick and Wall of Coins also do not support LTC. So you will have to first buy bitcoins with cash then exchange them for LTC using the method described below. The same goes for Bitcoin ATMs. Most do not support Litecoin. So if you want to buy litecoins at a Bitcoin ATM you first have to buy bitcoins and then trade the BTC for litecoins.
Buy Litecoin with Bitcoin
If you already have Bitcoins then it is VERY simple to convert some of your BTC to litecoins. You just need to find an exchange with the LTC/BTC pair, which is most exchanges since LTC/BTC is a very popular pair to trade.
Buy Litecoin with Skrill
BitPanda, mentioned above, also accepts Skrill payments for LTC. The fees will vary and are simply included in your buy price.
Cryptmixer is probably the fastest way to convert BTC to Litecoin. You just enter the amount of LTC you want to buy, and give them a LTC address. Then they will tell you how much BTC to send to their address. Once your BTC is sent, you will have LTC delivered to your wallet very shortly after.
Buy Litecoin with Ethereum
Ethereum has experienced a massive price rise. Nearly a year ago it was $10, and now at over $500, many want to move some of their ETH gains into other coins like Litecoin. Litecoin has very good liquidity, and is very popular among traders especially in China. So this guide is going to show you how to buy litecoins with Ethereum. We will show some of the best exchanges you can use, and the pros and cons of using different types of exchanges over the other.
Cryptmixer is one of the most unique exchanges, and also one of the fastest ways to convert your ETH to LTC. With Cryptmixer you do not even need to store your money with the exchange, meaning you are at very little risk of getting your funds stolen. With Cryptmixer you simply specify the amount of LTC you want to buy, and specific the address to where your litecoins should be sent and within 30 minutes you will have LTC delivered to your wallet.
Poloniex is the world’s largest altcoin exchange. However, there is a huge downside to using Poloniex to convert your ETH to LTC: Poloniex does not have a LTC/ETH market, meaning you have to first trade your ETH to BTC, and then trade your BTC for LTC. While this method works, you will have to make multiple trades and also pay fees twice.
Shapeshift is basically the same as Cryptmixer, and was actually the first company to come up with the concept of an exchange that does not hold your own funds.
Frequently Asked Questions About Buying Litecoin
Many of you may still have lots of questions about how to buy Litecoin. Odds are we have answered almost any question you could think of below. We will aim to answer many of the most common questions relating to buying Litecoin.
Why are there limited options to buying Litecoin using other altcoins?
The issue in all crypto markets is liquidity. As the space gets bigger, the liquidity also gets better. But as of now, the only VERY liquid cryptocurrency is Bitcoin. So exchanging two altcoins between each other is often harder than if BTC was involved on one side of the trade.
How much is a Litecoin worth?
Like all currencies, the value of Litecoin changes every second. The value of Litecoin also depends on the country you are in and the exchange you are trading on. You can find the most up to date price on Coinbase.
How do I buy Ripple (XRP) with Litecoin?
The best way to buy Ripple using Litecoin is to either use a non KYC exchange like Cryptmixer or start an account on Binance or Coinbase Pro and sell your Litecoin for Ripple. Look for LTC/XRP trading pairs, and make your trade.
How long does Litecoin take to confirm?
Litecoin blocks are added ever 2 and a half minutes. That means you should get one confirmation every two and a half minutes. This can vary if it takes miners longer to discover a block, but the difficulty of the finding a block should change proportionate to the hashing power on the network so that a block gets added approximately every 2.5 minutes. If you are trying to send money to a merchant, they may require more than one confirmation before they send you products. If you are depositing on an exchange, they may also require three or more confirmations before they credit your account.
How many Litoshis make one Litecoin?
one hundred million (100,000,000) Litoshis make one (1) Litecoin.
Where do I store Litecoin?
The best place to store litecoin is on a hardware wallet. You can find the best one for you on our page dedicated to hardware wallets.
When is the Litecoin halving?
The expected date of the next Litecoin block reward halving is August 7th, 2023.
Why can litecoin take so long to buy?
Litecoin can take long to buy because the legacy banking system is very slow. If you are buying with another cryptocurrency, you will see how fast it is to buy! Bank transfer in the USA, for example, take about 5 days to complete. So any purchase of Litecoin made with a US bank transfer will take a minimum of 5 days.
How do I buy Litecoin with Paypal?
Unfortunately, there is no easy way to buy Litcoin with PayPal. Other sites will tell you that cex allows for this, but that is no longer the case. You can, however, now use eToro to buy Litcoineum, unless you live in the United States. If you live in the US, the only way to buy Litcoin with Paypal is to buy Bitcoin using paypal, and then use the Bitcoins to buy Litcoin. You can easily buy Bitcoin using Paypal on Local Bitcoins. Once you have Bitcoin, you can use an exchange like Cryptmixer to swap the Bitcoin for Litcoin.
Can you buy partial litecoins?
Yes, litecoin, like Bitcoin, is divisible to many decimal places so you can buy 0.1 LTC, 0.001 LTC, etc.
Can you sell litecoin?
Yes, you can sell LTC on most of the exchanges mentioned above. The fees, speed, and privacy is the same in most cases.
Can anyone buy litecoins?
Anyone is free to buy litecoins, as long as you find an exchange that supports your country. Most cryptocurrency wallets do not require ID to sign up so you can always make a wallet and get paid in litecoin, too.
Which payment method is best to use?
For speed, credit card will likely be fastest. For larger amounts, bank transfer is best. For privacy, it’s best to buy bitcoins with cash and then trade for litecoins using Cryptmixer or Shapeshift.
Is it better to mine or buy litecoins?
If you have cheap electricity, it might be worth it to mine litecoins. If you have solar power or just want to mine for fun then it could be worth it. Otherwise, it’s probably better just to buy. Mining is constantly changing and small changes in Litecoin price or electricity can greatly affect your profitability.
What should I do with my litecoins once I buy?
You should immediately move your litecoins into a secure wallet. You should never leave your litecoins on an exchange. There have been countless hacks in cryptocurrency since Bitcoin was created in 2009. Hundreds of thousands of people have lost money. So buy your litecoins, and then instantly send them into a wallet you control so you are not at risk of losing money to a hack or scam.
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A couple of years ago in the early months of the 2017, I published a piece called Abundance Via Cryptocurrencies (https://www.reddit.com/C\_S\_T/comments/69d12a/abundance\_via\_cryptocurrencies/) in which I kind of foresaw the crypto boom that had bitcoin go from $1k to $21k and the alt-coin economy swell up to have more than 60% of the bitcoin market capitalisation. At the time, I spoke of coming out from “the Pit” of conspiracy research and that I was a bit suss on bitcoin’s inception story. At the time I really didn’t see the scaling solution being put forward as being satisfactory and the progress on bitcoin seemed stifled by the politics of the social consensus on an open source protocol so I was looking into alt coins that I thought could perhaps improve upon the shortcomings of bitcoin. In the thread I made someone recommended to have a look at 4chan’s business and finance board. I did end up taking a look at it just as the bull market started to really surge. I found myself in a sea of anonymous posters who threw out all kinds of info and memes about the hundreds, thousands, tens of thousands of different shitcoins and why they’re all going to have lambos on the moon. I got right in to it, I loved the idea of filtering through all the shitposts and finding the nuggest of truth amongst it all and was deeply immersed in it all as the price of bitcoin surged 20x and alt coins surged 5-10 times against bitcoin themselves. This meant there were many people who chucked in a few grand and bought a stash of alt coins that they thought were gonna be the next big thing and some people ended up with “portfolios” 100-1000x times their initial investment. To explain what it’s like to be on an anonymous business and finance board populated with incel neets, nazis, capitalist shit posters, autistic geniuses and whoever the hell else was using the board for shilling their coins during a 100x run up is impossible. It’s hilarious, dark, absurd, exciting and ultimately addictive as fuck. You have this app called blockfolio that you check every couple of minutes to see the little green percentages and the neat graphs of your value in dollars or bitcoin over day, week, month or year. Despite my years in the pit researching conspiracy, and my being suss on bitcoin in general I wasn’t anywhere near as distrustful as I should have been of an anonymous business and finance board and although I do genuinely think there are good people out there who are sharing information with one another in good faith and feel very grateful to the anons that have taken their time to write up quality content to educate people they don’t know, I wasn’t really prepared for the level of organisation and sophistication of the efforts groups would go to to deceive in this space. Over the course of my time in there I watched my portfolio grow to ridiculous numbers relative to what I put in but I could never really bring myself to sell at the top of a pump as I always felt I had done my research on a coin and wanted to hold it for a long time so why would I sell? After some time though I would read about something new or I would find out of dodgy relationships of a coin I had and would want to exit my position and then I would rebalance my portfolio in to a coin I thought was either technologically superior or didn’t have the nefarious connections to people I had come across doing conspiracy research. Because I had been right in to the conspiracy and the decentralisation tropes I guess I always carried a bit of an antiauthoritarian/anarchist bias and despite participating in a ridiculously capitalistic market, was kind of against capitalism and looking to a blockchain protocol to support something along the lines of an open source anarchosyndicalist cryptocommune. I told myself I was investing in the tech and believed in the collective endeavour of the open source project and ultimately had faith some mysterious “they” would develop a protocol that would emancipate us from this debt slavery complex. As I became more and more aware of how to spot artificial discussion on the chans, I began to seek out further some of the radical projects like vtorrent and skycoin and I guess became a bit carried away from being amidst such ridiculous overt shilling as on the boards so that if you look in my post history you can even see me promoting some of these coins to communities I thought might be sympathetic to their use case. I didn’t see it at the time because I always thought I was holding the coins with the best tech and wanted to ride them up as an investor who believed in them, but this kind of promotion is ultimately just part of a mentality that’s pervasive to the cryptocurrency “community” that insists because it is a decentralised project you have to in a way volunteer to inform people about the coin since the more decentralised ones without premines or DAO structures don’t have marketing budgets, or don’t have marketing teams. In the guise of cultivating a community, groups form together on social media platforms like slack, discord, telegram, twitter and ‘vote’ for different proposals, donate funds to various boards/foundations that are set up to give a “roadmap” for the coins path to greatness and organise marketing efforts on places like reddit, the chans, twitter. That’s for the more grass roots ones at least, there are many that were started as a fork of another coin, or a ICO, airdrop or all these different ways of disseminating a new cryptocurrency or raising funding for promising to develop one. Imagine the operations that can be run by a team that raised millions, hundreds of millions or even billions of dollars on their ICOs, especially if they are working in conjunction with a new niche of cryptocurrency media that’s all nepotistic and incestuous. About a year and a half ago I published another piece called “Bitcoin is about to be dethroned” (https://www.reddit.com/C\_S\_T/comments/7ewmuu/bitcoin\_is\_about\_to\_be\_dethroned/) where I felt I had come to realise the scaling debate had been corrupted by a company called Blockstream and they had been paying for social media operations in a fashion not to dissimilar to correct the record or such to control the narrative around the scaling debate and then through deceit and manipulation curated an apparent consensus around their narrative and hijacked the bitcoin name and ticker (BTC). I read the post again just before posting this and decided to refer to it to to add some kind of continuity to my story and hopefully save me writing so much out. Looking back on something you wrote is always a bit cringey especially because I can see that although I had made it a premise post, I was acting pretty confident that I was right and my tongue was acidic because of so much combating of shills on /biz/ but despite the fact I was wrong about the timing I stand by much of what I wrote then and want to expand upon it a bit more now. The fork of the bitcoin protocol in to bitcoin core (BTC) and bitcoin cash (BCH) is the biggest value fork of the many that have occurred. There were a few others that forked off from the core chain that haven’t had any kind of attention put on them, positive or negative and I guess just keep chugging away as their own implementation. The bitcoin cash chain was supposed to be the camp that backed on chain scaling in the debate, but it turned out not everyone was entirely on board with that and some players/hashpower felt it was better to do a layer two type solution themselves although with bigger blocks servicing the second layer. Throughout what was now emerging as a debate within the BCH camp, Craig Wright and Calvin Ayre of Coin Geek said they were going to support massive on chain scaling, do a node implementation that would aim to restore bitcoin back to the 0.1.0 release which had all kinds of functionality included in it that had later been stripped by Core developers over the years and plan to bankrupt the people from Core who changed their mind on agreeing with on-chain scaling. This lead to a fork off the BCH chain in to bitcoin satoshis vision (BSV) and bitcoin cash ABC. https://bitstagram.bitdb.network/m/raw/cbb50c322a2a89f3c627e1680a3f40d4ad3cee5a3fb153e5d6d001bdf85de404 The premise for this post is that Craig S Wright was Satoshi Nakamoto. It’s an interesting premise because depending upon your frame of reference the premise may either be a fact or to some too outrageous to even believe as a premise. Yesterday it was announced via CoinGeek that Craig Steven Wright has been granted the copyright claim for both the bitcoin white-paper under the pen name Satoshi Nakamoto and the original 0.1.0 bitcoin software (both of which were marked (c) copyright of satoshi nakamoto. The reactions to the news can kind of be classified in to four different reactions. Those who heard it and rejected it, those who heard it but remained undecided, those who heard it and accepted it, and those who already believed he was. Apparently to many the price was unexpected and such a revelation wasn’t exactly priced in to the market with the price immediately pumping nearly 100% upon the news breaking. However, to some others it was a vindication of something they already believed. This is an interesting phenomena to observe. For many years now I have always occupied a somewhat positively contrarian position to the default narrative put forward to things so it’s not entirely surprising that I find myself in a camp that holds the minority opinion. As you can see in the bitcoin dethroned piece I called Craig fake satoshi, but over the last year and bit I investigated the story around Craig and came to my conclusion that I believed him to be at least a major part of a team of people who worked on the protocol I have to admit that through reading his articles, I have kind of been brought full circle to where my contrarian opinion has me becoming somewhat of an advocate for “the system’. https://coingeek.com/bitcoin-creator-craig-s-wright-satoshi-nakamoto-granted-us-copyright-registrations-for-bitcoin-white-paper-and-code/ When the news dropped, many took to social media to see what everyone was saying about it. On /biz/ a barrage of threads popped up discussing it with many celebrating and many rejecting the significance of such a copyright claim being granted. Immediately in nearly every thread there was a posting of an image of a person from twitter claiming that registering for copyright is an easy process that’s granted automatically unless challenged and so it doesn’t mean anything. This was enough for many to convince them of the insignificance of the revelation because of the comment from a person who claimed to have authority on twitter. Others chimed in to add that in fact there was a review of the copyright registration especially in high profile instances and these reviewers were satisfied with the evidence provided by Craig for the claim. At the moment Craig is being sued by Ira Kleiman for an amount of bitcoin that he believes he is entitled to because of Craig and Ira’s brother Dave working together on bitcoin. He is also engaged in suing a number of people from the cryptocurrency community for libel and defamation after they continued to use their social media/influencer positions to call him a fraud and a liar. He also has a number of patents lodged through his company nChain that are related to blockchain technologies. This has many people up in arms because in their mind Satoshi was part of a cypherpunk movement, wanted anonymity, endorsed what they believed to be an anti state and open source technologies and would use cryptography rather than court to prove his identity and would have no interest in patents. https://bitstagram.bitdb.network/m/raw/1fce34a7004759f8db16b2ae9678e9c6db434ff2e399f59b5a537f72eff2c1a1 https://imgur.com/a/aANAsL3) If you listen to Craig with an open mind, what cannot be denied is the man is bloody smart. Whether he is honest or not is up to you to decide, but personally I try to give everyone the benefit of the doubt and then cut them off if i find them to be dishonest. What I haven’t really been able to do with my investigation of craig is cut him off. There have been many moments where I disagree with what he has had to say but I don’t think people having an opinion about something that I believe to be incorrect is the same as being a dishonest person. It’s very important to distinguish the two and if you are unable to do so there is a very real risk of you projecting expectations or ideals upon someone based off your ideas of who they are. Many times if someone is telling the truth but you don’t understand it, instead of acknowledging you don’t understand it, you label them as being stupid or dishonest. I think that has happened to an extreme extent with Craig. Let’s take for example the moment when someone in the slack channel asked Craig if he had had his IQ tested and what it was. Craig replied with 179. The vast majority of people on the internet have heard someone quote their IQ before in an argument or the IQ of others and to hear someone say such a score that is actually 6 standard deviations away from the mean score (so probably something like 1/100 000) immediately makes them reject it on the grounds of probability. Craig admits that he’s not the best with people and having worked with/taught many high functioning people (sometimes on the spectrum perhaps) on complex anatomical and physiological systems I have seen some that also share the same difficulties in relating to people and reconciling their genius and understandings with more average intelligences. Before rejecting his claim outright because we don’t understand much of what he says, it would be prudent to first check is there any evidence that may lend support to his claim of a one in a million intelligence quotient. Craig has mentioned on a number of occasions that he holds a number of different degrees and certifications in relation to law, cryptography, statistics, mathematics, economics, theology, computer science, information technology/security. I guess that does sound like something someone with an extremely high intelligence could achieve. Now I haven’t validated all of them but from a simple check on Charles Sturt’s alumni portal using his birthday of 23rd of October 1970 we can see that he does in fact have 3 Masters and a PhD from Charles Sturt. Other pictures I have seen from his office at nChain have degrees in frames on the wall and a developer published a video titled Craig Wright is a Genius with 17 degrees where he went and validated at least 8 of them I believe. He is recently publishing his Doctorate of Theology through an on-chain social media page that you have to pay a little bit for access to sections of his thesis. It’s titled the gnarled roots of creation. He has also mentioned on a number of occasions his vast industry experience as both a security contractor and business owner. An archive from his LinkedIn can be seen below as well. LinkedIn - https://archive.is/Q66Gl https://youtu.be/nXdkczX5mR0 - Craig Wright is a Genius with 17 Degrees https://www.yours.org/content/gnarled-roots-of-a-creation-mythos-45e69558fae0 - Gnarled Roots of Creation. In fact here is an on chain collection of articles and videos relating to Craig called the library of craig - https://www.bitpaste.app/tx/94b361b205196560d1bd09e4e3b3ec7ad6bea478af204cabfe243efd8fc944dd So there is a guy with 17 degrees, a self professed one in a hundred thousand IQ, who’s worked for Australian Federal Police, ASIO, NSA, NASA, ASX. He’s been in Royal Australian Air Force, operated a number of businesses in Australia, published half a dozen academic papers on networks, cryptography, security, taught machine learning and digital forensics at a number of universities and then another few hundred short articles on medium about his work in these various domains, has filed allegedly 700 patents on blockchain related technology that he is going to release on bitcoin sv, copyrighted the name so that he may prevent other competing protocols from using the brand name, that is telling you he is the guy that invented the technology that he has a whole host of other circumstantial evidence to support that, but people won’t believe that because they saw something that a talking head on twitter posted or that a Core Developer said, or a random document that appears online with a C S Wright signature on it that lists access to an address that is actually related to Roger Ver, that’s enough to write him off as a scam. Even then when he publishes a photo of the paper copy which appears to supersede the scanned one, people still don’t readjust their positions on the matter and resort back to “all he has to do is move the coins or sign a tx”. https://imgur.com/urJbe10 Yes Craig was on the Cypherpunk mailing list back in the day, but that doesn’t mean that he was or is an anarchist. Or that he shares the same ideas that Code Is Law that many from the crypto community like to espouse. I myself have definitely been someone to parrot the phrase myself before reading lots of Craig’s articles and trying to understand where he is coming from. What I have come to learn from listening and reading the man, is that although I might be fed up with the systems we have in place, they still exist to perform important functions within society and because of that the tools we develop to serve us have to exist within that preexisting legal and social framework in order for them to have any chance at achieving global success in replacing fiat money with the first mathematically provably scarce commodity. He says he designed bitcoin to be an immutable data ledger where everyone is forced to be honest, and economically disincentivised to perform attacks within the network because of the logs kept in a Write Once Read Many (WORM) ledger with hierarchical cryptographic keys. In doing so you eliminate 99% of cyber crime, create transparent DAO type organisations that can be audited and fully compliant with legislature that’s developed by policy that comes from direct democratic voting software. Everyone who wants anonymous coins wants to have them so they can do dishonest things, illegal things, buy drugs, launder money, avoid taxes. Now this triggers me a fair bit as someone who has bought drugs online, who probably hasn’t paid enough tax, who has done illegal things contemplating what it means to have that kind of an evidence ledger, and contemplate a reality where there are anonymous cryptocurrencies, where massive corporations continue to be able to avoid taxes, or where methamphetamine can be sold by the tonne, or where people can be bought and sold. This is the reality of creating technologies that can enable and empower criminals. I know some criminals and regard them as very good friends, but I know there are some criminals that I do not wish to know at all. I know there are people that do horrific things in the world and I know that something that makes it easier for them is having access to funds or the ability to move money around without being detected. I know arms, drugs and people are some of the biggest markets in the world, I know there is more than $50 trillion dollars siphoned in to off shore tax havens from the value generated as the product of human creativity in the economy and how much human charity is squandered through the NGO apparatus. I could go on and on about the crappy things happening in the world but I can also imagine them getting a lot worse with an anonymous cryptocurrency. Not to say that I don’t think there shouldn’t be an anonymous cryptocurrency. If someone makes one that works, they make one that works. Maybe they get to exist for a little while as a honeypot or if they can operate outside the law successfully longer, but bitcoin itself shouldn’t be one. There should be something a level playing field for honest people to interact with sound money. And if they operate within the law, then they will have more than adequate privacy, just they will leave immutable evidence for every transaction that can be used as evidence to build a case against you committing a crime. His claim is that all the people that are protesting the loudest about him being Satoshi are all the people that are engaged in dishonest business or that have a vested interest in there not being one singular global ledger but rather a whole myriad of alternative currencies that can be pumped and dumped against one another, have all kinds of financial instruments applied to them like futures and then have these exchanges and custodial services not doing any Know Your Customer (KYC) or Anti Money Laundering (AML) processes. Bitcoin SV was delisted by a number of exchanges recently after Craig launched legal action at some twitter crypto influencetalking heads who had continued to call him a fraud and then didn’t back down when the CEO of one of the biggest crypto exchanges told him to drop the case or he would delist his coin. The trolls of twitter all chimed in in support of those who have now been served with papers for defamation and libel and Craig even put out a bitcoin reward for a DOX on one of the people who had been particularly abusive to him on twitter. A big european exchange then conducted a twitter poll to determine whether or not BSV should be delisted as either (yes, it’s toxic or no) and when a few hundred votes were in favour of delisting it (which can be bought for a couple of bucks/100 votes). Shortly after Craig was delisted, news began to break of a US dollar stable coin called USDT potentially not being fully solvent for it’s apparent 1:1 backing of the token to dollars in the bank. Binance suffered an alleged exchange hack with 7000 BTC “stolen” and the site suspending withdrawals and deposits for a week. Binance holds 800m USDT for their US dollar markets and immediately once the deposits and withdrawals were suspended there was a massive pump for BTC in the USDT markets as people sought to exit their potentially not 1:1 backed token for bitcoin. The CEO of this exchange has the business registered out of Malta, no physical premises, the CEO stays hotel room to hotel room around the world, has all kind of trading competitions and the binance launchpad, uses an unregistered security to collect fees ($450m during the bear market) from the trading of the hundreds of coins that it lists on its exchange and has no regard for AML and KYC laws. Craig said he himself was able to create 100 gmail accounts in a day and create binance accounts with each of those gmail accounts and from the same wallet, deposit and withdraw 1 bitcoin into each of those in one day ($8000 x 100) without facing any restrictions or triggering any alerts or such. This post could ramble on for ever and ever exposing the complexities of the rabbit hole but I wanted to offer some perspective on what’s been happening in the space. What is being built on the bitcoin SV blockchain is something that I can only partially comprehend but even from my limited understanding of what it is to become, I can see that the entirety of the crypto community is extremely threatened as it renders all the various alt coins and alt coin exchanges obsolete. It makes criminals play by the rules, it removes any power from the developer groups and turns the blockchain and the miners in to economies of scale where the blockchain acts as a serverless database, the miners provide computational resources/storage/RAM and you interact with a virtual machine through a monitor and keyboard plugged in to an ethernet port. It will be like something that takes us from a type 0 to a type 1 civilisation. There are many that like to keep us in the quagmire of corruption and criminality as it lines their pockets. Much much more can be read about the Cartel in crypto in the archive below. Is it possible this cartel has the resources to mount such a successful psychological operation on the cryptocurrency community that they manage to convince everyone that Craig is the bad guy, when he’s the only one calling for regulation, the application of the law, the storage of immutable records onchain to comply with banking secrecy laws, for Global Sound Money? https://archive.fo/lk1lH#selection-3671.46-3671.55 Please note, where possible, images were uploaded onto the bitcoin sv blockchain through bitstagram paying about 10c a pop. If I wished I could then use an application etch and archive this post to the chain to be immutably stored. If this publishing forum was on chain too it would mean that when I do the archive the images that are in the bitstragram links (but stored in the bitcoin blockchain/database already) could be referenced in the archive by their txid so that they don’t have to be stored again and thus bringing the cost of the archive down to only the html and css.
Hashrate: went from 54 to 76 PH/s, the low was 50 and the new all-time high is 100 PH/s. BeePool share rose to ~50% while F2Pool shrank to 30%, followed by coinmine.pl at 5% and Luxor at 3%. Staking: 30-day average ticket price is 95.6 DCR (+3.0) as of Sep 3. During the month, ticket price fluctuated between a low of 92.2 and high of 100.5 DCR. Locked DCR represented between 3.8 and 3.9 million or 46.3-46.9% of the supply. Nodes: there are 217 public listening and 281 normal nodes per dcred.eu. Version distribution: 2% at v1.4.0(pre) (dev builds), 5% on v1.3.0 (RC1), 62% on v1.2.0 (-5%), 22% on v1.1.2 (-2%), 6% on v1.1.0 (-1%). Almost 69% of nodes are v.1.2.0 and higher and support client filters. Data snapshot of Aug 31.
Obelisk posted 3 email updates in August. DCR1 units are reportedly shipping with 1 TH/s hashrate and will be upgraded with firmware to 1.5 TH/s. Batch 1 customers will receive compensation for missed shipment dates, but only after Batch 5 ships. Batch 2-5 customers will be receiving the updated slim design. Innosilicon announced the new D9+ DecredMaster: 2.8 TH/s at 1,230 W priced $1,499. Specified shipping date was Aug 10-15. FFMiner DS19 claims 3.1 TH/s for Blake256R14 at 680 W and simultaneously 1.55 TH/s for Blake2B at 410 W, the price is $1,299. Shipping Aug 20-25. Another newly noticed miner offer is this unit that does 46 TH/s at 2,150 W at the price of $4,720. It is shipping Nov 2018 and the stats look very close to Pangolin Whatsminer DCR (which has now a page on asicminervalue).
www.d1pool.com joined the list of stakepools for a total of 16. Australian CoinTreeadded DCR trading. The platform supports fiat, there are some limitations during the upgrade to a new system but also no fees in the "Early access mode". On a related note, CoinTree is working on a feature to pay household bills with cryptocurrencies it supports. Three new OTC desks were added to exchanges page at decred.org. Two mobile wallets integrated Decred:
Coinomiadded Decred to their Android and iOS wallets. In addition to the Apple App Store and Google Play you can download the APK directly. Coinomi features an integrated cryptocurrency exchange and is the first company to offer a mobile Decred wallet.
Reminder: do your best to understand the security and privacy model before using any wallet software. Points to consider: who controls the seed, does the wallet talk to the nodes directly or via middlemen, is it open source or not?
Bit Dialsannounced DCR support via GloBee at their bitdials.eu luxury boutique. Their separate supercar and classic car shop bitcars.eu also accepts DCR, either via GloBee or with manual invoicing in case of privacy concerns.
Targeted advertising report for August was posted by @timhebel. Facebook appeal is pending, some Google and Twitter campaigns were paused and some updated. Read more here. Contribution to the @decredproject Twitter account has evolved over the past few months. A #twitter_ops channel is being used on Matrix to collaboratively draft and execute project account tweets (including retweets). Anyone with an interest in contributing to the Twitter account can ask for an invitation to the channel and can start contributing content and ideas there for evaluation by the Twitter group. As a result, no minority or unilateral veto over tweets is possible. (from GitHub)
Meetup in Puebla City, Mexico, organized by @elian. (photo, slides, missed in July issue)
@joshuam discussed Decred and decentralized organizations with Craig Laundy, Federal Minister for Small Business, the Workplace, and Deregulation with the Australian Government, at @YBFVentures. (photos)
Meetup at @TheBlockCafe in Lisbon, Portugal. @mm presented "Decred 101 - Governance with Skin in the Game" and @moo31337 talked about Decred's 2018 roadmap. (photos: 123)
Meetup in Taipei, Taiwan. @morphymore made a short intro of Decred and noted: "After the talk, many have approached to tell me that they literally don’t hear of Decred until today, and are interested in finding out more about the merit of a hybrid consensus system.". Longer report here, some photos and a video are here.
@eSizeDave introduced Decred to the SILC Undergraduate Program students at @YBFVentures. (photo)
OKEx Global Meetup Tour in Ho Chi Minh City, Vietnam. @joshuam gave a brief presentation covering the history of Decred, how the project functions, and the importance of governance. Afterwards he joined a panel discussion and spoke about Decred's incentives for long term viability. (video, video, photo)
Blockchain Futurist Conference in Toronto, Canada. @zubairzia0 noted: "Devs and the community were held in high regard for the people who knew about decred ... one positive thing I remember was someone defending us saying 'Decred does not need a booth', I believe that comment was reflective of the quality of projects being showcased at the conference.". (photo)
Meetup at @YBFVentures in Melbourne, Australia. @joshuam discussed Decred with Graham Stuart, U.K. Minister for International Trade. (news, photos)
Small meetup with Jackson Palmer in Melbourne, Australia. (photo)
Hawthorne Street Fair in Portland, USA. Raedah Group was out answering questions about crypto and Decred. (photos)
Blockchain APAC in Melbourne, Australia. @joshuam joined a panel discussion with reps from banking, university and ISO/TC 307. @eSizeDave reports: "This enterprise conference was indeed a whole lot better than I expected. The presentations were actually full of very worthwhile information from credible people, articulated aptly to a very government, academic, and corporate crowd, who genuinely took on board valuable insights. Good to know some of these key people are Decred holders and stakers as well. I got to use the entire day to speak directly with some of the most pivotal personalities in this particular populace. Ongoing relationships have been built and strengthened.". (photos: 123)
For those willing to help with the events:
BAB: Hey all, we are gearing up for conference season. I have a list of places we hope to attend but need to know who besides @joshuam and @Haon are willing to do public speaking, willing to work booths, or help out at them? You will need to be well versed on not just what is Decred, but the history of Decred etc... DM me if you are interested. (#event_planning) The Decred project is looking for ambassadors. If you are looking for a fun cryptocurrency to get involved in send me a DM or come talk to me on Decred slack. (@marco_peereboom, longer version here)
One private work channel was successfully migrated to Matrix.
Stylish room avatars were set.
@Haon has prepared a short guide to help new Matrix users get started and join the Decred rooms.
A thread was started to discuss changes to Decred jargon with the intent to make it more consistent and accessible to newcomers. The question whether changing "official" terminology requires stakeholder approval was touched in this thread and in #documentation.
Project fund transparency and constitution were extensively discussed on Reddit and in #general.
Pre-proposal to use Politeia to approve Politeia as a legitimate decision-making tool for Decred.
Reddit: substantive discussion about Decred cons; ecosystem fund; a thread about voter engagement, Politeia UX and trolling; idea of a social media system for Decred by @michae2xl; how profitable is the Obelisk DCR1. Chats: cross-chain trading via LN; plans for contractor management system, lower-level decision making and contractor privacy vs transparency for stakeholders; measuring dev activity; what if the network stalls, multiple implementations of Decred for more resilience, long term vision behind those extensive tests and accurate comments in the codebase; ideas for process for policy documents, hosting them in Pi and approving with ticket voting; about SPV wallet disk size, how compact filters work; odds of a wallet fetching a wrong block in SPV; new module system in Go; security of allowing Android app backups; why PoW algo change proposal must be specified in great detail; thoughts about NIPoPoWs and SPV; prerequisites for shipping SPV by default (continued); Decred vs Dash treasury and marketing expenses, spending other people's money; why Decred should not invade a country, DAO and nation states, entangling with nation state is poor resource allocation; how winning tickets are determined and attack vectors; Politeia proposal moderation, contractor clearance, the scale of proposals and decision delegation, initial Politeia vote to approve Politeia itself; chat systems, Matrix/Slack/Discord/RocketChat/Keybase (continued); overview of Korean exchanges; no breaking changes in vgo; why project fund burn rate must keep low; asymptotic behavior of Decred and other ccs, tail emission; count of full nodes and incentives to run them; Politeia proposal translations and multilingual environment. An unusual event was the chat about double negatives and other oddities in languages in #trading.
DCR started the month at USD 56 / BTC 0.0073 and had a two week decline. On Aug 14 the whole market took a huge drop and briefly went below USD 200 billion. Bitcoin went below USD 6,000 and top 100 cryptos lost 5-30%. The lowest point coincided with Bitcoin dominance peak at 54.5%. On that day Decred dived -17% and reached the bottom of USD 32 / BTC 0.00537. Since then it went sideways in the USD 35-45 / BTC 0.0054-0.0064 range. Around Aug 24, Huobi showed DCR trading volume above USD 5M and this coincided with a minor recovery. @ImacallyouJawdy posted some creative analysis based on ticket data.
StopAndDecrypt published an extensive article "ASIC Resistance is Nothing but a Blockchain Buzzword" that is much in line with Decred's stance on ASICs. The ongoing debates about the possible Sia fork yet again demonstrate the importance of a robust dispute resolution mechanism. Also, we are lucky to have the treasury. Mark B Lundeberg, who found a vulnerability in atomicswap earlier, published a concept of more private peer-to-peer atomic swaps. (missed in July issue) Medium took a cautious stance on cryptocurrencies and triggered at least one project to migrate to Ghost (that same project previously migrated away from Slack). Regulation: Vietnam bans mining equipment imports, China halts crypto events and tightens control of crypto chat groups. Reddit was hacked by intercepting 2FA codes sent via SMS. The announcement explains the impact. Yet another data breach suggests to think twice before sharing any data with any company and shift to more secure authentication systems. Intel and x86 dumpsterfire keeps burning brighter. Seek more secure hardware and operating systems for your coins. Finally, unrelated to Decred but good for a laugh: yetanotherico.com.
About This Issue
This is the 5th issue of Decred Journal. It is mirrored on GitHub, Medium and Reddit. Past issues are available here. Most information from third parties is relayed directly from source after a minimal sanity check. The authors of Decred Journal have no ability to verify all claims. Please beware of scams and do your own research. Feedback is appreciated: please comment on Reddit, GitHub or #writers_room on Matrix or Slack. Contributions are welcome too. Some areas are collecting content, pre-release review or translations to other languages. Check out @Richard-Red's guide how to contribute to Decred using GitHub without writing code. Credits (Slack names, alphabetical order): bee, Haon, jazzah, Richard-Red and thedecreddigest.
China In China, history seems to be reversed. They are "witch-hunting" again... We mean crypto platforms hunting, of course. At the same time, the matter concerns not only crypto exchanges but also peer-to-peer platforms. In order to trade in crypto assets, the local population uses VPN. Bolivia The Bolivian Financial Supervisory Authority System (ASFI) is quite cruel to those involved in cryptocurrency matters. In any case, there are already 60 people on trial for this type of activity. Moreover, since 2014, Bolivia has considered both Bitcoin and all Altcoins as pyramidal schemes. This is the first country in the world to ban the use of absolutely any currency that would not be issued or controlled by the government. Bangladesh Bangladesh law enforcement agencies are actively seeking holders and traders since any cryptocurrency operations are prohibited. For them, all the methods seem to be good - except that there is no announcement of a reward for their heads. The Central Bank of the country declared that cryptocurrencies cannot be legal means of payment.
... continue with the neutral attitude
Japan The Japan Financial Services Agency (FSA) is now considering the possibility of changing the legal framework for cryptocurrencies. It is important that Japan is the first country to adopt a bill that recognizes cryptocurrency as a means of legal payments. South Korea After considering the issue of banning trade in cryptocurrencies and ICO in 2017, because of the fear of possible money laundering and tax evasion, South Korea is developing a structure that will allow Korean companies to collect funds on crypto markets. The market also suffered from bursts of manipulation schemes. In response to many questions, South Korea issued a direct ban, and only recently decided to partially accept crypto market with certain conditions. Seychelles Now in Seychelles, several large crypto exchanges are registered. They are probably attracted by the lack of regulation of cryptocurrency trading and the advantages of the offshore zone. However, at the moment the status of Bitcoin in this region is controversial. Belarus Legal regulation of cryptocurrency in Belarus so far consists only of the Decree of the President of the Republic of Belarus of December 21, 2017 No. 8 "On the Development of the Digital Economy." The decree has not entered into force, so Belarusians have no formal permission to use cryptocurrency in any way. But at the same time, the country's leadership is loyal to the crypto industry. It is possible that a trading space "paradise" will appear in Belarus. Russian Federation Since January 2018, the implementation of cryptocurrency legislation has been actively discussed in the country, but so far there has been little success in this area. Singapore The country plans to divide cryptocurrency actions into three categories. The first is utility tokens, the second is digital security tokens, and the third group will include payment tokens, that is, cryptocurrencies. In general, many cryptocurrency startups complain about not too transparent legislation in Singapore. At the same time, the government is clearly keen on the idea of attracting crypto traders.
... and end with a positive attitude
Malta Malta is one of the most cryptocurrency-friendly countries. The group of islands exceeds the major players: Japan, Korea, China, USA and Belize. The country has advanced in the acceptance of the crypto industry, ahead of such former leaders as China and the United States. Even Binance crypto exchange moves to Malta. It means a lot! Great Britain Great Britain is another country that has long entered the race for the title of world cryptocurrency capital. "The UK competes with other financial centers around the world that are also striving to become the crypto capital, so it’s important that this regulation be implemented as soon as possible," said Zeeshan Feroz, Coinbase UK CEO, in a letter to CNBC USA Los Angeles - the first in the list of US cities that accepts Bitcoin. There are 878 companies working for cryptocurrency. New York is the second after Los Angeles. Manhattan in New York took the first place in terms of crypto trading - 6.9%, followed by Chicago - 4.9%, Jacksonville - 4.2%, San Francisco - 3.5%, San Antonio - 3.1%, and Washington - 2.4%. Switzerland Switzerland launches the process of registering crypto exchangers. To legalize their business, companies need to obtain a license from the Swiss Financial Market Supervisory Authority (FINMA). Australia Crypto exchanges are legalized in Australia, and the country is progressing in establishing legislation that meets the challenges of the crypto industry. In 2018, the Australian Transaction Reports and Analysis Centre (AUSTRAC) announced the implementation of reliable cryptocurrency exchange rules. The new rules require that exchanges operating in Australia register with AUSTRAC, identify and verify users, keep accounts, and fulfill AML / CFT reporting obligations. In the future, unregistered crypto platforms will be subject to criminal charges and financial penalties. Such conditions will surely be attractive to traders who are attentive to their assets and want to keep them safe and sound.
Hello Everyone, I know I had mentioned earlier that I would be doing these reports weekly, however, I had mentioned if there was a slew of information, that I would do an impromptu post just so things dont get stretched too far apart or some news is lost. That being said, I have decided to do an early post for now and will do a recap on Sunday to include any other news that comes up! Before reading the latest news, check out my previous three recaps which are quite full of information. They can be found here:
Please note, any comments I make about news events are of my own personal opinion. As always, I recommend every person to do their own due diligence and research each event when they find the chance! So lets get to it! (news is in no particular order)
A lot of people have been posting saying their funds 'disappeared' from their wallets, this is not the case. The NEON wallet has released the 0.0.5 version. PLEASE UPGRADE to this latest version as the older versions have been phased out and may show a balance of 0 and will not let you claim gas! The link to the wallet is https://github.com/CityOfZion/neon-wallet/releases This wallet has encrypted keys which a big step up in security.
NEO London Meetup on September 27th! ( https://www.meetup.com/London-NEO-Meetup/events/242798070/ ). This is a great initiative to begin development on the NEO platform and I hope things go very smoothly. Please do note that this event will not have any talks or core developers from the NEO team present, it is a community organized and run event!
Poloniex has listed GAS/BTC and GAS/ETH markets.https://twitter.com/Poloniex/status/908401865653735425 . It is really interesting that GAS was added before NEO was. As I always say, being added to new exchanges is great for liquidity as the coin is less susceptible to manipulation. There a rumors that this is just the first step and that NEO will be added soon. As far as I know, there is no proof of this and is still a rumor.
Korea. Speaking of being added to exchanges, the same rumor I mentioned last article of NEO being added to Korean exchanges is circulating with even more force. As I mentioned, there is NO PROOF of this, and should be treated as a rumor.
Da Hongfei interviewed on CNBC South Africa! There was some great discussion and Da cleared up a lot of misinformation about NEO, what the purpose of NEO is, and how it works. Please try to watch the interview if you can (am still searching for a link to the video) but in the meantime, check out this for some information: https://mobile.twitter.com/deenyotweets/status/908401724049817606 . What I really enjoyed about this interview is the clarification on digital identity being crucial to NEO's compliance with regulations and its use for REAL ECONOMIES to use NEO as well as the clarification that NEO is not a platform that solely will be used for ICOs.
Jamie Dimon, CEO of JP Morgan, stated that bitcoin is 'fraud' and that it won't last. Lets all just remember that this is one man's opinion, and that there are many others such as John McAfee who believe in bitcoin. Also, lets not forget that JP Morgan is part of the EEA. Honestly, I personally do not know why people went crazy after hearing this. To me it means nothing, just FUD.
On September 14th, INNO x Austrade China-Australia chain high-end exchange will be successfully held. Activities, the core members of the NEO Council, also to cloud founder Chen Rong and a number of Chinese block chain experts invited to attend the exchange. And the Australian delegation ADCA (Australian E-Commerce Association), the Australian Bureau of Standards, the University of Science and Technology, Sydney and many other block-chain project experts on the block chain in the global development of the exchange of seminars.
The Crypto King Report January 14th: State of the Market, NEO, ICX, STRAT, KuCoin Picks, 2 ICOS, and January Conferences!
The Crypto King Report January 14th: State of the Market, NEO, ICX, STRAT, KuCoin Picks, 2 ICOS, and January Conferences! I appreciate all my loyal followers! I am trying to build a social media presence and would love if you followed me on Instagram and Twitter as well! For tips and strategy hours before being posted to the message boards follow on Instagram: JaketheCryptoKing and Twitter: JbtheCryptoKing. And now on Discord: https://discord.gg/qTjQp8W (join the group to reach me directly and see posts early and moonshots at 6am EST when available!). If the title is a foreign language to you join Discord and read the Crypto-101 channel. This report can be found directly here: https://discord.gg/82kFuSz The state of the crypto market is clearly a volatile one. Most of the readers here haven’t been around more than 1 month, as I’ve not been posting more than 1 month. That being said markets go up and down. Markets that go up 300% in 1 week also have a tendency to go down 50% another week. This is how the game works, it takes a strong stomach and iron cojones. People always are nervous on the weekend, but do you know the statistically best day on average to buy BTC (lowest price?)? Sunday. It has to do with the FIAT banking system unable to get new $$ into the crypto markets until the week. Now, want to guess the most expensive day? Friday. If you are selling BTC its best to cash out on a Friday and buy in on a Monday. Just a helpful tip to understand minor market functions and how they are related to the FIAT banking system. Upcoming Calendar: Jan 16th London Summit Bitcoin Workshop Jan 18th Miami’s Blockchain Conference Jan 19th London’s Blockchain WEEK Jan 25th Manilla Blockchain Event Jan 25th U.S. & China Cohosting an Event Jan 31st DevCon (NEO!) The FUD attacks we saw our lovely news agencies provide us have been dispelled multiple times by the South Koreans. With a schedule like the above the market is about to see a major infusion of funds. Bonus checks from last year are about to clear for almost every career path. There are conferences week after week with many weekends having 2. Coupled with FUD attacks that always preempt market ATHs, we have a very positive few weeks in Crypto coming up, regardless if the market is getting slammed today (except NEO ). Another topic I want to discuss is specifically NEO! People always ask me when is the best time to buy and sell a coin. I want to give NEO as a very good example of how I can’t tell you when to pull the trigger but can show you the best options in my opinion. Binance pays “GAS” for NEO held on the 1st of every month. This makes the price of GAS (a coin traded on exchanges) drop the first week of every month as the market is flooded with new GAS. However, the price of NEO also spikes in the final few days of the month in anticipation of all the free “GAS” that will be dropped into your account. Binance does it automatically which makes it very convenient. NEO is currently facing the perfect storm of positivity. They have 20+ ICOs on their NEO platform in the works, each will pay GAS when their coins begin transacting. They also have meet ups every few days until the last week of January where they will be at multiple conferences (the biggest in the world). After meet ups in Europe, conferences in major cities and new ICOs paying more and more gas, they are going to be giving “GAS” on the 1st. I see NEO’s price continuing to rise regardless of the trend in the overall crypto market as the 1st of every month approaches. However, leading up to the 1st of February I would expect to see NEO reach a new ATH almost daily. Binance is taking new customers (NEO, STRAT and ICX): https://www.binance.com/?ref=15316928 If anyone has been watching the KuCoin order books it is easy to see the Whales at play. 5BTC orders get dropped into the order book a few % off the current buy/sell price. Driving the price down or up as they sell or accumulate. You can see this on many different coins and if Reddit would allow me to upload a photo I’d show you a few lovely screenshots of it occurring! Either way as no new FIAT is entering crypto because it’s a Sunday, the whales are heavily at play, and we just suffered FUD attacks. I recommend HOLDING, not selling at a loss, and using any gains or new FIAT to purchase NEO, STRAT, and ICX (safest plays through the storm). Moonshots are currently selected from KuCoin. To use KuCoin make sure to have an account: Referral link for KuCoin: https://www.kucoin.com/#/?r=1cH1M The picking of moonshots will be temporarily suspended as right now 90% of coins on KuCoin have dropped 30% or more in the last 2 days making most a great buying opportunity as the whales pressure the price down and continue to accumulate. What you have to understand about a moonshot is patience. You can’t expect to have a 10x gain in a 3-day period of time. None of my moonshots, not even the ones up 600% were 100% gainers in the first 24 hours. If you are jumping on the backs of a moonshot pick without doing your research and without the intention of HOLDING you are doing yourself an injustice. The first coins to bounce back from a downward correction are the mid-caps and large-caps. So far we’ve seen the beginning of this bounce back the last 12 hours. The last to follow are the small caps ($30-$100 million market cap). However, when this third category do bounce back, they comeback with the most momentum. Usually having 100-300% gains in a very short period of time. This is also why they drop 30-50% during market retractions. You can’t blindly follow anyone’s advice, and you have to understand crypto is an investment (and a gamble), not a 24hr waiting game. You can be successful day trading it but that is also a way to get very badly burned. Moonshots should be bought and held until the % you deem appropriate is reached at which point they should be sold. Yesterday’s Moonshot Pick (some info copied from yesterday): FLIXX FLIXX is a favorite as a moonshot of mine because of it’s extremely low market cap on KuCoin, and it’s almost exclusive presence on KuCoin. It’s already formed partnerships with other coins making significant moves in the blockchain sector (ADX). Along with a truly revolutionary platform. Originally I was thinking this is the Netflix for the blockchain but a better comparison would be Youtube for the blockchain. It is much cheaper to host media on the blockchain then cloud servers and recently FLIXX announced a partnership with ADX to provide ads throughout their experience. FLIXX is already looking to capitalize on their platform and ADX has worked with Easyjet to sell ad space on the blockchain already. I expect FLIXX to rebound exceptionally hard following the low caps northward trend in the next few days. FLIXX is also a coin that fluctuates greatly in price daily so if you want to try your luck at day trading place buy and sell orders in front of the buy and sell walls and see how cheap/how expensive you can buy/sell for. If you don’t understand that last sentence, let’s stick to buying and holding for now. FLIXX is a new addition to my moonshots and KuCoin portfolio. There are only 1 or 2 more coins that would qualify as moonshots and those won’t be released until the market recovers slightly. FLIXX is waiting for shuttle launch as we speak. NEVER have 100% or even 70% of your funds in 1 coin, always stay diversified! I am almost evenly diversified between my moonshots and ‘safe plays’ with an even allocation among the moonshots. The moonshots are listed below and safe plays are listed below! (UPDATED, VERY IMPORTANT PARAGRAPH) HST, DBC, ELIX, SNOV, BNTY, KCS, DRGN, PURA, and EVX were my prior moonshot picks! Most are up between 100% and 600% depending on where you bought them. If you do not believe me click my name and go back 10 days in my posts, you will see I called DRGN when it was $.7 and KCS when it was $3.00, while KCS is now $15 and DRGN is over $4. Moonshots are not going to moon while the market is bleeding. We all need to be patient, with a strong set of cojones, to allow the moons the required time to take off. I feel the same losses all of you feel, I am just accustomed to them because when these FUD attacks occur, 2 weeks later your portfolio will be at its ATH (all time high). This has happened many times in 2017, especially from November-January. HOLD STRONG KINGDOM, HOLD (I have faith in you all!). A new exchange is a very hard thing to find. KuCoin allows very easy deposits and withdrawals. I tried out Cryptopia, and it allowed me to deposit 5 Ether, but only withdrawal 3 per day, and it took over 12hrs to process. This was worse than CB. KuCoin is the current perfect solution to Binance and Bittrex freezing out new customers (for the most part) and they are focusing on adding large cap coins, as well as small cap coins, appealing to a range of investors. (My picks and strategy for January remain unchanged, ride out the storm, accumulate safe plays, and time sells as best as I can) I have 4 plans of attack for January: 1. Moonshots (explained above), 2. ICOs (explained way below), 3. Conference Plays, 4. January Buy and Hold (with dates) Most of my recommended coins can be purchased on KuCoin and Binance, there will be 1-3 more KuCoin moonshots in the coming weeks. Following those moonshots, if Binance is not accepting new traders, I will research the next best platform with moonshot opportunities and ease of withdrawal. (Favorites Remain ICX, STRAT, and NEO as Buy and Hold) My 3 favorite January plays remain ICX, STRAT, and NEO. NEO has more conferences than any other coin in the next 2 weeks and meet ups all over Europe prior to that. NEO is the Asian Ether and should rapidly increase in value in the next 3 weeks. STRAT will remain a favorite of mine as they are launching their ICO Platform and have 2 flagship ICOs ready to be announced (they are timing the down market waiting for a correction, I guarantee it). The FUD started in South Korea and ICX crashed because of it. They still have their first HOSTED blockchain event during their mainnet release the last week of January in the tallest building in Seoul. All 3 make up a major portion of my “safe plays” for January with an expected return of 40-100%. My 3 favorite short term conference plays based on conferences for the next 2 weeks are: WAVES, ARK, and SONM. These 3 are all at events in the next 2 weeks of January (Waves and ARK are at a conference in Miami I will be attending!). These conferences provide exposure to the top individuals and founders of coins with billions of dollars in market cap. In comparison to other coins speaking at the largest January events WAVES, ARK, and SONM’s market cap is very minimal. With ARK and WAVES in Miami and SONM in London I expect a big week from these 3. This market dip provides an opportunity to purchase WAVES, ARK, and SONM at an undervalued price. As their conferences are approaching I expect their price to trend north rapidly, peaking on the day of, or day after the conference. These should be focal points if you shy away from moonshots (which you shouldn’t!). XEM, I’ve discussed this one many times. Their NEM 2.0 release, their Catapult Network, and a 4-week hackathon with plenty of publicity beginning this week, make XEM a winner for January. TRX, FUD attacks mean new ATHs remember that. A new game and a FUD attack, I expect a rapid rise. Not a long term favorite of mine but a great possible short term play. They have taken another recent beating, if you like this coin now is a great entry point. POWR, Very few coins are sponsored or have the support of their native country. Australia has some of the worst laws for investing in crypto (problems with deposits and withdrawals) when compared to any country. Yet the Aussies LOVE crypto (as do I!!!). POWR has the Australian govt. support likely due to the power issues plaguing Australia. POWR is a great long term play. ADX, One of the reasons I like FLIXX is I like ADX. A port to NEO is happening very soon and they also have a profitable advertising platform already set up. They recently completed a deal with EasyJet in the millions of dollars and are continuing to expand their user base. Advertising on the blockchain with a new port to NEO, seems like this is a clear winner with that type of news on the horizon. ENJ, A new listing on KuCoin and a new wallet release? Not to mention their Minecraft Plugin is coming out very very soon…What more needs to be said about ENJ. They were one of the few winners in the market recently and should continue to be green even in a sea of red. ARDR, Still a great buy because of its network but Bittrex is frustrating me to no end. My NXT has yet to arrive and my ARDR wallet has yet to be opened back up. Bittrex stop being so annoying this is why people are switching to KuCoin and Binance! Everyone is always asking about which ICOs I’m involved in and recommend. Well here are the current 2! ICO’S : STORIQA: “The Amazon Cryptocurrency Marketplace”. Great team, great platform, easy to sign up for ICO (even for U.S. investors). Well past their soft cap and approaching their hard cap! Discount for bonus coins still available in the short term! This has been on and off of my rec list but because they are approaching their hard cap I figured I’d give everyone one last opportunity to sign up! Referral link : https://tokensale.storiqa.com/?ref=6663944dff31989391d803ce KYC Legal: KYC Legal (please use the referral as I make no $ spending countless hours researching these ICOs and coins ) referral: https://bookbuild.kyc.legal/?ref=23734776ffa2051a83eb8bc1 Know Your Customer (the dreaded KYC form). If you’ve completed an ICO recently you know the form I’m talking about. The form they give you at the end, after you’ve sent your .5eth but before they will release their tokens. Basically stating you understand this market is unregulated, etc. Well a blockchain token has in essence solved this problem. I HATE KYC forms and if the KYC system was set up in a way in which you wouldn’t have to fill out that form repeatedly for every ICO it would be more convenient for all investors and ICO companies. KYC Legal intends to do just that. According to the founder DR, “This is a simple and quick way to complete client identification procedures, which can then be used to verify the client’s identity during various financial operations (so-called KYC (“know your customer”) requirements that financial institutions and companies working with the money of private individuals use to identify and verify counterparties before starting a financial transaction). This niche is completely untapped and I HATE KYC forms enough to think this is a brilliant idea. They are calling it a “Universal alternative to Personal IDs,” on the block chain. Brilliant concept and there are 2 days left to receive the 38% discount from the final price. A 38% gain prior to token sale completion is significant, imagine what will happen when the hard cap is reached and it hits the first exchange. KYC Legal: https://bookbuild.kyc.legal/?ref=23734776ffa2051a83eb8bc1 If you spend the time reading these you understand how long they must take to research and put together. My girlfriend wants to kill me (seriously I may not have one by the end of this post)! So I can provide her with presents while answering all of your questions make sure to show some love! ETH: Address: 0xdef6b4415635d15b0dc50e7039ef73c33e622f22 LTC Address: LiTtwXUMCMmch5oKUXfrXMqXWnG6jLg3qD BTC Address: 1LFLx3cXD1xiqCrupZJKf8p6pR23JRZWtP DASH Address: Xi9637XDyW2Q6wtRyGLsNXbJHj4UZ2M3kN (cheapest way to send!) KCS Address: 0x56d0a5b42a8313c36d8fe7a37ee3ccade7e4e6e1 XMR Deposit Address:44tLjmXrQNrWJ5NBsEj2R77ZBEgDa3fEe9GLpSf2FRmhexPvfYDUAB7EXX1Hdb3aMQ9FLqdJ56yaAhiXoRsceGJCRS3Jxkn XMR Deposit ID: b72e438346259f2828feaec4b04f0a95034b6364853f6f33d2370f57a37a1753
The Crypto King Report January 13th: January Picks Based on Conferences (WAVES, ARK, SONM), New Moon Shot (FLIXX), 2 ICOS, and January Safe Plays!
The Crypto King Report January 13th: January Picks Based on Conferences, New Moon Shot (FLIXX), 2 ICOS, and January Safe Plays! I appreciate all my loyal followers! I am trying to build a social media presence and would love if you followed me on Instagram and Twitter as well! For tips and strategy hours before being posted to the message boards follow on Instagram: JaketheCryptoKing and Twitter: JbtheCryptoKing. And now on Discord: https://discord.gg/qTjQp8W (join the group to reach me directly and see posts early and moonshots at 6am EST when available!). If the title is a foreign language to you join Discord and read the Crypto-101 channel. This report can be found directly here: https://discord.gg/82kFuSz When purchasing coins there is a significant analysis that needs to be completed in searching for undervalued options. However, one of the easiest things to do is find coins presenting at upcoming conferences and riding the wave of hype leading up to the conference. This week we have a conference in Miami, with ARK, WAVES, RSK, AUGUR, BlOQ, DASH and XMR presenting. I am actually very excited to be attending this conference! Each is a fine play for the week, but my favorites are ARK and WAVES. They are both available on Binance and have market caps that should increase dramatically in the coming 5 days leading up to their presentations. History tends to repeat itself in crypto and the market was at an ATH less than a week ago. Following the most recent FUD attacks and downward correction I expect a new market ATH for these coins prior to the conference or immediately following. Attendees are paying $1000 per ticket and the conference will be webcast around the world. More money is coming into Crypto in coming weeks than in any 3-week period in history. This is an exciting time, prior to ATH (all-time highs) the crypto market always experiences a dramatic drop, this shakes out the weak hands, provides coins at discounts to the wealthy supporting the FUD attacks, and repeat. I fully expect the crypto market to surpass the $1 trillion total market cap mark during this stretch of upcoming conferences. The conferences start January 16th with the London Summit Bitcoin Workshop. January 18th we have Miami’s Blockchain conference (anyone going?!). January 19th kicks off London’s Blockchain Week. January 25th Manilla is hosting a huge blockchain event, that SAME day the U.S. and China are cohosting a blockchain conference (NEO and many others will be presenting) in San Francisco. January 31st is DevCon which NEO will be at again, along with many more coins. This next month literally has 1 or 2 major conferences in a major city every single weekend. These intentional FUD attacks were a quick way for whales (the people who own news agencies) to scoop up cheap shares leading into the biggest 7-12 weeks in blockchain conference history. The sheer amount of publicity surrounding a conference every weekend will drive the total market cap above 1 trillion (in my opinion). I haven’t even started talking about February but we will leave that for another time. I cannot predict the future (or specifically which day this will occur) but what I do know is people do not pay $1000 (per ticket!) to sit at a convention unless they are truly big investors looking to get involved. There should be a flood of money coming into the crypto space following each conference between the attendees and the publicity. Moonshots are currently selected from KuCoin. To use KuCoin make sure to have an account: Referral link for KuCoin: https://www.kucoin.com/#/?r=1cH1M What you have to understand about a moonshot is patience. You can’t expect to have a 10x gain in a 3-day period of time. None of my moonshots, not even the ones up 600% were 100% gainers in the first 24 hours. If you are jumping on the backs of a moonshot pick without doing your research and without the intention of HOLDING you are doing yourself an injustice. The first coins to bounce back from a downward correction are the mid-caps and large-caps. So far we’ve seen the beginning of this bounce back the last 12 hours. The last to follow are the small caps ($30-$100 million market cap). However, when this third category do bounce back, they comeback with the most momentum. Usually having 100-300% gains in a very short period of time. This is also why they drop 30-50% during market retractions. You can’t blindly follow anyone’s advice, and you have to understand crypto is an investment (and a gamble), not a 24hr waiting game. You can be successful day trading it but that is also a way to get very badly burned. Moonshots should be bought and held until the % you deem appropriate is reached at which point they should be sold. Jan 13th Moonshot Pick: FLIXX FLIXX is a favorite as a moonshot of mine because of it’s extremely low market cap on KuCoin, and it’s almost exclusive presence on KuCoin. It’s already formed partnerships with other coins making significant moves in the blockchain sector (ADX). Along with a truly revolutionary platform. Originally I was thinking this is the Netflix for the blockchain but a better comparison would be Youtube for the blockchain. It is much cheaper to host media on the blockchain then cloud servers and recently FLIXX announced a partnership with ADX to provide ads throughout their experience. FLIXX is already looking to capitalize on their platform and ADX has worked with Easyjet to sell ad space on the blockchain already. I expect FLIXX to rebound exceptionally hard following the low caps northward trend in the next few days. FLIXX is also a coin that fluctuates greatly in price daily so if you want to try your luck at day trading place buy and sell orders in front of the buy and sell walls and see how cheap/how expensive you can buy/sell for. If you don’t understand that last sentence, let’s stick to buying and holding for now. FLIXX is a new addition to my moonshots and KuCoin portfolio. There are only 1 or 2 more coins that would qualify as moonshots and those won’t be released until the market recovers slightly. FLIXX is waiting for shuttle launch as we speak. Yesterday’s Moonshot: CAG (some info copied and pasted) From a technical analysis CAG looks ripe for an immediate trend North. Analyzing their actual concept, team, wallet, roadmap and Q1, it is even more impressive. Their Q1 road map coupled with their wallet make this a coin that should be well above the $100million market cap as any of its competitors already are. This coin is on sale for no other reason than the market FUD attacks which will correct very shortly. A strong team, a great roadmap, a concept built for the future of crypto banking, and a technical analysis that shows a major correction are why CAG was the Moonshot of the Yesterday! I still stand by CAG as a favorite for the next week (and months moving forward). How intently are you following the coins you own? Did anyone even notice EVX went up 40% this morning? I sold almost 50% of my holdings during this spike. If you had sell orders in place every one of you who was unhappy regarding their entry point on EVX would have sold at a profit. I can’t monitor the Kingdom’s portfolio I can only monitor my own, and point out where undervalue exists in the crypto markets. Sell points and buy points are what you have to determine as a trader. If you didn’t sell a portion of your EVX this AM you missed out on a 40% spike. It is important to always be watching the crypto market (Blockfolio allows you to set alarms at specific price points on your phone). NEVER have 100% or even 70% of your funds in 1 coin, always stay diversified! I am almost evenly diversified between my moonshots and ‘safe plays’ with an even allocation among the moonshots. (VERY IMPORTANT PARAGRAPH) HST, DBC, ELIX, SNOV, BNTY, KCS, DRGN, PURA, and EVX were my prior moonshot picks! Most are up between 100% and 600% depending on where you bought them. If you do not believe me click my name and go back 10 days in my posts, you will see I called DRGN when it was $.7 and KCS when it was $3.00, while KCS is now $19 and DRGN is over $4. Moonshots are not going to moon while the market is bleeding. We all need to be patient, with a strong set of cojones, to allow the moons the required time to take off. I feel the same losses all of you feel, I am just accustomed to them because when these FUD attacks occur, 2 weeks later your portfolio will be at its ATH (all time high). This has happened many times in 2017, especially from November-January. HOLD STRONG KINGDOM, HOLD (I have faith in you all!). A new exchange is a very hard thing to find. KuCoin allows very easy deposits and withdrawals. I tried out Cryptopia, and it allowed me to deposit 5 Ether, but only withdrawal 3 per day, and it took over 12hrs to process. This was worse than CB. KuCoin is the current perfect solution to Binance and Bittrex freezing out new customers (for the most part) and they are focusing on adding large cap coins, as well as small cap coins, appealing to a range of investors. I have 4 plans of attack for January: 1. Moonshots (explained above), 2. ICOs (explained way below), 3. Conference Plays, 4. January Buy and Hold (with dates) Most of my recommended coins can be purchased on KuCoin and Binance, there will be 1-3 more KuCoin moonshots in the coming weeks. Following those moonshots, if Binance is not accepting new traders, I will research the next best platform with moonshot opportunities and ease of withdrawal. Update! Binance is accepting new traders again: https://www.binance.com/?ref=15316928 (Favorites Remain ICX, STRAT, and NEO as Buy and Hold) My 3 favorite January plays remain ICX, STRAT, and NEO. NEO has more conferences than any other coin in the next 2 weeks and meetups all over Europe prior to that. NEO is the Asian Ether and should rapidly increase in value in the next 3 weeks. STRAT will remain a favorite of mine as they are launching their ICO Platform and have 2 flagship ICOs ready to be announced (they are timing the down market waiting for a correction, I guarantee it). The FUD started in South Korea and ICX crashed because of it. They still have their first HOSTED blockchain event during their mainnet release the last week of January in the tallest building in Seoul. All 3 make up a major portion of my “safe plays” for January with an expected return of 40-100%. My 3 favorite short term conference plays based on conferences for the next 2 weeks are: WAVES, ARK, and SONM. These 3 are all at events in the next 2 weeks of January (Waves and ARK are at a conference in Miami I will be attending!). These conferences provide exposure to the top individuals and founders of coins with billions of dollars in market cap. In comparison to other coins speaking at the largest January events WAVES, ARK, and SONM’s market cap is very minimal. With ARK and WAVES in Miami and SONM in London I expect a big week from these 3. This market dip provides an opportunity to purchase WAVES, ARK, and SONM at an undervalued price. As their conferences are approaching I expect their price to trend north rapidly, peaking on the day of, or day after the conference. These should be focal points if you shy away from moonshots (which you shouldn’t!). XEM, I’ve discussed this one many times. Their NEM 2.0 release, their Catapult Network, and a 4-week hackathon with plenty of publicity beginning this week, make XEM a winner for January. TRX, FUD attacks mean new ATHs remember that. A new game and a FUD attack, I expect a rapid rise. Not a long term favorite of mine but a great possible short term play. POWR, Very few coins are sponsored or have the support of their native country. Australia has some of the worst laws for investing in crypto (problems with deposits and withdrawals) when compared to any country. Yet the Aussies LOVE crypto (as do I!!!). POWR has the Australian govt. support likely due to the power issues plaguing Australia. POWR is a great long term play. ADX, One of the reasons I like FLIXX is I like ADX. A port to NEO is happening very soon and they also have a profitable advertising platform already set up. They recently completed a deal with EasyJet in the millions of dollars and are continuing to expand their user base. Advertising on the blockchain with a new port to NEO, seems like this is a clear winner with that type of news on the horizon. ENJ, A new listing on KuCoin and a new wallet release? Not to mention their Minecraft Plugin is coming out very very soon…What more needs to be said about ENJ. They were one of the few winners in the market recently and should continue to be green even in a sea of red. ARDR, Still a great buy because of its network but Bittrex is frustrating me to no end. My NXT has yet to arrive and my ARDR wallet has yet to be opened back up. Bittrex stop being so annoying this is why people are switching to KuCoin and Binance! Everyone is always asking about which ICOs I’m involved in and recommend. Well here are the current 2! ICO’S : STORIQA: “The Amazon Cryptocurrency Marketplace”. Great team, great platform, easy to sign up for ICO (even for U.S. investors). Well past their soft cap and approaching their hard cap! Discount for bonus coins still available in the short term! This has been on and off of my rec list but because they are approaching their hard cap I figured I’d give everyone one last opportunity to sign up! Referral link : https://tokensale.storiqa.com/?ref=6663944dff31989391d803ce KYC Legal: KYC Legal (please use the referral as I make no $ spending countless hours researching these ICOs and coins ) referral: https://bookbuild.kyc.legal/?ref=23734776ffa2051a83eb8bc1 Know Your Customer (the dreaded KYC form). If you’ve completed an ICO recently you know the form I’m talking about. The form they give you at the end, after you’ve sent your .5eth but before they will release their tokens. Basically stating you understand this market is unregulated, etc. Well a blockchain token has in essence solved this problem. I HATE KYC forms and if the KYC system was set up in a way in which you wouldn’t have to fill out that form repeatedly for every ICO it would be more convenient for all investors and ICO companies. KYC Legal intends to do just that. According to the founder DR, “This is a simple and quick way to complete client identification procedures, which can then be used to verify the client’s identity during various financial operations (so-called KYC (“know your customer”) requirements that financial institutions and companies working with the money of private individuals use to identify and verify counterparties before starting a financial transaction). This niche is completely untapped and I HATE KYC forms enough to think this is a brilliant idea. They are calling it a “Universal alternative to Personal IDs,” on the block chain. Brilliant concept and there are 2 days left to receive the 38% discount from the final price. A 38% gain prior to token sale completion is significant, imagine what will happen when the hard cap is reached and it hits the first exchange. KYC Legal: https://bookbuild.kyc.legal/?ref=23734776ffa2051a83eb8bc1 If you spend the time reading these you understand how long they must take to research and put together. My girlfriend wants to kill me (seriously I may not have one by the end of this post)! So I can provide her with presents while answering all of your questions make sure to show some love! ETH: Address: 0xdef6b4415635d15b0dc50e7039ef73c33e622f22 LTC Address: LiTtwXUMCMmch5oKUXfrXMqXWnG6jLg3qD BTC Address: 1LFLx3cXD1xiqCrupZJKf8p6pR23JRZWtP DASH Address: Xi9637XDyW2Q6wtRyGLsNXbJHj4UZ2M3kN (cheapest way to send!) KCS Address: 0x56d0a5b42a8313c36d8fe7a37ee3ccade7e4e6e1 XMR Deposit Address:44tLjmXrQNrWJ5NBsEj2R77ZBEgDa3fEe9GLpSf2FRmhexPvfYDUAB7EXX1Hdb3aMQ9FLqdJ56yaAhiXoRsceGJCRS3Jxkn XMR Deposit ID: b72e438346259f2828feaec4b04f0a95034b6364853f6f33d2370f57a37a1753
Hello! My name is Slava Mikhalkin, I am a Project Owner of Crowdsale platform at Platinum, the company that knows how to start any ICO or STO in 2019. If you want to avoid headaches with launching process, we can help you with ICO and STO advertising and promotion. See the full list of our services: Platinum.fund I am also happy to be a part of the UBAI, the first educational institution providing the most effective online education on blockchain! We can teach you how to do ICO/STO in 2019. Today I want to tell you how to sell and transfer cryptocurrencies. Major Exchanges In finance, an exchange is a forum or platform for trading commodities, derivatives, securities or other financial instruments. The principle concern of an exchange is to allow trading between parties to take place in a fair and legally compliant manner, as well as to ensure that pricing information for any instrument traded on the exchange is reliable and coherently delivered to exchange participants. In the cryptocurrency space exchanges are online platforms that allow users to trade cryptocurrencies or digital currencies for fiat money or other cryptocurrencies. They can be centralized exchanges such a Binance, or decentralized exchanges such as IDEX. Most cryptocurrency exchanges allow users to trade different crypto assets with BTC or ETH after having already exchanged fiat currency for one of those cryptocurrencies. Coinbase and Kraken are the main avenue for fiat money to enter into the cryptocurrency ecosystem. Function and History Crypto exchanges can be market-makers that take bid/ask spreads as a commission on the transaction for facilitating the trade, or more often charge a small percentage fee for operating the forum in which the trade was made. Most crypto exchanges operate outside of Western countries, enabling them to avoid stringent financial regulations and the potential for costly and lengthy legal proceedings. These entities will often maintain bank accounts in multiple jurisdictions, allowing the exchange to accept fiat currency and process transactions from customers all over the globe. The concept of a digital asset exchange has been around since the late 2000s and the following initial attempts at running digital asset exchanges foreshadows the trouble involved in attempting to disrupt the operation of the fiat currency baking system. The trading of digital or electronic assets predate Bitcoin’s creation by several years, with the first electronic trading entities running afoul of the Australian Securities and Investments Commission (ASIC) in late 2004. Companies such as Goldex, SydneyGoldSales, and Ozzigold, shut down voluntarily after ASIC found that they were operating without an Australian Financial Services License. E-Gold, which exchanged fiat USD for grams of precious metals in digital form, was possibly the first digital currency exchange as we know it, allowing users to make instant transfers to the accounts of other E-Gold members. At its peak in 2006 E-Gold processed $2 billion worth of transactions and boasted a user base of over 5 million people. Popular Exchanges Here we will give a brief overview of the features and operational history of the more popular and higher volume exchanges because these are the platforms to which newer traders will be exposed. These exchanges are recommended to use because they are the industry standard and they inspire the most confidence. Bitfinex Owned and operated by iFinex Inc, the cryptocurrency trading platform Bitfinex was the largest Bitcoin exchange on the planet until late 2017. Headquartered in Hong Kong and based in the US Virgin Island, Bitfinex was one of the first exchanges to offer leveraged trading (“Margin trading allows a trader to open a position with leverage. For example — we opened a margin position with 2X leverage. Our base assets had increased by 10%. Our position yielded 20% because of the 2X leverage. Standard trades are traded with leverage of 1:1”) and also pioneered the use of the somewhat controversial, so-called “stable coin” Tether (USDT). Binance Binance is an international multi-language cryptocurrency exchange that rose from the mid-rank of cryptocurrency exchanges to become the market dominating behemoth we see today. At the height of the late 2017/early 2018 bull run, Binance was adding around 2 million new users per week! The exchange had to temporarily disallow new registrations because its servers simply could not keep up with that volume of business. After the temporary ban on new users was lifted the exchange added 240,000 new accounts within two hours. Have you ever thought whats the role of the cypto exchanges? The answer is simple! There are several different types of exchanges that cater to different needs within the ecosystem, but their functions can be described by one or more of the following: To allow users to convert fiat currency into cryptocurrency. To trade BTC or ETH for alt coins. To facilitate the setting of prices for all crypto assets through an auction market mechanism. Simply put, you can either mine cryptocurrencies or purchase them, and seeing as the mining process requires the purchase of expensive mining equipment, Cryptocurrency exchanges can be loosely grouped into one of the 3 following exchange types, each with a slightly different role or combination of roles. Have you ever thought about what are the types of Crypto exchanges?
Traditional Cryptocurrency Exchange: These are the type that most closely mimic traditional stock exchanges where buyers and sellers trade at the current market price of whichever asset they want, with the exchange acting as the intermediary and charging a small fee for facilitating the trade. Kraken and GDAX are examples of this kind of cryptocurrency exchange. Fully peer-to-peer exchanges that operate without a middleman include EtherDelta, and IDEX, which are also examples of decentralized exchanges.
Cryptocurrency Brokers: These are website or app based exchanges that act like a Travelex or other bureau-de-change. They allow customers to buy or sell crypto assets at a price set by the broker (usually market price plus a small premium). Coinbase is an example of this kind of exchange.
Direct Trading Platform: These platforms offer direct peer-to-peer trading between buyers and sellers, but don’t use an exchange platform in doing so. These types of exchanges do not use a set market rate; rather, sellers set their own rates. This is a highly risky form of trading, from which new users should shy away.
To understand how an exchange functions we need only look as far as a traditional stock exchange. Most all the features of a cryptocurrency exchange are analogous to features of trading on a traditional stock exchange. In the simplest terms, the exchanges fulfil their role as the main marketplace for crypto assets of all kinds by catering to buyers or sellers. These are some definitions for the basic functions and features to know: Market Orders: Orders that are executed instantly at the current market price. Limit Order: This is an order that will only be executed if and when the price has risen to or dropped to that price specified by the trader and is also within the specified period of time. Transaction fees: Exchanges will charge transactions fees, usually levied on both the buyer and the seller, but sometimes only the seller is charged a fee. Fees vary on different exchanges though the norm is usually below 0.75%. Transfer charges: The exchange is in effect acting as a sort of escrow agent, to ensure there is no foul play, so it might also charge a small fee when you want to withdraw cryptocurrency to your own wallet. Regulatory Environment and Evolution Cryptocurrency has come a long way since the closing down of the Silk Road darknet market. The idea of crypto currency being primarily for criminals, has largely been seen as totally inaccurate and outdated. In this section we focus on the developing regulations surrounding the cryptocurrency asset class by region, and we also look at what the future may hold. The United States of America A coherent uniform approach at Federal or State level has yet to be implemented in the United States. The Financial Crimes Enforcement Network published guidelines as early as 2013 suggesting that BTC and other cryptos may fall under the label of “money transmitters” and thus would be required to take part in the same Anti-money Laundering (AML) and Know your Client (KYC) procedures as other money service businesses. At the state level, Texas applies its existing finance laws. And New York has instituted an entirely new licensing system. The European Union The EU’s approach to cryptocurrency has generally been far more accommodating overall than the United States, partly due to the adaptable nature of pre-existing laws governing electronic money that predated the creation of Bitcoin. As with the USA, the EU’s main fear is money laundering and criminality. The European Central Bank (ECB) categorized BTC as a “convertible decentralized currency” and advised all central banks in the EU to refrain from trading any cryptocurrencies until the proper regulatory framework was put in place. A task force was then set up by the European Parliament in order to prevent and investigate any potential money laundering that was making use of the new technology. Likely future regulations for cryptocurrency traders within the European Union and North America will probably consist of the following proposals: The initiation of full KYC procedures so that users cannot remain fully anonymous, in order to prevent tax evasion and curtail money laundering. Caps on payments that can be made in cryptocurrency, similar to caps on traditional cash transactions. A set of rules governing tax obligations regarding cryptocurrencies Regulation by the ECB of any companies that offer exchanges between cryptocurrencies and fiat currencies It is less likely for other countries to follow the Chinese approach and completely ban certain aspects of cryptocurrency trading. It is widely considered more progressive and wiser to allow the technology to grow within a balanced accommodative regulatory framework that takes all interests and factors into consideration. It is probable that the most severe form of regulation will be the formation of new governmental bodies specifically to form laws and exercise regulatory control over the cryptocurrency space. But perhaps that is easier said than done. It may, in certain cases, be incredibly difficult to implement particular regulations due to the anonymous and decentralized nature of crypto. Behavior of Cryptocurrency Investors by Demographic Due to the fact that cryptocurrency has its roots firmly planted in the cryptography community, the vast majority of early adopters are representative of that group. In this section we cover the basic structure of the cryptocurrency market cycle and the makeup of the community at large, as well as the reasons behind different trading decisions. The Cryptocurrency Market Cycle Bitcoin leads the bull rally. FOMO (Fear of missing out) occurs, the price surge is a constant topic of mainstream news, business programs cover the story, and social media is abuzz with cryptocurrency chatter. Bitcoin reaches new All Timehigh (ATH) Market euphoria is fueled with even more hype and the cycle is in full force. There is a constant stream of news articles and commentary on the meteoric, seemingly unstoppable rise of Bitcoin. Bitcoin’s price “stabilizes”, In the 2017 bull run this was at or around $14,000. A number of solid, large market cap altcoins rise along with Bitcoin; ETH & LTC leading the altcoins at this time. FOMO comes into play, as the new ATH in market cap is reached by pumping of a huge number of alt coins. Top altcoins “somewhat” stabilize, after reaching new all-time highs. The frenzy continues with crypto success stories, notable figures and famous people in the news. A majority of lesser known cryptocurrencies follow along on the upward momentum. Newcomers are drawn deeper into crypto and sign up for exchanges other than the main entry points like Coinbase and Kraken. In 2017 this saw Binance inundated with new registrations. Some of the cheapest coins are subject to massive pumping, such as Tron TRX which saw a rise in market cap from $150 million at the start of December 2017 to a peak of $16 billion! At this stage, even dead coins or known scams will get pumped. The price of the majority of cryptocurrencies stabilize, and some begin to retract. When the hype is subsiding after a huge crypto bull run, it is a massive sell signal. Traditional investors will begin to give interviews about how people need to be careful putting money into such a highly volatile asset class. Massive violent correction begins and the market starts to collapse. BTC begins to fall consistently on a daily basis, wiping out the insane gains of many medium to small cap cryptos with it. Panic selling sweeps through the market. Depression sets in, both in the markets, and in the minds of individual investors who failed to take profits, or heed the signs of imminent collapse. The price stagnation can last for months, or even years. The Influence of Age upon Trading Did you know? Cryptocurrencies have been called “stocks for millennials” According to a survey conducted by the Global Blockchain Business Council, only 5% of the American public own any bitcoin, but of those that do, an overwhelming majority of 71% are men, 58% of them are between the ages of 18 and 35, and over half of them are minorities. The same survey gauged public attitude toward the high risk/high return nature of cryptocurrency, in comparison to more secure guaranteed small percentage gains offered by government bonds or stocks, and found that 30% would rather invest $1,000 in crypto. Over 42% of millennials were aware of cryptocurrencies as opposed to only 15% of those ages 65 and over. In George M. Korniotis and Alok Kumar’s study into the effects of aging on portfolio management and the quality of decisions made by older investors, they found “that older and experienced investors are more likely to follow “rules of thumb” that reflect greater investment knowledge. However, older investors are less effective in applying their investment knowledge and exhibit worse investment skill, especially if they are less educated and earn lower income.” Geographic Influence upon Trading One of the main drivers of the apparent seasonal ebb and flow of cryptocurrency prices is the tax situation in the various territories that have the highest concentrations of cryptocurrency holders. Every year we see an overall market pull back beginning in mid to late January, with a recovery beginning usually after April. This is because “Tax Season” is roughly the same across Europe and the United States, with the deadline for Income tax returns being April 15th in the United States, and the tax year officially ending the UK on the 6th of April. All capital gains must be declared before the window closes or an American trader will face the powerful and long arm of the IRS with the consequent legal proceedings and possible jail time. Capital gains taxes around the world vary from jurisdiction to jurisdiction but there are often incentives for cryptocurrency holders to refrain from trading for over a year to qualify their profits as long term gain when they finally sell. In the US and Australia, for example, capital gains are reduced if you bought cryptocurrency for investment purposes and held it for over a year. In Germany if crypto assets are held for over a year then the gains derived from their sale are not taxed. Advantages like this apply to individual tax returns, on a case by case basis, and it is up to the investor to keep up to date with the tax codes of the territory in which they reside. 2013 Bull run vs 2017 Bull run price Analysis In late 2016 cryptocurrency traders were faced with the task of distinguishing between the beginnings of a genuine bull run and what might colorfully be called a “dead cat bounce” (in traditional market terminology). Stagnation had gripped the market since the pull-back of early 2014. The meteoric rise of Bitcoin’s price in 2013 peaked with a price of $1,100 in November 2013, after a year of fantastic news on the adoption front with both Microsoft and PayPal offering BTC payment options. It is easy to look at a line going up on a chart and speak after the fact, but at the time, it is exceeding difficult to say whether the cat is actually climbing up the wall, or just bouncing off the ground. Here, we will discuss the factors that gave savvy investors clues as to why the 2017 bull run was going to outstrip the 2013 rally. Hopefully this will help give insight into how to differentiate between the signs of a small price increase and the start of a full scale bull run. Most importantly, Volume was far higher in 2017. As we can see in the graphic below, the 2017 volume far exceeds the volume of BTC trading during the 2013 price increase. The stranglehold MtGox held on trading made a huge bull run very difficult and unlikely. Fraud & Immoral Activity in the Private Market Ponzi Schemes Cryptocurrency Ponzi schemes will be covered in greater detail in Lesson 7, but we need to get a quick overview of the main features of Ponzi schemes and how to spot them at this point in our discussion. Here are some key indicators of a Ponzi scheme, both in cryptocurrencies and traditional investments: A guaranteed promise of high returns with little risk. Consistentflow of returns regardless of market conditions. Investments that have not been registered with the Securities and Exchange Commission (SEC). Investment strategies that are a secret, or described as too complex. Clients not allowed to view official paperwork for their investment. Clients have difficulties trying to get their money back. The initial members of the scheme, most likely unbeknownst to the later investors, are paid their “dividends” or “profits” with new investor cash. The most famous modern-day example of a Ponzi scheme in the traditional world, is Bernie Madoff’s $100 billion fraudulent enterprise, officially titled Bernard L. Madoff Investment Securities LLC. And in the crypto world, BitConnect is the most infamous case of an entirely fraudulent project which boasted a market cap of $2 billion at its peak. What are the Exchange Hacks? The history of cryptocurrency is littered with examples of hacked exchanges, some of them so severe that the operation had to be wound up forever. As we have already discussed, incredibly tech savvy and intelligent computer hackers led by Alexander Vinnik stole 850000 BTC from the MtGox exchange over a period from 2012–2014 resulting in the collapse of the exchange and a near-crippling hammer blow to the emerging asset class that is still being felt to this day. The BitGrail exchange suffered a similar style of attack in late 2017 and early 2018, in which Nano (XRB) was stolen that was at one point was worth almost $195 million. Even Bitfinex, one of the most famous and prestigious exchanges, has suffered a hack in 2016 where $72 million worth of BTC was stolen directly from customer accounts. Hardware Wallet Scam Case Study In late 2017, an unfortunate character on Reddit, going by the name of “moody rocket” relayed his story of an intricate scam in which his newly acquired hardware wallet was compromised, and his $34,000 life savings were stolen. He bought a second hand Nano ledger into which the scammers own recover seed had already been inserted. He began using the ledger without knowing that the default seed being used was not a randomly assigned seed. After a few weeks the scammer struck, and withdrew all the poor HODLer’s XRP, Dash and Litecoin into their own wallet (likely through a few intermediary wallets to lessen the very slim chances of being identified). Hardware Wallet Scam Case Study Social Media Fraud Many gullible and hapless twitter users have fallen victim to the recent phenomenon of scammers using a combination of convincing fake celebrity twitter profiles and numerous amounts of bots to swindle them of ETH or BTC. The scammers would set up a profile with a near identical handle to a famous figure in the tech sphere, such as Vitalik Buterin or Elon Musk. And then in the tweet, immediately following a genuine message, follow up with a variation of “Bonus give away for the next 100 lucky people, send me 0.1 ETH and I will send you 1 ETH back”, followed by the scammers ether wallet address. The next 20 or so responses will be so-called sockpuppet bots, thanking the fake account for their generosity. Thus, the pot is baited and the scammers can expect to receive potentially hundreds of donations of 0.1 Ether into their wallet. Many twitter users with a large follower base such as Vitalik Buterin have taken to adding “Not giving away ETH” to their username to save careless users from being scammed. Market Manipulation It also must be recognized that market manipulation is taking place in cryptocurrency. For those with the financial means i.e. whales, there are many ways in which to control the market in a totally immoral and underhanded way for your own profit. It is especially easy to manipulate cryptos that have a very low trading volume. The manipulator places large buy orders or sell walls to discourage price action in one way or the other. Insider trading is also a significant problem in cryptocurrency, as we saw with the example of blatant insider trading when Bitcoin Cash was listed on Coinbase. Examples of ICO Fraudulent Company Behavior In the past 2 years an astronomical amount of money has been lost in fraudulent Initial Coin Offerings. The utmost care and attention must be employed before you invest. We will cover this area in greater detail with a whole lesson devoted to the topic. However, at this point, it is useful to look at the main instances of ICO fraud. Among recent instances of fraudulent ICOs resulting in exit scams, 2 of the most infamous are the Benebit and PlexCoin ICOs which raised $4 million for the former and $15 million for the latter. Perhaps the most brazen and damaging ICO scam of all time was the Vietnamese Pincoin ICO operation, where $660million was raised from 32,000 investors before the scammer disappeared with the funds. In case of smaller ICO “exit scamming” there is usually zero chance of the scammers being found. Investors must just take the hit. We will cover these as well as others in Lesson 7 “Scam Projects”. Signposts of Fraudulent Actors The following factors are considered red flags when investigating a certain project or ICO, and all of them should be considered when deciding whether or not you want to invest. Whitepaper is a buzzword Salad: If the whitepaper is nothing more than a collection of buzzwords with little clarity of purpose and not much discussion of the tech involved, it is overwhelmingly likely you are reading a scam whitepaper. Signposts of Fraudulent Actors §2 No Code Repository: With the vast majority of cryptocurrency projects employing open source code, your due diligence investigation should start at GitHub or Sourceforge. If the project has no entries, or nothing but cloned code, you should avoid it at all costs. Anonymous Team: If the team members are hard to find, or if you see they are exaggerating or lying about their experience, you should steer clear. And do not forget, in addition to taking proper precautions when investing in ICOs, you must always make sure that you are visiting authentic web pages, especially for web wallets. If, for example, you are on a spoof MyEtherWallet web page you could divulge your private key without realizing it and have your entire portfolio of Ether and ERC-20 tokens cleaned out. Methods to Avoid falling Victim Avoiding scammers and the traps they set for you is all about asking yourself the right questions, starting with: Is there a need for a Blockchain solution for the particular problem that a particular ICO is attempting to solve? The existing solution may be less costly, less time consuming, and more effective than the proposals of a team attempting to fill up their soft cap in an ICO. The following quote from Mihai Ivascu, the CEO of Modex, should be kept in mind every time you are grading an ICO’s chances of success: “I’m pretty sure that 95% of ICOswill not last, and many will go bankrupt. ….. not everything needs to be decentralized and put on an open source ledger.” Methods to Avoid falling Victim §2 Do I Trust These People with My Money, or Not? If you continue to feel uneasy about investing in the project, more due diligence is needed. The developers must be qualified and competent enough to complete the objectives that they have set out in the whitepaper. Is this too good to be true? All victims of the well-known social media scams using fake profiles of Vitalik Buterin, or Bitconnect investors for that matter, should have asked themselves this simple question, and their investment would have been saved. In the case of Bitconnect, huge guaranteed gains proportional to the amount of people you can get to sign up was a blatant pyramid scheme, obviously too good to be true. The same goes for Fake Vitalik’s offer of 1 ether in exchange for 0.1 ETH. Selling Cryptocurrencies, Several reasons for selling with the appropriate actions to take: If you are selling to buy into an ICO, or maybe believe Ether is a safer currency to hold for a certain period of time, it is likely you will want to make use of the Ether pair and receive Ether in return. Obviously if the ICO is on the NEO or WANchain blockchain for example, you will use the appropriate pair. -Trading to buy into another promising project that is listing on the exchange on which you are selling (or you think the exchange will experience a large amount of volume and become a larger exchange), you may want to trade your cryptocurrency for that exchange token. -If you believe that BTC stands a good chance of experiencing a bull run then using the BTC trading pair is the suitable choice. -If you believe that the market is about to experience a correction but you do not want to take your gains out of the market yet, selling for Tether or “tethering up” is the best play. This allows you to keep your locked-in profits on the exchange, unaffected by the price movements in the cryptocurrency markets,so that you can buy back in at the most profitable moment. -If you wish to “cash out” i.e. sell your cryptocurrency for fiat currency and have those funds in your bank account, the best pair to use is ETH or BTC because you will likely have to transfer to an exchange like Kraken or Coinbase to convert them into fiat. If the exchange offers Litecoin or Bitcoin Cash pairs it could be a good idea to use these for their fast transaction time and low fees. Selling Cryptocurrencies Knowing when and how to sell, as well as strategies to inflate the value of your trade before sale, are important skills as a trader of any product or financial instrument. If you are satisfied that the sale itself of the particular amount of a token or coin you are trading away is the right one, then you must decide at what price you are going to sell. Exchanges exercise their own discretion as to which trading “pairs” they will offer, but the most common ones are BTC, ETH, BNB for Binance, BIX for Bibox etc., and sometimes Tether (USDT) or NEO. As a trader, you decide which particular cryptocurrency to exchange depending on your reason for making that specific trade at that time. Methods of Sale Market sell/Limit sell on exchange: A limit sell is an order placed on an exchange to sell as soon as (also specifically only if and when) the price you specified has been hit within the time limit you select. A market order executes the sale immediately at the best possible price offered by the market at that exact time. OTC (or Over the Counter) selling refers to sale of securities or cryptocurrencies in any method without using an exchange to intermediate the trade and set the price. The most common way of conducting sales in this manner is through LocalBitcoins.com. This method of cryptocurrency selling is far riskier than using an exchange, for obvious reasons. The influence and value of your Trade There are a number of strategies you can use to appreciate the value of your trade and thus increase the Bitcoin or Ether value of your portfolio. It is important to disassociate yourself from the dollar value of your portfolio early on in your cryptocurrency trading career simply because the crypto market is so volatile you will end up pulling your hair out in frustration following the real dollar money value of your holdings. Once your funds have been converted into BTC and ETH they are completely in the crypto sphere. (Some crypto investors find it more appropriate to monitor the value of their portfolio in satoshi or gwei.) Certainly not limited to, but especially good for beginners, the most reliable way to increase your trading profits, and thus the overall value and health of your portfolio, is to buy into promising projects, hold them for 6 months to a year, and then reevaluate. This is called Long term holding and is the tactic that served Bitcoin HODLers quite well, from 2013 to the present day. Obviously, if something comes to light about the project that indicates a lengthy set back is likely, it is often better to cut your losses and sell. You are better off starting over and researching other projects. Also, you should set initial Price Points at which you first take out your original investment, and then later, at which you take out all your profits and exit the project. That should be after you believe the potential for growth has been exhausted for that particular project. Another method of increasing the value of your trades is ICO flipping. This is the exact opposite of long term holding. This is a technique in which you aim for fast profits taking advantage of initial enthusiasm in the market that may double or triple the value of ICO projects when they first come to market. This method requires some experience using smaller exchanges like IDEX, on which project tokens can be bought and sold before listing on mainstream exchanges. “Tethering up” means to exchange tokens or coins for the USDT stable coin, the value of which is tethered to the US Dollar. If you learn, or know how to use, technical analysis, it is possible to predict when a market retreatment is likely by looking at the price movements of BTC. If you decide a market pull back is likely, you can tether up and maintain the dollar value of your portfolio in tether while other tokens and coins decrease in value. The you wait for an opportune moment to reenter the market. Market Behavior in Different Time Periods The main descriptors used for overall market sentiment are “Bull Market” and “Bear Market”. The former describes a market where people are buying on optimism. The latter describes a market where people are selling on pessimism. Fun (or maybe not) fact: The California grizzly bear was brought to extinction by the love of bear baiting as a sport in the mid 1800s. Bears were highly sought after for their intrinsic fighting qualities, and were forced into fighting bulls as Sunday morning entertainment for Californians. What has this got to do with trading and financial markets? The downward swipe of the bear’s paws gives a “Bear market” its name and the upward thrust of a Bull’s horns give the “Bull Market” its name. Most unfortunately for traders, the bear won over 80% of the bouts. During a Bull market, optimism can sometimes grow to be seemingly boundless, volume is rising, and prices are ascending. It can be a good idea to sell or rebalance your portfolio at such a time, especially if you have a particularly large position in one holding or another. This is especially applicable if you need to sell a large amount of a relatively low-volume holding, because you can then do so without dragging the price down by the large size of your own sell order. Learn more on common behavioral patterns observed so far in the cryptocurrency space for different coins and ICO tokens. Follow the link: UBAI.co If you want to know how do security tokens work, and become a professional in crypto world contact me via Facebook to get all the details: Facebook
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