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Ultimate glossary of crypto currency terms, acronyms and abbreviations

I thought it would be really cool to have an ultimate guide for those new to crypto currencies and the terms used. I made this mostly for beginner’s and veterans alike. I’m not sure how much use you will get out of this. Stuff gets lost on Reddit quite easily so I hope this finds its way to you. Included in this list, I have included most of the terms used in crypto-communities. I have compiled this list from a multitude of sources. The list is in alphabetical order and may include some words/terms not exclusive to the crypto world but may be helpful regardless.
2FA
Two factor authentication. I highly advise that you use it.
51% Attack:
A situation where a single malicious individual or group gains control of more than half of a cryptocurrency network’s computing power. Theoretically, it could allow perpetrators to manipulate the system and spend the same coin multiple times, stop other users from completing blocks and make conflicting transactions to a chain that could harm the network.
Address (or Addy):
A unique string of numbers and letters (both upper and lower case) used to send, receive or store cryptocurrency on the network. It is also the public key in a pair of keys needed to sign a digital transaction. Addresses can be shared publicly as a text or in the form of a scannable QR code. They differ between cryptocurrencies. You can’t send Bitcoin to an Ethereum address, for example.
Altcoin (alternative coin): Any digital currency other than Bitcoin. These other currencies are alternatives to Bitcoin regarding features and functionalities (e.g. faster confirmation time, lower price, improved mining algorithm, higher total coin supply). There are hundreds of altcoins, including Ether, Ripple, Litecoin and many many others.
AIRDROP:
An event where the investors/participants are able to receive free tokens or coins into their digital wallet.
AML: Defines Anti-Money Laundering laws**.**
ARBITRAGE:
Getting risk-free profits by trading (simultaneous buying and selling of the cryptocurrency) on two different exchanges which have different prices for the same asset.
Ashdraked:
Being Ashdraked is essentially a more detailed version of being Zhoutonged. It is when you lose all of your invested capital, but you do so specifically by shorting Bitcoin. The expression “Ashdraked” comes from a story of a Romanian cryptocurrency investor who insisted upon shorting BTC, as he had done so successfully in the past. When the price of BTC rose from USD 300 to USD 500, the Romanian investor lost all of his money.
ATH (All Time High):
The highest price ever achieved by a cryptocurrency in its entire history. Alternatively, ATL is all time low
Bearish:
A tendency of prices to fall; a pessimistic expectation that the value of a coin is going to drop.
Bear trap:
A manipulation of a stock or commodity by investors.
Bitcoin:
The very first, and the highest ever valued, mass-market open source and decentralized cryptocurrency and digital payment system that runs on a worldwide peer to peer network. It operates independently of any centralized authorities
Bitconnect:
One of the biggest scams in the crypto world. it was made popular in the meme world by screaming idiot Carlos Matos, who infamously proclaimed," hey hey heeeey” and “what's a what's a what's up wasssssssssuuuuuuuuuuuuup, BitConneeeeeeeeeeeeeeeeeeeeeeeect!”. He is now in the mentally ill meme hall of fame.
Block:
A package of permanently recorded data about transactions occurring every time period (typically about 10 minutes) on the blockchain network. Once a record has been completed and verified, it goes into a blockchain and gives way to the next block. Each block also contains a complex mathematical puzzle with a unique answer, without which new blocks can’t be added to the chain.
Blockchain:
An unchangeable digital record of all transactions ever made in a particular cryptocurrency and shared across thousands of computers worldwide. It has no central authority governing it. Records, or blocks, are chained to each other using a cryptographic signature. They are stored publicly and chronologically, from the genesis block to the latest block, hence the term blockchain. Anyone can have access to the database and yet it remains incredibly difficult to hack.
Bullish:
A tendency of prices to rise; an optimistic expectation that a specific cryptocurrency will do well and its value is going to increase.
BTFD:
Buy the fucking dip. This advise was bestowed upon us by the gods themselves. It is the iron code to crypto enthusiasts.
Bull market:
A market that Cryptos are going up.
Consensus:
An agreement among blockchain participants on the validity of data. Consensus is reached when the majority of nodes on the network verify that the transaction is 100% valid.
Crypto bubble:
The instability of cryptocurrencies in terms of price value
Cryptocurrency:
A type of digital currency, secured by strong computer code (cryptography), that operates independently of any middlemen or central authoritie
Cryptography:
The art of converting sensitive data into a format unreadable for unauthorized users, which when decoded would result in a meaningful statement.
Cryptojacking:
The use of someone else’s device and profiting from its computational power to mine cryptocurrency without their knowledge and consent.
Crypto-Valhalla:
When HODLers(holders) eventually cash out they go to a place called crypto-Valhalla. The strong will be separated from the weak and the strong will then be given lambos.
DAO:
Decentralized Autonomous Organizations. It defines A blockchain technology inspired organization or corporation that exists and operates without human intervention.
Dapp (decentralized application):
An open-source application that runs and stores its data on a blockchain network (instead of a central server) to prevent a single failure point. This software is not controlled by the single body – information comes from people providing other people with data or computing power.
Decentralized:
A system with no fundamental control authority that governs the network. Instead, it is jointly managed by all users to the system.
Desktop wallet:
A wallet that stores the private keys on your computer, which allow the spending and management of your bitcoins.
DILDO:
Long red or green candles. This is a crypto signal that tells you that it is not favorable to trade at the moment. Found on candlestick charts.
Digital Signature:
An encrypted digital code attached to an electronic document to prove that the sender is who they say they are and confirm that a transaction is valid and should be accepted by the network.
Double Spending:
An attack on the blockchain where a malicious user manipulates the network by sending digital money to two different recipients at exactly the same time.
DYOR:
Means do your own research.
Encryption:
Converting data into code to protect it from unauthorized access, so that only the intended recipient(s) can decode it.
Eskrow:
the practice of having a third party act as an intermediary in a transaction. This third party holds the funds on and sends them off when the transaction is completed.
Ethereum:
Ethereum is an open source, public, blockchain-based platform that runs smart contracts and allows you to build dapps on it. Ethereum is fueled by the cryptocurrency Ether.
Exchange:
A platform (centralized or decentralized) for exchanging (trading) different forms of cryptocurrencies. These exchanges allow you to exchange cryptos for local currency. Some popular exchanges are Coinbase, Bittrex, Kraken and more.
Faucet:
A website which gives away free cryptocurrencies.
Fiat money:
Fiat currency is legal tender whose value is backed by the government that issued it, such as the US dollar or UK pound.
Fork:
A split in the blockchain, resulting in two separate branches, an original and a new alternate version of the cryptocurrency. As a single blockchain forks into two, they will both run simultaneously on different parts of the network. For example, Bitcoin Cash is a Bitcoin fork.
FOMO:
Fear of missing out.
Frictionless:
A system is frictionless when there are zero transaction costs or trading retraints.
FUD:
Fear, Uncertainty and Doubt regarding the crypto market.
Gas:
A fee paid to run transactions, dapps and smart contracts on Ethereum.
Halving:
A 50% decrease in block reward after the mining of a pre-specified number of blocks. Every 4 years, the “reward” for successfully mining a block of bitcoin is reduced by half. This is referred to as “Halving”.
Hardware wallet:
Physical wallet devices that can securely store cryptocurrency maximally. Some examples are Ledger Nano S**,** Digital Bitbox and more**.**
Hash:
The process that takes input data of varying sizes, performs an operation on it and converts it into a fixed size output. It cannot be reversed.
Hashing:
The process by which you mine bitcoin or similar cryptocurrency, by trying to solve the mathematical problem within it, using cryptographic hash functions.
HODL:
A Bitcoin enthusiast once accidentally misspelled the word HOLD and it is now part of the bitcoin legend. It can also mean hold on for dear life.
ICO (Initial Coin Offering):
A blockchain-based fundraising mechanism, or a public crowd sale of a new digital coin, used to raise capital from supporters for an early stage crypto venture. Beware of these as there have been quite a few scams in the past.
John mcAfee:
A man who will one day eat his balls on live television for falsely predicting bitcoin going to 100k. He has also become a small meme within the crypto community for his outlandish claims.
JOMO:
Joy of missing out. For those who are so depressed about missing out their sadness becomes joy.
KYC:
Know your customer(alternatively consumer).
Lambo:
This stands for Lamborghini. A small meme within the investing community where the moment someone gets rich they spend their earnings on a lambo. One day we will all have lambos in crypto-valhalla.
Ledger:
Away from Blockchain, it is a book of financial transactions and balances. In the world of crypto, the blockchain functions as a ledger. A digital currency’s ledger records all transactions which took place on a certain block chain network.
Leverage:
Trading with borrowed capital (margin) in order to increase the potential return of an investment.
Liquidity:
The availability of an asset to be bought and sold easily, without affecting its market price.
of the coins.
Margin trading:
The trading of assets or securities bought with borrowed money.
Market cap/MCAP:
A short-term for Market Capitalization. Market Capitalization refers to the market value of a particular cryptocurrency. It is computed by multiplying the Price of an individual unit of coins by the total circulating supply.
Miner:
A computer participating in any cryptocurrency network performing proof of work. This is usually done to receive block rewards.
Mining:
The act of solving a complex math equation to validate a blockchain transaction using computer processing power and specialized hardware.
Mining contract:
A method of investing in bitcoin mining hardware, allowing anyone to rent out a pre-specified amount of hashing power, for an agreed amount of time. The mining service takes care of hardware maintenance, hosting and electricity costs, making it simpler for investors.
Mining rig:
A computer specially designed for mining cryptocurrencies.
Mooning:
A situation the price of a coin rapidly increases in value. Can also be used as: “I hope bitcoin goes to the moon”
Node:
Any computing device that connects to the blockchain network.
Open source:
The practice of sharing the source code for a piece of computer software, allowing it to be distributed and altered by anyone.
OTC:
Over the counter. Trading is done directly between parties.
P2P (Peer to Peer):
A type of network connection where participants interact directly with each other rather than through a centralized third party. The system allows the exchange of resources from A to B, without having to go through a separate server.
Paper wallet:
A form of “cold storage” where the private keys are printed onto a piece of paper and stored offline. Considered as one of the safest crypto wallets, the truth is that it majors in sweeping coins from your wallets.
Pre mining:
The mining of a cryptocurrency by its developers before it is released to the public.
Proof of stake (POS):
A consensus distribution algorithm which essentially rewards you based upon the amount of the coin that you own. In other words, more investment in the coin will leads to more gain when you mine with this protocol In Proof of Stake, the resource held by the “miner” is their stake in the currency.
PROOF OF WORK (POW) :
The competition of computers competing to solve a tough crypto math problem. The first computer that does this is allowed to create new blocks and record information.” The miner is then usually rewarded via transaction fees.
Protocol:
A standardized set of rules for formatting and processing data.
Public key / private key:
A cryptographic code that allows a user to receive cryptocurrencies into an account. The public key is made available to everyone via a publicly accessible directory, and the private key remains confidential to its respective owner. Because the key pair is mathematically related, whatever is encrypted with a public key may only be decrypted by its corresponding private key.
Pump and dump:
Massive buying and selling activity of cryptocurrencies (sometimes organized and to one’s benefit) which essentially result in a phenomenon where the significant surge in the value of coin followed by a huge crash take place in a short time frame.
Recovery phrase:
A set of phrases you are given whereby you can regain or access your wallet should you lose the private key to your wallets — paper, mobile, desktop, and hardware wallet. These phrases are some random 12–24 words. A recovery Phrase can also be called as Recovery seed, Seed Key, Recovery Key, or Seed Phrase.
REKT:
Referring to the word “wrecked”. It defines a situation whereby an investor or trader who has been ruined utterly following the massive losses suffered in crypto industry.
Ripple:
An alternative payment network to Bitcoin based on similar cryptography. The ripple network uses XRP as currency and is capable of sending any asset type.
ROI:
Return on investment.
Safu:
A crypto term for safe popularized by the Bizonnaci YouTube channel after the CEO of Binance tweeted
“Funds are safe."
“the exchage I use got hacked!”“Oh no, are your funds safu?”
“My coins better be safu!”


Sats/Satoshi:
The smallest fraction of a bitcoin is called a “satoshi” or “sat”. It represents one hundred-millionth of a bitcoin and is named after Satoshi Nakamoto.
Satoshi Nakamoto:
This was the pseudonym for the mysterious creator of Bitcoin.
Scalability:
The ability of a cryptocurrency to contain the massive use of its Blockchain.
Sharding:
A scaling solution for the Blockchain. It is generally a method that allows nodes to have partial copies of the complete blockchain in order to increase overall network performance and consensus speeds.
Shitcoin:
Coin with little potential or future prospects.
Shill:
Spreading buzz by heavily promoting a particular coin in the community to create awareness.
Short position:
Selling of a specific cryptocurrency with an expectation that it will drop in value.
Silk road:
The online marketplace where drugs and other illicit items were traded for Bitcoin. This marketplace is using accessed through “TOR”, and VPNs. In October 2013, a Silk Road was shut down in by the FBI.
Smart Contract:
Certain computational benchmarks or barriers that have to be met in turn for money or data to be deposited or even be used to verify things such as land rights.
Software Wallet:
A crypto wallet that exists purely as software files on a computer. Usually, software wallets can be generated for free from a variety of sources.
Solidity:
A contract-oriented coding language for implementing smart contracts on Ethereum. Its syntax is similar to that of JavaScript.
Stable coin:
A cryptocoin with an extremely low volatility that can be used to trade against the overall market.
Staking:
Staking is the process of actively participating in transaction validation (similar to mining) on a proof-of-stake (PoS) blockchain. On these blockchains, anyone with a minimum-required balance of a specific cryptocurrency can validate transactions and earn Staking rewards.
Surge:
When a crypto currency appreciates or goes up in price.
Tank:
The opposite of mooning. When a coin tanks it can also be described as crashing.
Tendies
For traders , the chief prize is “tendies” (chicken tenders, the treat an overgrown man-child receives for being a “Good Boy”) .
Token:
A unit of value that represents a digital asset built on a blockchain system. A token is usually considered as a “coin” of a cryptocurrency, but it really has a wider functionality.
TOR: “The Onion Router” is a free web browser designed to protect users’ anonymity and resist censorship. Tor is usually used surfing the web anonymously and access sites on the “Darkweb”.
Transaction fee:
An amount of money users are charged from their transaction when sending cryptocurrencies.
Volatility:
A measure of fluctuations in the price of a financial instrument over time. High volatility in bitcoin is seen as risky since its shifting value discourages people from spending or accepting it.
Wallet:
A file that stores all your private keys and communicates with the blockchain to perform transactions. It allows you to send and receive bitcoins securely as well as view your balance and transaction history.
Whale:
An investor that holds a tremendous amount of cryptocurrency. Their extraordinary large holdings allow them to control prices and manipulate the market.
Whitepaper:

A comprehensive report or guide made to understand an issue or help decision making. It is also seen as a technical write up that most cryptocurrencies provide to take a deep look into the structure and plan of the cryptocurrency/Blockchain project. Satoshi Nakamoto was the first to release a whitepaper on Bitcoin, titled “Bitcoin: A Peer-to-Peer Electronic Cash System” in late 2008.
And with that I finally complete my odyssey. I sincerely hope that this helped you and if you are new, I welcome you to crypto. If you read all of that I hope it increased, you in knowledge.
my final definition:
Crypto-Family:
A collection of all the HODLers and crypto fanatics. A place where all people alike unite over a love for crypto.
We are all in this together as we pioneer the new world that is crypto currency. I wish you a great day and Happy HODLing.
-u/flacciduck
feel free to comment words or terms that you feel should be included or about any errors I made.
Edit1:some fixes were made and added words.
submitted by flacciduck to CryptoCurrency [link] [comments]

Will BitMEX Survival Efforts Help Despite The Mandatory KYC?

BitMEX, one of the world’s leading Bitcoin margin trading exchanges, appears to be taking major steps to increase its value proposition.
In a couple of recent announcements, the exchange said that it’s going to reduce some of its fees while also adding more cryptocurrencies for trading. This comes months after the exchange had to introduce mandatory KYC procedures and following its clash with US regulators.

BitMEX Reducing Fees and Adding Coins

BitMEX used to be the world’s leading Bitcoin margin trading exchange in terms of daily volumes. Now, according to CoinMarketCap, it rests on the third spot after Binance Futures and Huobi.
A couple of days ago, the exchange announced a fee reduction on its linear futures contracts. First, the take fees are reduced to 0.075% on the ALTXBT linear futures contracts, while also adjusting the maker fee to -0.025%. Both changes are to take effect today, October 23rd.
“This change, which applies to all future ALTXBT listings, is intended to align the fee structure across our products and optimize the overall trading experience for this product segment.” – Reads the announcement.
Additionally, the exchange is taking extra steps to add more cryptocurrencies for trading. BitMEX will open trading for Binance Coin, Polkadot, and Yearn Finance’s YFI token based on quanto futures contracts starting October 30th, 2020.
“These three contracts aim to provide our users with quality coverage of highly liquid products. We plan to introduce several more altcoin product listings before the end of the year.”

Survival Efforts?

It’s no wonder that BitMEX is doing its best to catch up with its competitors. What was once the world’s leading derivatives trading platform is now taking serious steps to catch up.
Related Post: Bitcoin (BTC) Is Inversely Correlated to USD, No Correlation with Stocks: Max Keiser
Binance Futures has introduced a myriad of features for its traders, for the time being, with Huobi following suit close by.
Meanwhile, BitMEX has other issues to worry as well. Towards the beginning of October, the US Commodities and Futures Trading Commission charged the owner-operators of BitMEX with illegally running a derivatives platform. Shortly after, CEO Arthur Hayes and other top-level executives stepped down, highlighting the seriousness of the situation.
submitted by bitdex to BitMEX [link] [comments]

How are bitcoin and cryptocurrency markets responding to Biden’s new government?

Today, the US stock markets are reopening for the first time after the election results have become known. Some still question the election results, but American media and the Associated Press have definitively named Joe Biden as the new president.
It is now up to the market and analysts to determine what a Biden presidency could mean for cryptocurrency. Most analysts seem to prefer a president who says nothing about crypto to a president who belittles bitcoin on twitter.
Trump and Mnuchin negative on bitcoin Qiao Wang, the big man at the DeFi Alliance decentralized financing project, applauded Trump’s loss, noting that the president had tweeted negatively about bitcoin and libra in the past:
https://twitter.com/chris_sun/status/1325265604220121088
Meanwhile, Galaxy Digital investor Mike Novogratz said a democratic government would be good for crypto, saying an ongoing stimulus program would bolster bitcoin’s anti-inflationary narrative:
https://twitter.com/novogratz/status/1323973781619134465
The prices of bitcoin and other cryptocurrency’s depend very much on the strength / weakness of the US dollar. So it is interesting to follow what Biden’s plans are for additional stimulus measures, due to the economic damage caused by the coronavirus.
There is also speculation about the upcoming government’s plans and opinions on cryptocurrency. Compound’s Jake Chervinsky noted that the opinion of the puppets that Biden puts in key positions is more important than the opinion of Biden himself.
https://twitter.com/jchervinsky/status/1325152892324519936
Gary Gensler is such a “puppet.” He is the former chairman of the CFTC and then appointed by Obama. He is expected to be part of Biden’s transition team. Gensler has spoken positively about bitcoin in the past, and is known for his tough enforcement of Wall Street regulations in the wake of the 2008 financial crisis.
Another candidate is economist Lael Brainard. He has done extensive work for the US Central Bank (FED) and, together with MIT, led an investigation of CBDCs. Brainard is expected on the deposition of the Minister of Finance.
We still have to wait for an initial response, the stock markets open today at 2:30 PM. A fierce initial reaction could have its aftermath in the crypto markets.
submitted by jakkkmotivator to thecryptobasic [link] [comments]

Bitcoin is worth more than $ 15,600, Why Suddenly The Price Is Increasing?

Bitcoin is worth more than $ 15,600, Why Suddenly The Price Is Increasing?
Bitcoin is worth more than $ 15,600, the highest level since January 2018.

https://preview.redd.it/ix9k84b46lx51.png?width=398&format=png&auto=webp&s=863080fefca01dbd91023c14b7f052910aa69a5e
The price of cryptocurrency bitcoin has skyrocketed in recent days to the highest level since January 2018. The absence of the US presidential election result may play a role, but that is not the only reason.
In recent days, the price of the BTC rose from roughly $ 13,350 on November 3 to $ 15,700 today, according to data from CoinMarketCap. That is more than 12 percent increase.
The price increase was more or less synchronized with the vote count in the United States and the ever-increasing tension in the country. "Uncertainty always encourages people to buy gold, for example. But I don't know if that is positive for bitcoin," analyzes Durk Veenstra, RTL Z stock market commentator.
"Everything is going up," he adds another comment on the price increase. Investors are thus responding to the Bank of England's decision to pump 166 billion euros extra into financial markets and expect the US Fed to take additional measures to support the economy.
Another reason for bitcoin's price revival is the US Public Prosecutor's plan to seize more than $ 1 billion in bitcoin. It concerns bitcoin that has been earned through the criminal online marketplace Silk Road, Bloomberg news agency reports.
Highest price since January 2018
The price of bitcoin was last this high in January 2018, after the highest ever price of 19,783 dollars was reached in December 2017. On Sunday, January 7, the price peaked again to more than $ 17,500, after which the price dropped sharply.
This year, the exchange rate recovered somewhat, peaking at $ 12,600 in October. This was due to the decision of the payment service Paypal to make payments in cryptocurrency possible. This Paypal move is also a reason in the upward price movement of Bitcoin. And now the price is stablizing between 15k to 16k.
submitted by jakkkmotivator to thecryptobasic [link] [comments]

Round up of Cryptocurrency News #10 Week 28/09 - 4/10

Hello and sorry all its been about a month since serious post. So what has happened this week? 1. Kucoin exchange was hacked for over $150 Million in Bitcoin. Bitfinex and Tether freezes $33 Million of stolen funds. Over this past week we have seen many cryptocurrencies on the exchange be released from the freeze. However, users are still waiting on the main cryptos to be released as KuCoin is working on their security of their platform to make sure it does not happen again. The hacker itself tried to dump his tokens over Binance... Good try lol https://news.bitcoin.com/kucoin-hack-17m-laundered-via-decentralized-exchanges-blockchain-analysis-firm-claims-this-can-still-be-traced/ (HOLY MOLY) https://news.bitcoin.com/kucoin-ceo-says-exchange-hack-suspects-found-204-million-recovered/ 2. Bitcoin outperforms Gold, Nasdaq, 10 year treasury and S&P 500. not surprising at all for us but still very interesting, Bitcoin is up 48% since the start of the year. It appears more people are becoming interested in cryptocurrency as Bitcoin continues to be the best performing asset not just in the past 10 years but of all time. On a more personal note, I was at a small gathering today (within covid restrictions) and I was just saying how i was really interested in cryptocurrency. For the first time ever everyone around me was really interested in what it was and how it worked also talked to a lot of my stock market friends and almost all have pulled out or thinking of pulling out. related: https://dailyhodl.com/2020/10/01/report-details-unprecedented-levels-of-wall-street-interest-in-bitcoin-and-cryptocurrency/ https://dailyhodl.com/2020/10/02/former-goldman-institutional-trader-says-large-investors-now-buying-bitcoin-and-gold-at-same-pace-heres-why/ 3. CBDC news - US federal reserve is actively working on the a digital dollar. From a previous post we know that the European Union is working on a Digital Euro and China is working on their own digital dollar. For me this is a bit of a worrying issue and seems like an upgrade for their own outdated systems completely removing the idea of decentralisation. In addition to this, I find it interesting that in Australia all cryptocurrency tax laws were written in late 2017/2018 and continues to be adapted. In Russia their are harsh penalties for unreported cryptocurrency holdings. In my controversial view I think the technology of blockchain can actually be used to recreate and rewrite a much better future through its innate abilities. we can avoid things like this: https://news.bitcoin.com/jpmorgan-fraud-billion-dollar-settlement/ 4. Highlights on cryptojacking - if you dont know what this is it is when a script or code runs on a computer to mine cryptocurrency using your computer resources. You can block these using other programs or scripts and being safe over the internet. 5. World economic forum names XRP as crypto asset most relevant in central bank digital currency space. Many partnerships in the space plus flare coming later. https://dailyhodl.com/2020/09/30/ripple-matchmaking-effort-discovered-featuring-170-financial-institutions-is-xrp-front-and-cente i definitely have a love hate relationship with XRP. 6. https://dailyhodl.com/2020/09/28/defi-movement-shatters-11000000000-in-total-crypto-assets-locked/ https://news.bitcoin.com/uniswap-captures-2-billion-locked-dex-volume-outpaces-second-largest-centralized-exchange/ 7. https://www.ey.com/en_au/blockchain/blockchain-platforms 8. https://dailyhodl.com/2020/09/29/twitter-ceo-jack-dorsey-says-bitcoin-and-blockchain-will-fuel-financial-freedom-and-transform-future-of-content-delivery/ 9. https://news.bitcoin.com/easily-spend-your-bitcoin-via-prepaid-debit-card-or-a-paypal-account-with-bitcoin-of-americas-easy-to-use-trading-platform/ 10. https://news.bitcoin.com/bitcoin-com-exchange-to-list-aspire-and-aspire-gas-as-newest-digital-asset-creation-platform-comes-to-market/ 11. https://news.bitcoin.com/onecoin-victims-petition-establishment-european-crypto-fraud-compensation-fund/ 12. https://news.bitcoin.com/atari-announces-ieo-collaboration-and-listing-of-the-atari-token-with-bitcoin-com-exchange/ Atari also partners with Cryptocurrency project ULTRA. Don't sleep on NFT projects, they may be a niche but they help with organisation, collectability and simplifies processes. 13. https://news.bitcoin.com/aurus-disrupts-the-gold-industry-today-its-ecosystem-lists-at-a-value-of-75m/ 14. https://dailyhodl.com/2020/10/01/irs-deploying-two-firms-to-track-crypto-transactions-in-million-dollar-deal/ 15. https://dailyhodl.com/2020/10/01/number-of-crypto-users-shatters-100000000-worldwide-cambridge-study/ https://news.bitcoin.com/bitcoin-posts-a-66-day-consecutive-streak-above-the-10k-price-range/ 16. https://news.bitcoin.com/cryptocurrency-exchange-diginex-trading-nasdaq/ 17. https://news.bitcoin.com/smart-contract-protocol-rsk-attempts-to-bring-defi-to-the-bitcoin-network/ 18. Bitmex news: https://news.bitcoin.com/bitmex-criminal-charges-prison/ well this happened. https://news.bitcoin.com/open-interest-on-bitmex-drops-16-investors-withdraw-37000-btc-in-less-than-24-hours/ https://dailyhodl.com/2020/10/02/bitmex-fires-back-after-us-accuses-crypto-exchange-of-failing-to-prevent-money-fraud/ https://dailyhodl.com/2020/10/03/440000000-in-bitcoin-exits-bitmex-as-crypto-traders-respond-to-cftc-allegations/ 19. Contract to break monero privacy: https://news.bitcoin.com/chainalysis-and-integra-win-1-25-million-irs-contract-to-break-monero/ 20. https://news.bitcoin.com/stacking-satoshis-leveraging-defi-applications-to-earn-more-bitcoin/ 21. https://dailyhodl.com/2020/10/02/bitcoin-whale-issues-big-warning-to-traders-heres-why-he-believes-group-of-crypto-assets-are-at-risk-from-regulators/ 22. https://news.bitcoin.com/venezuelas-state-run-defi-crypto-exchange-goes-live-after-maduros-anti-blockade-speech/ 23. https://news.bitcoin.com/crypto-exchange-coinbase-hands-over-customer-data-to-uk-tax-authority/ 24. https://news.bitcoin.com/jeff-booth-bitcoin-price-of-tomorrow/
25. https://news.bitcoin.com/eth-volumes-top-125-billion-in-q3-high-risk-dapps-dominate-tron-network/ 
Here is a small cross post for price movement: https://dailyhodl.com/2020/09/30/bitcoin-btc-tezos-xtz-cardano-ada-etoro-crypto-roundup/
Seems like everyone is bullish on bitcoin and leading crypto projects to make big gains over the next year, sooner rather than later. Bitcoin also holds above $10.5K with over 1Million wallets. Bitcoin interest is gaining throughout the world as many parts are hit by economic crisis.
Ethereum 2.0 roadmap updated, plans to exponentially increase scalability! VERY BULLISH. https://dailyhodl.com/2020/10/03/vitalik-buterin-updates-ethereum-2-0-roadmap-details-plans-to-exponentially-increase-scalability/
submitted by IOTAbesomewhere to Gravychain [link] [comments]

DAILY MEGA THREAD THOUSANDS IN REFERRALS SOFI,CHIME, ASPIRATION +++(GET ADDED TO THE CHAIN WITH VERIFICATION OF COMPLETION, LINKS ROTATE EVERYDAY LET'S MAKE MONEY TOGETHER)

This daily Reddit threads goal is to share referral program links in the form of a chain system. To be included in the referral chain; one must submit verification of referral completion (a screenshot will suffice) and their referral link via pm or in a response to the thread to keep it honest. We should all make money from this community. I aim to include as many referral programs possible.
Each referral comes with a warning if there is risk involved. I believe in full transparency.
If your looking for the best affiliate program, you've found it! We help each other here and everyday we change the links to share the wealth.
All of the refer a friend programs we've found will be listed below. I am trying to create the most amazing referral exchange on the internet with full transparency.
Our hope is to help you get paid daily by these Referral programs in exchange for you being the referee! When you ask how to get referrals for websites online, this thread should be your first answer!!!
Make sure to include your referral ID when submitting your link referral.
Banks
Referral link-
SoFi Money: $50 for depositing $500 from any source.
https://www.sofi.com/invite/money?gcp=e65d8ea1-fd35-40bc-b801-547c3fc6e749
SoFi is a bank/app that give out $50 for anyone who signs up for a SoFi Money (bank) account using a referral code and deposits $500 from any source. So all you have to do is open an account with a referral link, deposit $500, and then instantly collect the bonus and then take it all back.
And you can close the account at any time with no fees or consequences
referral link-
https://www.sofi.com/invite/money?gcp=e65d8ea1-fd35-40bc-b801-547c3fc6e749
SoFi Invest: $50 for $1000 deposit from any source, and $25 worth of bitcoin for buyin g $10 worth of bitcoin on SoFi Crypto.
https://www.sofi.com/share/invest/3285551
Chime: $50 for $200 direct deposit (can easily get around direct deposit requirement, please see details below).
Chime is a bank/app which pays you a $50 bonus for opening an account via a referral code making a $200 direct deposit. There are no catches, and you can close the account at any time fee free as soon as you register their debit card (gotta wait a few days to get it in the mail).
A "direct deposit" technically means that they want you to deposit the money right from payroll, Social Security, or other direct payment, but you can actually meet this requirement simply by transferring in $200 from virtually any source including bank accounts, cashapp, etc.
referral link- https://chime.com/jesselewis11
Aspiration: $50 for spending $250 with their debit card within 3 months, and extra $100 for $1000 spend in 3 months.
https://my.aspiration.com/app/token/referral/6VPHJ09AP6QEV78Jb
Aspiration is an online bank which is offering a free $50 bonus for simply opening an account via a referral link and spending $250, and an extra $100 for $1000 spend in 3 months.
So all you have to do is open an account using a referral link, spend $250/1000 using their debit card within 3 months, and then you will get $50/150 added to your account! No fees and close whenever you want.
referral link- https://my.aspiration.com/app/token/referral/6VPHJ09AP6QEV78J
Stash: $20 for $5 deposit from any source.
https://get.stash.com/jesse_gqcj7qh
Stash is a finance app that gives out $20 for anyone who signs up for the Stash bank or Stash Invest account via this referral link and deposits at least $5 from any source. So all you have to do to get the bonus is open an account with a referral link and deposit $5.
We recommend opening a beginner account for $1 a month, and to then close your account after 1 month after you get your $20 bonus.
referral link- https://get.stash.com/jesse_gqcj7qh
N26
To earn 5 dollars: All you have to do is use your new N26 card to make a purchase of $10 or more.
https://n26.com/jessel0355
Card.com
This referral program is very easy all you have to do is set up $200 worth of direct deposits in 30 days and you will receive a $50 bonus.
https://www.card.com/referral-invite/10153558?chn=raf-f&raf_version=8dfad0e

Stocks
Webull: 2 free stock (worth $8-$ 1600 each) for opening an account and making a $100 deposit.
https://act.webull.com/mo/xZWa45w2qoXgbi/inviteUs/
Webull is a commission free stock trading platform/app which is giving out 2 free stocks (worth $8-$1600 each) for opening an account via this ever-changing referral link and making a $100 deposit.
Webull can be used on iOS, Android or the website.
referral link- https://act.webull.com/mo/xZWa45w2qoXgbi/inviteUs/
Public: 1 free stock worth up to $50 for opening an account.
http://share.public.com/daysndaze
Public is another commission free stock trading app which gives you a free stock (valued up to $50) when you create an account with this referral link. No initial deposit is required.
Available on iOS or Android.
referral link- http://share.public.com/daysndaze
FirstTrade: 1 free stock worth $3 - $200 (I got Microsoft!) simply for opening an account. No deposit required.
https://share.firstrade.com/MilaAQOK
FirstTrade is a commission-free stock trading app which gives you a free stock (valued up to $200) when you open an account via a referral link. No initial deposit is required.
Available on iOS or Android only.
referral link- https://share.firstrade.com/MilaAQOK
Dough: 1 free stock worth $2 - $200 simply for opening an account. No deposit required ($25 deposit required before first withdrawal, but you can then withdraw that too).
https://dough.com/referrals?referral=5BKGKBR95V&referredby=Jesse
Dough is a commission free stock trading app which gives you a free stock (valued $2- $200) when you open an account via a referral link. No initial deposit is required, though you need to deposit $25 in order to make your first withdrawal (you can also withdraw your initial $25 too).
Available for iOS or Android only.
referral link- https://dough.com/referrals?referral=5BKGKBR95V&referredby=Jesse
TradeUP: 1 free stock worth $2.50-250 just for opening an account, and an optional second stock worth $8-$1000 for making a $100 deposit from any source.
https://tradeup.marsco.com/activity/market/us-open-price/#/share?invite=T8WH47
TradeUP is a commission free stock trading app which gives you a free stock (valued $2.50-250) for opening an account via a referral link. No deposit required.
Additionally, they will give you a second stock (valued $8-$1000) for making a $100 deposit.
Available for iOS or Android only.
referral link- https://tradeup.marsco.com/activity/market/us-open-price/#/share?invite=T8WH47
Robinhood: 1 free stock worth $2.50- $200 for opening an account. No deposit required.
https://join.robinhood.com/jessel2353
Robinhood is a stock trading platform/app which gives you a free stock (valued $2.50 - $200) when you open an account via a referral link. No initial deposit is required.
Available on iOS and Android, or you can use their website.
referral link- https://join.robinhood.com/jessel2353
Acorns: $5 for $5 deposit from any source (additional steps required, please see below details).
https://www.acorns.com/invite/9B9FGQ
Acorns is an online investing app (iOS or Android) which is offering a free $5 bonus for simply opening an account via a referral link, depositing $5, and keeping the money in the account until the 15th of the following month. You can then withdraw the money and close the account, fee free!
If you keep the account longer, they may charge you a $3 fee, so be sure to close it after the 15th on the following month from when you signed up.
Acorns is available on iOS and Android, or you can use their website.
referral link- https://www.acorns.com/invite/9B9FGQ
Cryptocurrency
Voyager: Free $25 worth of Bitcoin for trading $100 on the app. Open these link from mobile:
IOS: I recommend investing in litecoin last month it hit a high of $60 and it's trading for 45 right now.
Android: I'm inviting you to start investing in crypto with Voyager. Download the app and trade $100 to get $25 of free Bitcoin.
Use code JESEB9 or this link to claim your BTC:
https://go.onelink.me/4gTreferral?af_sub5=JESEB9
Voyager is a crypocurrency trading app (iOS/Android only) which will pay you $25 in free bitcoin for trading $100 on the app.
Referral link-
iOS/Android
https://go.onelink.me/4gTreferral?af_sub5=JESEB9
Celsius: Free $20 for depositing $200 worth of cryptocurrency.
https://celsiusnetwork.app.link/1345845e7e
Celsius is a cryptocurrency investing platform which will give you $20 for signing up using a referral code and depositing $200 worth of cryptocurrency.
You can then withdraw the full $220 and close your account fee free. Once again I recommend investing in litecoin to get around the fee. You should earn your money back within a month.
https://celsiusnetwork.app.link/1345845e7e
Crypto.com: Free $50 for "staking" (buying and holding) 1000 CRO (approximately $170) for 1 bmonths. (Make sure to enter the referral code of the day jgyync2nba)
https://crypto.com/app/jgyync2nba
This is a risky one warning. You do have to hold the crypto for at least a 180 days. However there is a possibility that it will increase in money during that time. If you believe in crypto it might be a good investment.
(enter referral code jgyync2nba if not pre-filled)
https://crypto.com/app/jgyync2nba
Gemini: Free $10 worth of Bitcoin for trading $100.
Account Signup: https://gemini.com/share/d8ykp7cl
Gemini is a cryptocurrency trading app/websitewhich will give you $10 worth of bitcoin for signing up using a referral link and buying/selling $100 worth of cryptocurrency.
Unlike the other offers listed here, this one can be used anywhere in the US.
https://gemini.com/share/d8ykp7cl
Blockfi $10 in Free Bitcoin
Sign up here for BlockFi
(https://blockfi.com/?ref=d7a3f79) and receive $10 in free Bitcoin bonus when you deposit $100 or more in crypto and maintain the qualifying balance until the following interest payment day. The bonus is deposited on your first monthly interest payment. Do not withdraw from your balance or you WILL LOSE the Bitcoin bonus.
Earn up to 8.6% per year on the cryptos in your wallet. https://blockfi.com/?ref=d7a3f79 Be sure to use referral code d7a3f79 during signup to get your $10 Bitcoin bonus after initial $100 or more deposit.
BlockFi supports bank wire transfers and deposits via crypto. If you want to buy crypto and deposit on BlockFi, you will need to use one of the other apps listed on this page. (Or coinbase/binance)
Remember to sign up at https://blockfi.com/?ref=d7a3f79 to get your $10 in free Bitcoin bonus!
Stores
Save every day at your favorite spots with Raise. Use my link to get $5 off your first card: https://geta.raise.com/THANKG0342
👋 I'm giving you $5 in credit! To use it download the Wish App with my link. https://dl.wish.com/AKqNn
Misc
Get 15 dollars for transfering 5 dollars.
https://cash.app/app/LRSLGVN
Get $10 and free delivery from Instacart! Use my code: J197E72157 or link: https://inst.ct/NWtmVDIxaXZC
Hi there,
Have you heard of Poshmark? It's my go-to for buying & selling fashion and more!
Sign up now with my code FOLKPUNKARIEL to save $10 on your first order.
Download Poshmark Now
https://posh.mk/UDIJCMAt89
Ibotta:
Get 20 dollars for trying app.
referral code "pwgxkqw" at registration. https://ibotta.onelink.me/iUfE/8cc13c64?friend_code=pwgxkqw
Privacy.com Join Privacy and we'll each get $5 to spend anywhere online!
Referral link. https://privacy.com/join/55PVR
Phone Plan;
Referral code to get a $20 credit when you join Google Fi! Redeem it at https://g.co/fi/PFDWA
Gambling
You get a 25 dollar bonus on money deposited. As well a 200% bonus on Bitcoin deposited!!!!!!!
https://www.bovada.lv/welcome/PRMZIUV/join?extcmpid=rafcopy
submitted by woodp3cker20 to clicksforbeermoney [link] [comments]

The events of a SIM swap attack (and defense tips)

Posted this on Coinbase and someone recommend it also be posted here. The information below on an attempted SIM swap attack was pieced together through a combination of login and security logs, recovering emails initiated by the attacker that were deleted and then deleted again from the trash folder, and learning from AT&T’s fraud representatives. The majority if this is factual, and we do our best to note where we are speculating or providing a circumstantial suspicion. TLDRs at the bottom.
The full story:
We were going about our business and received a text from AT&T that says “…Calls & texts will go to your new phone/SIM card. Call 866-563-4705 if you did not request.” We did not request this, and were suspicious that the text itself could be a phishing scam since we searched the phone number and it wasn’t overtly associated with AT&T. Thus, we tried calling AT&T’s main line at 611 but all we hear is beep beep beep. The phone number is already gone. We use another phone to call AT&T and at the same time start working on our already compromised email.
While we didn’t see everything real time, this is what the recovered emails show. In less than 2 minutes after receiving the text from AT&T, there is already an email indicating that the stolen phone number was used to sign into our email account associated with Coinbase. 2 minutes after that, there is an email from Coinbase saying:
"We have received your request for password reset from an unverified device. As a security precaution, an e-mail with a reset link will be sent to you in 24 hours. Alternatively, if you would like your password reset to be processed immediately, please submit a request using a verified device.
This 24 hour review period is designed to protect your Coinbase account."
This is where Coinbase got it right to have a 24 hour review period (actually a recovery period) before allowing the password to be reset. However, the attackers knew this and planned to steal the second email from Coinbase by setting email rules to forward all emails to a burner address and also have any emails containing “coinbase” re-routed so they don’t appear in the Inbox. 5 minutes later, they request a password reset from Gemini and the password was reset to the attacker’s password within a minute after that. The next minute they target and reset DropBox’s password followed immediately with Binance. Less than 2 minutes later, an email from Binance indicates that the password has been reset and another email arrives a minute later indicating a new device has been authorized.
It’s at this point that we begin locking the attacker out by (1) removing the phone number as 2FA (2) changing the email password, (3) and three forcing a logout of all sessions from the email. There was a bit of back and forth where they still had an active login and re-added the stolen phone number as 2FA.
They added only one more password reset to a gaming account that was not deleted. I can only suspect that was a decoy to make it look like the attack was directed at gaming rather than finances.
The Gemini and Binance accounts were empty and effectively abandoned, with no balances and inactive bank accounts (if any), and no transactions in 1-3 years. DropBox had no meaningful files (they probably look for private keys and authenticator backups) and the phone number they stole from us was suspended, so as far as the attacker is concerned, there is no meat on this bone to attack again… unless they had inside information.
This is where I suspect someone internal at Coinbase receiving wire deposits has been compromised in tipping off ripe accounts – accounts with new and somewhat large balances. We had completed a full withdrawal of funds from Coinbase earlier in the year, and had a balance of less than $20 heading into May. Deposits to Coinbase staggered in to get above six figures through mid-May then stopped. The attack occurred 7 days after the last large wire deposit was made to Coinbase.
From the perspective of an attacker that had no inside information, we were a dead end with abandoned Gemini and Binance accounts with zero balances and stale transactions, no DropBox information, and the suspended phone number access. Our Coinbase deposits were known to no one except us, Coinbase, and our bank. We were also able to stop the hacker’s email forwarding before Coinbase’s 24 hour period to send the password reset, so this one didn’t work out for the attackers and it would make sense for them to move on to the next rather than put efforts into a second attack only for Coinbase - for what would appear to be a zero-balance Coinbase account based on the other stale accounts.
Then…23 hours and 42 minutes after the first attack, another message from AT&T “…Calls & texts will go to your new phone/SIM card. Call 866-563-4705 if you did not request.” Here we go again. We had been confident in AT&T’s assurances that our account had been locked and would not be SIM swapped again, so we unwisely added the phone number back to our email account as a backup (it’s now removed permanently and we use burner emails for account recovery like we should have all along).
Upon seeing that our phone number had been stolen again I knew they were after the Coinbase reset email that was delayed by 24 hours from Coinbase as part of their security. We did 4 things within 2 minutes of that text: (1) removed the phone number again from the email account – this time for good, (2) market sell all Bitcoin on Coinbase, (3) withdraw from Coinbase, (4) have AT&T suspend service on the phone line.
In speaking with AT&T, they were floored that our SIM would be transferred again in light of all the notes about fraud on the account and the PIN being changed to random digits that had never been used by us before. Based on the response of disbelief from AT&T on the second port, I suspect that this attack also involved a compromised AT&T employee that worked with the attacker to provide timely access to the Coinbase password reset email. Apparently, this has been going on for years: https://www.flashpoint-intel.com/blog/sim-swap-fraud-account-takeove
with phone carrier employees swapping SIMs for $80s a swap.
Remember that most of this was hidden in real time, and was only known because we were able to recover emails deleted from Trash by the attacker.
Since we require any withdrawals to use Google Authenticator on Coinbase, our funds may have been secure nonetheless. However, under the circumstances with attackers that were apparently working with insiders to take our phone number twice in attempts to steal Bitcoin, and it being unknown if they had additional tools related to our Google Authenticator, we decided it was safer on the sidelines. The coins were held on the exchange for a quick exit depending on whether Bitcoin was going to break up or down from $10,000. A hardware wallet is always safest, but we were looking to time the market and not have transaction delays.
For some some security recommendations:
AT&T: If you are going to send a text saying that calls and texts are moving to a new number, provide a 10 minute window for the phone number to reply with a “NO” or “STOP” to prevent the move. This can escalate the SIM dispute to more trusted employees to determine who actually owns the line. Don’t let entry level employees swap SIMs.
Coinbase: Do not default to phone numbers as 2FA. Also, if someone logs in successfully with the password before the 24 hours are up, the password is known and there is no need to send the password reset email again for attacker to have forwarded to them. At least have an option to stop the password reset email from being sent. We did not tag our account at Coinbase with fraud because of the stories of frozen funds once an account is tagged. I’m not sure what the solution is there, but that is another problem.
Being a trader, it would be nice to think of Coinbase as any other type of security brokerage where your assets are yours (someone can’t steal your phone number and transfer your stocks to their account). We fell into that mindset of security, yet this experience has reminded us of the uniqueness of cryptocurrency and the lack of custodial assurance and insurance from exchanges because of the possession-is-everything properties of cryptocurrency.
As many have said before, 2FA with a phone number quickly becomes 1-factor authentication as soon as that phone number is associated with password recovery on your email or other accounts. Our overall recommendation is to avoid having a phone number associated with any recovery options across all your accounts.
TLDR on the process:
Scammers will steal your phone number (in our case twice in 24 hours) and use your phone number to access your email and accounts. They will use your email to reset passwords at financial accounts and file hosting such as DropBox. They will then use that combination to transfer any assets they can access from your accounts to theirs. They will do their best to hide this from you by
(1) not resetting your email password so as to raise suspicion,
(2) immediately delete any password reset emails you may receive from financial accounts to hide them from you,
(3) attempt to forward all emails sent to your address to a burner email, and
(4) set email rules to forward emails containing “coinbase” to an email folder other than your Inbox so that you don’t see the transactions and password reset emails that arrive to your inbox.
TLDR on defense tips: If your phone stops working or you receive a text of your number being ported do the following as soon as possible:
(1) log into your email account(s) associated with your financial accounts and remove your phone number as 2FA immediately
(2) change your email password,
(3) force a logout of all sessions from your email (at this point you have locked them out), then
(4) check your mail forwarding settings for forwards to burner addresses,
(5) check your mail rules for rerouting of emails from accounts such as Coinbase, and
(6) call your carrier to have them suspend service on your lost phone number and ask them to reinstate your SIM or get a new SIM. This will require a second phone because your personal phone number has been stolen.
We hope this helps some others be safe out there in protecting their coins. The more we know, the more we can protect ourselves. Wishing you all the best!
submitted by etheregg to CryptoCurrency [link] [comments]

The events of a SIM swap attack directed at Coinbase (and defense tips)

The information below on an attempted SIM swap attack was pieced together through a combination of login and security logs, recovering emails initiated by the attacker that were deleted and then deleted again from the trash folder, and learning from AT&T’s fraud representatives. The majority if this is factual, and we do our best to note where we are speculating or providing a circumstantial suspicion. TLDRs at the bottom.
The full story:
We were going about our business and received a text from AT&T that says “…Calls & texts will go to your new phone/SIM card. Call 866-563-4705 if you did not request.” We did not request this, and were suspicious that the text itself could be a phishing scam since we searched the phone number and it wasn’t overtly associated with AT&T. Thus, we tried calling AT&T’s main line at 611 but all we hear is beep beep beep. The phone number is already gone. We use another phone to call AT&T and at the same time start working on our already compromised email.
While we didn’t see everything real time, this is what the recovered emails show. In less than 2 minutes after receiving the text from AT&T, there is already an email indicating that the stolen phone number was used to sign into our email account associated with Coinbase. 2 minutes after that, there is an email from Coinbase saying:
"We have received your request for password reset from an unverified device. As a security precaution, an e-mail with a reset link will be sent to you in 24 hours. Alternatively, if you would like your password reset to be processed immediately, please submit a request using a verified device.
This 24 hour review period is designed to protect your Coinbase account."
This is where Coinbase got it right to have a 24 hour review period (actually a recovery period) before allowing the password to be reset. However, the attackers knew this and planned to steal the second email from Coinbase by setting email rules to forward all emails to a burner address and also have any emails containing “coinbase” re-routed so they don’t appear in the Inbox. 5 minutes later, they request a password reset from Gemini and the password was reset to the attacker’s password within a minute after that. The next minute they target and reset DropBox’s password followed immediately with Binance. Less than 2 minutes later, an email from Binance indicates that the password has been reset and another email arrives a minute later indicating a new device has been authorized.
It’s at this point that we begin locking the attacker out by (1) removing the phone number as 2FA (2) changing the email password, (3) and three forcing a logout of all sessions from the email. There was a bit of back and forth where they still had an active login and re-added the stolen phone number as 2FA.
They added only one more password reset to a gaming account that was not deleted. I can only suspect that was a decoy to make it look like the attack was directed at gaming rather than finances.
The Gemini and Binance accounts were empty and effectively abandoned, with no balances and inactive bank accounts (if any), and no transactions in 1-3 years. DropBox had no meaningful files (they probably look for private keys and authenticator backups) and the phone number they stole from us was suspended, so as far as the attacker is concerned, there is no meat on this bone to attack again… unless they had inside information.
This is where I suspect someone internal at Coinbase receiving wire deposits has been compromised in tipping off ripe accounts – accounts with new and somewhat large balances. We had completed a full withdrawal of funds from Coinbase earlier in the year, and had a balance of less than $20 heading into May. Deposits to Coinbase staggered in to get above six figures through mid-May then stopped. The attack occurred 7 days after the last large wire deposit was made to Coinbase.
From the perspective of an attacker that had no inside information, we were a dead end with abandoned Gemini and Binance accounts with zero balances and stale transactions, no DropBox information, and the suspended phone number access. Our Coinbase deposits were known to no one except us, Coinbase, and our bank. We were also able to stop the hacker’s email forwarding before Coinbase’s 24 hour period to send the password reset, so this one didn’t work out for the attackers and it would make sense for them to move on to the next rather than put efforts into a second attack only for Coinbase - for what would appear to be a zero-balance Coinbase account based on the other stale accounts.
Then…23 hours and 42 minutes after the first attack, another message from AT&T “…Calls & texts will go to your new phone/SIM card. Call 866-563-4705 if you did not request.” Here we go again. We had been confident in AT&T’s assurances that our account had been locked and would not be SIM swapped again, so we unwisely added the phone number back to our email account as a backup (it’s now removed permanently and we use burner emails for account recovery like we should have all along).
Upon seeing that our phone number had been stolen again I knew they were after the Coinbase reset email that was delayed by 24 hours from Coinbase as part of their security. We did 4 things within 2 minutes of that text: (1) removed the phone number again from the email account – this time for good, (2) market sell all Bitcoin on Coinbase, (3) withdraw from Coinbase, (4) have AT&T suspend service on the phone line.
In speaking with AT&T, they were floored that our SIM would be transferred again in light of all the notes about fraud on the account and the PIN being changed to random digits that had never been used by us before. Based on the response of disbelief from AT&T on the second port, I suspect that this attack also involved a compromised AT&T employee that worked with the attacker to provide timely access to the Coinbase password reset email. Apparently, this has been going on for years: https://www.flashpoint-intel.com/blog/sim-swap-fraud-account-takeove with phone carrier employees swapping SIMs for $80s a swap.
Remember that most of this was hidden in real time, and was only known because we were able to recover emails deleted from Trash by the attacker.
Since we require any withdrawals to use Google Authenticator on Coinbase, our funds may have been secure nonetheless. However, under the circumstances with attackers that were apparently working with insiders to take our phone number twice in attempts to steal Bitcoin, and it being unknown if they had additional tools related to our Google Authenticator, we decided it was safer on the sidelines. The coins were held on the exchange for a quick exit depending on whether Bitcoin was going to break up or down from $10,000. A hardware wallet is always safest, but we were looking to time the market and not have transaction delays.
For some some security recommendations:
AT&T: If you are going to send a text saying that calls and texts are moving to a new number, provide a 10 minute window for the phone number to reply with a “NO” or “STOP” to prevent the move. This can escalate the SIM dispute to more trusted employees to determine who actually owns the line. Don’t let entry level employees swap SIMs.
Coinbase: Do not default to phone numbers as 2FA. Also, if someone logs in successfully with the password before the 24 hours are up, the password is known and there is no need to send the password reset email again for attacker to have forwarded to them. At least have an option to stop the password reset email from being sent. We did not tag our account at Coinbase with fraud because of the stories of frozen funds once an account is tagged. I’m not sure what the solution is there, but that is another problem.
Being a trader, it would be nice to think of Coinbase as any other type of security brokerage where your assets are yours (someone can’t steal your phone number and transfer your stocks to their account). We fell into that mindset of security, yet this experience has reminded us of the uniqueness of cryptocurrency and the lack of custodial assurance and insurance from exchanges because of the possession-is-everything properties of cryptocurrency.
As many have said before, 2FA with a phone number quickly becomes 1-factor authentication as soon as that phone number is associated with password recovery on your email or other accounts. Our overall recommendation is to avoid having a phone number associated with any recovery options across all your accounts.
TLDR on the process:
Scammers will steal your phone number (in our case twice in 24 hours) and use your phone number to access your email and accounts. They will use your email to reset passwords at financial accounts and file hosting such as DropBox. They will then use that combination to transfer any assets they can access from your accounts to theirs. They will do their best to hide this from you by
(1) not resetting your email password so as to raise suspicion,
(2) immediately delete any password reset emails you may receive from financial accounts to hide them from you,
(3) attempt to forward all emails sent to your address to a burner email, and
(4) set email rules to forward emails containing “coinbase” to an email folder other than your Inbox so that you don’t see the transactions and password reset emails that arrive to your inbox.
TLDR on defense tips: If your phone stops working or you receive a text of your number being ported do the following as soon as possible:
(1) log into your email account(s) associated with your financial accounts and remove your phone number as 2FA immediately
(2) change your email password,
(3) force a logout of all sessions from your email (at this point you have locked them out), then
(4) check your mail forwarding settings for forwards to burner addresses,
(5) check your mail rules for rerouting of emails from accounts such as Coinbase, and
(6) call your carrier to have them suspend service on your lost phone number and ask them to reinstate your SIM or get a new SIM. This will require a second phone because your personal phone number has been stolen.
We hope this helps some others be safe out there in protecting their coins. The more we know, the more we can protect ourselves. Wishing you all the best!
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Crypto Banking Wars: Will Coinbase or Binance Become The Bank of The Future?

Crypto Banking Wars: Will Coinbase or Binance Become The Bank of The Future?
Can the early success of major crypto exchanges propel them to winning the broader consumer finance market?
https://reddit.com/link/i48t4q/video/v4eo10gom7f51/player
This is the first part of Crypto Banking Wars — a new series that examines what crypto-native company is most likely to become the bank of the future. Who is best positioned to reach mainstream adoption in consumer finance?
While crypto allows the world to get rid of banks, a bank will still very much be necessary for this powerful technology to reach the masses. We believe a crypto-native company, like Genesis Block, will become the bank of the future.
In an earlier series, Crypto-Powered, we laid out arguments for why crypto-native companies have a huge edge in the market. When you consider both the broad spectrum of financial use-cases and the enormous value unlocked through these DeFi protocols, you can see just how big of an unfair advantage blockchain tech becomes for companies who truly understand and leverage it. Traditional banks and fintech unicorns simply won’t be able to keep up.
The power players of consumer finance in the 21st century will be crypto-native companies who build with blockchain technology at their core.
The crypto landscape is still nascent. We’re still very much in the fragmented, unbundled phase of the industry lifecycle. Beyond what Genesis Block is doing, there are signs of other companies slowly starting to bundle financial services into what could be an all-in-one bank replacement.
So the key question that this series hopes to answer:
Which crypto-native company will successfully become the bank of the future?
We obviously think Genesis Block is well-positioned to win. But we certainly aren’t the only game in town. In this series, we’ll be doing an analysis of who is most capable of thwarting our efforts. We’ll look at categories like crypto exchanges, crypto wallets, centralized lending & borrowing services, and crypto debit card companies. Each category will have its own dedicated post.
Today we’re analyzing big crypto exchanges. The two companies we’ll focus on today are Coinbase (biggest American exchange) and Binance (biggest global exchange). They are the top two exchanges in terms of Bitcoin trading volume. They are in pole position to winning this market — they have a huge existing userbase and strong financial resources.
Will Coinbase or Binance become the bank of the future? Can their early success propel them to winning the broader consumer finance market? Is their growth too far ahead for anyone else to catch up? Let’s dive in.
https://preview.redd.it/lau4hevpm7f51.png?width=800&format=png&auto=webp&s=2c5de1ba497199f36aa194e5809bd86e5ab533d8

Binance

The most formidable exchange on the global stage is Binance (Crunchbase). All signs suggest they have significantly more users and a stronger balance sheet than Coinbase. No other exchange is executing as aggressively and relentlessly as Binance is. The cadence at which they are shipping and launching new products is nothing short of impressive. As Tushar Jain from Multicoin argues, Binance is Blitzscaling.
Here are some of the products that they’ve launched in the last 18 months. Only a few are announced but still pre-launch.
Binance is well-positioned to become the crypto-powered, all-in-one, bundled solution for financial services. They already have so many of the pieces. But the key question is:
Can they create a cohesive & united product experience?

Binance Weaknesses

Binance is strong, but they do have a few major weaknesses that could slow them down.
  1. Traders & Speculators Binance is currently very geared for speculators, traders, and financial professionals. Their bread-and-butter is trading (spot, margin, options, futures). Their UI is littered with depth charts, order books, candlesticks, and other financial concepts that are beyond the reach of most normal consumers. Their product today is not at all tailored for the broader consumer market. Given Binance’s popularity and strength among the pro audience, it’s unlikely that they will dumb down or simplify their product any time soon. That would jeopardize their core business. Binance will likely need an entirely new product/brand to go beyond the pro user crowd. That will take time (or an acquisition). So the question remains, is Binance even interested in the broader consumer market? Or will they continue to focus on their core product, the one-stop-shop for pro crypto traders?
  2. Controversies & Hot Water Binance has had a number of controversies. No one seems to know where they are based — so what regulatory agencies can hold them accountable? Last year, some sensitive, private user data got leaked. When they announced their debit card program, they had to remove mentions of Visa quickly after. And though the “police raid” story proved to be untrue, there are still a lot of questions about what happened with their Shanghai office shut down (where there is smoke, there is fire). If any company has had a “move fast and break things” attitude, it is Binance. That attitude has served them well so far but as they try to do business in more regulated countries like America, this will make their road much more difficult — especially in the consumer market where trust takes a long time to earn, but can be destroyed in an instant. This is perhaps why the Binance US product is an empty shell when compared to their main global product.
  3. Disjointed Product Experience Because Binance has so many different teams launching so many different services, their core product is increasingly feeling disjointed and disconnected. Many of the new features are sloppily integrated with each other. There’s no cohesive product experience. This is one of the downsides of executing and shipping at their relentless pace. For example, users don’t have a single wallet that shows their balances. Depending on if the user wants to do spot trading, margin, futures, or savings… the user needs to constantly be transferring their assets from one wallet to another. It’s not a unified, frictionless, simple user experience. This is one major downside of the “move fast and break things” approach.
  4. BNB token Binance raised $15M in a 2017 ICO by selling their $BNB token. The current market cap of $BNB is worth more than $2.6B. Financially this token has served them well. However, given how BNB works (for example, their token burn), there are a lot of open questions as to how BNB will be treated with US security laws. Their Binance US product so far is treading very lightly with its use of BNB. Their token could become a liability for Binance as it enters more regulated markets. Whether the crypto community likes it or not, until regulators get caught up and understand the power of decentralized technology, tokens will still be a regulatory burden — especially for anything that touches consumers.
  5. Binance Chain & Smart Contract Platform Binance is launching its own smart contract platform soon. Based on compatibility choices, they have their sights aimed at the Ethereum developer community. It’s unclear how easy it’ll be to convince developers to move to Binance chain. Most of the current developer energy and momentum around smart contracts is with Ethereum. Because Binance now has their own horse in the race, it’s unlikely they will ever decide to leverage Ethereum’s DeFi protocols. This could likely be a major strategic mistake — and hubris that goes a step too far. Binance will be pushing and promoting protocols on their own platform. The major risk of being all-in on their own platform is that they miss having a seat on the Ethereum rocket ship — specifically the growth of DeFi use-cases and the enormous value that can be unlocked. Integrating with Ethereum’s protocols would be either admitting defeat of their own platform or competing directly against themselves.

Binance Wrap Up

I don’t believe Binance is likely to succeed with a homegrown product aimed at the consumer finance market. Their current product — which is focused heavily on professional traders and speculators — is unlikely to become the bank of the future. If they wanted to enter the broader consumer market, I believe it’s much more likely that they will acquire a company that is getting early traction. They are not afraid to make acquisitions (Trust, JEX, WazirX, DappReview, BxB, CoinMarketCap, Swipe).
However, never count CZ out. He is a hustler. Binance is executing so aggressively and relentlessly that they will always be on the shortlist of major contenders.
https://preview.redd.it/mxmlg1zqm7f51.png?width=800&format=png&auto=webp&s=2d900dd5ff7f3b00df5fe5a48305d57ebeffaa9a

Coinbase

The crypto-native company that I believe is more likely to become the bank of the future is Coinbase (crunchbase). Their dominance in America could serve as a springboard to winning the West (Binance has a stronger foothold in Asia). Coinbase has more than 30M users. Their exchange business is a money-printing machine. They have a solid reputation as it relates to compliance and working with regulators. Their CEO is a longtime member of the crypto community. They are rumored to be going public soon.

Coinbase Strengths

Let’s look at what makes them strong and a likely contender for winning the broader consumer finance market.
  1. Different Audience, Different Experience Coinbase has been smart to create a unique product experience for each audience — the pro speculator crowd and the common retail user. Their simple consumer version is at Coinbase.com. That’s the default. Their product for the more sophisticated traders and speculators is at Coinbase Pro (formerly GDAX). Unlike Binance, Coinbase can slowly build out the bank of the future for the broad consumer market while still having a home for their hardcore crypto traders. They aren’t afraid to have different experiences for different audiences.
  2. Brand & Design Coinbase has a strong product design team. Their brand is capable of going beyond the male-dominated crypto audience. Their product is clean and simple — much more consumer-friendly than Binance. It’s clear they spend a lot of time thinking about their user experience. Interacting directly with crypto can sometimes be rough and raw (especially for n00bs). When I was at Mainframe we hosted a panel about Crypto UX challenges at the DevCon4 Dapp Awards. Connie Yang (Head of Design at Coinbase) was on the panel. She was impressive. Some of their design philosophies will bode well as they push to reach the broader consumer finance market.
  3. USDC Stablecoin Coinbase (along with Circle) launched USDC. We’ve shared some stats about its impressive growth when we discussed DeFi use-cases. USDC is quickly becoming integrated with most DeFi protocols. As a result, Coinbase is getting a front-row seat at some of the most exciting things happening in decentralized finance. As Coinbase builds its knowledge and networks around these protocols, it could put them in a favorable position to unlock incredible value for their users.
  4. Early Signs of Bundling Though Coinbase has nowhere near as many products & services as Binance, they are slowly starting to add more financial services that may appeal to the broader market. They are now letting depositors earn interest on USDC (also DAI & Tezos). In the UK they are piloting a debit card. Users can now invest in crypto with dollar-cost-averaging. It’s not much, but it’s a start. You can start to see hints of a more bundled solution around financial services.

Coinbase Weaknesses

Let’s now look at some things that could hold them back.
  1. Slow Cadence In the fast-paced world of crypto, and especially when compared to Binance, Coinbase does not ship very many new products very often. This is perhaps their greatest weakness. Smaller, more nimble startups may run circles around them. They were smart to launch Coinbase Ventures where tey invest in early-stage startups. They can now keep an ear to the ground on innovation. Perhaps their cadence is normal for a company of their size — but the Binance pace creates quite the contrast.
  2. Lack of Innovation When you consider the previous point (slow cadence), it’s unclear if Coinbase is capable of building and launching new products that are built internally. Most of their new products have come through acquisitions. Their Earn.com acquisition is what led to their Earn educational product. Their acquisition of Xapo helped bolster their institutional custody offering. They acqui-hired a team to help launch their staking infrastructure. Their acquisition of Cipher Browser became an important part of Coinbase Wallet. And recently, they acquired Tagomi — a crypto prime brokerage. Perhaps most of Coinbase’s team is just focused on improving their golden goose, their exchange business. It’s unclear. But the jury is still out on if they can successfully innovate internally and launch any homegrown products.
  3. Talent Exodus There have been numerous reports of executive turmoil at Coinbase. It raises a lot of questions about company culture and vision. Some of the executives who departed include COO Asiff Hirji, CTO Balaji Srinivasan, VP & GM Adam White, VP Eng Tim Wagner, VP Product Jeremy Henrickson, Sr Dir of Eng Namrata Ganatra, VP of Intl Biz Dan Romero, Dir of Inst Sales Christine Sandler, Head of Trading Hunter Merghart, Dir Data Science Soups Ranjan, Policy Lead Mike Lempres, Sr Compliance Vaishali Mehta. Many of these folks didn’t stay with Coinbase very long. We don’t know exactly why it’s happening —but when you consider a few of my first points (slow cadence, lack of innovation), you have to wonder if it’s all related.
  4. Institutional Focus As a company, we are a Coinbase client. We love their institutional offering. It’s clear they’ve been investing a lot in this area. A recent Coinbase blog post made it clear that this has been a focus: “Over the past 12 months, Coinbase has been laser-focused on building out the types of features and services that our institutional customers need.” Their Tagomi acquisition only re-enforced this focus. Perhaps this is why their consumer product has felt so neglected. They’ve been heavily investing in their institutional services since May 2018. For a company that’s getting very close to an IPO, it makes sense that they’d focus on areas that present strong revenue opportunities — as they do with institutional clients. Even for big companies like Coinbase, it’s hard to have a split focus. If they are “laser-focused” on the institutional audience, it’s unlikely they’ll be launching any major consumer products anytime soon.

Coinbase Wrap Up

At Genesis Block, we‘re proud to be working with Coinbase. They are a fantastic company. However, I don’t believe that they’ll succeed in building their own product for the broader consumer finance market. While they have incredible design, there are no signs that they are focused on or capable of internally building this type of product.
Similar to Binance, I think it’s far more likely that Coinbase acquires a promising young startup with strong growth.

Honorable Mentions

Other US-based exchanges worth mentioning are Kraken, Gemini, and Bittrex. So far we’ve seen very few signs that any of them will aggressively attack broader consumer finance. Most are going in the way of Binance — listing more assets and adding more pro tools like margin and futures trading. And many, like Coinbase, are trying to attract more institutional customers. For example, Gemini with their custody product.

Wrap Up

Coinbase and Binance have huge war chests and massive reach. For that alone, they should always be considered threats to Genesis Block. However, their products are very, very different than the product we’re building. And their approach is very different as well. They are trying to educate and onboard people into crypto. At Genesis Block, we believe the masses shouldn’t need to know or care about it. We did an entire series about this, Spreading Crypto.
Most everyone needs banking — whether it be to borrow, spend, invest, earn interest, etc. Not everyone needs a crypto exchange. For non-crypto consumers (the mass market), the differences between a bank and a crypto exchange are immense. Companies like Binance and Coinbase make a lot of money on their crypto exchange business. It would be really difficult, gutsy, and risky for any of them to completely change their narrative, messaging, and product to focus on the broader consumer market. I don’t believe they would ever risk biting the hand that feeds them.
In summary, as it relates to a digital bank aimed at the mass market, I believe both Coinbase and Binance are much more likely to acquire a startup in this space than they are to build it themselves. And I think they would want to keep the brand/product distinct and separate from their core crypto exchange business.
So back to the original question, is Coinbase and Binance a threat to Genesis Block? Not really. Not today. But they could be, and for that, we want to stay close to them.
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Round up of Cryptocurrency News #2 Week 13/07 - 19/07

Round up of Cryptocurrency News #2 Week 13/07 - 19/07
So much has happened this week! We saw a capitulation point of bitcoin before bears took over and we saw the selling pressure push Bitcoin down toward the $9000USD mark then move back up above $9100USD So far it has been a stable hold, however we may see some more action within the coming weeks.
 
Widespread scamming within the Twitter-sphere, Youtube and other platforms as Bitcoin and other cryptocurrencies may seem like fair game. Cryptocurrencies providing big payouts for scammers without the ability for reversals of accounts. Remember if something seems too good to be true, do some research or just plain do not respond/believe it. Stay safe and careful with your funds!
 
On the brightside, there has been even more adoption of cryptocurrencies as rumours of Paypal utilising cryptocurrency has been confirmed as they are developing crypto capabilities. In addition to this we received exciting news at the start of this week about Binance partnering with Swipe (SXP) and offering a debit card to spend BNB, SXP, BTC and BUSD. ( I will be keeping a swift eye on BNB and Swipe as its utilisation as tokens has just increased 43 fold).
 
Positive news for the Bitcoin network as its hashrate reaches all time high which helps to secure the network further even though mining profits have dropped by 50% from the recent halving. If you didn't know already the last Bitcoin will be expected to be mined in 2140 with its difficulty ever increasing and each time securing the network further. Processing units will have to become faster, stronger and most importantly more cost effective to continue to entice miners for the block rewards and further renewable energy practices.
 
Furthermore we can see Central banks and countries discussing and developing Central Bank Digital Currencies (CBDC). Read more about it here https://www.investopedia.com/terms/c/central-bank-digital-currency-cbdc.asp and check out some of the developments in the world above. This shows the popularity and strong nature of cryptocurrencies. As the saying goes "If you cant beat them, JOIN them".
 
Overall, very solid week full of adoption, animation and anticipation. Another post next week for a weekly round up! See you then but in the mean time join us at our Gravychain Discord.
- DISCORD LINK: https://discord.gg/zxXXyuJ 🍕 Bring some virtual pizza to share 🍕
Come have a chat, stimulate a discussion, ask a question or share some knowledge. We are all friendly crypto enthusiasts up for a chat, supportive and want to help each other with knowledge and investments!
Big thanks to our Telegram and My Crypto HQ for the constant news updates! - The Gravychain Collective: https://t.me/gravychain - My Crypto HQ: https://t.me/My_Crypto_HQ
Important/Notable/Highlights:

Special Mentions:
Other:
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Cryptocurrency technical analysis: bears drive the crypto market movement

Cryptocurrency technical analysis: bears drive the crypto market movement

Cryptocurrency technical analysis: bears drive the crypto market movement
The negative sentiment continues to reign in the crypto asset market, as indicated by technical and fundamental analyzes. Thus, the drop in demand for many top altcoins caused by the bitcoin correction has already led to the fact that the bears have reached many targets located in the support area. At the same time, several interesting events took place on the crypto market over the past working week. On July 15, it became known that the Chinese authorities will test the digital yuan on the largest supplier of groceries and food delivery Meituan Dianping. The work of the Chinese CBDC is already being tested by McDonald’s corporations, Starbucks and DiDi, the largest taxi aggregator in the Middle Kingdom. On June 16, Samsung announced the start of a partnership with Stellar, within which the developments of the blockchain project will be integrated into the Samsung Blockchain Keystore and Samsung Galaxy smartphones. Also, one cannot fail to note the large-scale hacking of the social network Twitter. On the night of July 15–16, unknown attackers gained access to 130 accounts of prominent businessmen, politicians and opinion leaders. As a result, fake Elon Musk, Changpen Zhao, Bill Gates and Barack Obama posted messages calling for bitcoins to be sent to them, which allowed them to collect 12.86 BTC.

Bitcoin

On the four-hour chart, bitcoin develops a very clear movement along the levels from the point of view of technical analysis. After retesting the resistance at $9500 and the lower boundary of the “Triangle” pattern, BTC quotes rushed down to the first target at $9150. If in the coming days the price consolidates below the support level, then in the short term we should expect the development of a downtrend. The closest targets for sellers will be $9000 and $8760 (38.2% correction at Fibonacci levels). At the same time, the persistence of negative sentiment in the stock market will be a signal for the digital currency market, which will continue to fall until the beginning of autumn and the recovery of the business cycle.
In the long term, this may lead to a decline to supports at $8330 and $8050. But in order to push the price lower, the bears will need to exert enormous forces. Moreover, from these levels, whales will begin to gain new positions, which will push the bitcoin price up and launch a medium-term growth trend. It will confirm its departure above the 200-day simple moving average (SMA) line and the closing of Japanese candlesticks above $9500. In the long term, this will make it possible to achieve medium-term goals in the form of clusters of $9,900- $10,000 and $10,400- $10,500.

BTC / USD chart, four-hour timeframe

So far, the first cryptocurrency also cannot form a global trend, and this has led to the fact that Bitcoin continues to consolidate movement within the $8900 cluster (50% correction at Fibonacci levels) — $9580. BTC quotes have already dropped below the $9,300 level, which could lead to sales up to $8,900. In the future, we should expect Bitcoin to test the targets of $8600 and $8220, where the 200-day moving average (MA) line and the lower border of the technical analysis model “Triangle” (on the chart below, its borders are marked in orange).
For a short time, BTC quotes may even drop to supports at $7400 and $6800, but the forecast for the price rebound back up and the formation of a long-term upward trend seems more likely. This will allow Bitcoin to reach the $10,000 and $10,500 levels, and their subsequent breakout will allow the asset to rush to the $11,000, $11,200- $11,300 and $11,800 levels by the end of the year.

BTC / USD chart, daily timeframe

Ethereum

The altcoin market is also developing neutral dynamics so far, but more and more signals appear on the charts that speak in favor of the development of a downward movement.
Big capital is not yet ready to acquire digital assets at a price that has grown strongly since March.
Ether price develops along the $233 level (11.4% Fibonacci retracement line) and within the framework of consolidation within the $220- $251 range. The drop in the total demand for digital assets will lead to a decrease in the cost of ether towards the first target in the form of consolidation of $195- $200, where the 200-day MA line is located. The further course of trading will be determined by the appearance or absence of demand for cryptocurrencies. In the long term, by the end of the year, we should expect a move above $251 to the resistance areas of $280, $300 and $320.

ETH / USD chart, daily timeframe

Litecoin

On the daily chart, Litecoin continues to consolidate above the support boundaries in the form of a $40- $42 cluster, which takes the form of the Andrews Pitchfork technical analysis model. The development of the downward dynamics will lead to the fact that the cost of LTC will drop to $36 and $30.60. But in the medium term, we should expect the quotes to move above the 200-period MA line, which passes in the resistance area of $47.45. Overcoming it in the coming months will allow LTC quotes to soar to the levels of $51.50 (38.2% correctional level along the Fibonacci lines), $56.80, $60.80, $65 and $70.

LTC / USD chart, daily timeframe

Bitcoin Cash

The Bitcoin fork began to decline after the breakout and a very clear retest of the lower boundary of the technical analysis model “Triangle” (on the chart below, its boundaries are marked in pink). At the same time, the Bitcoin Cash quotes remain within the framework of a broader consolidation in the form of the “Horizontal Channel” $200- $272. However, the priority trading scenario remains a decline in Bitcoin Cash to the $200 level. There is also a high probability of updating the March lows in the $170 and $150 regions.
However, in the months ahead, expect BCH to move above $272, where the 200-day SMA line passes, paving the way to the $305, $356 and $400 levels.

BCH / USDT chart, daily timeframe

XRP

XRP is also under the influence of bears, leading to a decline towards the resistance level at $0.2050. In the coming weeks, the asset may test the support at $0.18, where the lower border of the Descending Triangle model lies. The development of the downward movement will allow XRP to test the support at $0.16 and $0.1470.
But in the medium term, a signal for a reversal of the downtrend may appear in the event of a break above the 200-day MA line passing at the level of $0.2360. If this happens, then in the second half of 2020 XRP will be able to reach important targets at the levels of $0.2540, $0.27, $0.2860 and $0.30.

XRP / USD chart, daily timeframe

Binance Coin

Binance Coin tried to break the bottom of the Ascending Triangle, but failed. The current quotes are supported by the 200-day SMA line and the boundaries of the $15.30- $16 area. Maintaining the downward momentum will allow BNB to rush down to the supports at $13.80 and $11.50.
But the most likely scenario looks like a final consolidation above the 200-day MA. This will open the way to the current resistances at $17 and $18.14, as well as the first target in the form of a $19.36- $20 cluster. Testing of the $21.30 and $23.50 levels is also expected in the coming months.

BNB / USDT chart, daily timeframe
Now more and more crypto assets are showing a willingness to succumb to bearish pressure, which will send quotes into a short decline that will last over the next few weeks. But by the end of the year, we should expect the activity of whales, which will begin to massively buy cryptocurrencies. This will undoubtedly send their value into a long-term upward rally.
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Crypto-Powered - The Most Promising Use-Cases of Decentralized Finance (DeFi)

Crypto-Powered - The Most Promising Use-Cases of Decentralized Finance (DeFi)
A whirlwind tour of Defi, paying close attention to protocols that we’re leveraging at Genesis Block.
https://reddit.com/link/hrrt21/video/cvjh5rrh12b51/player
This is the third post of Crypto-Powered — a new series that examines what it means for Genesis Block to be a digital bank that’s powered by crypto, blockchain, and decentralized protocols.
Last week we explored how building on legacy finance is a fool’s errand. The future of money belongs to those who build with crypto and blockchain at their core. We also started down the crypto rabbit hole, introducing Bitcoin, Ethereum, and DeFi (decentralized finance). That post is required reading if you hope to glean any value from the rest of this series.
97% of all activity on Ethereum in the last quarter has been DeFi-related. The total value sitting inside DeFi protocols is roughly $2B — double what it was a month ago. The explosive growth cannot be ignored. All signs suggest that Ethereum & DeFi are a Match Made in Heaven, and both on their way to finding strong product/market fit.
So in this post, we’re doing a whirlwind tour of DeFi. We look at specific examples and use-cases already in the wild and seeing strong growth. And we pay close attention to protocols that Genesis Block is integrating with. Alright, let’s dive in.

Stablecoins

Stablecoins are exactly what they sound like: cryptocurrencies that are stable. They are not meant to be volatile (like Bitcoin). These assets attempt to peg their price to some external reference (eg. USD or Gold). A non-volatile crypto asset can be incredibly useful for things like merchant payments, cross-border transfers, or storing wealth — becoming your own bank but without the stress of constant price volatility.
There are major governments and central banks that are experimenting with or soon launching their own stablecoins like China with their digital yuan and the US Federal Reserve with their digital dollar. There are also major corporations working in this area like JP Morgan with their JPM Coin, and of course Facebook with their Libra Project.
Stablecoin activity has grown 800% in the last year, with $290B of transaction volume (funds moving on-chain).
The most popular USD-pegged stablecoins include:
  1. Tether ($10B): It’s especially popular in Asia. It’s backed by USD in a bank account. But given their lack of transparency and past controversies, they generally aren’t trusted as much in the West.
  2. USDC ($1B): This is the most reputable USD-backed stablecoin, at least in the West. It was created by Coinbase & Circle, both well-regarded crypto companies. They’ve been very open and transparent with their audits and bank records.
  3. DAI ($189M): This is backed by other crypto assets — not USD in a bank account. This was arguably the first true DeFi protocol. The big benefit is that it’s more decentralized — it’s not controlled by any single organization. The downside is that the assets backing it can be volatile crypto assets (though it has mechanisms in place to mitigate that risk).
Other notable USD-backed stablecoins include PAX, TrueUSD, Binance USD, and Gemini Dollar.
tablecoins are playing an increasingly important role in the world of DeFi. In a way, they serve as common pipes & bridges between the various protocols.
https://preview.redd.it/v9ki2qro12b51.png?width=700&format=png&auto=webp&s=dbf591b122fc4b3d83b381389145b88e2505b51d

Lending & Borrowing

Three of the top five DeFi protocols relate to lending & borrowing. These popular lending protocols look very similar to traditional money markets. Users who want to earn interest/yield can deposit (lend) their funds into a pool of liquidity. Because it behaves similarly to traditional money markets, their funds are not locked, they can withdraw at any time. It’s highly liquid.
Borrowers can tap into this pool of liquidity and take out loans. Interest rates depend on the utilization rate of the pool — how much of the deposits in the pool have already been borrowed. Supply & demand. Thus, interest rates are variable and borrowers can pay their loans back at any time.
So, who decides how much a borrower can take? What’s the process like? Are there credit checks? How is credit-worthiness determined?
These protocols are decentralized, borderless, permissionless. The people participating in these markets are from all over the world. There is no simple way to verify identity or check credit history. So none of that happens.
Credit-worthiness is determined simply by how much crypto collateral the borrower puts into the protocol. For example, if a user wants to borrow $5k of USDC, then they’ll need to deposit $10k of BTC or ETH. The exact amount of collateral depends on the rules of the protocol — usually the more liquid the collateral asset, the more borrowing power the user can receive.
The most prominent lending protocols include Compound, Aave, Maker, and Atomic Loans. Recently, Compound has seen meteoric growth with the introduction of their COMP token — a token used to incentivize and reward participants of the protocol. There’s almost $1B in outstanding debt in the Compound protocol. Mainframe is also working on an exciting protocol in this area and the latest iteration of their white paper should be coming out soon.
There is very little economic risk to these protocols because all loans are overcollateralized.
I repeat, all loans are overcollateralized. If the value of the collateral depreciates significantly due to price volatility, there are sophisticated liquidation systems to ensure the loan always gets paid back.
https://preview.redd.it/rru5fykv12b51.png?width=700&format=png&auto=webp&s=620679dd84fca098a042051c7e7e1697be8dd259

Investments

Buying, selling, and trading crypto assets is certainly one form of investing (though not for the faint of heart). But there are now DeFi protocols to facilitate making and managing traditional-style investments.
Through DeFi, you can invest in Gold. You can invest in stocks like Amazon and Apple. You can short Tesla. You can access the S&P 500. This is done through crypto-based synthetics — which gives users exposure to assets without needing to hold or own the underlying asset. This is all possible with protocols like UMA, Synthetix, or Market protocol.
Maybe your style of investing is more passive. With PoolTogether , you can participate in a no-loss lottery.
Maybe you’re an advanced trader and want to trade options or futures. You can do that with DeFi protocols like Convexity, Futureswap, and dYdX. Maybe you live on the wild side and trade on margin or leverage, you can do that with protocols like Fulcrum, Nuo, and DDEX. Or maybe you’re a degenerate gambler and want to bet against Trump in the upcoming election, you can do that on Augur.
And there are plenty of DeFi protocols to help with crypto investing. You could use Set Protocol if you need automated trading strategies. You could use Melonport if you’re an asset manager. You could use Balancer to automatically rebalance your portfolio.
With as little as $1, people all over the world can have access to the same investment opportunities and tools that used to be reserved for only the wealthy, or those lucky enough to be born in the right country.
You can start to imagine how services like Etrade, TD Ameritrade, Schwab, and even Robinhood could be massively disrupted by a crypto-native company that builds with these types of protocols at their foundation.
https://preview.redd.it/agco8msx12b51.png?width=700&format=png&auto=webp&s=3bbb595f9ecc84758d276dbf82bc5ddd9e329ff8

Insurance

As mentioned in our previous post, there are near-infinite applications one can build on Ethereum. As a result, sometimes the code doesn’t work as expected. Bugs get through, it breaks. We’re still early in our industry. The tools, frameworks, and best practices are all still being established. Things can go wrong.
Sometimes the application just gets in a weird or bad state where funds can’t be recovered — like with what happened with Parity where $280M got frozen (yes, I lost some money in that). Sometimes, there are hackers who discover a vulnerability in the code and maliciously steal funds — like how dForce lost $25M a few months ago, or how The DAO lost $50M a few years ago. And sometimes the system works as designed, but the economic model behind it is flawed, so a clever user takes advantage of the system— like what recently happened with Balancer where they lost $500k.
There are a lot of risks when interacting with smart contracts and decentralized applications — especially for ones that haven’t stood the test of time. This is why insurance is such an important development in DeFi.
Insurance will be an essential component in helping this technology reach the masses.
Two protocols that are leading the way on DeFi insurance are Nexus Mutual and Opyn. Though they are both still just getting started, many people are already using them. And we’re excited to start working with them at Genesis Block.
https://preview.redd.it/wf1xvq3z12b51.png?width=700&format=png&auto=webp&s=70db1e9587f57d0c470a4f9f4523c216929e1876

Exchanges & Liquidity

Decentralized Exchanges (DEX) were one of the first and most developed categories in DeFi. A DEX allows a user to easily exchange one crypto asset for another crypto asset — but without needing to sign up for an account, verify identity, etc. It’s all via decentralized protocols.
Within the first 5 months of 2020, the top 7 DEX already achieved the 2019 trading volume. That was $2.5B. DeFi is fueling a lot of this growth.
https://preview.redd.it/1dwvq4e022b51.png?width=700&format=png&auto=webp&s=97a3d756f60239cd147031eb95fc2a981db55943
There are many different flavors of DEX. Some of the early ones included 0x, IDEX, and EtherDelta — all of which had a traditional order book model where buyers are matched with sellers.
Another flavor is the pooled liquidity approach where the price is determined algorithmically based on how much liquidity there is and how much the user wants to buy. This is known as an AMM (Automated Market Maker) — Uniswap and Bancor were early leaders here. Though lately, Balancer has seen incredible growth due mostly to their strong incentives for participation — similar to Compound.
There are some DEXs that are more specialized — for example, Curve and mStable focus mostly only stablecoins. Because of the proliferation of these decentralized exchanges, there are now aggregators that combine and connect the liquidity of many sources. Those include Kyber, Totle, 1Inch, and Dex.ag.
These decentralized exchanges are becoming more and more connected to DeFi because they provide an opportunity for yield and earning interest.
Users can earn passive income by supplying liquidity to these markets. It usually comes in the form of sharing transaction fee revenue (Uniswap) or token rewards (Balancer).
https://preview.redd.it/wrug6lg222b51.png?width=700&format=png&auto=webp&s=9c47a3f2e01426ca87d84b92c1e914db39ff773f

Payments

As it relates to making payments, much of the world is still stuck on plastic cards. We’re grateful to partner with Visa and launch the Genesis Block debit card… but we still don’t believe that's the future of payments. We see that as an important bridge between the past (legacy finance) and the future (crypto).
Our first post in this series shared more on why legacy finance is broken. We talked about the countless unnecessary middle-men on every card swipe (merchant, acquiring bank, processor, card network, issuing bank). We talked about the slow settlement times.
The future of payments will be much better. Yes, it’ll be from a mobile phone and the user experience will be similar to ApplePay (NFC) or WePay (QR Code).
But more importantly, the underlying assets being moved/exchanged will all be crypto — digital, permissionless, and open source.
Someone making a payment at the grocery store check-out line will be able to open up Genesis Block, use contactless tech or scan a QR code, and instantly pay for their goods. All using crypto. Likely a stablecoin. Settlement will be instant. All the middlemen getting their pound of flesh will be disintermediated. The merchant can make more and the user can spend less. Blockchain FTW!
Now let’s talk about a few projects working in this area. The xDai Burner Wallet experience was incredible at the ETHDenver event a few years ago, but that speed came at the expense of full decentralization (can it be censored or shut down?). Of course, Facebook’s Libra wants to become the new standard for global payments, but many are afraid to give Facebook that much control (newsflash: it isn’t very decentralized).
Bitcoin is decentralized… but it’s slow and volatile. There are strong projects like Lightning Network (Zap example) that are still trying to make it happen. Projects like Connext and OmiseGo are trying to help bring payments to Ethereum. The Flexa project is leveraging the gift card rails, which is a nice hack to leverage existing pipes. And if ETH 2.0 is as fast as they say it will be, then the future of payments could just be a stablecoin like DAI (a token on Ethereum).
In a way, being able to spend crypto on daily expenses is the holy grail of use-cases. It’s still early. It hasn’t yet been solved. But once we achieve this, then we can ultimately and finally say goodbye to the legacy banking & finance world. Employees can be paid in crypto. Employees can spend in crypto. It changes everything.
Legacy finance is hanging on by a thread, and it’s this use-case that they are still clinging to. Once solved, DeFi domination will be complete.
https://preview.redd.it/svft1ce422b51.png?width=700&format=png&auto=webp&s=9a6afc9e9339a3fec29ee2ae743c07c3042ea4ce

Impact on Genesis Block

At Genesis Block, we’re excited to leverage these protocols and take this incredible technology to the world. Many of these protocols are already deeply integrated with our product. In fact, many are essential. The masses won’t know (or care about) what Tether, USDC, or DAI is. They think in dollars, euros, pounds and pesos. So while the user sees their local currency in the app, the underlying technology is all leveraging stablecoins. It’s all on “crypto rails.”
https://preview.redd.it/jajzttr622b51.png?width=700&format=png&auto=webp&s=fcf55cea1216a1d2fcc3bf327858b009965f9bf8
When users deposit assets into their Genesis Block account, they expect to earn interest. They expect that money to grow. We leverage many of these low-risk lending/exchange DeFi protocols. We lend into decentralized money markets like Compound — where all loans are overcollateralized. Or we supply liquidity to AMM exchanges like Balancer. This allows us to earn interest and generate yield for our depositors. We’re the experts so our users don’t need to be.
We haven’t yet integrated with any of the insurance or investment protocols — but we certainly plan on it. Our infrastructure is built with blockchain technology at the heart and our system is extensible — we’re ready to add assets and protocols when we feel they are ready, safe, secure, and stable. Many of these protocols are still in the experimental phase. It’s still early.
At Genesis Block we’re excited to continue to be at the frontlines of this incredible, innovative, technological revolution called DeFi.
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None of these powerful DeFi protocols will be replacing Robinhood, SoFi, or Venmo anytime soon. They never will. They aren’t meant to! We’ve discussed this before, these are low-level protocols that need killer applications, like Genesis Block.
So now that we’ve gone a little deeper down the rabbit hole and we’ve done this whirlwind tour of DeFi, the natural next question is: why?
Why does any of it matter?
Most of these financial services that DeFi offers already exist in the real world. So why does it need to be on a blockchain? Why does it need to be decentralized? What new value is unlocked? Next post, we answer these important questions.
To look at more projects in DeFi, check out DeFi Prime, DeFi Pulse, or Consensys.
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Other Ways to Consume Today's Episode:
Follow our social channels:https://genesisblock.com/follow/
Download the app. We're a digital bank that's powered by crypto:https://genesisblock.com/download
submitted by mickhagen to genesisblockhq [link] [comments]

I bought $1000 worth of the Top Ten Cryptos on January 1st, 2019 (Nov. 2019 Update)

I bought $1000 worth of the Top Ten Cryptos on January 1st, 2019 (Nov. 2019 Update)
EXPERIMENT - Tracking Top 10 Cryptocurrencies of 2019 - Month Eleven - UP 10%
Full blog post with all the tables
**NOTE** - I'm on the fence whether or not to repeat the experiment yet again in 2020 with the new Top Ten. The problem is that there's not been a lot of movement, so not super interesting tracking the same coins at similar prices. I have some other ideas, but very open to suggestions: if you have any good ideas, please share them in the comments below. **END NOTE**
tl;dr - After a breather in October, crypto is back to the summer's downward trajectory. Every 2019 Top Ten crypto 2019 was down in November except of course Tether. Bitcoin Cash and Ripple both struggled in November, down -27% and -25% respectively. Overall, BTC and Litecoin are still far ahead of their peers, up +93% and +49% respectively in 2019, while Stellar continues to be a drag on the overall return of portfolio, down -50% in 2019.

The Experiment:

Instead of hypothetically tracking cryptos, I made an actual $1000 investment, $100 in each of the Top 10 cryptocurrencies by market cap as of the 1st of January 2018. I then repeated the experiment on the 1st of January 2019. Think of it as a lazy man's Index Fund (no weighting or rebalancing), less technical, more fun (for me at least), and hopefully still a proxy for the market as a whole - or at the very least an interesting snapshot of the 2019 crypto space. I am trying to keep this project simple and accessible for beginners and those looking to get into crypto but maybe not quite ready to jump in yet. I try not to take sides or analyze, but rather report and document in a detached manner letting the numbers speak for themselves.

The Rules:

Buy $100 of each the Top 10 cryptocurrencies on January 1st, 2019. Hold only. No selling. No trading. Report monthly. Compare loosely to the 2018 Top Ten Experiment.

Month Ten - Up 10%

November was the complete opposite of October: 100% of the Top Ten cryptos were in the green last month, 100% are in the red this month (except Tether of course, which is always flat). When Tether is the best performer, it signals a rough month for the 2019 Top Ten portfolio.
Overall, the 2019 Top Ten portfolio is up +10% on the year. For context, this same group of cryptos was up +114% at the peak in May 2019. Additionally, the portfolio has fallen well behind the stock market as measured by the S&P 500 (see below).

Ranking and November Winners and Losers

Not much movement this month. Bitcoin Cash slipped back into the #5 slot. EOS and Tether both advanced a position (to#7 and #4, respectively) and that's it.
Big picture, in the constantly shifting crypto landscape, it's a bit of surprise that nearly all of the coins that started in the Top Ten on January 1st, 2019 are still there (except Tron, which stands alone as a Top Ten dropout, replaced by Binance Coin). This is certainly different from the 2018 Top Ten Experiment where coins have fallen and fallen hard.
November Winners - Winner, singular: Tether. A distant second is Stellar, down -17% in November.
November Losers - Bitcoin Cash followed by Ripple, down -27% and -25% respectively.
For those keeping score, here is tally of which coins have the most monthly wins and loses during the first eleven months of this experiment: Tether has pulled ahead of Bitcoin and BTCSV. Bitcoin SV has the most monthly losses, finishing last in four out of the first eleven months of 2019.

Overall update – Bitcoin maintains sizable lead over second place Litecoin. All cryptos in positive territory except Stellar, Ripple, and Tron.

BTC and Litecoin are still far ahead of their peers, up +93% and +49% respectively in 2019. My initial $100 investment in Bitcoin is now worth $197.
All Top Ten cryptos are still either flat or in positive territory except Stellar, Ripple and Tron. Stellar continues to be a drag on the overall return of the 2019 Top Ten portfolio, down -50% in 2019. Ripple and Tron follow down about -40% and about -20% respectively.

Total Market Cap for the entire cryptocurrency sector:

The crypto market gave up its October gains and then some as $50B was shed in November. The overall market cap now back to the $198B mark, last seen in May 2019.
A bit of perspective: it still has been a very strong year for crypto overall. The entire market cap is up +56% since the beginning of 2019.

Bitcoin dominance:

Bitcoin dominance decreased slightly in November. The range this year has gone from a high of 70% in September 2019 to a low of 50% in March 2019.

Overall return on investment from January 1st, 2019:

If I cashed out the 2019 Top Ten portfolio today, my $1,000 initial investment would return $1,100, a +10% gain.
I'm down significantly in my 2018 Top Ten Experiment. If I cashed that group out today, the $1000 initial investment would return about $150, down nearly -85%.
Taken together, here's the bottom bottom line: after a $2000 investment in both the 2018 and the 2019 Top Ten Cryptocurrencies, my portfolios would be worth $1,250.
That's down -37.5%.

Implications/Observations:

With the crypto market as a whole up +56% on the year, how have the 2019 Top Ten cryptos performed? Up a much lower +10%. As a reminder, in May 2019, the gains from the 2019 Top Ten and the entire market cap were both exactly the same: +114%. The last few months have seen that gap widen: for six straight months, focusing only on the Top Ten has been a losing strategy. This of course implies that I would have done a bit better if I'd picked a different group of cryptos.
This is reminiscent of last year as at no point in the Top Ten 2018 Experiment did the Top Ten strategy outperform the overall market.
I'm also tracking the S&P 500 as part of my experiment to have a comparison point with other popular investments options. The S&P 500 is up +24% since the beginning of 2019. This is now more than double the +10% my 2019 Top Ten portfolio is returning. Quite a turnaround from May of this year, when the Top Ten portfolio was up +114% compared to +10% for the S&P.
So, the initial $1k investment I put into crypto would now be worth $1240 had it been redirected to the S&P 500.

Conclusion:

After a reprieve in October, crypto has resumed the slide it started in the summer. Until recently, it looked like the 2019 Top Ten would easily outperform the market on the year, but that outcome is definitely in doubt now. More telling, with only one month left in 2019, I'm no longer confident that the portfolio will at least break even: as of the end of November, the 2019 Top Ten portfolio only holds a slim +10% return, gains that can easily evaporate before the new year.
If you're just finding this experiment now, here's the backstory: On the 1st of January, 2018, I bought $100 each of the Top Ten cryptos at the time for a total investment of $1000 to see how they would perform over the year. I tracked the experiment and reported each month. The result? I ended 2018 down -85%, my $1000 worth only $150.
After last year's experiment ended, I decided to do two things:
  1. Extend the Top Ten 2018 Crypto project one more year. The experiment is now in its 23rd month. You can check out the latest update here.
  2. What you're reading now is the 11th report of a parallel project: this year I repeated the experiment, purchasing another $1000 ($100 each) of the new Top Ten cryptos as of January 1st, 2019.
Thanks for reading and the support for the experiment. I hope you’ve found it helpful. I continue to be committed to seeing this process through and reporting along the way. Feel free to reach out with any questions and stay tuned for progress reports.
Again: although I'm planning on continuing to track both the 2018 and 2019 Top Ten Cryptos next year, I'm undecided on whether or not to repeat the experiment yet again in 2020. Please do leave your suggestions and ideas in the comments below.
submitted by Joe-M-4 to CryptoCurrency [link] [comments]

[Part 1] KAVA Historical AMA Tracker! (Questions & Answers)

ATTN: These AMA questions are from Autumn 2019 - before the official launch of the Kava Mainnet, and it's fungible Kava Token.
These questions may no longer be relevant to the current Kava landscape, however, they do provide important historical background on the early origins of Kava Labs.
Please note, that there are several repeat questions/answers.

Q1:

Kava is a decentralized DEFI project, why did you implement the countries restrictions to run the node? Will there be such restrictions by the time of the mainnet?

Q2:

According to the project description it has been indicated that staking reward (in KAVA tokens) varies from 3 to 20% per annum. But how will you fight with inflation?

We all know how altcoins prices are falling, and their bottom is not visible. And in fact, we can get an increase in the number of tokens for staking, but not an increase in the price of the token itself and become a long-term investor.

  • Answer: Kava is both inflationary with block rewards, but deflationary when we burn CDP fees. Only stakers who bond their Kava receive inflationary rewards - users and traders on exchanges do not get this. In this way, rewards are inflated, but given to stakers and removed value from the traders who are speculating like a tax. The Deflationary structure of fees should help counterbalance the price drops from inflation if any. In the long-term as more CDPs are used, Kava should be a deflationary asset by design if all things go well

Q3:

In your allocation it is indicated that 28.48% of the tokens are in the "Token treasury" - where will these tokens be directed?

  • Answer: Investors in financing rounds prior to the IEO have entered into long-term lock-up agreements in-line with their belief in Kava’s exciting long-term growth potential and to allow the projects token price to find stability. Following the IEO, the only tokens in circulation will be those sold through the IEO on Binance and the initial Treasury tokens released.
  • No private sale investor tokens are in circulation until the initial release at the end of Q1 2020 and then gradually over the [36] months The initial Treasury tokens in circulation will be used for a mixture of ecosystem grants, the expenses associated with the IEO as well as initial market making requirements as is typical with a listing of this size. Kava remains well financed to execute our roadmap following the IEO and do not envisage any need for any material financings or token sales for the foreseeable future.

Q4:

Such a platform (with loans and stable coins) is just the beginning since these aspects are a small part of many Defi components. Will your team have a plan to implement other functions, such as derivatives, the dex platform once the platform is successfully launched?

  • Answer: We believe Kava is the foundation for many future defi products. We need stable coins, oracles, and other infrastructure first that Kava provides. Once we have that, we can apply these to derivatives and other synthetics more easily. For example, we can use the price feeds and USDX to enable users to place 100x leverage bets with each other. If they both lock funds into payment channels, then they can use a smart contract based on the price feed to do the 100x trade/bet automatically without counter party risk. In this way, Kava can expand its financial product offerings far beyond loans and stable coins in the future.

Q5:

There are several options for using USDX on the KAVA platform, one of which is Margin Trading / Leverage. Is this a selection function or a compulsory function? Wondering since there are some investors who don`t like margin. What is the level of leverage and how does a CDP auction work?

  • Answer: This is a good #Q . Kava simply provides loans to users in USDX stable coins. What the users do is completely up to them. They can use the loans for everyday payments if they like. Leverage and hedging are just the main use cases we foresee - there are many ways people can use the CDP platform and USDX.

Q6:

Most credit platforms do not work well in the current market. What will you do to attract more people to use your platform and the services you provide? Thank you

  • Answer: Most credit platforms do not work well in the current market? I think that isn't correct at least for DeFi. Even in the bear market, MakerDao and Compound saw good user growth. Regardless, our efforts at Kava to build the market are fairly product and BD focused. 1) we build more integrations of assets and expand financial services to attract new communities and users. 2) we focus on building partnerships with high quality teams to promote and build Kava's core user base. Kava is just the developer. Our great partners like Ripple, Stakewith.Us, P2P, Binance - they have the real users that demand Kava. They are like our system integrators that package Kava up nicely and present it to their users. In order to grow, we need to deepen our partnerships and bring in new ones around the world.

Q7:

KAVA functions as a reserve currency in situations where the system is undercollateralized. In such cases new KAVA is minted and used to buy USDX off the market until USDX becomes safely overcollateralized.

Meaning, there will be no max supply of KAVA?

  • Answer: Yes, there is no max supply of Kava.

Q8:

Why Kava?

  • Answer: ...because people are long BTC and the best way to go long BTC without giving up custody is Kava's platform. Because it is MakerDao for bitcoin. Bitcoin has a 10x market cap of ETH and Maker is 10x the size of Kava. I think we're pretty undervalued right now.

Q9:

How do you plan to make liquidity in Kava?

  • Answer: Working with Binance for the IEO and as the first exchange for KAVA to trade on will be a huge boost in increasing the liquidity of trading KAVA.

Q10:

Most crypto investors or crypto users prefer easy transaction and low fees, what can we expect from KAVA about this?

  • Answer: Transaction fees are very low and confirm if seconds. The user experience is quite good on Tendermint-based blockchains.

Q11:

How do I become a note validator on KavA?

Q12:

It is great to know that KAVA is the first DEFI-supported project sponsored by Binance Launchpad, do you think this is the meaning that CZ brings: Opening the DEFI era, as a leader, you feel like how ?

  • Answer: We are the first DeFi platform that Launchpad has supported. We are a very strategic blockchain for major crypto like BNB. Kava's platform will bring more utility to the users of BNB and the Binance DEX. It feels good of course to have validation from the biggest players in the space like Cosmos, Ripple, CZ/Binance, etc.

Q13:

Since decentralized finance applications is already dominating, how do you intend to surpass those leading in the market?

  • Answer: The leaders are only addressing ethereum. BTC, XRP, BNB, ATOM is a much larger set to go after that current players cannot.

Q14:

What does Ripple play in the Kava's ecosystem, since Ripple is like a top tier company and it’s impressive that you are partnered with them?

  • Answer: Ripple is an equity investor in Kava and a big supporter of our work in cross-chain settlement research and implementations. Ripple's XRP is a great asset in terms of users and liquidity that the Kava platform can use. In addition, Ripple's money service business customers are asking for a stable coin for remittances to avoid the currency heading risk that XRP presents. Ripple will not use USDC or other stable coins, but they are open to using USDX as it can be XRP-backed.

Q15:

Considering the connectivity, Libra could be the biggest competitor if KAVA leverages interchain for efficiency.

  • Answer: With regard to USDX, it is important to understand the users interacting with the Kava blockchain have no counterparty that people could go after for legal actions. A user getting a USDX loan has no counterparty. The software holds the collateral and creates the loan. The only laws that would apply are to the very users that are using the system.

Q16:

Wonder how KAVA will compete with the tech giants

  • Answer: Libra is running into extreme issues with the US Senate and regulators. Even the G7-G20 groups are worried. Its important to understand that Libra is effectively a permissioned system. Only big companies that law makers can go after are able to run nodes. In Kava, nodes can be run by anyway and our nodes are based all over the world. It's incredibly hard for a law maker to take down Kava because they would need to find and legally enforce hundreds of business in different jurisdictions to comply. We have an advantage in this way over the larger projects like Libra or Clayton.

Q17:

In long-term, what's the strategy that KAVA has for covering the traditional finance users as well? Especially regarding the "stability"

  • Answer: Technical risk is unavoidable for DeFi. Only time will tell if a system is trustworthy and its never 100% that it will not fail or be hacked. This is true with banks and other financial systems as well. I think for DeFi, the technical risk needs to be priced in to the expected returns to compensate the market. DeFi does have a better user experience - requiring no credit score, identity, or KYC over centralized solutions.
  • With our multi-collateral CDP system, even with it overcollateralized, people can get up to 3x leverage on assets. Take 100 USD in BTC, get a USDX loan for 66 USDX, then buy $66 BTC and do another loan - you can do this with a program to get 3x leverage with the same risk profile. This is enough for most people.
  • However, it will be possible once we have Kava's CDP platform to extend it into products that offer undercollateralized financial products. For example, if USER 1 + USER 2 use payment channels to lock up their USDX, they can use Kava's price feeds to place bets between each other using their locked assets. They can bet that for every $1 BTC/USD moves, the other party owes 3x. In this way we can even do 100x leverage or 1000x leverage and create very fun products for people to trade with. Importantly, even in places where margin trading is regulated and forbidden, Kava's platform will remain open access and available.

Q18:

In long-term, what's the strategy that KAVA has for covering the traditional finance users as well? Especially regarding the "stability"

  • Answer: Kava believes that stable coins should be backed not just by crypto or fiat, but any widely used, highly liquid asset. We think in the future the best stablecoin would be backed by a basket of very stable currencies that include crypto and fiat or whatever the market demands.

Q19:

Compound, maker they're trying to increase their size via the competitive interests rates. THough it shows good return in terms of growth rate, still it's for short-term. Wonder other than financial advantage, KAVA has more for the users' needs?

  • Answer: Robert, the CEO of Compound is an investor and advisor to Kava. We think what Compound does with money markets is amazing and hope to integrate when they support more than just Ethereum assets. Kava's advantage vs others is to provide basic DeFi services like returns on crypto and stable coins today when no other platform offers that. Many platforms support ETH, but no platform can support BTC, XRP, BNB, and ATOM in a decentralized way without requiring centralized custody of these assets.

Q20:

The vast majority of the cryptocurrency community's priorities is symbolic pricing. When prices rise, the community rejoices and grows. When they fall, many people begin to cast in a negative way. How will KAVA solve the negative problem when the price goes down? What is your plan to strengthen and develop the community to persuade more people to look at the product than the price?

  • Answer: We believe price is an important factor for faith in the market. One of Kava's key initiatives was selecting only long-term partners that are willing to work with kava for 2 years. That is why even after 6 months, 0 private investor or kava team tokens will be liquid on the market.
  • We believe not in fast pumps and then dumps that destroy faith, but rather we try and operate the best we can for long-term sustainable growth over time. It's always hard to control factors in the market, and some factors are out of our control such as BTC price correlations, etc - however, we treat this like a public company stock - we want long-term growth of Kava and try to make sure our whole community of Kava holders is aligned with that the best we can.

Q21:

Do you have any plans to attract non-crypto investors to Kava and how? What are the measures to increase awareness of kava in non-crypto space?

  • Answer: We are 100% focused on crypto, not the general market. We solve the problems of crypto traders and investors - not the average grandma who needs a payment solution. Kava is geared for decentralized leverage and hedging.

Q22:

Adoption is crucial for all projects and crypto companies, what strategy are you gonna use/follow or u are now following to get Kava adopted and used by many people all over the world?

Revenue is an important aspect for all projects in order to survive and keep the project/company up and running for long term, what are the ways that Kava generates profits/revenue and what is its revenue model?

  • Answer: We have already partnered with several large exchanges, long-term VCs, and large projects like Ripple and Cosmos. These are key ways for us to grow our community. As we build support for more assets, we plan to promote Kava's services to those new communities of traders.
  • Kava generates revenue as more people use the platform. As the platform is used, KAVA tokens are burned when users pay stability fees. This deflates the total supply of Kava and should in most cases give rise to the value of KAVA like a stock-buyback in the public markets.

Q23:

In order to be success in Loan project of Cryptocurrency, I think marketing is very important to make people using this service without any registration. What is main strategy for marketing?

  • Answer: Our main strategy is to build a great experience and offer products that are not available to communities with demand. Currently no DeFi products can serve BTC users for example. Centralized exchanges can, but nothing truly trustless. Kava's platform can finally give the vast audiences of BTC, BNB, and ATOM holders access to core DeFi services they cannot get on their own due to the smart contract limitations of those platforms.

Q24:

Currently, some project have policies for their ambassadors to create a contribution and attract recognition for the project! So the KAVA team plans to implement policies and incentives for KAVA ambassadors?

  • Answer: Yes, we will be creating a KAVA ambassador program and releasing that soon. Please follow our social media channels to learn about it in the coming weeks.

Q25:

Currently there are so many KAVA tokens sold on exchanges, why is this happening while KAVA is going to IEO on Binance? Are those KAVA codes fake or not?

  • Answer: For everyone's safety, please understand Kava tokens do not exist yet and they will only exist starting with the Binance IEO. Any other token listings or offerings of Kava are not supported by Kava Labs and I highly discourage you all from trying to get them there. It is most likely a big scam. Please only trust Binance for this.

Q26:

KAVA have two tokens, the first is called Kava - a governance and staking token; the second is called USDX - an algorithmically managed crypto-backed stable coin. What are the advantages of USDX compared to other stablecoins such as: USDT, USDC, TUSD, GUSD, ...?

  • Answer: USDX is one of the few stablecoins to be fully backed by crypto-assets. This means that we do not deal with fiat to back the value, and thus we don't have some of the issues when it comes to storing fiat funds with banks and custodians. This also makes our product fully digital and built for the future of crypto growth.

Q27:

As a CEO, does your background in Esports and Gaming industry help anything to your management and development of KAVA Labs?

  • Answer: Esports no. But having been a multi-time venture-backed foundeCEO and have gone through the start-up phase before has made creating and running a 2nd company easier. Right now Kava is still small, Fnatic had over 80 employees. It was at a larger scale. I would say developing software is much more than doing the hardware at fnaticgear.com

Q28:

Why did Kava choose to launch IEO on Binance and not other exchanges like: Kucoin, Houbi, Gate, ....?

  • Answer: Kava had a lot of interest from exchanges to partner with for IEO. We decided based on a lot of factors such as userbase, diverse exposure across multiple regions and countries, and an amazing team that provides so much insight into so many communities such as this one. Binance has been a tremendous partner and we also look forward to continuing our partnership far into the future.

Q29:

Currently if Search on coinmarketcap has 3 types of stablecoins bearing the USDX symbol (but these 3 stablecoins are no information). So, what will KAVA do to let users know that Kava's USDX is another stablecoin?

  • Answer: All these USDX have no volume or listings. We will be on Binance. I am not worried.

Q30:

In addition to the Token Allocation for Binance Launchpad, what is the Token Treasury in the Initial Circulating Supply?

  • Answer: This is controlled by Kava Labs, but with the big cash we have saved from fundraising, we see no reason why these tokens would be sold on the market. The treasury tokens are for use in grants, ecosystem growth initiatives, development, and other incentive programs to drive adoption of the platform.

Q31:

How you will compete with your competitors? Currently i don't see much but for future how you will maintain this consistency ? No doubt it is Great and Unique project, what is the main problem that #KAVA is currently facing?

  • Answer: Because our industry is just starting out, I don't like to think of them as our direct competitors. We are all working to grow the size of the pie rather than get a larger slice from a small pie. The one thing that we believe will allow us to stand apart is the community we are building. Being able to utilize our own community along with Cosmos and our other partners like Binance for the IEO, we have a strong footing to get a lot of early users onto our platform. Also, we are also focusing on growing Kava internationally particularly Asia. We hope to build our platform for an even larger userbase than just the west.

Q32:

How do you explain your project to a random person who has never heard of your project?

  • Answer: non-crypto = Kava is a lending platform for users of cryptocurrencies.
  • crypto = Kava is a cross-chain DeFi platform for loans and stablecoins backed by BTC, BNB, XRP, ATOM and other major cryptocurrencies.

Q33:

Will KAVA team have a plan on implementing DAO module on your platform since its efficiency on autonomy, decentralization and transparency?

  • Answer: All voting is already transparent on the Kava blockchain. We approved a number of proposals on our test net.

Q34:

how to use usdx token :only for your platform or you have plan to use usdx for payment ?

  • Answer: Payments is a nice use case, but demand for crypto payments is still small. We may choose to focus here later if demand for crypto payments increases. Currently it is quite small with the bulk of use remaining in trading and speculative use cases.

Q35:

Do you have plans to spread KAVA ecosystem across other continents. if yes, what are the strategies and how can I as a community member contribute to making it possible?

  • Answer: We are already across many continents - I don't think we are in antarctica yet. Africa might be light on nodes as well. I think as we grow on major exchanges like Binance, new node operators will get interested and help decentralize Kava further.

Q36:

Maker's CDP lending system is on top in this market and its Dominance is currently sitting on 64.90 % , how kava will compete will maker and compound?

  • Answer: adding assets like bitcoin which have more value and more users than ETH. It's a bigger market that Maker cannot compete with Kava in.

Q37:

Currently, the community is too concerned about the price. As prices rise, the community rejoice and grow, when falling, many people start throwing negatively. So what is KAVA's solution to getting people to focus on the project rather than the price of the token?

What is your plan to strengthen and grow the community to persuade more individuals to look at the product than the price?

  • Answer: We also share similar concerns as price and price direction is always a huge factor in the crypto industry. A lot of people of course are very short-term focused on flipping for bigger profits. One of the solutions, and what Kava has done, is to make sure that everything structured is for the long-term. So that makes sure that our investors and employees are all focused on long-term gains and growth. Locking vesting periods are part of that alignment. Another thing is that we at Kava are very transparent in our progress and development. We will be regularly posting updates within our own communities to allow our users and followers to keep up with everything we're up to. Please follow us or look at our github if you're interested!

Q38:

How did Kava get on Piexgo?

  • Answer: We did not work with Piexgo. We have not distributed tokens to any exchange other than Binance. I cannot speak to what is going on there, but I would be very wary of what is happening there.

Q39:

Why was the 1st round price so much lower than the current price

  • Answer: It is natural to worry that early investors got better pricing and could dump on the market. I can assure you that our investors are in this for the long-term. All private sale rounds signed 2 year contracts to run validators - and if they don't they forfeit their tokens. You can compare our release schedule to any other project. We have one of the most restricted circulating supply schedules of any project EVER and its because all our investors are commiting to the long-term success of the project and believe in Kava.
  • About the pricing itself - it is always a function of traction like for any start-up. When we made our public announcement about the project in June, we were only a 4 man team with just some github code. We could basically run a network with a single node, our own. Which is relatively worthless. I think our pricing of Kava at this time was justified. We were effectively a seed-stage company without a product or working network.
  • By July we made severe progress on the development side and the business side. We successful launched our first test net with the help of over 70 validator business partners around the world. We had a world-wide network of hundreds of people supporting us with people and resources at this point and the risk we would fail in launching a working product was much lower. At this point, the Kava project was valued at $25M. At this point, we had many VCs and investors asking for Kava tokens that we turned away. We only accepted validators that would help us launch the network. It was our one and only goal.
  • Fast forward to today, the IEO price simply reflects the traction and market demand for Kava. Our ecosystem is much larger than it was even a month ago. We have support from Ripple, Cosmos, and Binance amongst other large crypto projects. We have 100+ validators securing our network with very sophisticated high-availability set-ups. In addition, our ecosystem partners have built products for Kava - such as block explorers and others are working on native integrations to wallets and exchanges. Launchpad will be very big for us. Kava is a system designed to cater to crypto traders and investors and in a matter of days we distributed via Binance Launchpad and put in the hands of 130+ countries and tens of thousands of users overnight. It doesn't get more DeFi than that.

Q40:

What is the treasury used for?

  • Answer: Kava's treasury is for ecosystem growth activities.
  • Investors in financing rounds prior to the IEO have entered into long-term lock-up agreements in-line with their belief in Kava’s exciting long-term growth potential and to allow the projects token price to find stability. Following the IEO, the only tokens in circulation will be those sold through the IEO on Binance and the initial Treasury tokens released. No private sale investor tokens are in circulation until the initial release at the end of Q1 2020 and then gradually over the [36] months The initial Treasury tokens in circulation will be used for a mixture of ecosystem grants, the expenses associated with the IEO as well as initial market making requirements as is typical with a listing of this size. Kava remains well financed to execute our roadmap following the IEO and do not envisage any need for any material financings or token sales for the foreseeable future.

Q41:

Everyone have heard about the KAVA token, and read about it. But it would be great to hear your explanation about it. What is the Kava token, what is it's utility? :)

  • Answer: The Kava token plays many roles. KAVA is the native staking token of the Kava blockchain and is used for securing the network. KAVA is delegated to validators, basically professional node operators that run highly-available servers to secure the Kava blockchain. The top 100 validators by weight of staked KAVA earn block rewards that range from 3-20% APR based on the total amount staked in the network. These rewards are split between the validators and the KAVA holders.
  • When users of the platform repay their loans, they must a stability fee (a percentage of the loan) in KAVA tokens. These tokens are burned by the system, effectively deflating the total supply overtime as more users use the CDP system.
  • KAVA is also the primary token used in governance of the platform. KAVA token holders can vote on key system parameter changes and upgrades such as what assets to support, how much USDX in total can be loaned by the system, what the debt-to-collateral ratio needs to be, the stability fees, etc. KAVA holders have a very important responsibility to govern the system well.
  • Lastly, Kava functions as a "Lender of Last Resort" meaning if USDX ever gets undercollateralized because the underlying asset prices drop suddenly and the system manages it poorly, KAVA is inflated in these emergency situations and used to purchase USDX off the market until USDX reaches a state of being over collateralized again. KAVA holders have incentive to only support the good high quality assets so risk of the system is managed responsibly.

Q42:

No matter how perfect and technically thought-out a DeFi protocol is, it cannot be completely protected from any unplanned situations (such as extreme market fluctuations, some legal issues, etc.)

Ecosystem members, in particular the validators on whom KAVA relies on fundamental decision-making rights, should be prepared in advance for any "critical" scenario. Considering that, unlike the same single-collateral MakerDAO, KAVA will be a multi-collateral CDP system, this point is probably even more relevant here.

In this regard, please answer the following question: Does KAVA have a clear risk management model or strategy and how decentralized is / will it be?

  • Answer: Simialar to other CDP systems and MakerDAO we do have a system freeze function where in cases of extreme issues, we can stop the auction mechanisms and return all collateral.

Q43:

Did you know that "Kava" is translated into Ukrainian like "Coffee"? I personally do love drinking coffee. I plunge into the fantasy world. Why did you name your project "Kava" What is the story behind it? What idea / fantasy did your project originate from, which inspired you to create it?

  • Answer: Kava is coffee to you.
  • Kava is Hippopotamus to Japanese.
  • Cava is a region in Spain
  • Kava is also a root that is used in tea which makes your mouth numb.
  • Kava is also crow in Hindi.
  • Kava last but not least is a DeFi platform launching on Binance :)
  • We liked the sound of Kava it was as simple as that. It doesn't have much meaning in the USA where I am from. But it's short sweet and when we were just starting, Kava.io was available for a reasonable price

Q44:

What incentives does a lender get if a person chooses to pay with KAVA? Is there a discount on interest rates on the loan amount if you pay with KAVA? Do I have to pass the KYC procedure to apply for a small loan?

  • Answer: There is no KYC for Kava. Its an open blockchain software platform where anyone with a computer can connect to it and use it.

Q45:

Let's say, I decided to bond my cryptocurrency and got USDX stable coins. For now, it`s an unknown stable coin (let's be honest). Do you plan to add USDX to other famous exchanges? Also, you have spoken about the USDX staking and that the percentage would be higher than for other stable coins. Please be so kind to tell us what is the average annual interest rate and what are the conditions of staking?

  • Answer: Yes we have several large exchanges willing to support USDX from the start. Binance/Binance-DEX is one you should all know ;)
  • The average annual rates for USDX will depend on market conditions. The rate is actually provided by the CDP fees users pay. The system reallocates a portion of those fees to USDX users. In times when USDX use needs to grow, the rates will be higher to incentivize use. When demand is strong, we can reduce the rates.

Q46:

Why should i use and choose Kava's loan if i can use the similar margin trade on Binance?

  • Answer: If margin is available to you and you trust the exchange then you should do whatever is cheaper. For a US citizen and others, margin is often not available and if it is, only for a few asset types as collateral. Kava aims to address this and offer this to everyone.

Q47:

The IEO price is $ 0.46 while the price of the first private sale is $ 0.075. Don't you think that such price gap can negatively affect the liquidity of the token and take away the desire to buy a token on the exchange?

  • Answer: It is natural to worry that early investors got better pricing and could dump on the market. I can assure you that our investors are in this for the long-term. All private sale rounds signed 2 year contracts to run validators - and if they don't they forfeit their tokens. You can compare our release schedule to any other project. We have one of the most restricted circulating supply schedules of any project EVER and its because all our investors are commiting to the long-term success of the project and believe in Kava.
  • About the pricing itself - it is always a function of traction like for any start-up. When we made our public announcement about the project in June, we were only a 4 man team with just some github code. We could basically run a network with a single node, our own. Which is relatively worthless. I think our pricing of Kava at this time was justified. We were effectively a seed-stage company without a product or working network.
  • By July we made severe progress on the development side and the business side. We successful launched our first test net with the help of over 70 validator business partners around the world. We had a world-wide network of hundreds of people supporting us with people and resources at this point and the risk we would fail in launching a working product was much lower. At this point, the Kava project was valued at $25M. At this point, we had many VCs and investors asking for Kava tokens that we turned away. We only accepted validators that would help us launch the network. It was our one and only goal.
  • Fast forward to today, the IEO price simply reflects the traction and market demand for Kava. Our ecosystem is much larger than it was even a month ago. We have support from Ripple, Cosmos, and Binance amongst other large crypto projects. We have 100+ validators securing our network with very sophisticated high-availability set-ups. In addition, our ecosystem partners have built products for Kava - such as block explorers and others are working on native integrations to wallets and exchanges. Launchpad will be very big for us. Kava is a system designed to cater to crypto traders and investors and in a matter of days we distributed via Binance Launchpad and put in the hands of 130+ countries and tens of thousands of users overnight. It doesn't get more DeFi than that.
  • TLDR - I think KAVA is undervalued and the liquid supply of tokens is primarily from the IEO so its a safer bet than other IEOs. If the price drops, it will be from the overall market conditions or fellow IEO users not due private sale investors or team sell-offs.

Q48:

Can you introduce some information abouts KAVA Deflationary Fee Structure? With the burning mechanism, does it mean KAVA will never reach its max supply?

  • Answer: When loans are repaid, users pay a fee in Kava. This is burned. However, Kava does not have a max supply. It has a starting supply of 100M. It inflates for block rewards 3-20% APR AND it inflates when the system is at risk of under collateralization. At this time, more Kava is minted and used to purchase USDX off the market until it reaches full collateralization again.
  • TLDR: If things go well, and governance is good, Kava deflates and hopefully appreciates in value. If things go wrong, Kava holders get inflated.

Q49:

In your opinion what are advantage of decentralized finance over centralized?

  • Answer: One of the main advantages is not needing to pay the costs of regulation and compliance. Open financial software that is usable by anyone removes middle men fees and reduces the barrier for new entrants to enter and make new products. Also DeFI has an edge in terms of onboarding - to get a bank account or an exchange account you need to do lots of KYC and give private info. That takes time and is troublesome. With DeFi you just load up your funds and transact. Very fast user flows.

Q50:

Plan, KAVA how to raise capital? Kava is being supported by more than 100 business entities around the world, including major cryptocurrency investment funds like Ripple and Cosmos, so what did kava do to convince investors to join the project?

  • Answer: We have been doing crypto research and development for years. Ripple and Cosmos were partners before we even started this blockchain with Kava Labs. When we announced Kava the DeFi platform they knew us already to do good work and they liked the idea so they support us.
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