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KYC is absolutely not acceptable for MakerDAO!

I've heard that founder of MakerDAO is not strictly against KYC. I have a message to whole community and specifically to a founder of MakerDAO Rune Christensen. I will explain using concrete examples why having KYC in MakerDAO is a grave mistake and it will lead to MakerDAO fork.
Many people in the first world never actually understand why financial privacy and financial inclusion is important. Even people (in the first world) who seemingly supportive of such ideas are not able to provide any concrete examples of why it's actually important.
Unfortunately, I was born in a "wrong" country (Uzbekistan) and I experienced first hand what financial exclusion actually means. I know first hand that annoying feeling when you read polite, boilerplate rejection letter from financial institution based in first world. So I had to become practical libertarian. I'm going to give you concrete examples of financial discrimination against me. Then I'm going to explain fundamental reasons why it happens. And finally, I'm going to explain my vision for DAI.
Back in 2005, I lived in Uzbekistan. I had an idea to invest in US stocks. I was very naive and I didn't know anything about investing, compliance, bank transfers, KYC etc. All I knew is nice long term charts of US stocks and what P/E means. I didn't contact any US brokerage but I checked information about account opening and how to transfer money there. I approached local bank in Uzbekistan and asked how to transfer money to Bank of New York. Banker's face was like - WOW, WTF?!?! They asked me to go to private room to talk with senior manager. Senior manager of local bank in Uzbekistan asked me why I wanted to transfer money to US. They told me that it's absolutely impossible to transfer money to US/EU and pretty much anywhere. I approached nearly every local bank in the town and they told me the same.
In 2012, I already lived in Moscow and acquired Russian citizenship. I got back to my old idea - investing in US stocks. I called to many US brokerages and all of them politely rejected me. Usually when I called I asked them if I can open an account with them. They told me to hold on line. After long pause, I was able to speak with "senior" support who politely explain me that Russia in their list of restricted countries and they can't open an account for me. Finally, I was able to open an account with OptionsXpress. Next challenge was to convince local Russian bank to transfer money to US. Back then in 2012, I was able to get permission to do so. So you might say - is this happy end?
Fast forwarding US brokerage story to 2017, OptionsXpress was acquired by Charles Schwab. I was notified that my OptionsXpress account will be migrated to Charles Schwab platform. In 2017, I already lived in the Netherlands (but still having Russian citizenship). I wasn't happy with my stupid job in the Netherlands. I called Charles Schwab and asked if I quit my job in the Netherlands and have to return to Russia, what will happen with my account. Schwab told me that they will restrict my account, so I can't do anything except closing my account. So even if I was long term customer of OptionsXpress, Charles Schwab is not fully okay with me.
Going back to 2013, I still lived in Russia. I had another idea. What if I quit my job and build some SAAS platform (or whatever) and sell my stuff to US customers. So I need some website which accept US credit cards. I contacted my Russian bank (who previously allowed me to transfer money to OptionsXpress) about steps to make in order to accept US credit cards in Russia. I've been told explicitly in email that they won't allow me to accept US credit cards under any circumstances.
Back then I still believed in "the free west". So I thought - no problem, I will just open bank account abroad and do all operations from my foreign account. I planned vacation in Hong Kong. And Hong Kong is freest economy in the world. Looks like it's right place to open bank account. I contacted HSBC Hong Kong via email. Their general support assured me that I can open bank account with them if I'm foreigner. I flew to Hong Kong for vacation and visited HSBC branch. Of course, they rejected me. But they recommended me to visit last floor in their HQ building, they told me that another HSBC branch specializes on opening bank accounts for foreigners. I went there and they said minimum amount to open bank account is 10 mil HKD (1.27 mil USD). Later I learned that it's called private banking.
When I relocated to the Netherlands, I asked ABN Amro staff - what's happen with my bank account if I quit/lose my job in the Netherlands and have to return back to Russia. I've been told that I can't have my dutch bank account if I go back to Russia even if I already used their bank for 2+ years.
I still had idea that I would like to quit my job and do something for myself. The problem is that I'm Russian citizen and I don't have any residency which is independent from my employment. So if I quit my job in the Netherlands, I have to return back to Russia. I wanted to see how I would get payments from US/EU customers. I found Stripe Atlas, it's so exciting, they help you to incorporate in US, and even help with banking, all process of receiving credit card payments is very smooth. But as usual in my case, there is a catch - Russia in their list of restricted countries.
Speaking of centralized compliance-friendly (e.g. KYC) crypto exchanges. This year I live and work in Hong Kong. Earlier this year, I thought it would be nice to have an account at local crypto exchange in Hong Kong so I can quickly transfer money from my bank account in Hong Kong to crypto exchange using FPS (local payment system for fast bank transfers). What could go wrong? After all Hong Kong is freest economy in the world, right? I submitted KYC documents to crypto exchange called Weever including copy of my Hong Kong ID as they requested. They very quickly responded that they need copy of my passport as well. I submitted copy of my Russian passport. This time they got silent. After a few days, they sent me email saying that Russia is on the US Office of Foreign Assets Control sanction list, so they just require me to fill a form about source of the funds. I told them that the source of my funds is salary, my Hong Kong bank can confirm that along with my employment contract. They got very silent after I sent them a filled form. After a week of silence I asked them - when my account get approved? They said that their compliance office will review my application soon. And they got very silent again. I waited for two or three weeks. Then I asked them again. And I immediately got email with title - Rejection for Weever Account Opening. And text of email was:
We are sorry to inform you that Weever may not be able to accept your account opening application at this stage.
Exactly the same situation I had with one crypto exchange in Europe back in 2017. Luckily I have accounts at other crypto exchanges including Gemini, one of most compliance obsessed exchange in the world. Although I don't keep my money there because I can't trust them, who knows what might come into head of their compliance officer one sunny day.
By the way, I'm living and working outside of Russia for quite a few years. The situation with crypto exchanges is much worse for those who still living in Russia.
I give you a few other examples of financial discrimination is not related to troubles with my Russian citizenship.
Back in 2018, I still lived in the Netherlands. I logged in into my brokerage account just to buy US ETFs as I always do - SPY and QQQ. I placed my order and it failed to fill. I thought it's just a technical problem with my brokerage account. After a few failed attempts to send buy orders for SPY and QQQ, I contacted their support. What they told me was shocking and completely unexpected. They said I'm not permitted to buy US ETFs anymore as EU resident because EU passed a law to protect retail investors. So as a EU resident I'm allowed to be exposed to more risk by buying individual US stocks but I'm not allowed to reduce my risk by buying SPY because ... EU wants to protect me. I felt final result of new law. By the way, on paper their law looks fine.
And the final example. It's a known fact that US public market become less attractive in recent decades. Due to heavy regulatory burden companies prefer to go public very late. So if successful unicorn startup grows from its inception/genesis to late adoption, company's valuation would be 3-5 orders of orders of magnitude. For example, if valuation of successful company at inception is 1 Mil USD, then at its very latest stage it's valuation would be 10 Bil USD. So we have 10'000 times of growth. In the best case scenario, company would go public at 1 Bil USD 5-10 years before reaching its peak 10 Bil USD. So investors in private equity could enjoy 1000 fold growth and just leave for public only last 10 fold growth stretched in time. In the worst case scenario, company would go public at 10 Bil USD, i.e. at its historical peak. But there are well known platforms to buy shares of private companies, one of such platforms is Forge Global. You can buy shares of almost all blue chip startups. You can even invest in SpaceX! But as always, there is a catch - US government wants to protect not just US citizens but all people in the world (sounds ridiculous, right?). US law requires you to have 1 Mil USD net worth or 200'000 USD annual income if you want to buy shares of non-public company. So if you are high-net worth individual you can be called "accredited investor". Funny thing is that the law intends to protect US citizens but even if you are not US citizen and never even lived in US, this law is still applies to you in practice. So if you are "poor loser", platforms like Forge Global will reject you.
So high-net worth individuals have access and opportunity to Bitcoin-style multi-magnitude growth every 5-10 years. Contrary to private equity markets, US public markets is low risk/low return type of market. If you have small amount of capital, it's just glorified way to protect yourself from inflation plus some little return on top. It's not bad, US public market is a still great way to store your wealth. But I'm deeply convinced that for small capital you must seek fundamentally different type of market - high risk/high return. It's just historical luck that Bitcoin/Ethereum/etc were available for general public from day one. But in reality, viral/exponential growth is happening quite often. It's just you don't have access to such type of markets due to regulatory reasons.
I intentionally described these examples of financial discrimination in full details as I experienced them because I do feel that vast majority of people in the first world honestly think that current financial system works just fine and only criminals and terrorists are banned. In reality that's not true at all. 99.999% of innocent people are completely cut off from modern financial system in the name of fighting against money laundering.
Here is a big picture why it's happening. There are rich countries (so called western world) and poor countries (so called third world). Financial wall is carefully built by two sides. Authoritarian leaders of poor countries almost always want full control over their population, they don't like market economy, and since market forces don't value their crappy legal system (because it works only for close friends of authoritarian leader) they must implement strict capital control. Otherwise, all capital will run away from their country because nobody really respects their crappy legal system. It only has value under heavy gun of government. Only friends of authoritarian leader can move their money out of country but not you.
Leaders of rich countries want to protect their economy from "dirty money" coming from third world. Since citizens of poor countries never vote for leaders of rich countries nobody really cares if rich country just ban everyone from poor country. It's the most lazy way to fight against money laundering - simply ban everyone from certain country.
Actually if you look deeper you will see that rich countries very rarely directly ban ordinary people from third world. Usually, there is no such law which doesn't allow me to open bank account somewhere in Europe as non-EU resident. What's really happens is that US/EU government implement very harsh penalties for financial institutions if anything ever goes wrong.
So what's actually happens is that financial institutions (banks, brokerages etc) do de-risking. This is the most important word you must know about traditional financial system!
So if you have wrong passport, financial institution (for example) bank from rich country just doesn't want to take any risks dealing with you even if you are willing to provide full documentation about your finances. It's well known fact that banks in Hong Kong, Europe, US like to unexpectedly shutdown accounts of thousands innocent businesses due to de-risking.
So it's actually de-risking is the real reason why I was rejected so many times by financial institutions in the first world!!! It's de-risking actually responsible for banning 99.999% of innocent people. So governments of rich democratic countries formally have clean hands because they are not banning ordinary people from third world directly. All dirty job is done by financial institutions but governments are well aware of that, it's just more convenient way to discriminate. And nobody actually cares! Ordinary citizens in rich countries are never exposed to such problems and they really don't care about people in third world, after all they are not citizens of US/EU/UK/CH/CA/HK/SG/JP/AU/NZ.
And now are you ready for the most hilarious part? If you are big corrupt bureaucrat from Russia you are actually welcome by the first world financial institutions! All Russian's junta keep their stolen money all across Europe and even in US. You might wonder how this is possible if the western financial system is so aggressive in de-risking.
Here is a simple equation which financial institution should solve when they decide whether to open an account for you or not:
Y - R = net profit
Y - how much profit they can make with you;
R - how much regulatory risk they take while working with you;
That's it! It's very simple equation. So if you are really big junta member from Russia you are actually welcome according to this equation. Banks have special name for serving (ultra) high-net worth individuals, it's called private banking. It's has nothing to do with the fact that bank is private. It's just fancy name for banking for rich.
So what's usually happen in real world. Some Estonian or Danish bank got caught with large scale money laundering from Russia. European leaders are ashamed in front of their voters. They implement new super harsh law against money laundering to keep their voters happy. Voters are ordinary people, they don't care about details of new regulations. So banks get scared and abruptly shutdown ALL accounts of Russian customers. And European voters are happy.
Modern money laundering laws are like shooting mouse in your house using bazooka! It's very efficient to kill mouse, right?
Now imagine world without financial borders. It's hard to do so because we are all get so used to current status quo of traditional financial system. But with additional effort you can start asking questions - if Internet economy is so global and it doesn't really matter where HQ of startup is located, why they are all concentrated in just a few tiny places like Silicon Valley and ... well, that's mostly it if you count the biggest unicorns!
Another question would be - why so many talented russian, indian, chinese programmers just go to the same places like San Francisco, London and make super rich companies like Amazon, Google, Facebook, Apple to get even richer? If all you need is laptop and access to internet, why you don't see any trade happening between first and third world?
Well actually there is a trade between first and third world but it's not exactly what I want to see. Usually third world countries sell their natural resources through giant corporations to the first world.
So it's possible to get access to the first world market from third world but this access usually granted only to big and established companies (and usually it means not innovative).
Unicorns are created through massive parallel experiment. Every week bunch of new startups are created in Silicon Valley. Thousands and thousands startups are created in Silicon Valley with almost instant access to global market. Just by law of large numbers you have a very few of them who later become unicorns and dominate the world.
But if you have wrong passport and you are located in "wrong" country where every attempt to access global market is very costly, then you most likely not to start innovative startup in the first place. In the best case scenario, you just create either local business or just local copy-paste startup (copied from the west) oriented on (relatively small) domestic market. Obviously in such setup it's predictable that places like Silicon Valley will have giant advantage and as a result all unicorns get concentrated in just a few tiny places.
In the world without financial barriers there will be much smaller gap between rich and poor countries. With low barrier of entry, it won't be a game when winner takes all.
Whole architecture of decentralized cryptocurrencies is intended to remove middle man and make transactions permissionless. Governments are inherently opposite to that, they are centralized and permissioned. Therefore, decentralized cryptocurrencies are fundamentally incompatible with traditional financial system which is full of middle mans and regulations (i.e. permissions).
Real value of crypto are coming from third world, not the first world. People are buying crypto in rich countries just want to invest. Their financial system and their fiat money are more or less already working for them. So there is no immediate urgency to get rid of fiat money in the first world. So the first world citizens buying crypto on centralized KYCd exchanges are essentially making side bet on the success of crypto in third world.
Real and natural environment of cryptocurrencies is actually dark OTC market in places like Venezuela and China.
But cryptocurrencies like Bitcoin and Ethereum have a big limitation to wide adoption in third world - high volatility.
So the real target audience is oppressed (both by their own government and by first world governments) ordinary citizens of third world countries yet they are least who can afford to take burden of high volatility.
Right now, Tether is a big thing for dark markets across the world (by the way, dark market doesn't automatically imply bad!). But Tether soon or later be smashed by US/EU regulators.
The only real and working permissionless stable cryptocurrency (avoiding hyped word - stablecoin) is DAI.
DAI is the currency for post-Tether world to lead dark OTC market around the world and subvert fiat currencies of oppressive third world governments.
Once DAI become de-facto widespread currency in shadow economy in all of third world, then it will be accepted (after many huge push backs from governments) as a new reality. I'm talking about 10-20+ years time horizon.
But if MakerDAO chooses the route of being compliance friendly then DAI will lose its real target audience (i.e. third world).
I can not imagine US/EU calmly tolerate someone buying US stocks and using as a collateral to issue another security (i.e. DAI) which is going to be traded somewhere in Venezuela! You can not be compliance friendly and serve people in Venezuela.
Facebook's Libra was stupidest thing I've seen. It's extremely stupid to ask permission from the first world regulators to serve third world and create borderless economy. Another stupid thing is to please third world governments as well. For example, Libra (if ever run) will not serve Indian, Chinese, Venezuelan people. Who is then going to use stupid Libra? Hipsters in Silicon Valley? Why? US dollars are good enough already.
submitted by omgcoin to MakerDAO [link] [comments]


Huobi is a cryptocurrency exchange founded in China in 2013. Currently, Huobi is based in Singapore because this country has friendlier cryptocurrency regulations. The company is registered in Seychelles. Before leaving China due to a cryptocurrency ban, the exchange was responsible for 90% of Bitcoin trading volume in this country. Now Huobi is an international platform with offices located in Singapore, Hong Kong, the United States, Japan, and Korea. In China, the company provides blockchain consulting services. Huobi has sub-exchanges: Huobi Korea, Huobi US, etc. Huobi Global is the biggest Huobi exchange. In November 2019 Huobi Global had to shut down all the accounts belonging to the US customers due to strict cryptocurrency regulations of the USA. This exchange is one of the top 50 cryptocurrency exchanges by trade volume. On the Coingecko chart of exchanges, Huobi Global occupies the third position. The exchange has more than 500 markets and supports over 220 cryptocurrencies. As Huobi provides an option to buy cryptocurrency with fiat money, this exchange is a gateway for people who enter the cryptocurrency world .

Huobi Global has a really wide range of functions. First off, this exchange provides an opportunity to buy cryptocurrencies with fiat money using a credit card and other payment means. This option is delivered in the over-the-counter trading section (OTC). There is a menu line in the upper part of the website. It begins with "But Crypto". That's where one can see the OTC offerings provided by Huobi. One can buy or sell the following currencies: Bitcoin (BTC), Ether (ETH), Tether (USDT), EOS, XRP, Litecoin (LTC), Huobi Token (HT), Huobi stablecoin (HUSD), and Bitcoin Cash (BCH). Please note, that there are not so many offerings especially for certain currencies. Normally there are many options for buying BTC or USDT. The prices and payment methods vary from one trader to another. You can pay with a credit card, some traders accept payments via Western Union, AliPay, and other services.
There is a cryptocurrency exchange with hundreds of crypto-to-crypto pairs. The exchange supports market, limit and stop-limit orders. It gives traders some control over the situation and helps to secure the assets from trading in loss to some extent. In general, the exchange interface of Huobi is quite generic.
Those who have experience of trading on several other exchanges will find the interface familiar. It has a trading view with a candlestick chart on the left and the list of orders updating in real-time on the right. Under the charts, there is an order history. Under the list of market trades, there is a section where users can place orders. The candlestick chart is powered with numerous analysis tools and indicators.
What makes Huobi Global more attractive for traders is the support of margin trading. In all margin trading pairs the currencies are traded against Tether (USDT). There are 6 cryptocurrencies that can be traded with x3 leverage: Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), XRP, Ether (ETH), and EOS.
Huobi Global is aimed to provide service both to small investors and institutional traders. That's the reason why the platform offers institutional accounts with special opportunities for corporate customers. Among these features, there are colocation options and other tools that provide the opportunity of seamless high-frequency trading. Additionally, institutional accounts can get special OTC loans.
One more feature is trading derivatives. Huobi provides two separate interfaces for that purpose: Swap trading and Futures trading platforms on Huobi DM. Moreover, it is possible to participate in IEO trading via the Huobi exchange. This feature requires the use of the Huobi Token.

As mentioned, there are two types of instruments that you can trade on the Huobi derivatives platform. These are your traditional futures as well as the perpetual swaps or futures.
With these instruments, you are trading crypto on margin. This means that they are leveraged and your exposure is often many multiples of the amount that you have put down as collateral.
Now that we have a brief understanding of leverage, let’s take a look at the instruments on offer at the Huobi exchange.
Futures are instruments that allow the holder to buy or sell some asset in the future. Essentially, you are trading some future price of the instrument on the chose delivery date. In terms of expiry dates, they have weekly, bi-weekly and Quarterly which settle every Friday. In terms of expiry dates, they have weekly, bi-weekly and Quarterly which settle every Friday. When it comes to the specifics of the contract, they differ according to which asset is being traded. You should also take a look into the contract specifics in the Huobi docs. This includes such information as the index reference for the prices as well as your last trading price. The latter can only be done up till 10 minutes before the expiry.
Perpetual swaps are leveraged instruments that do not have have a delivery date. They are marked to market everyday and settle 3 times a day. They are sometimes also called “perpetual futures” at other exchanges.
The reason that they are called “Swaps” at Huobi Derivatives is because you are swapping the returns of one asset for the returns of another. Here, you are swapping crypto returns for returns on the US dollar.
At Huobi DM, the Perpetual swaps have leverage up to 125x and they are written on 5 different assets. These are Bitcoin and Ethereum with other coins to be added soon.

Huobi mobile app for iOS and Android are available. Similarly, the Huobi mobile app features most of the functionalities available on the web platform also. You can even complete tasks like account registration and verification directly via the app. In Google Play, the Huobi Global app has an average rating of 4.1 stars out of 3,730 reviews. However, in December 2018 and January 2019, some users have said that the Android app won’t let them login due to an error with Captcha. On the Apple App Store, Huobi boasts an average rating of 4.9 stars out of over 4,800 reviews.

For those of you who are programmers, you will be happy to learn that Huobi global API can be used on the Futures and Swap markets.
There is both a websocket as well as a REST version available. It is suggested that you use the REST for one off operation to trade and withdraw. You should use the websocket for market data & order updates. You should also note that you can be a market maker on through the API.
If you want to start using the API then you will to get yourself an API key. This can easily be done in the API management of your account dashboard. Here you can select whether you would like it to be a read-only, Withdraw or Trade. You can also bind an IP address to this API so you can ensure than no other person will use your account even if compromised.

Huobi has a 0.2 % fee that applies to both market makers and takers for amounts between $0 and $5,000,000 over the course of a 30-day period. In comparison, other top exchanges like Binance have 0.1 percent fees. Actually, it has a fair trading fees structure and easy to remember also. Meanwhile, GDAX has 0.3 percent fees.
In January 2019, Huobi Global launched a tiered fee structure that significantly reduces fees for higher-volume traders. This is relatively competitive when compared to other exchanges. Users also have the option to reduce trading fees on Huobi by becoming a VIP member. This involves paying a monthly payment of HT, which varies depending on the membership level (1-5).
Like most exchanges, Huobi has no fees on deposits. However, Huobi does have withdrawal fees minimums that vary from coin-to-coin. For example, withdrawing Bitcoin (BTC) costs 0.001 BTC, with a minimum withdrawal amount of 0.01 BTC. For Tether (USDT), the flat fee is 5 USDT. And the minimum withdrawal amount is 20 USDT. Overall, the meaning- Huobi fees are generally higher than most exchanges for lower withdrawal amounts. A few exceptions exist. For example, TUSD has a withdrawal minimum of $20 but a withdrawal fee of only $2.

In contrast to other exchanges, Huobi receives a favorable score. First of all, it is incorporated and operated from Singapore. As we all know crypto regulations are advanced there. And promote blockchain startups always. Second, Huobi does provide users with multiple ways to safeguard their accounts. Although it is not enough. Essentially, 2-factor authentication is available using both SMS and authenticator apps. The platform does not require any special confirmation if the account is logged into from an unfamiliar IP address or location. There is no option to whitelist addresses for asset withdrawal, allowing funds to be sent to any address input. Furthermore, Huobi was never hacked. Even though they do present a lucrative target for attackers. Meaning, Huobi has adopted a decentralized exchange structure, which helps to resist DDOS attacks. And we believe the exchange takes these threats seriously and does everything in their power to protect the exchange from hackers. Also, Huobi does store user funds in cold storage to restrict access to them. Actually, the exchange stores around 98 percent of funds in cold wallets.

Something else that is crucial to the entire trading experience is the level of support that the exchange provides. There is nothing more frustrating than having to wait hours for response from support.
When it comes to Huobi, there are actually quite a few options to reach their customer support. Perhaps the quickest and most effective way is through their live chat function. Firstly, they will try to help you with the available resources. If that does not work then you can reach out to a live agent.

So, in summary. We really liked the Huobi futures products. It is not only highly functional but is also secure and leverags the expertise that the team have at the main Huobi exchange.
For the futures instruments, there is a decent range of assets and leverage. Markets are also pretty liquid and these are all traded on a simplistic yet technically able trading platform. It’s also great that you can trade on PC programs and mobile apps as well.
When it comes to security, they have taken all of the same precautions that are used on the main exchange. Their 20,000 BTC strong insurance fund keeps them well protected and they have not had a single clawback of trader funds since their inception.
Yes, there are areas for improvement but the exchanges is still evolving and building out functionality. One can only hope that they take trader suggestions into account.
So then, is it worth considering?
Well, if you are looking for a highly functional and secure futures exchange that is backed by one of the biggest names in the business, then it is well worth a try.

Huobi Website:
UID: 138138177
Huobi Indian Community:
Huobi Global Community:
submitted by sreenthepotato to u/sreenthepotato [link] [comments]

Best RenEx and SwapperD Questions - March

Dark Pool Questions
Q: Potential users have given feedback that they want completely private txs/trades, does this mean that they want even the transaction coming after order has succeeded to be private (i.e. the settlement)?
A: Yes, this is a large motivation behind our reasoning for developing out the ‘zk-transactions layer’ of Ren, and we have partnered with AZTEC Protocol to achieve this.
Aztec Protocol partners with Ren
Q: Is it possible to merge the orderbook with 3rd parties with RenEx or will it be separate?
A: Ultimately it is up to the dark pool operators but yes it is possible to share liquidity once multiple dark pools are running on Ren as long as they are using the same settlement method.Each operator needs to determine its compliance requirements, for example for RenEx to share its orderbook liquidity with another Dark Pool, that Dark Pool would have to meet the same KYC standards.
Q: Is there any way to determine the liquidity on a private dark pool? If I’m a trader looking to use one, how will I know that there’s enough liquidity to fill my order without excessive slippage?
A: It is a private orderbook, so one would not know ahead of time what orders/available liquidity is on there but traders can adjust their order parameters in such a way that if there is any slippage, the order won't fill.

Q: How is a new SwapperD wallet created? (How does SwapperD Mnemonic Phrase and Password work?)
A: Cryptographically secure mnemonic is chosen and the password acts as a path. Both are needed to access the private key (neither alone is sufficient).Both are needed to access the private key (neither alone is sufficient). The same key/method will be used for all blockchains stored in SwapperD.
The password isn’t stored anywhere. It, combined with the mnemonic, is used to generate a private key every time you need it. This is why SwapperD asks you for your password when you take actions.
Q: Is it possible to have hardware wallet integration with SwapperD? When would this be ready?
A: Yes this is possible but there is not an approximate date for this yet. It is a feature that we’d like to include in future releases of SwapperD
Q: It says you need password and the 12 word mnemonic to restore your SwapperD account but could you access the ETH wallet via MyEtherWallet with the 12 words?
A: No, you need the password.This is something that makes SwapperD secure: the password is never stored so even if someone gets ahold of your computer and your mnemonic, they still cannot access your funds.
You can access the BTC and ETH wallet as long as you have both the mnemonic and password you set the wallet up with.Q: Do you need to KYC to use SwapperD?A: KYC is not needed to use SwapperD, it is only needed for using RenEx.
submitted by hgmarral to RenProject [link] [comments]

My experience getting scammed for $1500 on LocalBitcoins and getting my bank accounts and credit card frozen for it

After having an experience and a half with my bank this week, I thought I would reach out to Reddit with a throwaway account to vent in hopes that this will help someone in a similar position.
So, a little background: I am a Canadian studying at university in Toronto, ON. I bank with Bank of Montreal and have for a couple of years. I do freelance development work in the crypto/fin-tech industry and as a result, I’m mostly paid in BTC. This has never been a problem since whenever I need local currency, I just sell off some BTC through desks like Coinsquare and Coinberry, or if I’m in a pinch, through a verified buyer on LocalBitcoins and the CAD is sent via Interac e-transfer.
I’ve been doing this for a while and never run into any issues. I have a Mastercard with BMO that I use for regular, reoccurring purchases and occasionally flights/Airbnbs if I travel. Whenever I need to pay off my credit card, I’ll sell off some BTC for CAD and pay off my card with those funds. However, I typically don’t keep a lot of CAD in my bank account just in case BTC spikes - usually less than $500 at a time.
Since heading back to school, I decided to sell off some BTC while the market was stable (at ~$10,300 US) so I had some CAD to pay for textbooks and any other expenses. This was last weekend, Saturday, and since I wanted the funds quickly, I opted to sell to a buyer on Localbitcoins.
I found a buyer who was looking to buy slightly above market price and had a good series of verifications and reviews. Seemed legit. I opened a trade for $1550 CAD with a user called bittor ( with my Interac email address to receive the funds. I promptly received an email notification from Interac letting me know that I had received an e-transfer for the right amount and that it was automatically deposited to my bank account. I logged into the BMO app and checked, and it had been deposited successfully to my account. Cool.
I logged back into LocalBitcoins and released the BTC escrow to the user since I had received the CAD funds, and the trade was now completed. I even left some positive feedback. Now that I had some cash in my account, I took the opportunity to pay a couple bills. Monday rolls around, 48 hours later, and I go to buy a coffee on the way to class; my Mastercard declines at Starbucks. I try my debit card, and that also declines. I tried logging into the BMO app, and see this:
I brush it off and decide I’ll give them a call later and sort out whatever is going on.
Later I give BMO a call. After going through some basic account verification questions, they told me that my account had been flagged for fraud and that I would have to come into the branch to deal with it. I remember thinking “Great... I’m sure this will be entertaining”, dug out my passport for extra ID, threw it in my backpack, and headed over to my BMO branch to sort this out.
Before we jump into this, I want to note that I have a pretty good credit score and always pay my Mastercard bill in full. I have a solid financial history and a relationship with BMO and even maintain a TFSA investment there.
When I got to the branch, the rep notified me the e-transfer I’d received from the Localbitcoins buyer was flagged as fraud by TD (the buyer’s bank) and was clawed back from my account. As a result, once the e-transfers were reversed my bank account fell into overdraft to the tune of ~$1280. I was told I “owed” the bank this amount before they could reinstate my accounts and debit card. Additionally, since I had used funds from that transaction to pay off my Mastercard, they also froze my Mastercard and flagged it for fraud.
The bank rep proceeded to ask me a series of questions for a form which she told me would be sent to the fraud department to help sort this out. Most of the questions were straight forward - what was the transaction for, who was the sender, what were the terms of the transaction, etc. However, even after explaining how LocalBitcoins works, in which you don’t fully know the other party participating in the trade, she kept asking me over and over if I knew the sender, almost as though she was convinced I wasn’t telling her something. It was as soon as I mentioned that the transfer crypto-related that her overall approach changed. I suddenly felt as though it was more of an interrogation than her trying to help my situation. I assured her that I do not know the sender personally and that I was the victim of an Interac e-transfer scam.
I asked her what measures the bank has in place to prevent against e-transfer fraud, and she told me something along the lines of “Realistically, none. Only accept money from people you know”. Just that. What do I pay bank fees for?
I then asked her how I can restore access to my bank cards and credit card, since I need money to survive, like anyone else. mShe responded by telling me that until the ~$1280 was “paid back” to BMO, that I would have no access to any of my money or credit cards. She offered encouragement and advised me to contact the Police and file a report (another user on here pointed out that they usually don’t investigate thefts under $2,500 so I won’t even bother) or to get in touch with the buyers to sort it out with them, but that there was nothing she could do. She also told me that due to this, I would be banned from the Interac system for at least 6 months.
Annoyed, I went home and did a little bit of digging. Pretty quickly, I found this thread ( in which someone else was also scammed by the same person in almost the same way.
The tl;dr there is that some guy gained access to the user bittor’s LocalBitcoins account, as well as another individual’s TD bank account. He conducted the trade through the stolen LocalBitcoins account and sent the Interac e-transfer from another individual’s bank account at TD. I’m assuming that when the owner of the bank account noticed the e-transfer to me, they reported it to the Fraud department at their bank. This is what led to my bank reversing the transaction and putting me in the situation that I’m in.
I opened a support ticket with LocalBitcoins to report the user. After a little while, a support agent gets back to me and told me they’ve suspended the user’s trading account and frozen their wallet. Okay, cool. They told me they’ll need proof of “payment misconduct” to proceed. So, okay. No problem. Makes sense.
The next day (today), I contact the same bank rep and come up to update her on the latest: that I’ve contacted the site that managed the trade, and that they need proof of “payment misconduct” to proceed with getting the user banned (and maybe getting back my BTC? I’m not hopeful but you never know). I asked her if she would be able to give me a printout showing where the payment was received, and then where it was reversed. She told me that this was “privileged information” that she couldn’t give me. I asked her how that can be since it pertains directly to a $1550 loss from a scammer that’s left me without access to any of my money or credit cards. She tells me all I need to send is the Interac e-transfer number and that’s enough.
On hearing this, I’m reluctant, since a screenshot of the e-transfer confirmation email isn’t going to prove much of anything, apart from the fact that I did initially receive the transfer. I asked her again if there was some sort of document or even just a screenshot of a statement showing what happened so I can try and recover some of my losses, and she bluntly told me that if anyone needs any more information than the e-transfer email, then to call her. I reluctantly left with that information and passed it on to the Localbitcoins support agent. I’m now waiting to hear back from them.
So where am I left? With a $1500-sized hole in my pocket. Until I hear back from the LocalBitcoins support agent, I’m not sure if I can recover the BTC either. They did mention that they had frozen the user’s wallet but did not mention whether there were any funds there.
I understand that a lot of this could have been avoided if I had kept a higher CAD balance in my account. I would have gotten back access to my account, just minus the $1500 and would at least be able to use my credit card, go out for food and pay for my school expenses. I’d still be in the same boat, losing both the BTC and the CAD. Either way, I get it. Mistakes were made, and you’ve gotta learn from them, right?
What annoys me about the situation is I feel as though BMO’s bank reps could have done a better job of helping out a customer who’d been ripped off. Especially since it happened through Interac, which even is dubbed as a “secure transaction” in the footer of the email you receive when someone sends you money. I find it strange that BMO doesn’t have any protectionary measures in place for blocking “fraudulent” e-transfers, or any sort of policy for protecting customers in the event of something like that getting by. If indeed the scammer had gotten access to someone’s account at TD to send me the e-transfer, they shouldn’t have been allowed to get far enough to send me a transfer and have the funds show up in my account, and then let me spend those funds for two days before clawing it back.
So here’s what I’ve learned from this experience:
I’ve come to terms with the fact there’s a good chance my $1500 is gone. It happens. It’s an expensive mistake, but it happens. I’m hoping there may be some luck recovering the Bitcoin from LocalBitcoins, but I’m not holding out. If I do get anywhere, I’ll come back and update this post!
How do you think should I proceed? Did my bank handle the situation properly? Did I? Do I have any grounds to get the CAD back from BMO/Interac/TD? Is it worth pursuing with the police for $1500 bitcoin trade? I’ve gotten recommendations to open an account at another bank, and slowly move my money over there. Apparently, BMO is not great with handling anything to do with crypto, and my experience this week proves it.
As digital currency becomes more and more prevalent over the next few years, I’m sure further circumstances like this will pop up. I hope this might be able to help someone who finds themselves in a similar situation or will help you avoid ending up where I am.
submitted by banksgotmebeat to BitcoinCA [link] [comments]

Proof of Life

Proof of Life
Introducing, a website that announces whether or not I am dead based on my heartbeat as measured by a Fitbit Ionic, and whose data is stored on the Bitcoin Cash blockchain.
I wear a watch that measures my heartbeat. If my heart is beating while I am wearing the watch, and if my watch is paired to a device connected to the internet, then every 100 heartbeats a script will automatically send a transaction to myself on the BCH blockchain. Included in the OP_RETURN of the transaction is some data including a timestamp and my heart rate.
This means at any point in the future you can query the blockchain to see if at a given time I was alive or dead. The data is immutable but not trustless: you can't change my logged heart rate, and you'll just have to trust that I am the one wearing my watch.
Finally, do not presume that I am dead if heartbeats aren't reaching the blockchain. It could just be that I took the watch off to charge it, or I'm in a place with bad internet connection.
This project was made possible by using Bitcoin Cash, the Bitcoin on which you can actually build stuff. Thanks to JT for doing the programming. If you like this project, check out Blitz, which is slightly more useful. If you want to buy Bitcoin Cash OTC, I recommend contacting Grapefruit Trading who should provide good prices as long as I am alive.
Here are the transactions on the blockchain!
submitted by mpkomara to btc [link] [comments]

Decentralized Exchange— True Crypto Ownership Realized

originally posted by ankarlie
For over a decade we have seen blockchain technology developed into one of the most important technologies in recent history. Many visionaries, thought leaders, business gurus, and government authorities have recognized its immense potential that they have often associated it as one of the primary technologies that will drive Web 3.0 or even the 4th industrial revolution. Blockchain technology is so powerful that it has the capacity to disrupt any sector in our society where trust is a primary concern, which is pretty much is everything. As such we might consider businesses engaged in blockchain technology are in the business of trust.
Business of Trust
Blockchain technology has often been described as a trust layer that enables an individual to exchange value without having to rely on any central authority or third party intermediary. Often times transactions that are done using this technology are called trustless transactions, meaning, transacting parties do not have to trust each other to ensure that transactions will be consummated. In other words, the technology itself will guarantee that all transactions will push through, irreversible and immutable.
Banks are good examples of business of trust. We entrust them with our money and valuables, but sometimes these very same banks restrict our access to our own money and valuables due to many reasons. These might be server maintenance, AML and KYC requirements, regulatory obligations or whatever reason they might deem applicable. This is the very reason why blockchain technology through its first application, Cryptocurrency, has gained enormous success. Cryptocurrencies enable everyone total and complete control of their money.
Scams and Fake Blockchain Initiatives
The awesome potential of the blockchain technology might have afforded us the necessary tools and infrastructure for more financial freedom, inclusivity, and mobility, but it is not immune to bad actors that try to exploit the advantages of this burgeoning industry. The excitement and demand for blockchain technology have opened the doors for scammers and con-artists who try to “sell” the technology to investors who are more than willing to invest huge amounts of money to get the piece of the action that has the potential to explode in value.
One good example of a project that has been masquerading as blockchain technology is the $4 Billion fake crypto scam called OneCoin. The leader of this project, Dr. Ruja Ignatova aka Cryptoqueen have positioned OneCoin as the Bitcoin killer which she claims will become the biggest cryptocurrency in the world. Coming from an Oxford University graduate with a doctorate degree from Konstanz University in Germany and worked at McKinsey and Company who would have known that the project would turn out to be a scam.
OneCoin exploited the idea of leveraging blockchain technology, the potential of hitting it big like bitcoin and played on the greed of investors who were fearful of missing out on a life-changing opportunity envisioned by Dr. Ruja. That was several years back, of course we all know now that there was never an underlying blockchain technology in the first place and what we have left are disgruntled investors some of which are financially ruined due to investing more than they can afford to lose. Sad to say this has been a common narrative in the crypto space.
Blockchain is Real and Here To Stay
The many scams and fake or failed blockchain projects in the space have not dampened the interest of investors into blockchain and its first use case, cryptocurrencies. Instead, it has been gaining traction as the industry begins to mature, gaining regulatory clarity and widespread acceptance as a valid and legitimate asset class and investment vehicle. They can serve as alternative investments that can be used to hedge against uncertainties in traditional finance and investments.
There are now over four thousand cryptocurrencies in the world and this number will continue to increase well into the future. In fact, cryptocurrency proponents see a future where there will be hundreds of blockchains and thousands of digital assets. An integral part of this growing ecosystem will be cryptocurrency exchanges which serve as venues for open markets where cryptocurrency holders, traders, and investors interact. Not only there is an increasing number of digital assets in the space but also the places where you can trade.
There are two general types of cryptocurrency exchanges: Centralized Exchange (CEX) and Decentralized Exchanges (DEX). Their functions are essentially the same but the way users interact with these types of exchanges differs significantly. CEX typically require their customers to undergo Know-Your-Customer (KYC) procedures and ID verification processes, DEX does not. In addition, CEX requires its customers to their cryptocurrencies deposit into its internal wallets while DEX allows its users to keep their wallets in non-custodial wallets.
CEX is generally considered by the wider cryptocurrency community as the lesser secure venue for users due to the following reasons. First, CEX typically uses one single crypto wallet address per blockchain. This means users of all Ether and Ethereum based-tokens share (The same can be said with other blockchain platform) the same address and demarcated only using a Memo or a Tag. This creates a honeypot that is just waiting to be exploited by hackers. Second, users of CEX have limited access to their digital assets as they will have to ask permission from the CEX operator access to their digital assets.
KYC procedures in CEX are also of great concern as users are typically required to submit supporting documents that can be used to verify their identity. This means users are relying on the security and competency of the CEX to secure their valuable information. Information that can be used for identity theft, false representation, and recovery of other online accounts. One good example of this is Binance where it found some of their customer information have been compromised. This is on top of the recent hack last May 2019.
Although no user funds were lost by the hack as Binance shouldered all the lost funds amounting to $40M USD, users were not able to access their accounts for several days. One can only imagine the great stress and anxiety It might have brought its users, not knowing when they will be able to regain access to their digital assets. These risks do not exist when using DEX as users will not have to deposit or withdraw their Cryptocurrencies. Transactions are all done on-chain and directly transacted from their own non-custodial wallet and there is no risk of your information falling into the wrong hands as there is no need for KYC.
Decentralized Exchange— Newdex
DEXs were made possible through the evolution of blockchain technology. The first-generation blockchain tech like the one used by bitcoin simply does not have the capabilities to host decentralized exchanges. This was only made possible through the integration of smart contracts with Ethereum being the first one to incorporate such capabilities. While the technology has shown promise the limitations of Ethereum’s blockchain made it impossible and uneconomical to reach mass adoption.
Decentralized exchanges (DEX) relies heavily on the blockchain where it has been built on. This is the primary reason why Newdex developers have decided to build their DEX on two of the most successful, scalable and used blockchain in the whole industry EOS and TRON. By doing so their DEX has the capacity to scale to mass adoption without having to worry that the underlying technology that hosts their DEX will not be able to cope up with the load and demand of their decentralized exchange.
EOS and TRON both use Delegated Proof-of-Stake (DPOS) consensus mechanism which has been described as a more power-efficient, scalable and democratic consensus protocol compared to Proof-of-Work. This enables them higher throughputs, consumes a whole lot less energy and secures its blockchain more efficiently. Aside from the scalability advantage, the absence of miners in DPOS makes transactions in EOS and TRON more cost-efficient and often times fee-less like.
By offering a simple yet powerful trading venue for traders of EOS, TRON Newdex has become one of the world’s leading decentralized exchanges. To ensure that the digital assets of its customers are always safe Newdex, does not require its clients to input their private keys. Instead, Newdex opted to partner with all conceivable wallets for both EOS and TRON to enable its users to log in through their non-custodial wallets of choice. This is an additional layer of security and serves as a deterrent to phishing risk.
Apart from not asking for the private key to login in, Newdex does not require its traders to deposit and withdraw their digital assets. This was made possible because all trades are transacted on-chain which means trades are triggered, executed and finalized using smart contracts making them irreversible, immutable and secure. This also makes them auditable and transparent as anyone can basically follow and inspect the transaction on the various blockchain explorer available online.
Since users of Newdex never lose custody of their digital assets we can say it is the prime example of true digital asset ownership. Unlike centralized exchanges that require their customers to deposit and withdraw, Newdex executes transactions straight out of customers’ wallets which means there is no need to move digital assets in and out of the DEX. Hence there will be no chance for Newdex to lockdown user assets, there will also be no need to pay for deposits and withdrawals.
World’s Leading Decentralized Exchange
DEXs are the only trading venues where users have full custody and control of their cryptocurrencies through the use of blockchain technology. Newdex has emerged as the world’s leading DEX for not only offering all the advantages of decentralized exchanges but offering value-added services that set it above all other decentralized exchanges. These include an OTC market that enables its users to use Fiat currencies to trade with cryptocurrencies, a VIP membership for various trading and airdrops privileges and utilizing its own utility token called Newdex ecological Platform Token (NDX).
Cryptocurrencies have not yet reached mass adoption but through the power of blockchain technology and the many advantages that it brings it is only a matter of time when the masses come marching along searching for the proper venue where they can fully exercise their newfound financial freedom. Where there are no censorship, no restrictions, borderless and frictionless. More importantly, where true ownership of cryptocurrency is realized, decentralized exchanges and there is no better embodiment of this than Newdex, the world’s leading decentralized exchange.
For more information about Newdex please follow its official links below:
Let's Connect!!!
submitted by rillita to eos [link] [comments]

The crypto lending boom and DeFi-another bubble or a new impetus for the bitcoin industry?

The innovative crypto lending market suddenly emerged against the background of last year's collapse in the prices of bitcoin and most other assets. In an effort to avoid fixing losses, some holders in the midst of the crypto crisis borrowed funds against digital assets, or deposited coins to receive a small but passive income with minimal risk.
Undoubtedly, the very young market is still tiny compared to the traditional analogue. Nevertheless, this sector deserves attention, given the pace of its growth and innovation, the value proposition of services and the potential for the development of market infrastructure.
Recently, the sphere of DeFi, consisting of open source projects and designed to make the world of Finance more open and free with the help of blockchain and smart contracts, is rapidly gaining popularity.
ForkLog magazine tried to understand what advantages and disadvantages there are in the field of cryptocurrency lending, and how decentralized the DeFi sector really is.
Unstoppable growth
According to estimates of the institutional OTC platform Genesis Global Trading, in the III quarter the volume of issued crypto loans rose to $870 million compared to the same period last year, this figure increased by 3.5 times, and the total volume of loans exceeded the mark of $3 billion.
submitted by dkotlovkin to u/dkotlovkin [link] [comments]

[GUIDE] Convert DRP to DRPS or DRPU.

IMPORTANT: none of the methods will work unless your address is whitelisted at

verify first or trade OTC

If you want DRPU, I'd like to trade your DRP for my DRPU

(2 DPRU for 1 DRP, the standard ratio).

(We can trade in small amounts if you don't trust me)
Below I will describe three ways to convert DRP to DRPU or DRPS.

Please try the official way first.

There's basically two steps, each with their own sub-steps. I will first explain what the steps do, and then explain how to do them. No matter which way you choose (they just get increasingly technical).
The first step is to approve the contract (there is two different contracts, one for DRPU, and one for DRPS, approve the right one). Without approval, the second step will fail.
In other words, step one is all about saying "this address (the contract) is allowed to spend X amount of DRP from my address". Obviously, you only want to approve the right contract, not anyone else.
The second step is to actually make the contract burn your DRP and return you the right amount of DRPU or DRPS (depending on which contract you talk to). The second step is exactly the same for DRPU and DRPS, the only difference is the contract adress. So don't use the wrong adress or you'll recieve the wrong coin, and that can not be undone! (you could attempt to trade it at the market though, but there is currently no way to turn DRPU into DRPS and vice versa, and neither can you get your DRP back).
Now for the actual steps:

The official way

DRPS: DCorp Security Token DRPU: DCorp Utility Token
Just follow the steps on the website. If that doesn't work, try:

The etherscan way

Step 1a:

copypaste the contract address you need into notepad.
  • DPRS: 0x3366cfd8dd3fc653e7dcd56cb9111d848b3732e2
  • DRPU: 0xee2972a6177c28f3efacb1862a1a8507c3f10faa

Step 1b:

Step 1c

  • copypaste the address from step 1a into the _spender(address) field under "1. approve"
  • put the amount of DRP you want to convert, followed by exactly 2 zeroes (unless you want to send fractional DRP, in which case you add fewer zeroes, for example a 50 is 0.5 DRP) (Think of it like sending "cents" of DRP, so 100 cents is 1 DRP).

Step 1d

  • press "write"
  • confirm with metamask
wait for confirmation (only 1 confirmation is enough) it should look something like this

Step 2a

Step 2b (it's the same for DRPS and DRPU)

  • connect metamask
  • scroll down to "6. requestConversion"
  • input the same value as in step 1c (technically you could use any value lower or exactly equal, but why would you?)
  • it should look something like this

Step 2c

  • press "write"
  • confirm with metamask


it should look something like this
you should have your tokens now, and your DRP are burned.

The hard way

Step 1a:

  • Log in to metamask, or whatever your favorite wallet is (i will assume metamask in this guide but this method works for any wallet, although the steps wil not be exactly the same obviously)
  • go to settings -> advanced (helpfull image 1 and 2)
  • scroll down and turn on "hex data"
  • now when you send an ether transaction you should have a "hex data" or "data" field in the bottom. (It should look something like this)

Step 1b:

  • calculate how many DRP you want to send, open the windows calculator in programmer mode (or any online dec to hex converter) and input the amount of DRP you want to send with two extra zeroes.
  • read the HEX value. (for example if you want to send 1234 DRP you should enter 123400 into the calculator, and your answer will be 1E208) Helpful image
  • If you want to send fractions, for example 12.5 DRP you input 1250 (so basically you multiply by 100) and you would get 4E2.
  • write down the HEX value in notepad.
  • copypaste this 0000000000000000000000000000000000000000000000000000000000000000 and paste it under your hex value
  • add 0s in front of your hex value until both strings are of equal length (you should have exactly 64 digits, no more, no less).

Step 1c:

  • for DRPS: copypaste this "0x095ea7b30000000000000000000000003366cfd8dd3fc653e7dcd56cb9111d848b3732e2" into your notepad and paste it in front of your 64-digit number, don't have any spaces in between, don't add the quotes.
  • for DRPU: copypaste this "0x095ea7b3000000000000000000000000ee2972a6177c28f3efacb1862a1a8507c3f10faa" into your notepad and paste it in front of your 64-digit number, don't have any spaces in between, don't add the quotes.

Step 1d (same for both tokens):

  • if you have done step 1c correctly you should have something similar to "0x095ea7b3000000000000000000000000ee2972a6177c28f3efacb1862a1a8507c3f10faa00000000000000000000000000000000000000000000000000000000000185ea" in your notepad.
  • send 0 eth to 0x621d78f2ef2fd937bfca696cabaf9a779f59b3ed and in the data field copypaste the data from your notepad.

Step 1e:

Wait for it to confirm (1 confirmation is enough).

Step 2a:

  • copypaste this into a new line in your notepad: 0xc6afd98a
  • copy the last 64 digits of the last string (the hexadecimal representation of the amount of tokens you want to convert) to the end of that line
  • you should now have something like this: 0xc6afd98a00000000000000000000000000000000000000000000000000000000000185ea

Step 2b

  • for DRPS: send 0 eth to 0x3366cfd8dd3fc653e7dcd56cb9111d848b3732e2 with the data string you should have in your notepad (the short one)
  • for DRPU: send 0 eth to 0xee2972a6177c28f3efacb1862a1a8507c3f10faa with the data string you should have in your notepad (the short one)



The data always starts with 0x (this basically means, the data is encoded in hexadecimal numbers), the 8 digits after that is a hash (keccak-256) of the function name, so the contract knows which function you are calling, and which arguments to expect (for example requestConversion(uint256) and approve(address,uint256)) all other information after that is always exactly 256 bits of information (per argument), so 64 digits long (if the actual information is less than 64 digits long, it adds 0s in the front until it is exactly 64 digits long. Also, in ethereum addresses the leading 0x gets dropped (because the data already starts with 0x). Numbers of course are converted into hexadecimal, and in the "atomic units" of what you're sending (like a satoshi in bitcoin). DRP has a "precision" of 2 so if you enter "0000000000000000000000000000000000000000000000000000000000000001" that means 0.01 DRP, and 0000000000000000000000000000000000000000000000000000000000000010 means 0.16 DRP (remember, it's hexadecimal, not decimal).
submitted by zimmah to dcorp [link] [comments]

Newdex Creates A One-Stop Service For Users

Originally posted by ankarlie :
Newdex is a new kind of Decentralized Exchange that is able to provide unprecedented user experience of decentralized trading, which is only possible with highly scalable blockchain technology. The previous generation decentralized exchanges are not able to do this due to blockchain technological limitations their DEX are based on. The Newdex team chose to build on top of one of the most scalable blockchains known in the industry, EOS and has been continuously improving its DEX adding features after features to bring more value into its ecosystem.
On-chain Execution
It has become the world’s leading decentralized exchange that features on-chain matching and settlement) through the utilization of smart contracts. In simple words, all trading activities done on the exchange are triggered and recorded in the EOS high-performance blockchain achieving a whole new level of trust without the wait and associated cost seen in previous blockchain generations. This makes fast and high-frequency trading not only possible but feasible due to the EOS’ unique transactionless design and resource allocations. More importantly, data in the DEX are transparent and immutable.
Non-Custodial Trading
It also features non-custodial trading where users never lose custody of their digital assets, not until the moment the conditions of their trades are met and thereby executed. By doing so the exchange does not attract unwanted attention from hackers looking for their next crypto honeypot to exploit. Since wallets used in Newdex are non-custodial wallets there will never be a point where users can be restricted from access of their own digital assets. Unlike centralized exchanges, Newdex does not ask for the custodianship of tokens. While there are some feature in Newdex that requires locking up of some assets, unlocking them are within the power of users and does not require access to Newdex website.
Zero Deposit and Withdrawal Fees
Additionally, deposits and withdrawals in Newdex are instant and users will never be charged with fees. This allows frictionless trading within its platform and presents a quick way of having access to all available digital assets in the non-custodial wallet that has been linked. Once wallets are linked all cryptocurrencies contained in the wallet will immediately be detected by Newdex for immediate trading. This is a more efficient and cost-effective way of having access to digital assets. CEX requires users to send each of the assets one by one which is not only cumbersome but also costly as users have to spent transfer fees or resources to send them.
Private Keys not required
As an additional layer of security, Newdex decentralized bourse will never ask for the private keys of its users. Instead, users can log in using the widest range of wallets available for EOS, EOS sidechains, and TRON. This is one of the most striking features of Newdex as it essentially supports almost all types of login options for all supported platforms. Desktop wallets, Chrome extension wallets, and mobile wallets can be used to login to its DEX without having to ask the users to reveal their private keys. This highlights Newdex’s emphasis on security, privacy, and ease of use.
Newdex has become the quintessential DEX in EOS space becoming the go-to listing partner of many EOS-based projects and has been supported by virtually every wallet service provider that supports EOS. This demonstrates the market penetration of Newdex and the reputation it has gained throughout its existence. Its presence and market influence is the direct result of providing the first truly global decentralized exchange based on EOS and continuously building on its brand by providing high quality, relevant and timely products, and services.
Newdex Platform Ecological Token (NDX)
Newdex issued its own utility token dubbed as the Newdex platform Ecological Token (NDX). Its primary purpose is to serve as the platform’s primary currency for services its offers. These include VIP membership Fee, repurchase and destruction, staking concessions, Token airdrops, advertising bidding, independent listing and more. It is currently listed in Newdex with pairs of NDX/EOS and NDX/USDT. Recently it has been used to rewards those who opted to undergo identity verification for OTC services of the Newdex Platform.
Newdex Free CPU trades for VIP members
Newdex has been built on top of one of the most scalable and feature-filled blockchains in the entire cryptocurrency ecosystem. To elevate the trading experience of its users further, Newdex is giving its users limited Free CPU placing order in trades depending on their VIP levels. The CPU-free placing order time as shown below:
This would allow its traders to execute trades without having to worry on having enough CPU-time EOS resources.
Newdex is designed to be a frictionless and borderless decentralized exchange, as such, it offers multilingual support to cover all the most active crypto trading jurisdiction in the world. Currently, it supports English, Korean, Chinese and Chinese tranditional. It is expected that more languages will be supported in the future as Newdex expands to new markets.
Simple yet Power User Interface (UI)
One of the first things users will notice about Newdex is its simple yet powerful user interface (UI) that enables them to gain access to all important features easily and conveniently. Its design is clean and purposeful without excess information clottering the screen enabling users to concentrate on what they are doing. The additional features of the DEX are carefully tucked away but easily accessible through the many non-intrusive menus buttons smartly positioned for optimal use. Hidden behind this elegant UI is a new breed of decentralized exchange that truly raises the bar of excellence in Decentralized Finance (DEFI) particularly the DEX sector.
Multi-Chain Trading
The recent support for TRON reveals its openness and intent of supporting other high-performance public blockchains to achieve multi-chain trading. This opens up unlimited opportunities for growth for Newdex not only in terms of partnerships with other blockchain projects but also in terms of user base as each of these projects typically has its own supporters and believers. The willingness of the Newdex Team to work in both EOS and TRON platform demonstrates their flexibility and agility to react to current market conditions in a meaningful and timely fashion.
Excellent Tech support
To give the very best tech support to its users, Newdex has hired the services of Zendesk, a software company that is headquartered in San Francisco and listed on the New York Stock Exchange. The support page is very well organized and response times are top-notch. Nothing less is be expected from a professional tech support team. The same company is also used by many well-established blockchain-based companies who want professional-level services for its tech support.
Highly ranked among dApps Trading Platforms
It comes to no surprise that Newdex has consistently ranked on top of dApps data services providers, such as the Dappradar, in terms of the trading volume. This makes them the top EOS-based DEX in the space. This is just a confirmation of what we already knew about Newdex and about its team who tirelessly seek out new innovative products and services with the purpose of bringing to the crypto trading community the very best of what DEX trading has to offer. But wait there is more! Its newest innovation is explained in the next section where it tries to marry traditional and blockchain-based fintech together.
How to Join the Newdex OTC marketplace?
Regulatory compliance requires the Newdex team to ask its users to accomplish KYC and AML procedures before they can avail of the OTC services. Prospective users are required to declare their identity, contact information and to submit proof to validate the information submitted. Once this information has been approved users can start using the OTC market.
While the Newdex team values the privacy of its customers they also acknowledge the need for such procedures for the safety of its users since the service entails interaction with government-issued assets (fiat) as well as to be able to resolve disputes when the need arises. Currently, the platform only offers Renminbi or the Chinese Yuan CNY for fiat purchases and has expressed the intention to expand to other fiat options in the near future.
NDX Rewards For OTC Participants
As a way to celebrate the launch of their OTC services and to rewards participants who undergo KYC procedures the Newdex Team have initiated the Newdex OTC NDX Rewards Program. Users who will participate in Identity Verification Procedures will receive NDX. The program started November 25, 2019, and will end at 9:00 am Decemver 16, 2019 (UTC).
There are two activities where users can join and they are allowed to join both so long as they qualify. Rewards are limited and will be distributed based on a first come first serve basis. Since the rewards program is sponsored by Newdex, their final interpretation of the results of the rewards program are final and cannot be reconsidered.
The first activity (Activity 1) is the real name verification. The total rewards for this activity is 2,500 NDX
Activity Rules: During the activity, users who log in to Newdex and complete the real name verification on the OTC fiat trading page can claim NDX reward:
Reward 500 NDX via completing the primary verification (3,000 openings).
Reward 2,000 NDX via completing the intermediate verification (3,000 openings).
The second activity (Activity 2) is the fiat trading which has a total reward of 2,200 NDX
Activity Rules: During the activity, users who log in to Newdex and complete EOS or USDT trading on the OTC fiat trading page can claim NDX reward:
One time reward of 200 NDX for a single order ≥ 50 EOS/150 USDT
One time reward of 2,000 NDX for a single order ≥ 500 EOS/1500 USDT
Newdex’s One-Stop Service
Newdex has proven once again why it is the leading high-performance decentralized exchange in the space as follows:
Providing scalable decentralized exchange trading
Instant and Secure
On-Chain matching and Settlement
Transparent and Immutable
No Deposits and Withdrawals Fees
Top-rated trading dApps
Highest trading volumes
Most supported DEX by top wallet service providers
Offering the widest range of EOS-based tokens including EOS Native Tokens and EOS Sidechains
Multichain Trading
Added Support to Tron-based Tokens
Plans to support other high-performance blockchains
Providing innovative opportunities for its users
Newpool multichain staking pool
Widest range of EOS-based Stablecoins offering
OTC trading desk for fiat trading
The list goes on......
The diverse and extensive product/service offerings from Newdex have truly created a One-Stop Service where users can enjoy the fullest benefit of their digital assets as well as opening the floodgates of OTC fiat trading. With this new service, it has empowered its users the flexibility to conduct trades with both blockchain-based and fiat assets.
For more information about Newdex please follow its official links below:
Let's Connect!!!
submitted by rillita to eos [link] [comments]


1) If I sent my claim to [email protected], do I still have to file another claim to the Trustees?
Yes, you will still need to file a formal claim in order to receive your share of the bankruptcy assets.
2) What are the deadlines for filing my formal claim?
The deadline for filing formal claims is 30 days before the hearings scheduled to examine assets and liabilities of the bankrupt companies. The two hearings have been scheduled in two different dates: 7 May 2019 for WebCoin; 21 May 2019 for BitGrail S.r.l. Therefore the deadline to file formal claims are, respectively: 6 April 2019 and 19 April 2019. Currently working on getting information about best way to file claims, where to send and what needs to be included. Aiming to have answers to this late next week.
3) Where do I send my formal claim?
We don't know yet. We don't know whether it can be done online or via regular mail. But we are working to get this information. Once we know, we will publish the information on discord via #messageboard, on the nanocurrency subreddit, via medium post and anywhere else we can think of as a relevant channel to reach claimants. Hopefully claiming online will be possible.
4) What do I include in my formal claim?
We don't know yet what the minimum information required to approve the formal claim will be. Hopefully, verification of the email you used for your BitGrail account will help a great deal. There might also be other demands to verify. But this too is something we are working to get more information on.
5) How much will I get?
This is another question that is hard to answer at this time. In terms of crypto assets (if the reimbursement is done in crypto), it will depend on if the total amount of claims cover the remaining assets held by the bankruptcy estate or not. This is a process, and the most important focus right now is to begin and complete the process of collecting and organizing all formal claims. The trustees will likely not have anything to say about reimbursement before they know how many claimants they have to deal with and what the claims amount to in total.
6) What happens if assets remain unclaimed after the final deadline?
We don't know if the deadlines posted will be extended or if claimants who do not make it in time will get a second chance. I would strongly suggest not to be late with filing your claim, hoping for an extended deadline. If assets are still unclaimed after the final deadline, these will most likely go to cover those who have filed their claims in time up to 100% of what they lost at most (highly unlikely). This is not at all a goal. We want as many as possible to formally file their legitimate claims and will reach out on the online platforms mentioned in 03.
7) How long will it take before I can get my assets back?
Too many variable factors go into this to be able to give a specific amount of time. It depends on how fast the trustees and their assistants are able to work, how cooperative the creditors are, if the reimbursement happens in crypto or fiat, and how many claimants have to be handled throughout the process. While we have had a victory with the bankruptcy petition, I believe we still have a long way to go. Hopefully, we can all work together to get this right in the shortest amount of time possible.
8) Will the reimbursement happen in Crypto or Fiat?
As with so many questions, we don't have a definitive answer at this time. That being said, I believe this depends on what the creditors want, and the option of being reimbursed in crypto should not be off the table. Because we are dealing with thousands (if not tens of thousands) of claimants from more than 70 different countries (some who might find it complicated to be compensated through the banking system), reimbursement in Crypto makes a lot of sense. It also makes sense in terms of saving claimants value, as the trustees will not have to liquidate the assets into fiat before returning them. A reimbursement process in Crypto will likely also save time for this entire process. We will see how likely it is, but I wouldn't count it out just yet.
9) I can't log in to my BitGrail account anymore?
The BitGrail exchange has been closed for some time now. The exchange was not secure, and will not continue operating. Most likely, you will not be able to log in ever again, unless the trustees have the chance to and decide to allow login for users who need the data. We don't know if this is easy to do at this point or possible. For most, you will not need to login to BitGrail to file your formal claim, and the reimbursement process will likely not happen through the exchange.
10) I don't remember the exact amount I lost / I terminated my account.
Several claimants have posted comments about similar issues. We will have to see what is possible to do with these challenges when we know more about the process of filing formal claims.
11) Will Bomber go to jail?
We chose the legal system in this Bankruptcy case and have succeeded with this. What happens from here, in terms of criminal charges, is primarily up to the Public Prosecutor if this person deems it necessary or not. It is not a focus for this group at this point. Damage has definitely been done to the customers who used the BitGrail exchange. Because so many inaccurate statements from Bomber and Bitgrail have been shared on social media and spread around in different online publications, it has been important to make sure the facts were set straight and the court ruling was well known, now that it is public.
For the sake of NANO (the asset that a great majority of the creditors lost, and still have percentages of now in the hands of the trustees) it was very important to correct the serious and incorrect accusations that the node or software itself was the reason for the double withdrawals. Many people, both claimants and others, have invested a lot of time and money in NANO, and when such a serious accusation gains traction (and is proven to be incorrect) it is vital to spend some time on getting the facts out.
Now that this has been done, I also think it is important to let the Italian authorities deal with the rest of it and let Bomber deal with Bomber. We have all been angry for good reason, but I do not think it serves any of us to continue focusing on him, moving forward. Our time will be spent in a much more productive manner if we focus on the bankruptcy process and what we can do to get the best result possible there.
This is a two way street of course, and if Bomber decides to intervene or make our process more difficult he will open himself up for a legal reaction. But so long as he does not interfere and minds his own business, I think the best will be to let the authorities deal with him and for us to leave him alone.
12) How much crypto / other assets do the Bankruptcy Estate holds?
As far as we know:
BITCOIN: 2 344,98 (+ 167,76 BTC ?) NANO: 4 001 097,97 DOGECOIN: 34 727 218 LITECOIN: 4 014,18 CREATIVECOIN: 87 964 LISK: 1 478 CFT: 376 684 BITCOIN CASH: 622,28 ETHEREUM: 2 619 BITCOIN GOLD: 339,59
In addition to this, the following has been seized as well:
€554.701,08 0.00080000BCG on the 2 bitcoin portal A BMW vehicle
There are expenses with this process as well. Those who have been appointed by the court to manage this process will need to be paid for their time and work with this.
13) What do the current claims amount to in numbers and crypto?
We currently have a little over 5000 claims, but keep in mind that these are not verified claims. This means that these claimants will all have to send in formal claims as well to have them verified and approved by the trustees (See question 1-4). I don't have the exact amount of crypto in total claimed at the moment, so will go back and update this when I'm done with them. What I can say, if these claims are anywhere near accurate, is that it is unlikely that we are looking at anywhere near 50,000 claimants or 220,000 claimants for that matter.
This, because a larger part of the crypto is being claimed in these 5k claims alone, leading us to think that it seems more likely that the final number of claimants can range anywhere from 6-7k to 20k on the high side. I say this with the strong caveat that of course some of these unverified claims might be inaccurate or false, so we will of course know more when the trustees count up the actual amount of approved claims down the road.
Bitgrail might very well have had 220k accounts, but many had more than one account, so amount of accounts do not necessarily represent amount of claimants. But again, we will have to see down the road how close or far apart these estimates are.
14) Can I get the same dollafiat value for my crypto as I originally purchased it for in 2017/2018?
This question has come up several times, and there is a very logical answer to it; If the cryptocurrency (BTC, NANO, ETH etc) gets liquidated into fiat (sold), someone has to purchase that crypto whether it be done OTC or via regular exchanges. This person or group of individuals will likely not want to pay much more than market price for the crypto at the time of purchase. If your share of the bankruptcy holdings amount to 1 BTC, and that 1 BTC is worth $3000 at the time of sale, that is most likely the amount you would receive in dollars. Simply because it is not possible to reimburse you with money that is not there.
This is also a good argument for accepting reimbursement in Crypto, rather than fiat (if this is possible), as the extra time, fees and complications with reimbursing you in fiat can be avoided. We are in a bear market right now. We don't know how long it will last or when/if we will head back into the bull market eventually. But the best hope for you to receive more in fiat value pr. crypto held would be if the market eventually turns around and people are willing to pay a higher market price pr. crypto than what is possible in today's market.
submitted by theveryrealfitz to BGinsolvency [link] [comments]

[WI] Ex-friends hacked my life, stole a lot of money from strangers, and started a religion that successfully convinces its members to commit suicide. Can I do anything about it?

This is my first time posting on this subreddit. I am pretty young and have absolutely no idea what to do in this situation.
A few years ago I joined an online group of friends that communicated over IRC. We were very close and had a lot of great times. However, two members of the group began hurting people for their benefit and amusement, lines were drawn, and those friendships came to an end. Those two ex-friends are Markus and Ivan (made-up names).
Ivan started stealing a few years ago after abusing his status as a trusted trader on an OTC exchange. His reputation had been ruined, so he took on a new identity and developed a trojan horse malware that infected thousands of computers. I remember him gloating (and still have it in chat logs) about having stolen 16 bitcoins from a single victim (worth approx. $100,000) and there were many, many victims. In addition to stealing all keystrokes, passwords, and files, Ivan's malware could take feed from an infected computer's webcam. He often recorded the victims' reactions to losing vast portions of their savings to him, and he would laugh for about 10 minutes straight. He sent us "funny" pictures of the victims' panic attacks unfolding. This was the conclusive end of our friendship.
Ivan spent the bitcoins he stole on stolen databases belonging to large companies that had been hacked in the past, and then resold those databases on the dark web at a huge discount, making them available to many hackers and making Ivan wealthy. Using the stolen databases, he made scripts that automatically tried credential stuffing attacks on websites, and automatically sending any money stored on those accounts to himself. He made a tool that listed private, stolen information about a person, including passwords and which websites they were used on, given just their name or email address. I used the tool with my name and the information was accurate and sensitive. I no longer have access to the tool and did not use it with anyone else's name.
Ivan has hacked into my computer on multiple occasions and demanded that I allow him to access it through TeamViewer at any time. He has stolen my credentials and session tokens. He knows who I am, where I live, and where my friends and family live. He can gather information like this if the only thing he knows about you is a username you used once years ago. We once dissuaded Ivan from SWATting a child. I have had many sleepless nights and anxiety attacks for over a year wondering, if I did anything to try and stop him, maybe I would be his next victim. However, our group, which has been monitoring the two ex-members for a while, has discovered that Ivan and Markus have started an exploitative cult which has lead to actual deaths. I had a panic attack when I discovered this and started blaming the deaths on myself for not trying to stop them sooner. Did I break the law by not trying to identify Ivan and Markus until a while after cutting them off? I assumed it was impossible, but they did not cover their tracks well in the early days, probably because they had both thought they would soon kill themselves anyway. (They didn't, and are no longer suicidal, as far as I could tell)
Markus is a very creative but mentally unstable person. Ivan has made Markus depend on him for everything, and like me, Markus was required to allow Ivan to access his computer at any time over TeamViewer. Unlike me, Markus did not cut Ivan off. Markus was diagnosed with psychosis and has started observing the day that he received that diagnosis. He decided to commit suicide on the first anniversary of that date, but he did not. Instead he started an Internet cult based on concepts from a TV show that he had watched with us and quickly started amassing followers. He promised a bountiful afterlife where rejects from society in this life were accepted and praised in the next. The way to get to this afterlife was to sign up and then die on or after the second anniversary of Markus's psychosis diagnosis. After a campaign on 4chan, the cult had registered thousands of members, appeared in the media, on the radio, and on Wikipedia. I started incidentally meeting people who were members. There is an initiation ritual, but from what I can tell, it does not physically harm anyone.
The cult's members do not like publicity. Only social outcasts are allowed to join, and the cultists reject anyone who does not fit that description. Women, Jews, and homosexuals are not allowed either. They go so far to prevent "normies" from discovering the cult. Often when a news article or YouTube video about the cult is uploaded, it is swiftly removed. The members have a practice of identifying the person who has publicized their cult, sending them a photograph of their house, and demanding that the article or video be removed. Because of this, there is limited media coverage of the cult.
Earlier this year, an AMBER alert was issued in western Canada - it ended up being a suicide which was conclusively linked to the cult. His body was found days later under a bridge. However, the family was told by the police that there was nothing they could do. The person who committed suicide was a minor, spent considerable amounts of money on upgrading his afterlife, and may have intended for his family to learn about the cult after he was dead. News articles and radio podcasts speculated that others have likely died without leaving that evidence.
After a long and diligent search of our chat logs, and logs that we took (with consent) from a separate group that branched off from and in dissent of the cult, we have found some information about Ivan and Markus:
(We have not found any copies of the images Markus stole from infected computer webcams, but the logs are not complete and the search for evidence is ongoing. The images were disturbing and I did not save any copies, but it is conceivable that they still exist.)
I am in the United States, Markus is in the Netherlands, Ivan is a Croatian citizen living in Germany. The price of bitcoin exploded since the stealing started so Ivan and Markus are likely ten times richer.
I used to enjoy my life. Now I am constantly paranoid and falling behind in almost every aspect. I need to do something about this. Is it possible to take legal action against someone in another country, given only a little bit of information beyond their real names? Are there steps that that poor family in Canada should be taking if they had this information, and should I try to contact them? What about the journalists and producers who were blackmailed? Can I remain anonymous while taking action? Is this going to be expensive? I do not have very much money.
Please don't speculate on what cult I am referring to. A mere mention of its name and its members come swarming, trying to dissuade others from joining so as not to "ruin" it. I am staying at a friend's house in case they try to visit me or photograph my house. I have changed my address since the last time I spoke to Ivan, and am working on a name change, but it is likely he will still be able to find me. My heart is beating as though I were sprinting as I wrote this post. Please help me!
submitted by 485839throwaway to legaladvice [link] [comments]

My personal experience of why a DECENTRALIZED currency is not only a trend, but also a HUMAN RIGHT.

I consider myself as a casual crypto trader. I read about the block chain technology, invested some of my fiat to crypto and at the same time, do some arbitrages. However, before what happened just a few hours ago, I'm not sure if I believe that being decentralized is that big of a deal. I had lived by doing pretty well relying strictly on the traditional financial system. Reputable commercial banks are everywhere. I live in Taiwan, which is a democratic country and I had felt completely secured about my financial assets before today.

I have traded on P2P OTC sites for bitcoins regularly. I just want to make like a few percentage off my Bitcoin by doing so. There is this person who I've traded regularly for the past month. He first traded with me on this OTC site but after a few trades, we decided to trade on our own to avoid fees. Everything looks normal until today that I went to my bank trying to transfer some funds. I was told that my funds were "frozen" and I had to ask the authority to know exactly what happens.

I was surprised but since I have only 3 to 4k USD left in that account, it sucks but not unbearable. Later on in the same afternoon, I logged into another bank account of mine. FROZEN AGAIN! My third bank account, FROZEN. I was in disbelief! I immediately went to the police station tried to figure out what happened. The police officer told me that someone had sued me for civil fraud. I told the police officer that I've done some bitcoin transactions over the counter with a lot of people but I did pay every time. The reply I got is that I have to wait until the court's approval so that I can have access to my accounts.

I was furious. There is no search warrant. There is no investigation. NO DUE PROCESS whatsoever. All my personal wealth has been frozen without any proof of me doing anything wrong. The police officer then told me that I may be involved in a tripartite scam. I looked up online and this looks so ridiculous to be true. If you want to mess with someone, you can just send him like 100 bucks to his personal account and file for defraud, then there is a possibility that he will be deprived for his rights to all his accounts. I don't know if this is a world standard but this is what happens in Taiwan, which I consider one of the most liberal country in Asia.

To put everything into perspective, I have made a total of roughly 5 to 7k the most off selling bitcoin over the counter. The amount which is being frozen now is over 100K USD. This is just so unfair in the modern world that this can be done in today's society. I don't know that much about laws but in my opinion, it also clearly violates the principle of proportionality.

After this incidence, I truly believe that it is essential to have control over your financial assets or currencies. People work hard for what they have and they should have 100% control over it. At the very least, everyone should allocate some of the assets to crypto so that they can have some thing to live off for in a situation like this. I'm glad that I have invested in some bitcoins so that I can at least selling some of it for cash for daily spending. Hope that my lesson can help some people about the importance of being your own bank.
submitted by aalluubbaa to Bitcoin [link] [comments]

Decred Journal – July 2018

Note: you can read this on Medium, GitHub or old Reddit to view all the links


dcrd: Several steps towards multipeer downloads completed: an optimization to use in-memory block index and a new 1337 chain view. Maintenance: improved test coverage, upgrading dependency management system and preparing for the upcoming Go 1.11 release.
dcrwallet: A big change introducing optional privacy-preserving SPV sync mode was merged. In this mode dcrwallet does not download the full blockchain but only gets the "filters", uses them to determine which blocks it needs and fetches them from random nodes on the network. This has on-disk footprint of 300-400 MB and sync time of minutes, compared to ~3.4 GB and sync time of hours for full sync (these are rough estimates).
jy-p: the server side of SPV (in dcrd) was deployed in v1.2.0, the client side of SPV (in dcrwallet) is in our next release, v1.3.0. Still some minor bugs in SPV that are being worked out. There will be an update to add the latest features from BIP 157/158 in the next few months. SPV will be optional in v1.3.0, but it will become the default after we get a proper header commitment for it (#general)
Decrediton: besides regular bugfixes and design improvements, several components are being developed in parallel like SPV mode, Politeia integration and Trezor support.
Politeia: testing started on mainnet, thanks to everyone who is participating. A lot of testing, bugfixing and polishing is happening in preparation for full mainnet launch. There are also a few missing features to be added before launch, e.g. capacity to edit a proposal and versioning for that, discussion to remain open once voting starts. Decrediton integration is moving forward, check out this video for a demo and this meta issue for the full checklist.
Trezor: Decrediton integration of initial Trezor support is in progress and there is a demo.
Android: app design version 2.0 completed.
dcrdata: development of several chart visualizations was completed and is awaiting deployment. Specifically, voting agendas and historic charts are merged while ticket pool visualization is in testing.
atomicswap: @glendc is seeking reviews of his Ethereum support pull request.
Dev activity stats for July: 252 active PRs, 220 master commits, 34,754 added and 12,847 deleted lines spread across 6 repositories. Contributions came from 6-10 developers per repository. (chart)


Hashrate: the month started at 40.5 and ended at 51.6 PH/s, with a low of 33.3 and a new all time high of 68.4 PH/s. F2Pool is leading with 40-45%, followed by the new BeePool at 15-25% and at 18-23%.
Staking: 30-day average ticket price is 92.6 DCR (-2.1). The price started the month at 94.6 and quickly retreated to month's low of 85 until 1,860 tickets were bought within a single period (versus target 720). This pushed the pool of tickets to 41,970 (2.5% above target), which in turn caused 10 price increases in a row to the month's high of 100.4. This was the highest ticket price seen on the new ticket price algorithm which has been in effect since Jul 2017. Second half of the month there was unusually low volatility between 92 and 94 DCR per ticket. Locked DCR held between 3.75 and 3.87 million or 46.6-48.0% of supply (+0.1% from previous peak).
Nodes: there are 212 public listening and 216 normal nodes per Version distribution: 67% on v1.2.0 (+10%), 24% on v1.1.2 (-1%), 7% on v1.1.0 (-7%). Node count data is not perfect but we can see the steady trend of upgrading to v1.2.0. This version of dcrd is notable for serving compact filters. The increased count of such full nodes allows the developers to test SPV client mode in preparations for the upcoming v1.3.0 release.


Obelisk posted three updates in July. For the most recent daily updates join their Discord.
New miner from iBeLink: DSM7T hashes Blake256 at 7 TH/s or Blake2b at 3.5 TH/s, consumes 2,100 W and costs $3,800, shipping Aug 5-10.
There were also speculations about the mysterious Pangolin Whatsminer DCR with the speed of 44 TH/s at 2,200 W and the cost of $3,888, shipping November. If you know more about it please share with us in #pow-mining channel.


Meet new stake pool: has 1% fees and is hosted by @life.
An interesting detail about stake pool was posted in chat:
emiliomann: stakebrasil is one of the pools with the lowest number of missed and expired tickets. It was one of the first and has a smaller percentage than the most recent ones who haven’t had the time to do so. (...) The Brazilian pool should be the one with the more servers spread around the world: 6 to decrease the latency. This is to explain to you why the [pool fee] rate of 5% (currently around 0.06 DCR) on the reward is also one of the highest. girino: 8 voting wallets now. I just finished setting up a new one yesterday. All of them in different datacenters, 3 in europe, 3 in north america, 1 in brazil and one in asia. We also have 3 more servers, 1 for the front end, one for "stats" and one for dcrdata. (#general)
On the mining side, Luxor started a new set of pool servers inside mainland China, while zpool has enabled Decred mining.
StatX announced Decred integration into their live dashboard and public chat.
Decred was added to Satowallet with BTC and ETH trading pairs. Caution: do your best to understand the security model before using any wallet software.


VotoLegal update:
Marina Silva is the first presidential candidate in Brazil using blockchain to keep all their electoral donations transparent and traceable. VotoLegal uses Decred technology, awesome use case! (reddit)
The story was covered by (translated) and (translated), the latter received hundreds of upvotes and comments on brasil.
On the OTC trading front, @i2Rav from i2trading reports:
We continue to see institutional interest in DCR. Large block buyers love the concept of staking as a way to earn additional income and appreciate the stakeholder rights it affords them. Likening a DCR investment to an activist shareholdebondholder gives these institutions some comfort while dipping their toes into a burgeoning new asset class.


Targeted advertising reports released for June and July. As usual, reach @timhebel for full versions.
Big news in June: Facebook reversed their policy on banning crypto ads. ICO ads are still banned, but we should be OK. My team filled out the appeal today, so we should hopefully hear something within a few days. (u/timhebel on reddit)
After couple weeks Facebook finally responded to the appeal and the next step is to verify the domain name via DNS.
A pack of Stakey Telegram stickers is now available. Have fun!




Featured articles:
Some articles are omitted due to low quality or factual errors.

Community Discussions

Community stats:
Comm systems update:
Twitter: Ari Paul debates "There can be only one" aka "highlander argument".
Reddit and Forum: how ticket pool size influences average vote time; roadmap concerns; why ticket price was volatile; ideas for using Reddit chat for dcrtrader and alternative chat systems; insette's write-up on Andrew Stone's GROUP proposal for miner-validated tokenization that is superior to current OP_RETURN-based schemes; James Liu's paper to extend atomic swaps to financial derivatives; what happens when all DCR are mined, tail emission and incentives for miners.
Chats: why tickets don't have 100% chance to vote; ideas for more straightforward marketing; long-running chat about world economy and failure modes; @brandon's thoughts on tokenizing everything, ICOs, securities, sidechains and more; challenges of staking with Trezor; ideas how to use CryptoSteel wallet with Decred; why exchange can't stake your coins, how staking can increase security, why the function to export seed from wallet is bad idea and why dcrwallet doesn't ever store the seed; ticket voting math; discussion about how GitHub workflow forces to depend on modern web browser and possible alternatives; funding marketing and education in developing markets, vetting contractors based on deliverables, "Decred contractor clearance", continued in #governance.
#dex channel continues to attract thinkers and host chats about influence of exchanges, regulation, HFT, lot sizes, liquidity, on-chain vs off-chain swaps, to name a few topics. #governance also keeps growing and hosting high quality conversations.


In July DCR was trading in USD 56-76 and BTC 0.0072-0.0109 range. A recovery started after a volume boost of up to $10.5 m on Fex around Jul 13, but once Bitcoin headed towards USD ~8,000 DCR declined along with most altcoins.
WalletInvestor posted a prediction on dcrtrader.
Decred was noticed in top 10 mineable coins on

Relevant External

One million PCs in China were infected via browser plugins to mine Decred, Siacoin and Digibyte.
In a Unchained podcast episode David Vorick shared why ASICs are better than GPUs even if they tend toward mining centralization and also described Obelisk's new Launchpad service. (missed in June issue)
Sia project moved to GitLab. The stated reasons are to avoid the risk of depending on centralized service, to avoid vendor lock-in, better continuous integration and testing, better access control and the general direction to support decentralized and open source projects.
Luxor explained why PPS pools are better.
@nic__carter published slides from his talk "An Overview of Governance in Blockchains" from Zcon0.
This article arguing the importance of governance systems dates back to 2007.
Bancor wallet was hacked. This reminds us about the fake feeling of decentralizaion, that custody of funds is dangerous and that smart contracts must have minimum complexity and be verifiable.
Circle announced official Poloniex mobile apps for iOS and Android.
On Jul 27 Circle announced delisting of 9 coins from Poloniex that led to a loss of 23-81% of their value same day. Sad reminder about how much a project can depend on a single centralized exchange.
DCR supply and market cap is now correct on and finally, on Thanks to @sumiflow, @jz and others doing the tedious work to reach out the various websites.

About This Issue

This is the 4th issue of Decred Journal. It is mirrored on GitHub, Medium and Reddit. Past issues are available here.
Most information from third parties is relayed directly from source after a minimal sanity check. The authors of Decred Journal have no ability to verify all claims. Please beware of scams and do your own research.
Chat links were changed to from the static web viewer that suffered from UX issues (filed here and here). We will consider changing back to the static viewer once they are resolved because it does not require javascript to read chat logs.
In the previous issue we introduced "Featured articles". The judgement is subjective by definition, if you feel unfairness or want to debate the criteria please check this issue.
Feedback is appreciated: please comment on Reddit, GitHub or #writers_room.
Contributions are also welcome, some areas are adding content, pre-release review or translations to other languages.
Credits (Slack names, alphabetical order): bee, Haon and Richard-Red.
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Decred Journal — June 2018

Note: You can read this on GitHub, Medium or old Reddit to see the 207 links.


The biggest announcement of the month was the new kind of decentralized exchange proposed by @jy-p of Company 0. The Community Discussions section considers the stakeholders' response.
dcrd: Peer management and connectivity improvements. Some work for improved sighash algo. A new optimization that gives 3-4x faster serving of headers, which is great for SPV. This was another step towards multipeer parallel downloads – check this issue for a clear overview of progress and planned work for next months (and some engineering delight). As usual, codebase cleanup, improvements to error handling, test infrastructure and test coverage.
Decrediton: work towards watching only wallets, lots of bugfixes and visual design improvements. Preliminary work to integrate SPV has begun.
Politeia is live on testnet! Useful links: announcement, introduction, command line voting example, example proposal with some votes, mini-guide how to compose a proposal.
Trezor: Decred appeared in the firmware update and on Trezor website, currently for testnet only. Next steps are mainnet support and integration in wallets. For the progress of Decrediton support you can track this meta issue.
dcrdata: Continued work on Insight API support, see this meta issue for progress overview. It is important for integrations due to its popularity. Ongoing work to add charts. A big database change to improve sorting on the Address page was merged and bumped version to 3.0. Work to visualize agenda voting continues.
Ticket splitting: 11-way ticket split from last month has voted (transaction).
Ethereum support in atomicswap is progressing and welcomes more eyeballs. revamped Press page with dozens of added articles, and a shiny new Roadmap page. a new Decred dashboard by lte13. Reddit announcement here.
Dev activity stats for June: 245 active PRs, 184 master commits, 25,973 added and 13,575 deleted lines spread across 8 repositories. Contributions came from 2 to 10 developers per repository. (chart)


Hashrate: growth continues, the month started at 15 and ended at 44 PH/s with some wild 30% swings on the way. The peak was 53.9 PH/s.
F2Pool was the leader varying between 36% and 59% hashrate, followed by holding between 18% and 29%. In response to concerns about its hashrate share, F2Pool made a statement that they will consider measures like rising the fees to prevent growing to 51%.
Staking: 30-day average ticket price is 94.7 DCR (+3.4). The price was steadily rising from 90.7 to 95.8 peaking at 98.1. Locked DCR grew from 3.68 to 3.81 million DCR, the highest value was 3.83 million corresponding to 47.87% of supply (+0.7% from previous peak).
Nodes: there are 240 public listening and 115 normal nodes per Version distribution: 57% on v1.2.0 (+12%), 25% on v1.1.2 (-13%), 14% on v1.1.0 (-1%). Note: the reported count of non-listening nodes has dropped significantly due to data reset at It will take some time before the crawler collects more data. On top of that, there is no way to exactly count non-listening nodes. To illustrate, an alternative data source, showed 690 reachable nodes on Jul 1.
Extraordinary event: 247361 and 247362 were two nearly full blocks. Normally blocks are 10-20 KiB, but these blocks were 374 KiB (max is 384 KiB).


Update from Obelisk: shipping is expected in first half of July and there is non-zero chance to meet hashrate target.
Another Chinese ASIC spotted on the web: Flying Fish D18 with 340 GH/s at 180 W costing 2,200 CNY (~340 USD). (asicok.comtranslated, also on asicminervalue)
dcrASIC team posted a farewell letter. Despite having an awesome 16 nm chip design, they decided to stop the project citing the saturated mining ecosystem and low profitability for their potential customers.

Integrations is a new mining pool spotted on
Exchange integrations:
Two OTC trading desks are now shown on exchanges page.
BitPro payment gateway added Decred and posted on Reddit. Notably, it is fully functional without javascript or cookies and does not ask for name or email, among other features.
Guarda Wallet integrated Decred. Currently only in their web wallet, but more may come in future. Notable feature is "DCR purchase with a bank card". See more details in their post or ask their representative on Reddit. Important: do your best to understand the security model before using any wallet software.


BlueYard Capital announced investment in Decred and the intent to be long term supporters and to actively participate in the network's governance. In an overview post they stressed core values of the project:
There are a few other remarkable characteristics that are a testament to the DNA of the team behind Decred: there was no sale of DCR to investors, no venture funding, and no payment to exchanges to be listed – underscoring that the Decred team and contributors are all about doing the right thing for long term (as manifested in their constitution for the project).
The most encouraging thing we can see is both the quality and quantity of high calibre developers flocking to the project, in addition to a vibrant community attaching their identity to the project.
The company will be hosting an event in Berlin, see Events below.
Arbitrade is now mining Decred.



Media a new website by @mm:
Hey guys! I'd like to share with you my latest adventure: Stakey Club, hosted at, is a website dedicated to Decred. I posted a few articles in Brazilian Portuguese and in English. I also translated to Portuguese some posts from the Decred Blog. I hope you like it! (slack)
@morphymore translated Placeholder's Decred Investment Thesis and Richard Red's write-up on Politeia to Chinese, while @DZ translated Decred Roadmap 2018 to Italian and Russian, and A New Kind of DEX to Italian and Russian.
Second iteration of Chinese ratings released. Compared to the first issue, Decred dropped from 26 to 29 while Bitcoin fell from 13 to 17. We (the authors) restrain ourselves commenting on this one.
Featured articles:

Community Discussions

Community stats: Twitter followers 40,209 (+1,091), Reddit subscribers 8,410 (+243), Slack users 5,830 (+172), GitHub 392 stars and 918 forks of dcrd repository.
An update on our communication systems:
Jake Yocom-Piatt did an AMA on CryptoTechnology, a forum for serious crypto tech discussion. Some topics covered were Decred attack cost and resistance, voting policies, smart contracts, SPV security, DAO and DPoS.
A new kind of DEX was the subject of an extensive discussion in #general, #random, #trading channels as well as Reddit. New channel #thedex was created and attracted more than 100 people.
A frequent and fair question is how the DEX would benefit Decred. @lukebp has put it well:
Projects like these help Decred attract talent. Typically, the people that are the best at what they do aren’t driven solely by money. They want to work on interesting projects that they believe in with other talented individuals. Launching a DEX that has no trading fees, no requirement to buy a 3rd party token (including Decred), and that cuts out all middlemen is a clear demonstration of the ethos that Decred was founded on. It helps us get our name out there and attract the type of people that believe in the same mission that we do. (slack)
Another concern that it will slow down other projects was addressed by @davecgh:
The intent is for an external team to take up the mantle and build it, so it won't have any bearing on the current c0 roadmap. The important thing to keep in mind is that the goal of Decred is to have a bunch of independent teams on working on different things. (slack)
A chat about Decred fork resistance started on Twitter and continued in #trading. Community members continue to discuss the finer points of Decred's hybrid system, bringing new users up to speed and answering their questions. The key takeaway from this chat is that the Decred chain is impossible to advance without votes, and to get around that the forker needs to change the protocol in a way that would make it clearly not Decred.
"Against community governance" article was discussed on Reddit and #governance.
"The Downside of Democracy (and What it Means for Blockchain Governance)" was another article arguing against on-chain governance, discussed here.
Reddit recap: mining rig shops discussion; how centralized is Politeia; controversial debate on photos of models that yielded useful discussion on our marketing approach; analysis of a drop in number of transactions; concerns regarding project bus factor, removing central authorities, advertising and full node count – received detailed responses; an argument by insette for maximizing aggregate tx fees; coordinating network upgrades; a new "Why Decred?" thread; a question about quantum resistance with a detailed answer and a recap of current status of quantum resistant algorithms.
Chats recap: Programmatic Proof-of-Work (ProgPoW) discussion; possible hashrate of Blake-256 miners is at least ~30% higher than SHA-256d; how Decred is not vulnerable to SPV leaf/node attack.


DCR opened the month at ~$93, reached monthly high of $110, gradually dropped to the low of $58 and closed at $67. In BTC terms it was 0.0125 -> 0.0150 -> 0.0098 -> 0.0105. The downturn coincided with a global decline across the whole crypto market.
In the middle of the month Decred was noticed to be #1 in onchainfx "% down from ATH" chart and on this chart by @CoinzTrader. Towards the end of the month it dropped to #3.

Relevant External

Obelisk announced Launchpad service. The idea is to work with coin developers to design a custom, ASIC-friendly PoW algorithm together with a first batch of ASICs and distribute them among the community.
Equihash-based ZenCash was hit by a double spend attack that led to a loss of $450,000 by the exchange which was targeted.
Almost one year after collecting funds, Tezos announced a surprise identification procedure to claim tokens (non-javascript version).
A hacker broke into Syscoin's GitHub account and implanted malware stealing passwords and private keys into Windows binaries. This is a painful reminder for everybody to verify binaries after download.
Circle announced new asset listing framework for Poloniex. Relevant to recent discussions of exchange listing bribery:
Please note: we will not accept any kind of payment to list an asset.
Bithumb got hacked with a $30 m loss.
Zcash organized Zcon0, an event in Canada that focused on privacy tech and governance. An interesting insight from Keynote Panel on governance: "There is no such thing as on-chain governance".
Microsoft acquired GitHub. There was some debate about whether it is a reason to look into alternative solutions like GitLab right now. It is always a good idea to have a local copy of Decred source code, just in case.
Status update from @sumiflow on correcting DCR supply on various sites:
To begin with, none of the below sites were showing the correct supply or market cap for Decred but we've made some progress.,,,, - corrected!, - awaiting fix - refused to fix because devs have coins too? (slack)

About This Issue

This is the third issue of Decred Journal after April and May.
Most information from third parties is relayed directly from source after a minimal sanity check. The authors of Decred Journal have no ability to verify all claims. Please beware of scams and do your own research.
The new public Matrix logs look promising and we hope to transition from Slack links to Matrix links. In the meantime, the way to read Slack links is explained in the previous issue.
As usual, any feedback is appreciated: please comment on Reddit, GitHub or #writers_room. Contributions are welcome too, anything from initial collection to final review to translations.
Credits (Slack names, alphabetical order): bee and Richard-Red. Special thanks to @Haon for bringing May 2018 issue to medium.
submitted by jet_user to decred [link] [comments]

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