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I bought $1k of the Top 10 Cryptos on January 1st, 2020 (Sept Update)

I bought $1k of the Top 10 Cryptos on January 1st, 2020 (Sept Update)

EXPERIMENT - Tracking Top 10 Cryptos of 2020 - Month Nine - UP +56%
See the full blog post with all the tables here.
tl;dr
  • I thought I'd mix it up and start with the 2020 Top Ten first this month.
  • Rough month, but still way up in 2020, and still way ahead of the stock market.
  • I purchased $100 of each of Top Ten Cryptos in Jan. 2020, haven't sold or traded. Did the same in 2018 and 2019. Learn more about the history and rules of the Experiments here.
  • Sept - down month for 2020 Top Ten, except for BNB, which crushed it (+25%)
  • Overall since Jan. 2020 - ETH in the lead (+187%), BNB in distant second place. 100% of 2020 Top Ten are in positive territory and have a combined ROI of +56% vs. +5% of the S&P
  • Combining all three three years, Top Ten cryptos underperforming S&P if I'd taken a similar approach.

Month Nine – UP 56%

2020 Top Ten Overview
After a rough start to the month, most of crypto had a Wake Me Up When September Ends moment. For the 2020 Top Ten Portfolio, it was bad, but could have been (as has been) much worse: it was the best performing of the Top Ten “Index Fund” Experiments in September and at least one of the cryptos (BNB up +25%) had a great month.

Question of the month:

In September, this decentralized exchange (DEX) overtook Coinbase in trading volume:

A) UniswapB) AaveC) CompoundD) Both A and B
Scroll down for the answer.

Ranking and September Winners and Losers

2020 Top 10 Rank
Lots of movement this month: six out of the Top Ten changed positions in September. BCH climbed one from #6 to #5 and BNB made a big move from #10 to #6. Going the opposite direction were BSV, EOS, and Tezos, dropping one, two, and four places respectively.
The big story though, at least for anyone who’s been watching crypto for a while, was the ejection of Litecoin from the Top Ten. In just 30 days, LTC fell five places from #7 to #12. For some context, Litecoin’s absence from the Top Ten is a Top Ten Experiment first. It is also the first time since CoinMarketCap has tracked crypto rankings that Litecoin has not has not held a spot in the Top Ten.
Drop outs: after nine months of the experiment, 30% of the cryptos that started 2020 in the Top Ten have dropped out. LTC, EOS, and Tezos have been replaced by ADA, LINK, and most recently, DOT.
September Winners – Winner, singular: BNB was the only crypto to finish in the green, finished up +25% for the month, and gained four places in the rankings. A very good month for Binance Coin.
September LosersTezos was the worst performing crypto of the 2020 Top Ten portfolio, losing nearly a third of its value, down -31% for the month. LTC also had a bad month, losing -24% and dropping out of the Top Ten.
Since COVID-19 has hammered the sporting world, let’s be overly competitive and pit these cryptos against each other, shall we? Here’s a table showing which cryptos have the most monthly wins and losses nine months into the 2020 Top Ten Crypto Index Fund Experiment:

Wins/Losses
ETH is in the lead three monthly Ws, followed by Tether and Tezos with two wins each. Even though it is up +79% since January 1st, 2020, BSV has the most monthly losses: it has been the worst performing crypto of the group four out of the first nine months in 2020.

Overall update – ETH maintains strong lead, followed by BNB. 100% of Top Ten are in positive territory.

Ethereum remains firmly in the lead, up +187% on the year. Thanks to a strong month for BNB and a weak month for Tezos, Binance Coin has overtaken XTZ for second place, and is now up +109% in 2020.
Discounting Tether (no offense Big-T), EOS (+4%) is the worst performing cryptocurrency of the 2020 Top Ten Portfolio. 100% of the cryptos in this group are in positive territory.

Total Market Cap for the cryptocurrency sector:

The overall crypto market lost about $35B in September, ending the month up +85% since the beginning of this year’s experiment in January 2020. Despite a rough month, this is the second highest month-end level since the 2020 Top Ten Experiment started nine months ago.

Bitcoin dominance:


Monthly BitDom - 2020
BitDom ticked up slightly this month, but is still lower than it has been for most of the year. As always, a low BitDom reflects a greater appetite for altcoins. For context, the BitDom range since the beginning of the experiment in January 2020 has been roughly between 57% and 68%.

Overall return on investment since January 1st, 2020:

After an initial $1000 investment on January 1st, the 2020 Top Ten Portfolio is now worth $1,536, up +56%. This is the best performing of the three Top Ten Crypto Index Fund Portfolios, but not by much: the 2019 Top Ten came in at +54% in September.
Here’s the month by month ROI of the 2020 Top Ten Experiment, hopefully helpful to maintain perspective and provide an overview as we go along:
Monthly ROI - 2020 Top Ten
Even during the zombie apocalypse blip in March, the 2020 Top Ten has managed to end every month so far in the green (for a mirror image, check out the all red table you’ll find in the 2018 experiment). The range of monthly ROI for the 2020 Top Ten has been between a low of +7% in March and high of +83% in August.
So, how does the 2020 Top Ten Experiment compare to the parallel projects?
Taken together, here’s the bottom bottom bottom line for the three portfolios:
After a $3000 investment in the 2018, 2019, and 2020 Top Ten Cryptocurrencies, the combined portfolios are worth $‭3,340‬ ($238+ $1,538 +$1,564).
That’s up about +11% for the three combined portfolios, compared to +31% last month.
Here’s a table to help visualize the progress of the combined portfolios:
Combined ROI - UP +11%
That’s a +11% gain by buying $1k of the cryptos that happened to be in the Top Ten on January 1st, 2018, 2019, and 2020.
But what if I’d gone all in on only one Top Ten crypto for the past three years? While many have come and gone over the life of the experiment, five cryptos have started in Top Ten for all three years: BTC, ETH, XRP, BCH, and LTC (Big L, no pressure, but if you don’t claw yourself back in the Top Ten by January 2021, you’re out of the club). Let’s take a look:

Three Year Club
At this point in the Experiments, Ethereum (+104%) would have easily returned the most, followed by BTC (+77%). On the other hand, following this approach with XRP, I would have been down nearly a third at -31%.
So that’s the Top Ten Crypto Index Fund Experiments snapshot. Let’s take a look at how traditional markets are doing.

Comparison to S&P 500

I’m also tracking the S&P 500 as part of my experiment to have a comparison point to traditional markets. The S&P slipped a bit from an all time high in August and is now up just +5% in 2020.
Over the same time period, the 2020 Top Ten Crypto Portfolio is returning about +56%. The initial $1k investment in crypto is now worth about $1,563. That same $1k I put into crypto in January 2020 would be worth $1050 had it been redirected to the S&P 500 instead. That’s a $513 difference on a $1k investment, one of the largest gaps in favor of crypto all year.
But that’s just 2020. What about in the longer term? What if I invested in the S&P 500 the same way I did during the first three years of the Top Ten Crypto Index Fund Experiments? What I like to call the world’s slowest dollar cost averaging method? Here are the figures:
  • $1000 investment in S&P 500 on January 1st, 2018 = $1260 today
  • $1000 investment in S&P 500 on January 1st, 2019 = $1350 today
  • $1000 investment in S&P 500 on January 1st, 2020 = $1050 today
So, taken together, here’s the bottom bottom bottom line for a similar approach with the S&P:
After three $1,000 investments into an S&P 500 index fund in January 2018, 2019, and 2020, my portfolio would be worth $3,660.
That $3,660 is up +22% since January 2018, compared to a +11% gain of the combined Top Ten Crypto Experiment Portfolios over the same period of time.
That’s an 11% swing in favor of the S&P 500 and breaks a two month mini-streak of wins from the Top Ten crypto portfolios.
For those keeping track or unable to see the table above: that’s seven monthly victories for the S&P vs. two monthly victories for crypto. The largest gap so far was a 22% difference in favor of the S&P back in June.

Conclusion:

September saw losses for both traditional and crypto markets, but crypto got hit harder. What can we expect for the rest of 2020? The Neverending Year is entering the final quarter and is not finished with us yet: a lot can and will happen in the remaining months. More volatility is no doubt to come as we enter the final stretch of a truly unpredictable and exhausting year. Buckle up.
Stay healthy and take care of yourselves out there.
Thanks for reading and for supporting the experiment. I hope you’ve found it helpful. I continue to be committed to seeing this process through and reporting along the way. Feel free to reach out with any questions and stay tuned for progress reports. Keep an eye out for the original 2018 Top Ten Crypto Index Fund Experiment and the 2019 Top Ten Experiment follow up experiment.

And the Answer is…

A) Uniswap
As part of the DeFi/DEX wave, in late August/early September, Uniswap surpassed Coinbase in trading volume.
submitted by Joe-M-4 to CryptoCurrency [link] [comments]

My journey losing it all (~11 BTC)

I lost it all (this my old rogerver bcashy troll account btw)
I don’t even know how to start but as of yesterday I’m officially broke, I ruined my life and future.
I’m a 23yrs guy, my journey with Bitcoin started in 2014. I bought it to actually use it not sure if people do that nowadays? but The HODL journey didn’t start until the beginning of 2017 as I notice the $ value in my blockchain wallet steadily increasing didn’t even know how or why it was increasing I thought it was a glitch making me free money for this reason I decided to go ALL IN I dumped my life saving into Bitcoin. price was around 1-2K $ and I was able to get 11 BTC in total. Unfortunately before the Bullrun start I lost around 4 coin due to ICO"s scams and just buying shitcooins in poloniex with zero trading knowledge(had a great time with the trollbox).

After my loss I took my coins out of the exchange and held in a cold wallet, Fast forwards September 2017 the price kept going up I couldn’t even believe it specially after it broke past 10k I was so euphoric matter fact I was chilling in here, in this subreddit celebrating with everyone posting memes etc.. When BTC hit 20k my greedy asss still didnt wanna sell I didn’t have a price target I though it will keep going up forever. It was going so quick I couldn’t even process what was happening I told my siblings I was rich they told me to sell this bubble but I said "HELL NO! I was part of the moonboy gang we don’t sell we HOODL" I was 19 at the time. seeing this type of money was unreal I had more than 6 fucking figures in my wallet. Eventually we topped out at 20k I didn’t sell although the price kept going down and down and Depression started to hit after we dropped below 10k specially when it went down more near the 3k level I started to regret everything kicking my self for not listening to my siblings when they told me sell.

Nonetheless I still had faith in Bitcoin and knew one day we will recover but I needed to accepted the fact that it might take months maybe years to get back to ath. for this reason I disconnected from the crypto community I had to forget about Bitcoin so I shifted my focus somewhere else luckily I stumbled across this popular game called “Fortnite” it took all my time and distraction away from my crypto for a good year or two I barely even noticed the peak of 2019.

Anyways mid-late 2019 I got heavy in the stock market I started to see all these guru make insane amount of money just day trading. I was more of an investor type guy but I consumed so much information about day trading and how the psychological aspect is so important, I guess I mastered a bit of that by holding Bitcoin throughout the bear market. Anyways recently in August during the Bitcoin rally I though I had enough skills and decided it was finally time for me to trade Bitcoin specially because it was tradable 24/7 I wanted to start increasing my money and stop sitting on my coins I've had enough of the bear market I thought it was gonna be another P&D episode specially after I started to get deeper in the Crypto community and understood how price moves. I used to be Bitcoin maximalist but then I started to notice the suspicious activity around bitcoin, I came to realize that bitcoin was not the same as it was before, these toxic unregulated entities have turned bitcoin into a giant ponzi playground with everyone being brainwashed by these crypto twitter advocates who are nothing but CZ binance acting puppets. I know it sound crazy but it’s true, the receipt it out to the public, the price is manipulated by Tetther Mafia and these scam exchange. I don’t believe in conspiracy but neither do I believe in coincidence, I witnessed this fraud my own eyes, Whale-alert notified me every time Tetther printed new money and sent it to exchanges and next thing you the price went up. Ever since they added derivative I assume they manipulate the price in spot to liquidate future traders. This whole rally was propt by Tetther mafia using the overall condition in the market as an excuse to attempt artificial FOMO and bring real liquidity in this fake liquidity pool. As the fraud was getting more obvious I started to despise Bitcoin and traded the ponzi based off emotions I neglected the technicals I didn’t have risk management and eventually got liquidated.

This is my 3yr+ journey went from 11 btc to 0.. I feel horrible,sad, hopeless and disappointed this was my whole networth vanished in 1-2month. I deprived myself from so many things these last few years hoping my investment grows enough to fund my future. My family still think I’m holding Bitcoins I feel so bad I let them down not sure I'll be able to recover from this.
Ps: for those saying Tetther is an old conspiracy trust me this time is different and incomparable to the previous years, the fraud is fully transparent now. Their activity has been very suspicious and concerning lately I’m sensing a major exit-scam. this will impact the whole crypto space because this unbacked counterfeit USD holds most if not all the order book liquidity.
submitted by Memory-Dealers to Bitcoin [link] [comments]

Bob The Magic Custodian



Summary: Everyone knows that when you give your assets to someone else, they always keep them safe. If this is true for individuals, it is certainly true for businesses.
Custodians always tell the truth and manage funds properly. They won't have any interest in taking the assets as an exchange operator would. Auditors tell the truth and can't be misled. That's because organizations that are regulated are incapable of lying and don't make mistakes.

First, some background. Here is a summary of how custodians make us more secure:

Previously, we might give Alice our crypto assets to hold. There were risks:

But "no worries", Alice has a custodian named Bob. Bob is dressed in a nice suit. He knows some politicians. And he drives a Porsche. "So you have nothing to worry about!". And look at all the benefits we get:
See - all problems are solved! All we have to worry about now is:
It's pretty simple. Before we had to trust Alice. Now we only have to trust Alice, Bob, and all the ways in which they communicate. Just think of how much more secure we are!

"On top of that", Bob assures us, "we're using a special wallet structure". Bob shows Alice a diagram. "We've broken the balance up and store it in lots of smaller wallets. That way", he assures her, "a thief can't take it all at once". And he points to a historic case where a large sum was taken "because it was stored in a single wallet... how stupid".
"Very early on, we used to have all the crypto in one wallet", he said, "and then one Christmas a hacker came and took it all. We call him the Grinch. Now we individually wrap each crypto and stick it under a binary search tree. The Grinch has never been back since."

"As well", Bob continues, "even if someone were to get in, we've got insurance. It covers all thefts and even coercion, collusion, and misplaced keys - only subject to the policy terms and conditions." And with that, he pulls out a phone-book sized contract and slams it on the desk with a thud. "Yep", he continues, "we're paying top dollar for one of the best policies in the country!"
"Can I read it?' Alice asks. "Sure," Bob says, "just as soon as our legal team is done with it. They're almost through the first chapter." He pauses, then continues. "And can you believe that sales guy Mike? He has the same year Porsche as me. I mean, what are the odds?"

"Do you use multi-sig?", Alice asks. "Absolutely!" Bob replies. "All our engineers are fully trained in multi-sig. Whenever we want to set up a new wallet, we generate 2 separate keys in an air-gapped process and store them in this proprietary system here. Look, it even requires the biometric signature from one of our team members to initiate any withdrawal." He demonstrates by pressing his thumb into the display. "We use a third-party cloud validation API to match the thumbprint and authorize each withdrawal. The keys are also backed up daily to an off-site third-party."
"Wow that's really impressive," Alice says, "but what if we need access for a withdrawal outside of office hours?" "Well that's no issue", Bob says, "just send us an email, call, or text message and we always have someone on staff to help out. Just another part of our strong commitment to all our customers!"

"What about Proof of Reserve?", Alice asks. "Of course", Bob replies, "though rather than publish any blockchain addresses or signed transaction, for privacy we just do a SHA256 refactoring of the inverse hash modulus for each UTXO nonce and combine the smart contract coefficient consensus in our hyperledger lightning node. But it's really simple to use." He pushes a button and a large green checkmark appears on a screen. "See - the algorithm ran through and reserves are proven."
"Wow", Alice says, "you really know your stuff! And that is easy to use! What about fiat balances?" "Yeah, we have an auditor too", Bob replies, "Been using him for a long time so we have quite a strong relationship going! We have special books we give him every year and he's very efficient! Checks the fiat, crypto, and everything all at once!"

"We used to have a nice offline multi-sig setup we've been using without issue for the past 5 years, but I think we'll move all our funds over to your facility," Alice says. "Awesome", Bob replies, "Thanks so much! This is perfect timing too - my Porsche got a dent on it this morning. We have the paperwork right over here." "Great!", Alice replies.
And with that, Alice gets out her pen and Bob gets the contract. "Don't worry", he says, "you can take your crypto-assets back anytime you like - just subject to our cancellation policy. Our annual management fees are also super low and we don't adjust them often".

How many holes have to exist for your funds to get stolen?
Just one.

Why are we taking a powerful offline multi-sig setup, widely used globally in hundreds of different/lacking regulatory environments with 0 breaches to date, and circumventing it by a demonstrably weak third party layer? And paying a great expense to do so?
If you go through the list of breaches in the past 2 years to highly credible organizations, you go through the list of major corporate frauds (only the ones we know about), you go through the list of all the times platforms have lost funds, you go through the list of times and ways that people have lost their crypto from identity theft, hot wallet exploits, extortion, etc... and then you go through this custodian with a fine-tooth comb and truly believe they have value to add far beyond what you could, sticking your funds in a wallet (or set of wallets) they control exclusively is the absolute worst possible way to take advantage of that security.

The best way to add security for crypto-assets is to make a stronger multi-sig. With one custodian, what you are doing is giving them your cryptocurrency and hoping they're honest, competent, and flawlessly secure. It's no different than storing it on a really secure exchange. Maybe the insurance will cover you. Didn't work for Bitpay in 2015. Didn't work for Yapizon in 2017. Insurance has never paid a claim in the entire history of cryptocurrency. But maybe you'll get lucky. Maybe your exact scenario will buck the trend and be what they're willing to cover. After the large deductible and hopefully without a long and expensive court battle.

And you want to advertise this increase in risk, the lapse of judgement, an accident waiting to happen, as though it's some kind of benefit to customers ("Free institutional-grade storage for your digital assets.")? And then some people are writing to the OSC that custodians should be mandatory for all funds on every exchange platform? That this somehow will make Canadians as a whole more secure or better protected compared with standard air-gapped multi-sig? On what planet?

Most of the problems in Canada stemmed from one thing - a lack of transparency. If Canadians had known what a joke Quadriga was - it wouldn't have grown to lose $400m from hard-working Canadians from coast to coast to coast. And Gerald Cotten would be in jail, not wherever he is now (at best, rotting peacefully). EZ-BTC and mister Dave Smilie would have been a tiny little scam to his friends, not a multi-million dollar fraud. Einstein would have got their act together or been shut down BEFORE losing millions and millions more in people's funds generously donated to criminals. MapleChange wouldn't have even been a thing. And maybe we'd know a little more about CoinTradeNewNote - like how much was lost in there. Almost all of the major losses with cryptocurrency exchanges involve deception with unbacked funds.
So it's great to see transparency reports from BitBuy and ShakePay where someone independently verified the backing. The only thing we don't have is:
It's not complicated to validate cryptocurrency assets. They need to exist, they need to be spendable, and they need to cover the total balances. There are plenty of credible people and firms across the country that have the capacity to reasonably perform this validation. Having more frequent checks by different, independent, parties who publish transparent reports is far more valuable than an annual check by a single "more credible/official" party who does the exact same basic checks and may or may not publish anything. Here's an example set of requirements that could be mandated:
There are ways to structure audits such that neither crypto assets nor customer information are ever put at risk, and both can still be properly validated and publicly verifiable. There are also ways to structure audits such that they are completely reasonable for small platforms and don't inhibit innovation in any way. By making the process as reasonable as possible, we can completely eliminate any reason/excuse that an honest platform would have for not being audited. That is arguable far more important than any incremental improvement we might get from mandating "the best of the best" accountants. Right now we have nothing mandated and tons of Canadians using offshore exchanges with no oversight whatsoever.

Transparency does not prove crypto assets are safe. CoinTradeNewNote, Flexcoin ($600k), and Canadian Bitcoins ($100k) are examples where crypto-assets were breached from platforms in Canada. All of them were online wallets and used no multi-sig as far as any records show. This is consistent with what we see globally - air-gapped multi-sig wallets have an impeccable record, while other schemes tend to suffer breach after breach. We don't actually know how much CoinTrader lost because there was no visibility. Rather than publishing details of what happened, the co-founder of CoinTrader silently moved on to found another platform - the "most trusted way to buy and sell crypto" - a site that has no information whatsoever (that I could find) on the storage practices and a FAQ advising that “[t]rading cryptocurrency is completely safe” and that having your own wallet is “entirely up to you! You can certainly keep cryptocurrency, or fiat, or both, on the app.” Doesn't sound like much was learned here, which is really sad to see.
It's not that complicated or unreasonable to set up a proper hardware wallet. Multi-sig can be learned in a single course. Something the equivalent complexity of a driver's license test could prevent all the cold storage exploits we've seen to date - even globally. Platform operators have a key advantage in detecting and preventing fraud - they know their customers far better than any custodian ever would. The best job that custodians can do is to find high integrity individuals and train them to form even better wallet signatories. Rather than mandating that all platforms expose themselves to arbitrary third party risks, regulations should center around ensuring that all signatories are background-checked, properly trained, and using proper procedures. We also need to make sure that signatories are empowered with rights and responsibilities to reject and report fraud. They need to know that they can safely challenge and delay a transaction - even if it turns out they made a mistake. We need to have an environment where mistakes are brought to the surface and dealt with. Not one where firms and people feel the need to hide what happened. In addition to a knowledge-based test, an auditor can privately interview each signatory to make sure they're not in coercive situations, and we should make sure they can freely and anonymously report any issues without threat of retaliation.
A proper multi-sig has each signature held by a separate person and is governed by policies and mutual decisions instead of a hierarchy. It includes at least one redundant signature. For best results, 3of4, 3of5, 3of6, 4of5, 4of6, 4of7, 5of6, or 5of7.

History has demonstrated over and over again the risk of hot wallets even to highly credible organizations. Nonetheless, many platforms have hot wallets for convenience. While such losses are generally compensated by platforms without issue (for example Poloniex, Bitstamp, Bitfinex, Gatecoin, Coincheck, Bithumb, Zaif, CoinBene, Binance, Bitrue, Bitpoint, Upbit, VinDAX, and now KuCoin), the public tends to focus more on cases that didn't end well. Regardless of what systems are employed, there is always some level of risk. For that reason, most members of the public would prefer to see third party insurance.
Rather than trying to convince third party profit-seekers to provide comprehensive insurance and then relying on an expensive and slow legal system to enforce against whatever legal loopholes they manage to find each and every time something goes wrong, insurance could be run through multiple exchange operators and regulators, with the shared interest of having a reputable industry, keeping costs down, and taking care of Canadians. For example, a 4 of 7 multi-sig insurance fund held between 5 independent exchange operators and 2 regulatory bodies. All Canadian exchanges could pay premiums at a set rate based on their needed coverage, with a higher price paid for hot wallet coverage (anything not an air-gapped multi-sig cold wallet). Such a model would be much cheaper to manage, offer better coverage, and be much more reliable to payout when needed. The kind of coverage you could have under this model is unheard of. You could even create something like the CDIC to protect Canadians who get their trading accounts hacked if they can sufficiently prove the loss is legitimate. In cases of fraud, gross negligence, or insolvency, the fund can be used to pay affected users directly (utilizing the last transparent balance report in the worst case), something which private insurance would never touch. While it's recommended to have official policies for coverage, a model where members vote would fully cover edge cases. (Could be similar to the Supreme Court where justices vote based on case law.)
Such a model could fully protect all Canadians across all platforms. You can have a fiat coverage governed by legal agreements, and crypto-asset coverage governed by both multi-sig and legal agreements. It could be practical, affordable, and inclusive.

Now, we are at a crossroads. We can happily give up our freedom, our innovation, and our money. We can pay hefty expenses to auditors, lawyers, and regulators year after year (and make no mistake - this cost will grow to many millions or even billions as the industry grows - and it will be borne by all Canadians on every platform because platforms are not going to eat up these costs at a loss). We can make it nearly impossible for any new platform to enter the marketplace, forcing Canadians to use the same stagnant platforms year after year. We can centralize and consolidate the entire industry into 2 or 3 big players and have everyone else fail (possibly to heavy losses of users of those platforms). And when a flawed security model doesn't work and gets breached, we can make it even more complicated with even more people in suits making big money doing the job that blockchain was supposed to do in the first place. We can build a system which is so intertwined and dependent on big government, traditional finance, and central bankers that it's future depends entirely on that of the fiat system, of fractional banking, and of government bail-outs. If we choose this path, as history has shown us over and over again, we can not go back, save for revolution. Our children and grandchildren will still be paying the consequences of what we decided today.
Or, we can find solutions that work. We can maintain an open and innovative environment while making the adjustments we need to make to fully protect Canadian investors and cryptocurrency users, giving easy and affordable access to cryptocurrency for all Canadians on the platform of their choice, and creating an environment in which entrepreneurs and problem solvers can bring those solutions forward easily. None of the above precludes innovation in any way, or adds any unreasonable cost - and these three policies would demonstrably eliminate or resolve all 109 historic cases as studied here - that's every single case researched so far going back to 2011. It includes every loss that was studied so far not just in Canada but globally as well.
Unfortunately, finding answers is the least challenging part. Far more challenging is to get platform operators and regulators to agree on anything. My last post got no response whatsoever, and while the OSC has told me they're happy for industry feedback, I believe my opinion alone is fairly meaningless. This takes the whole community working together to solve. So please let me know your thoughts. Please take the time to upvote and share this with people. Please - let's get this solved and not leave it up to other people to do.

Facts/background/sources (skip if you like):



Thoughts?
submitted by azoundria2 to QuadrigaInitiative [link] [comments]

Where's My Money? Deposits And Withdrawals At Blockfi, Celsius, Crypto.Com And Nexo Compared

Does your crypto show up in your account? And can you get it back? Looking through 100+ complaints about deposits and withdrawals, the insights are obvious but good to know...
- They require additional information like tags (XRP, XLM)
- Had major software changes (BCH, BNB, DAI / MCD, ADA)
So if you're going to move one of these coins, make sure to not forget the extra information or wait a few weeks after the change (to give these companies time to get caught up).
Raw data is below, organized by company and whether it seems the complaint was resolved. Some important notes to consider
  1. Posts about waiting a few hours for a transaction to complete were not counted. Many times (most of the time?) when it takes more than 20 minutes, nothing is broken. E.g. High gas fees on the ethereum network will mean slower processing times for stable coins and other ERC-20 tokens. Less popular tokens, like GUSD, might require people manually going into cold storage. Large (> $30,000 USD) transactions require additional verification. If it takes > 8 hours then yes something is not right. And you should email support and start posting. Otherwise sit tight.
  2. Comments from different people on the same post saying they have the same problem were not counted for "scores". Most of these comments don't add useful information and make it harder to collect the data.
  3. Posts about fiat belong to a different category because a very different set of skills and software features are needed to safely move around dollars, euros, etc. This post is about whether or not your coins are likely to get lost or be unreachable.
  4. I asked "Did this get fixed?" to a lot of people who posted about problems. Not only to see how things turned out. Also to generate a possible data point about the quality of the post. I.e. Trolls and other "special" people venting online can be identified by not bothering to follow up or respond to questions. I also hope this encourages people to not forget to follow up a few weeks later and share a final outcome - good or bad.
Company Resolved Total complaints
BlockFi 50% 2 resolved, 2 not resolved
CDC 58% 29 resolved, 21 not resolved
Celsius 61% 23 resolved, 15 not resolved
Nexo 67% 8 resolved, 4 not resolved
BlockFi (Resolved)
https://www.reddit.com/blockfi/comments/hbcxqq/withdrawal_pending/
https://www.reddit.com/blockfi/comments/dkpy38/tx_confirmed_but_no_deposit/
BlockFi (Not resolved)
https://www.reddit.com/blockfi/comments/gvnbz0/withdrawal_of_large_requires_id_and_facial_scan/
https://www.reddit.com/blockfi/comments/hwqin8/refused_withdrawal_due_to_kyc/

CDC (Resolved)
https://www.reddit.com/Crypto_com/comments/grjphd/is_the_wallet_app_buggy_for_anyone_else_crashes/
https://www.reddit.com/Crypto_com/comments/gkduf8/unable_to_add_a_wallet_to_withdraw_funds/
https://www.reddit.com/Crypto_com/comments/cpaj2y/issues_with_crypto_invest_portfolio_and/
https://www.reddit.com/Crypto_com/comments/ceu0vd/1130pm_hkt_update_withdrawals_and_deposits_are/
https://www.reddit.com/Crypto_com/comments/gi62j3/missing_cro_sending_to_the_exchange/
https://www.reddit.com/Crypto_com/comments/d6qjtb/thank_you/
https://www.reddit.com/Crypto_com/comments/gjx3xp/where_are_my_coins/
https://www.reddit.com/Crypto_com/comments/ffiz9x/transfer_bch/
https://www.reddit.com/Crypto_com/comments/f7se85/usdt_delisted_on_cryptocom/
https://www.reddit.com/Crypto_com/comments/dw8vmn/my_funds_are_being_held_hostage_by_cryptocom_yes/
https://www.reddit.com/Crypto_com/comments/clg9r2/cryptocom_is_just_a_regular_bank_be_awared/
https://www.reddit.com/Crypto_com/comments/hqa0pm/btc_withdrawal_delay_5_hrs/
https://www.reddit.com/Crypto_com/comments/hmjq69/withdrawals_and_deposits_back_online/
https://www.reddit.com/Crypto_com/comments/hlro5y/ada_withdraw_erro
https://www.reddit.com/Crypto_com/comments/hlud4t/issues_since_app_update/
https://www.reddit.com/Crypto_com/comments/hlukqc/how_long_does_it_usually_take/
https://www.reddit.com/Crypto_com/comments/hm66xm/withdrawal_impossible/
https://www.reddit.com/Crypto_com/comments/hm81fj/no_bitcoin_withdrawals_since_saturday/
https://www.reddit.com/Crypto_com/comments/hm8irg/issue_with_withdrawing_eth/
https://www.reddit.com/Crypto_com/comments/hm8kn2/communication_near_to_0/
https://www.reddit.com/Crypto_com/comments/hmbo5a/cant_withdraw_any_bitcoin/
https://www.reddit.com/Crypto_com/comments/hikkx6/withdrawal_pending/
https://www.reddit.com/Crypto_com/comments/h91u4i/issues_on_cryptocom_app/
https://www.reddit.com/Crypto_com/comments/hb5fpusdt_withdrawal_from_exchange_doesnt_work_claims/
https://www.reddit.com/Crypto_com/comments/hdjrmz/keep_getting_a_withdrawal_erro
https://www.reddit.com/Crypto_com/comments/hebtyf/withdrawal_pending_taking_over_16_hours/
https://www.reddit.com/Crypto_com/comments/hgt61j/one_exchange_withdrawal_two_app_deposits/
https://www.reddit.com/Crypto_com/comments/htf578/withdrawal_dia_is_taking_8_hrs/
https://www.reddit.com/Crypto_com/comments/he151z/btc_withdrawal_delay/
CDC (Not resolved)
https://www.reddit.com/Crypto_com/comments/gx2oyo/pending_withdrawal/
https://www.reddit.com/Crypto_com/comments/gk8wlc/wont_let_me_buy_or_withdraw/
https://www.reddit.com/Crypto_com/comments/gh6v2c/usdc_withdrawing_to_external_address/
https://www.reddit.com/Crypto_com/comments/ggk51x/cryptocom_withdrawal/
https://www.reddit.com/Crypto_com/comments/g925xg/withdraw_blocked/
https://www.reddit.com/Crypto_com/comments/cfjess/withdraw_is_in_progress_from_23h/
https://www.reddit.com/Crypto_com/comments/gk8wlc/wont_let_me_buy_or_withdraw/
https://www.reddit.com/Crypto_com/comments/9xbi1c/withdrawals_delayed/
https://www.reddit.com/Crypto_com/comments/cga2eq/delayed_transfe
https://www.reddit.com/Crypto_com/comments/hd1to7/missing_funds_from_the_exchange_after_the/
https://www.reddit.com/Crypto_com/comments/grr4vh/crypto_wallet_scammed_me_beware/
https://www.reddit.com/Crypto_com/comments/cg5zfj/helpbnb_wallet_address_in_app_is_still_old_eth/
https://www.reddit.com/Crypto_com/comments/hrwpsq/btc_withdrawl_pending_for_24_hours_zero_custome
https://www.reddit.com/Crypto_com/comments/hpteje/how_to_withdraw_cro_from_the_exchange/
https://www.reddit.com/Crypto_com/comments/hottg4/cryptocom_app_is_not_working/
https://www.reddit.com/Crypto_com/comments/ha8o7v/problem_with_the_2fa_need_help_pls/
https://www.reddit.com/Crypto_com/comments/he3qco/btc_withdraw_pending_post_7_hours/
https://www.reddit.com/Crypto_com/comments/he45kj/withdrawal_stuck/
https://www.reddit.com/Crypto_com/comments/heb85q/btc_withdraw_pending_72_hours_now/
https://www.reddit.com/Crypto_com/comments/hhqruv/withdrawal_from_cryptocom_wallet_to_cryptocom_app/
https://www.reddit.com/Crypto_com/comments/hihl04/i_cant_withdraw_whats_happening/

Celsius (Resolved)
https://www.reddit.com/CelsiusNetwork/comments/gantb4/withdraw_delay/fp11iut/?context=3
https://www.reddit.com/CelsiusNetwork/comments/gb7c4t/withdrawal_still_pending_only_for_btc/fp4wmc3/?context=3
https://www.reddit.com/CelsiusNetwork/comments/gncvj9/my_withdraw_experience_with_celsius_network/
https://www.reddit.com/CelsiusNetwork/comments/fk844a/over_20k_withdrawals_processing_time/
https://www.reddit.com/CelsiusNetwork/comments/fhftgh/where_do_i_find_pending_or_past_withdrawals/
https://www.reddit.com/CelsiusNetwork/comments/epl29a/cant_withdraw_my_deposited_sai_as_a_texas_resident/
https://www.reddit.com/CelsiusNetwork/comments/dn0vg2/problem_withdrawing_eth_from_celsius_account/
https://www.reddit.com/CelsiusNetwork/comments/cw00t5/not_receiving_withdrawal_confirmation_email/
https://www.reddit.com/CelsiusNetwork/comments/ci3h6w/eth_withdrawal_appears_as_an_internal_transaction/
https://www.reddit.com/CelsiusNetwork/comments/c2w5gk/unable_to_withdraw_anything_from_the_app/
https://www.reddit.com/CelsiusNetwork/comments/br2v75/how_do_i_withdraw_the_interest/
https://www.reddit.com/CelsiusNetwork/comments/bqynbv/unable_to_withdraw_full_account_balance/
https://www.reddit.com/CelsiusNetwork/comments/a9d2vj/withdrawals_of_any_currency_are_not_currently/
https://www.reddit.com/CelsiusNetwork/comments/gfby9l/celsius_fixed_my_deposit_issue/fpw51u3/?context=3
https://www.reddit.com/CelsiusNetwork/comments/g9oiea/deposit_missing/
https://www.reddit.com/CelsiusNetwork/comments/dkb55t/deposit_not_showing_up/
https://www.reddit.com/CelsiusNetwork/comments/eudo3n/not_receiving_deposited_bitcoin/
https://www.reddit.com/CelsiusNetwork/comments/gepzpp/all_good_all_fix/
https://www.reddit.com/CelsiusNetwork/comments/hf334d/withdrawal_issue_trueusd_tusd_stable_coin/
https://www.reddit.com/CelsiusNetwork/comments/hiriqz/celsius_is_witholding_my_crypto/
https://www.reddit.com/CelsiusNetwork/comments/hjv0io/dai_withdrawal_pending_for_24hrs_subsequently/
https://www.reddit.com/CelsiusNetwork/comments/hme5xm/its_been_more_than_3_days_of_withdrawing_my_usdc/
https://www.reddit.com/CelsiusNetwork/comments/hvi45o/eth_and_cel_good_on_etherscan_not_show_in_app/
Celsius (Not resolved)
https://www.reddit.com/CelsiusNetwork/comments/fbpnw4/why_this_app_shutdown_when_we_try_to_change/
https://www.reddit.com/CelsiusNetwork/comments/f7i2f3/withdrawal_issues/
https://www.reddit.com/CelsiusNetwork/comments/f4ptd7/cant_get_my_crypto_not_getting_withdrawal_emails/
https://www.reddit.com/CelsiusNetwork/comments/ea3hi5/eth_withdrawal_made_from_a_smart_contract/
https://www.reddit.com/CelsiusNetwork/comments/cb08he/can_you_withdraw_to_a_bech32_btc_address/
https://www.reddit.com/CelsiusNetwork/comments/c8yovc/minimum_withdraws/
https://www.reddit.com/CelsiusNetwork/comments/bqqiqg/i_cant_withdraw_my_eth/
https://www.reddit.com/CelsiusNetwork/comments/askghy/what_is_the_withdrawal_fees_service_told_me_there/
https://www.reddit.com/CelsiusNetwork/comments/gtjoc9/btc_withdraw_transaction_still_pensing_after_1_day/
https://www.reddit.com/CelsiusNetwork/comments/g9f7ym/stolen_or_lost_deposits_hold_off_on_transferring/
https://www.reddit.com/CelsiusNetwork/comments/gf8v3i/mcdai_deposit_pending_for_days/
https://www.reddit.com/CelsiusNetwork/comments/d1sc3q/eth_deposit_address_is_a_contract_address/
https://www.reddit.com/CelsiusNetwork/comments/ca2wpd/warning_celsius_does_lock_up_your_funds/
https://www.reddit.com/CelsiusNetwork/comments/hnu53f/is_anyone_else_having_trouble_withdrawing_xrp/
https://www.reddit.com/CelsiusNetwork/comments/hv2czp/celsius_received_thousands_of_dollars_of_my_funds/

Nexo (Resolved)
https://www.reddit.com/Nexo/comments/gixzgu/cant_deposit_or_withdraw_stablecoins_right_now/
https://www.reddit.com/Nexo/comments/flshbb/my_withdraw_was_rejected/
https://www.reddit.com/Nexo/comments/fiit3u/nexo_withdrawal/
https://www.reddit.com/Nexo/comments/e2ij06/withdrawal_problems/
https://www.reddit.com/Nexo/comments/fhgmxg/missing_deposit/
https://www.reddit.com/Nexo/comments/f3z9kq/account_showing_no_balance/
https://www.reddit.com/Nexo/comments/gj3ub0/bnb_withdrawals/
https://www.reddit.com/Nexo/comments/hlxpnd/i_made_an_eth_deposit_36_hours_ago_the_txid_shows/
Nexo (Not resolved)
https://www.reddit.com/Nexo/comments/dpvrgj/nexo_withdrawal_pending_1_day/
https://www.reddit.com/Nexo/comments/dno3up/withdrawal_email_confirmation/
https://www.reddit.com/Nexo/comments/dm6nn9/withdraw_from_binance_dex/
https://www.reddit.com/Nexo/comments/c67gis/anyone_else_having_problems_with_loan_withdrawals/
submitted by thegoldlust to Crypto_com [link] [comments]

Why i’m bullish on Zilliqa (long read)

Edit: TL;DR added in the comments
 
Hey all, I've been researching coins since 2017 and have gone through 100s of them in the last 3 years. I got introduced to blockchain via Bitcoin of course, analyzed Ethereum thereafter and from that moment I have a keen interest in smart contact platforms. I’m passionate about Ethereum but I find Zilliqa to have a better risk-reward ratio. Especially because Zilliqa has found an elegant balance between being secure, decentralized and scalable in my opinion.
 
Below I post my analysis of why from all the coins I went through I’m most bullish on Zilliqa (yes I went through Tezos, EOS, NEO, VeChain, Harmony, Algorand, Cardano etc.). Note that this is not investment advice and although it's a thorough analysis there is obviously some bias involved. Looking forward to what you all think!
 
Fun fact: the name Zilliqa is a play on ‘silica’ silicon dioxide which means “Silicon for the high-throughput consensus computer.”
 
This post is divided into (i) Technology, (ii) Business & Partnerships, and (iii) Marketing & Community. I’ve tried to make the technology part readable for a broad audience. If you’ve ever tried understanding the inner workings of Bitcoin and Ethereum you should be able to grasp most parts. Otherwise, just skim through and once you are zoning out head to the next part.
 
Technology and some more:
 
Introduction
 
The technology is one of the main reasons why I’m so bullish on Zilliqa. First thing you see on their website is: “Zilliqa is a high-performance, high-security blockchain platform for enterprises and next-generation applications.” These are some bold statements.
 
Before we deep dive into the technology let’s take a step back in time first as they have quite the history. The initial research paper from which Zilliqa originated dates back to August 2016: Elastico: A Secure Sharding Protocol For Open Blockchains where Loi Luu (Kyber Network) is one of the co-authors. Other ideas that led to the development of what Zilliqa has become today are: Bitcoin-NG, collective signing CoSi, ByzCoin and Omniledger.
 
The technical white paper was made public in August 2017 and since then they have achieved everything stated in the white paper and also created their own open source intermediate level smart contract language called Scilla (functional programming language similar to OCaml) too.
 
Mainnet is live since the end of January 2019 with daily transaction rates growing continuously. About a week ago mainnet reached 5 million transactions, 500.000+ addresses in total along with 2400 nodes keeping the network decentralized and secure. Circulating supply is nearing 11 billion and currently only mining rewards are left. The maximum supply is 21 billion with annual inflation being 7.13% currently and will only decrease with time.
 
Zilliqa realized early on that the usage of public cryptocurrencies and smart contracts were increasing but decentralized, secure, and scalable alternatives were lacking in the crypto space. They proposed to apply sharding onto a public smart contract blockchain where the transaction rate increases almost linear with the increase in the amount of nodes. More nodes = higher transaction throughput and increased decentralization. Sharding comes in many forms and Zilliqa uses network-, transaction- and computational sharding. Network sharding opens up the possibility of using transaction- and computational sharding on top. Zilliqa does not use state sharding for now. We’ll come back to this later.
 
Before we continue dissecting how Zilliqa achieves such from a technological standpoint it’s good to keep in mind that a blockchain being decentralised and secure and scalable is still one of the main hurdles in allowing widespread usage of decentralised networks. In my opinion this needs to be solved first before blockchains can get to the point where they can create and add large scale value. So I invite you to read the next section to grasp the underlying fundamentals. Because after all these premises need to be true otherwise there isn’t a fundamental case to be bullish on Zilliqa, right?
 
Down the rabbit hole
 
How have they achieved this? Let’s define the basics first: key players on Zilliqa are the users and the miners. A user is anybody who uses the blockchain to transfer funds or run smart contracts. Miners are the (shard) nodes in the network who run the consensus protocol and get rewarded for their service in Zillings (ZIL). The mining network is divided into several smaller networks called shards, which is also referred to as ‘network sharding’. Miners subsequently are randomly assigned to a shard by another set of miners called DS (Directory Service) nodes. The regular shards process transactions and the outputs of these shards are eventually combined by the DS shard as they reach consensus on the final state. More on how these DS shards reach consensus (via pBFT) will be explained later on.
 
The Zilliqa network produces two types of blocks: DS blocks and Tx blocks. One DS Block consists of 100 Tx Blocks. And as previously mentioned there are two types of nodes concerned with reaching consensus: shard nodes and DS nodes. Becoming a shard node or DS node is being defined by the result of a PoW cycle (Ethash) at the beginning of the DS Block. All candidate mining nodes compete with each other and run the PoW (Proof-of-Work) cycle for 60 seconds and the submissions achieving the highest difficulty will be allowed on the network. And to put it in perspective: the average difficulty for one DS node is ~ 2 Th/s equaling 2.000.000 Mh/s or 55 thousand+ GeForce GTX 1070 / 8 GB GPUs at 35.4 Mh/s. Each DS Block 10 new DS nodes are allowed. And a shard node needs to provide around 8.53 GH/s currently (around 240 GTX 1070s). Dual mining ETH/ETC and ZIL is possible and can be done via mining software such as Phoenix and Claymore. There are pools and if you have large amounts of hashing power (Ethash) available you could mine solo.
 
The PoW cycle of 60 seconds is a peak performance and acts as an entry ticket to the network. The entry ticket is called a sybil resistance mechanism and makes it incredibly hard for adversaries to spawn lots of identities and manipulate the network with these identities. And after every 100 Tx Blocks which corresponds to roughly 1,5 hour this PoW process repeats. In between these 1,5 hour, no PoW needs to be done meaning Zilliqa’s energy consumption to keep the network secure is low. For more detailed information on how mining works click here.
Okay, hats off to you. You have made it this far. Before we go any deeper down the rabbit hole we first must understand why Zilliqa goes through all of the above technicalities and understand a bit more what a blockchain on a more fundamental level is. Because the core of Zilliqa’s consensus protocol relies on the usage of pBFT (practical Byzantine Fault Tolerance) we need to know more about state machines and their function. Navigate to Viewblock, a Zilliqa block explorer, and just come back to this article. We will use this site to navigate through a few concepts.
 
We have established that Zilliqa is a public and distributed blockchain. Meaning that everyone with an internet connection can send ZILs, trigger smart contracts, etc. and there is no central authority who fully controls the network. Zilliqa and other public and distributed blockchains (like Bitcoin and Ethereum) can also be defined as state machines.
 
Taking the liberty of paraphrasing examples and definitions given by Samuel Brooks’ medium article, he describes the definition of a blockchain (like Zilliqa) as: “A peer-to-peer, append-only datastore that uses consensus to synchronize cryptographically-secure data”.
 
Next, he states that: "blockchains are fundamentally systems for managing valid state transitions”. For some more context, I recommend reading the whole medium article to get a better grasp of the definitions and understanding of state machines. Nevertheless, let’s try to simplify and compile it into a single paragraph. Take traffic lights as an example: all its states (red, amber, and green) are predefined, all possible outcomes are known and it doesn’t matter if you encounter the traffic light today or tomorrow. It will still behave the same. Managing the states of a traffic light can be done by triggering a sensor on the road or pushing a button resulting in one traffic lights’ state going from green to red (via amber) and another light from red to green.
 
With public blockchains like Zilliqa, this isn’t so straightforward and simple. It started with block #1 almost 1,5 years ago and every 45 seconds or so a new block linked to the previous block is being added. Resulting in a chain of blocks with transactions in it that everyone can verify from block #1 to the current #647.000+ block. The state is ever changing and the states it can find itself in are infinite. And while the traffic light might work together in tandem with various other traffic lights, it’s rather insignificant comparing it to a public blockchain. Because Zilliqa consists of 2400 nodes who need to work together to achieve consensus on what the latest valid state is while some of these nodes may have latency or broadcast issues, drop offline or are deliberately trying to attack the network, etc.
 
Now go back to the Viewblock page take a look at the amount of transaction, addresses, block and DS height and then hit refresh. Obviously as expected you see new incremented values on one or all parameters. And how did the Zilliqa blockchain manage to transition from a previous valid state to the latest valid state? By using pBFT to reach consensus on the latest valid state.
 
After having obtained the entry ticket, miners execute pBFT to reach consensus on the ever-changing state of the blockchain. pBFT requires a series of network communication between nodes, and as such there is no GPU involved (but CPU). Resulting in the total energy consumed to keep the blockchain secure, decentralized and scalable being low.
 
pBFT stands for practical Byzantine Fault Tolerance and is an optimization on the Byzantine Fault Tolerant algorithm. To quote Blockonomi: “In the context of distributed systems, Byzantine Fault Tolerance is the ability of a distributed computer network to function as desired and correctly reach a sufficient consensus despite malicious components (nodes) of the system failing or propagating incorrect information to other peers.” Zilliqa is such a distributed computer network and depends on the honesty of the nodes (shard and DS) to reach consensus and to continuously update the state with the latest block. If pBFT is a new term for you I can highly recommend the Blockonomi article.
 
The idea of pBFT was introduced in 1999 - one of the authors even won a Turing award for it - and it is well researched and applied in various blockchains and distributed systems nowadays. If you want more advanced information than the Blockonomi link provides click here. And if you’re in between Blockonomi and the University of Singapore read the Zilliqa Design Story Part 2 dating from October 2017.
Quoting from the Zilliqa tech whitepaper: “pBFT relies upon a correct leader (which is randomly selected) to begin each phase and proceed when the sufficient majority exists. In case the leader is byzantine it can stall the entire consensus protocol. To address this challenge, pBFT offers a view change protocol to replace the byzantine leader with another one.”
 
pBFT can tolerate ⅓ of the nodes being dishonest (offline counts as Byzantine = dishonest) and the consensus protocol will function without stalling or hiccups. Once there are more than ⅓ of dishonest nodes but no more than ⅔ the network will be stalled and a view change will be triggered to elect a new DS leader. Only when more than ⅔ of the nodes are dishonest (66%) double-spend attacks become possible.
 
If the network stalls no transactions can be processed and one has to wait until a new honest leader has been elected. When the mainnet was just launched and in its early phases, view changes happened regularly. As of today the last stalling of the network - and view change being triggered - was at the end of October 2019.
 
Another benefit of using pBFT for consensus besides low energy is the immediate finality it provides. Once your transaction is included in a block and the block is added to the chain it’s done. Lastly, take a look at this article where three types of finality are being defined: probabilistic, absolute and economic finality. Zilliqa falls under the absolute finality (just like Tendermint for example). Although lengthy already we skipped through some of the inner workings from Zilliqa’s consensus: read the Zilliqa Design Story Part 3 and you will be close to having a complete picture on it. Enough about PoW, sybil resistance mechanism, pBFT, etc. Another thing we haven’t looked at yet is the amount of decentralization.
 
Decentralisation
 
Currently, there are four shards, each one of them consisting of 600 nodes. 1 shard with 600 so-called DS nodes (Directory Service - they need to achieve a higher difficulty than shard nodes) and 1800 shard nodes of which 250 are shard guards (centralized nodes controlled by the team). The amount of shard guards has been steadily declining from 1200 in January 2019 to 250 as of May 2020. On the Viewblock statistics, you can see that many of the nodes are being located in the US but those are only the (CPU parts of the) shard nodes who perform pBFT. There is no data from where the PoW sources are coming. And when the Zilliqa blockchain starts reaching its transaction capacity limit, a network upgrade needs to be executed to lift the current cap of maximum 2400 nodes to allow more nodes and formation of more shards which will allow to network to keep on scaling according to demand.
Besides shard nodes there are also seed nodes. The main role of seed nodes is to serve as direct access points (for end-users and clients) to the core Zilliqa network that validates transactions. Seed nodes consolidate transaction requests and forward these to the lookup nodes (another type of nodes) for distribution to the shards in the network. Seed nodes also maintain the entire transaction history and the global state of the blockchain which is needed to provide services such as block explorers. Seed nodes in the Zilliqa network are comparable to Infura on Ethereum.
 
The seed nodes were first only operated by Zilliqa themselves, exchanges and Viewblock. Operators of seed nodes like exchanges had no incentive to open them for the greater public. They were centralised at first. Decentralisation at the seed nodes level has been steadily rolled out since March 2020 ( Zilliqa Improvement Proposal 3 ). Currently the amount of seed nodes is being increased, they are public-facing and at the same time PoS is applied to incentivize seed node operators and make it possible for ZIL holders to stake and earn passive yields. Important distinction: seed nodes are not involved with consensus! That is still PoW as entry ticket and pBFT for the actual consensus.
 
5% of the block rewards are being assigned to seed nodes (from the beginning in 2019) and those are being used to pay out ZIL stakers. The 5% block rewards with an annual yield of 10.03% translate to roughly 610 MM ZILs in total that can be staked. Exchanges use the custodial variant of staking and wallets like Moonlet will use the non-custodial version (starting in Q3 2020). Staking is being done by sending ZILs to a smart contract created by Zilliqa and audited by Quantstamp.
 
With a high amount of DS; shard nodes and seed nodes becoming more decentralized too, Zilliqa qualifies for the label of decentralized in my opinion.
 
Smart contracts
 
Let me start by saying I’m not a developer and my programming skills are quite limited. So I‘m taking the ELI5 route (maybe 12) but if you are familiar with Javascript, Solidity or specifically OCaml please head straight to Scilla - read the docs to get a good initial grasp of how Zilliqa’s smart contract language Scilla works and if you ask yourself “why another programming language?” check this article. And if you want to play around with some sample contracts in an IDE click here. The faucet can be found here. And more information on architecture, dapp development and API can be found on the Developer Portal.
If you are more into listening and watching: check this recent webinar explaining Zilliqa and Scilla. Link is time-stamped so you’ll start right away with a platform introduction, roadmap 2020 and afterwards a proper Scilla introduction.
 
Generalized: programming languages can be divided into being ‘object-oriented’ or ‘functional’. Here is an ELI5 given by software development academy: * “all programs have two basic components, data – what the program knows – and behavior – what the program can do with that data. So object-oriented programming states that combining data and related behaviors in one place, is called “object”, which makes it easier to understand how a particular program works. On the other hand, functional programming argues that data and behavior are different things and should be separated to ensure their clarity.” *
 
Scilla is on the functional side and shares similarities with OCaml: OCaml is a general-purpose programming language with an emphasis on expressiveness and safety. It has an advanced type system that helps catch your mistakes without getting in your way. It's used in environments where a single mistake can cost millions and speed matters, is supported by an active community, and has a rich set of libraries and development tools. For all its power, OCaml is also pretty simple, which is one reason it's often used as a teaching language.
 
Scilla is blockchain agnostic, can be implemented onto other blockchains as well, is recognized by academics and won a so-called Distinguished Artifact Award award at the end of last year.
 
One of the reasons why the Zilliqa team decided to create their own programming language focused on preventing smart contract vulnerabilities is that adding logic on a blockchain, programming, means that you cannot afford to make mistakes. Otherwise, it could cost you. It’s all great and fun blockchains being immutable but updating your code because you found a bug isn’t the same as with a regular web application for example. And with smart contracts, it inherently involves cryptocurrencies in some form thus value.
 
Another difference with programming languages on a blockchain is gas. Every transaction you do on a smart contract platform like Zilliqa or Ethereum costs gas. With gas you basically pay for computational costs. Sending a ZIL from address A to address B costs 0.001 ZIL currently. Smart contracts are more complex, often involve various functions and require more gas (if gas is a new concept click here ).
 
So with Scilla, similar to Solidity, you need to make sure that “every function in your smart contract will run as expected without hitting gas limits. An improper resource analysis may lead to situations where funds may get stuck simply because a part of the smart contract code cannot be executed due to gas limits. Such constraints are not present in traditional software systems”. Scilla design story part 1
 
Some examples of smart contract issues you’d want to avoid are: leaking funds, ‘unexpected changes to critical state variables’ (example: someone other than you setting his or her address as the owner of the smart contract after creation) or simply killing a contract.
 
Scilla also allows for formal verification. Wikipedia to the rescue: In the context of hardware and software systems, formal verification is the act of proving or disproving the correctness of intended algorithms underlying a system with respect to a certain formal specification or property, using formal methods of mathematics.
 
Formal verification can be helpful in proving the correctness of systems such as: cryptographic protocols, combinational circuits, digital circuits with internal memory, and software expressed as source code.
 
Scilla is being developed hand-in-hand with formalization of its semantics and its embedding into the Coq proof assistant — a state-of-the art tool for mechanized proofs about properties of programs.”
 
Simply put, with Scilla and accompanying tooling developers can be mathematically sure and proof that the smart contract they’ve written does what he or she intends it to do.
 
Smart contract on a sharded environment and state sharding
 
There is one more topic I’d like to touch on: smart contract execution in a sharded environment (and what is the effect of state sharding). This is a complex topic. I’m not able to explain it any easier than what is posted here. But I will try to compress the post into something easy to digest.
 
Earlier on we have established that Zilliqa can process transactions in parallel due to network sharding. This is where the linear scalability comes from. We can define simple transactions: a transaction from address A to B (Category 1), a transaction where a user interacts with one smart contract (Category 2) and the most complex ones where triggering a transaction results in multiple smart contracts being involved (Category 3). The shards are able to process transactions on their own without interference of the other shards. With Category 1 transactions that is doable, with Category 2 transactions sometimes if that address is in the same shard as the smart contract but with Category 3 you definitely need communication between the shards. Solving that requires to make a set of communication rules the protocol needs to follow in order to process all transactions in a generalised fashion.
 
And this is where the downsides of state sharding comes in currently. All shards in Zilliqa have access to the complete state. Yes the state size (0.1 GB at the moment) grows and all of the nodes need to store it but it also means that they don’t need to shop around for information available on other shards. Requiring more communication and adding more complexity. Computer science knowledge and/or developer knowledge required links if you want to dig further: Scilla - language grammar Scilla - Foundations for Verifiable Decentralised Computations on a Blockchain Gas Accounting NUS x Zilliqa: Smart contract language workshop
 
Easier to follow links on programming Scilla https://learnscilla.com/home Ivan on Tech
 
Roadmap / Zilliqa 2.0
 
There is no strict defined roadmap but here are topics being worked on. And via the Zilliqa website there is also more information on the projects they are working on.
 
Business & Partnerships
 
It’s not only technology in which Zilliqa seems to be excelling as their ecosystem has been expanding and starting to grow rapidly. The project is on a mission to provide OpenFinance (OpFi) to the world and Singapore is the right place to be due to its progressive regulations and futuristic thinking. Singapore has taken a proactive approach towards cryptocurrencies by introducing the Payment Services Act 2019 (PS Act). Among other things, the PS Act will regulate intermediaries dealing with certain cryptocurrencies, with a particular focus on consumer protection and anti-money laundering. It will also provide a stable regulatory licensing and operating framework for cryptocurrency entities, effectively covering all crypto businesses and exchanges based in Singapore. According to PWC 82% of the surveyed executives in Singapore reported blockchain initiatives underway and 13% of them have already brought the initiatives live to the market. There is also an increasing list of organizations that are starting to provide digital payment services. Moreover, Singaporean blockchain developers Building Cities Beyond has recently created an innovation $15 million grant to encourage development on its ecosystem. This all suggests that Singapore tries to position itself as (one of) the leading blockchain hubs in the world.
 
Zilliqa seems to already take advantage of this and recently helped launch Hg Exchange on their platform, together with financial institutions PhillipCapital, PrimePartners and Fundnel. Hg Exchange, which is now approved by the Monetary Authority of Singapore (MAS), uses smart contracts to represent digital assets. Through Hg Exchange financial institutions worldwide can use Zilliqa's safe-by-design smart contracts to enable the trading of private equities. For example, think of companies such as Grab, Airbnb, SpaceX that are not available for public trading right now. Hg Exchange will allow investors to buy shares of private companies & unicorns and capture their value before an IPO. Anquan, the main company behind Zilliqa, has also recently announced that they became a partner and shareholder in TEN31 Bank, which is a fully regulated bank allowing for tokenization of assets and is aiming to bridge the gap between conventional banking and the blockchain world. If STOs, the tokenization of assets, and equity trading will continue to increase, then Zilliqa’s public blockchain would be the ideal candidate due to its strategic positioning, partnerships, regulatory compliance and the technology that is being built on top of it.
 
What is also very encouraging is their focus on banking the un(der)banked. They are launching a stablecoin basket starting with XSGD. As many of you know, stablecoins are currently mostly used for trading. However, Zilliqa is actively trying to broaden the use case of stablecoins. I recommend everybody to read this text that Amrit Kumar wrote (one of the co-founders). These stablecoins will be integrated in the traditional markets and bridge the gap between the crypto world and the traditional world. This could potentially revolutionize and legitimise the crypto space if retailers and companies will for example start to use stablecoins for payments or remittances, instead of it solely being used for trading.
 
Zilliqa also released their DeFi strategic roadmap (dating November 2019) which seems to be aligning well with their OpFi strategy. A non-custodial DEX is coming to Zilliqa made by Switcheo which allows cross-chain trading (atomic swaps) between ETH, EOS and ZIL based tokens. They also signed a Memorandum of Understanding for a (soon to be announced) USD stablecoin. And as Zilliqa is all about regulations and being compliant, I’m speculating on it to be a regulated USD stablecoin. Furthermore, XSGD is already created and visible on block explorer and XIDR (Indonesian Stablecoin) is also coming soon via StraitsX. Here also an overview of the Tech Stack for Financial Applications from September 2019. Further quoting Amrit Kumar on this:
 
There are two basic building blocks in DeFi/OpFi though: 1) stablecoins as you need a non-volatile currency to get access to this market and 2) a dex to be able to trade all these financial assets. The rest are built on top of these blocks.
 
So far, together with our partners and community, we have worked on developing these building blocks with XSGD as a stablecoin. We are working on bringing a USD-backed stablecoin as well. We will soon have a decentralised exchange developed by Switcheo. And with HGX going live, we are also venturing into the tokenization space. More to come in the future.”
 
Additionally, they also have this ZILHive initiative that injects capital into projects. There have been already 6 waves of various teams working on infrastructure, innovation and research, and they are not from ASEAN or Singapore only but global: see Grantees breakdown by country. Over 60 project teams from over 20 countries have contributed to Zilliqa's ecosystem. This includes individuals and teams developing wallets, explorers, developer toolkits, smart contract testing frameworks, dapps, etc. As some of you may know, Unstoppable Domains (UD) blew up when they launched on Zilliqa. UD aims to replace cryptocurrency addresses with a human-readable name and allows for uncensorable websites. Zilliqa will probably be the only one able to handle all these transactions onchain due to ability to scale and its resulting low fees which is why the UD team launched this on Zilliqa in the first place. Furthermore, Zilliqa also has a strong emphasis on security, compliance, and privacy, which is why they partnered with companies like Elliptic, ChainSecurity (part of PwC Switzerland), and Incognito. Their sister company Aqilliz (Zilliqa spelled backwards) focuses on revolutionizing the digital advertising space and is doing interesting things like using Zilliqa to track outdoor digital ads with companies like Foodpanda.
 
Zilliqa is listed on nearly all major exchanges, having several different fiat-gateways and recently have been added to Binance’s margin trading and futures trading with really good volume. They also have a very impressive team with good credentials and experience. They don't just have “tech people”. They have a mix of tech people, business people, marketeers, scientists, and more. Naturally, it's good to have a mix of people with different skill sets if you work in the crypto space.
 
Marketing & Community
 
Zilliqa has a very strong community. If you just follow their Twitter their engagement is much higher for a coin that has approximately 80k followers. They also have been ‘coin of the day’ by LunarCrush many times. LunarCrush tracks real-time cryptocurrency value and social data. According to their data, it seems Zilliqa has a more fundamental and deeper understanding of marketing and community engagement than almost all other coins. While almost all coins have been a bit frozen in the last months, Zilliqa seems to be on its own bull run. It was somewhere in the 100s a few months ago and is currently ranked #46 on CoinGecko. Their official Telegram also has over 20k people and is very active, and their community channel which is over 7k now is more active and larger than many other official channels. Their local communities also seem to be growing.
 
Moreover, their community started ‘Zillacracy’ together with the Zilliqa core team ( see www.zillacracy.com ). It’s a community-run initiative where people from all over the world are now helping with marketing and development on Zilliqa. Since its launch in February 2020 they have been doing a lot and will also run their own non-custodial seed node for staking. This seed node will also allow them to start generating revenue for them to become a self sustaining entity that could potentially scale up to become a decentralized company working in parallel with the Zilliqa core team. Comparing it to all the other smart contract platforms (e.g. Cardano, EOS, Tezos etc.) they don't seem to have started a similar initiative (correct me if I’m wrong though). This suggests in my opinion that these other smart contract platforms do not fully understand how to utilize the ‘power of the community’. This is something you cannot ‘buy with money’ and gives many projects in the space a disadvantage.
 
Zilliqa also released two social products called SocialPay and Zeeves. SocialPay allows users to earn ZILs while tweeting with a specific hashtag. They have recently used it in partnership with the Singapore Red Cross for a marketing campaign after their initial pilot program. It seems like a very valuable social product with a good use case. I can see a lot of traditional companies entering the space through this product, which they seem to suggest will happen. Tokenizing hashtags with smart contracts to get network effect is a very smart and innovative idea.
 
Regarding Zeeves, this is a tipping bot for Telegram. They already have 1000s of signups and they plan to keep upgrading it for more and more people to use it (e.g. they recently have added a quiz features). They also use it during AMAs to reward people in real-time. It’s a very smart approach to grow their communities and get familiar with ZIL. I can see this becoming very big on Telegram. This tool suggests, again, that the Zilliqa team has a deeper understanding of what the crypto space and community needs and is good at finding the right innovative tools to grow and scale.
 
To be honest, I haven’t covered everything (i’m also reaching the character limited haha). So many updates happening lately that it's hard to keep up, such as the International Monetary Fund mentioning Zilliqa in their report, custodial and non-custodial Staking, Binance Margin, Futures, Widget, entering the Indian market, and more. The Head of Marketing Colin Miles has also released this as an overview of what is coming next. And last but not least, Vitalik Buterin has been mentioning Zilliqa lately acknowledging Zilliqa and mentioning that both projects have a lot of room to grow. There is much more info of course and a good part of it has been served to you on a silver platter. I invite you to continue researching by yourself :-) And if you have any comments or questions please post here!
submitted by haveyouheardaboutit to CryptoCurrency [link] [comments]

Where's My Money? Deposits And Withdrawals At Blockfi, Celsius, Crypto.Com And Nexo Compared

Does your crypto show up in your account? And can you get it back? Looking through 100+ complaints about deposits and withdrawals, the insights are obvious but good to know...
- They require additional information like tags (XRP, XLM)
- Had major software changes (BCH, BNB, DAI / MCD, ADA)
So if you're going to move one of these coins, make sure to not forget the extra information or wait a few weeks after the change (to give these companies time to get caught up).
Raw data is below, organized by company and whether it seems the complaint was resolved. Some important notes to consider
  1. Posts about waiting a few hours for a transaction to complete were not counted. Many times (most of the time?) when it takes more than 20 minutes, nothing is broken. E.g. High gas fees on the ethereum network will mean slower processing times for stable coins and other ERC-20 tokens. Less popular tokens, like GUSD, might require people manually going into cold storage. Large (> $30,000 USD) transactions require additional verification. If it takes > 8 hours then yes something is not right. And you should email support and start posting. Otherwise sit tight.
  2. Comments from different people on the same post saying they have the same problem were not counted for "scores". Most of these comments don't add useful information and make it harder to collect the data.
  3. Posts about fiat belong to a different category because a very different set of skills and software features are needed to safely move around dollars, euros, etc. This post is about whether or not your coins are likely to get lost or be unreachable.
  4. I asked "Did this get fixed?" to a lot of people who posted about problems. Not only to see how things turned out. Also to generate a possible data point about the quality of the post. I.e. Trolls and other "special" people venting online can be identified by not bothering to follow up or respond to questions. I also hope this encourages people to not forget to follow up a few weeks later and share a final outcome - good or bad.
Company Resolved Total complaints
BlockFi 50% 2 resolved, 2 not resolved
CDC 58% 29 resolved, 21 not resolved
Celsius 61% 23 resolved, 15 not resolved
Nexo 67% 8 resolved, 4 not resolved
BlockFi (Resolved)
https://www.reddit.com/blockfi/comments/hbcxqq/withdrawal_pending/
https://www.reddit.com/blockfi/comments/dkpy38/tx_confirmed_but_no_deposit/
BlockFi (Not resolved)
https://www.reddit.com/blockfi/comments/gvnbz0/withdrawal_of_large_requires_id_and_facial_scan/
https://www.reddit.com/blockfi/comments/hwqin8/refused_withdrawal_due_to_kyc/

CDC (Resolved)
https://www.reddit.com/Crypto_com/comments/grjphd/is_the_wallet_app_buggy_for_anyone_else_crashes/
https://www.reddit.com/Crypto_com/comments/gkduf8/unable_to_add_a_wallet_to_withdraw_funds/
https://www.reddit.com/Crypto_com/comments/cpaj2y/issues_with_crypto_invest_portfolio_and/
https://www.reddit.com/Crypto_com/comments/ceu0vd/1130pm_hkt_update_withdrawals_and_deposits_are/
https://www.reddit.com/Crypto_com/comments/gi62j3/missing_cro_sending_to_the_exchange/
https://www.reddit.com/Crypto_com/comments/d6qjtb/thank_you/
https://www.reddit.com/Crypto_com/comments/gjx3xp/where_are_my_coins/
https://www.reddit.com/Crypto_com/comments/ffiz9x/transfer_bch/
https://www.reddit.com/Crypto_com/comments/f7se85/usdt_delisted_on_cryptocom/
https://www.reddit.com/Crypto_com/comments/dw8vmn/my_funds_are_being_held_hostage_by_cryptocom_yes/
https://www.reddit.com/Crypto_com/comments/clg9r2/cryptocom_is_just_a_regular_bank_be_awared/
https://www.reddit.com/Crypto_com/comments/hqa0pm/btc_withdrawal_delay_5_hrs/
https://www.reddit.com/Crypto_com/comments/hmjq69/withdrawals_and_deposits_back_online/
https://www.reddit.com/Crypto_com/comments/hlro5y/ada_withdraw_erro
https://www.reddit.com/Crypto_com/comments/hlud4t/issues_since_app_update/
https://www.reddit.com/Crypto_com/comments/hlukqc/how_long_does_it_usually_take/
https://www.reddit.com/Crypto_com/comments/hm66xm/withdrawal_impossible/
https://www.reddit.com/Crypto_com/comments/hm81fj/no_bitcoin_withdrawals_since_saturday/
https://www.reddit.com/Crypto_com/comments/hm8irg/issue_with_withdrawing_eth/
https://www.reddit.com/Crypto_com/comments/hm8kn2/communication_near_to_0/
https://www.reddit.com/Crypto_com/comments/hmbo5a/cant_withdraw_any_bitcoin/
https://www.reddit.com/Crypto_com/comments/hikkx6/withdrawal_pending/
https://www.reddit.com/Crypto_com/comments/h91u4i/issues_on_cryptocom_app/
https://www.reddit.com/Crypto_com/comments/hb5fpusdt_withdrawal_from_exchange_doesnt_work_claims/
https://www.reddit.com/Crypto_com/comments/hdjrmz/keep_getting_a_withdrawal_erro
https://www.reddit.com/Crypto_com/comments/hebtyf/withdrawal_pending_taking_over_16_hours/
https://www.reddit.com/Crypto_com/comments/hgt61j/one_exchange_withdrawal_two_app_deposits/
https://www.reddit.com/Crypto_com/comments/htf578/withdrawal_dia_is_taking_8_hrs/
https://www.reddit.com/Crypto_com/comments/he151z/btc_withdrawal_delay/
CDC (Not resolved)
https://www.reddit.com/Crypto_com/comments/gx2oyo/pending_withdrawal/
https://www.reddit.com/Crypto_com/comments/gk8wlc/wont_let_me_buy_or_withdraw/
https://www.reddit.com/Crypto_com/comments/gh6v2c/usdc_withdrawing_to_external_address/
https://www.reddit.com/Crypto_com/comments/ggk51x/cryptocom_withdrawal/
https://www.reddit.com/Crypto_com/comments/g925xg/withdraw_blocked/
https://www.reddit.com/Crypto_com/comments/cfjess/withdraw_is_in_progress_from_23h/
https://www.reddit.com/Crypto_com/comments/gk8wlc/wont_let_me_buy_or_withdraw/
https://www.reddit.com/Crypto_com/comments/9xbi1c/withdrawals_delayed/
https://www.reddit.com/Crypto_com/comments/cga2eq/delayed_transfe
https://www.reddit.com/Crypto_com/comments/hd1to7/missing_funds_from_the_exchange_after_the/
https://www.reddit.com/Crypto_com/comments/grr4vh/crypto_wallet_scammed_me_beware/
https://www.reddit.com/Crypto_com/comments/cg5zfj/helpbnb_wallet_address_in_app_is_still_old_eth/
https://www.reddit.com/Crypto_com/comments/hrwpsq/btc_withdrawl_pending_for_24_hours_zero_custome
https://www.reddit.com/Crypto_com/comments/hpteje/how_to_withdraw_cro_from_the_exchange/
https://www.reddit.com/Crypto_com/comments/hottg4/cryptocom_app_is_not_working/
https://www.reddit.com/Crypto_com/comments/ha8o7v/problem_with_the_2fa_need_help_pls/
https://www.reddit.com/Crypto_com/comments/he3qco/btc_withdraw_pending_post_7_hours/
https://www.reddit.com/Crypto_com/comments/he45kj/withdrawal_stuck/
https://www.reddit.com/Crypto_com/comments/heb85q/btc_withdraw_pending_72_hours_now/
https://www.reddit.com/Crypto_com/comments/hhqruv/withdrawal_from_cryptocom_wallet_to_cryptocom_app/
https://www.reddit.com/Crypto_com/comments/hihl04/i_cant_withdraw_whats_happening/

Celsius (Resolved)
https://www.reddit.com/CelsiusNetwork/comments/gantb4/withdraw_delay/fp11iut/?context=3
https://www.reddit.com/CelsiusNetwork/comments/gb7c4t/withdrawal_still_pending_only_for_btc/fp4wmc3/?context=3
https://www.reddit.com/CelsiusNetwork/comments/gncvj9/my_withdraw_experience_with_celsius_network/
https://www.reddit.com/CelsiusNetwork/comments/fk844a/over_20k_withdrawals_processing_time/
https://www.reddit.com/CelsiusNetwork/comments/fhftgh/where_do_i_find_pending_or_past_withdrawals/
https://www.reddit.com/CelsiusNetwork/comments/epl29a/cant_withdraw_my_deposited_sai_as_a_texas_resident/
https://www.reddit.com/CelsiusNetwork/comments/dn0vg2/problem_withdrawing_eth_from_celsius_account/
https://www.reddit.com/CelsiusNetwork/comments/cw00t5/not_receiving_withdrawal_confirmation_email/
https://www.reddit.com/CelsiusNetwork/comments/ci3h6w/eth_withdrawal_appears_as_an_internal_transaction/
https://www.reddit.com/CelsiusNetwork/comments/c2w5gk/unable_to_withdraw_anything_from_the_app/
https://www.reddit.com/CelsiusNetwork/comments/br2v75/how_do_i_withdraw_the_interest/
https://www.reddit.com/CelsiusNetwork/comments/bqynbv/unable_to_withdraw_full_account_balance/
https://www.reddit.com/CelsiusNetwork/comments/a9d2vj/withdrawals_of_any_currency_are_not_currently/
https://www.reddit.com/CelsiusNetwork/comments/gfby9l/celsius_fixed_my_deposit_issue/fpw51u3/?context=3
https://www.reddit.com/CelsiusNetwork/comments/g9oiea/deposit_missing/
https://www.reddit.com/CelsiusNetwork/comments/dkb55t/deposit_not_showing_up/
https://www.reddit.com/CelsiusNetwork/comments/eudo3n/not_receiving_deposited_bitcoin/
https://www.reddit.com/CelsiusNetwork/comments/gepzpp/all_good_all_fix/
https://www.reddit.com/CelsiusNetwork/comments/hf334d/withdrawal_issue_trueusd_tusd_stable_coin/
https://www.reddit.com/CelsiusNetwork/comments/hiriqz/celsius_is_witholding_my_crypto/
https://www.reddit.com/CelsiusNetwork/comments/hjv0io/dai_withdrawal_pending_for_24hrs_subsequently/
https://www.reddit.com/CelsiusNetwork/comments/hme5xm/its_been_more_than_3_days_of_withdrawing_my_usdc/
https://www.reddit.com/CelsiusNetwork/comments/hvi45o/eth_and_cel_good_on_etherscan_not_show_in_app/
Celsius (Not resolved)
https://www.reddit.com/CelsiusNetwork/comments/fbpnw4/why_this_app_shutdown_when_we_try_to_change/
https://www.reddit.com/CelsiusNetwork/comments/f7i2f3/withdrawal_issues/
https://www.reddit.com/CelsiusNetwork/comments/f4ptd7/cant_get_my_crypto_not_getting_withdrawal_emails/
https://www.reddit.com/CelsiusNetwork/comments/ea3hi5/eth_withdrawal_made_from_a_smart_contract/
https://www.reddit.com/CelsiusNetwork/comments/cb08he/can_you_withdraw_to_a_bech32_btc_address/
https://www.reddit.com/CelsiusNetwork/comments/c8yovc/minimum_withdraws/
https://www.reddit.com/CelsiusNetwork/comments/bqqiqg/i_cant_withdraw_my_eth/
https://www.reddit.com/CelsiusNetwork/comments/askghy/what_is_the_withdrawal_fees_service_told_me_there/
https://www.reddit.com/CelsiusNetwork/comments/gtjoc9/btc_withdraw_transaction_still_pensing_after_1_day/
https://www.reddit.com/CelsiusNetwork/comments/g9f7ym/stolen_or_lost_deposits_hold_off_on_transferring/
https://www.reddit.com/CelsiusNetwork/comments/gf8v3i/mcdai_deposit_pending_for_days/
https://www.reddit.com/CelsiusNetwork/comments/d1sc3q/eth_deposit_address_is_a_contract_address/
https://www.reddit.com/CelsiusNetwork/comments/ca2wpd/warning_celsius_does_lock_up_your_funds/
https://www.reddit.com/CelsiusNetwork/comments/hnu53f/is_anyone_else_having_trouble_withdrawing_xrp/
https://www.reddit.com/CelsiusNetwork/comments/hv2czp/celsius_received_thousands_of_dollars_of_my_funds/

Nexo (Resolved)
https://www.reddit.com/Nexo/comments/gixzgu/cant_deposit_or_withdraw_stablecoins_right_now/
https://www.reddit.com/Nexo/comments/flshbb/my_withdraw_was_rejected/
https://www.reddit.com/Nexo/comments/fiit3u/nexo_withdrawal/
https://www.reddit.com/Nexo/comments/e2ij06/withdrawal_problems/
https://www.reddit.com/Nexo/comments/fhgmxg/missing_deposit/
https://www.reddit.com/Nexo/comments/f3z9kq/account_showing_no_balance/
https://www.reddit.com/Nexo/comments/gj3ub0/bnb_withdrawals/
https://www.reddit.com/Nexo/comments/hlxpnd/i_made_an_eth_deposit_36_hours_ago_the_txid_shows/
Nexo (Not resolved)
https://www.reddit.com/Nexo/comments/dpvrgj/nexo_withdrawal_pending_1_day/
https://www.reddit.com/Nexo/comments/dno3up/withdrawal_email_confirmation/
https://www.reddit.com/Nexo/comments/dm6nn9/withdraw_from_binance_dex/
https://www.reddit.com/Nexo/comments/c67gis/anyone_else_having_problems_with_loan_withdrawals/
submitted by thegoldlust to CelsiusNetwork [link] [comments]

[WRITEUP] Criticism of r/privacy and r/privacytoolsio moderation censorship and how Apple/Brave/Chrome/GrapheneOS cult armies are destroying privacy communities

Hello! I wanted to discuss this on the soon-to-come occasion of 400 subscribers (398 as I write this), but I guess I will do it now, since the time is just right. This is a long post, so embrace yourself. This is an untalked topic, and you will rarely, if ever, find a record or post about the same.
Censorship in privacy communities is ironic, especially when the communities stand as the biggest ones on reddit. A lot of voices either go silent by account deletion and reappearing as new usernames, or they never speak up since they have been effectively "banned" so have no representation. A lot of this can be easily credited to folks breaking rules, which moderation would claim is certainly a need to manage large public forums. However, there is a section of people who criticise the Apple/Brave/Chrome/GrapheneOS cult armies, and this is where the problem starts to rise.

THE FOUR CULT ANTI-PRIVACY ARMIES

APPLE

Apple cult armies are in denial of Apple devices being privacy nightmares due to being closed source blackboxes. These are good for no more than protecting your data from your nosy girlfriend or the neighbour computer whiz kid.
There is plenty of evidence that goes to prove why Apple devices are nightmares for privacy. This is a comprehensive list of links, images and articles for read:
https://gist.github.com/iosecure/357e724811fe04167332ef54e736670d
https://i.imgur.com/n8Bk0bA.jpg
Siri still recording conversations 9 months later despite Apple's promise to not do it: https://www.theregister.co.uk/2020/05/20/apple_siri_transcriptions/
Apple Mail vulnerability, and Apple's denial of acceptance of the flaw: https://9to5mac.com/2020/04/27/iphone-mail-vulnerabilities-2/
Apple sells certificates to third-party developers that allow them to track users: https://www.theatlantic.com/technology/archive/2019/01/apples-hypocritical-defense-data-privacy/581680/
Apple themselves were one of the main partners buying data from Facebook: https://www.nytimes.com/interactive/2018/06/03/technology/facebook-device-partners-users-friends-data.html
The San Ferdandino shooter thing was completely fraudulent: https://www.aclu.org/blog/privacy-technology/internet-privacy/one-fbis-major-claims-iphone-case-fraudulent
Louis Rossmann dismantles Apple's PR stunt "repair program": https://invidio.us/watch?v=rwgpTDluufY

Brave

Brave Browser is funded by DoD: https://np.reddit.com/privatelife/comments/fe34ls/exclusive_brave_browser_funded_by_dod_contracto
Brave traffic detected with Cryptocompare despite BAT rewards disabled: https://removeddit.com/privacytoolsIO/comments/gr8nue/
Brave also has a known history of whitelisting Facebook and Twitter trackers, and has a crippled adblocker that does not work on Brave's "acceptable" advertisements.
NEW EVIDENCE (June 6, 2020): Brave Browser hardcoded their crypto partner Binance referral links (https://twitter.com/cryptonator1337/status/1269201480105578496) alongwith Ledger and soon-to-be-compromised Coinbase (https://decrypt.co/31461/coinbase-wants-to-identify-bitcoin-users-for-dea-irs)

Chrome

These people are partly joint with the GrapheneOS cult, primarily due to its lead developer orchestrating all these things in hindsight and his followers purposely sharing his opinion garbage as "facts".
Most of this was debunked by u/saintjohnny (no longer on reddit) here: https://removeddit.com/firefox/comments/gokcis/
Ridiculous things like lead developer accusing firefox of being a "deployed" army against him and 4chan being used to harm his image: https://i.postimg.cc/3RwLT8Nj/Screenshot-from-2020-05-26-23-10-20.png

GrapheneOS

The moderator u trai_dep has taken his time to censor me off completely, so that none of my criticisms can be ever read about his dictatorial moderation and the GrapheneOS discussion I had with its lead developer, who at the end gave me plenty evidence about his rudeness, ironically which was against the rules of the subreddit.
https://removeddit.com/privacytoolsIO/comments/gs4uv7/_/fs2ysdm/
Criticism of GrapheneOS lies on one of his comments about OnePlus and Xiaomi apparently not making good enough devices: https://np.reddit.com/privacytoolsIO/comments/gs4uv7/i_dont_fully_trust_grapheneos/fs82fdv/
There is also the issue that he always claims Google Pixel 3/3a is a must with Titan M chip running non verifiable code that one has to rely on for Google's claim of being same as open sourced code, and that it does not have spyware. And he maintains his stand about developing the ROM exclusively for the Pixel devices, which also house Pixel Visual Core, a proprietary Google-only CPU+GPU unit independent of the Snapdragon SoC and with negligible documentation claimed "only" to be used for HDR+ camera algorithm processing. Google has had a history of lying with things like the Location History toggle, or their known data collection business and known relationship with NSA.

EVIDENCE RECORD

I have managed to collect and create what is an evidence record establishing the fact that select moderators either have some kind of agenda or are destroying the privacy community as a whole on the internet itself.
The below large part is a direct copy of the "Criticism of..." section in my Threat Model writeup in the sidebar.

OTHER ISSUES, CRITICISM OF MODERATION OF R_PRIVACY

Telling me that I am a burden to the subreddit is outright super offensive, in my most humble opinion. Moreover, they have a strong opinionated bias towards Apple (here too), however no reason to complain for their opinions if they talk outside /privacy and /privacytoolsIO where they moderate. Take the mod hat off if you want. To their credit, one of them did confirm they have a light threat model and primary goal is to thwart mass surveillance, around Level 3 in my book.
You will always be criticised for complaining about US and rationally judging Chinese technology, and effectively repeatedly banned by American moderators and muted from modmail everytime you complain about people personally name calling you "Chinese intelligence proponent" or "Chinese/Huawei plant" or "idiot".
I cannot make text posts anymore in that subreddit as of 11/02/2020.
Lots of evidence events happened followed after my smartphone guide linked above: https://imgur.com/a/TqOkQk6
In atomicratsen image, you can see proof of them allowing Sinophobic propaganda in the name of arguments, followed by the last image. So that is another thing allowed here.
Below comment is the admission of being lazy, incompetent and calling actual gilded contributor users "burden": https://np.reddit.com/privacy/comments/enoui9/5_reasons_not_to_use_whatsapp/fe6qgd7/ Just in case comment goes poof, screenshot.
Moreover, one of them made it clear in modmail that Sinophobic propaganda are "arguments" and will go uncriticised, likely patriotism owing to a global subreddit's moderation which seems unfair and caters not to all but to favouritism to a larger US/West EU audience on reddit, as said earlier:
The thing is, making an argument that China is shady is that: an argument. I mean, geez: Hong Kong. Enough said. So long as they're being civil about it, it's actually what this Sub is for.
Do you mention anything related to China or their products in your post? If so, it's fair game, and we expect everyone to conduct themselves like rational adults.
I'll check out the reports, but if they're conducting themselves along the lines of our sidebar rules, I (obviously) won't be taking any action. But I also hope that you don't get drawn into arguments that might end up earning yourself a time-out. We're somewhat patient, but at the same time, we can't spend too many man-hours tending a particular subscriber too much. Our time is volunteered and there are 600K+ subscribers. It's not fair to them.
Is this all fair to me, a cooperating member? If moderation and volunteering time is such a great issue, it would be a good step to take a backseat and discuss this in a rational non-prejudiced and less authoritarian manner. Why not allow others to take part and aid in moderating that subreddit?
They have repeatedly banned me for nonsensical reasons, standing on last warning, and will likely do so after this post (once for claiming this comment means I called the user asshat instead of their comment, when it never violated /privacy 's rule 5, and another comment where I said to use Win 7/8.1 instead of Win 10, mods claimed it as gatekeeping and banned me for 14 days because I am criticising some things they truly love).
New evidence as of few days ago (Feb 11, 2020): https://i.imgur.com/vOyaidS.png

NEW EVIDENCE

(May 31, 2020)

https://np.reddit.com/privacytoolsIO/comments/gtd3pl/fsb0m7f/ Use removeddit or snew.github.io in case the moderator deletes my comments. The modmail message thread (https://i.imgur.com/JwYaGJU.jpg) and my now shadowbanned comment (https://i.imgur.com/uUrMqyk.png).

NEW EVIDENCE

(June 10, 2020)

The moderator trai_dep now wants a sitewide ban on me for what is informing a reddit user of legitimate logical criticism of GrapheneOS. He calls this harassment, as he has done this multiple times with me in the past (unfortunately for which comments are deleted and evidence not being able to be recorded). However, this is taking it too far. https://i.imgur.com/dX73ZNX.png

NEW EVIDENCE

(June 15, 2020)

trai_dep revengefully deletes my famous gilded smartphone hardening no root guide with 1400+ votes. Modmail proofs post with timestamps: https://old.reddit.com/privatelife/comments/h8hsdh/exclusive_rprivacy_moderator_deleted_smartphone/

SELF TAKE ON THE MATTER

This happened with me on privacy, which is a major why I started this community. There must exist a place free of prejudiced bias and free of any forms of bigotry for privacy, truth and freedom loving folks. The fact that the moderators can get away with it by saying nice words after the ban reeks of a dictator that loves to give speech about care of its citizens, yet will slice anyone up. trai_dep and his friends continue to support the bigotry and these cult armies, which is likely because they do not understand nearly any higher order of technical aspect of privacy threat modelling, and have got no education on the same.

CONCLUSION

Privacy communities on reddit are a huge problem when it comes to dealing with the cult brigading, and instead critics are targeted by the cult armies which are let loose in these very communities. privacy and /privacytoolsIO are not true representatives of communities giving good advice for higher privacy and security, unfortunately ruined both by the moderators (many of whom are iPhone users themselves just like trai_dep) and the cult brigade armies.
submitted by TheAnonymouseJoker to privatelife [link] [comments]

Crypto Banking Wars: Can Non-Custodial Crypto Wallets Ever Replace Banks?

Crypto Banking Wars: Can Non-Custodial Crypto Wallets Ever Replace Banks?
Can they overcome the product limitations of blockchain and deliver the world-class experience that consumers expect?
https://reddit.com/link/i8ewbx/video/ojkc6c9a1lg51/player
This is the second part of Crypto Banking Wars — a new series that examines what crypto-native company is most likely to become the bank of the future. Who is best positioned to reach mainstream adoption in consumer finance?
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While crypto allows the world to get rid of banks, a bank will still very much be necessary for this very powerful technology to reach the masses. As we laid out in our previous series, Crypto-Powered, we believe companies that build with blockchain at their core will have the best shot at winning the broader consumer finance market. We hope it will be us at Genesis Block, but we aren’t the only game in town.
So this series explores the entire crypto landscape and tries to answer the question, which crypto company is most likely to become the bank of the future?
In our last episode, we offered an in-depth analysis of big crypto exchanges like Coinbase & Binance. Today we’re analyzing non-custodial crypto wallets. These are products where only the user can touch or move funds. Not even the company or developer who built the application can access, control, or stop funds from being moved. These apps allow users to truly become their own bank.
We’ve talked a little about this before. This group of companies is nowhere near the same level of threat as the biggest crypto exchanges. However, this group really understands DeFi and the magic it can bring. This class of products is heavily engineer-driven and at the bleeding-edge of DeFi innovation. These products are certainly worth discussing. Okay, let’s dive in.

Users & Audience

These non-custodial crypto wallets are especially popular among the most hardcore blockchain nerds and crypto cypherpunks.
“Not your keys, not your coins.”
This meme is endlessly repeated among longtime crypto hodlers. If you’re not in complete control of your crypto (i.e. using non-custodial wallets), then it’s not really your crypto. There has always been a close connection between libertarianism & cryptocurrency. This type of user wants to be in absolute control of their money and become their own bank.
In addition to the experienced crypto geeks, for some people, these products will mean the difference between life and death. Imagine a refugee family that wants to safely protect their years of hard work — their life savings — as they travel across borders. Carrying cash could put their safety or money at risk. A few years ago I spent time in Greece at refugee camps — I know first-hand this is a real use-case.

https://preview.redd.it/vigqlmgg1lg51.png?width=800&format=png&auto=webp&s=0a5d48a63ce7a637749bbbc03d62c51cc3f75613
Or imagine a family living under an authoritarian regime — afraid that their corrupt or oppressive government will seize their assets (or devalue their savings via hyperinflation). Citizens in these countries cannot risk putting their money in centralized banks or under their mattresses. They must become their own bank.
These are the common use-cases and users for non-custodial wallets.

Products in Market

Let’s do a quick round-up of some of the more popular products already in the market.
Web/Desktop The most popular web wallet is MetaMask. Though it doesn’t have any specific integration with DeFi protocols yet, it has more than a million users (which is a lot in crypto land!). Web wallets that are more deeply integrated with DeFi include InstaDapp, Zerion, DeFi Saver, Zapper, and MyCrypto (disclosure: I’m an investor and a big fan of Taylor). For the mass market, mobile will be a much more important form-factor. I don’t view these web products as much of a threat to Genesis Block.
https://preview.redd.it/gbpi2ijj1lg51.png?width=1050&format=png&auto=webp&s=c039887484bf8a3d3438fb02a384d0b9ef894e1f
Mobile The more serious threats to Genesis Block are the mobile products that (A) are leveraging some of the powerful DeFi protocols and (B) abstracting away a lot of the blockchain/DeFi UX complexity. While none get close to us on (B), the products attempting this are Argent and Dharma. To the extent they can, both are trying to make interacting with blockchain technology as simple as possible.
A few of the bigger exchanges have also entered this mobile non-custodial market. Coinbase has Wallet (via Cipher Browser acquisition). Binance has Trust Wallet (also via acquisition). And speaking of acquisitions, MyCrypto acquired Ambo, which is a solid product and has brought MyCrypto into the mobile space. Others worth mentioning include Rainbow — well-designed and built by a small indy-team with strong DeFi experience (former Balance team). And ZenGo which has a cool feature around keyless security (their CEO is a friend).
There are dozens of other mobile crypto wallets that do very little beyond showing your balances. They are not serious threats.
https://preview.redd.it/6x4lxsdk1lg51.png?width=1009&format=png&auto=webp&s=fab3280491b75fe394aebc8dd69926b6962dcf5d
Hardware Wallets Holding crypto on your own hardware wallet is widely considered to be “best practice” from a security standpoint. The most popular hardware wallets are Ledger, Trezor, and KeepKey (by our friends at ShapeShift). Ledger Nano X is the only product that has Bluetooth — thus, the only one that can connect to a mobile app. While exciting and innovative, these hardware wallets are not yet integrated with any DeFi protocols.
https://preview.redd.it/yotmvtsl1lg51.png?width=1025&format=png&auto=webp&s=c8567b42839d9cec8dbc6c78d2f953b688886026

Strengths

Let’s take a look at some of the strengths with non-custodial products.
  1. Regulatory arbitrage Because these products are “non-custodial”, they are able to avoid the regulatory burdens that centralized, custodial products must deal with (KYC/AML/MTL/etc). This is a strong practical benefit for a bootstrapped startup/buildedeveloper. Though it’s unclear how long this advantage lasts as products reach wider audiences and increased scrutiny.
  2. User Privacy Because of the regulatory arbitrage mentioned above, users do not need to complete onerous KYC requirements. For example, there’s no friction around selfies, government-issued IDs, SSNs, etc. Users can preserve much of their privacy and they don’t need to worry about their sensitive information being hacked, compromised, or leaked.
  3. Absolute control & custody This is really one of the great promises of crypto — users can become their own bank. Users can be in full control of their money. And they don’t need to bury it underground or hide it under a mattress. No dependence, reliance or trust in any third parties. Only the user herself can access and unlock the money.

Weaknesses

Now let’s examine some of the weaknesses.
  1. Knowledge & Education Most non-custodial products do not abstract away any of the blockchain complexity. In fact, they often expose more of it because the most loyal users are crypto geeks. Imagine how an average, non-crypto user feels when she starts seeing words like seed phrases, public & private keys, gas limits, transaction fees, blockchain explorers, hex addresses, and confirmation times. There is a lot for a user to learn and become educated on. That’s friction. The learning curve is very high and will always be a major blocker for adoption. We’ve talked about this in our Spreading Crypto series — to reach the masses, the crypto stuff needs to be in the background.
  2. User Experience It is currently impossible to create a smooth and performant user experience in non-custodial wallets or decentralized applications. Any interaction that requires a blockchain transaction will feel sluggish and slow. We built a messaging app on Ethereum and presented it at DevCon3 in Cancun. The technical constraints of blockchain technology were crushing to the user experience. We simply couldn’t create the real-time, modern messaging experience that users have come to expect from similar apps like Slack or WhatsApp. Until blockchains are closer in speed to web servers (which will be difficult given their decentralized nature), dApps will never be able to create the smooth user experience that the masses expect.
  3. Product Limitations Most non-custodial wallets today are based on Ethereum smart contracts. That means they are severely limited with the assets that they can support (only erc-20 tokens). Unless through synthetic assets (similar to Abra), these wallets cannot support massively popular assets like Bitcoin, XRP, Cardano, Litecoin, EOS, Tezos, Stellar, Cosmos, or countless others. There are exciting projects like tBTC trying to bring Bitcoin to Ethereum — but these experiments are still very, very early. Ethereum-based smart contract wallets are missing a huge part of the crypto-asset universe.
  4. Technical Complexity While developers are able to avoid a lot of regulatory complexity (see Strengths above), they are replacing it with increased technical complexity. Most non-custodial wallets are entirely dependent on smart contract technology which is still very experimental and early in development (see Insurance section of this DeFi use-cases post). Major bugs and major hacks do happen. Even recently, it was discovered that Argent had a “high severity vulnerability.” Fortunately, Argent fixed it and their users didn’t lose funds. The tools, frameworks, and best practices around smart contract technology are all still being established. Things can still easily go wrong, and they do.
  5. Loss of Funds Risk Beyond the technical risks mentioned above, with non-custodial wallets, it’s very easy for users to make mistakes. There is no “Forgot Password.” There is no customer support agent you can ping. There is no company behind it that can make you whole if you make a mistake and lose your money. You are on your own, just as CZ suggests. One wrong move and your money is all gone. If you lose your private key, there is no way to recover your funds. There are some new developments around social recovery, but that’s all still very experimental. This just isn’t the type of customer support experience people are used to. And it’s not a risk that most are willing to take.
  6. Integration with Fiat & Traditional Finance In today’s world, it’s still very hard to use crypto for daily spending (see Payments in our DeFi use-cases post). Hopefully, that will all change someday. In the meantime, if any of these non-custodial products hope to win in the broader consumer finance market, they will undoubtedly need to integrate with the legacy financial world — they need onramps (fiat-to-crypto deposit methods) and offramps (crypto-to-fiat withdraw/spend methods). As much as crypto-fanatics hate hearing it, you can’t expect people to jump headfirst into the new world unless there is a smooth transition, unless there are bridge technologies that help them arrive. This is why these fiat integrations are so important. Examples might be allowing ACH/Wire deposits (eg. via Plaid) or launching a debit card program for spend/withdraw. These fiat integrations are essential if the aim is to become the bank of the future. Doing any of this compliantly will require strong KYC/AML. So to achieve this use-case — integrating with traditional finance —all of the Strengths we mentioned above are nullified. There are no longer regulatory benefits. There are no longer privacy benefits (users need to upload KYC documents, etc). And users are no longer in complete control of their money.

Wrap Up

One of the great powers of crypto is that we no longer depend on banks. Anyone can store their wealth and have absolute control of their money. That’s made possible with these non-custodial wallets. It’s a wonderful thing.
I believe that the most knowledgeable and experienced crypto people (including myself) will always be active users of these applications. And as mentioned in this post, there will certainly be circumstances where these apps will be essential & even life-saving.
However, I do not believe this category of product is a major threat to Genesis Block to becoming the bank of the future.
They won’t win in the broader consumer finance market — mostly because I don’t believe that’s their target audience. These applications simply cannot produce the type of product experience that the masses require, want, or expect. The Weaknesses I’ve outlined above are just too overwhelming. The friction for mass-market consumers is just too much.

https://preview.redd.it/lp8dzxeh1lg51.png?width=800&format=png&auto=webp&s=03acdce545cd032f7e82b6665b001d7a06839557
The winning bank will be focused on solving real user problems and meeting user needs. Not slowed down by rigid idealism like censorship-resistance and absolute decentralization, as it is with most non-custodial wallets. The winning bank will be a world-class product that’s smooth, performant, and accessible. Not sluggish and slow, as it is with most non-custodial wallets. The winning bank will be one where blockchain & crypto is mostly invisible to end-users. Not front-and-center as it is with non-custodial wallets. The winning bank will be one managed and run by professionals who know exactly what they’re doing. Not DIY (Do It Yourself), as it is with non-custodial wallets.
So are these non-custodial wallets a threat to Genesis Block in winning the broader consumer finance market, and becoming the bank of the future?
No. They are designed for a very different audience.
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Other Ways to Consume Today's Episode:
Follow our social channels: https://genesisblock.com/follow/
Download the app. We're a digital bank that's powered by crypto: https://genesisblock.com/download
submitted by mickhagen to genesisblockhq [link] [comments]

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BITCOIN $380K END GAME!! BINANCE LIBRA FORK? - Programmer Explains

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