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It is no doubt Grayscale’s booming popularity as a mainstream investment has caused a lot of community hullabaloo lately. As such, I felt it was worth making a FAQ regarding the topic. I’m looking to update this as needed and of course am open to suggestions / adding any questions. The goal is simply to have a thread we can link to anyone with questions on Grayscaleand its products. Instead of explaining the same thing 3 times a day, shoot those posters over to this thread.My hope is that these questions are answered in a fairly simple and easy to understand manner. I think as the sub grows it will be a nice reference point for newcomers. Disclaimer: I do NOT work for Grayscale and as such am basing all these answers on information that can be found on their website / reports. (Grayscale’s official FAQ can be found here). I also do NOT have a finance degree, I do NOT have a Series 6 / 7 / 140-whatever, and I do NOT work with investment products for my day job. I have an accounting background and work within the finance world so I have the general ‘business’ knowledge to put it all together, but this is all info determined in my best faith effort as a layman. The point being is this --- it is possible I may explain something wrong or missed the technical terms, and if that occurs I am more than happy to update anything that can be proven incorrect Everything below will be in reference to ETHE but will apply to GBTC as well.If those two segregate in any way, I will note that accordingly.
ETHE is essentially a stock that intends to loosely track the price of ETH. It does so by having each ETHE be backed by a specific amount of ETH that is held on chain. Initially, the newly minted ETHE can only be purchased by institutions and accredited investors directly from Grayscale. Once a year has passed (6 months for GBTC) it can then be listed on the OTCQX Best Market exchange for secondary trading. Once listed on OTCQX, anyone investor can purchase at this point. Additional information on ETHE can be found here.
So ETHE is an ETF?
No. For technical reasons beyond my personal understandings it is not labeled an ETF. I know it all flows back to the “Securities Act Rule 144”, but due to my limited knowledge on SEC regulations I don’t want to misspeak past that. If anyone is more knowledgeable on the subject I am happy to input their answer here.
How long has ETHE existed?
ETHE was formed 12/14/2017. GBTC was formed 9/25/2013.
How is ETHE created?
The trust will issue shares to “Authorized Participants” in groups of 100 shares (called baskets). Authorized Participants are the only persons that may place orders to create these baskets and they do it on behalf of the investor. Source: Creation and Redemption of Shares section on page 39 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here Note – The way their reports word this makes it sound like there is an army of authorizers doing the dirty work, but in reality there is only one Authorized Participant. At this moment the “Genesis” company is the sole Authorized Participant. Genesis is owned by the “Digital Currency Group, Inc.” which is the parent company of Grayscale as well. (And to really go down the rabbit hole it looks like DCG is the parent company of CoinDesk and is “backing 150+ companies across 30 countries, including Coinbase, Ripple, and Chainalysis.”) Source: Digital Currency Group, Inc. informational section on page 77 of the “Grayscale Bitcoin Trust (BTC) Form 10-K (2019)” – Located Here Source: Barry E. Silbert informational section on page 75 of the “Grayscale Bitcoin Trust (BTC) Form 10-K (2019)” – Located Here
How does Grayscale acquire the ETH to collateralize the ETHE product?
An Investor may acquire ETHE by paying in cash or exchanging ETH already owned.
Cash: The investor pays the subscription amount in cash and the Authorized Participant will use that cash to purchase ETH.
ETH: The investor transfers the ETH to the Authorized Participant, which will contribute the ETH in-kind to the Trust.
Source: Creation and Redemption of Shares section on page 40 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Where does Grayscale store their ETH? Does it have a specific wallet address we can follow?
ETH is stored with Coinbase Custody Trust Company, LLC. I am unaware of any specific address or set of addresses that can be used to verify the ETH is actually there. As an aside - I would actually love to see if anyone knows more about this as it’s something that’s sort of peaked my interest after being asked about it… I find it doubtful we can find that however. Source: Part C. Business Information, Item 8, subsection A. on page 16 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Can ETHE be redeemed for ETH?
No, currently there is no way to give your shares of ETHE back to Grayscale to receive ETH back. The only method of getting back into ETH would be to sell your ETHE to someone else and then use those proceeds to buy ETH yourself. Source: Redemption Procedures on page 41 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Why are they not redeeming shares?
I think the report summarizes it best:
Redemptions of Shares are currently not permitted and the Trust is unable to redeem Shares. Subject to receipt of regulatory approval from the SEC and approval by the Sponsor in its sole discretion, the Trust may in the future operate a redemption program. Because the Trust does not believe that the SEC would, at this time, entertain an application for the waiver of rules needed in order to operate an ongoing redemption program, the Trust currently has no intention of seeking regulatory approval from the SEC to operate an ongoing redemption program.
Source: Redemption Procedures on page 41 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
What is the fee structure?
ETHE has an annual fee of 2.5%. GBTC has an annual fee of 2.0%. Fees are paid by selling the underlying ETH / BTC collateralizing the asset. Source: ETHE’s informational page on Grayscale’s website - Located Here Source: Description of Trust on page 31 & 32 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
What is the ratio of ETH to ETHE?
At the time of posting (6/19/2020) each ETHE share is backed by .09391605 ETH. Each share of GBTC is backed by .00096038 BTC. ETHE & GBTC’s specific information page on Grayscale’s website updates the ratio daily – Located Here For a full historical look at this ratio, it can be found on the Grayscale home page on the upper right side if you go to Tax Documents > 2019 Tax Documents > Grayscale Ethereum Trust 2019 Tax Letter.
Why is the ratio not 1:1? Why is it always decreasing?
While I cannot say for certain why the initial distribution was not a 1:1 backing, it is more than likely to keep the price down and allow more investors a chance to purchase ETHE / GBTC. As noted above, fees are paid by selling off the ETH collateralizing ETHE. So this number will always be trending downward as time goes on. Source: Description of Trust on page 32 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
I keep hearing about how this is locked supply… explain?
As noted above, there is currently no redemption program for converting your ETHE back into ETH. This means that once an ETHE is issued, it will remain in circulation until a redemption program is formed --- something that doesn’t seem to be too urgent for the SEC or Grayscale at the moment. Tiny amounts will naturally be removed due to fees, but the bulk of the asset is in there for good. Knowing that ETHE cannot be taken back and destroyed at this time, the ETH collateralizing it will not be removed from the wallet for the foreseeable future. While it is not fully locked in the sense of say a totally lost key, it is not coming out any time soon. Per their annual statement:
The Trust’s ETH will be transferred out of the ETH Account only in the following circumstances: (i) transferred to pay the Sponsor’s Fee or any Additional Trust Expenses, (ii) distributed in connection with the redemption of Baskets (subject to the Trust’s obtaining regulatory approval from the SEC to operate an ongoing redemption program and the consent of the Sponsor), (iii) sold on an as-needed basis to pay Additional Trust Expenses or (iv) sold on behalf of the Trust in the event the Trust terminates and liquidates its assets or as otherwise required by law or regulation.
Source: Description of Trust on page 31 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Grayscale now owns a huge chunk of both ETH and BTC’s supply… should we be worried about manipulation, a sell off to crash the market crash, a staking cartel?
First, it’s important to remember Grayscale is a lot more akin to an exchange then say an investment firm. Grayscale is working on behalf of its investors to create this product for investor control. Grayscale doesn’t ‘control’ the ETH it holds any more then Coinbase ‘controls’ the ETH in its hot wallet. (Note: There are likely some varying levels of control, but specific to this topic Grayscale cannot simply sell [legally, at least] the ETH by their own decision in the same manner Coinbase wouldn't be able to either.) That said, there shouldn’t be any worry in the short to medium time-frame. As noted above, Grayscale can’t really remove ETH other than for fees or termination of the product. At 2.5% a year, fees are noise in terms of volume. Grayscale seems to be the fastest growing product in the crypto space at the moment and termination of the product seems unlikely. IF redemptions were to happen tomorrow, it’s extremely unlikely we would see a mass exodus out of the product to redeem for ETH. And even if there was incentive to get back to ETH, the premium makes it so that it would be much more cost effective to just sell your ETHE on the secondary market and buy ETH yourself. Remember, any redemption is up to the investors and NOT something Grayscale has direct control over.
Yes, but what about [insert criminal act here]…
Alright, yes. Technically nothing is stopping Grayscale from selling all the ETH / BTC and running off to the Bahamas (Hawaii?). BUT there is no real reason for them to do so. Barry is an extremely public figure and it won’t be easy for him to get away with that. Grayscale’s Bitcoin Trust creates SEC reports weekly / bi-weekly and I’m sure given the sentiment towards crypto is being watched carefully. Plus, Grayscale is making tons of consistent revenue and thus has little to no incentive to give that up for a quick buck.
That’s a lot of ‘happy little feels’ Bob, is there even an independent audit or is this Tether 2.0?
Actually yes, an independent auditor report can be found in their annual reports. It is clearly aimed more towards the financial side and I doubt the auditors are crypto savants, but it is at least one extra set of eyes. Auditors are Friedman LLP – Auditor since 2015. Source: Independent Auditor Report starting on page 116 (of the PDF itself) of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here As mentioned by user TheCrpytosAndBloods (In Comments Below), a fun fact:
The company’s auditors Friedman LLP were also coincidentally TetheBitfinex’s auditors until They controversially parted ways in 2018 when the Tether controversy was at its height. I am not suggesting for one moment that there is anything shady about DCG - I just find it interesting it’s the same auditor.
“Grayscale sounds kind of lame” / “Not your keys not your crypto!” / “Why is anyone buying this, it sounds like a scam?”
Welp, for starters this honestly is not really a product aimed at the people likely to be reading this post. To each their own, but do remember just because something provides no value to you doesn’t mean it can’t provide value to someone else. That said some of the advertised benefits are as follows:
Access to trading within a tax advantaged retirement account
Institutions can easily and safely get exposure to crypto in a more legal-friendly manner
Ease of use for those who are not very technologically savvy
Ease of access for someone who doesn’t want to set up a Coinbase account
Perceived trust in institutional platforms over something like Coinbase or Kraken
Degen traders who just want access to the volatility ETHE provides that have no interest in crypto beyond that
So for example, I can set up an IRA at a brokerage account that has $0 trading fees. Then I can trade GBTC and ETHE all day without having to worry about tracking my taxes. All with the relative safety something like E-Trade provides over Binance. As for how it benefits the everyday ETH holder? I think the supply lock is a positive. I also think this product exposes the Ethereum ecosystem to people who otherwise wouldn’t know about it.
Why is there a premium? Why is ETHE’s premium so insanely high compared to GBTC’s premium?
There are a handful of theories of why a premium exists at all, some even mentioned in the annual report. The short list is as follows:
ETHE is NOT redeeming shares and as such doesn’t have an effective arbitrage mechanism
ETHE has a 1 year wait to be sold on the secondary market, again negating the ability to effectively arbitrage the premium
People may simply be willing to pay a premium for the benefits stated above.
Why is ETHE’s so much higher the GBTC’s? Again, a few thoughts:
ETHE hasn’t been around as long, so there is less secondary market supply to go around
ETHE was listed at an insanely high premium to begin with
ETHE might simply be more popular at the moment
Could just be sheer stupidity (investors think ETHE is a 1:1 ratio not 1:11)
Are there any other differences between ETHE and GBTC?
I touched on a few of the smaller differences, but one of the more interesting changes is GBTC is now a “SEC reporting company” as of January 2020. Which again goes beyond my scope of knowledge so I won’t comment on it too much… but the net result is GBTC is now putting out weekly / bi-weekly 8-K’s and annual 10-K’s. This means you can track GBTC that much easier at the moment as well as there is an extra layer of validity to the product IMO.
I’m looking for some statistics on ETHE… such as who is buying, how much is bought, etc?
There is a great Q1 2020 report I recommend you give a read that has a lot of cool graphs and data on the product. It’s a little GBTC centric, but there is some ETHE data as well. It can be found here hidden within the 8-K filings.Q1 2020 is the 4/16/2020 8-K filing. For those more into a GAAP style report see the 2019 annual 10-K of the same location.
Is Grayscale only just for BTC and ETH?
No, there are other products as well. In terms of a secondary market product, ETCG is the Ethereum Classic version of ETHE. Fun Fact – ETCG was actually put out to the secondary market first. It also has a 3% fee tied to it where 1% of it goes to some type of ETC development fund. In terms of institutional and accredited investors, there are a few ‘fan favorites’ such as Bitcoin Cash, Litcoin, Stellar, XRP, and Zcash. Something called Horizion (Backed by ZEN I guess? Idk to be honest what that is…). And a diversified Mutual Fund type fund that has a little bit of all of those. None of these products are available on the secondary market.
Are there alternatives to Grayscale?
I know they exist, but I don’t follow them. I’ll leave this as a “to be edited” section and will add as others comment on what they know. Per user Over-analyser (in comments below):
As asked by pegcity - Okay so I was under the impression you can just give them your own ETH and get ETHE, but do you get 11 ETHE per ETH or do you get the market value of ETH in USD worth of ETHE?
I have always understood that the ETHE issued directly through Grayscale is issued without the premium. As in, if I were to trade 1 ETH for ETHE I would get 11, not say only 2 or 3 because the secondary market premium is so high. And if I were paying cash only I would be paying the price to buy 1 ETH to get my 11 ETHE. Per page 39 of their annual statement, it reads as follows:
The Trust will issue Shares to Authorized Participants from time to time, but only in one or more Baskets (with a Basket being a block of 100 Shares). The Trust will not issue fractions of a Basket. The creation (and, should the Trust commence a redemption program, redemption) of Baskets will be made only in exchange for the delivery to the Trust, or the distribution by the Trust, of the number of whole and fractional ETH represented by each Basket being created (or, should the Trust commence a redemption program, redeemed), which is determined by dividing (x) the number of ETH owned by the Trust at 4:00 p.m., New York time, on the trade date of a creation or redemption order, after deducting the number of ETH representing the U.S. dollar value of accrued but unpaid fees and expenses of the Trust (converted using the ETH Index Price at such time, and carried to the eighth decimal place), by (y) the number of Shares outstanding at such time (with the quotient so obtained calculated to one one-hundred-millionth of one ETH (i.e., carried to the eighth decimal place)), and multiplying such quotient by 100 (the “Basket ETH Amount”). All questions as to the calculation of the Basket ETH Amount will be conclusively determined by the Sponsor and will be final and binding on all persons interested in the Trust. The Basket ETH Amount multiplied by the number of Baskets being created or redeemed is the “Total Basket ETH Amount.” The number of ETH represented by a Share will gradually decrease over time as the Trust’s ETH are used to pay the Trust’s expenses. Each Share represented approximately 0.0950 ETH and 0.0974 ETH as of December 31, 2019 and 2018, respectively.
Who the DeFi leaders are and how to earn on Maker, Compound, Aave, Curve, Synthetix and QDAO DeFi
The DeFi ecosystem has already recreated traditional financial instruments in a new ‘unchained’ decentralized structure. This year, a huge number of DeFi-related projects gained the attention of crypto enthusiasts. The leaders of the race are Maker, Compound, Aave, Curve, Synthetix and QDAO DeFi. These projects provide a significant number of opportunities to earn money. So let’s find out what the DeFi market mood is right now and how you can increase your holdings in 2020.
the purchase of tokenized stocks of popular listed companies (e.g. Google, Facebook, Netflix, etc.).
On top of that, QDAO DeFi has its own native cryptocurrencies: USDQ stablecoin (tied to the US dollar). It is also used on the platform and QDAO. QDAO is a cryptocurrency that provides significant bonuses for Deposits, Crypto Loans and other services inside QDAO DeFi. Additional features such as governance of the ecosystem and fee payments within the ecosystem are in the long-term development roadmap. QDAO DeFi offers 17 currencies and the interface is user-friendly and convenient. You can open a Secure Personal QDAO DeFi Account and start earning passive income from the very first day. The interest is paid out daily with no fees. Users can withdraw funds after they reach the minimum withdrawal amount in a specific cryptocurrency. You can open a deposit in just a few minutes, click the link to find out how.
What’s next for DeFi projects?
Earning on DeFi platforms is easy and convenient. The major players offer a great variety of services to help you find the best way to trade, mint and stake. Billionaire Bitcoin bull, Tim Draper says, “The DeFi world is almost as technologically advanced as the dollar and when it is, there will be no one who will want to accept a politically manipulable currency like dollars anymore.” Will DeFi fully replace all the traditional financial instruments? Opinions are divided. However, it can become the basis of a new digital banking system and return the trust to the financial system. Want to be the first to hear QDAO DeFi news and updates? Visit ourwebsiteand stay in touch with us on social media:Twitter,Facebook,TelegramandLINE(for the Japanese-speaking community).
https://preview.redd.it/pzn1ho8cj9i41.png?width=1500&format=png&auto=webp&s=90ee62c6b9271813506ba4cf2b526d16ec285f12 There is no doubt that 2020 will be an important year in the history of cryptocurrencies: the next halving of BTC, the arrival of the ETH 2.0 era, the possible launch of the token of the Central Bank of China and Europe, the new presidential elections in America, the intense situation in the Middle East … In the face of the great economic instability, a question that continues to haunt the investors is: What should I buy? If you have not found a good answer, it is worth paying attention to these 5 cryptocurrencies: TOP1:Bitcoin https://preview.redd.it/xtxw64xdj9i41.png?width=1053&format=png&auto=webp&s=4868e166e42c3dd32299acc6d263fad803c753e0 Completing 11 years in the market, Bitcoin currently dominates 70% of the cryptocurrency market. The reasons to invest in BTC in 2020: 1） Another halving is coming The 3rd BTC halving will take place in May 2020, which may drive the price to a new level: The halving will result in a decrease in BTC production, which will lead to an imbalance between supply and demand in the market and drive up prices. The halving will increase the difficulty of mining Bitcoin and reduce the profit of it. In this sense, miners always bull the market, as the price increase can make up for the entire industry’s losses. While the mining giant has accumulated huge wealth during the BTC dividend period, it will become a guarantee for the rise in BTC prices. The expectation about halving has become a consensus, and the public’s fear of missing out in the market will drive prices up. It is worth noting that the halving of BTC does not necessarily occur at the time of halving. Based on the previous two experiences, the boon will be released before the halving. Therefore, You can start to build your position in Bitcoin at an early date, wait for the maximum to arrive and sell at the right time to reduce the risk. 2） Financial havens Weiss Crypto Ratings considered Bitcoin as the ultimate digital safe haven, whose value will grow in the face of the instability of the international scenario. Geopolitical conflict. Since 2020, the global risk aversion has greatly increased due to tensions in the Middle East. Concerns about the global recession: Bitcoin has grown 16% in 2020, and gold has reached its highest price of $ 1610 during the past seven years. TOP2:BCH https://preview.redd.it/cbg9ymkgj9i41.png?width=1051&format=png&auto=webp&s=e8a3df0abd8e0660a8bf706571c01fa76d0238d7 BCH is a token derived from BTC during the hard fork process, so its price has a great correlation with the price of Bitcoin. The height of the BCH block is slightly higher than the height of BTC, so the BCH halving will arrive on April 6, 2020. Top3：BNB https://preview.redd.it/4qm7axeij9i41.png?width=1050&format=png&auto=webp&s=005ecf56879e59fa26fbfb62afc6428893be1efb The year 2019 was considered as a year of bomb for exchange tokens, among which some achieved incredible performance and are among the 20 most valued cryptos in the world, as investors considered them as the most guaranteed cryptocurrencies. And BNB is a “potential stock”: Its price multiplied 8.5 times and its capitalization value rose from 861th place to 8th place, as a result of the launch of the IEO (Initial Exchange Offerings) model by Binance in 2019. Entering the market with a price of $ 0.10 in July 2017, BNB reached its highest increase in June 2019 with a price of around $ 39.57. Hold for two years = 388 times profit! In 2020, the value of BNB will also increase with the growth of Binance. Top4：Tezos https://preview.redd.it/rg6y11ikj9i41.png?width=1061&format=png&auto=webp&s=93c793ad1c62c9b6f62e2a46f6358f54dca7f9ae Tezos is one of the public chain projects that managed to survive the fierce competition in the market. In June 2017, the Tezos project raised $ 232 million during its initial coin offering (ICO), the largest funding among all ICO projects at that time. In October 2019, Tezos continued to rise, from a minimum price of $ 0.74 in October to a maximum of $ 1.85 in December, an increase of more than 160%, ranking among the top ten by market value. The reason behind this is that Coinbase has launched staking support for Tezos, which represents the affirmation of the Tezos project, as Coinbase has always been known for its strict project review. Compared to the highest value of $ 12, Tezos still has a long way to go. Given its reversal in 2019, it deserves attention in 2020 so as not to miss good investment opportunities. Top5：Maker（MKR） https://preview.redd.it/j9ch8wumj9i41.png?width=1051&format=png&auto=webp&s=246a2a06ff16e62e7684b2ef1e0fb061017bba77 In 2019, Defi (Decentralized Finance) has become a new hotspot in the blockchain and is considered a “new financial revolutionary movement”. Maker is the “central bank” of the DeFi lending market, with a market share of over 49%. Those who cannot obtain a loan from the traditional banks can borrow digital assets on the Maker platform. At present, the stable currency DAI is the main borrowing asset, accounting for 74% of the total loan amount, and DAI is the stable currency issued by the Maker platform. The DeFi market has achieved continuous growth in 2019. According to DeFireview data, as of December 24, 2019, the total locked position reached 796 million U.S. dollars, of which Maker accounted for 39.16%. Compared with January, it has increased by nearly two times, and on June 25, it reached to the highest total amount, which is $ 1.72 billion. MKR is the token of the Maker system. With the growth of the Defi market, MKR has risen steadily by 12% since the beginning of this year. The market value of MKR jumped to the top 20. In 2020, with the centralized exchanges starting to launch Defi business and the huge potential of the lending market, the prospect of Maker is exciting. Keep in mind that investing in cryptocurrencies is always risky, and investing in only one cryptocurrency will face greater risks. Diversify your portfolio! All information contained in this article is for reference only.
On the new batch of comments to the SEC about the SolidX ETF, some honorable mentions, and some negative comments
The SEC just posted a new batch of 286 comments on the SolidX ETF, bringing the total to 1147. I am skimming through them and posted some of the best already to this sub. The vast majority are short comments, obviously submitted in response to some mail-in campaign. The names sound very much like the invented ones of spam emails that I have been receiving for years. A telling detail is the lack of a middle initial. They also mostly repeat the same arguments, and many are obviously written by people who don't understand what is the ETF, only that if that SEC thing approves it then the bitcoin price will go to the moon. I have just seen a dozen that start with the same phrase "I hearby[sic] state my acceptance and full support..." Some are so sloppy that they submit with one name but sign with a different name. Here are some honorable mentions:
Secured by math: "Please allow Bitcoin ETF as Bitcoin is an implementation of the perfect math and therefore based on the truth. Math has brought prosperity for mankind"
The New Age approach: [In Spanish] "Cordial salute. The new age of aquarius, which is the age of conscience and light, brings with it bread under the arm, in the second world war when the enigma code was deciphered to end the devastating war, we were at the door of the new age, and cryptography was making its first redeeming steps. Why resist what is good and favorable, when thanks to cryptography the second world war ended, and now it gives us again the hand, to an anti-corrupted technology, which wants to end a war disguised as crime, drug traffic, and political corruption, war that is carried out in silence and keeps obstaclizing the good development of mankind. Blockchain the technology of the new age of aquarius. Approved."
Johnny I: "an asset as it sits on the highly volatile market where distribution of coins are unevenly formed by small number of holders across the world (1% of addresses own 80-90% mined coins) who could manipulate prices effortlessly over the fake news. Also, sky-rocketing mining cost and inevitable hike of transfer fee (soon it will be only source of revenue for miners) will cast doubt to sustainability for a public investment tool. Bitcoin ETF would only serve as investing fads."
Mark Szyszkowski, CCRCP.org: "[...] Where is the intrinsic value derived from? What is the backing of Bitcoin? What is the definition of purely cyber infrastructure? Who runs it? How is expansion allocated and its technology upgraded? What inherent technological security risks does it have? [...]"
D. B.: "The Proposed Rule Change does not appear to detail the policy and procedure in event of a bitcoin blockchain fork. "
William Morrison: "The abundance of comments submitted on subject of this ETF speaks clearly: there is a mass of unsophisticated retail investors---most with no previous investing experience---looking to get rich quick or make back losses from the Bitcoin market plunge over the last half year. And of course the many savvy retail and institutional investors more than happy to take advantage of them. [...] For all the comments urging the importance of the United States being at forefront of blockchain or distributed ledger technology and innovation by allowing a Bitcoin ETF, few if any are able to explain why it is hinged on expansion on the wholly speculative nature of this asset class. [...] it is telling that the mention-able examples of companies succeeding in this sector are mining equipment manufacturers (https://www.cnbc.com/2018/02/23/secretive-chinese-bitcoin-mining-company-may-have-made-as-much-money-as-nvidia-last-year.html) and online cryptocurrency exchanges (https://www.businessinsider.com/binance-cryptocurrency-exchange-profit-prediction-2018-7). In other words, casinos are the biggest profit-makers in the market of gamblers."
Ken I Maher: "[...] There is improvement from 2 years ago when 96% of volume occurred unregulated in China but this leaves 86% of market activity still under no official established regulation against fraudulent trading activity or manipulation. US bitcoin exchanges still blindly and automatedly follow the dominant unregulated markets due to their own thinness of volume and liquidity. [...] More incredible is the emergence of USDT (Tether) a cryptocurrency token issued by a single exchange that claims to be 'pegged' to USD value and unprovenly to be backed by USD reserve. It now commands over 130% of global trading volume compared to all fiat pairs. [...]"
Kash Ranks: "In a world where making a daily living is hard enough, how can you in good conscience, allow a speculative/scam instrument like Bitcoin to exist let alone approve an ETF. Blockchain has its merits but Coins are nothing more than a digital scam which is robbing people of their hard earned money and enabling speculative fervor."
Ran Lagil: "[...] can one claim that the price action of the bitcoin spot market in the unregulated exchanges, which holds the vast majority of volume, as acknowledged by the SEC, doesn’t affect the XBT future market? Of course not. In any financial market where arbitrage is available, the price change in one source will affect the rest of the market. [...] Please find the bellow image which demonstrate the volume manipulation in the ETCBTC market in the world largest Crypto Exchange - Binance. [...]"
Peter Quinn: "Bitcoin is a pure speculation vehicle with no traditional value or commercial/industrial use. It has no fundamentals, is exceptionally volatile and is easily manipulated due to poor market liquidity and no market regulation. A CBOE listed ETF that is proposing to be a passive Bitcoin holding vehicle is nothing more than trying to get a broader pool of investors involved in something that would never be allowed for listing on a regulated stock exchange if it was a company. [...] Additionally, much of the purported size of Bitcoin is an illusion, with "market cap" as reported on private websites such as Coinmarketcap.com taking all coins ever in existence multiplied by an average of the last traded price in dollars. Volume is commonly reported as all Bitcoins traded in dollar value even if, as is the case, most of them did not trade against hard currency at all, instead trading against other cryptocurrencies or Tether, a purported 1:1: USD backed cryptocurrency that has been used to artificially pump the price and is more comparable to counterfeit money. [...]"
Sam Ahn: "I am opposed to the whole idea of bitcoin, because bitcoin does not have intrinsic value and SEC was created to prevent sale of pieces of the blue sky. [...] Bitcoin is a commodity money, which cannot be a store of value without having its own value established before becoming money. "
I’ve been researching privacy coins deeply and feel I’ve reached a sufficient findings to merit sharing my stance re SUMO.
By Taylor Margot. Everyone should read this! THE BASICS SUMOkoin is a fork of MONERO (XMR). XMR is a fork of Bytecoin. In my opinion, XMR is hands down the most undervalued coin in the top 15. Its hurdle is that people do not know how to price in privacy to the price of a coin yet. Once people figure out how to accurately assess the value privacy into the value of a coin, XMR, along with other privacy coins like SUMOkoin, will go parabolic. Let’s be clear about something. I am not here to argue SUMOkoin is superior to XMR. That’s not what this article is about and frankly is missing the point. I don’t find the SUMOkoin vs. XMR debate interesting. From where I stand, investing in SUMOkoin has nothing to do with SUMOkoin overtaking XMR or who has superior tech. If anything, I think the merits of XMR underline the value of SUMOkoin. What I do find interesting is return on investment (“ROI”). Imagine SUMO was an upcoming ICO. But you knew ahead of time that they had a proven product-market fit and an awesome, blue chip code base. That’s basically what you have in SUMO. Most good ICOs raise over 20mil (meaning their starting market cap is $20 mil) but after that, it’s a crapshoot. Investing in SUMO is akin to getting ICO prices but with the amount of information associated with more established coins. Let me make one more thing clear. Investing is all about information. Specifically it’s about the information imbalance between current value and the quality of your information. SUMO is highly imbalanced. The fact of the matter is that if you are interested in getting the vision and product/market fit of a $6 billion market cap coin for $20 mil, you should keep reading. If you are interested in arguing about XMR vs. SUMOkoin, I point you to this infographic Background I’m a corporate tech & IP lawyer in Silicon Valley. My practice focuses on venture capital (“VC)”) and mergers & acquisitions (“M&A”). Recently I have begun doing more IP strategy. Basically I spend all day every day reviewing cap tables, stock purchase agreements, merger agreements and patent portfolios. I’m also the CEO of a startup (Scry Chat) and have a team of three full-time engineers. I started using BTC in 2014 in conjunction with Silk Road and TOR. I recently had a minor conniption when I discovered how much BTC I handled in 2014. My 2017 has been good with IOTA at sub $0.30, POWR at $0.12, ENJIN at $0.02, REQ at $0.05, ENIGMA at $0.50, ITC (IoT Chain) and SUMO. My crypto investing philosophy is based on betting long odds. In the words of Warren Buffet, consolidate to get rich, diversify to stay rich. Or as I like to say, nobody ever got rich diversifying. That being said I STRONGLY recommend you have an IRA and/or 401(k) in place prior to venturing into crypto. But when it comes to crypto, I’d rather strike out dozens of times to have a chance at hitting a 100x home run. This approach is probably born out of working with VCs in Silicon Valley who do the same only with companies, not coins. I view myself as an aggressive VC in the cryptosphere. The Number 1 thing I’ve taken away from venture law is that it pays to get in EARLY. Did you know that the typical founder buys their shares for $0.00001 per share? So if a founder owns 5 million shares, they bought those shares for $50 total. The typical IPO goes out the door at $10-20 per share. My iPhone calculator says ERROR when it tries to divide $10/0.00001 because it runs out of screen real estate. At the time of this writing, SUMO has a Marketcap of $18 million. That is 3/10,000th or 1/3333th. Let that sink in for a minute. BCH is a fork of BTC and it has the fourth largest market cap of all cryptos. Given it’s market cap, I am positive SUMO is the best value proposition in the Privacy Coin arena at the time of this writing. * ROI MERITS OF SUMOkoin So what’s so good about SUMOkoin? Didn’t you say it was just a Monero knock-off? 1) Well, sort of. SUMO is based on CryptoNote and was conceived from a fork of Monero, with a little bit of extra privacy thrown in. It would not be wrong to think SUMO is to Litecoin as XMR is to Bitcoin. 2) Increased Privacy. Which brings us to point 2. SUMO is doing several things to increase privacy (see below). If Monero is the King of Privacy Coins, then SUMO is the Standard Bearer fighting on the front lines. Note: Monero does many of these too (though at the time of fork XMR could not). Don’t forget Monero is also 5.8 billion market cap to SUMO’s 18 million. a) RingCT. All transactions since genesis are RingCT (ring confidential transactions) and the minimum “mixin” transactions is 13 (12 plus the original transaction). This passes the threshold to statistically resist blockchain attacks. No transactions made on the SUMO blockchain can ever be traced to the actual participants. Nifty huh? Monero (3+1 mixins) is considering a community-wide fork to increase their minimum transactions to 6, 9, or 12. Not a bad market signal if you’re SUMOkoin eh? b) Sub-addresses. The wallet deploys disposable sub-addresses to conceal your real sumo wallet address even from senders (who typically would need to know your actual address to send currency). Monero also does this. 3) Fungibility aka “Digital Cash” aka Broad Use Case. “Fungibility” gets thrown about a bunch but basically it means ‘how close is this coin to cash in terms of usage?’ SUMO is one of a few cryptos that can boast true fungibility — it acts just like physical cash i.e. other people can never trace where the money came from or how many coins were transferred. MONERO will never be able to boast this because it did not start as fungible. 4) Mining Made Easy Mode. Seeing as SUMO was a fork, and not an ICO, they didn’t have to rewrite the wheel. Instead they focused on product by putting together solid fundamentals like a great wallet and a dedicated mining app. Basically anyone can mine with the most intuitive GUI mining app out there. Google “Sumo Easy Miner” – run and mine. 5) Intuitive and Secure Wallet. This shouldn’t come as a surprise, yet in this day and age, apparently it is not a prereq. They have a GUI wallet plus those unlimited sub-addresses I mentioned above. Here’s the github if you’d like to review: https://github.com/sumoprojects/SumoGUIWallet The wallet really is one of the best I have seen (ENJIN’s will be better). Clear, intuitive, idiot proof (as possible). 6) Decentralization. SUMO is botnet-proof, and therefore botnet mining resistant. When a botnet joins a mining pool, it adjusts the mining difficulty, thereby balancing the difficulty level of mining. 7) Coin Emission Scheme. SUMO’s block reward changes every 6-months as the following “Camel” distribution schema (inspired by real-world mining production like of crude oil, coal, etc. that is often slow at first, then accelerated in before decline and depletion). MONERO lacks this schema and it is significant. Camel ensures that Sumokoin won’t be a short-lived phenomena. Specifically, since Sumo is proof-of-work, not all SUMO can be mined. If it were all mined, miners would no longer be properly incentivized to contribute to the network (unless transaction fees were raised, which is how Bitcoin plans on handling when all 21 million coins have been mined, which will go poorly given that people already complain about fees). A good emission scheme is vital to viability. Compare Camel and Monero’s scheme if you must: https://github.com/sumoprojects/sumokoin/blob/mastescripts/sumokoin_camel_emission_cal.cpp vs. https://monero.stackexchange.com/questions/242/how-was-the-monero-emission-curve-chosen/247. 8) Dev Team // Locked Coins // Future Development Funds. There are lots of things that make this coin a ‘go.’ but perhaps the most overlooked in crypto is that the devs have delivered ahead of schedule. If you’re an engineer or have managed CS projects, you know how difficult hitting projected deadlines can be. These guys update github very frequently and there is a high degree of visibility. The devs have also time-locked their pre-mine in a publicly view-able wallet for years so they aren’t bailing out with a pump and dump. The dev team is based in Japan. 9) Broad Appeal. If marketed properly, SUMO has the ability to appeal to older individuals venturing into crypto due to the fungibility / similarities to cash. This is not different than XMR, and I expect it will be exploited in 2018 by all privacy coins. It could breed familiarity with new money, and new money is the future of crypto. 10) Absent from Major Exchanges. Thank god. ALL of my best investments have happened off Binance, Bittrex, Polo, GDAX, etc. Why? Because by the time a coin hits a major exchange you’re already too late. Your TOI is fucked. You’re no longer a savant. SUMO is on Cryptopia, the best jenky exchange. 11) Marketing. Which brings me to my final point – and it happens to be a weakness. SUMO has not focused on marketing. They’ve instead gathered together tech speaks for itself (or rather doesn’t). So what SUMO needs a community effort to distribute facts about SUMO’s value prop to the masses. A good example is Vert Coin. Their team is very good at disseminating information. I’m not talking about hyping a coin; I’m talking about how effectively can you spread facts about your product to the masses. To get mainstream SUMO needs something like this VertCoin post: https://np.reddit.com/vertcoin/comments/7ixkbf/vertbase_a_vertcoin_to_usd_exchange/ MARKET CAP DISCUSSION For a coin with using Monero’s tech, 20 million is minuscule. For any coin 20 mil is nothing. Some MC comparisons [as of Jan 2, 2017]:
SUMO: 18 million
ENJIN: 150 million (9x)
Enigma: 465 million (26x)
REQ: 500 million (28x)
POWR: 500 million (28x)
Monero: 5.8 billion (mental maths iz hard)
Let’s talk about market cap (“MC”) for a minute. It gets tossed around a lot but I don’t think people appreciate how important getting in as early as possible can be. Say you buy $1000 of SUMO at 20 mil MC. Things go well and 40 million new money gets poured into SUMO. Now the MC = 60 million. Your ROI is 200% (you invested $1,000 and now you have 3,000, netting 2,000). Now let’s says say you bought at 40 million instead of 20 million. $20 mill gets poured in until the MC again reaches 60 mil. Your ROI is 50% (you put in $1,000, you now have 1,500, netting 500). Remember: investing at 20 mil MC vs. 40 mil MC represents an EXTREMELY subtle shift in time of investment (“TOI”). But the difference in net profit is dramatic. the biggest factor is that your ROI multiplier is locked in at your TOI — look at the difference in the above example. 200% ROI vs. 50% ROI. That’s huge. But the difference was only 20 mil — that’s 12 hours in the crypto world. I strongly believe SUMO can and will 25x in Q1 2018 (400m MC) and 50x by Q4 2018 reach. There is ample room for a tricked out Monero clone at 1 bil MC. That’s 50x. Guess how many coins have 500 mil market caps? 58 as of this writing. 58! Have many of these coins with about ~500 mil MC have you heard of? MaidSafeCoin? Status? Decred? Veritaseum? DRAGONCHAIN ARE YOU KIDDING ME THE ROLE OF PRIVACY I want to close with a brief discussion of privacy as it relates to fundamental rights and as to crypto. 2018 will be remembered as the Year of Privacy Coins. Privacy has always been at the core of crypto. This is no coincidence. “Privacy” is the word we have attached to the concept of possessing the freedom to do as you please within the law without explaining yourself to the government or financial institution. Discussing privacy from a financial perspective is difficult because it has very deep political significance. But that is precisely why it is so valuable. Privacy is the right of billions of people not to be surveilled. We live in a world where every single transaction you do through the majority financial system is recorded, analyzed and sold — and yet where the money goes is completely opaque. Our transactions are visible from the top, but we can’t see up. Privacy coins turn that upside down. Privacy is a human right. It is the guarantor of American constitutional freedom. It is the cornerstone of freedoms of expression, association, political speech and all our other freedoms for that matter. And privacy coins are at the root of that freedom. What the internet did for freedom of information, privacy coins will do for freedom of financial transactions. POST SCRIPT: AN ENGINEER’S PERSPECTIVE Recently a well respected engineer reached out to me and had this to say about SUMO. I thought I’d share. "I’m messaging you because I came at this from a different perspective. For reference, I started investing in Sumo back when it was around $0.5 per coin. My background is in CS and Computer Engineering. I currently research in CS. When I was looking for a coin to invest in, I approached it in a completely different way from what you described in your post, I first made a list of coins with market caps < 20m, and then I removed all the coins that didn’t have active communities. Next, because of my background, I read through the code for each of the remaining coins, and picked the coins which had both frequent commits to GitHub (proving dev activity), and while more subjective, code that was well written. Sumo had both active devs, and (very) well written code. I could tell that the people behind this knew what they were doing, and so I invested. I say all of this, because I find it interesting how we seem to have very different strategies for selecting ‘winners’ but yet we both ended up finding Sumo." — Legal Disclaimer: THIS POST AND ANY SUBSEQUENT STATEMENTS BY THE AUTHOR DO NOT CONSTITUTE LEGAL OR FINANCIAL ADVICE AND IS NOT INTENDED TO BE LEGAL OR FINANCIAL ADVICE OR RELIED UPON. NO REFERENCES TO THIS POST SHALL BE CONSTRUED AS LEGAL OR FINANCIAL ADVICE. THIS POST REPRESENTS THE LONE OPINION OF A NON-SOPHISTICATED INVESTOR.
Original post by samrajyacoin on bitcointalk.org [RPX] Red Pulse Token – Next Generation Intelligence and Content Ecosystem Current RPX Token available for trading (Circulating Supply) is 543,348,500.00. Seems huge right? But in USD, its valuation as of date is just $15,000,000.00 at the rate of $0.0276 per RPX Token. As of writing this personal research and opinion, Pepe Cash at 175th position in www.coinmarketcap/all/viwes/all has similar statistics (not comparing the projects. Just the numbers in general to get an idea). Whereas, RPX has the caliber and potential to claim top 50 positions from the very beginning with minimum market cap of over $150,000,000.00 and initial volume at $50,000,000.00. If ICO participants were allowed to invest, then $50,000,000.00 could have been achieved from within the whitelisted investors itself. In that case, Red Pulse could have claimed 88th Position as of date in www.coinmarktcap.com (practically achievable) at the rate of $0.092 per RPX. One of the strong reasons being – The Demand and Profitability would still be higher in secondary market after it hits exchanges as Chinese, US and Singaporean were not allowed to participate in the ICO. Red Pulse team must have realized by the ICO time that they actually undervalued the token and sold at lot lesser rates than they actually could have. 9 cents per RPX or higher could have been an easy target. Many other non-deserving ICOs have hit similar cap. Sincere thanks to Red Pulse team for sticking to and honoring the initial terms. So, in my opinion, any rate below 7 times the ICO rate would be an undervaluation of RPX Tokens once it hits exchanges. There are too many forces that can drag this coin’s value to $1 per RPX in short period. Below are the major mentions:
Solution Red Pulse intends to provide: Specific, on time and quality data/contents over Information Overload to facilitate Investors to make radical and informed investment decision. Investors, both individual and institutional can benefit from this to large extent thereby attracting Investors to buy RPX Tokens for its actual use cases.
Red Pulse is a proven company generating revenue for past 2 years with working desktop and mobile platforms. With all-star team and advisors, more are under development as stated in the road map. This makes RPX one of the rare ICOs unlike others those having either only idea or a minimum viable product.
Red Pulse is supported by Strong Partners including NEO, Accenture, Binance, Onchain, Z-BEN/ADVISORS, Blockchain Partners Korea, Kenetic Capital.
Red Pulse already have existing huge clientele base that will require RPX Tokens to access the data and contents. Red Pulse is also used by Bloomberg, Business Week, Thompson Reuters, Euromoney, Financial Times, Asian Investor, South China Morning Post, The wall street Journal.
Content Creators (Generally Industry expert. Both Individual and Companies) with higher credibility shall earn more RPX. This will motivate them to create quality and on-time contents that will simultaneously attract more RPX Investors.
Content Consumers (Investors. Both Individual and Institutional) will want to stock (freeze) sufficient RPX. Reason being; • Investors with more RPX Tokens shall have more up-voting power. • Can be on standby with RPX in stock to pay for the new contents to get early access. • Temporary but exclusive access to contents to read it first. • If RPX tokens are held in Red Pulse platform, 5% tokens from total of 10% inflation per year will be distributed proportionately to token holders. Remaining 5% will be distributed to the Content Creators.
If an Investor is going to largely benefit from the content provided by Red Pulse Platform then each Investor would not mind investing in thousands to stock / freeze RPX Tokens to secure their spot thereby creating scarcity and high demand in the market.
Investors (Both Individual and Institutional) are the ones who will require RPX the most for actual use cases. Knowing the demand, the crypto investors including US, Singaporeans and Chinese will rally in to claim a piece of the action which will increase the demand to next level whereas the market’s total RPX supply capacity at the moment is only 543,348,500.00. Supply is so low that it might be enough only for few hundreds of heavy buyers. So, the demand is going to be excessively higher than supply rapidly multiplying the RPX rate once tradable in exchange.
Possibilities and Impacts: • China’s decision that’s expected shortly will have an impact. If negative, crypto will find its way as it has in the past. NEO, Hshare, Binance Coin, Walton, etc. are the live examples. If positive then RPX growth rate will be exponential. • Investors expectation to receive 1 free Bitcoin Gold for 1 Bitcoin held during the hardfork happening on 25th Oct 2017 is one of the major reasons that is centralizing most of the crypto investments in Bitcoin at the moment with Bitcoin domination over 55+% in coinmarketcap. Yet to see if it is really worth it or Bitcoin Gold will be another altcoin struggling for its basic place in crypto space. Anyways, after that, the investments should again start flowing into deserving altcoins as normal and that’s when I believe RPX will or should go live in exchanges. • Another Bitcoin hardfork expected between 18-27 November 2017 was pre-planned on day one of segwit2x. Hence, should not pose any unique threat towards RPX growth. Depending on how the overall crypto market moves, all the altcoins are affected accordingly which is a different matter altogether and not specifically related to Red Pulse.
NEO supporters are equally interested with RPX being first ICO on the platform. By NEO supporters, we are talking about significant numbers.
Traders, Holders, Investors, Content Creators, Content Consumers, Whales, etc. will try to buy at low rates from exchange but unsure if will happen as RPX should be the Project with one the highest ICO ROIs. I would like to congratulate and thank NEO and CoZ. ICO Platform performance during ICO was as smooth as Silk! Disclaimer: I am not paid to do this. These are my personal research and opinion and not a financial advice. I am not your financial and or Legal Advisor. Please do your own due diligence.
Some people have been asking what I specifically do, so I’m going to make a little mini guide with some basic info. To start, I both trade and HODL, and I’ll explain how I do that and what I use. I basically started out by splitting my funds into two, half for trading and half for a long portfolio that I’m holding. For trading, I only trade whatever is on GDAX and for holding I buy altcoins on Binance. I feel these are the two best exchanges with the best GUI, features and performance. They also are the most trustworthy, even though they are going thru growing pains from the explosion in popularity of crypto. I also use a variety of apps and sites to track crypto. Let’s start with GDAX. I usually start by transferring USD to Coinbase, which takes a few days thanks to our awesome banking system (not so much). Once the money is in CB, I transfer it to GDAX for trading or converting to either BTC, ETH or LTC. Since we’re talking about trading now, I’ll get to the transferring coins to other exchanges later. For trading, I set a basic goal per trade, like 10 or 20% and I try to keep that pace thru swings between the big 3 coins. I usually try to trade in BTC pairs instead of USD since you can multiply your returns a lot if BTC goes up. It’s good to learn the relationships between USD, BTC, ETH and LTC... you’ll lick it up from observing GDAX after a while. So that’s pretty much it, I try to accumulate as much bitcoin as possible thru swings. I try to stick to using limit orders for 2 reasons, safety in case of a slowdown or crash and because they are free, so you avoid fees. It’s best to use limit orders, because if things slow down you won’t lose money like you would with a market order. Now for the HODL portfolio. For this I use Binance. Binance is the best place for altcoins, which is basically a term for a thing that isn’t BTC. Someone could trade altcoins on Binance if they wish, but I feel it’s just better to HODL thru a well selected portfolio. My strategy here is pretty basic, I just try to split my funds evenly over the top 10-15 coins by market cap, with some extra funds going to coins with more hype and potential like XRP for example. There’s examples floating around that people who did this with $1000 in 2017 ended up with portfolios worth almost $50k a year later. While that may not be typical, it shows you what’s possible if done right and with a bit of luck. I usually transfer funds from GDAX to Binance to avoid fees, and I usually do it by sending BTC, ETH or LTC. LTC is the fastest, but BTC isn’t terrible, it usually takes 30-90 mins. Unfortunately Binance does have small fees on limit order, but GDAX does not, which is why I trade on GDAX. For tracking, I found this neat app called Coin Stats on iOS. It lets you follow the top coins and enter your trades to keep track of your portfolio. For charts, I use my trusty investing.com charts or tradingview, but they are both the same since investing.com uses tradingview. These sites have live charts which is great. Now if on a browser, you can alway go to coinmarketcap.com or livecoinwathc.com to track how coins are doing. The reason I like the Coin Stats app is because it pulls info from these 2 sites and multiple exchanges. For research I just try to google the altcoin I’m interested in or I chat with people on discord or StockTwits a bit. Ok, that’s the basics. If you have any questions just comment below or catch us on discord. Edit: I wanted to add, in light of the recent dips, its always good to have "dry powder" aka some good ol' fiat USD in your exchange account or on the side ready to be transferred to your favorite exchange in case some huge drops happen. These are good times to get crypto at a discount and HODL until they rise.
Hello! My name is Mihail Kudryashev, I am a frontend engineer at Platinum. We are a an international STO/IEO/ICO/POST ICO consulting, promotion and fundraising company with huge experience in STO and ICO marketing and best STO blockchain platform in the world! Learn more about it: Platinum.fund Our company gained popularity after launching the world’s number one online university with only practical knowledge on crypto economics. Now you can learn how to create and develop your own ICO and STO, how to market your campaign and make it super successful. Who are cryptocurrency investors? What drives people to invest in cryptocurrency? Read the extract of the UBAI lesson to get all the answers. Introduction to the Investors §2 In 2017, the total cryptocurrency market capitalization was approaching $850B which begs the question: Why are investors turning to cryptocurrencies? A survey by Blockchain Capital indicated that at least 30% of millennials would rather invest in bitcoin than invest in traditional stocks. Cryptocurrency investors, like traditional investors, expect a return at least proportionate to the risk they take. Due to the fundamental lack of regulation, incredible volatility and astronomical relative risk, many cryptocurrency investors expect to earn meteoric returns. Returns in the ranges of multiples from 200% to 1000%. Let us first begin by examining the kinds of people who invest in cryptocurrency, and then let’s see the reasons why each of them is investing in this relatively new market. Types of Investors The “Newbie” Cryptocurrency Investor This investor is just starting out. They probably have not had any significant experience in any form of investing before and bitcoin is their first experience. They have heard about people making incredible returns from cryptocurrency investing, or some aspect of the entire blockchain and crypto revolution attracts them, and they decide they want to invest too. Unfortunately, most of the newbie investors will end up losing their money, primarily because of one specific misconception; they think cryptocurrency investing is an easy way to make huge profits. “ “Types of Investors §2 “Gambler” or “Get Rich Quick” Investor This is the second class of cryptocurrency investor, and is actually not really an investor at all. This type of person is out to make a fortune as fast as possible. They will fall for whatever sweet-sounding scheme they hear. They love ideas that promise to double or triple their investment quickly. Like the Newbie, they do not understand how cryptocurrencies work, and they don’t care. The difference between this kind of investor and the successful individual or professional investor is that the gambler does not care about the management of risk, or about the timing of trades. They place their money on the table, and they hope it will make a good return. They are gambling rather than creating an investment thesis and executing a well-thought out strategy. They might even have an infectious positive attitude, but unfortunately it is not backed by knowledge or the due diligence required to be a successful investor. A good example of this style of thinking, outside of cryptocurrency, is high yield investment plans (HYIPs) that promise to multiply an investors capital by a certain factor. This is not to say that all HYIP programs are scams, but a good number of them are. Most importantly, the investors who flock into such plans have similar characteristics to that of the Get Rich Quick investor in that they will not take the time to learn about the field in which they are investing. They are just looking for fast money and an overnight success. “ “Types of Investors §3 Short Term Traders (Day/Swing Traders) Short term traders must, without a doubt, be the most knowledgeable investors if they are going to succeed at their chosen profession. They have, or they should have, studied the art and science of trading more thoroughly than other people. This is the kind of investor who has taken the time to learn about cryptocurrencies and the markets on which they trade. Short term traders create deliberate and timed strategies in an attempt to profit from fast market movements. Maybe many of the short term traders started off as Newbies, but these are the individuals who took the time and effort to learn about the market. They wanted to know what they were doing. These are the people who survived and thrived to grow into the type of trader that they want to be. Interestingly, the Day Trader does not attach emotion to any given coin. They do not need to believe in the sustainability/whitepapevision/road map, etc. of the project they are buying into at any particular time. They just need to be confident about the direction and timing of the potential price movement of the coin. “ “Types of Investors §4 Long Term Investors/ Hodlers A great majority of successful cryptocurrency investors can be most properly classified as Long Term Investors, or HODLers in true crypto terminology. These are investors who understand quite a bit about cryptocurrency and blockchain technology and believe in the sustainability of the coins in which they are investing. Think of the first few investors who bought bitcoin in the early days and years, when it was still deep under the radar for most people. These are the people who believed in the blockchain and cryptocurrency revolution. They didn’t sell their bitcoin for fast profit, although they had many chances to do so. They knew what they were doing, holding for the long term. These early investors and HODLers enjoyed astronomical growth all the way up to 2016 and 2017. But to be a long-term holder despite all the bad news and negative factors surrounding this brand new asset class, they must have really believed that bitcoin and the blockchain were going to change the world. This belief can only be established through study and research about the blockchain industry and the specific currencies and tokens in which you are going to invest. Follow up and learn more on www.ubai.co!” “Types of Investors §5 Sophisticated/Professional Investors These are experts in cryptocurrency investing. They most likely have a background in other forms of trading and investing, such as in stocks, bonds or options etc. They may also be earning fees by investing or managing money for other people. The Iconomi fund managers are a good example. Each Fund Manager manages an array of digital assets. Investors might choose Iconomi because it offers a platform for the investor to allocate funds to specific fund managers, with the ability to swap between managers instantly if the investor desires to do so. Each fund manager selects a number of coins in which they wish to trade or invest, with specified time horizons, short or long term. Investors can buy into the array of mutually held coins. This allows investors to utilize the knowledge and experience of professional fund managers to trade an allocated pool of capital, hopefully generating returns greater than the individual investor would be able to produce on his own. The fund managers are motivated by the fees and commissions they earn, and perhaps a performance-linked bonus. You can certainly be properly classified as a Sophisticated Investor without any need to be a fund manager for other peoples’ money. But a professional fund manager has the ability to trade with a larger pool of capital, manage complicated risk, and diversify trading strategy to generate various streams of income. “ “Between Countries A particular country’s participation in cryptocurrencies largely has to do with the legal regulations about blockchain projects and crypto currency investment in that jurisdiction. When China banned the use of cryptocurrency, most Chinese nationals had to withdraw their investments. Many other countries have also placed bans on the use or trade of cryptocurrencies. Countries like Japan that have allowed the use of cryptocurrencies have witnessed a significant rise in cryptocurrency investments as a result. Japan and South Korea are home to several high-traffic cryptocurrency exchanges, meaning that a notable proportion of their population is investing in cryptocurrencies. Another way to look at cryptocurrency investment demographics is to look at the bitcoin ATMs present in each country. The United States of America is the leading country, followed by Canada and then the United Kingdom. According to a report by Google trends, the five top countries interested in bitcoin are: South Africa, Slovenia, Nigeria, Colombia and Bolivia. Remember, cryptocurrency demographics can be a little tricky due to the anonymity involved. Many people may be afraid to participate in surveys, especially when their governments have placed legal restrictions on cryptocurrency investing. The main point the research seems to validate is that the demographics of the cryptocurrency investor base is diverse. While the average investor may be a white or Asian male between the ages of 26-30 with at least a university degree, the entire investor base is so much larger than that. Many big investors are likely to be significantly older, and have connections and businesses in the traditional economy as well. “ “Notable Investors in Cryptocurrency While many people have made fortunes from cryptocurrency investing, a handful of them stand out as being particularly remarkable. We will take a more detailed look at some of the biggest investment success stories to see how they did it and learn about their investing strategy. The Winklevoss Twins After being awarded their settlement from the lawsuit against Facebook, the Winklevoss twins decided to invest a significant portion of their money in Bitcoin. They invested $11million of the $65million they received. At that time, the price of a single bitcoin was about $120. This high-risk investment paid off handsomely and they became the first publicly known Bitcoin Billionaires, perhaps owning more than 1% of the total bitcoin in circulation. In an interview with Financial Times in 2016, the twins jointly said that they consider “Bitcoin as potentially the greatest social network because it is designed to transfer value over the internet”. They also pointed out that compared to gold, bitcoin has equal or greater foundational traits of scarcity and portability. “ “Notable Investors in Cryptocurrency §2 Michael Novogratz A self-made billionaire ex-Goldman Sachs investment banker, Novogratz has invested more than 30% of his fortune in cryptocurrency. In 2015, he announced a $500million cryptocurrency hedge fund, including $150million of his own money. Novogratz believes that “the blockchain, the computer code that underpins all cryptocurrencies, will reshape finance, just as the internet reshaped communication”. The investment thesis of Mr. Novogratz is similar to that of the Winklevoss twins. He has taken and maintains a long-term position while he trades in and out of short term moves, based on his fundamental belief in the potential and likely application of the underlying blockchain technology. By starting an investment fund in addition to his other cryptocurrency related ventures, he is demonstrating a strong fundamental grasp of the technology, including its applicability and impact across so many industries. Slide Barry Silbert In December 2014 after the US Marshal’s office seized 50,000 bitcoins from the Silk Road, Barry Silbert purchased just 2,000 of those bitcoins at $350 per coin. A few years later of course, those coins were worth millions of dollars. Barry is the founder and CEO of the Digital Currency Group (DCG) a cryptocurrency investment firm. Barry also made significant profits from Ethereum Classic, purchasing the coin in its very first days. He has invested in over 75 bitcoin related companies, including CoinDesk. As founder of the Digital Currency Group, Barry endeavors to support bitcoin and blockchain companies and accelerate the development of the global financial system. “ “Directly through Exchanges Step One: Register on a reputable cryptocurrency exchange To start investing, you first need to register on a reputable cryptocurrency exchange where you can buy bitcoin and other cryptocurrencies. Binance is a good exchange to use in this lesson. While it may or may not be the best, it is currently the largest, and they provide a very supportive layout and customer service department. You should remember, to buy most altcoins (cryptocurrencies other than bitcoin), you specifically need to use an exchange like Coinbase or Kraken that allows you to convert fiat currency into cryptocurrency. From there, if you want to trade altcoins not listed on that exchange, you will have to transfer your BTC or ETH to a larger exchange like Binance, and buy the altcoin you want, using whichever trading pair that is best suited (BTC and ETH pairs are most common). As we have already explained, if you are buying Bitcoin or any cryptocurrencies, you should invest in a wallet to safely store your coins. It is not advisable to store your BTC or other crypto on the exchanges for too long, due to hacking and other risks. “ “Directly through Exchanges Step Two: Determine your Strategy There are different ways to invest. You need to find a strategy that works for you and your specific set of skills. The value of a cryptocurrency is not defined by a formula or something out a textbook. If everyone was able to calculate the actual value of a share of stock, for example, or a bond, or other tradeable asset, then the price on an open market exchange would never move. Buyers and sellers would know exactly how much the asset is worth, so there would be no reason to sell lower or buy higher than the actual value. You need to come up with your own ideas and strategies to take advantage of market moves. Sometimes you will have a position that is contrary to the general market. Other times you might be trading in agreement with a majority of other market participants. Investors are basically separable into one of two groups of thinkers. Contrarian investors go against the crowd, swimming against the current; Momentum investors ride the wave feeling secure in the majority. Being different can be good or it can be bad. You do not always want to necessarily get caught up in the most crowded trade. “ “Things to keep in Mind Bitcoin Futures We need to mention the bitcoin futures market as another potential way to invest. Toward the close of 2017, Bitcoin started trading on two fully recognized and well-established futures markets; the Chicago Board Options Exchange (CBOE), and the Chicago Mercantile Exchange CME. The key quote from the exchanges was “because the futures can be traded on regulated markets, it will attract investors, making the market liquid, stabilizing prices and it will not suffer from low transaction speeds of Bitcoin Exchanges.” For a risk averse investor, this offers a safer entry into cryptocurrency investing. A futures contract commits its owner to buy or sell the underlying asset, BTC, at a set price, and at a set date in the future. The investor in the futures contract does not actually own the underlying asset, but rather is trading on fluctuations in the price of the asset over a certain timeframe, as specified in the futures contract. “ “Things to keep in Mind §2 Common Pitfalls We cannot conclude this lesson without one more look at the common pitfalls a new cryptocurrency investor should avoid. The problem areas are: -Falling for scams by failing to carry out due diligence. -Relying solely upon self-acclaimed crypto gurus and experts. If you want to trade, you must understand how to read news and charts for yourself. -Too much Greed. Not taking profit when you should. It is better to take a 20% gain, than wait for a 100% gain, only to lose it all in the end. -Lacking an investment strategy or exit plan. -Not sticking to your investment plan or strategy. -Allowing emotions to rule your decisions. Chasing your losses. -Investing what you cannot afford to lose. And finally, some time-tested wisdom from Wall Street: Bulls make money. Bears make money. Pigs get slaughtered every time. (Don’t be greedy!) We cannot overemphasize the risk involved in cryptocurrency investing. The potential to make huge gains over a short period of time does not come without risk. There is no doubt that significant players in the global financial markets are entering the cryptocurrency markets too. We are likely to witness more and more government authorities trying to regulate cryptocurrencies, hopefully to the overall benefit of a healthy market. It seems safe to say we will see cryptocurrencies become more mainstream due to the intense interest from the traditional financial industry and institutional investing community all over the world. What are better ways to successfully invest in cryptocurrencies? Which pitfalls should you avoid? Learn all on successful ICOs and STOs after reading the full lesson: UBAI.co How to start your STO/ICO campaign in 2019? Contact me via Instagram, Facebook, LinkedIn to know more about our education: FacebookLinkedInInstagram
ProfitTrading app is the best trading app for Android. It's available for the most important exchanges. This is not an official app, and doesn't pretend to be. It's an app that uses exchanges APIs to create amazing features that they don't offer. So with ProfitTrading you have more features than with the exchanges official apps (if they do have an app). It's one of the most downloaded and used apps on GooglePlay for almost all exchanges (after the official ones). You can check any of our apps, like our successful Binance app, with more than 400 ratings and more than 30000 downloads.
What are the free features of ProfitTrading App?
BUY AND SELL CLIENT
Buy and sell any currency in Bitcoins with a quick and easy to use interface. Designed to make trading easy. Buy and sell Bitcoin (BTC) with USDT, ETH, or any market available in the exchange.
A full list of all the currencies in your wallet with their BTC and FIAT equivalences and the total Bitcoin amount. The best place to control your cryptocurrencies.
CHECK OPEN AND CLOSED ORDERS
A complete list of all your open and closed orders, with creation and filled date.
Full chart of each coin, with prices and volume history with time range customization. This is a must tool for trading. You can also track BTC realtime chart.
Manage your hodl signals and track your benefits, coin buy price, amount, coin last value, signal date and coin increment. Add signals directly from your bought orders in Orders section or place them manually with the coin selector. Every signal has a direct access to its detailed chart.
Check the trending markets with most benefits in last 24h. Order them by increment, price or name.
What are the premium features of ProfitTrading App?
TRADING BOT FEATURE
Get profits with conditional orders using TradingBot. Configure the market, the coin and the buying and selling prices and let the bot place the orders for you, so you just have to wait and get your profits. Place an optional stoploss to be able to control unfavorable market conditions. Get the ability to trade with coins that you don't even own yet!. Now with Trailing Stop orders! https://preview.redd.it/vjoem3avnc221.png?width=526&format=png&auto=webp&s=29939c62efa5868c21b1fefbae69cce1528d805f This is used to get money from the fluctuation of a coin. There are many coins that go up and down many times a day. Let's see it with an example: Imagine LTC is getting that behavior, lets say it's price is 0,0184 but is fluctuating from 0,0175 to 0,0185 several times. To get profit creating the orders by yourself, you will have to do the following:
Create a BUY order for 0,0175.
Wait until this order is filled. You should have to check by yourself several times if the BUY order is filled.
Once the order is filled, place a SELL order for 0,0185.
Wait for the sell order to be filled.
With the trading bot, you configure a BUY order for 0,0175 and a SELL order for 0,0185 and don't do anything else. It's important to say that the bot lets you create a SELL order with coins that you don't even own yet (as you haven't purchased it at the start of the process). So you can configure it and go to sleep or whatever without you have to enter several times to check your BUY order have been filled to place the SELL order. The bot also works with the app closed. Apart from this you can also configure a Stop Loss option to limit your loses if the market goes against you. Even you can skip the first step if you only want to place a sell at profit with stop loss TRADING BOT OPERATIONS EXAMPLES These are some of the operations you can configure with the bots, possibilities are infinite! You can create up to 25 concurrent bots. BUY OPERATION By default, BUY operations will be associated with <= symbol. That means: "When price reaches <= TRIGGER PRICE, place a BUY order with BUY PRICE for the defined amount of coin UNITS" It's recommended to place a BUY PRICE a little higher than TRIGGER PRICE to ensure BUY order is filled. You can also choose the trigger symbol between <= or >= SELL OPERATION By default, SELL operations will be associated with >= symbol. That means: "When price reaches >= TRIGGER PRICE, place a SELL order with SELL PRICE for the defined amount of coin UNITS" It's recommended to place a SELL PRICE a little lower than TRIGGER PRICE to ensure SELL order is filled. You can also choose the trigger symbol between <= or >= SPLIT SELLS You can configure split sells by adding consecutive SELL operations to your bot, so you can get a better chance to sell your coins. CONCATENATE OPERATIONS After you configured your first operation, you can keep adding more operations to your bot. Below the units label, you will see two separated quantities. The first one is the currency amount of the coin you own right now, the second one is the currency amount you will add after first operation (if it was a buy). https://preview.redd.it/sqpqmyqkoc221.png?width=509&format=png&auto=webp&s=aabc60de2f03533185255cf55bcb372d111cfc5b STOP LOSS You can also configure a STOP LOSS operation to be safe if the market goes against you. A STOP LOSS operation should always be added after a SELL operation. Select the trigger price you want the STOP LOSS order be created. If the coin price reaches that trigger price, a SELL order will be created with the following price: BID price (at the moment when STOP LOSS is triggered) x MULT value. Mult value is useful to ensure your order is filled if the price is changing very fast. Recommended value is 0.95 BUY STOP
As opposite of STOP LOSS operation, you can also configure a BUY STOP operation to be safe if the market goes against you (if you thought the market was dropping but it rises). A BUY STOP operation should always be added after a BUY operation.
Select the trigger price you want the BUY STOP order be created. If the coin price reaches that trigger price, a BUY order will be created with the following price: ASK price (at the moment when BUY STOP is triggered) x MULT value. Mult value is useful to ensure your order is filled if the price is changing very fast. Recommended value is 1.05 Trading bots with stop loss operations
TRADING BOT EXTENSION PACK
TRAILING STOP Get most benefit from BTC and altcoins fluctuation with Trailing Stop. This is probably the most powerful order type to get benefits. A sell trailing stop order sets the stop price at a fixed amount below the market price with an attached "trailing" amount. As the market price rises, the stop price rises by the trail amount, but if the stock price falls, the stop loss price doesn't change, and a market order is submitted when the stop price is hit. This technique is designed to allow an investor to specify a limit on the maximum possible loss, without setting a limit on the maximum possible gain. Trailing Stop Configuration Configure trailing stop order by defining the following settings: TRIGGER PRICE: Defines the trigger price when the order will start trailing. From here sell order will increase it's price if coin price gets high. STOP OFFSET: Defines the percentage the market price should fall to place the sell order. This step starts checking that percentage once the trigger price has ben reached MULT: Helps you ensure the sell order is filled as it will be a limit order (not a market order). The SELL order will be created with the following price: BID price (at the moment when SELL ORDER is triggered) x MULT value. As said before, mult value is useful to ensure your order is filled if the price is falling very fast. Recommended value is 0.9 UNITS: Defines the units of the coin to be sold Get more info about trailing stop orders here: https://en.wikipedia.org/wiki/Order\_(exchange)#Trailing\_stop\_order After you configure the Trailing Stop operation you can check the bot status. Including the top price reached and the current down percentage from top reached. AUTO RESTART BOT With this feature, you can set the bot to restart when it finishes with profits and without a stop order. This way you don't need to worry about checking if all orders are filled to restart it. And you can take full advantage on BTC and altcoins high fluctuation. Configure it once and start getting profits. Note that as said, it will only restart if last iteration finished with profits and without a stop order. The application also shows you a resume of all times the bot have successfully completed (cycles). You can check the total profit and the number of times it has completed. You can also see the detail of each completed bot iteration. FILLED ORDERS NOTIFICATIONS You can configure the bot to receive notifications when an order is filled or when the bot is completed. You will receive a push notification in your device when an operation is filled including info about the operation.You will also receive a push notification when all operations are finished, including the profit you made.
SIGNAL BOT FEATURE
Designed to make money in pump events, just write the coin, buy and sell really quickly with the signal bot. Take advantage from others buying when the price is still rising. You will love trading with this app. Once you placed the order, the app tells you if it was filled or not. It also prints the current price of the coin in Bitcoin, updating it constantly so you can sell it when it reaches the price you want. Sell orders are also placed with the same speed as buy orders, so you can take advantage to others at your exchange. The bot is fully customizable, you can configure the Bitcoin (BTC) amount to spend and the buy/sell price increment you want to offer from the current coin price. You can also configure if you want to autocancel a non-filled order or not. Signal bot (designed for pump events) Awesome features included in SignalBot: + Auto StopLoss + Auto TakeProfit + Configure the amount of units you want to sell + Possibility of canceling orders on SignalBot screen + Autocheck for filled orders + Percentage of profit trailer included Bot basic configuration:
SET THE BTC BUY AMOUNT Introduce the amount of BTC you want to spend in the buy order.
SET THE BUY MULTIPLIER This is a way to ensure your orders are filled. Establishes the max price you want to pay for a coin. It's calculated this way: Max price to pay: ASK x BUY MULTIPLIER
SET THE SELL MULTIPLIER Same way as buy multiplier, this is a way to ensure your sell orders are filled. Establishes the max price you want to pay for a coin. It's calculated this way: Min price to sell: BID x SELL MULTIPLIER
SET THE SELL UNITS Set the amount of units of a coin you want the bot to place in the sell order.
How do I configure my API Keys?
Each of our apps have a step by step tutorial that shows how to generate it. You can find it at Settings screen by pressing "GET API KEYS"
Why should I trust ProfitTrading App?
We are aware of all scam that involves cryptocurrencies, specially with some apps. That's why always say: NEVER grant any withdrawal permissions to your API keys to this app or any app that request for it. For free users API Keys are stored on your device, for premium trading bot users, as all the logic is executed on our servers, their keys are encrypted and safely stored while they are needed to manage the bots. Once they are no longer needed, they are deleted.
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