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[EU] [FIAT GATEWAY] Bitvavo.com is a new fiat ramp for NANO!
Hello dear NANO'ers, I come with great news. Bitvavo - a DUTCH exchange, secretly has fully implemented NANO on their exchange! This means you can buy AND sell NANO for Euros! Bitvavo is a DUTCH exchange, under Dutch/European law, having its HQ within the Netherlands. This is AMAZING. I made a post about Bitvavo adding nanos last year, back then you couldnt send/withdraw NANO (so it was fully artificial), but now its fully operational! Why is this a big deal? Its an European exchange, falling under European laws (Dutch to be precise). Since i live in the Netherlands, this to me is just amazing. The dutch are a meticulously kind of folk. Dutch laws are quite strong and complicated and regulations are strong here. To have a working fiat ramp exchange that hasnt been shutdown by authorities, means it has a certain degree of Trustworthiness (at least for me and Dutch laws, which are stricter then European laws mostly). Is it any good? Well, i first deposited euro's on the website (which you cant hold for longer then 5 days, since it isnt a bank and certain laws are preventing that), which went 'pretty' fast. I bought nano's with it (which was instant), and then i withdrew NANO's from it...which went through in SECONDS. Yes. Seconds. I put the order in, went to Binance to check things out and literally a few seconds later i heard the ping from CANOE. I couldnt believe it lol. I actually was in awe and suddenly became extremely enthusiastic, and immediately bought more lol. What about fees? They take maketrader fees of 0.25%. In my eyes, that isnt much. For withdrawal they also have fee, but its around 0.00025 nano if im right. Its crazy low. And crazy fast. Are there any negative parts? Well, its a dutch company but it isnt coinbase. If the whole world flocks towards it, i can see the website going down because the server can't hold that weight. This is theoretically, but those who experienced the 2017 run know that a lot of exchanges either went down (for a few hours/days) or stopped accepting new registrations because their servers couldnt handle it. I feel the same is with Bitvavo, its a small dutch exchange, not a big one. Other negative parts? I don't think they have much nano lol. After my first purchase i was SO impressed with the speed and low cost of it, i bought more. The second time i bought, i received a message that this was going to be processed manually. For the long run i cant see this being a problem, it just means they have to buy more NANO, which will only help NANO :) Now besides those, you do need to do a KYC, and i havent read in about any international KYC. The KYC is necessary for you to trade on the exchange. For me, i had to link my bank account to my account on Bitvavo (the same way you do it with Paypal). You can only send/receive money from/to your (linked) bank account to Bitvavo (if through IDEAL, not sure about SEPA etc). I find this acceptable to be honest for a EUROPEAN/trustworthy fiat gateway. Payment methods (including fees):
SEPA Overboeking (0%)
It has been a while since i sold crypto for Euro's on the site, but it worked pretty fast. The next day, the money was sitting in my bank account :) it wasnt much though (around 100 euros), but it passed the test for me back then. Unless we go in to a massive bullrun, i prob wont be selling my NANO for fiat anytime soon anyways. I am more searching for ways to pay internet services for NANO :) Hopefully one day we can pay for everyday things with NANO, like groceries or liqueur etc. Bitvavo has many many other coins too (besides btc,eth, xrp) like ADA, ICX, IOTA, Vechain, NEO etc. So if you want to trade your NANO with other crypto's, it is another way besides Binance (though i would still use binance for it). THis is a huge step. For very low cost, and extremely fast speed, we (Europeans in general) have an amazing gateway towards NANO. Together with Coingate integration of NANO, and NANO amazing ease of use - i cant see any other way besides NANO becoming a smashing succes. The only weird thing about this is Bitvavo own marketing. They did this all in silent, for reasons unknown to me since this is HUGE news for me (and a lot of Dutch/European citizens that have access to IDEAL). Now, i have to SHILL NANO a bit more here, because i am really getting hyped once again. I feel even more positive about NANO then back in dec 2017 to be honest. Remember guys, NANO is just at #48 in CMC. 48! While its utility is much better then 99% of ALL crypto! Infact, NANO is the ONLY usuable crypto RIGHT NOW besides maybe Eth for Dapps. Look at the marketcap of LTC, which in EVERY aspect is a worse coin then NANO. Then calculate how much a single NANO would be worth if it would have LTC marketcap... NANO has STILL SO MUCH to grow, its crazy. Its like getting Bitcoin back in 2011/2013. Pay for your products online FASTER and more reliable AND cheaper then Paypal (conversation rate), credit card (% rate per month/year) or bank. Since V18 has come out i have been EXTREMELY impressed by NANO. So much that i have doubled my (relatively small) stack and i have (once again) started to accumulate slowly. News like this (Bitvavo) just makes me more hyped for NANO. Together with a website where i can actually buy their services with NANO - and i am planning to use it more, i cant be more positive. NANO may have had a hard time in 2018 price wise, but DAMN the team has done an amazing job with its tech throughout the bear market. Mad props to you Colin AND your amazing team. Props to Coingate for having an amazing service too! Once NANO has been proven to scale to 1k+ (with 7K being a nicely goal) + an automatically representative node assignment through wallets (to make NANO more decentralized), i cant see nano NOT becoming a top 10 - or even a top 5 coin. As a payment coin, NANO truly knows no equal! EDIT: a MAJOR edit here, before you guys get TOO excited. PLEASE look in to the exchange pricing too! Bitvavo might be selling (or probably IS) NANO for a higher rate then for example Binance (this is apart from maketaker fee and withdrawal fee!). It isnt the same price as you pay on Binance, with the conversion rate. So for the same EUUSD, you will get less NANO compared to Binance (if you could pay directly for it). So keep that in mind, u/dotcoml said it actually was 2%. I personally didnt bother doing the math nor do i mind a 2% fee to exchange my fiat for NANO (it still is better then credit card, and for its speed/usability, i dont mind paying 2% more compared to FIAT either), but it still is 2%. Keep this in mind! EDIT2: other users are reporting Bitvavo actually having LOWER prices then Binance :) please check it out for yourself!
Yeah, it’s another one of “those”. But honestly, after being in the game for long enough, you end up developing an eye for the good coins. Not the “good” ones, the GOOD ones. Believe it or not, research and common sense is the name of the game!
A little bit more about me: I come from a business & logistics management background. I started investing in cryptocurrencies and trading a little more than six months ago. As a person, I am very detail oriented and I’ve been researching all kinds of cryptos, for hours a day, for the past six months. The more I researched, the more I learned, the more I became hungry for knowledge, and therefore the more i researched. From trading to cryptocurrency basics, their economics, their political implications, the technology revolution they represent, the human psychology aspect as well as emotional trading behaviours (FOMO, FODO, etc.), all of it!
I’ve purchased Ethereum at 150$ (when I first started in crypto). Then NEO back when it was still AntShares and trading under 3$. Gas (Antcoin back then) at 30c, OMG when it was sub-1$, and ETP at exactly a dollar (selling it later at 5$). This was all before I even knew how to do a basic margin trade & was still in the process of learning about crypto (and while tether still had a “reasonable” market cap! LOL)
My approach is pretty simple when it comes to crypto. I split coins into seven main categories:
-Store of Value (BTC) -Payment (DASH, BCH, LTC) -Pure Anonymity and/or Evil Stuff (XMR) -Platform/platform’ish (ETH, NEO, LISK, CARDANO, ETP, Iota, Factom and the likes) -Shitcoins (99% of ERC20 tokens) -Absolute Shitcoins (Boolberry, Embercoin et al.) -Fee Split / Dividend Coins
That last category is my favorite. While I do strongly believe in diversification (10% store of value, 10% payment, 5% anonymity, 25% platform in my case), I always have a “lean” towards coins that make business sense. Coins that derive their value directly from the amount of usage the platform gets (Factom, for example). Coins such as NEO, BNB, Kucoin, Coss, ICN, TenX and the likes, basically coins that either have a direct “dividend-paying” property (NEO generating gas, Kucoin/Coss awarding holders with a % of the exchange’s trading fees) or an indirect “dividend paying” property such as BNB, ICN, TenX using quarterly profits to buy back their own coins and burn them, thus raising the value of the rest of the coins in circulation over time.
Now let’s look at market caps of these direct and indirect “dividend” coins.
Neo: 2.3B TenX: 246M Binance: 200M Iconomi: 155M Kucoin: 44M (68M at ath, not too long ago) Coss: 5M
You see that odd one there with only 5M market cap? Yeah. That’s the great buy right now. That’s the x10, x20 or even x30 that most people haven’t realized yet. That’s also the “dividend coin” you can scoop a ton of while it’s on the cheap, and make massive recurring revenue from as the exchange solidifies and evolves.
What is COSS? COSS stands for Crypto One Stop Solution. They’re a Singapore based cryptocurrency exchange with an amazing team that’s currently expanding. They aim at becoming the “One Stop” solution for crypto, meaning A) an exchange, B) a payment gateway for merchants to accept crypto payments, and probably sometime in the future C) crypto debit/credit cards. They offer their own coin (COSS coin), and holders of this coin receive 50% of the trading fees generated by the exchange (more on this later).
Now, what a lot of people still don’t realize in crypto, you don’t invest in the bigger market cap coins expecting to make a killing (“the moonshot”). Sure, they’ll bring you nice long term growth as the whole market matures, and that’s where you want to diversify and solidify your portfolio, solid coins with a purpose. But what if you want more thrill? An actual opportunity to “moon”? You find a project that makes business sense, that has at least a working product, and a good team. Buying NEO at 2.5B market cap? You missed the boat, it was a dollar a few months ago and already went x60 (“mooned”), and now stabilized at roughly x38. OMG had it’s x10-15 already. BNB as well. Their market caps are big, and a lot of buying needs to happen to even double in price.
Antshares (NEO) back then was a steal at 1, 2 and 3$. It was a huge risk, with huge rewards. They didn’t even have a product other than their blockchain. No dApp running or even being built on it, no english resources to even figure out how to code on it and deploy a smart contract, no marketing, hell we didn’t even know if Da Hongfei was still alive. All it was is a Chinese based smart contract platform, with an innovative dBFT concensus algorithm. It was a 100M market cap coin that early adopters believed in, and essentially invested in when it was not much more than a website and a blockchain. Look where it’s at now, with more than a dozen dApps being built on it, a solid team of roughly 10 devs, with the NEO council also funding City of Zion (team of 20+ NEO devs). NEO has grown into an incredible community, and is now launching coding dApp contests left and right, with the latest one in partnership with Microsoft china & offering half a million dollar’s worth in prizes.
NEO holders get rewarded with GAS on a daily basis. When NEO gets further adoption, all fees such as registering an asset, deploying a contract, changing an asset, etc. will be redistributed to NEO holders as well on a pro rated basis. Only transaction fees are not, as those will go out to MasterNodes. If you got yourself a thousand NEO’s back when they were a dollar or two a piece, you’re now generating 7 gas per month. That’s roughly 161$ USD per month, on a recurring basis, at current gas prices, out of a 1000$ investment. That’s a whopping 16.1% PER MONTH on original investment, and not even counting the fact that you pretty much made 37000$ profit on the NEO’s themselves. Today? Well, you gotta dish out 38000$ to buy a thousand neos and make 161$ per month, basically bringing you 0.4% per month on original investment.
Same with bitcoin. Early adopters that got it at pennies. It just hit $10K USD a piece. For every 30 cent spent purchasing bitcoin in 2009, you’d have $10K USD in the bank account. Invested 3$? 100K. Invested 30$? 1M.
Ethereum? From a dollar to half a grand now.
Moral of the story? Early adoption pays off. History repeats itself, and it will continue to do so. Bitcoin was digital money for nerds, ethereum was a cool project that nobody really gave a crap about until they got EEA which showed credibility (early adopters of eth had a great vision, I’ll give them that!). Neo was chinese vaporware. What do they all have in common? Their.Early. Adopters. Made. A. Killing.
Look where they stand now. Look where a lot of coins stand now. Even a lot of ERC20 tokens that don’t even really have a reason to exist have market caps over 100M. And for what? They don’t reward you with anything other than price increasing because more people buy (greater fool theory)? They don’t reward you with dividends from the project/platform itself? Their value isn’t derived directly from the amount of usage it gets (a la Factom, PaulSnow you genius.)? They still don’t even have a minimum viable product to show? When you ask yourself why does it need a coin, and the answer is either “uhh…” or “oh it grants you voting rights” (that nobody gives a crap about, let’s be honest), you should reconsider your investment strategy. Cause I can tell you a lot of people don’t know what the hell they’re doing, and they’d be better off diversifying in the top 5 or 10 coins and holding than investing in the shitcoinfest that crypto has become.
And that’s why COSS is a pretty buy right now. You’re investing in a platform that’s already up and running, not a whitepaper or vaporware. Hell even Eth and Neo were riskier investments for early adopters. Let’s go over the cons first:
It’s ugly. The UI sucks. It doesn’t have API’s yet, meaning there’s no bots to create liquidity, and therefore low volume. It’s been fudded to death by KuCoin shills (and their referral links you’ve seen everywhere a month ago). Charts are horrible
That’s about it. Whenever you read up about coss, those are the cons you’ll find. But what about the pros? Well, all of this is in the process of being fixed, as we speak.
Singapore has lax laws about cryptocurrencies and issued a statement it does not feel the need to regulate them. It’s securing exclusive ICO’s already despite being a tiny exchange, and has mentioned being able to secure from 4 to 6 per month. The team listens to the community’s feedback and takes it seriously. This is Gold. One of the first things they were criticized about was trying to do too many things at once (an exchange, a payment gateway, a full one-stop solution for crypto, etc.) and they’ve taken the community’s advice and decided to focus solely on the exchange for now and build it properly, before branching out to the rest. “Better excel at one thing and build from there, than be mediocre at multiple things at once” Also following community feedback, they are implementing trading promotions “a la Binance”. Part of the total supply of COSS tokens will be donated to charities (the community votes to who they go). First of all, that’s just plain nice. Secondly, I find it pretty damn cool that we donate this for good causes, and they basically keep “generating” income from it. It’s basically like a “perpetual donation” on behalf of COSS and all of its users, and definitely will make a lot of people feel good about using the exchange. Thirdly, this pretty much guarantees millions of COSS tokens are going to be in perpetual “HODL” mode, essentially taking them off the market. They will be implementing a FIAT gateway sooner than later. We all know FIAT gateways are game changers. They are constantly hiring. The team growing is definitely a good sign. They are revamping the overall UI and charts, once again following the community’s advice, and the proposed new look is fantastic! Check it out here, as well as other great announcements: https://medium.com/@runeevensen/coss-io-7379b7628d93EDIT: It has been brought to my attention that there is a UI upgrade scheduled for tomorrow (Dec. 3rd), although it isn't clear if it's a minor one or the actual major overhaul, might wanna keep an eye out on that! They are upgrading the matching engine and releasing API’s soon to allow bots to create liquidity and significantly raise the trading volume. Unlike KuCoin, the revenue split (COSS token holders) will always receive 50% of the fees, whereas kucoin will start decreasing it in 4-6months and it will bottom out at 10-15% The revenue split from trading fees is controlled by a DAO, meaning the COSS team cannot arbitrarily decide to change it later down the line, unlike KuCoin where the control over the fee split is centralized and they decrease it as they please. The DAO model also avoids it being labeled a security. First of all, those aren’t really “dividends” as dividends would require them to calculate income minus expenses to determine profit, and then distribute this profit to shareholders, and obviously that’s a legal nightmare. With the DAO model, you don’t get a percentage of the “profits”, you get a revenue split from the exchange fees, and it’s done by clicking a “distribute” button which makes a call to the smart contract and distributes your coins. COSS itself is not giving you anything COSS is still in Beta. It has a tiny market cap. Now’s the time to pick it up, not when it’s out of beta and has become successful, or you’ll be in another Antshares/NEO situation. A ridiculously small move from 5M to 50M in Mcap and that’s x10, a move from 5M to 150M (still under binance levels) and that’s x30. In the long run, COSS aims to be more than just an exchange. Holders of the token, who currently get 50% of the exchange’s trading fees, will also get 50% of other fees charged from coss. This includes their eventual payment gateway. Merchants around the world wishing to accept crypto payments will be able to use COSS’s gateway and COSS will charge a 0.75% fee per transaction. We, as COSS holders, also get 50% of that. You believe crypto is the future and going mainstream? Well your COSS will entitle you to the revenue generated by tens of thousands, if not hundreds of thousands of businesses accepting crypto payments via COSS Point-Of-Sale. COSS also mentioned that all other COSS “fee generating” products to come will all be subject to the same DAO/50% split. Logically, If they have 1) The trading platform, and 2) the payment gateway, then the third step is solving the problem of spending the crypto in places that don’t accept direct crypto payment, AKA a crypto credit/debit card. Well, guess what? Users of such cards will be charged a small fee as well when their crypto is being converted to fiat in real time for payment at a gas station. We as COSS holders are, again, getting 50% of that fee. As you can see, this is a coin that makes business sense to invest in. Unless you really, reaaaaaally care about a coin being the “Future of decentralized prediction markets” or “the future of decentralized dating” or the “decentralized gambling coin” and whatnot. Smart money is smart. It's only a matter of time before savvy investors discover this coin.
ALTHOUGH, keep in mind, the calculations above take into consideration an average trading fee of 0.2% and while this fee is accurate right now, it will most likely average 0.1% once API’s are released and liquidity/market maker bots start operating on the platform. Also, the calculations above do NOT take into consideration that in 4 years from now, there will be 200M (hard cap) COSS tokens on the market. HOWEVER, these calculations also do not take into consideration that by then, COSS will have a fully up and running payment gateway, crypto credit cards, and other revenue-generating products such as a crowdfunding platform, smart contract deployment platform, etc. that are also generating revenue for COSS holders.
All in all, if all goes as planned, the payment gateway/cards/other products will negate the additional COSS tokens released in the market as well as the average trading fee of 0.1%, and therefore the numbers presented in the excel docs will remain sensibly the same. Also, if crypto really takes off in the mainstream, then the revenue split to coss holders from the payment gateway & credit card spending could very well double, triple or quadruple all the numbers you’re seeing in these excel sheets, and that’s on the low end. Remember, the exchange only charges 0.2% (0.1% average once we have bots) out of which we get half, but the payment gateway on the other hand charges a flat 0.75% (7.5x the what the exchange’s fee), out of which COSS holders get half. This could be a massive revenue driver, easily surpassing the exchange itself, and honestly if at that point in time this coin is NOT valued at 3B+ (I mean, even ethereum classic is over that right now..), then I’ll just give up on the whole notion of logical thinking.
Quick example, assuming in 4 years 50M in gateway processing daily (18B yearly), 0.375% of that would be 187.5K USD daily for COSS holders. With 200M Coss tokens total supply, if you hold 10K coss you’d generate 9.375$ per day (65$ per week, 282$/mo.), and that’s purely from the gateway (totally excluding the exchange revenue, crowdfunding revenue, credit card revenue, etc.).
If you have 100K coss you’d generate 93.7$/day, 650$/week, 2820$/mo, again purely from the gateway.
If you’d rather assume more conservative figures (let’s say 25M in daily gateway processing on COSS, all around the globe, or 9B yearly), then simply divide these figures by half. If you wanna go balls to the walls, double them (100M daily, 36B yearly). Play around, have fun with the numbers! To keep things in perspective, square has processed 50B’s worth of transactions in 2016. Therefore I believe using 9B, 18B and 36B for our calculations isn’t too far fetched, and actually pretty reasonable.
Anyway, to sum this up, no matter how you look at it, COSS is an extremely promising project with huge potential, and actually has working math (and a working beta!) behind it. It’s only a matter of a month or two before they’re out of their Beta, have upgrades to their UI and engine, and start really growing from there. The team listens to the community, which is super important, and they’re working on a multitude of revenue streams, out of which not only them, but all coss holders will benefit from, fifty fifty.
Their crowdfunding platform will be a competitor to indiegogo, gofundme, kickstarter, and they’ll have a small percentage fee (50% of which goes to COSS holders). The crypto Point-Of-Sale will be a competitor to Square and the likes (50% revenue to COSS holders). The crypto credit card (also 50% revenue to COSS holders). It is truely an admirable project. Shovel manufacturers made a killing during the gold rush, and COSS is positioning itself as the shovel manufacturer in the crypto adoption gold rush. This is a coin that makes sense to invest in, it is ultra tangible, and will give greater returns than any type of “decentralized [insert function here]” type coins.
On a personal note: Honestly, I believe this is the proper way to ICO, by NOT giving people worthless tokens that only go up in value due to speculation (looking at you, 99% of ERC20 tokens). Let investors guide you, let them reap 50% of the rewards as THEY are the ones funding you. This’ll keep the investors interested in the project, and every single one of them will have a direct incentive to vouch for your product. It’s only right for the investors to get rewarded with something tangible, I’d take that any day over a speculative shitcoin who’s only purpose was to put money in the project’s founders pockets
Quoted directly from said link:“For those that are most interested in discussions regarding the trading price of COSS. Please have in mind that when we entered our token sale, our clear sales message was a 3–5 year road-map, and not a 3–5 months pump and dump. We are a small team, doing our utmost to deliver and all we ask is for you to continue to give us feedback and also for you to give us some time to deliver. *That being said. We still aim to be out of BETA as soon as possible with a new engine for the exchange in Q1 2018. New UI should be in place well before that.** Once we feel we have this in place we will roll out massive marketing campaigns to attract users and increased volume. So although we have a 3–5 year road-map ahead, you should expect to see 2018 being “our year”. The 3–5 year plan is more on the complete roadmap when we proudly can call ourselves a one-stop solution. For now it is all about the exchange, and there we will see rapid changes over the coming weeks/months.”*
All in all, i’d like to thank the COSS team for actually caring about their investors, keeping them in the loop, listening to their feedback and giving them a unique and tangible opportunity. I’d also like to thank all the other COSS investors, who see a huge potential in this project and support the team, and lastly, all of you crypto-heads for reading through!
Happy hodling, and hopefully see you all at 500M+ market cap by late 2018 :)
-Some random guy on Reddit.
PS: Not investment advice. Always do your due diligence. Also, if you’d like, you can join the discussion at /cossIO
Friendly reminder: ETH is the quickest way to get your funds on the COSS exchange, and COSS/ETH pair has 4x the volume of the COSS/BTC pair.
Understanding the basics of intra-exchange arbitrage
🔵Understanding the basics of intra-exchange arbitrage The work on the OneExBit arbitrage bot is almost finished, and naturally we are getting lots of questions from the community. In particular, many users ask if our bot will search for arbitrage opportunities across different exchanges (inter-exchange) or within one exchange (intra-exchange). In this post, we'll try to give a detailed answer. The first edition of our bot will search for intra-exchange windows – support for interexchange arbitrage will be added later on. At first, you'll be able to use the bot with Bitfinex and Binance; in the next few months, it will become possible to search for opportunities on all the exchanges integrated into the OneExBit terminal, such as Poloniex, HitBTC, BitMex, and so forth. 🔵Why traditional arbitrage can be risky Most users who are familiar with arbitrage trading don't even realize that there are two types of arbitrage. The one we are most used to is inter-exchange – that is, searching for price differences for the same asset across different exchanges. However, this type of arbitrage has a serious problem: once you find a good window and purchase an asset on exchange A at a lower price, you have to withdraw it, send it to exchange B and then sell it there, potentially withdrawing the proceeds after that. This creates two risks: a) withdrawing asset A, you can incur significant fees, which will eat up part of your profit from the arbitrage deal; b) sending the asset from one exchange to another will take time – sometimes minutes (which is a lot of time in crypto trading). While you wait for the asset to be deposited in your account, the arbitrage window can close. It can happen because other arbitrage traders will notice the window and rush in; or because the exchange itself will eliminate it. These risks can be mitigated by looking for price differences within the same exchange – it is called intra-exchange, or triangular arbitrage. 🔵What is intra-exchange arbitrage, anyway? This type of arbitrage is called triangular because you need to perform trades with three different assets. The key fact to understand is that relative prices for several assets on the same exchange are not exactly proportionate to each other – there are often large spreads. For example, imagine that at a certain exchange 1 Bitcoin is traded for $9500 and at the same time for 1 BTC you can get 43 ETH. So what would be the price of ETH in US dollars? Someone who has studied math at school (but not trading) would think that it's enough to divide by 9500 by 43 – you'd get $221 for one ETH. However, that's now how crypto trading works. Since the market is inefficient, relative price changes don't spread instantly, especially when volatility is high. So, it's quite possible that the ETH/USD price is $230, for example. How can you profit from this difference? Step 1. Buy 1 BTC for $9500. Step 2. Exchange your 1 BTC for 43 ETH. Step 3. Sell your ETH for USD and get 43*230=9890 You started with $9500 and ended up with $9890 – not bad! Of course, this is an idealized example; in reality there are also the fees to consider. If the fee is 0.2%, for instance, you'd pay circa $40 in fees for the two trades. Still, you'd get a net profit of $350. The art of intra-exchange arbitrage is finding price windows with spreads large enough to cover all the fees and still leave you with a good profit. That's exactly what the OneExBit bot will do. Triangular arbitrage is a great tool in times of volatility, because resulting spreads are larger. 💥Follow our updates and don't miss the launch of the bot! We are created for your profit ❤️ Onex Team https://preview.redd.it/0qkwevnao6c31.jpg?width=6016&format=pjpg&auto=webp&s=020955bb403a5853b95db3729b05692a8d158382 🔹Website: https://oneexbit.com
🔵Understanding the basics of intra-exchange arbitrage
🔵Understanding the basics of intra-exchange arbitrage The work on the OneExBit arbitrage bot is almost finished, and naturally we are getting lots of questions from the community. In particular, many users ask if our bot will search for arbitrage opportunities across different exchanges (inter-exchange) or within one exchange (intra-exchange). In this post, we'll try to give a detailed answer. The first edition of our bot will search for intra-exchange windows – support for interexchange arbitrage will be added later on. At first, you'll be able to use the bot with Bitfinex and Binance; in the next few months, it will become possible to search for opportunities on all the exchanges integrated into the OneExBit terminal, such as Poloniex, HitBTC, BitMex, and so forth. 🔵Why traditional arbitrage can be risky Most users who are familiar with arbitrage trading don't even realize that there are two types of arbitrage. The one we are most used to is inter-exchange – that is, searching for price differences for the same asset across different exchanges. However, this type of arbitrage has a serious problem: once you find a good window and purchase an asset on exchange A at a lower price, you have to withdraw it, send it to exchange B and then sell it there, potentially withdrawing the proceeds after that. This creates two risks: a) withdrawing asset A, you can incur significant fees, which will eat up part of your profit from the arbitrage deal; b) sending the asset from one exchange to another will take time – sometimes minutes (which is a lot of time in crypto trading). While you wait for the asset to be deposited in your account, the arbitrage window can close. It can happen because other arbitrage traders will notice the window and rush in; or because the exchange itself will eliminate it. These risks can be mitigated by looking for price differences within the same exchange – it is called intra-exchange, or triangular arbitrage. 🔵What is intra-exchange arbitrage, anyway? This type of arbitrage is called triangular because you need to perform trades with three different assets. The key fact to understand is that relative prices for several assets on the same exchange are not exactly proportionate to each other – there are often large spreads. For example, imagine that at a certain exchange 1 Bitcoin is traded for $9500 and at the same time for 1 BTC you can get 43 ETH. So what would be the price of ETH in US dollars? Someone who has studied math at school (but not trading) would think that it's enough to divide by 9500 by 43 – you'd get $221 for one ETH. However, that's now how crypto trading works. Since the market is inefficient, relative price changes don't spread instantly, especially when volatility is high. So, it's quite possible that the ETH/USD price is $230, for example. How can you profit from this difference? Step 1. Buy 1 BTC for $9500. Step 2. Exchange your 1 BTC for 43 ETH. Step 3. Sell your ETH for USD and get 43*230=9890 You started with $9500 and ended up with $9890 – not bad! Of course, this is an idealized example; in reality there are also the fees to consider. If the fee is 0.2%, for instance, you'd pay circa $40 in fees for the two trades. Still, you'd get a net profit of $350. The art of intra-exchange arbitrage is finding price windows with spreads large enough to cover all the fees and still leave you with a good profit. That's exactly what the OneExBit bot will do. Triangular arbitrage is a great tool in times of volatility, because resulting spreads are larger. Follow our updates and don't miss the launch of the bot! Best regards, ❤️ Onex Team https://preview.redd.it/nb9cqbjvqza31.jpg?width=1205&format=pjpg&auto=webp&s=b83227632da79e1f59bf3a6b68d6bf614aa227a5 🔗Official links: 🔹Website: https://oneexbit.com 🔹Twitter: https://twitter.com/Oneexbit1 🔹Telegram: https://t.me/oneexbit 🔹Discord: https://discord.gg/4QtsXck 🔹GitHub:https://github.com/oneexbit/oneexbit-release/ 🔹Whitepaper: https://oneexbit.com/whitepaper-onex.pdf 🔹Medium: https://medium.com/@smmonex 🔹Reddit: https://www.reddit.com/usesmmoneexbit 🔹Bitcointalk: https://bitcointalk.org/index.php?topic=5129693
https://cryptomurmur.com/wp-content/uploads/2018/06/The-way-money-used-to-be-1.png I wrote this story about the paradigm shift that cryptocurrencies may cause in the future, from the perspective of an old man reflecting on the past. If you enjoy this story, please have a look at other material I have written at https://cryptomurmur.com/ The Way Money Used to Be “I remember it like it was yesterday, James,” the old man wistfully pondered. “Money was so different back then. Everything was different.” “How so, Will?” the younger one asked - not so young as to be a child, but young enough to not remember the way money used to be. “Back then,” Will replied, “money was not something shared and traded freely like it is now… it was mostly owned by a few, and they were the few who controlled it. They issued it, and they manipulated its value to their advantage.” “They could print it, as much as they would convince the people they needed, and over time, the money became worth less and less, but the people would owe more and more.” “But if they mined it and mined it,” James asked, “and mined it all, wouldn’t they run out of money eventually? Then the money would be scarce and become worth more, right?” “No, no, no!” Will was amused at James’ naivete. “They didn’t mine it like we do now. Now, our computers solve mathematical problems to mine a currency, and it becomes more and more scarce, and more and more valuable, but back then, the people in power just printed more and more money as they saw fit, creating more and more debt and less and less value.” “Out of thin air?” James was incredulous. “How could they do that? Didn’t people see how they were taking advantage of them?” “It took time for people to realise. They began to realise when the new money came to be. But it was a slow, gradual change. Cryptocurrency did not have a good reputation, at first.” James was confused. “What do you mean? How can a currency be bad? Can’t it be used for good or bad?” “Of course!” Will replied, “but the few who controlled money wanted to keep things that way, so they created fear and paranoia about the new money. They said cryptocurrency was only used by criminals, paying for committing horrible acts with impunity, behind a shield of anonymity. The old money, on the other hand, was tracked and followed everywhere it went on the Internet, thus creating the illusion of safety. In reality, though, it was controlled and manipulated.” “And people didn’t mind? They just willingly gave up their privacy like that? Bizarre!” James was struggling to relate to such a different way of seeing the world. “They didn’t know there were better alternatives” Will explained. “Money was not only controlled by the few, the powerful, and the elite, but also by tanks, guns and bombs. There wasn’t much the average person could do about it at the time.” “Money was centralised - controlled by a few powerful entities. Not like now. Cryptocurrency as we know it today has no central authority. It can not be attacked and destroyed at any one single point,” Will continued, “It wasn’t secure like it is now, either. Money could be stolen and hidden in vast quantities by those in power who could control what was seen, so nobody could possibly know if a government or other person in power was stealing money from the rest of the people.” James was astonished. “No public ledger? So, you just had to trust the people who controlled the money to be honest about the money, when it was in their best interests to be selfish? That makes no sense!” Will laughed. “I know, it’s funny when you think back how it just seemed perfectly normal and acceptable at the time! Now it seems… ridiculous!” They chuckled as they reminisced. “I remember…” Will continued, “You would have to go to a place called a bank - a place that might give you permission to store your own money there if you had enough money to begin with, and then charged you for storing it, charged you for withdrawing it, charged you for sending it, and profited from gambling it, all while charging you more to borrow it!” “That’s crazy.” James almost sounded disgusted. “You didn’t just store your own money in your own wallet? And just send it to whomever you please?” “Nope!” Will replied. “Instead, you asked the bank to send it for you, for a fee, of course! And if you wanted to send money to family or friends across the world, well…” “Well, what?” James prodded. “Well… it could take days, and it cost a great deal.” James answered, “Well I suppose that’s fair since that was before the internet, right? I mean, it wouldn’t be so easy to move money like that back then, right?” “Oh, no, no.” Will clarified. “The internet had already been around for quite some time, in fact. But because currencies were not cryptocurrencies, because they were centrally controlled with middlemen like banks, there was not much choice but to pay for the banks to move the money as they saw fit. And if they could make more money charging fees to send money around the world, why wouldn’t they?” Will chuckled. “Wow” James found the whole scenario amusing. “It’s funny how when you look back at something in the past, it can seem so ridiculous, but at the time, it seems perfectly reasonable” Will contemplated. “I know I’ll never understand it!” they laughed together, one at memories of the strange ways things were in the past, the other not quite understanding how different things had become. So what exactly is cryptocurrency then? Cryptocurrency attempts to solve many of the problems of the modern money system, called fiat. In the current money system, money is printed or minted by selling debt. The money is then lent out to borrowers and spent around the world. More and more money gets printed and more and more debt gets created. Since the money is created out of debt, it is impossible to ever pay back the debt entirely as more debt is constantly created with the money that is used to continuously pay the debt. Cryptocurrency, on the other hand, is not printed or minted out of debt. It is created, most commonly, through a process that uses computer work, solving math problems that can not be cheated. It is created by anyone who chooses to participate in its creation, called a miner, much like miners of gold and other precious metals. When a miner successfully “mines” a cryptocurrency by solving a math problem with a computer, they are rewarded with a “block”, and can choose to keep the reward or to trade it with others. So, it is not controlled or stored somewhere by any one person or government. This is the greatest unique attribute of cryptocurrency - that it is decentralised - not controlled or stored by any one “central” person or group of people. Cryptocurrencies use computer code that makes it secure and prevents it from being copied, so it can not be created out of debt and can not become so plentiful as to be worthless. Whenever someone trades cryptocurrency with someone else, the transactions also use this computer code, called cryptography, to make sure the transaction is true and that it is secure. Miners are a part of this process, making sure that every transaction is correct and is not a duplicate or an incorrect amount. Most cryptocurrencies record these trades in a chain of blocks, called the blockchain, with each block storing information about the trade. The blocks create a chain of information that is checked by miners to make sure it is true. So cryptocurrency, through the use of cryptography, is far more secure than old fashioned fiat money. Another great advantage of cryptocurrency is that it is much cheaper to send to people anywhere. Since there is no need for any kind of bank or money transfer agent, the fees can be tiny, rewarding miners around the world for checking that each trade is correct on a public ledger; the permanent and unchangeable list of trades seen on the blockchain. The public ledger is like an open account book where everyone can see all of the trades. Anyone who wants can look and see the amounts of currency that have been traded. Cryptocurrencies can use features that makes these transactions anonymous to varying degrees, to protect the privacy of traders. Money can be sent anywhere in the world without any border issues or bank accounts, directly from one person to another using this cryptographic system. The fee to send cryptocurrency to the other side of the world would be the same as it would be to send it to your neighbour because of this system. Often, because of a cryptocurrency’s ability to send money anonymously anywhere in the world, it is portrayed as being used mostly by criminals for various crimes and terrorism. In reality, fiat money is used for almost all criminal activity in the form of cash, mostly USD. Ultimately, any currency can be used for good or evil, but it is in the interests of central fiat powers, who make a great deal of profit from debt, fees, and fiat money fabrication, to maintain a negative image for cryptocurrency. Of all cryptocurrencies, the best known by far is Bitcoin. It is the oldest blockchain with the most miners and is seen as the most trusted and secure for this reason. But there are many other cryptocurrencies with different purposes. Ethereum, for example, is a cryptocurrency that was created with the idea of using the currency itself as a sort of platform for programming. Many cryptocurrencies are traded for goods and services on a constant basis, like Litecoin, Monero, and Ripple. There are literally thousands of cryptocurrencies for different purposes! If you’re interested in cryptocurrencies, you can learn to mine them on your own computer or you can simply buy them from exchanges like Coinbase, Kraken, and Binance. There are new exchanges constantly springing up around the world, so check out exchanges in your region.
But with Bitcoin you are actually using the software to make that transfer. And it is direct peer-to-peer. Let’s take our same example but apply it to Bitcoin. So, let’s say again like you’re in Libya and I’m in Chile. You and I can just pull out our phones and you can send me some Bitcoin or another cyrptocurrency. Binance does not understand fractions. Buy 1.0 of a coin. They take a small fee. Then you can't sell the .995 left over because they haven't read the fractions chapter in their math for dummies book yet. You can only place orders with whole numbers. Bitcoin mining is an arms race, math the process as rationally as possible, seeking to maximize your hashrate (the number of computations your miners can perform per second) while minimizing your ... Miners are presented with a complicated math problem and the first one to solve the math problem adds the verified block of transactions to the ledger. The calculations are based on a Proof of Work (POW) algorithm. There aren’t actually human beings hunched over computers with scraps of notebook paper and calculators doing pre-calculus homework; hardware is used to perform Bitcoin mining ... For example: If you just sent 1 bitcoin last week, it will be a few years before that transaction is 210,000 blocks old. To test this theory for such a transaction, you would need to subtract 210,000 blocks (go 210,000 blocks backwards) and see how much 1 bitcoin was worth then and see how well you would have done if you had sent that same transaction 210,000 blocks ago. One would have to study and understand elliptic curve theory and math to appreciate the difficulty of the problem someone wanting to steal your bitcoin would need to solve. Other cryptocurrencies use elliptic curve, too, which has been around about 30 years now.(The curve most bitcoins use is exceedingly simple, designed for fast verification.) Also, cryptocurrencies have zero intrinsic value ... This early, the Binance community in the Philippines expressed interest in staging a women-in-tech meetup to coincide with International Women’s Day next year, emulating the Vietnam community’s example. Leaders from several other Binance communities commended Binance Vietnam for its event. Soon enough, the global Binance community will be at the forefront of the struggle for gender ... Example: In Math, the student is given a problem – the transactions. The student comes up with the answer – validates all transactions. The student has to show the teacher they’ve done the work to get the answer and didn’t just guess – use of protocol. The teacher accepts the answer as correct – validated block is added to blockchain. bitcoin mining problem example - A 2018 report from the University of Cambridge, for example, found that while the majority of bitcoin mining facilities drew on renewables to some extent, the average share was just 28 percent. - The process is almost the same as Bitcoin mining, except you use the scrypt algorithm instead of sha256d. There are many other alternative cryptocurrencies to choose from. For example, a “hot wallet” is any cryptocurrency wallet connected to the internet or “online” in some way. Hot wallets are either wallets on desktops or mobile devices as well as wallets hosted on exchanges without state-of-the-art security measures in place. A hot wallet may also refer to wallet private keys that are carelessly stored on a compromised, hackable device. Stolen funds ...
Binance Coin Technical Analysis (BNB/BTC) : What Crypto Winter..? [04.19.2019]
One of the most popular Cryptocurrency Exchanges have gone down after experience a database issue. Stay up to date with Binance by following them on Twitter,... High Net Worth Bitcoin, Crypto Big Brother, Facebook Should Add Bitcoin & Coinbase + Libra - Duration: 25:07. The Modern Investor 12,207 views Bitcoin mining difficulty example. THIS IS CRAZY!! This is a great example of how fast the bitcoin community is upgrading their hardware and leaving my micro... BITCOIN MATH WITH MCAFEE! ... The Problem With $0 Commission Trades From Robinhood, TD Ameritrade, Charles Schwab Etc - Duration: 14:53. Financial Education 37,055 views. 14:53. BITCOIN NEXT MAJOR ... In today's video, we take a look at the binance expected acquisition of coinmarketcap and whether or not this is good for crypto. If you would like to be highlighted on my channel please reach out ... 👇🏻Support the channel by using my affiliate links👇🏻 Exchanges I'm using: Coinbase FIAT https://www.coinbase.com/join/59398125002bcc03276297d6 Binance F... BITCOIN MATH WITH MCAFEE! ... Fidelity + Ethereum, Bitcoin In France, Binance Travel, UAE Coin & Bitcoin Looking Up - Duration: 25:39. The Modern Investor 13,898 views. 25:39. The Crypto Market Is ... Using my Bitcoin bought Camaro SS to make sense of the Bitcoin vs FIAT mindset. Binance is putting our crypto community at RISK! Get the world's first ELITE ... BITCOIN MATH WITH MCAFEE! ... The Problem With $0 Commission Trades From Robinhood, TD Ameritrade, Charles Schwab Etc - Duration: 14:53. Financial Education 36,208 views. 14:53. What is BLOCKCHAIN ... My Second Channel: https://www.youtube.com/channel/UCvXjP6h0_4CSBPVgHqfO-UA ----- Supp...