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Epic Cash AMA Recap with CryptoDiffer Community
CryptoDiffer teamHello, everyone!We are glad to meet here:Max Freeman (@maxfreeman4), Project Lead at Epic CashYoga Dude (@Yogadude), PR&Marketing at Epic CashXenolink (@Xenolink), Advisor at Epic Cash Max Freeman Project Lead at Epic Cash Thanks Max, we are excited to be here! Yoga Dude PR&Marketing at Epic Cash Hello Everyone! Thank you for having us here! Xenolink Advisor at Epic Cash Thank you to the CryptoDiffer team and CryptoDiffer community for hosting us! CryptoDiffer teamLet`s start from the first introduction question:Q1: Can you introduce yourself to the community? What is your background and how did you join Epic Cash? Yoga Dude PR&Marketing at Epic Cash Hello! My background is Marketing and Business Development, I’ve been in crypto since 2011 started with Bitcoin, then Monero in 2014, Ethereum in 2015 and at some point Doge for fun and profit. I joined Epic Cash team in September 2019 handling PR and Marketing. I saw in Epic Cash what was missing in my previous cryptos — things that were missing in Bitcoin and Monero especially. Xenolink Advisor at Epic Cash Hello Cryptodiffer Community, I am not an original co-founder nor am I a developer for the Epic Cash project. I am however a community member that is involved in helping scale this project to higher levels. One of the many beauties of Epic Cash is that every single member in the community has the opportunity to be part of EPIC’s team, it can be from development all the way to content producing. Epic Cash is a community driven project. The true Core Team of Epic Cash is our community. I believe a community that is the Core Team is truly powerful. EPIC Cash has one of the freshest and strongest communities I have seen in quite a while. Which is one of the reasons why I became involved in this project. Epic displayed some of the most self community produced content I have seen in a project. I’m actually a doctor of medicine but in terms of my experience in crypto, I have been involved in the industry since 2012 beginning with mining Litecoin. Since then I have been doing deep dive analysis on different projects, investing, and building a network in crypto that I will utilize to help connect and scale Epic in every way I can. To give some credit to those people in my network that have been a part of helping give Epic exposure, I would like to give a special thanks to u/Tetsugan and u/Saurabhblr. Tetsugan has been doing a lot of work for the Japanese community to penetrate the Japanese market, and Japan has already developed a growing interest in Epic. Daku Sarabh the owner and creator of Crypto Daku Robinhooders, I would like to thank him and his community for giving us one of our first large AMA’s, which he has supported our project early and given us a free AMA. Many more to thank but can’t be disclosed. Also thank you to all the Epic Community leaders, developers, and Content producers! Max Freeman Project Lead at Epic Cash I’m Max Freeman, which stands for “Maximum Freedom for Mankind”. I started working on the ideas that would become Epic in 2018. I fell in love with Bitcoin in 2017 but realized that it needs privacy at the base layer, fungibility, better scalability in order to go to the next level. CryptoDiffer team Really interesting backgrounds I must admit, pleasure to see the team that clearly has one vision of the project by being completely decentralized:) Q2: Can you briefly describe what is Epic Cash in 3–5 sentences? What technology stands behind Epic Cash and why it’s better than the existing one? Max Freeman Project Lead at Epic Cash I’d like to highlight the differences between Epic and the two highest-valued privacy coin projects, Monero and Zcash. XMR has always-on privacy like Epic does, but at a cost: Its blockchain is over 20x more data intensive than Epic, which limits its possibilities for scalability. Epic’s blockchain is small and light enough to run a full node on cell phones, something that is in our product road map. ZEC by comparison can’t run on low end devices because of its zero knowledge based approach, and only 1% of transactions are fully private. Epic is simply newer, more advanced technology than prior networks thanks to Mimblewimble We will also add more algorithms to widen the range of hardware that can participate in mining. For example, cell phones and tablets based around ARM chips. Millions of people can mine Epic that can’t mine Bitcoin, and that will help grow the network rapidly. There are some great short videos on our YouTube channel https://www.youtube.com/channel/UCQBFfksJlM97rgrplLRwNUg/videos that explain why we believe we have created something truly special here. Our core architecture derives from Grin, so we are fortunate to benefit on an ongoing basis from their considerable development efforts. We are focused on making our currency truly usable and widely available, beyond a store of value and becoming a true medium of exchange. Yoga Dude PR&Marketing at Epic Cash Well we all have our views, but in a nutshell, we offer things that were missing in the previous cryptos. We have sound fiscal emission schedule matching Bitcoin, but we are vastly more private and faster. Our blockchain is lighter than Bitcoin or Monero and our tech is more scalable. Also, we are unique in that we are mineable with CPUs and GPUs as well as ASICs, giving the broadest population the ability to mine Epic Cash. Plus, you can’t forget FUNGIBILITY 🙂 we are big on that — since you can’t have true privacy without fungibility. Also, please understand, we have HUGE respect to all the cryptos that came before us, we learned a lot from them, and thanks to their mistakes we evolved. Xenolink Advisor at Epic Cash To add on, what also makes Epic Cash unique is the ability to decentralize the mining using a tri-algo model of Random X (CPU), Progpow (GPU), and Cuckoo (ASIC) for an ability to do hybrid mining. I believe this is an issue we can see today in Bitcoin having centralized mining and the average user has a costly barrier of entry. To follow up on this one in my opinion one of the things we adopted that we have seen success for , in example Bitcoin and Monero, is a strong community driven coin. I believe having a community driven coin will provide a more organic atmosphere especially when starting with No ICO, or Premine with a fair distribution model for everyone. CryptoDiffer team Q3: What are the major milestones Epic Cash has achieved so far? Maybe you can share with us some exciting plans for future weeks/months? Yoga Dude PR&Marketing at Epic Cash Since we went live in September of 2019, we attracted a very large community of users, miners, investors and contributors from across the world. Epic Cash is a very international project with white papers translated into over 30 languages. We are very much a community driven project; this is very evident from our content and the amount of translations in our white papers and in our social media content. We are constantly working on improving our usability, security and privacy, as well as getting our message and philosophy out into the world to achieve mass adoption. We have a lot of exciting plans for our project, the plan is to make Epic Cash into something that is More than Money. You can tell I am the Marketing guy since my message is less about the actual tech and more about the usability and use cases for Epic Cash, I think our Team and Community have a great mix of technical, practical, social and fiscal experiences. Since we opened our YouTube channels content for community submissions, we have seen our content translated into Spanish, French, German, Polish, Chinese, Japanese, Arabic, Russian, and other languages Max Freeman Project Lead at Epic Cash Our future development roadmap will be published soon and includes 4 tracks: Usability Mining Core Protocol Ecosystem Development Core Protocol Epic Server 2.9.0 — this release improves the difficulty adjustment and is aimed at making block emission closer to the target 60 seconds, particularly reducing the incidence of extremely short and long blocks — Status: In Development (Testing) Anticipated Release: June 2020 Epic Server 3.0.0 — this completes the rebase to Grin 3.0.0 and serves as the prerequisite to some important functional building blocks for the future of the ecosystem. Specifically, sending via Tor (which eliminates the need to open ports), proof of payment (useful for certain dex applications e.g. Bisq), and our native mobile app. Status: In Development (Testing) Anticipated Release: Fall 2020 Non-Interactive Transactions — this will enhance usability by enabling “fire and forget” send-to-address functionality that users are accustomed to from most cryptocurrencies. Status: Drawing Board Anticipated Release: n/a Scaling Options — when blocks start becoming full, how will we increase capacity? Two obvious options are increasing the block size, as well as a Lightning Network-style Layer 2 structure. Status: Drawing Board Anticipated Release: n/a Confidential Assets — Similar to Raven, Tari, and Beam, the ability to create independently tradable assets that ride on the Epic Blockchain. Status: Drawing Board Anticipated Release: n/a Usability GUI Wallet 2.0 — Restore from seed words and various usability enhancements — Status: Needs Assessment Anticipated Release: Fall 2020 Mobile App — Native mobile experience for iOS and Android. Status: In Development (Testing) Anticipated Release: Winter 2020 Telegram Integration — Anonymous payments over the Telegram network, bot functionality for groups. Status: Drawing Board Anticipated Release: n/a Mining RandomX on ARM — Our 4th PoW algorithm, this will enable tablets, cell phones, and low power devices such as Raspberry Pi to participate in mining. Status: Needs Assessment Anticipated Release: n/a The economics of mining Epic are extremely compelling for countries that have free or extremely cheap electricity, since anyone with an ordinary PC can mine. Individual people around the world can simply run the miner and earn meaningful money (imagine Venezuela for example), something that has not been possible since the very early days of Bitcoin. Ecosystem Development Atomic Swaps — Connecting Epic to other blockchains in a trustless way, starting with ETH so that Epic can trade on DeFi infrastructure such as Uniswap, Kyber, etc. Status: Drawing Board Anticipated Release: n/a Xenolink Advisor at Epic Cash From the Community aspect, we have been further developing our community international reach. We have been seeing an increase in interest from South America, China, Russia, Japan, Italy, and the Philippines. We are working on targeting more countries. We truly aim to be a decentralized project that is open to everyone worldwide. CryptoDiffer team Great, thank you for your answers, we now can move to community questions part! Cryptodiffer Community You have 3 mining algorithms, the question is: how do they not compete with each other? Is there any benefit of mining on the GPU and CPU if someone is mining on the ASIC? Max Freeman Project Lead at Epic Cash The block selection is deterministic, so that every 100 blocks, 60% are for RandomX (CPU), 38% for ProgPow (GPU), and 2% for Cuckoo (ASIC) — the policy is flexible so that we can have as many algorithms with any percentages we want. The goal is to make the most decentralized and resilient network possible, and with that in mind we are excited to work on enabling tablets and cell phones to mine, since that opens it up to millions of people that otherwise can’t take part. Cryptodiffer Community To Run a project smoothly, Funding is very important, From where does the Funding/revenue come from? Xenolink Advisor at Epic Cash Yes, early on this was realized and in order to scale a project funds are indeed needed. Epic Cash did not start with any funding and no ICO and was organically genesis mined with no pre-mine. Epic cash is also a nonprofit community driven project similar to Monero. There is no profit-driven entity in the picture. To overcome the revenue issue Epic Cash setup a development fund tax that decreases 1% every year until 2028 when Epic Cash reaches singularity with Bitcoin emissions. Currently it is at 7.77%. This will help support the scaling of the project. Cryptodiffer Community Hi! In your experience working also with MONERO can you please clarify which are those identified problems that EPIC CASH aims to develop and resolve? What’s the main advantage that EPIC CASH has over MONERO? Thank you! Yoga Dude PR&Marketing at Epic Cash First, I must admit that I am still a huge fan and HODLer of Monero. That said: ✅ our blockchain is MUCH lighter than Monero’s ✅ our transaction processing speed is much faster ✅ our address-less blockchain is more private ✅ Epic Cash can be mined with CPU (RandomX) GPU (ProgPow) and Cuckoo, whereas Monero migrated to RandomX and currently only mineable with CPU Cryptodiffer Community
the feature ‘Cut Through’ deletes old data, how is it decided which data will be deletes, and what are the consequences of it for the platform and therefore the users?
On your website I see links to download Epic wallet and mining software for Linux,Windows and MacOs, I am a user of android, is there a version for me, or does it have a release date?
Max Freeman Project Lead at Epic Cash
This is one of the most exciting features of Mimblewimble, which is its extraordinary ability to compress blockchain data. In Bitcoin, the entire history of a coin must be replayed every time it is spent, and comprehensive details are permanently stored in the blockchain. Epic discards spent transaction inputs and consolidates outputs, storing neither addresses or amounts, only a tiny kernel to allow sender and receiver to prove their transaction.
The Vitex mobile app is great for today, and we have a native mobile app for iOS and Android in the works as well.
Cryptodiffer Community $EPIC Have total Supply of 21,000,000 EPIC , is there any burning plan? Or Buyback program to maintain $EPIC price in the future? Who is Epic Biggest competitors? And what’s makes epic better than competitors? Xenolink Advisor at Epic Cash We respect the older generation coins like Bitcoin. But we have learned that the supply economics of Bitcoin is very sound. Until today we can witness how the Bitcoin is being adopted institutionally and by retail. We match the 21 million BTC supply economics because it is an inelastic fixed model which makes the long-term economics very sound. To have an elastic model of burning tokens or printing tokens will not have a solid economic future. Take for example the USD which is an inflating supply. In terms of competitors we look at everyone in crypto with respect and also learn from everyone. If we had to compare to other Mimblewimble tech coins, Grin is an inelastic forever inflating supply which in the long term is not sound economics. Beam however is an inelastic model but is formed as a corporation. The fair distribution is not there because of the permanent revenue model setup for them. Epic Cash a non-profit development tax fund model for scaling purposes that will disappear by 2028’s singularity. Cryptodiffer Community What your plans in place for global expansion, are you focusing on only market at this time? Or focus on building and developing or getting customers and users, or partnerships? Yoga Dude PR&Marketing at Epic Cash Since we are a community project, we have many developers, in addition to the core team. Our plans for Global expansion are simple — we have advocates in different regions addressing their audiences in their native languages. We are growing organically, by explaining our ideology and usability. The idea is to grow beyond needing a fiat bridge for crypto use, but to rather replace fiat with our borderless, private and fungible crypto so people can use it to get goods and services without using banks. We are not limiting ourselves to one particular demographic — Epic Cash is a valid solution for the gamers, investors, techie and non techie people, and the unbanked. Cryptodiffer Community EPIC confidential coin! Did you have any problems with the regulators? And there will be no problems with listing on centralized exchanges? Xenolink Advisor at Epic Cash In terms of structure, we are carefully set up to minimize these concerns. Without a company or investors in the picture, and having raised no funds, there is little scope to attack in terms of securities laws. Bitcoin and Ethereum are widely acknowledged as acceptable, and we follow in their well-established footprints in that respect. Centralized exchanges already trade other privacy coins, so we don’t see this as much of an issue either. In general, decentralized p2p exchange options are more interesting than today’s centralized platforms. They are more censorship resistant, secure, and privacy-protecting. As the technology gets better, they should continue to gain market share and that’s why we’re proud to be partnered with Vitex, whose exchange and mobile app work very well. Cryptodiffer Community What are the main utility and real-life usage of the #EPIC As an investor, why should we invest in the #EPIC project as a long-term investment? Max Freeman Project Lead at Epic Cash Because our blockchain is so light (only 1.16gb currently, and grows very slowly) it is naturally well suited to become a decentralized mobile money standard because people can run a full node on their phone, guaranteeing the security of their funds. Scalability in Bitcoin requires complicated and compromised workarounds such as Lightning Network and light clients, and these problems are solved in Epic. With our forthcoming Mobile Mining app, hundreds of millions of cell phones and tablets will be able to easily join the network. People can quickly and cheaply send money to one another, fulfilling the long-envisioned promise of P2P electronic cash. As an investor, it’s important to ask a few key questions. Bitcoin Standard tokenomics of disinflation and a fixed supply are well proven over a decade now. We follow this model exactly, with a permanently synchronized supply from 2028, and 4 emission halvings from now until then, with our first one in about two weeks. Beyond that, we can apply some simple logical tests. What is more valuable, money that can only be used in some cases (censorable Bitcoin based on a lack of fungibility) or money that can be used universally? (fungible Epic based on always-on privacy by default). Epic is also poised to be a more decentralized and therefore resilient network because of wider participation in mining. Epic is designed to be Bitcoin++ Privacy, Fungibility, Scalability Cryptodiffer Community Q1. What are advantages for choosing three mining algorithms RandomX+, ProgPow and CuckAToo31+ ? Q2. Beam and Grin use MimbleWimble protocol, so what are difference for Epic? All of you will be friends for partners or competitors? Max Freeman Project Lead at Epic Cash RandomX and ProgPow are designed to use the entirety of a CPU / GPU’s unique processing capabilities in a way that other types of hardware don’t work as well. You can run RandomX on a GPU but it doesn’t work nearly as well as a much cheaper CPU, for example. Cuckoo is a “memory hard” algorithm that widens the range of companies that can produce the hardware. Grin and Beam are great projects and we’ve learned a lot from them. We inherited our first codebase from Grin’s excellent Rust design, which is a better language for community participation than C++ that Beam currently uses. Functionally, Mimblewimble is similar across the 3 coins, with standard Confidential Transactions, CoinJoin, Dandelion++, Schnorr Signatures and other advanced features. Grin is primarily ASIC-targeted, Beam is GPU-targeted, and Epic is multi-hardware. The biggest differences though are in tokenomics and project structure. Grin has permanent inflation of 60 coins per block with no halvings, which means steady erosion of value over time due to new supply pressure. It also lacks a steady funding model, making future development in jeopardy, particularly as the per coin price falls. Beam has a for-profit model with heavy early inflation and a high developer tax. Epic builds on the strengths of these earlier mimblewimble projects and addresses the parts that could be improved. Cryptodiffer Community Some privacy coin has scalability issues! How Epic cash will solve scalability issues? Why you choose randomX consensus algorithem? Xenolink Advisor at Epic Cash Fungibility means that you can’t distinguish one unit of currency from another, in example Gold. Fungibility has recently become a hot issue as people have been noticing Bitcoins being locked up by exchanges which may of had a nefarious history which are called Tainted Coins. In example coins that have been involved in a hack, darknet market transactions, or even processing coin through a mixer. Today we can already see freshly mined Bitcoins being sold at a premium price to avoid the fungibility problem Bitcoin carries today. Bitcoin can be tracked by chainalysis and is not a fungible cryptocurrency. One of the features that Epic has is privacy with added fungibility, because of Mimblewimble technology, Epic has no addresses recorded and therefore nothing can be tracked by chainalysis. Below I provide a link of an example of what the lack of fungibility is resulting in today with Bitcoin. One of the reasons why we chose the Random X algo. is because of the easy barrier of entry and also to further decentralize the mining. Random X algo can be mined on old computers or laptops. We also have 2 other algos Progpow (GPU), and Cuckoo (ASIC) to create a wider decentralization of mining methods for Epic. Cryptodiffer Community I’m a newbie in crypto and blockchain so how will Epic Cash team target and educate people who don’t know about blockchain and crypto? What is the uniqueness of Epic Cash that cannot be found in other project that´s been released so far ? Yoga Dude Pr&Marketing at Epic Cash Actually, while we have our white paper translated into over 30 languages, we are more focused on explaining our uses and advantages rather than cold specs. Our tech is solid, but we not get hung up on pure tech talk which most casual users do not need to or care to understand. As long as our fundamentals and tech are secure and user friendly our primary goal is to educate about use cases and market potential. The uniqueness of Epic Cash is its amalgamation of “whats good” in other cryptos. We use Mimblewimble for privacy and anonymity. Our blockchain is much lighter than our competitors. We are the only Mimblewimble crypto to use a unique cocktail of mining algorithms allowing to be mined by casual miners with gaming rigs and laptops, while remaining friendly to GPU and CPU farmers. The “uniqueness” is learning from the mistakes of those who came before us, we evolved and learned, which is why our privacy is better, we are faster, we are fungible, we offer diverse mining and so on. We are the best blend — thats powerful and unique Cryptodiffer Community Can you share EPIC’s vision for decentralized finance (DEFI)? What features do EPIC have to support DEFI? Yoga Dude PR&Marketing at Epic Cash We view Epic as ideally suited to be the decentralized digital reserve asset of the new Private Internet of Money that’s emerging. At a technology level, atomic swaps can be created to build liquidity bridges so that wrapped Epic tokens (like WBTC, WETH) can trade on other networks as ERC20, BEP2, NEP5, VIP180, Algorand and so on. There is more Bitcoin value locked on Ethereum than in Lightning Network, so we will similarly integrate Epic so that it can trade on networks such as Uniswap, Kyber, and so on. Longer term, if there is market demand for it, thanks to Scriptless Script functionality our blockchain has, we can build “Confidential Assets” (which Raven, Tari, and Beam are all also working on) that enable people to create tokenized assets in a private way. Cryptodiffer Community If you could choose one celebrity to promote Epic-cash, who that would be? Max Freeman Project Lead at Epic Cash I am a firm believer that the strength of the project lies in allowing community members to become their own celebrities, if their content is good enough the community will propel them to celebrity status. Organic celebrities with small but loyal following are vastly more beneficial than big name professional shills with inflated but non caring audiences. I remember the early days of Apple when an enthusiastic dude named Guy Kawasaki became Apple Evangelist, he was literally going around stores that sold Apple and visited user groups and Evangelized his belief in Apple. This guy became a Legend and helped Apple become what it is today. Epic Cash will have its OWN Celebrities Cryptodiffer Community How does $EPIC solve scalability of transactions? Current blockchains face issues with scalability a lot, how does $EPIC creates a solution to it? Xenolink Advisor at Epic Cash Epic Cash is utilizing Mimblewimble technology. Besides the privacy & fungibility aspect of the tech. There is the scalability features of it. It is implemented into Epic by transaction cut-through. Which means it allows nodes to remove all intermediate transactions, thus significantly reducing the blockchain size without affecting its validation. Mimblewimble also does not use addresses like a BTC address, and amount of transactions are also not recorded. One problem Monero and Bitcoin are facing now is scalability. It is evident today that data is getting more expensive and that will be a problem in the long run for those coins. Epic is 90% lighter and more scalable compared to Monero and Bitcoin. Cryptodiffer Community what are the ways that Epic Cash generates profits/revenue to maintain your project and what is its revenue model ? How can it make benefit win-win to both invester and your project ? Max Freeman Project Lead at Epic Cash There is a block subsidy of 7.77% that declines 1.11% per year until 0, where it stays after that. As a nonprofit community effort, this extremely modest amount goes much further than in other projects, which often take 20, 30, even 50+ % of the coin supply. We believe that this ongoing funding model best aligns the long term incentives for all participants and balances the compromises between the ends of the centralized/decentralized spectrum of choices that any project must make. Cryptodiffer Community Q1 : What are your major goals to archive in the next 3–4 years? Q2 : What are your plans to expand and gain more adoption? Yoga Dude Pr&Marketing at Epic Cash Max already talked about our technical plans and goals in his roadmap. Allow me to talk more about the non technical 😁 We are aiming for broader reach in the non technical more mainstream community — this is a big challenge but we believe it is doable. By offering simpler ways to mine Epic Cash (with smart phones for example), and by doing more education we will achieve the holy grail of crypto — moving past the fiat bridges and getting Epic Cash to be accepted as means of payment for goods and services. We will accomplish this by working with regional advocacy groups, community interaction, off-line promotional activities and diverse social media targeting. Cryptodiffer Community It seems to me that EpicCash will have its first Halving, right? Why a halving so soon? Is a mobile version feasible? Max Freeman Project Lead at Epic Cash Our supply emission catches up to that of Bitcoin’s first 19 years after 8 years in Epic, so that requires more frequent halvings. Today’s block emission is 16, next up are 8, 4, 2, and then finally 0.15625. After that, the supply of Epic and that of BTC stay synchronized until maxing out at 21m coins in 2140. Today we have a mobile wallet through the Vitex app, a native mobile wallet coming, and are working on mobile mining. Cryptodiffer Community What markets will you add after that? Yoga Dude PR&Marketing at Epic Cash Well, we are aiming to have ALL markets Epic Cash in its final iteration will be usable by everyone everywhere regardless of their technical expertise. We are not limiting ourselves to the technocrats, one of our main goals is to help the billions of unbanked. We want everyone to be able to mine, buy, and most of all USE Epic Cash — gamers, farmers, soccer moms, students, retirees, everyone really — even bankers (well once we defeat the banking industry) We will continue building on the multilingual diversity of our global community adding support and advocacy groups in more countries in more languages. Epic Cash is More than Money and its for Everyone. Cryptodiffer Community Almost, all cryptocurrencies are decentralized & no-one knows who owns that cryptocurrencies ! then also, why Privacy is needed? hats the advantages of Private coins? Max Freeman Project Lead at Epic Cash With a public transparent blockchain such as Bitcoin, you are permanently posting a detailed history of your money movements open for anyone to see (not just legitimate authorities, either!) — It would be considered crazy to post your credit card or bank statements to Twitter, but that’s what is happening every time you send a transaction that is not private. This excellent video from community contributor Spencer Lambert https://www.youtube.com/watch?v=0blbfmvCq\_4 explains better than I can. Privacy is not just for criminals, it’s for everyone. Do you want your landlord to increase the rent when he sees that you get a raise? Your insurance company to raise your healthcare costs because they see you buying too much ice cream? If you’re a business, do you want your employees to see how much money their coworkers make? Do you want your competitors to trace your supplier and customer relationships? Of course not. By privacy being default for everyone, cryptocurrency can be used in a much wider range of situations without unacceptable compromises. Cryptodiffer Community What are the main utility and real-life usage of the #EPIC As an investor, why should we invest in the #EPIC project as a long-term investment? Xenolink Advisor at Epic Cash Epic Cash can be used as a Private and Fungible store of value, medium of exchange, and unit of account. As Epic Cash grows and becomes adopted it can be compared to how Bitcoin and Monero is used and adopted as well. As Epic is adopted by the masses, it can be accepted as a medium of exchange for store owners and as fungible payments without the worry of having money that is tainted. Epic Cash as a store of value may be a good long term aspect of investment to consider. Epic Cash carries an inelastic fixed supply economic model of 21 million coins. There will be 5 halvings which this month of June will be our first halving of epic. From a block reward of 16 Epic reduced to 8. If we look at BTC’s price action and history of their halvings it has been proven and show that there has been an increase in value due to the scarcity and from halvings a reduction of # of BTC’s mined per block. An inelastic supply model like Bitcoin provides proof of the circulating supply compared to the total supply by the history of it’s Price action which is evident in long term charts since the birth of Bitcoin. EPIC Plans to have 5 halvings before the year 2028 to match the emissions of Bitcoin which we call the singularity event. Below is a chart displaying our halvings model approaching singularity. Once bitcoin and cryptocurrency becomes adopted mainstream, the fungibility problem will be more noticed by the general public. Privacy coins and the features of fungibility/scalability will most likely be sought over. Right now a majority of people believe that all cryptocurrency is fungible. However, that is not true. We can already see Chainalysis confirming that they can trace and track and even for other well-known privacy coins today such as Z-Cash. Cryptodiffer Community
You aim to reach support from a global community, what are your plans to get spanish speakers involved into Epic Cash? And emerging markets like the african
How am I secure I won’t be affected by receiving tainted money?
Max Freeman Project Lead at Epic Cash Native speakers from our community are working to raise awareness in key markets such as mining in Argentina and Venezuela for Spanish (Roberto Navarro called Epic “the holy grail of cryptocurrency” and Ethiopia and certain North African countries that have the lowest electricity costs in the world. Remittances between USA and Latin American countries are expensive and slow, so Epic is also perfect for people to send money back home as well. Cryptodiffer Community Do EPICs in 2020 focus more on research and coding, or on sales and implementation? Yoga Dude PR&Marketing at Epic Cash We will definitely continue to work on research and coding, with emphasis on improved accessibility (especially via smartphones) usability, security and privacy. In terms of financial infrastructure will continuing to add exchanges both KYC and non KYC. Big part of our plans is in ongoing Marketing and PR outreach. The idea is to make Epic Cash a viral sensation of sorts. If we can get Epic Cash adopters to spread the word and tell their family, coworkers and friends about Epic Cash — there will be no stopping us and to help that happen we have a growing army of content creators, and supporters. Everyone with skin in the game gets the benefit of advancing the cause. Folks also, this isn’t an answer to the question but an example of a real-world Epic Cash content — https://www.youtube.com/watch?v=XtAVEqKGgqY a challenge from one of our content creators to beat his 21 pull ups and get 100 epics! This has not been claimed yet — people need to step up 🙂 and to help that I will match another 100 Epic Cash to the first person to beat this Cryptodiffer Community I was watching some videos explaining how to send and receive transactions in EpicCash, which consists of ports and sending links, my question is why this is so, which, for now, looks complex? Let’s talk about the economic model, can EpicCash comply with the concept of value reserve? Max Freeman Project Lead at Epic Cash In V3, which is coming later this summer, Epic can be sent over Tor, which eliminates this issue of port opening, even though using tools like ngrok.io, it’s not necessarily as painful as directly configuring the router ports. Early Lightning Network had this issue as well and it’s something we have a plan to address via research into non-interactive transactions. “Fire and Forget” payments to an address, as people are used to in Bitcoin, is coming to Epic and we’re excited to develop functionality that other advanced mimblewimble coins don’t yet have. We are committed to constant improvement in usability and utility, to make our money system the ease of use leader. We are involved in the project (anyone can join the Freeman Family) because we believe that simply by choosing to use a form of money that better aligns with our ideals, that we can make a positive change in the world. Some of my thoughts about how I got involved are here: https://medium.com/epic-cash/the-freeman-family-e3b9c3b3f166 Max Freeman Project Lead at Epic Cash Huge thanks to our friends Maks and Vladyslav, we welcome everyone to come say hi at one of our friendly communities. It is extremely early in this journey, our market cap is only 0.5m right now, whereas the 3 other mimblewimble coins are at $20m, $30m and $100m respectively. Epic is a historic opportunity to follow in the footsteps of legends such as Bitcoin and Monero, and we hope to become the first Top 5 privacy coin project. Xenolink Advisor at Epic Cash Would like to Thank the Cryptodiffer Team and the Cryptodiffer community for hosting us and also engaging with us to learn more about Epic. If anyone else has more questions and wants to know more about EPIC , can find us at our telegram channel at https://t.me/EpicCash . Yoga Dude Pr&Marketing at Epic Cash Thank you, CryptoDiffer Team, and this wonderful Community!!! Cryptodiffer TEAM Thank you everyone for taking your time and asking great questions Thank you for your time, it was an insightful session Spread the love
The Dow fell 112.93, or 0.40%, to 27,821.09 , the Nasdaq fell 43.93, or 0.51%, to 8,526.73 , and the S&P 500 declined 11.72, or 0.38%, to 3,108.46. The S&P 500 declined as much as 0.9% on Wednesday after Reuters reported that a Phase One trade deal may not get completed this year. Stocks cut losses throughout the afternoon, leaving the benchmark index down 0.4% for the session -- comparable to the losses in the Dow Jones Industrial Average (-0.4%), Nasdaq Composite (-0.5%), and Russell 2000 (-0.4%). The negative-sounding headline conflicted with the optimistic tone struck by top White House officials, including Commerce Secretary Ross just last night. Also transpiring last night was the U.S. Senate passing the Hong Kong Human Rights and Democracy Act, much to the contempt of China. Altogether, it seemed like a good time to take profits, especially if the Dec. 15 tariffs still go into effect. The trade-sensitive areas of the market like the S&P 500 materials (-1.2%), industrials (-0.8%), and information technology (-0.7%) sectors led the decline. The communication services sector (-0.8%), which contains many growth-oriented stocks, also underperformed. Unsurprisingly, though, selling pressure quickly abated amid an opportunistic mindset among investors eagerly awaiting a dip. In addition, the details of the report were not as foreboding as the headline, and knee-jerk selling, suggested. Tucked in the report was a line indicating that some "China and trade experts" were still optimistic about a deal in the coming weeks. Leading the afternoon comeback was the energy sector (+1.0%), which found reprieve amid a 3% rebound in oil prices ($56.91, +1.70, +3.1%). The defensive-oriented utilities (+0.6%), consumer staples (+0.2%), and real estate (+0.03%) sectors also finished in positive territory. Separately, the release of the FOMC Minutes from the October meeting didn't draw much attention, as it was consistent with the prevailing view about monetary policy since that meeting. Economic data was limited to the weekly MBA Mortgage Applications Index, which declined 2.2% following a 9.6% increase in the prior week. Among the noteworthy gainers was TGT, which jumped 12% after the retailer reported better than expected sales and profits for the third quarter and raised its full-year forecast ahead of the critical holiday quarter. Discussing the results, chairman and CEO Brian Cornell touted that Target is "seeing industry-leading strength across multiple metrics, from the top line to the bottom line.". LOW is also rising 4% following its own "beat and raise" third quarter report, with CEO Marvin Ellison attributing the "strong" earnings per share growth to the company's "improved execution. Also higher was was PAYC, which rose 8.46% after RBC Capital Mkts upgraded to Outperform,which states that it is "increasingly confident in [co's] ability to realize price, improve retention, and drive a long runway of continued market disruption and penetration." The stock, which had already risen by +13% month-to-date as of yesterday's close, today touched up to new all-time highs. I also gained 15% after Raymond James analyst Richard Prentiss upgraded the stock to Outperform from Market Perform. Among the notable losers was PDD, which dumped 23.04% after missing consensus for Q3 EPS. WBK sinked to its lowest levels since last December on higher than average volume after being accused by regulators of breaching anti-money laundering laws. Co's management acknowledged co's recognition that certain issues pertinent to the proceedings, such as a previously disclosed self-reported failure to report a large number of international funds transfer instructions, "should never have occurred and should have been identified and rectified sooner"; co "is carefully reviewing the claim and will be working constructively with AUSTRAC to resolve the matter." Also lower was URBN, which slid 14% after reporting quarterly results along with China's PDD, which fell 21%. GM filed a lawsuit today in U.S. District Court in Detroit alleging FCAU got an unfair business advantage by bribing officials of the United Auto Workers union, Tom Krisher of Associated Press reported . The suit alleges that Fiat corrupted the bargaining process with the UAW in the 2009, 2011 and 2015 union contracts to gain advantages over GM. Shares of Fiat Chrysler were down 2.5% immediately following the AP's report, while GM was down 2%. Elsewhere, The pan-European Stoxx 600 was 0.3% lower at the closing bell. Mainland Chinese stocks ended the day lower, with the Shanghai composite down 0.78% to 2,911.05 and the Shenzhen component shedding 0.82% to 9,809.05. The Shenzhen composite was around 0.707% lower at 1,635.16. Hong Kong’s Hang Seng index slipped about 0.73%, as of its final hour of trading.
The U.S. Dollar Index rose 0.1% to 97.93.
EUUSD: -0.1% to 1.1073
GBP/USD: UNCH at 1.2918
USD/CNH: +0.2% to 7.0385
USD/JPY: +0.1% to 108.59
U.S. Treasuries enjoyed another day of solid gains that pressured yields on the 5-yr note, the 10-yr note, and the 30-yr bond back below their respective 50-day moving averages. Treasuries backed off their morning levels in midday trade but jumped to fresh highs after Reuters reported that the partial trade deal with China may not get signed this year. President Trump was asked about negotiations with China a bit later, to which he responded, "China wants to make a deal. The question is: Do I want to make a deal? Because I like what's happening right now. We're taking in billions and billions of dollars."
2-yr: -2 bps to 1.57%
3-yr: -3 bps to 1.56%
5-yr: -4 bps to 1.58%
10-yr: -5 bps to 1.74%
30-yr: -5 bps to 2.20%
Oil gained more than 3% on Wednesday after data showed a smaller than expected build in U.S. inventories. The move also came as tensions in the Middle East rose, with Yemen’s Houthi rebels claimed they intercepted a Saudi warplane. Gold fell, retreating from a two-week high hit earlier in the session,** after the United States started issuing licenses for some companies to supply goods to Chinese firm Huawei, rekindling hopes for trade negotiations that had shown signs of turning more contentious.**
WTI crude: +3.1% to $56.91/bbl
Gold: UNCH at $1474.20/ozt
Copper: -0.2% to $2.651/lb
As it stands, most of the cryptocurrencies in the top 30 by market capitalization are in the red, with BTC, ETH and XRP down between 1-2% each.
Bitcoin: $8,045.85 (24hr: -1.86%)
Ethereum: $175.69 (24hr: -0.29%)
Ripple: $0.25 (24hr: -0.79%)
Old Man +18.0%
SONO Earnings - EPS (28c) vs (22c). 4Q Rev. $294.2M, Est. $289.2M
U.S. Senator Markey: Amazon Ring's policies 'open door' for privacy violations
Huobi is a Singapore-based cryptocurrency exchange. Founded in China, the company now has offices in Hong Kong, Korea, Japan and the United States. In August 2018 it became a publicly listed Hong Kong company. Recently during early 2019, after crypto communities lost interest in ICOs (Initial Coin Offering) due to many unregistered STOs (Security Token Offering) and other projects whose aim was only to raise the funds. Exchanges adapted and gave a new dimension of the fund raising, IEO (Initial Exchange Offering). In this regard, exchanges helped the projects by providing them a platform to raise the funds and also helped the retail investors by doing due diligence on the project on behalf of the investors. Best part of this process is, such issued tokens are listed on the same platform and exchanges helped these start ups in the process. This gave a sense of security and helped to maintain integrity with the projects and public investors. All the top tier exchanges are participating in this movement and named such fund raising as Launchpad, Jumpstart, Spotlight, Startup etc. While Huobi came up with Huobi Prime. Unlike other exchanges, Huobi Prime has helped varieties of start-ups.
It all started with a DAG based blockchain platform, Top Network.
A project named after the greatest scientist who made a major impact on the human lives, Newton Project. It is aimed to deliver an infrastructure for the community economy.
It is followed by Thunder Core. A blockchain project dreamt of decentralized future and allows anyone to build dApps on their platform.
Then Reserve Rights continued the legacy. It’s a protocol for stable currencies with three kinds of tokens RSV, RSR and collateral tokens.
Akropolis - a protocol to explore the informal economy and help the people with DeFi. It was one of it’s kind which was competitive enough to seek the help from the Huobi.
Later a social digital currency, Emogi secured a place to be the next Prime project.
Recently, Whole Network - A consensus, co-creation, and win-win behavioral value network had the opportunity to feature as a 7th Prime project.
However, each of the Prime project is different from the other in the list. One must admit, it is a basket with mixed fruits. From DAG to Currency to dApp platform to stable coin protocol to DeFi protocol to digital currency to blockchain phone. Huobi has covered a rich list of projects in this journey. https://preview.redd.it/8z08lbq3qls41.png?width=800&format=png&auto=webp&s=34de122d950f32feb46df82cdce290221e1572be (This chart presents the information based on the price of the each token on 2nd October. However it may vary marginally as price of the cryptocurrencies are volatile in nature) Trading Options Many centralized exchanges serve as the sole, centralized market maker. In contrast, Huobi also allows you to trade over the counter (OTC). This means that you can buy and sell cryptocurrencies peer-to-peer on Huobi. Even though this option exists on the exchange, it has yet to gain adoption from traders. Various commenters have said that there is a lack of OTC offers. Still, this is still an innovative technical feature. If you are a margin trader, Houbi has a separate platform specifically for this. You can access this by going to the margin tab in the header. The amount of leverage you can have varies from coin-to-coin. For example, BTC is around 3x. Compared to other margin trading platforms, this is low. Nonetheless, it is an attractive option for potential users. In December 2018, Huobi Derivative Market issued BTC contracts and ETH contracts (including weekly, bi-weekly and quarterly, respectively), and flexible leverages, including 1x, 5x, 10x and 20x. In the future, more digital currencies will be issued to meet various investment demands. Meaning “currency” in Mandarin Chinese, Huobi consistently ranks as one of the world’s top ten largest exchanges by trade volume. In this article, we look at everything you need to know as a potential Huobi user. Let’s examine fees, fund security, customer experience and more. User Interface and Mobile App Available on iOS and Android, the Huobi mobile app features most of the functionalities available on the web platform. You can even complete tasks like account registration and verification directly via the app. In Google Play, the Huobi Global app has an average rating of 4.1 stars out of 3,730 reviews. However, in December 2018 and January 2019, some users have said that the Android app won’t let them login due to an error with Captcha. On the Apple App Store, Huobi boasts an average rating of 4.9 stars out of over 4,800 reviews. Trading Options Many centralized exchanges serve as the sole, centralized market maker. In contrast, Huobi also allows you to trade over the counter (OTC). This means that you can buy and sell cryptocurrencies peer-to-peer on Huobi. Even though this option exists on the exchange, it has yet to gain adoption from traders. Various commenters have said that there is a lack of OTC offers. Still, this is still an innovative technical feature. If you are a margin trader, Houbi has a separate platform specifically for this. You can access this by going to the margin tab in the header. The amount of leverage you can have varies from coin-to-coin. For example, BTC is around 3x. Compared to other margin trading platforms, this is low. Nonetheless, it is an attractive option for potential users. In December 2018, Huobi Derivative Market issued BTC contracts and ETH contracts (including weekly, bi-weekly and quarterly, respectively), and flexible leverages, including 1x, 5x, 10x and 20x. In the future, more digital currencies will be issued to meet various investment demands. Huobi offers a margin trading option. Security Compared to other exchanges, Huobi continues to excel from a security perspective. Many top exchanges suffer from large-scale hacks, with varying results in terms of trading volume afterward. In 2015, a Bitstamp hacker withdrew 12,000 BTC from Huobi. However, this issue did not relate to the security of Huobi. Huobi reported a DDOS attack in 2015 but this did not cause a security breach. According to one review, an individual user lost USDT and EOS on Huobi. This reviewer states that the problem was caused by a technical error with Huobi’s 2FA. One comment suggests that it was the result of a phishing scam. Huobi claims that its risk controls have been developed by the likes of Goldman Sachs. The exchange stores around 98 percent of funds in cold wallets. Moreover, Huobi now utilizes a decentralized exchange structure to prevent DDOS attacks. The exchange even has a User Protection Fund Initiative. Twenty percent of net revenue that the exchanges gains from trades will go to this fund, which it will use to buy back Huobi Token (HT). It also has a service called Huobi Security Reserve. As part of this, the exchange plans to store 20,000 BTC for insurance. This is a preventative measure that will help Huobi reimburse users in the case of any future hacks. Huobi Fees Huobi has a 0.2 percent fee that applies to both market makers and takers for amounts between $0 and $5,000,000 over the course of a 30-day period. In comparison, other top exchanges like Binance have 0.1 percent fees. Meanwhile, GDAX has 0.3 percent fees. In January 2019, Huobi Global launched a tiered fee structure that significantly reduces fees for higher volume traders. This is relatively competitive when compared to other exchanges. Users also have the option to reduce trading fees on Huobi by becoming a VIP member. This involves paying a monthly payment of HT, which varies depending on the membership level (1-5). Like most exchanges Huobi has no fees on deposits. However, Huobi does have withdrawal fees and minimums that vary from coin-to-coin. For example, withdrawing Bitcoin (BTC) costs 0.001 BTC, with a minimum withdrawal amount of 0.01 BTC. For Tether (USDT), the flat fee is 5 USDT and minimum withdrawal amount is 20 USDT. Overall, this means that Huobi fees are generally higher than most exchanges for lower withdrawal amounts. A few exceptions exist. For example, TUSD has a withdrawal minimum of $20 but a withdrawal fee of only $2. Withdrawal Limitations Similar to many exchanges on the market, Huobi has withdrawal limitations based on various levels of user verification. One thing you will notice is that withdrawal amounts vary greatly depending on your citizenship. For example, if you are a citizen of China, you can’t withdraw any funds as an unverified user or with level 1 verification. This option is only available at level 2 or above. In the United States, the exchange only requires level 1 verification. However, the amounts are relatively low: a daily limit of $2,000 and a monthly limit of $10,000. Customer Service Experience Compared to most exchanges, Huobi has above average customer service experience. Customer support is available 24/7, and response times only take two to three hours on average. Many consider this to be a rarity in the space. There are two main methods that you can use to reach customer support. First, you can utilize the chat app that is available directly on the Huobi trading platform. Second, you can contact the team at [[email protected]](mailto:[email protected]). If you choose this option, Huobi asks that you use the registered email address associated with your Huobi account and include your user ID. Huobi Website: https://www.huobi.vc/en-us/topic/invited/?invite_code=3afg5 UID: 134371568 Huobi Indian Community: https://t.me/huobiglobalindia Huobi Global Community: https://t.me/huobiglobalofficial
Chico Crypto from Youtube has been exposing truths behind Bakkt as Bakkt has been reluctant to provide a public custodian address where the funds will be held. A notable name Chico Crypto mentioned was Glenn Hutchins, a Director of the Federal Reserve Bank of New York, former adviser to President Clinton, and one of the biggest drivers behind the Lightning Network. Glenn is also in the Board of Directors at AT&T. This inspired me to research into what the future may HODL for us. Glenn Hutchins' connections to Bakkt comes through ICE's partnership with Blockstream. Blockstream is the developer of The Lightning Network. Glenn Hutchins made a speech at Coindesk in 2016 "Why Bitcoin Still Matters" I was shocked Glenn even spoke publicly on Bitcoin. He addresses the Lightning Network in this speech as fast, cheap, and transformative. The most notable points he made was: "1. Providing the consumer or enterprise with a very simple technology that doesn't require them to figure out Bitcoin technologies.
Giving consumers or enterprises something that works very quickly at very low cost and will have a massive opportunity in terms of profit pools that are available.
It is really important for this industry to embrace regulation for two reasons:
Banks, deposit-taking institutions, and other parts of the financial services infrastructure will continue to be for a very long time period necessary for the Bitcoin ecosystem to work.
Being able to work inside the framework of the legal and regulatory systems and the countries is going to be critical to being successful. The technology needs to work within the know your customer anti-money laundering anti-terrorism OFAT kind of control system, and if we get that right the consumers benefit right. And if we get the regulatory environment right and also embrace Bitcoin technology for what it can do this is an industry that can be transformative in our lives both commercially and personally."
Glenn also claims to own a lot of bitcoin. Moving onto Bakkt, the following is a breakdown of their investors: Boston Consulting Group, Horizons Ventures Limited, Microsoft, and Naspers The current CEO of Boston Consulting Group is Rich Lesser. In December 2016, Lesser joined a business forum assembled by then president-elect Donald Trump to provide strategic and policy advice on economic issues. Horizons Ventures Limited includes early investors in Google Deep Mind, Dollar Shave Club, and Siri Microsoft has been developing blockchain solutions through Azure. Microsoft is a member of the Ethereum Enterprise Alliance and also chairs the Token Taxonomy Initiative that created the token framework. Microsoft and Enjin have collaborated in a local pilot to create a blockchain based recognition programme on the Ethereum public blockchain. Pantera Capital - investments include Bakkt, Bitstamp, Brave, Ripple, Shapeshift, Zcash, 0x Protocol, Enigma, Kyber, OmiseGo, etc. Naspers - owner of PayU and largest owner of Tencent Holdings Limited, the parent company of WeChat ICE (Intercontinental Exchange) - CEO is Jeffrey Sprecher, husband of Bakkt CEO - Jeffrey Sprecher is the chairman of the New York Stock Exchange Kelly Loeffler is the CEO of Bakkt - new Republican Senator of Georgia 2019, been seeking the Republican nomination since 2014 US Senate election in Georgia. Johnnny Isakson preceded Kelly Loeffler as the Georgia Senator for 15 years. Johnny Isakson's political stance about the Environment, Healthcare, and Immigration is as follows: In a series of roll call votes attached to debate about the Keystone Pipeline on January 21, 2015, he voted against Amendment 87 by Senator John Hoeven that climate change is real and human activity contributes to climate change, and against Amendment 58 by Senator Brian Schatz, that human activity "significantly" contributes to climate change. In 2015, he voted against the Obama administration's Clean Power Plan. Isakson voted against the Patient Protection and Affordable Care Act, and has since voted over 60 times in favor of ending it. Isakson favors tougher border security to address the immigration issue. In 2019, he voted to support President Trump's national emergency declaration. Trump's public views on Bitcoin are also commonly known from his tweets "I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity... We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar! " My key takeaways, thoughts, and questions are as follows: 1) Bakkt will introduce regulated retail payment solution for cryptocurrency. They will advertise that you can spend your cryptocurrency at Starbucks however they will conduct this to collect Bitcoin on a large scale. This will be facilitated by a closed system where you will not be able to use your cryptocurrency outside the Bakkt system. 2) The main driver behind The Lightning Network is an advocate for KYC. If no KYC can you not participate in The LN? 3) Why is there such a strong connection between Bitcoin, the Republican party, and the Trump administration? 4) Why is the largest investor in WeChat investing in Bakkt? Please let me know your thoughts below and whether you have more information you can add to this, especially Naspers' involvement. As I was about to post this I alsojust found a post that was dismissed from 1 year ago describing just this, and it's happening.
I interlaced everything between Vitalik and Tuur to make it easier to read.
1/ People often ask me why I’m so “against” Ethereum. Why do I go out of my way to point out flaws or make analogies that put it in a bad light?
2/ First, ETH’s architecture & culture is opposite that of Bitcoin, and yet claims to offer same solutions: decentralization, immutability, SoV, asset issuance, smart contracts, … Second, ETH is considered a crypto ‘blue chip’, thus colors perception of uninformed newcomers.
Agree! I personally find Ethereum culture far saner, though I am a bit biased :)
3/ I've followed Ethereum since 2014 & feel a responsibility to share my concerns. IMO contrary to its marketing, ETH is at best a science experiment. It’s now valued at $13B, which I think is still too high.
Not an argument
4/ I agree with Ethereum developer Vlad Zamfir that it’s not money, not safe, and not scalable. https://twitter.com/VladZamfistatus/838006311598030848 … @VladZamfir Eth isn't money, so there is no monetary policy. There is currently fixed block issuance with an exponential difficulty increase (the bomb).
I'm pretty sure Vlad would say the exact same thing about Bitcoin
5/ To me the first red flag came up when in our weekly hangout we asked the ETH founders about to how they were going to scale the network. (We’re now 4.5 years later, and sharding is still a pipe dream.)
The core principles have been known for years, the core design for nearly a year, and details for months, with implementations on the way. So sharding is definitely not at the pipe dream stage at this point.
6/ Despite strong optimism that on-chain scaling of Ethereum was around the corner (just another engineering job), this promise hasn’t been delivered on to date.
Sure, sharding is not yet finished. Though more incremental stuff has been going well, eg. uncle rates are at near record lows despite very high chain usage.
7/ Recently, a team of reputable developers decided to peer review a widely anticipated Casper / sharding white paper, concluding that it does not live up to its own claims.
Unmerciful peer review of Vlad Zamfir & co's white paper to scale Ethereum: "the authors do NOT prove that the CBC Casper family of protocols is Byzantine fault tolerant in either practice or theory".
8/ On the 2nd layer front, devs are now trying to scale Ethereum via scale via state channels (ETH’s version of Lightning), but it is unclear whether main-chain issued ERC20 type tokens will be portable to this environment.
Umm... you can definitely use Raiden with arbitrary ERC20s. That's why the interface currently uses WETH (the ERC20-fied version of ether) and not ETH
9/ Compare this to how the Bitcoin Lightning Network project evolved:
elizabeth stark @starkness: For lnd: First public code released: January 2016 Alpha: January 2017 Beta: March 2018…
10/ Bitcoin’s Lightning Network is now live, and is growing at rapid clip.
Jameson Lopp @lopp: Lightning Network: January 2018 vs December 2018
Sure, though as far as I understand there's still a low probability of finding routes for nontrivial amounts, and there's capital lockup griefing vectors, and privacy issues.... FWIW I personally never thought lightning is unworkable, it's just a design that inherently runs into ten thousand small issues that will likely take a very long time to get past.
11/ In 2017, more Ethereum scaling buzz was created, this time the panacea was “Plasma”.
12/ However, upon closer examination it was the recycling of some stale ideas, and the project went nowhere:
Peter Todd @peterktodd These ideas were all considered in the Treechains design process, and ultimately rejected as insecure.
Just because Peter Todd rejected something as "insecure" doesn't mean that it is. In general, the ethereum research community is quite convinced that the fundamental Plasma design is fine, and as far as I understand there are formal proofs on the way. The only insecurity that can't be avoided is mass exit vulns, and channel-based systems have those too.
13/ The elephant in the room is the transition to proof-of-stake, an “environmentally friendly” way to secure the chain. (If this was the plan all along, why create a proof-of-work chain first?)
@TuurDemeester "Changing from proof of work to proof of stake changes the economics of the system, all the rules change and it will impact everything."
Umm... we created a proof of work chain first because we did not have a satisfactory proof of stake algo initially?
14/ For the uninitiated, here’s a good write-up that highlights some of the fundamental design problems of proof-of-stake. Like I said, this is science experiment territory.
Yes, we know about weak subjectivity, see https://blog.ethereum.org/2014/11/25/proof-stake-learned-love-weak-subjectivity/. It's really not that bad, especially given that users need to update their clients once in a while anyway, oh and by the way even if the weak subjectivity assumption is broken an attacker still needs to gather up that pile of old keys making up 51% of the stake. And also to defend against that there's Universal Hash Time.
16/ Keep in mind that Proof of Stake (PoS) is not a new concept at all. Proof-of-Work actually was one of the big innovations that made Bitcoin possible, after PoS was deemed impractical because of censorship vulnerability.
Oh I definitely agree that proof of work was superior for bootstrap, and I liked it back then especially because it actually managed to be reasonably egalitarian around 2009-2012 before ASICs fully took over. But at the present time it doesn't really have that nice attribute.
17/ Over the years, this has become a pattern in Ethereum’s culture: recycling old ideas while not properly referring to past research and having poor peer review standards. This is not how science progresses.Tuur Demeester added,
I try to credit people whenever I can; half my blog and ethresear.ch posts have a "special thanks" section right at the top. Sometimes we end up re-inventing stuff, and sometimes we end up hearing about stuff, forgetting it, and later re-inventing it; that's life as an autodidact. And if you feel you've been unfairly not credited for something, always feel free to comment, people have done this and I've edited.
18/ One of my big concerns is that sophistry and marketing hype is a serious part of Ethereum’s success so far, and that overly inflated expectations have lead to an inflated market cap.
Ok, go on.
19/ Let’s illustrate with an example.
20/ A few days ago, I shared a critical tweet that made the argument that Ethereum’s value proposition is in essence utopian.
@TuurDemeester Ethereum-ism sounds a bit like Marxism to me:
What works today (PoW) is 'just a phase', the ideal & unproven future is to come: Proof-of-Stake.…
22/ My first point, about Ethereum developers rejecting Proof-of-Work, has been illustrated many times over By Vitalik and others. (See earlier in this tweetstorm for more about how PoS is unproven.)
Vitalik Non-giver of Ether @VitalikButerin: I don't believe in proof of work!
See above for links as to why I think proof of stake is great.
23/ My second point addresses Ethereum’s romance with the vague and dangerous notion of ‘social consensus’, where disruptive hard-forks are used to ‘upgrade’ or ‘optimize’ the system, which inevitably leads to increased centralization. More here:
See my rebuttal to Tuur's rebuttal :)
24/ My third point addresses PoS’ promise of perpetual income to ETHizens. Vitalik is no stranger to embracing free lunch ideas, e.g. during his 2014 ETH announcement speech, where he described a coin with a 20% inflation tax as having “no cost” to users.
Yeah, I haven't really emphasized perpetual income to stakers as a selling point in years. I actually favor rewards being as low as possible while still being high enough for security.
25/ In his response to my tweet, Vitalik adopted my format to “play the same game” in criticizing Bitcoin. My criticisms weren't addressed, and his response was riddled with errors. Yet his followers gave it +1,000 upvotes!
Vitalik Non-giver of Ether @VitalikButerin: - What works today (L1) is just a phase, ideal and unproven future (usable L2) is to come - Utopian concept of progress: we're already so confident we're finished we ain't needin no hard forks…
Ok, let's hear about what the errors are...
26/ Rebuttal: - BTC layer 1 is not “just a phase”, it always will be its definitive bedrock for transaction settlement. - Soft forking digital protocols has been the norm for over 3 decades—hard-forks are the deviation! - Satoshi never suggested hyperbitcoinization as a goal.
Sure, but (i) the use of layer 1 for consumer payments is definitely, in bitcoin ideology, "just a phase", (ii) I don't think you can make analogies between consensus protocols and other kinds of protocols, and between soft forking consensus protocols and protocol changes in other protocols, that easily, (iii) plenty of people do believe that hyperbitcoinization as a goal. Oh by the way: https://twitter.com/tuurdemeestestatus/545993119599460353
27/ This kind of sophistry is exhausting and completely counter-productive, but it can be very convincing for an uninformed retail public.
Ok, go on.
28/ Let me share a few more inconvenient truths.
29/ In order to “guarantee” the transition to PoS’ utopia of perpetual income (staking coins earns interest), a “difficulty bomb” was embedded in the protocol, which supposedly would force miners to accept the transition.
The intended goal of the difficulty bomb was to prevent the protocol from ossifying, by ensuring that it has to hard fork eventually to reset the difficulty bomb, at which point the status quo bias in favor of not changing other protocol rules at the same time would be weaker. Though forcing a switch to PoS was definitely a key goal.
30/ Of course, nothing came of this, because anything in the ETH protocol can be hard-forked away. Another broken promise.
33/ The modular approach to Bitcoin seems to be much better at compartmentalizing risk, and thus reducing attack surfaces. I’ve written about modular scaling here...
To be fair, risk is reduced because Bitcoin does less.
34/ Another huge issue that Ethereum has is with scaling. By putting “everything on the blockchain” (which stores everything forever) and dubbing it “the world computer”, you are going to end up with a very slow and clogged up system.
We never advocated "putting everything on the blockchain". The phrase "world computer" was never meant to be interpreted as "everyone's personal desktop", but rather as a common platform specifically for the parts of applications that require consensus on shared state. As evidence of this, notice how Whisper and Swarm were part of the vision as complements to Ethereum right from the start.
35/ By now the Ethereum bloat is so bad that cheaply running an individual node is practically impossible for a lay person. ETH developers are also imploring people to not deploy more smart contract apps on its blockchain.
Tuur Demeester @TuurDemeester: But... deploying d-apps on the "Ethereum Virtual Machine" is exactly what everyone was encouraged to do for the past 4 years. Looks like on-chain scaling wasn't such a great idea after all.
Umm.... I just spun up a node from scratch last week. On a consumer laptop.
36/ As a result, and despite the claims that running a node in “warp” mode is easy and as good as a full node, Ethereum is becoming increasingly centralized.
37/ Another hollow claim: in 2016, Ethereum was promoted as being censorship resistant…
Tuur Demeester @TuurDemeester: Pre TheDAO #Ethereum presentation: "uncensorable, code is law, bottom up". http://ow.ly/qW49302Pp92
Yes, the DAO fork did violate the notion of absolute immutability. However, the "forking the DAO will lead to doom and gloom" crowd was very wrong in one key way: it did NOT work as a precedent justifying all sorts of further state interventions. The community clearly drew a line in the sand by firmly rejecting EIP 867, and EIP 999 seems to now also be going nowhere. So it seems like there's some evidence that the social contract of "moderately but not infinitely strong immutability" actually can be stable.
38/ Yet later that year, after only 6% of ETH holders had cast a vote, ETH core devs decided to endorse a hard-fork that clawed back the funds from a smart contract that held 4.5% of all ETH in circulation. More here: ...
Hudson Jameson @hudsonjameson: The "semi-closed" Ethereum 1.x meeting from last Friday was an experiment. The All Core Dev meeting this Friday will be recorded as usual.
Suppose I were to tomorrow sign up to work directly for Kim Jong Un. What concretely would happen to the Ethereum protocol? I suspect very little; I am mostly involved in the Serenity work, and the other researchers have proven very capable of both pushing the spec forward even without me and catching any mistakes with my work. So I don't think any argument involving me applies. And we ended up deciding not to do more semi-closed meetings.
40/ Another red flag to me is the apparent lack of relevant expertise in the ETH development community. (Check the responses…)
I personally am confident in the talents of our core researchers, and our community of academic partners. Most recently the latter group includes people from Starkware, Stanford CBR, IC3, and other groups.
I have no idea who described Lucius Meredith's work as being important for the Serenity roadmap.... oh and by the way, RChain is NOT an "Ethereum scaling company"
42/ Perhaps the recently added Gandalf of Ethereum, with his “Fellowship of Ethereum Magicians” [sic] can save the day, but imo that seems unlikely...
Honestly, I don't see why Ethereum Gandalf needs to save the day, because I don't see what is in danger and needs to be saved...
43/ This is becoming a long tweetstorm, so let’s wrap up with a few closing comments.
44/ Do I have a conflict of interest? ETH is a publicly available asset with no real barriers to entry, so I could easily get a stake. Also, having met Vitalik & other ETH founders several times in 2013-’14, it would have been doable for me to become part of the in-crowd.
Agree there. And BTW I generally think financial conflicts of interest are somewhat overrated; social conflicts/tribal biases are the bigger problem much of the time. Though those two kinds of misalignments do frequently overlap and reinforce each other so they're difficult to fully disentangle.
45/ Actually, I was initially excited about Ethereum’s smart contract work - this was before one of its many pivots.
Tuur Demeester @TuurDemeester: Ethereum is probably the first programming language I will teach myself - who wouldn't want the ability to program smart BTC contracts?
Ethereum was never about "smart BTC contracts"..... even "Ethereum as a Mastercoin-style meta-protocol" was intended to be built on top of Primecoin.
46/ Also, I have done my share of soul searching about whether I could be suffering from survivor’s bias.
47/ Here’s why Ethereum is dubious to me: rather than creating an open source project & testnet to work on these interesting computer science problems, its founders instead did a securities offering, involving many thousands of clueless retail investors.
48/ Investing in the Ethereum ICO was akin to buying shares in a startup that had “invent time travel” as part of its business plan. Imo it was a reckless security offering, and it set the tone for the terrible capital misallocation of the 2017 ICO boom.
Nothing in the ethereum roadmap requires time-travel-like technical advancements or anything remotely close to that. Proof: we basically have all the fundamental technical advancements we need at this point.
49/ In my view, Ethereum is the Yahoo of our day - an unscalable “blue chip” cryptocurrency:
Tuur Demeester @TuurDemeester: 1/ The DotCom bubble shows that the market isn't very good at valuing early stage technology. I'll use Google vs. Yahoo to illustrate.
11-04 14:33 - 'DIFFERENCE BETWEEN KRATSCOIN AND BITCOIN' (self.Bitcoin) by /u/xia112 removed from /r/Bitcoin within 3-13min
''' • The indivisible minimum KRATSCOIN unit is 0.00001 instead of 0.00000001 to denominate realistic currency rates in FOREX. Denomination cannot be determined or dictated by the value of a currency. If KRATSCOIN is valued at USD10,000.00 then the smallest unit of KRATSCOIN at 0.00001 = USD0.10 and nothing smaller than USD0.10 in KRATSCOIN. Example: If USD1.00 = THB30.00 and the smallest denomination of USD is USD0.10, then a USD0.10 which is THB3.00, is unable to buy a piece of candy at THB1.00. Thus the USD must be converted into a smaller currency of THB in order to buy the THB1.00 candy. • KRATSCOIN is in-line with standard International Foreign Currency Exchange Practice at indivisible minimum unit 0.00001. • Each KRATSCOIN is equipped with a 13 digit “SERIAL CODES AND NUMBERS” and there will be a total of 2,100,000,000,000 SERIAL CODES in total. Example1: 1st KRATSCOIN = AKDJFYRS.00000 Example2: 1st Fraction from 1st KRATSCOIN = AKDJFYRS.00001 Example3: 2nd Fraction from 2nd KRATSCOIN = AKDJFYRS.00002 Example4: Last KRATSCOIN = DLXVZKWR.00000 Example5: 1st Fraction from Last KRATSCOIN = DLXVZKWR.00001 Example6: 2nd Fraction from Last KRATSCOIN = DLXVZKWR.00002 • In Year 2015, Silk Road in DeepWeb utilization of Bitcoin in their transactions amounts to USD1.2billion spanning over 950,000 users. One may argue that Bitcoin is most utilized by the black market, which then maintains its value and worth among other factors. However, the USD1.2bil a year over 950,000 users are far fetch from the Legitimate Users in comparison. Bitcoin transactions runs into USD40.0bil in recent Legitimate Crypto Exchanges. In summary, legitimate transaction of crypto currencies is many times larger use in illegal transactions. DIFFERENCE BETWEEN FIAT AND CRYPTO: • Fiat Currency is backed by Governments/Countries itself. What determines the value of a currency is the economic health, demand, growth, political stability to name a few, of the respective country. Before 1930, most fiat currencies were backed by gold and silver. • Since 1971, U.S. citizens have been able to utilize Federal Reserve Notes as the only form of money that for the first time had no currency with any gold or silver backing. This is where you get the saying that U.S. dollars are backed by the “full faith and credit” of the U.S. Government - quoted in google.com. • What backs crypto value is purely supply and demand. The demand creation of a crypto is its sole objective. To create demand, the crypto has to have a purpose. And most purpose commonly promoted is utility. The number of ways you can utilize the said crypto. The more utilization factors the more demand there is for it. • There are other ways to substantiate value of a crypto and that is to back the crypto with a 1 to 1 ratio in assets or in USD. Then the question is, how 3,000 crypto currencies in circulation be monetary eco sustainable? Can anyone imagine walking into McDonald and view a chart of 3,000 different pricing? Which also means the crypto is a payment gateway pegging against USD instead of bearing any true characteristic of a currency. • A country’s currency is in its own legit form of legal tender, the only currency acceptable under financial sovereigns of a country. People in the world must be made to understand that. Retailers in Thailand cannot put up products price tags in EUROS/USD, it is illegal. It has to be in Thai Baht. • It is hardly imaginable for everyone in the world to retail with a Crypto-Currencies at a rate of 7 transactions per second. When mining nodes are reduced due to non-performing mining ratio, mining blocks in the Blockchain will significantly be limited too, rendering delays in transactions while usage increases. • In time to come, as trends of crypto picks up, Thailand can issue BAHT COIN or UK the STERLING COIN, exactly what China wishes to do. Digital RMB, but would such crypto currencies be fully decentralized? We all have our answers. Absurd to even think of producing Thai Baht, Pound Sterling or Chinese Yuan at the cost of electricity. It is currencies in digital forms. KRATSCOIN is not meant for that purpose. In some opinion, apart from utilization, a crypto can be for safekeeping, an entity for keeping money while allowing easy liquidation, at a click of a mobile button, not to mention sending or transferring without the trouble of going to banks, which was the original purpose of Bitcoin to begin with. Therefore, KRATSCOIN would be better termed as Crypto Commodity, sharing similarities as Metal Commodities. An individual cannot use gold to make a purchase, neither can one eat gold. It can only be kept or invest in for appreciative value over time. Gold is being exampled for its scarcity which reasons for its higher value over its cousin, silver or bronze. Who or what determines the value of gold? Just like any other crypto, demand by humanity. As in all other commodities, it must also be placed in checks by governments. To put in checks, serial numbers are introduced to protect a country’s commodities outflows or illegal exports. Humanity made Bitcoin a reality. Acceptance by the majority members of the public made Bitcoin to what is it today with the trust they entrusted it with, or is the majority public hopping on the band wagon to make a few quick extra bucks? Whatever the reasons are, the characteristics of Crypto Currencies are only matched by the behavior of Commodities. SERIALIZED COINS - WHAT IT MEANS FOR THE PUBLIC: Every currency has its own remarkable name, design and colors. Dollars, Euros, Pound, Tugrik, Peso, Rupee, Rupiah, Dina, Ringgit, Baht and the list carries on. One thing every currency have in common - Serial Numbers. In any crime, investigators will firstly establish motives and mode of operation, both of which are very likely related to money. So following the money trial is a natural thing to do for investigators/authorities and it has become a common practice. Crimes require funding ie robbers need money to buy guns to carry out its robbing activities. Cutting off financing will reduce criminal activities. That’s the approach governments of the WORLD have adopted for crime fighting. Perhaps people do not realize this while most do not feel the pinch. Humanity tends to take life for granted until apocalypse happens. Take a minute to visualize the tallest tower in your homeland collapse into a pile of dust with thousands of casualties effecting everything else that comes to mind. Imagine a family member, just 1 is enough, is among those casualties. • Imagine if monetary system is not in place and drug dealers, among many, roam the earth freely distributing what can be death threatening substance to your kids. What if you are mugged of your inheritance [items left to you by your father] that is beyond retrieval? As for crypto enthusiast, what if your wallet gets hacked as even the mighty Pentagon gets hacked. All the above can go away if the crypto system leaves a trail for hound dogs to sniff out. Money Trail or Serial Codes Trail to be exact. • Citizens rely on governments and their countries to do what is best for them to lead their daily lives, flourish, advance, improve and strive but at the same time, citizens want to take away the single most important thing deemed crucial in the hierarchy of humanity from governments with additional boastful remarks such as “I transferred $400 million from one corner of the earth to another corner in a single transaction and no governments can do anything about it”. • In-short, to boast unregulated financial movement is to arrogantly promote crime without realizing it while challenging the world’s monetary authority. Oldest advice in the book teaches us never to pick a fight we can’t win. • Serial Coded Coins does not take away the financial movement freedom nor does it take away your privacy. It merely provides Authorities the necessary means needed for crime prevention and fighting. It only re-inforce security and safety. SERIALIZED COINS - WHAT IT MEANS FOR GOVERNMENTS: • Governments are relentlessly trying to find new ways to keep track of crypto transactions. Crypto Currency Exchanges, just like all other Financial Institutions and Banks, are required to practice the most stringent Know Your Customer (widely known as KYC) process. The KYC is designed to provide governing agencies and authorities with information pertaining to crypto ownerships. • But no governments can have information on Peer-to-Peer (also known as P2P) transactions unless the government in question launch a full scale Federal Investigation on certain suspected individuals seeking Wallet Developers to unveil the ownership of certain wallet addresses. Do not forget, National and Global Security trumps Privacy Act. Refusal to co-operate under the pretext of Global or National Security will only result in an out-right ban, which is exactly what happened to Blackberry. • Questions to Governments – What if Wallet Developers or Crypto Exchanges shuts down which can happen for various reasons be it foul-play, sinister or forcefully under threat? What if servers are damaged and ruined? An EMP strike or a simple magnet can make it happen. Information/identities of suspected customers of such addresses shall be lost forever and along with it the Money Trial. • The most probable way of evading Authorities with crypto assets are developing an e-wallet for own illicit purpose. Since the cost of developing an e-wallet is relatively low in considerable cost to hiding, what can governments do to flush out these ants from the vast networks of tunnels? • With Serialized Coded Crypto Assets, it doesn’t matter if servers of Exchanges or Wallets are destroyed. The Serial Codes of each token/coin enables governments of every participating country to track both origin and destination by identifying records of each token/coin in wallet address. It can disappear into a cold wallet but emerging some place later yet Authorities can still detail which particular token/coin has at one moment of time been into which wallet, on what day and date. • If the battle of financial crimes can be resolved with a simple Serialize Coded Crypto Asset, the eradication of corruptions, money laundering, unlawful proceeds and terrorism financing will be made possible. Criminals can no longer exploit the genius creation of Sathoshi – Blockchain and Crypto-Currencies. • Global Security, Anti-Terrorism Financing and Money Laundering could just be excuses granting government agencies the need to have access to financial information in the Monetary System. Nonetheless, it is in the interest of every nation that capital outflow is controlled. Capital Outflow is most frequent when the economy of a country is deteriorating. In the face of an economy meltdown, monetary flow is most needed and yet citizens tend to transfer monies further away illegally from their own country in an act of selfishness. This would not be tolerated by any country. Serial Coded Coin shall prove this attempt futile. • In most part of Asian Countries, many crypto-currency mining operations are carried out illegally. The legality sits on thin fine line where Authorities can pin only stealing of electricity as a major concern to the respective country. Since most Power Companies belongs to the Country in one way or another, it is financially damaging to Power Producers and Utility Suppliers. Serial Codes can determine if the KRATSCOIN is mined legally or illegally making it difficult for miners or mining farms to mine crypto while avoiding making electricity payments. Will this deterrent disrupt the chain of KRATSCOIN supply? That’s not how Blockchain Tech works. TAXATIONS - WHAT IT MEANS FOR PUBLIC AND GOVERNMENTS: • Taxation cannot be imposed on “Illegal & Unlawful Proceeds” instead confiscation is enforced in many countries. Origins or proceeds of Serialized Coded Crypto Assets can be easily identified by the Serial Codes in-conjunction with the Blockchain. This exercise can evidently proof the legitimacy of the aforesaid token/coin. By “Illegal & Unlawful Proceeds” also refers to crypto coins obtained via illegal mining operations. • Taxation on Crypto Assets are calculated on profits deriving from the sale/disposal of the crypto Assets. If we are small crypto believers, the amount of taxation rendered by Inland Revenue will be insignificant. Why risk Freedom of Life over Freedom of Small Monies. If we are big crypto believers, taxation on Serialized Coded Coins can be considered added security to your assets protection. • By adopting Serialized Crypto Assets, declaration is made easily possible via proof of token/coin origin via the Blockchain. If the Authorities can know where our crypto assets come from, the Authorities will know where it will disappear to. It is taxation cum insurance in one tiny sum. This added security with freedom feature will encourage self-declarations of crypto assets to Authorities and Agencies. PRIVACY & ANONIMITY: • Many may be skeptical of their wealth being tracked and monitored. But in this era of technological advance society, everything we touches has our signature. Banks, iPhones, Samsung Mobiles, Google, Facebook, Whatsapp, WeChat, LINE, Viber, Facebook, Properties, Utilities. Almost everything. It is to this fact that there is a need for Privacy Protection Act. • As explained before, Crypto Currency Exchange KYC procedures is designed to expose the identity of Crypto Assets ownership. The Blockchain is supposed to serve as a transparent information platform. The question of privacy over Serialized Coded Coins does not exist, it does not make Serialized Coded Coins ownership any less private. • Ownership of wallet addresses shall always remain anonymous while the only way Authorities can get to it is through Wallet Developers by virtue of Global/National Security Threats or by a Court Order as per the Privacy Protection Act. SAFETY & SECURITY (CODED CRYPTO VS FIAT + COMMODITIES): • No human mind can memorize the millions of serial numbers printed on fiat currencies. The records of Serialized Coded Coins will forever be in the Blockchain embedded within each transaction from wallet to wallet. • Serialized Commodities such as gold can be melted down. Diamonds recrafted. Fiat double printed. But not Serialized Coded Crypto Assets. • Should an accessory system be added into the KRATSCOIN Blockchain, allowing reports on criminal activity be made within the Blockchain, notifying all ledgers of certain stolen Serial Coded Coins, enabling WARNINGS and forbidding next transaction of that particular Serial Coded Coin, wouldn’t this function enhance protection. A theft deterrent function which can never be achieved with physical gold, diamonds or fiat. KRATSCOIN SUMMARY: • Most crypto currencies have not reach a level of security alert for governments. This could be the only reason why a possible ban has not been discussed. China and India has begun efforts to control or ban crypto currencies in their quest to combat capital outflow, writer’s personal opinion. The EU has stopped Libra from implementation. “A company cannot be allowed Authoring Power for issuance of currencies” quoted the governments. KRATSCOIN is fully decentralized with no ownership nor control by any country, company or individual. Once again, the beauty of Bitcoin decentralization concept prevails. • “There is no such thing as a world currency. However, since World War II, the dominant or reserve currency of the world has been the U.S. dollar” quoted in google.com. • Most countries have “Foreign Reserves” as backing to a country’s fiat currency. It is a mean of “back up” attempt should all factors above mentioned leading to the value of their currencies collapse. Then what will happen if the Country of the Foreign Reserves collapse? • Serial Coded KRATSCOIN belongs to no one, no country, no company and therefore theoretically shall not be effected by politics, war or global economy meltdown yet everyone, every country and every government is able to benefit from KRATSCOIN. "Quoted by" [[link]6 [[link]7 [[link]8 [[link]9 [[link]10 ''' DIFFERENCE BETWEEN KRATSCOIN AND BITCOIN Go1dfish undelete link unreddit undelete link Author: xia112 1: lintangnews.c*m/ada*kr**s*o*n-*ni-be*a*ya-d*ngan-bi***in* 2: 0xzx**o***019101*124431*902.*tml 3: ne*s.*oko**y*to.com/*ag/**atsco*n-kt*/ 4: bbs.**anya.cn/p**t-l*ok*u*-836*0*-*.shtml 5: z*uanlan.z*i*u.*om*p/*4*44615 6: l*nta*g*ews.*o*/ada*kr*ts*o*n-*ni-***a*ya-d*ngan-bitcoin/]^^1 7: 0x*x*com/2019101**24*312*02*ht**]^^2 8: news*t**ocr*p*o***m/tag/kr*tscoin-ktc/]*^3 9: bbs.*i*n*a.cn/p**t-loo*ou*-8*61*5-1.sht*l*^^4 10: zhuanl*n.zh*hu.co*/**84**461*]^^5 Unknown links are censored to prevent spreading illicit content.
Sharia Goldbugs: How ISIS Created a Currency for World Domination
Article by Coindesk: Rachel Rose O’Leary As Islamic State (ISIS) sought to dominate large parts of Syria and Iraq, it used a subtle weapon to go with the car bombs and suicide attacks: money. The self-declared caliphate aimed to unify the world under a militant interpretation of Islam. It created a highly efficient, hyper-violent society inside Iraq and Syria, coupled with an economic experiment — what I call “ISIS-coin.” Consisting of 10 coins ranging in value from nearly a thousand dollars to pennies, ISIS sought to replace U.S., Iraqi and Syrian banknotes with purpose-built coins backed by the gold, silver and copper standard. At the time, ISIS was sitting on 34,000 square miles of oil-rich territory. By trading oil using its own currency, the dinar, ISIS planned to destabilize the U.S. economy by forcibly decoupling the dollar from the oil business (the petro-dollar system, which ISIS refers to as America’s “Achilles heel”). The dinar was modeled on coinage from a medieval Islamic empire named the Umayyad Caliphate, the leader of which — a man named Abd al-Malik ibn Marwan — issued coins to economically connect Muslims who were scattered across the Middle East. Silver dinars in 1 in 5 denominations, Qamishli, North Syria. In 2015, the dinar was made compulsory for civilians living under ISIS control. At its peak, ISIS controlled 10 million people across Iraq and Syria — making the ISIS dinar among the most ambitious economic experiments in modern history. While living in the autonomous Rojava, in northern Syria, I met with an ISIS prisoner, Mohammed Najjar, in a facility operated by the Syrian Democratic Forces in Northern Syria. Najjar refused to be photographed or filmed. He was nervous about my sound recorder, and asked me not to publish his name for fear of repercussions from the jihadist group (Mohammed Najjar is a pseudonym). Najjar worked in oil: ISIS’s most lucrative export and the heart of the dinar experiment. He laughed as I placed a silver dirham down on the table in front of him. It’s a wide coin, about a centimeter in diameter. It is decorated with Arabic calligraphy — a verse from the Hadith that praises hard work and charity. “In Islamic State, this was a failure,” he said, grinning, “It didn’t work.” In a 2015 propaganda film announcing its release, called The Return of the Gold Dinar, ISIS’s monetary experiment is described as a sequel to the 2001 attacks on the World Trade Center — and a new weapon in an all-out war against the US economy. “You’ve seen the documentary, right?” Najjar asks with a twinkle in his eye, adding:
“The plan was to destroy the global economy.”
The sales pitch
Najjar joined ISIS in October 2013, months after its formation. With a background in petroleum studies, he spent his days working among oil fields, the heart of ISIS’s economic strategy. Controlling many oil-rich areas in Iraq and Syria, ISIS had a lucrative business in selling oil to neighboring clients, including Damascus, the Iraqi government, and Turkish-backed rebels, which, according to my source, would then smuggle the oil into Turkey. “It was the boom,” Najjar said, “Islamic State was making about $60 million a month.” The problem for ISIS was that all that trade was executed in U.S. dollars. So in spite of the group’s declared war on U.S. hegemony, its economy was actually facilitating U.S. dollar dominance. Enter the dinar — or, as ISIS propaganda describes it: “The return of the ultimate measure of wealth for the world: gold — as the [caliphate] surges into the financial sphere.” First, it was introduced in the oil sector — ISIS’s most lucrative export. To buy oil from ISIS, countries had to exchange their dollars for dinar. ISIS then introduced the dinar to civilians within the Islamic State, slowly at first, with merchants giving change in the new dinar as opposed to banknotes. By late 2015, the currency became compulsory. Said Najjar:
“It was prohibited to use the Syrian government currency. It was prohibited to use anything other than the ISIS dinar in all the Islamic State areas.”
The Islamic State was littered with exchanges, he explained, which would swap ISIS dinar for dollars and other currencies, allowing people and businesses to trade with one another. This came with other advantages for the Islamic State. While the market price for a 4.25-gram gold dinar was around $160, according to Najjar, it could retail locally at $190. That meant a profit of $30 per dinar for ISIS: a colossal sum when its oil trade was peaking at 150,000 barrels a day. ISIS member shows gold dinar to a shopkeeper.
The ISIS dinar wasn’t just a money grab. It was also an attempt to create an economy based on Islamic principles. And that’s because, in Sharia law — the religious legal code underpinning Islam — certain kinds of economic practices are forbidden. Sharia puts a ban on interest — what is called riba — which, according to some interpretations, rules out many conventional banking practices. Certain kinds of debt are also forbidden, because transactions must be backed by an underlying asset, like gold. The dinar experiment had its roots in the teachings of Islamic scholars such as Sayyid Abdil A’la Mawdudi, who proposed a middle-ground alternative to capitalism and communism and emphasized the importance of zakat, or charity. ISIS’s unique interpretation of zakat allowed the group to fund much of its state-building efforts through the contributions of civilians. The New York Times reported that this tax formed the basis of the ISIS economy, stating that profit from zakat far outweighed oil sales. But Najjar vehemently denied this point, calling it “lies” and stating that the people in ISIS-occupied territories were too poor to contribute in any meaningful way. That’s notable because, in propaganda, ISIS describes conventional banking practices as “satanic,” and proposes the dinar as an antidote to the “fraudulent and riba-based financial system of enslavement orchestrated by the Federal Reserve in America.” U.S. thinkers, such as noted goldbug Mike Maloney, conspiracy theorist Edward Griffin and libertarian politician Ron Paul are quoted directly in ISIS propaganda. In rhetoric not unfamiliar to bitcoin enthusiasts, the thinkers criticize the inflation of the U.S. dollar, the abandonment of the gold standard, and the dominance of the dollar globally. “The U.S. is playing a game in controlling the world by using the dollars,” Najjar said, adding:
“Oil you have to buy using dollars. Internationally you have to buy everything using dollars. The dinar was more Islamic. Dinar has a real value, gold has a real value.”
Why it failed
Despite the successful launch of the dinar, ISIS remained vulnerable to economic attacks. When, in 2016, the U.S. began a bombing campaign against ISIS’s oil fields, the so-called state began to crumble because it was cut off from its most lucrative resources. Najjar says the dinar worked better as a means of exchange in the oil industry than an everyday currency for ISIS residents and businesses. “We used to get it in dollars. Then they changed it to the dinar and that’s when the problems started,” he said. “Traders stopped bringing in products because they noticed the dinar was not working, so they started retreating from it.” With demand non-existent outside of the Islamic State, the currency began to exchange for less than it cost to produce. “The problem was always in buying products. The value of the silver dinar, in particular, was so low. So when you go to a trader to buy anything they won’t accept this, they say, ‘Ah, we’re not accepting this.’ Or he put the price higher,” Najjar said. Because of its weight — the largest coin is worth nearly a thousand dollars at the time of writing — the gold dinar was coveted by traders and was often melted down or resold on the market, effectively draining out the gold-based economy. Gold dinars.
Not quite bitcoin
Given the restrictions of a Sharia-compliant financial system, including the prohibition on riba, cryptocurrencies have been touted as potential alternatives. CoinDesk recently reported that the Ethereum Foundation, the non-profit that oversees the management of the ethereum platform, was courting investors from Wahhabist Saudi Arabia, for example. But Najjar said that, while he had “heard of bitcoin,” he never heard of it being used by ISIS. An SDF intelligence official confirmed that ISIS was dependent on the U.S. dollar for international trade. Other terror organizations have experimented extensively with crypto. ISIS lost its last territory to U.S.-backed SDF forces in May. At the time, U.S. forces are said to have collected some $2.1 billion worth of gold — and intelligence officials are hoping to discover more. “Whenever I go to an interview like this they ask me, ‘Where is the gold? Where is ISIS hiding it?’” Najjar laughed. In North Syria, the dinar has fallen out of circulation. Some are passed around between SDF fighters as war trophies. These are mostly copper and silver — the more expensive currencies like the gold dinar have largely been melted down. Reselling the currency is illegal and those in circulation are seized by authorities, aside from a handful kept as souvenirs. According to Najjar, the failure of the dinar — and Islamic State more broadly — was because it failed to implement Sharia correctly. “Islam says take from the rich and give it to the poor,” he said, adding:
“It was not properly done. It was not implemented properly, it wouldn’t fall. I see it like this.”
Dinar images via “Return of the Gold Dinar” propaganda video
https://preview.redd.it/5tef4jw4dyo31.png?width=679&format=png&auto=webp&s=fa9ebddb44e9097538a3ae81a8ed577b441ad690 As the value and visibility of cryptocurrencies continue to rise, the industry is gradually being exposed to increasingly sophisticated security issues. While institutional players typically have the resources and expertise to fortify their assets under multiple layers of defense, retail investors must take it upon themselves to learn about different types of attacks and determine how to mitigate these risks. To that end, we’ve compiled some of the most common yet devastating security risks below:
Traditional Web Infrastructure Attacks
Digital currency exchanges, like other industries, run end-applications on web services which are oftentimes not built from the ground up with security considerations in mind. As a result, the legacy infrastructure of many popular online service providers is not sufficiently future-proofed against evolving web security risks, which can allow external parties to take remote control of a company’s server or crash the intranet. Compromised systems are susceptible to SQL injections and other similar attacks, which can modify a transaction address and reconfigure critical user authorizations, much like the ComboJack malware. Even if a digital platform is generally well-constructed, the way it is tethered to the internet can still be exploited. Web hosts which expose network services to the Internet are relentlessly attacked, and multiple studies indicate that a publicly exposed host is typically discovered and attacked within minutes of being placed on the network. From there, malicious actors would be able to directly attack the exposed host and re-appropriate it for their ends.
Traditionally, front-running occurs when traders use insider knowledge or high-frequency trading algorithms to detect orders from rival traders, then rapidly inject their order in front of that trade, leading the rival to buy at a higher cost and increasing the value of the front-runner’s newly purchased asset. This is an issue in both cryptocurrency trading and stock trading, but while front-running in traditional markets is restricted by a variety of regulations, the cryptocurrency market is far less regulated and therefore more susceptible to market manipulation. Front-running within the cryptocurrency space is particularly egregious, as there have been multiple cases where attackers use their funds to open a low position for a particular cryptocurrency while using funds stolen from a large exchange account to artificially inflate the currency price, pulling the compromised user up to the high position. As a result, the attacker’s positions are sold first, and the stolen user’s funds are then transferred to out of their account through the secondary market for a quick profit. These attacks were commonplace during the ICO craze due to the overwhelming public interest in the potential windfall ICOs insinuated, with little attention paid to the dangers imposed by such attacks. Furthermore, few cryptocurrency exchanges are willing to proactively announce these attacks due to the reputational damage it could incur.
Although they are relatively low-tech, phishing attacks have grown increasingly sophisticated and are notoriously hard to prevent since they exploit social behavior to achieve their goals. BitcoinTalk’s network service provider was compromised by a successful phishing attack in 2015, and even Binance was forced to deal with the aftermath of a widespread phishing scheme last year, during which attackers used stolen funds to artificially pump and dump a variety of altcoins for their own gain. In these cases, anonymous groups were able to identify key individuals with access credentials to multiple databases or servers, then implement a coordinated, high-precision phishing attack to acquire those credentials. As a result, the damage resulting from phishing attacks oftentimes extends beyond the initial victim, reverberating negatively throughout an entire system.
As more people create online crypto-related accounts and transact digital assets, the volume of inadvertent user information disclosures skyrocketed. This is mainly because most people are accustomed to using a fixed set of account passwords, which provides attackers with an opening. Sophisticated attackers can simply parse through entire libraries of leaked data, obtain potentially relevant identification credentials or partial digital signature information which they can then use to access and empty a user’s account. Even without a full user password, more tech-savvy attackers are also able to exploit hash function collisions to bypass protocols such as MD5 and SHA-1, which are widely used to build authentication and integrity mechanisms in cryptographic protocols.
Temporary Network Hijacking
Temporary network hijacking utilizes military-grade tactics to replace the target network of close contact with the target network to achieve further attacks. Attacks of this nature typically involve a Trojan malware component designed to spread internally within an infected system, moving laterally from an internet-connected remote monitoring server to other devices and systems that weren’t meant to be exposed. To date, network hijacking malware has been found in everything from government servers in North America to an operational technology network controlling water utilities across Europe. While within the context of crypto, these attacks have only involved relatively benign crypto-mining malware, coupled with more disruptive cyberterrorism tactics which are capable of shutting down large-scale national targets. The effects of a temporary network hijacking could severely compromise the entire internet architecture upon which the bourgeoning crypto ecosystem relies on. As crypto assets take up an increasingly large portion of many investors’ portfolio, there is also an increasing need to understand the underlying principles of the blockchain and appreciate the importance of private keys. Every crypto investor needs to take digital asset protection very seriously, and at Cobo, our central motivation is to support secure and streamlined blockchain development and make it easier to own and utilize the crypto tokens of your choice. To this end, Cobo Wallet’s Hardware Security Module technology ensures that the vast majority of our user assets are stored in a fully offline, globally distributed system, and are further protected by multiple software layer protocols and a multi-signature mechanism which prevents funds from getting lost due to a single point of failure. Cybercrime will continue to evolve in tandem with the cryptocurrency sector and industry digitization, and many online exchanges and even hardware custodial solutions are not equipped to repel the full spectrum of approaches and tools malicious actors can implement. As you take steps to safeguard your digital assets, it is imperative that you thoroughly research your crypto custodianship options, avoid making purchases from third-party distributors, and ensure that your wallet’s security mechanisms are pressure-tested against the worst possible scenarios.
Why the Lightning Network probably isn't going to work as advertised
Long time lurker, first time poster. I'd post this in the sub dedicated to the coin this is relevant to, but let's face it, that's probably a bad idea. Regardless, let's start off by making a few key assumptions:
We are currently in a bubble and the bubble will eventually pop.
Partly because of the bubble, the market does not currently care about centralization. This may be controversial, but the XRP marketcap says otherwise.
Users who are rushing towards cryptocurrencies because of the bubble or the volatility, i.e. speculators, do not necessarily want to use them. True believers also don't want to spend them - why would you spend something when you think its value is only going up? Both sets of people use BTC as part of a trading pair or a base paihodling store of value, but are not interested in using it to pay for coffee.
Users who are focused on sending crypto around 'as currency' (rather than speculative reasons) have different transaction patterns from the speculators and hodlers.
With these assumptions in mind, let's think about how LN works:
LN users open a channel to their counterpart (on chain)
The channel stays funded indefinitely while some number of TX are made (off chain)
If the channel runs low on money, it must be funded again (on chain)
The channel is closed (on chain)
What kinds of use cases does this describe/help with?
A recurring subscription
A monthly salary or loan payment
Cryptokitties or some other blockchain based game (once RSK exists)
In short, LN helps with predictable payments made at repeating intervals or with applications that require ongoing interaction with the chain (that mostly don't exist today in the BTC ecosystem). Use cases that are, as far as I can tell, completely unaffected:
Trading. Centralized exchanges don't care. Decentralized exchanges for BTC do exist, but due to the prevalence of ETH, NEO, and other alt tokens that basically require ETH/NEO as the base pair, the DEX will be an alt-centric phenomenon going forward. Besides, nobody wants to build a DEX around ten minute blocks.
Generic shopping. I might not mind leaving an open channel to, say, Steam too much, but I'm probably not leaving it overfunded very often. The same applies for virtually any retailer. While LN might slightly decrease the raw amount of TX, it likely won't make a visible dent.
Darknet anything, for really obvious reasons.
One off transactions of any type.
What is currently bloating the BTC chain? A whole lot of the latter and very little of the former. LN is solving a problem that doesn't actually exist; very few people are being paid salaries in bitcoin...but a whole lot of them are trading it. As long as the bubble stays up, more and more of the people flooding into the space are speculators who don't give a damn about anything that LN could conceivably solve and fewer and fewer care about BTC as a currency. This has always been the case (see Overstock.com never actually receiving that much bitcoin) but is more pronounced than ever today. But what happens when the bubble pops? When BTC is no longer being flooded, surely LN will be useful, right? Well...
When the bubble dies, fees will naturally go down since each BTC will be worth that much less, so to some extent this is a self-resolving problem until the next time it re-inflates.
The bubble's death will kill off many of the speculators, but it will also break a lot of the recurring payment models. How many crypto true believers can afford to be paid a BTC based salary or subscription fees in a 2015 environment?
The remaining true believers will likely care about decentralization, privacy and so on much more than they do today. By definition, LN linked accounts are giving up some privacy and there have already been plenty of posts about LN likely centralizing the network to some degree. This is a very large, potentially unsolvable problem in the background.
This is not even mentioning the point that Segwit was debated for three years and is still broken (no core wallet implementation) months after being introduced. It took 3.5 years to get to 8% adoption of the prerequisite, largely because nobody in the entire crypto ecosystem ever thinks about UI/UX (this isn't BTC specific; don't get me started on anything involving interacting with a smart contract or the fact that ETH still has only one usable web wallet) and you're talking about 12-18 months for 100% LN support? Core, plz. tldr: get used to high BTC fees, because LN is a solution to a problem no one has or asked for.
Let me break down the future of Bitcoin around the globe
Australia: Bitcoin will be treated as money in Australia by July 1, 2017 and will be exempt from goods and services tax (GST). Bitcoin traders and investors will not be taxed for purchasing and selling Bitcoin through regulated exchanges and trading platforms. Starting July 1, double taxation and trading and goods and services taxation on Bitcoin will be exempted. The Australian government wrote: “The Government will make it easier for new innovative digital currency businesses to operate in Australia. From 1 July 2017, purchases of digital currency will no longer be subject to the GST, allowing digital currencies to be treated just like money for GST purposes. Currently, consumers who use digital currencies can effectively bear GST twice: once on the purchase of the digital currency and once again on its use in exchange for other goods and services subject to the GST.” Expect a surge of Bitcoin usage in Australia. Russia: A year ago Russia’s Finance Ministry was threatening jail time to anyone using digital currencies. But as of recent, Deputy Finance Minister Alexy Moiseev said in an interview that the authorities hope to recognize Bitcoin and other cryptocurrencies in 2018 as they seek to enforce rules against illegal transfers. Another major market open. Expect a surge of Bitcoin usage in Russian. Africa: Africa is “ripe for Bitcoin and cryptocurrencies”. As of today there are more than 1,000 merchants accepting Bitcoin in South Africa alone. Adewale Bankole, President of the Bastiat Society and Humaniq Ambassador of Nigeria stated that, “Africa is an emerging market with lots of opportunities. And people have been failed time over time by fiat money that doesn’t hold value”. When asked if Africa had a lot to offer for Bitcoin, Bankole answered “Yes, the market is here for cryptocurrencies in Africa. Africa has lots to offer Bitcoin and other cryptos, simply because Africa needs an alternative to the weak and not - always - available fiat money. All products of cryptocurrencies will be well embraced if promoted in Africa”. And do you believe Africans would embrace Bitcoin if the necessary awareness is created? Bankole: “Absolutely, once they see it works. Africans really want something that works with value. The missing link here is the awareness about the technology”. The infrastructure is there with the average African owning a smartphone, and the people are ready. If the proper promotion can take place, expect a surge of Bitcoin usage in Africa. Japan: On April 1, 2017 Japan passed to accept Bitcoin as a legal payment method. Days after, two major Japanese retailers partnered with Japanese Bitcoin exchanges to start accepting the digital currency for payments. Bic Camera, a major consumer electronics retail chain in Japan, partnered with Bitcoin exchange Bitflyer. Recruit Lifestyle, the retail support arm of human resources conglomerate Recruit Holdings, partnered with Bitcoin exchange Coincheck. According to Nikkei Asian Review, 4,500 stores in Japan currently accept Bitcoin as payments. Coincheck claims that their partnership with Recruit Lifestyle “will add 260,000 more stores that accept Bitcoins”, speculatively by this summer. Expect a continued surge in Bitcoin usage in Japan as the cryptocurrency becomes more practical for everyday use. China: In February of this year, the People’s Bank of China came down on the 3 largest Bitcoin exchanges, BTC China, OKCoin and Huobi, in response to what it perceived as potential violations of various anti-money laundering rules. This placed a four-month freeze on withdrawals from the Bitcoin exchanges and thus halted the exchange of Bitcoin in China. However on June 5, 2017 withdrawals were resumed. Many analysts attribute the 12% spike in Bitcoin price over the past week to the news from China. As the Chinese are now allowed to exchange the cryptocurrency again, expect a surge of Bitcoin usage in China. United States: Bitcoin is becoming increasingly accepted. The US dollar currently makes up for 46% of Bitcoin exchange volume by currency, far greater than any other currency. With that said, it is exciting to think what would happen if Bitcoin were to be legalized in the US. And we are making steps in that direction. On September 17, 2015 the Commodity Futures Trading Commission (CFTC) classified Bitcoin as a commodity. Baby steps. But as the world adopts Bitcoin and it becomes easier to use in the global market, along with some political or economic instability in the US, expect a surge in Bitcoin usage in the United States. If you haven’t yet gotten the message what I’m saying is this: expect a continued surge of Bitcoin usage around the globe. One analyst even believes a Bitcoin will reach $100,000 per coin, and here’s how: Kay Van-Peterson of Saxo Bank, the man who predicted that BTC would reach $2,000 per coin, assumes that in ten years cryptocurrencies in general, not just Bitcoin, will account for 10 percent of the average daily volumes (ADV) of fiat currency trading in 10 years. Foreign exchange ADV currently stands at just over $5 trillion, according to the Bank for International Settlements. So that 10% of $5 trillion would be a $500 billion cryptocurrency market. If Bitcoin were to be 35% of that $500 billion cryptocurrency market, this would mean that $175 billion worth of Bitcoin would be traded everyday. Van-Peterson implies that Bitcoin’s market capitalization would be ten times the average daily volume, lending to a figure of $1.75 trillion for the market cap. In ten years he believes there will be roughly 17 million Bitcoin in circulation, up from the current 16.3 million in circulation today. If the potential 17 million Bitcoins is divided by the $1.75 trillion market cap estimate, then each Bitcoin would be worth just over $100,000.
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I have been around this sub since July and I am always so happy to see quality discussions going on here. Usually I don’t have an urge to write a post because I find all my questions and curiosities are answered on the posts, but I have some new questions, concerns and excitements so here I am. I am excited for you to share your thoughts and I hope this post adds to the community. Some questions (with my attempts to answer them) Q1) Ethereum and OmiseGo: Is Ethereum dependent on OmiseGo’s success as much as OmiseGo is on the success of Ethereum? Critics of Ethereum often bring up two arguments 1) Ethereum won’t be able to handle increasing network traffic 2) Ethereum’s gas fee structure will make it fail OmiseGo(+Plasma) can come solve both of these problems. 1) Plasma will enable off-chain transactions, reducing network traffic dramatically 2) Users and developers of dapps on the mainnet will be able to pay for the transactions that need the utmost security possible when the Plasma is active, and in any currency they want to pay when the OmiseGo network is alive. What do you think? Will it be possible for people to pay USD for the Gas on Ethereum network? Q2) Liquidity: How will OmiseGo provide enough liquidity as it becomes the most universally used DEX in the world? When I read OmiseGo white paper and interviews of their advisors and team members, their goal is clear and bold: To become the DEX of the planet. But to achieve this, you will need a lot of liquidity. In the previous TownHall, Jeremy mentioned that they are working with banks, and actively looking for more partners to provide this liquidity. But why will a bank with a lot of liquidity put it on the OmiseGo network? In my opinion, banks will only do so to yield more profit than putting the money into something else. Then, the liquidity providers might take a bigger portion of the fees than we might expect. Or is there another reason why they will provide liquidity? Note: On the white paper, it writes “By bonding Ethereum into a smart contract  (or Bitcoin-like tokens into bonded clearinghouses), it is possible to lock up Ether onto the activity of the OMG chain to allow for eWallet pairs to occur over Ether or other cryptocurrencies, creating a liquid market (if every pair crosses with ETH, spreads would be much smaller provided low currency volatility).” But who would provide enough Ethereum to provide liquidity for the network? I have no domain knowledge or experience in this. Could anyone with such knowledge oand experience shed some light on this? Current crypto exchanges are centralized and OmiseGo is a completely different animal, actually transmitting the value for each transaction, real-time. Right now, I can’t wrap my head around this, and I hope we can help each other :) Q3) Won’t users of less available/popular currency suffer? Here is a scenario I have in my mind: Let’s say you live in Kenya and receive Kenyan shillings for your salary. You go online and try to buy some stuff with KSH, and the online store you use often just started using OmiseGo network. But the KSH demand on the network is so low that you see you pay almost double of what you used to pay. What flaws does my scenario have? How can this be solved? With questions on the board, let me share 2 concerns I have for OmiseGo C1) No activity on GitHub I go on their GitHub, and there is near zero activity. I know they have recently released Plasma MVP, and that they are going through closed beta for the SDK. Is that why they don’t share any of their software development on GitHub? Will February open beta release come with lots of open source codes? I am not familiar with how software open source/ open beta work, so this might be a dumb question. If you have some background in software development, please shed some light on this! (I actually wrote a semi-long answer to someone else’s post on same concern (“Where is the development update from omisego team”). It’s kinda ironic that I am bringing up this concern now, but I want to hear your thoughts and broaden my perspective anyway. C2) Amazon and other big stores coming together to create their own coin I am not worried about other cryptos that advertise as ‘the coin’ to be used as the medium for value transmission, such as stellar, miners, bitcoin cash or ripple, etc. If OmiseGo builds highways, these are just ‘better vehicles’ to transport people. But what if a large portion of value that will be transmitted through OmiseGo network, online payment transactions, makes their own coin and just frees themselves from 3rd payment processing logistics? Would it be hard for Amazon to create their own coin that can be only used for the products they offer, and use that reduced 3~4% tx cost to offer better price for people? Why wouldn’t Amazon do this? If you have some retail, online payment experience or knowledge, please help! C3) Why traditional exchanges will not convert to OmiseGo, and why it doesn’t matter I had this concern, but jv2222 provided a great insight onto this matter, and cured me of my fear. I just wanted to share his post for those who missed it. It is a great read. Okay, now concerns are also on the board… Reading this far, you must be an OmiseBro/OmiseSister (although I have not met many female crypto investors, I know you are out there, OmiseSistas!), cuz this post is quite long, and you are still here. So let me share why I am very excited about OmiseGo. E1) If OmiseGo delivers, not only early investors will secure a juicy source for ‘semi-passive income’, but also contribute to transforming how we humans transmit values. You probably understand why you, an early investor, will be very happy when OmiseGo delivers. For the second part of my excitement, let me digress a bit and tell you some of my abroad stories. In 2015, I went to Kenya to live and run with Kenyans, the best runners on Earth (I was in love with the art of running, and wanted to see how they do it). It’s been almost 2.5 years, but I still cherish the memories and what I’ve learnt there (If you are a runner, take a moment to appreciate graceful and beautiful running in this video which I filmed in Kenya here). After the trip, I still keep in touch with athletes and coaches I interviewed, and I regularly help out some of them through PayPal or Wave. But working in Korea makes it very hard for me to share financial value with them. PayPal doesn’t support KRW (currency of Korea) nor Wave. Every time I want to send some money, I ask my girlfriend if she needs some KRW, and asks her to send me equivalent USD to my PayPal or directly send to my friends in Kenya through Wave. This is very time-consuming and frustrating. It really doesn’t have to be this way. When OmiseGo network is alive, in theory, I can just put in my KRW on the network, and they can cash out Kenyan shillings. No 3rd party that takes +1% fees. No need to wait +10 minutes. Done. Furthermore, I have some Starbuck’s points and airline mileage that I don’t really need. So I want to also send that over to a high school that I support in Kenya. With a few clicks on my phone, the transaction is done, and these points will help some of the students to get their first running shoes. How amazing is this? Providing a network/pool where all the ‘values’ on Earth, across borders of countries and cultures, can be shared and transmitted instantly. E2) The tokenization of any assets In November, 2017, Gramatik, a famous DJ in the international club and festival scene, raised $9M in his GRMTK Token ICO.The owners of GRMTK tokens receive portions of the revenue Gramatik produces through his music, films, and concerts. Singular DTV was behind this, but with OmiseGo network, anyone can tokenize their asset, talent, and creativity, and secure much more sustainable way to maintain their practice. This can be great for athletes, musicians, fine/performance artists, racing drivers, chess prodigies, and so on. I am very excited for this part of OmiseGo network because many of my close friends are musicians and I see a lot of money being taken away from them by Music Rights Protection Organizations, Distribution companies and Entertainment companies. You will be super surprised, or even appalled, by how much Korean idols actually make through their music. Middlemen take a great bite out of every creativity and work. It’s brutal. Tokenization will also help other businesses that could only rely on traditional source of funds. Restaurants, museums… any small to medium sized businesses can now focus more on their work, than securing funds. What’s also cool is that, OmiseGo releasing their White-label wallet SDK, will enable developers around the world to create apps to enable all of these… put them into many niche markets that we don’t even imagine OmiseGo can be applied to. E3) Please share your excitements! Above two excitements are very personal ones for me, being a lover of running and having friends who are suffering in the very centralized structure. I want to ask, what are you most excited about the project? Why? Thank you for reading this far, and I hope this was entertaining and stimulating at the same time. Edit: some typos
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