Die besten Bitcoin Trading Bots 2020 - Bitcoin Roboter im ...

21,42% Monthly Return Algorithm Bot Trading - 3Commas Case Study Follow-Up #2

21,42% Monthly Return Algorithm Bot Trading - 3Commas Case Study Follow-Up #2
This is the 1-month follow-up to my previous post about bot trading on 3Commas you can find it here: https://www.reddit.com/passive\_income/comments/i2zfjd/31\_daily\_return\_algorithm\_bot\_trading\_3commas/
Since my last post, I have now officially been running the algorithm trading on 3Commas for 1 month and I am blown away by the results. My portfolio increased from 1267$ to 1568$ In 1 month giving me 301$ in profit at the same time I have also earned 0.02511 BTC increasing both my dollar value and the BTC value of the portfolio.

Market performance in test period (1st of August – 1st of September)

Okay so cross referencing whether I’ve been better off just buying BTC and HODLING? In the period where I started from the 1st of August until the moment of writing this (September 1st) BTC only increased 0,627% meaning I outperformed the market with 20,8% in USD terms (Portfolio Performance)! Great news AND my BTC value increased significantly.

Benefits of trading bots

· Bots make it easy to enter the industry (Since you are not actively managing or updating the algorithms, which can get quite complex)
· Ensuring efficiency across the board (Bots never sleep and don’t make mistakes)
· Trading on a 24-hour basis (Especially useful in the crypto space since the markets never close unlike the stock exchange)
· Removing emotions from the equation (You won’t make the emotional YOLO all-in on a crypto/stock that you subjectively like over other, the bot simply follows algorithms and orders and execute)

How to get started?

You can sign up to 3Commas here for your own free 3 days trial period and if you choose to extend you will get a 10% discount and I will get a small commission, so win-win :-). I made a combination of two composite Gordon bots. A Binance BTC Conservative strategy (Safe & Slow) (50%) of portfolio and a Binance BTC Aggressive (Riskier & Fast) (50%) of portfolio. The aggressive bot was outperforming the conservative bot in terms of profit, but of course is more subdue to big volatility.
I have also modified my strategy Increasing the amount of trades my bots currently perform I have two Aggressive bots one using BTC and one using USDT. In total I usually have 9 active trading 24/7 and now earn around 25$ per day so expecting my return to exponentially grow as I optimize my bots. Hit me up if you need setup help and I’ll gladly support you first make an account here.

Current bot trades

What exchange? Okex

I used Binance initially as 3Commas integrated perfectly with Binance and they are a trusted exchange with low fees. The base fee for trades on Binance is 0.1% for makers and takers. You can reduce that by 25% (that is, to 0.075%) if you hold BNB on Binance, so this is definitely a trick I recommend!. If you don’t have a Binance account you can sign up here and we both get 10% of each other’s trading volume (You will benefit from my continued trades on Binance).
However, on the 11th of August I made the transfer over to Okex due to 3Commas making an exclusive deal with Okex giving 100 USDT free in trading fees for new sign-ups giving me a much higher margin on my first trades on that platform. Okex is also highly recommended an have fantastic customer support that answers your question within 30 seconds guaranteed! I can only highly recommend Okex and you can get 10$ in free Bitcoins using this link
Sign up to 3Commas here(Free trial + 10% discount): https://3commas.io/?c=Reddit Sign up to Okex here: https://www.okex.com/join/1/2123821

Questions?

I would love to help anyone interested in getting started with this as it seems like a great passive income stream as I used 15 minutes per day on this bot and earned 0,02511 BTC ≈ 300 USD so far and still counting.
submitted by Pleucid to passive_income [link] [comments]

What's Happening At Dash? | Continually Updated News & Announcements Thread

Welcome to dashpay!
If you are new to Dash, we encourage you to check out our wiki, where the Dash project is explained from the ground up with many links to valuable information resources. Also check out the menu bar on top and the sidebar to the right. We have very active Discord and Telegram channels where the community is happy to answer any and all newcomer questions.

Purpose of this post

This post is directed towards community members who wish to rapidly access information on current developments surrounding the Dash cryptocurrency.
Lately we've noticed how the pace of events picked up significantly within the Dash project due to many years of hard work coming together and pieces falling into place ("Evolution" is finally here. It's called Dash Platform). For the purpose of keeping these many pieces of information together, however, singular Reddit submissions are insufficient. Thus we decided to maintain a pinned thread collecting blog posts, interviews, articles, podcasts, videos & announcements. Check back regularly, as this thread will always feature the latest news around Dash, while also serving as a mid-term archive for important announcements and developments.
Journalists looking for news and contact opportunities wrt Dash, please bookmark:

Dash Press Room

"At Dash Press Room you will find the latest press releases, media materials and product updates on Dash - Digital Cash."

Dash Platform Video Series (formerly known as "Evolution") with Amanda B. Johnson

  1. Dash is Becoming a Cloud | Dash Platform #1
  2. What is Dash Drive? | Dash Platform #2
  3. What is Dash's Decentralized API? (DAPI) | Dash Platform #3
  4. Usernames & Dash Platform Name Service (DPNS) | Dash Platform #4
  5. What is Dash Platform Protocol? (DPP) | Dash Platform #5

Dash Core Group News

(last updated: Oct 30th, 2020)

Dash Newsroom with Mark Mason & Dash Talk with Amanda B. Johnson

(last updated: Oct 30th, 2020)

Development news

(last updated: Oct 30th, 2020)

Adoption, Partnership, Business Development, General News

(last updated: Oct 30th, 2020)
submitted by Basilpop to dashpay [link] [comments]

Recap of AMA with Zac on July 3 and Q2 report

Dear Pundians,
Thank you for participating in the AMA session with Pundi X co-founder and CEO Zac Cheah.
For those of you who may have missed it, the live recording of the AMA session held on July 3 at 10:00 am GMT+8, tackling Q2 progress and addressing questions and concerns by the community members, can be viewed here. A side note that today’s AMA video quality and setting was not ideal. We acknowledge this situation and will make improvement for our next AMA session.
You may also find a summary of the Q2 progress presentation as well as all the detail Q&A below.
## Pundi X Q2 2019 Highlights
* Pundi X has integrated more public chains into our products. In Q2, we completed integration of Binance Chain. NEM chain is in the work. As of today we’ve launched BNB, the Binance Chain native Coin and XEM, NEM native coin on Pundi X payment platform. We will integrate at least one more public chain in Q3.
* The transactions on XPOS for Q2 is 15.5 million in USD, which is close to 300% quarterly growth. The number of transactions is 29,367, which leads to a 11% growth QoQ.
* XPOS has successfully received FCC and KC certifications. A new certification for Latin American market is on the way. * To expand XPOS footprint, Pundi X’s integration with a new leading mainstream point-of-sales device is in the work. Stay tuned for the announcement.
* Pundi X Open Platform was launched in May, 2019, which now supports ERC20 and BEP2 token listing. Moving forward, we will continue to support tokens from other public chains.
* A 3,000 XPASS order from DigiX, a gold-based token, and a 10,000 XPASS order from BitCobie this quarter.
* XPOS is spread in use in over 30 countries. We’ve published a map of XPOS location of self-report XPOS merchant directory. You can find a list of selected XPOS merchants at [https://www.pundix.com/products\](https://www.pundix.com/products). * The QoQ growth of XWallet is tremendous at 43%. In the previous quarter, we have less than 20k users, whereas in Q2 we have hit 297k XWallet users.
More updates on XWallet:
* Supported BNB and NEM tokens; 2FA, face ID, and optimized SMS serviceAvailable on iOS, Android as well as in Samsung Galaxy Store
New features coming up in Q3:- DApp integration - Decentralized wallet- In-app crypto payments - Chat service, which will be compatible with a commonly used chat app- f(x) testnet features to be rolled out first in XWallet
## Other notices coming up in Q3 2019
* The Q2 token removal will take place on July 14, 2019, which will involve in total 34 billion of NPXS and NPXSXEM (22 million worth in USD) removal. In the past 365 days, we’ve removed a total of 36.1 million US dollar worth of NPXS and NPXSXEM.
Before Q2 removal, the total supply of NPXS ERC20 is 266,962,422,906.53 and NPXSXEM is 95,816,218,929. [See Q1 removal here.](/pundix/recap-of-ama-with-zac-on-july-3-and-q2-report-a23de165dd28)
* [NPXSXEM will be ported to Binance Chain from July 20](/pundix/npxsxem-will-be-on-binance-chain-c6485f17726b). * XPhone pre-order will start in late July with a new product name. Stay tuned. Check out the teaser video that we are releasing it across our communication channels. ## Q&A
## On XPOS
* **Where are we on official global location of XPOS?**
Zac: We have made a map on our official website that merchants can self report and feature their locations. It’s at [https://www.pundix.com/product\](https://www.pundix.com/product). We’ll be increasing and updating the map once we have permission form the merchants to update their locations.
* **The marketing from pundi has shifted from 100,000–700,000 xpos units by 2021 to 100,000. I understand the bear market has affected this but please share the strategy moving forward to hit your goal. How do you feel about hitting this goal?**
Zac: The 100K XPOS target has always been the initial goal and it’s stated in our whitepaper. And we are still working on achieving the goal by the end of 2021. Part of our growth strategy is to also explore the possibility to port our platform to traditional POS manufacturers to increase the adoption, which is ongoing at the moment.
* **1 year ago you sent 5000 XPOS somewhere. When, at least half of them, will be working? 3 year target was 100,000 by 2021. Now we have only 150 units, how do you expect to reach this goal?**
Zac: Yes, we have shipped thousands of XPOS to over 30 countries in the world. The 150 you’ve mentioned are the featured merchants which are published on the map. The active XPOS devices are deployed over 33 countries and we are actively talking to B2B partners to have higher wholesale and big deployments.
* **How many XPOS are live and used?**
Zac: We have gone through a very serious bear market, and some of the initial inbound requests for XPOS are not delivered. However, we are working slowly but surely with our Business Development team to not just roll-out into individual buyers, such as what we did on Pizza Day, but also to B2B partners. With the certifications approved, that will also help us to officially roll out to some of the key markets.
Individual merchants can use XWallet collection feature to accept crypto payment with QR code. For the merchants who have physical offline storefronts, they can use XPOS to enable the instant crypto transaction seamlessly. Moreover, as mentioned previously, we are exploring the integration on leading traditional POS terminal so that their distributors have option to enable crypto transaction feature. As for the challenge to adopt XPOS, it is the regulatory compliance in different countries. For this, our legal team think ahead and encourage our merchants to complete KYC.
I must be very honest to say the activation takes longer time than we expect but it will be worth at the end.
* **What’s the average number of transactions per xpos in use?**
Zac: The transaction number has increased very well. The number of each XPOS differs, due to the frequency of using crypto currency to purchase item or crypto assets. There’s no standard answer to this, but overall we see the transaction number and volume are going up.
* **How do you plan to reach the target of 100,000 by 2021?**
Zac: One of the challenges that we have is regulatory compliances in different countries. There are certain markets that do not allow crypto currencies and some require a clear approval for us to deploy XPOS. We are working on both challenges by talking to governments and applying for certifications. So how we plan to reach 100,000 XPOS user by 2021 is to work with distributors, B2B partners on a government / business level, and with existing POS companies to integrate our software solution into the system.
* **We understand as there was bear market and hence Xpos usage demand was low. Are you guys seeing growth of Xpos usage with current market conditions. Can you guys put some statistics comparison like last 30 days Xpos usage vs any month from bear market usage?**
Zac: It is very clear that as we moved out from the bear market, the demand for XPOS has been increasing. As we’ve shared just now both the transaction number and volume of Q2 have beaten Q1. We’ll be able to share more transaction numbers once we receive approval from our XPOS merchants.
One exciting thing is that, with the listing of different tokens, we also see users using these tokens as a way to transact on XPOS, which means we will be having more ways to transact and this is a growth point for XPOS.
* **When will there be more details for XPHONE and XPOS HANDY?**
Zac: For XPOS handy, we have finished production and it will be released in Q3
* **When will the iOS version of XWallet and XPOS be fully translated to other languages?**
Zac: Right now, the XWallet has Traditional Chinese, Korean, Spanish, German and English. With the latest version update, it now includes Portuguese. XPOS also comes with many languages and we hope to finish with more language, either working with professionals or volunteers. If you’re interested in volunteering, please contact us.
* **When will the Merchant back office have Product Registration and SKU id ability and also integrate with other POS software?** * **When will the top-up feature go away for XPOS to allow liquidity for XPOS**
Zac: We constantly update features in XPOS and merchant backend to make it easier for distributors and merchants to use. We understand that one of the ways for mass adoption is to enhance our distributor management system. With that, the distributors can manage manay XPOS at one time with different merchants.
Please stay tuned as we announce more and more functions of this feature.
## On Dubai
* **When will we see the deployment of the XPOS in Dubai?** * **Can we spend NPXS on the Dubai XPOS?**
Zac: As with all big projects there are a lot of moving parts, that includes working very closely with the local government, in Dubai’s case, the Credit Bureau of the Finance Ministry. Things are progressing for the Dubai project but due to confidentiality agreements with the parties involved, we cannot reveal much. All we can say is that we and our Dubai partners are working hard to have XPOS roll-out in the Dubai market and the UAE.
We are also discussing aggressively with Dubai partners whether to include crypto assets in the XPOS in Dubai. That clearly will involve local compliance and legal for that to happen.
* **Your system upgrades expect merchants to have downtime on their XPOS terminals, can you explain if you plan to run a business why this would be considered feasible (specially at the rate you have been doing your upgrades)?**
Zac: Yes, the benefit / strength of the XPOS is that most of the updates can be done on the fly. For example, when we have a token update on our XPOS where developers submit their tokens on Open Platform, the updates of this token are on the fly, which means that once we approve the token on our Open Platform, it will automatically appear on XPOS without any software updates.
The great thing that we believe about XPOS is not just the support of crypto assets, but also the ability to update most things on the fly, which means that whenever we have a good feature or a new token, the updates will be done instantaneously.
* **Can you guys arrange at least a community voting which is the next blockchain we would like to see next in XPOS? Voting will help to prioritize to chose the projects.**
Zac: One of the reasons why BNB is being listed on the XPOS is simply because of its popularity and also our user demand, in a way that we are already answering to our community’s request.
Right now, our main focus is getting all the tokens submitted on Open Platform to be listed on the XPOS. The submission process includes legal and compliance valid, so our legal and compliance teams are working hard to make sure that we have more tokens to roll out onto Open Platform, which means that they will be on XPOS, XWallet, and XPASS.
As to a specific voting mechanism, we’d like to consider that and hopefully we’ll be able to run a specific voting for the chain which users would like to see.
* **While comparing Xpos handy to Square POS devices at least with mobile it’s very cheap like under $30 and easy to use. When can we expect such light weight and cheaper version for XPOS? Is team working on such devices ?**
Zac: There are different POS companies around the globe and pour focus is to work with these POS companies with our software, so that a crypto sales feature will be part of the existing POS system. The more support of crypto asset usage using our software on existing POS, the better it is for global adoption.
We actually strongly believe that the pricing of our POS system is competitive in the market. And one of the great features of the XPOS is that the merchants will not need not to pay a certain percentage to existing acquirer but to be able to earn certain percentage from each transaction. That is the key differentiator for merchant to want to adopt this.
* **From the website with some of the key Countries for XPOS adoption looks great. However, the concern is for Venezuela, there is no reference link like the others have. Can you guys add the link with details to clear the ambiguity?**
Zac: Let’s give a little bit more patience so that we can actually release more information about our Venezuelan partnership. The good news is that we expect concrete news from Venezuela in the coming 2 weeks. So stay up-to-date about our Venezuelan roll out on XPOS, the best way is to subscribe to our telegram group for Venezuela.
## On Partnerships
* **Are there some major partnership in the works? I’m also interested in how you do immediate transactions? Do you anticipate scaling issues?**
Zac: The way XPOS is being designed is that when you use your crypto assets to purchase, it will have instantaneous confirmation because the action is an off-chain process. An on-chain action happens when a user who owns crypto assets in our system transferring the assets out of the Pundi X ecosystem to their own wallets; or to transfer crypto assets in Pundi X from an off-chain to a private wallet, which we will have very soon on XWallet itself.
That is why we are able to handle scaling. When a person wants to use crypto currency to buy a coffee, the transaction will happen instantaneously.
For specific partnership, especially with B2B partnership, we oblige to the NDA that we have signed. But if you follow us closely, you’ll know that we go to different parts of the world, talking to major companies to try to land more deals so that NPXS usage will increase dramatically.
* **Any big partnerships for making xphone or using the software for xBlockchain?**
Zac: These partnerships are also subjected to NDA, so please be patient for us to release more news.
* **When will XPOS have approval to process Visa and MasterCard payments?**
Zac: We have met representatives from these players including some of the key management people. They are obviously looking into crypto currency attentively, and we hope that there’s something we can do with MasterCard and/or Visa.
This is something that the community has suggested and we agree fully. Please allow us with some time to work on this. We have also showcased XPOS to the CEO of MasterCard. For what or when will anything happen, please wait for our official announcement.
* **What’s the status on Quantum fund and their contribution or involvement with Pundi’s project?**
Zac: We announced last year that we are creating a fund to invest in projects beneficial to our ecosystem. We’ve identified some interesting projects, and we have invested in at least 1 project. The reason why we’re investing in that project is because of the services that it will bring onto the Pindi X ecosystem. So the purpose of the investment of the companies is that these companies in turn will benefit on our ecosystem. This is our key consideration.
The team has evaluated the projects that will benefit the Pundi X / Function X ecosystem. Vic and his team will be able to reveal more details on the companies we have invested in and how they will contribute to our ecosystem in Q3.
* **Recent update on NPXSXEM is highly ambiguous as mentioned that it will be now BEP token and later once FX goes live it will get back to Fx platform. Why you guys had so rush to use Binance chain only for few months? Isn’t you guys switching to much in a short time span?**
Zac: Liquidity and utility have been an issue for NPXSXEM. Due to the design philosophy and the limit of token that can be created on NEM’s smart contract, we are only able to create a small number of tokens on NPXSXEM. By moving into the Binance chain for NPXSXEM, the BEP2 token version will be able to support all the NPXSXEM tokens, which means that we’ll migrate and also be able to make sure all the NPXSXEM tokens are under the same contract address.
We believe with the strong liquidity, we will be able to give our NPXSXEM token holders a good reason of what the token holders have been waiting for. We hope to bring NPXSXEM to match the level of NPXS.
* **When #XRP?**
Zac: Our OpenPlatform is a currency agnostic platform, which means that we will work on integrating public chain as well as tokens that are most requested by the users. We’ll also be looking into the listing of different tokens that are being mentioned by the community.
As said, we will have at least one more public chain integration in Q3, perhaps even more.
* **Are you as a company going to try and connect with libra? If they have said they want to be a payment remittance service, have Square, PayPal, Visa on board I as an investor would prefer you try to join them rather than beat such large competitors**
Zac: Of course, we’ll be delighted to work with Facebook and also the Libra coin. Pundi X and XPOS is a currency agnostic / currency neutral platform, if there’s opportunity to list Libra coin or work with Facebook in different ways to promote crypto currency adoption, we’ll certainly look into that and work on reaching out to them.
## On Trading
* **Can you confirm during AMA, Pundi team is not involved with any trading with their own token like selling over time to manage the fund to run the company.**
Zac: All the wallet addresses of the team holdings are disclosed and transparent. This is one of the first things that we did after ICO. Hence, our token holdings are transparent and everyone can monitor our fund transactions. Also, we have strict internal financial regulation and compliance, shows that we are here to build a long-term project.
The best way to make NPXS or the NPXSXEM to rise is real daily life use case.
* **When will you stop manipulating NPXS chart?**
Zac: Our focus has always been and will be building great products. The more product usage, the demands for NPXS and NPXSXEM will increase. Let’s address again that, Pundi X the company is NOT involved in any manipulation of the NPXS price.
There are trading teams, market makers, financial institutions that profit from the drop and rise of token prices in the crypto market. The good thing about NPXS is that we have managed to create a high liquidity by listing on 40+ exchanges and having global trades and demand from all over the world. We hope this and coupled with the fact that we are a solid product and roll out the use cases, the demand of NPXS will only continue to rise and will be able to deter any of the traders or speculators there is for NPXS.
These traders gain profit from manipulating tokens whether BTC or other tokens. In fact, the traditional financial markets have similar challenges as well. What I want to stress is that, we at Pundi X, do NOT speculate or manipulate the price. We work very hard to create demands for NPXS and as a company, it is only beneficial for us to see the prices of NPXS and NPXSXEM rise.
* **Can we please address the elephant in the room which is the Binance bot with huge sell walls and buy walls causing huge distress and concern among users?**
Zac: First, I cannot confirm nor deny that whether Binance has a bot. I think this is something that you need to ask Binance. We need to work with Binance because Binance has one of the biggest liquidities, if not the greatest liquidity, for NPXS. The best way to counter manipulators is to create more use case, more demand and more acceptance of our tokens.
* **Why on almost all exchanges do you not offer a USDT trading pair?**
Zac: We have USDT trading pairs on Bittrex, Bittrue, and more. In addition, we have fiat pairs in Korean Won, IDR, INR, and Turkish liras. We will continue to work on adding trading pairs for NPXS to make it more liquidate.
* **Why don’t you offer a stable coin sell and purchase on the xpos to help with adoption? Places in Africa with volatile currencies would go crazy for this.**
Zac: It’s a great observation. This is a request that’s been asked from many users. We’re working on stable coin listing on XPOS and hopefully it’ll come soon. Stable coin requires a greater compliance and legal validate, which we have been working on since months ago and we hope to have the stable coin up in XPOS soon.
* **When will you add an active tracker for coin burn, whether its measured in usd, NPXS or whatever you choose. The community has been asking for this on twitter, reddit and telegram for this entire year.**
Zac: It will be hard for us to have a daily tracker of the coin burn, but what we might be able to work on is a tracker which have shown all of the tokens that have been removed from the usage. Thank you for giving us this great suggestion and we will work on it in some form.
Zac: Our token supply has always been specified in our white paper, and as promised in our white paper, we will continue to remove tokens through usage and use cases, which we’re working on all the time.
* **Price movement. When will NPXS go to which price?**
Zac: We cannot comment on the change of the price. Our focus is on building products. We hope by doing that the NPXS value will go up. Again, there’s no way that we can comment on the price.
**I believe that burning tokens every 14 weeks keeps the price suppressed and will only lead to huge pumps and dumps. Imo, If the burns were more frequent, the price would move organically.**
Zac: We continue removing tokens quarterly per advised by our legal and compliance team.
**Is it mandatory npxs swap? What happens for token we have in binance?**
Zac: No it’s not a mandatory NPXS swap for FX.
**How many NPXS or NPXSXEM was converted?**
Zac: In Q2, we will remove 29B NPXSXEM and 9B NPXS.
## On XWallet
* **Why not put in XWallet like the place where we can buy and sell like restaurants and shops?**
Zac: You are correct. In fact, if you look at XWallet, there is a merchant feature, whereby you can register as a merchant. By becoming a merchant, you will be able to print out your QR code and stick it on your restaurant. People are able to make payment through this QR code. This will act like a mini-XPOS.
* **In addition to that having multiple different blockchain in XWallet will increase the XWallet adoption. Hence, we would like to see aggressive game plan and execution from the team and would like to hear that**
Zac: That’s a great suggestion. Every day we want to increase use cases for XWallet. In fact, our XWallet update is one of the most frequent in the market. Within 5 months, we have over 10 updates on iOS and Google Play. This does not include soft update which happens every several days. In my view, the effort is very tremendous.
* **Is there any plan to add Swap option within XWallet so that people can trade the coins within XWallet?**
Zac: Yes, there’s such plan and in fact there is an upcoming feature that people will be able to use coins in XWallet to exchange into other things. The exact form and format have not been reviewed. We hope to share more when we have concrete example. But what you suggested is what we are planning for months ago.
* **When will XPOS and XWallet have fiat on ramps?**
Zac: This is a good question. It’s not only involved with regulatory compliance but also involved the technical part. This is also something we are planning for months. Once approved, hopefully we are able to support fiat currency on ramps and off ramps on XWallet.
**On Others*\*
* **How is the internal organization doing? Currently how many employees work for Pundi? Currently how many job positions are open?**
Zac: Pundi X has grown tremendously. We are now having over seven offices around the globe. I’m sitting in the Singapore office. We have office in Jakarta, Taiwan, Tokyo, Shenzhen, São Paulo and London. These are the places we have physical offices and house approximately 100 full time employees of Pundi X.
The positions open from Pundi X are legal associate in Singapore and other offices. We are looking for more R&D people, especially in Taiwan. We are looking at marketing and PR people in different parts of the world. And we are looking for POS distributors. As a POS distributor, you will work with our business development team and also our technical team to roll out many XPOS which you have a network to control in your local market.
* **Would you consider removing the KYC to allow u.s. holder to stake and be rewarded?**
Zac: We would love to have more users, including US. However, our compliance and legal advisors have not allowed us to accept US holders to stake and be rewarded.
I’m sorry to say that but this is after serious consideration to make such a decision. In fact, it is a very hard decision because we have healthy user base in the US.
will continue to monitor the situation in the different markets and be compliant. There are also ways to be rewarded when using XWallet service without KYC. We are looking into to explore more on this and launch new features. Hopefully we are able to bring the beta version for you to test this week or next.
**On XPhone*\*
* **Where are we on pre-sale announcement of Xphone? It was highlights of Q2 goal. If we are getting delay, that’s ok. But at least community will have some clarification why it’s getting late and when approximately it coming?**
Zac: Pre-sale order will start this month. It’s likely the end of July. Pre-sale will take place in different channel including the official website and XWallet. Apart of our own channel, the pre-sale will go live on a 3rd party channel. People will be able to pre-order crypto either in crypto or in fiat.
* **Can you discuss in AMA, is participants can pay with Crypto or Credit/debit card or in both ways?**
Zac: As a crypto company, we prefer payment in crypto, but fiat, Visa, MasterCard, and other traditional payment methods will be accepted on different pre-order channels. Stay tuned for pre-order which will happen in late July.
* **Will the Xphone be open to purchase in all regions of the world?**
Zac: Yes, pre-orders will be able to be done on-line, and products will be shipped from our offices to users in different parts of the world.
* **Will the blockchain mode on the Xphone be operable during the testnet or will this function not work until mainnet?**
Zac: XWallet and XPhone are the first channel and avenue for Function X testnet, so once the testnet is operateble, we will start to engage certain services on XWallet and XPhone into Function X testnet, and ultimately into mainnet. Slowly but surely.
* **Does Xphone have hard protective cover,extra Sim slot, also is it enhanced with ip68 water rating?**
Zac: XPhone will not be waterproof, so please do not submerge XPhone into water. XPhone will definitely be eavesdrop-proof because we’re using a blockchain mode, only you and you control your own conversation.
* **Which country accept the Xphone?** * **Will I also be able to use the SIM-card?** * **The blockchain modus will work in every country (what in the absense of nodes)?** * **Will the XPhone I buy now support updates in the future?**
Zac: People from any country will be able to buy XPhone on-line. You will be able to use a SIM for we have built a SIM slot. Wherever you are, the XPhone can be turned on to become a node.
Will XPhone support future updates? Yes, of course. Just like the XPOS, we support silent update. It will be like how we support XPOS, many updates. The updates will always be supported on XPhone.
**On Function X*\*
* **When is the detail white paper coming for FunctionX? Why the team is very resistive to have well documented white paper? We need scientific approach and well documentation on FunctionX to have developers to be more involved.**
Zac: Yes, developer involvement is a key criterion of the growth of Function X. We have done 2 things, one is that we have set up Function X Foundation which is led by David Ben Kay and will involve third party adviser and board members. Second, we have set up a developer relations team led by one of our own members as well. This team will work on creating developer documents, developer demos and sample, so that excellent developers can tap into working with Function X resources.
The first version of developer documentation is ready in English and Chinese. We are still polishing up the documents and hopefully to release them soon.
We are also working with third party developers, and are engaging at least 2 third party developer companies, so that we can help create their services on Function X and also XWallet.
We are hoping to showcase a smooth and usable service to the audience, we think this is the key criterion of the Function X growth.
Thank you for this suggestion. We need to update more often on github developer documentation as well.
As for the white paper, we did not have one per se because Function X did not do an ICO. But we will continue to update our white paper and include not only technical details, but also details on the chain and how we can get more developers and users so that the future hardware will be added as a node and you will be rewarded financially, at least through our ecosystem genesis fund. Please stay tuned and there are a lot of things going on in the company. Each and one of us is working hard.
* **Why does the FX ecosystem need a decentralized OS?**
Zac: The mantra of Function X is decentralization and having private control of your data. A full private control of your data comes with a decentralized system not just in transmission of your data, but with the operating system built fully for decentralization , which includes a transmission protocol replacing http. The apps uploaded into Function X will be decentralized as well as the data that is stored on the app, which means that how BitCoin or crypto assets are verified on different nodes will also be part of the way we store data and content.
The decentralized OS is key to fulfilling a decentralized environment for a more private and free usage.
* **What about FX are you most excited about?**
Zac: We are actually creating a shift of how people view of blockchain and how decentralization is not just about transacting commercial commodity, but also data, including your identity, are all decentralized. That is what we are most excited about.
The only way for us to achieve this is to have developer support, for we need the developers to build on the foundation we have to offer those exciting services.
* **We understand that developing a new blockchain is time consuming. As a community we are in a dark space to understand where exactly the development of FX right now.**
Zac: We are working hard on creating the testnet and eventually the mainnet. For the latest updates of Function X, what I can encourage you to do is to go on and subscribe to the Function X telegram group where discussions are made. We have formed the Function X Foundation and created the developer relations team, so that the Function X progress will go smoother and with more partnership from outside, whether it’s developers, third party companies, teleco, etc.
* **When FX goes live on the mainnet, will FX coin be used to stake and earn NPXS? how will staking work on that new mainnet?**
Zac: The NPXS/NPXSXEM staking will last till March 9, 2020 as announced. What we are committed is to create more use cases. For FX tokens, the use cases will be focusing on the Function X Chain and the use cases on Function X that include DApp on Function X and different hardware/software services.
* **When fx testnet will be available?**
Zac: First I would like to thank you for your constant support. In Q3, we plan to open Function X testnet so that we will be migrating and creating certain use cases that can be used on Function X testnet, starting with our own XWallet. Which means, the XWallet will migrate some features into Function X testnet, and slowly followed by our other Pundi X products, including XPhones, XPASS, Open Platform and Function X own developer related products from third parties.
submitted by crypt0hodl1 to PundiX [link] [comments]

Market Makers and the ICX token

A lot of conversation has been flying around lately regarding the need for Market Makers to help nurture, protect, and encourage the growth of the value of the ICX token.
I personally am not clear on the regulatory picture regarding Market Makers, but somebody who seemed knowledgeable told me that there are legitimate versions, and shady versions. And legitimate versions are both necessary and imperative to have for any major stock or token trading on exchanges.
We don’t have them. We apparently used to. Some projects do. Bitcoin on Binance absolutely does.
What do market makers do?
They are financially incentivized group of large token holders with the ability to help to grow the value of the token on exchanges, to offset significant drops, and to dilute the power of scalping bots (which clearly have taken over this token on the exchanges due to a lack of liquidity). I’m no expert on this topic. I’m mostly conveying what I’ve been hearing other say.
Market makers cost money.
The first thought that came to my mind was a market makers P-rep team that could be paid through staking rewards. If they didn’t get voted in, we would all be out of our minds. Because we apparently need them. But again, I’m not clear on the regulatory situation surrounding them.
Are they legal?
This is one of those things thats expensive, and should’ve been handled by, in my opinion, the team. But there must be some reason we used to have them and no longer do. Because quite a few relevant people in crypto said we used to have them. And that’s exactly how we got to $12 in the first place. Supposedly.
Just opening up this up for discussion. Any thoughts?
submitted by BitttBurger to helloicon [link] [comments]

A Lost Gem In A Sea Of Shitcoins

What’s up everyone!
 
Yeah, it’s another one of “those”. But honestly, after being in the game for long enough, you end up developing an eye for the good coins. Not the “good” ones, the GOOD ones. Believe it or not, research and common sense is the name of the game!
 
A little bit more about me: I come from a business & logistics management background. I started investing in cryptocurrencies and trading a little more than six months ago. As a person, I am very detail oriented and I’ve been researching all kinds of cryptos, for hours a day, for the past six months. The more I researched, the more I learned, the more I became hungry for knowledge, and therefore the more i researched. From trading to cryptocurrency basics, their economics, their political implications, the technology revolution they represent, the human psychology aspect as well as emotional trading behaviours (FOMO, FODO, etc.), all of it!
 
I’ve purchased Ethereum at 150$ (when I first started in crypto). Then NEO back when it was still AntShares and trading under 3$. Gas (Antcoin back then) at 30c, OMG when it was sub-1$, and ETP at exactly a dollar (selling it later at 5$). This was all before I even knew how to do a basic margin trade & was still in the process of learning about crypto (and while tether still had a “reasonable” market cap! LOL)
 
My approach is pretty simple when it comes to crypto. I split coins into seven main categories:
 
-Store of Value (BTC)
-Payment (DASH, BCH, LTC)
-Pure Anonymity and/or Evil Stuff (XMR)
-Platform/platform’ish (ETH, NEO, LISK, CARDANO, ETP, Iota, Factom and the likes)
-Shitcoins (99% of ERC20 tokens)
-Absolute Shitcoins (Boolberry, Embercoin et al.)
-Fee Split / Dividend Coins
 
That last category is my favorite. While I do strongly believe in diversification (10% store of value, 10% payment, 5% anonymity, 25% platform in my case), I always have a “lean” towards coins that make business sense. Coins that derive their value directly from the amount of usage the platform gets (Factom, for example). Coins such as NEO, BNB, Kucoin, Coss, ICN, TenX and the likes, basically coins that either have a direct “dividend-paying” property (NEO generating gas, Kucoin/Coss awarding holders with a % of the exchange’s trading fees) or an indirect “dividend paying” property such as BNB, ICN, TenX using quarterly profits to buy back their own coins and burn them, thus raising the value of the rest of the coins in circulation over time.
 
Now let’s look at market caps of these direct and indirect “dividend” coins.
 
Neo: 2.3B
TenX: 246M
Binance: 200M
Iconomi: 155M
Kucoin: 44M (68M at ath, not too long ago)
Coss: 5M
 
You see that odd one there with only 5M market cap? Yeah. That’s the great buy right now. That’s the x10, x20 or even x30 that most people haven’t realized yet. That’s also the “dividend coin” you can scoop a ton of while it’s on the cheap, and make massive recurring revenue from as the exchange solidifies and evolves.
 
What is COSS? COSS stands for Crypto One Stop Solution. They’re a Singapore based cryptocurrency exchange with an amazing team that’s currently expanding. They aim at becoming the “One Stop” solution for crypto, meaning A) an exchange, B) a payment gateway for merchants to accept crypto payments, and probably sometime in the future C) crypto debit/credit cards. They offer their own coin (COSS coin), and holders of this coin receive 50% of the trading fees generated by the exchange (more on this later).
 
Now, what a lot of people still don’t realize in crypto, you don’t invest in the bigger market cap coins expecting to make a killing (“the moonshot”). Sure, they’ll bring you nice long term growth as the whole market matures, and that’s where you want to diversify and solidify your portfolio, solid coins with a purpose. But what if you want more thrill? An actual opportunity to “moon”? You find a project that makes business sense, that has at least a working product, and a good team. Buying NEO at 2.5B market cap? You missed the boat, it was a dollar a few months ago and already went x60 (“mooned”), and now stabilized at roughly x38. OMG had it’s x10-15 already. BNB as well. Their market caps are big, and a lot of buying needs to happen to even double in price.
 
Antshares (NEO) back then was a steal at 1, 2 and 3$. It was a huge risk, with huge rewards. They didn’t even have a product other than their blockchain. No dApp running or even being built on it, no english resources to even figure out how to code on it and deploy a smart contract, no marketing, hell we didn’t even know if Da Hongfei was still alive. All it was is a Chinese based smart contract platform, with an innovative dBFT concensus algorithm. It was a 100M market cap coin that early adopters believed in, and essentially invested in when it was not much more than a website and a blockchain. Look where it’s at now, with more than a dozen dApps being built on it, a solid team of roughly 10 devs, with the NEO council also funding City of Zion (team of 20+ NEO devs). NEO has grown into an incredible community, and is now launching coding dApp contests left and right, with the latest one in partnership with Microsoft china & offering half a million dollar’s worth in prizes.
 
NEO holders get rewarded with GAS on a daily basis. When NEO gets further adoption, all fees such as registering an asset, deploying a contract, changing an asset, etc. will be redistributed to NEO holders as well on a pro rated basis. Only transaction fees are not, as those will go out to MasterNodes. If you got yourself a thousand NEO’s back when they were a dollar or two a piece, you’re now generating 7 gas per month. That’s roughly 161$ USD per month, on a recurring basis, at current gas prices, out of a 1000$ investment. That’s a whopping 16.1% PER MONTH on original investment, and not even counting the fact that you pretty much made 37000$ profit on the NEO’s themselves. Today? Well, you gotta dish out 38000$ to buy a thousand neos and make 161$ per month, basically bringing you 0.4% per month on original investment.
 
Same with bitcoin. Early adopters that got it at pennies. It just hit $10K USD a piece. For every 30 cent spent purchasing bitcoin in 2009, you’d have $10K USD in the bank account. Invested 3$? 100K. Invested 30$? 1M.
 
Ethereum? From a dollar to half a grand now.
 
Moral of the story? Early adoption pays off. History repeats itself, and it will continue to do so. Bitcoin was digital money for nerds, ethereum was a cool project that nobody really gave a crap about until they got EEA which showed credibility (early adopters of eth had a great vision, I’ll give them that!). Neo was chinese vaporware. What do they all have in common? Their.Early. Adopters. Made. A. Killing.
 
Look where they stand now. Look where a lot of coins stand now. Even a lot of ERC20 tokens that don’t even really have a reason to exist have market caps over 100M. And for what? They don’t reward you with anything other than price increasing because more people buy (greater fool theory)? They don’t reward you with dividends from the project/platform itself? Their value isn’t derived directly from the amount of usage it gets (a la Factom, PaulSnow you genius.)? They still don’t even have a minimum viable product to show? When you ask yourself why does it need a coin, and the answer is either “uhh…” or “oh it grants you voting rights” (that nobody gives a crap about, let’s be honest), you should reconsider your investment strategy. Cause I can tell you a lot of people don’t know what the hell they’re doing, and they’d be better off diversifying in the top 5 or 10 coins and holding than investing in the shitcoinfest that crypto has become.
 
And that’s why COSS is a pretty buy right now. You’re investing in a platform that’s already up and running, not a whitepaper or vaporware. Hell even Eth and Neo were riskier investments for early adopters. Let’s go over the cons first:
 
It’s ugly. The UI sucks.
It doesn’t have API’s yet, meaning there’s no bots to create liquidity, and therefore low volume.
It’s been fudded to death by KuCoin shills (and their referral links you’ve seen everywhere a month ago).
Charts are horrible
 
That’s about it. Whenever you read up about coss, those are the cons you’ll find. But what about the pros? Well, all of this is in the process of being fixed, as we speak.
 
Singapore has lax laws about cryptocurrencies and issued a statement it does not feel the need to regulate them.
It’s securing exclusive ICO’s already despite being a tiny exchange, and has mentioned being able to secure from 4 to 6 per month.
The team listens to the community’s feedback and takes it seriously. This is Gold. One of the first things they were criticized about was trying to do too many things at once (an exchange, a payment gateway, a full one-stop solution for crypto, etc.) and they’ve taken the community’s advice and decided to focus solely on the exchange for now and build it properly, before branching out to the rest. “Better excel at one thing and build from there, than be mediocre at multiple things at once”
Also following community feedback, they are implementing trading promotions “a la Binance”.
Part of the total supply of COSS tokens will be donated to charities (the community votes to who they go). First of all, that’s just plain nice. Secondly, I find it pretty damn cool that we donate this for good causes, and they basically keep “generating” income from it. It’s basically like a “perpetual donation” on behalf of COSS and all of its users, and definitely will make a lot of people feel good about using the exchange. Thirdly, this pretty much guarantees millions of COSS tokens are going to be in perpetual “HODL” mode, essentially taking them off the market.
They will be implementing a FIAT gateway sooner than later. We all know FIAT gateways are game changers.
They are constantly hiring. The team growing is definitely a good sign.
They are revamping the overall UI and charts, once again following the community’s advice, and the proposed new look is fantastic! Check it out here, as well as other great announcements: https://medium.com/@runeevensen/coss-io-7379b7628d93 EDIT: It has been brought to my attention that there is a UI upgrade scheduled for tomorrow (Dec. 3rd), although it isn't clear if it's a minor one or the actual major overhaul, might wanna keep an eye out on that!
They are upgrading the matching engine and releasing API’s soon to allow bots to create liquidity and significantly raise the trading volume.
Unlike KuCoin, the revenue split (COSS token holders) will always receive 50% of the fees, whereas kucoin will start decreasing it in 4-6months and it will bottom out at 10-15%
The revenue split from trading fees is controlled by a DAO, meaning the COSS team cannot arbitrarily decide to change it later down the line, unlike KuCoin where the control over the fee split is centralized and they decrease it as they please.
The DAO model also avoids it being labeled a security. First of all, those aren’t really “dividends” as dividends would require them to calculate income minus expenses to determine profit, and then distribute this profit to shareholders, and obviously that’s a legal nightmare. With the DAO model, you don’t get a percentage of the “profits”, you get a revenue split from the exchange fees, and it’s done by clicking a “distribute” button which makes a call to the smart contract and distributes your coins. COSS itself is not giving you anything
COSS is still in Beta. It has a tiny market cap. Now’s the time to pick it up, not when it’s out of beta and has become successful, or you’ll be in another Antshares/NEO situation. A ridiculously small move from 5M to 50M in Mcap and that’s x10, a move from 5M to 150M (still under binance levels) and that’s x30.
In the long run, COSS aims to be more than just an exchange. Holders of the token, who currently get 50% of the exchange’s trading fees, will also get 50% of other fees charged from coss. This includes their eventual payment gateway. Merchants around the world wishing to accept crypto payments will be able to use COSS’s gateway and COSS will charge a 0.75% fee per transaction. We, as COSS holders, also get 50% of that. You believe crypto is the future and going mainstream? Well your COSS will entitle you to the revenue generated by tens of thousands, if not hundreds of thousands of businesses accepting crypto payments via COSS Point-Of-Sale.
COSS also mentioned that all other COSS “fee generating” products to come will all be subject to the same DAO/50% split. Logically, If they have 1) The trading platform, and 2) the payment gateway, then the third step is solving the problem of spending the crypto in places that don’t accept direct crypto payment, AKA a crypto credit/debit card. Well, guess what? Users of such cards will be charged a small fee as well when their crypto is being converted to fiat in real time for payment at a gas station. We as COSS holders are, again, getting 50% of that fee. As you can see, this is a coin that makes business sense to invest in. Unless you really, reaaaaaally care about a coin being the “Future of decentralized prediction markets” or “the future of decentralized dating” or the “decentralized gambling coin” and whatnot.
Smart money is smart. It's only a matter of time before savvy investors discover this coin.
 
What do the dividends look like (credits to lickmypussy28):
 
Here’s an excel showing the Yearly %ROI based on the COSS exchange volume and your COSS token buy-in price: https://i.imgur.com/XKjjCbZ.png
 
Here’s another one showing how much you’d make in USD per year based on how many COSS tokens you own, again all relative to the volume on the left: https://i.imgur.com/p15DKAr.png
 
Lastly, here’s another showing the exact same as above but on a weekly basis: https://i.imgur.com/ezp5FCV.png
 
ALTHOUGH, keep in mind, the calculations above take into consideration an average trading fee of 0.2% and while this fee is accurate right now, it will most likely average 0.1% once API’s are released and liquidity/market maker bots start operating on the platform. Also, the calculations above do NOT take into consideration that in 4 years from now, there will be 200M (hard cap) COSS tokens on the market. HOWEVER, these calculations also do not take into consideration that by then, COSS will have a fully up and running payment gateway, crypto credit cards, and other revenue-generating products such as a crowdfunding platform, smart contract deployment platform, etc. that are also generating revenue for COSS holders.
 
All in all, if all goes as planned, the payment gateway/cards/other products will negate the additional COSS tokens released in the market as well as the average trading fee of 0.1%, and therefore the numbers presented in the excel docs will remain sensibly the same. Also, if crypto really takes off in the mainstream, then the revenue split to coss holders from the payment gateway & credit card spending could very well double, triple or quadruple all the numbers you’re seeing in these excel sheets, and that’s on the low end. Remember, the exchange only charges 0.2% (0.1% average once we have bots) out of which we get half, but the payment gateway on the other hand charges a flat 0.75% (7.5x the what the exchange’s fee), out of which COSS holders get half. This could be a massive revenue driver, easily surpassing the exchange itself, and honestly if at that point in time this coin is NOT valued at 3B+ (I mean, even ethereum classic is over that right now..), then I’ll just give up on the whole notion of logical thinking.
 
Quick example, assuming in 4 years 50M in gateway processing daily (18B yearly), 0.375% of that would be 187.5K USD daily for COSS holders. With 200M Coss tokens total supply, if you hold 10K coss you’d generate 9.375$ per day (65$ per week, 282$/mo.), and that’s purely from the gateway (totally excluding the exchange revenue, crowdfunding revenue, credit card revenue, etc.).
 
If you have 100K coss you’d generate 93.7$/day, 650$/week, 2820$/mo, again purely from the gateway.
 
If you’d rather assume more conservative figures (let’s say 25M in daily gateway processing on COSS, all around the globe, or 9B yearly), then simply divide these figures by half. If you wanna go balls to the walls, double them (100M daily, 36B yearly). Play around, have fun with the numbers! To keep things in perspective, square has processed 50B’s worth of transactions in 2016. Therefore I believe using 9B, 18B and 36B for our calculations isn’t too far fetched, and actually pretty reasonable.
 
Anyway, to sum this up, no matter how you look at it, COSS is an extremely promising project with huge potential, and actually has working math (and a working beta!) behind it. It’s only a matter of a month or two before they’re out of their Beta, have upgrades to their UI and engine, and start really growing from there. The team listens to the community, which is super important, and they’re working on a multitude of revenue streams, out of which not only them, but all coss holders will benefit from, fifty fifty.
 
Their crowdfunding platform will be a competitor to indiegogo, gofundme, kickstarter, and they’ll have a small percentage fee (50% of which goes to COSS holders). The crypto Point-Of-Sale will be a competitor to Square and the likes (50% revenue to COSS holders). The crypto credit card (also 50% revenue to COSS holders). It is truely an admirable project. Shovel manufacturers made a killing during the gold rush, and COSS is positioning itself as the shovel manufacturer in the crypto adoption gold rush. This is a coin that makes sense to invest in, it is ultra tangible, and will give greater returns than any type of “decentralized [insert function here]” type coins.
 
On a personal note: Honestly, I believe this is the proper way to ICO, by NOT giving people worthless tokens that only go up in value due to speculation (looking at you, 99% of ERC20 tokens). Let investors guide you, let them reap 50% of the rewards as THEY are the ones funding you. This’ll keep the investors interested in the project, and every single one of them will have a direct incentive to vouch for your product. It’s only right for the investors to get rewarded with something tangible, I’d take that any day over a speculative shitcoin who’s only purpose was to put money in the project’s founders pockets
 
Oh, and cherry on the sundae: they are planning on launching massive marketing campaigns as soon as UI and trading engine are ready, Q1 2018, as you can see in Rune’s Nov 27th update. I suggest you read it, it puts us up to date on a lot of exciting new things: https://medium.com/@runeevensen/coss-io-update-november-27th-fa74f1237062
 
Quoted directly from said link: “For those that are most interested in discussions regarding the trading price of COSS. Please have in mind that when we entered our token sale, our clear sales message was a 3–5 year road-map, and not a 3–5 months pump and dump. We are a small team, doing our utmost to deliver and all we ask is for you to continue to give us feedback and also for you to give us some time to deliver. *That being said. We still aim to be out of BETA as soon as possible with a new engine for the exchange in Q1 2018. New UI should be in place well before that.** Once we feel we have this in place we will roll out massive marketing campaigns to attract users and increased volume. So although we have a 3–5 year road-map ahead, you should expect to see 2018 being “our year”. The 3–5 year plan is more on the complete roadmap when we proudly can call ourselves a one-stop solution. For now it is all about the exchange, and there we will see rapid changes over the coming weeks/months.”*
 
All in all, i’d like to thank the COSS team for actually caring about their investors, keeping them in the loop, listening to their feedback and giving them a unique and tangible opportunity. I’d also like to thank all the other COSS investors, who see a huge potential in this project and support the team, and lastly, all of you crypto-heads for reading through!
 
Happy hodling, and hopefully see you all at 500M+ market cap by late 2018 :)
 
-Some random guy on Reddit.
 
PS: Not investment advice. Always do your due diligence. Also, if you’d like, you can join the discussion at /cossIO
 
Friendly reminder: ETH is the quickest way to get your funds on the COSS exchange, and COSS/ETH pair has 4x the volume of the COSS/BTC pair.
submitted by globetrotter_s14 to CryptoCurrency [link] [comments]

CELT update

https://steemit.com/coss/@spielley/celt-coss-exchange-liquidity-token

CELT - COSS Exchange Liquidity Token

What is CELT, why is it created?

CELT is an ERC20 token that can be bought and sold at its contract. It's created to fund a bot that operates on the COSS exchange. The bot takes the form of being a market maker. It detects how big the void is between buying and selling orders on the orderbook of a pair and decreases it, depending on the reserve it has. It decreases it by putting a buy limit order and a sell limit order within the void. When both these positions get filled the bot realises a small profit. If you want to trade you need a counterparty to trade with. If you don't have a counterparty to trade with, you can't trade, you'll need to trade at a price someone does want to trade at. The CELTbot tries to provide better prices for users to trade at instead of having to trade at a standard big loss due to the lack of standing orders on the orderbook.

Expanding functionallity with arbitrage

Because of the recent partnership with thaodehx where he's doing arbitrage between coss and Binance I decided to ask the CELT holders on reddit if I should add my own huobipro -COSS arbitrage bot into the game using CELT funds. After getting their opinions on this I finally booted it up yesterday with 0.5 ETH of my own and 30 OMG from the CELT wallet. Huobiprohistory is showing 130+ trades have been done since startup. Everybody wins with increased volume and profitable trades. The bot is active on all pairs in common between COSS and huobi.

Wallet performance

Last week @aume27 created an improved spreadsheet for me to keep track of the Wallets funds and performance. I decided to actually start keeping decent track of the wallet perfomance in ether equivalent now it has been made easyer to do so and not as time consuming. I've added huobipro's wallet equivalent in bitcoin to todays calculation and will keep doing it that way. It's not there in the previous ones cause it's only been setup since yesterday.

Wallet holdings buildup:

![](https://cdn.steemitimages.com/DQma5SvnbNDuHD5fW1Dw6MYaf4YbSrwMwMDre1wr5y6Z91g/image.png) ![](https://cdn.steemitimages.com/DQmVGQwUVSMqDUfL9715cqu9UorxihLS3YJzVZfdvioVBvY/image.png)

Wallet Etherequivalent evolution:

![](https://cdn.steemitimages.com/DQmQ6oLC1Q5bCGbW7U1kc5wcjLq8sbMzjrFTixFjKZjj9cx/image.png) Keep in mind that the first 2 colums are creating a new baseline with the new reporting system. Do not be alarmed that we are down in ethequivalent value, we have been accumulating crypto during this downtrend we'll be back in profit when the limit sell positions on top get filled again. We accumulated all the way on the downtrend and are now back in uptrend, CELTbot works best in ranging markets where people just exchange with the bot and the bot gets more turnover. You can see that in a week time the etherequivalent has been uptrending now. Todays report is a bit off because of the Huobi wallet to BTC conversion, I expect it to flatten out if I keep reporting its contents the same way each day.

The overview graph:

![](https://cdn.steemitimages.com/DQmZFJsiEnr8HK9LryPUm6mvRpA2KC8NDP5HxWCQU2PDkhY/image.png)

Buy and sell CELT at its contract.

The easiest way to buy and sell CELT is if you use this site if you have metamask: https://celt.dvx.me/ Otherwise refer to the CELT launch post to buy with Myetherwallet: https://steemit.com/celt/@spielley/the-cossening-celt-launch-and-how-to-get-and-sell-them

New funds use:

If you are buying CELT let me know where you want your funds to be used: - Increasing the orderbooks on coss and improving the spread of pairs - Increase the arbitrage part - If you want your funds to be only used to increase the orderbook of ETH/BTC for this is the heart of our COSS exchange. - Let me decide what's best use of the new funds

Example of the Bots new arbitrage trading:

![](https://cdn.steemitimages.com/DQmW92RVzBEV5q5boUjnLwndjzfK8V77HtBwydN75yL2kfZ/image.png) The first Trade happens on COSS and the 2nd happens on huobi. this is a 0.3146% diffrence in price. Deduct fees huobi: 0.2% and deduct fees COSS: 0.04% leaves us with +/- 0.0746% gain on a 0.1 LTC arb trade on LTC/BTC pairs.

Expanding arbitrage to other exchanges

If people are willing to fund this and if it is within my botting power to do so, I will be adding other exchanges to our dear CELTbot. First on my mind would be to add Kucoin to the fold as I can imagine a lot of pairs being in common. I would need to check to be sure how many there are. Since Thaodehx already has binance setup I will leave that one up to him as last I heard he was planning to move forward with the funding.

COSSbot group

Some people keep thinking that CELTbot is the same as the COSSbot from the community COSSbot group. I did join their coding effort and provided an automated trading strategy. It's now available for alpha acces. More info about this here: https://medium.com/@jimmydeal/cossbot-alpha-testing-commenced-85af5824f50b

accumulationbot.com

Further I am working on providing a freemium cossbot spinoff through https://accumulationbot.com/ When COSS releases API everybody will have acces to an accumulationbot and will be able to autotrade their coss account and accumulate their favorite crypto's!. I would still encourage everyone to join the alpha cossbot group as people in there will get a free subscription for an amount of time to accumulationbot.com. The site is still under construction and I can't ETA the actual launch of it.

decentralgear.com

The site owner is a COSS supporter and supporter of the coding effort for COSS, he is offering a 10% discount if you use the discount code SP10 at his store. So if you're looking for crypto related merch make sure to stop by his site to check out https://www.decentralgear.com/

Roadmap

I hope you guys enjoyed this week's monster steemit update. Help me out by upvoting here and spreading the word.
submitted by Spielley to CossIO [link] [comments]

EcomToken: The Ecom Platform Born To Simplify The Operation With Crypto

Global adoption takes its course and continues to expand a new trend shift. In the age of data, privacy, and other Internet-related issues, we are witnessing a progressive crypto boom during 2019 that focuses on simplifying and expanding ecosystem services and applications. In this line of events, the Ecom platform presents version 4.0 of its wallet.
For those interested in downloading, it can be found in the App Store (iOS), Google Play (Android), and APK File (Android). The wallet is compatible with the storage, reception and sending of contrasted cryptocurrencies and tokens, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Binance token (BNB), 0x (ZRX), Maker (MKR), Basic Attention Token (BAT), Huobi Token (HT) and VeChain (VET).
It also has secure, stable tokens (stablecoins) such as True USD (TUSD) and USD coin (USDC). In addition to offering a range of pairs that will grow progressively, the wallet is compatible with cash withdrawals, receipts, and other functions including exchanging with the ECK token quickly. All complicated operations become waiting-free and straightforward for users, thanks to a system managed by artificial intelligence (AI) and EcomToken’s smart contracts.
Automated technology for fast order management with BotTrader Through the Ecom wallet, the platform can tokenize all products bought and sold in the system; mainly thanks to the exchange pair in its native ECK token. The ECK/BTC swap pair will provide a good part of the liquidity and will activate the artificial intelligence gear that makes quick exchanges happen. This type of automation guided by smart contracts will feed an entire order network that will make the BotTrader service possible.
BotTrader offers an easy way to manage a wide range of orders. From placing a single order to thousands of them; by this, we mean wholesale orders (whether buy orders, sell orders or both). By offering this service, scanning low point purchases on all pre-programmed exchanges are automated. Combined with automatic market scans, BotTrader also scans the upside outlets on those exchanges.
When there is a price difference, the opportunity to arbitrage the price appears, and BotTrader performs thousands of trading orders at both ends with the price difference. Therefore, BotTrader not only facilitates maximizing the profit potential for the users but also has liquidity characteristics for the user’s portfolios.
Virtual and physical cryptographic card By obtaining a reliable and instantaneous liquidity base, the system will support the payment network planned in the technical documentation. On society, we can see how the cash in bills and coins is beginning to be margined. Smart device wallets and personal bank cards capture a large percentage of the total spend on normal operations.
It is for this reason that a system designed to support thousands of operations needs simplification in the use of stored funds. The ecosystem is designed to be able to withdraw funds from the portfolio at any time. Either through withdrawals or payments. When it comes to payments, Ecom’s virtual and physical cryptographic card offers the versatility and convenience of everyday life. Linked to its platform account, it provides the comforts of traditional systems; so the adoption barrier seems to fade over time.
The distribution and technology of the ECK native token The native token of the project is the ECK token, being a utility type token. The platform focuses on trade and therefore will not own a blockchain itself, has been chosen Ethereum, being the most adopted for platforms of its kind. As a utility token under the ERC20 standard, it offers general uses to release every one of the platform’s functions.
For a fair and equitable distribution, a token acquisition plan and percentages assigned to the token sale, reserve, reference program, core team, partners, and advisors have been devised.
The total market offer is 101 million ECK tokens distributed based on the following proportions:
· Tokens are offering — 38%.
· Referral Program — 25
· Reserve — 22%.
· Team, partners, advisors — 15
Allocation of the funds collected in the sale of the token An internal fund allocation plan accompanies the distribution of the tokens described above. This plan is posted both on the website and in the corresponding technical documentation. We proceed to break it down:
· Technological development 15%. Technology, products for the platform, new products, and updates of ecosystem characteristics.
· Commercial development 15%. This is one of the pillars of the project, even more so in the newly created company phase. It is orienting to implement a brand image recognized, respectable, modern, and backed by an active user base and constituting business development by building value-added joint ventures with industry leaders.
· Marketing 10%. Global promotion and orientation of the EcomToken ecosystem. It also ensures visibility in the sector.
· Operations 40%. Active financing of the necessary operations and legal bases, as well as advice, are required to start. The planned robust infrastructure will lay the groundwork for a stable future for the ecosystem in the medium and long term. This ranges from liquidity for automated operations to the maintenance of excellent performance, legal assistance, and customer support.
· Ecosystem development 20%. The secured funds guarantee the complete development of the Ecosystem offer the peace of mind of remaining outside the funds allocated for liquidity and other diverse goals. Therefore, developers and ancillary teams will be able to stay focused on the development and implementation of a seamless global ecosystem.
Can the native ECK token be mined? The issue model of the ECK token is not linked to PoW mining. Instead, Token Holders will be encouraged to maintain them through a daily interest. Platform users can deposit ECK tokens into EcomToken’s portfolio to enjoy the resulting calculated interest regularly. This model promotes the adoption of the token by withdrawing it from the markets to the user’s portfolios. This and other initiatives seek to establish a strong base of users and early holders.
To calculate the daily interest to be received, the value of the conversion to US dollars (USD) will be taken as a reference; that is, the ECK/USD pair will be calculated. According to this exchange rate, the daily interest to be received will be calculated. Note that the reference source for obtaining the price will be taken from the metrics publicly exposed in Coinmarketcap.com.
Partners: ECK Tokens will list on big Exchanges on Coinmarketcap as: Sistemkoin, BTC-Alpha, Bancor, WhiteBit, Probit, Token.Store… Investors and traders can trade ECK when listing
· EcomToken Web — https://ecomtoken.com/
· Telegram — https://t.me/globalecomtoken
· Twitter — https://twitter.com/TokenEcom
· Facebook — https://www.facebook.com/global.ecomtoken
· Youtube- https://www.youtube.com/channel/UCKyjFWsd1VNxZx_wgCO4WzA
BOUNTY : Video Review and make Pictures
Get 5 ECK for make Pictures with Screen ecomtoken website/EcomToken app
Get 8 ECK for make Pictures with your friends (from 3 friends) with screen ecomtoken website/EcomToken app
Get 10 ECK for make Pictures with your friends (from 5 friends) with screen ecomtoken website/EcomToken app
Get 20 ECK for make video review ecomtoken projects (say where are you from, how old are you, and why you interesting in EcomToken
Special: Top 3 awards for the most votes from the organizers:
In Pictures
1 Prize 1: 100 ECK
2 Prize 2: 50 ECK
10 Prize 3: 10 ECK
In Video Review
1 Prize 1: 500 ECK
2 Prize 2: 200 ECK
10 Prize 3: 100 ECK
Please submit your works in the submission form: https://drive.google.com/open?id=1niidisZ2wRMaMZaPtqKNL6N9XyX6NUVSlvagwEUgZgk
Spreadsheet: https://drive.google.com/open?id=1ymfm58X0eiIsljD1duCLSl2KkLMcn0hrlkXPdB8mMNs
submitted by princessjenyz to BountyICO [link] [comments]

Over 50 exchanges Are Wash Trading 95% Of Their Volume

Over 50 exchanges Are Wash Trading 95% Of Their Volume
Last December the Blockchain Transparency Institute released a shocking report that indicated that over 50 exchanges were engaging in washing trading in a bid to benefit themselves at the expense of aspiring token projects. Wash trading is a form of market manipulation where the investor sells and buys the same financial instruments so that they can create misleading artificial activity in the marketplace.
Some of the reasons why individuals and businesses would feel the need to engage in the activity include; to artificially increase the trading volume, therefore, giving the impression that the instruments are more in demand than they actually are. The other main reason is to generate commission fees for brokers so that they can compensate them for something which can’t be openly paid for.
The institute began to report on suspected wash trading activity that was taking place within the crypto market back in August 2018. Before releasing the report, the institute spent months 📷perfecting their algorithms, and they expressed confidence in the data that they had acquired.
The main aim of various cryptocurrency exchanges that were caught engaging in the activity was to lure interested crypto projects to list their tokens on these platforms which are quite lucrative as we will see later on.
The report took a deeper dive into the specific trading pairs that are listed on various exchanges which showed clear signs of wash trading. The BTI team used algorithms to analyze the data after countless hours of watching order books, speaking to market makers, trade surveillance consultants, high-frequency traders and analyzing volume data points.
Interestingly, the researchers were able to identify four different bot strategies that have been employed by exchanges to inflate their volume numbers. They discovered that some of the bots were set to different trading pairs depending on the time of the day and the settings were changed depending on the current volume trends or the hype that surrounded a given token within a given period.

Who is and Who isn’t Wash Trading?

The researchers evaluated the actual volume of the top 25 Bitcoin trading pairs as reported on CoinMarketCap.com and found shocking results. Over 80 percent of the pairs actual volume was under 1% of what they reported on CMC. Surprisingly only 3 of the top 25 pairs were found not to be wash trading their volume. The tree included Binance, Bitfinex, and Liquid.
Some of the biggest and well-respected exchanges were behind the illegal activity, and the institute had to move OKEx to its exchange advisory list as they found all their top 30 traded tokens to be wash traded. According to the report, the Hong Kong-based exchange appears to have benefited the most from the coinmarketcap.com referral traffic as even after their volume was adjusted they still ranked in the top 10.
Another exchange that was found to be wash trading the volume numbers of its top 25 pairs was Huobi however to a lesser degree than OKEx. Also, the top 25 trading pairs of HitBTC had evidence of wash trading as well, and the exchange was also added on the Advisory List.
Bithumb was also found to be wash trading after many suspicions in the past. The exchange was primarily wash trading Bitcoin Gold, Dash, Monero and Zcash. But, the top wash traded coins on the exchange appeared to change depending on each month.

https://preview.redd.it/93sq9qkh05n21.png?width=569&format=png&auto=webp&s=b0d2e8a9f67871f31352f87620d8929401f0b5ba
As for the top ten BTC trading pairs according to adjusted volume Binance leads the way followed by Bitfinex and Coinbase Pro is third on the list. However, the list contains three wash traders who have managed to benefit from bad acting.

https://preview.redd.it/0h0aclpq05n21.png?width=1000&format=png&auto=webp&s=213187b2259eb92068458a3069b1abe224c2bbf4

Why Are Exchanges Wash Trading

The reason why the majority of exchanges surveyed were engaging in wash trading was to inflate the trade volume data. An act that can mislead crypto traders and crypto projects about their liquidity and the number of users they have. The inflated figures are particularly crucial to the exchanges when it comes to luring cryptocurrency projects to list their tokens on the platforms at high prices.
As BTI found out listing fees are big business for these exchanges. According to information the institute had received from many tokens within the cryptocurrency space, the average crypto project spent over $50,000 last year in listing fees alone on exchanges that have been added to the Advisory List.
The fees add up to an estimated $100 million stolen from the crypto ecosystem in 2018 alone. Given that over 50 exchanges are wash trading over 95% of their volumes, the activity is a 500K a year scheme. Interestingly, some of the exchanges made over one million dollars last year from collecting the listing fees.
Now, BTI advice any crypto project to contact the organization if they encounter any exchange that is requesting large listing fees especially those put on the Advisory List. What’s even more disappointing is that many of the exchanges exist just to collect the listing fees as their bots run the platforms.
BTI also offers data on what is deemed as fair listing fees for exchanges that are not using wash trading bots. The fees range from 2BTC up to 75 BTC.
Moving forward in 2019 BTI plans to release its Initial Investor Security Report which will highlight the current state of security on exchanges and also suggest ways these platforms can make both current and future investors feel more safe with their funds. The report will also include the security ratings of all exchanges that are not currently on the Advisory List.
The institute has also promised to continue to collect the accurate volume data on the individual pairs in a bid to curb further manipulation. It will also contact all exchanges to ensure that they implement the best security controls as they hope to see negative media reports on stolen funds decline.
The Advisory List contains 84 exchanges including the likes of Bithumb, OKEx, Huobi, HitBTC and many more.
Anyone interested in the correct volume of any trading pairs from any exchange can contact the Blockchain Transparency Institute for the full report.

Full article in: https://icodog.io/analysis/over-50-exchanges-are-wash-trading-95-percent-of-volume/
By Basil from icodog.io
submitted by EnriqueZGZ to u/EnriqueZGZ [link] [comments]

Binance, HitBTC, etc., Market Maker Pitch: How To Get Rich Online

As a follow-up to this:
https://hackernoon.com/making-markets-moving-crypto-free-and-open-source-binance-9bcea607e57b
https://github.com/DunnCreativeSS/binanceMarketMaker
https://github.com/DunnCreativeSS/hitBTCMarketMaker
Elevator Pitch
Market making on Deribit and BitMex failed because it counted on the market to remain more or less stagnant on the 0.25$ step. We’re now looking at automating two market making strategies for smaller volume, higher spread pairs.
Market Maker Trader
We buy just above the highest bid and sell just below the lowest ask. We repeat this process, using a fraction of account balance in base pairs, until we see the net profits as price fluctuations cancel each other out in the approaching infinity sense - while we soak up profits from the spread itself in the ‘relative orders’ strategy.
Conversationally, and not coded yet, is the ‘staggered order’ strategy, where you pick a maximum and minimum price for that pair and then stagger orders up and down the order book to buy and sell along set intervals.
Resources: Would need servers close to different exchanges.
Scalability: More coins; more scale
Pros: I’ve had .57 bitcoin volume on my deposit of $18 worth of coins on the ‘relative’ strategy in the last 24 hours, while sustaining about -0.5% growth. There are other exchanges (some with margin) where we can reproduce the bot, like bitfinex/ethfinex who have a market maker rebate paid monthly in their proprietary coin, or liquid who has a market maker rebate on pairs that were previously on qryptos
Add’l pros: on Binance I can effect a 20% or 40% income on fees via my referral link, on HitBTC the affiliate program is on pause but I may eventually be able to effect 75% - although the potential gains from HitBTC affiliate are less as there will eventually be a 0% or rebate on the maker fees
Cons: To prove profitable on Binance or HitBTC, you’d need to eliminate the fees or effect a market maker rebate. On Binance this involves volume as well as holding BNB - while still paying some fees, while on HitBTC that only involves building volume first - effecting 0% maker fees then 0.01% rebate. hitbtc dot com slash fee-tier binance dot come slash en/fee/schedule On HitBTC there’s also a market making program hitbtc dot com slash mm.
To Prove for Viability
Consistent over all types of markets, but identify when it does better
In the long run, price volatility helps the ‘staggered’ strategy more than it does the ‘relative’ strategy
Less volatility but still having volume, there will be gains from the ‘relative’ strategy
The potential loss is 1. Fees 2. Grabbing a coin that immediately dies, inclusive.
If you’re to eliminate fees or effect a fee rebate, this risk goes down
If you automate many pairs you lessen the negative effect of grabbing a coin that dies
Conversationally, a stop loss can be created to further lessen this risk
Sunk costs of dev
None - need to code the ‘staggered’ strategy, which I can do
Scalability given current market liquidity and volume
On exchanges like Binance or HitBTC, with many coinpairs that have significant volume, we can scale indefinitely
The bot currently checks the average volume per base asset, then the spread of a given pair, and enters only into those markets that meet the minimum and maximum volumes and target spread, as well as a minimum order quantity and maximum order quantity (to avoid sh#tcoins)
In base: market pair: volume in base, that looks like this:
{ BTC: { XDNBTC: 69.3393775486, VETBTC: 42.606415325 },
TUSD: { NXTUSD: 67247.7248096, TNTUSD: 53891.073732 },
MUSD: { QTUMUSD: 2545776.043225 },
NUSD: { XDNUSD: 280614.7629689 },
DUSD: { MAIDUSD: 54019.8292817 },
ETH:
{ ICXETH: 589.145211656,
NXTETH: 266.992269315,
REPETH: 616.456689351,
ONTETH: 5359.788369161,
NTKETH: 197.416308344,
KBCETH: 355.311810444,
ROXETH: 311.845628547 },
BUSD: { DGBUSD: 2445.14526651 },
GUSD: { BTGUSD: 141765.29622322 },
UUSD: { QNTUUSD: 29.4731369 },
PUSD: { ETPUSD: 68.5015549, ZAPUSD: 40.1461164 },
YUSD: { DAYUSD: 338.8757426, BERRYUSD: 248.9052084 },
QUSD: { STQUSD: 6039.7474451 },
IUSD: { WIKIUSD: 10575.2656811 },
FUSD: { ELFUSD: 14.04120135 },
URS:
{ ETHEURS: 2486.24206583,
LTCEURS: 1485.789705,
XMREURS: 2807.0239136 },
'0USD': { POA20USD: 20.1087685 },
EOS: { LSKEOS: 39.06901764 },
RWB: { BTCKRWB: 44.82036 } }
Forward Tests
This strategy was first coded about 48 hours ago on Binance. It lost about 0.5% in one day, and had 0.46 BTC in volume.
https://imgur.com/qEyq1ZB
The second iteration was on HitBTC, and as of about 10-12 hours ago has 0.12 BTC in volume (across many smaller orders, instead of the test version on Binance risking everything on one pair).
https://imgur.com/U6p4pX6
It’s lost about 0.23% in that time:
https://imgur.com/xEk6xe4
My calculations, based on losing 0.5% a day on average with entry level fees and based on HitBTC’s 0% maker fee after 1500BTC in 30-day volume, indicate that after a certain amount of time while trading a certain balance we can effect 0% fees, and therein effect profits:
https://imgur.com/HFQjgl0
This is not including the chance we can get market maker benefits or the 0.01%
rebate after 6000 BTC volume.
https://imgur.com/80ifssM
https://imgur.com/o5mpKYc
Conclusion
With enough volume anything is possible.
submitted by BasketballMan23 to CryptoMarkets [link] [comments]

Scam Projects

Hello!
My name is Kristina Semenova, I am the Head of Investors Relation Department at Platinum, the world’s number one business facilitator.
Our team knows how to start ICO/STO in 2019!
Why are we so sure? Well, our experience speaks for itself:
Platinum.fund
But what is the difference between ico and sto? What is the cornerstone of ICO marketing strategy? You will know this after finishing the UBAI courses!
Here’s just a quick preview of our Short Course lesson.
Real World Examples
Multinational accounting firm Ernst and Young found that $400 million of the $3.7 billion USD raised from ICOs (as of January 22, 2018) had been stolen. That is, up to 10% of all ICO funding is virtually being stolen from investors. Though ICO scams are the most common method of theft in the crypto world, some projects will actually operate for a period of time before disappearing with the money. Like in a Ponzi scheme, an exit scam may be planned for later, sometime after a manipulated pump; or some other time the team believes is most opportune to take the money and run. Giza: Giza marketed itself as a platform within which different cryptocurrencies could be stored securely. But after raising $2.4 million in one month, the team deleted the website and stopped replying to emails. Investors were duped by a very convincing whitepaper, and actors had been hired to appear in photographs promoting the project. No investor funds have ever been recovered. Centra: The SEC put an end to fundraising for the Centra ICO and charged the founders Robert Farkas and Sohrab Sharma with orchestrating a fraudulent ICO after they raised $32 million USD. They were promoting the ability to develop financial products backed by VISA and Mastercard, though it was later found that neither partnership was real. One of the major red flags in the Centra project was the use of celebrity endorsements for publicity, reportedly paying champion boxer Floyd Mayweather a significant sum to promote their project. Who wants to leave their Blockchain investment decisions up to Floyd Mayweather, regardless of his unbelievable skill as a boxer and regardless of his own financial success? He should still not influence where you invest your money!
Ponzi Schemes: Bitconnect: This is the most infamous Ponzi scheme in the history of cryptocurrency, and certainly the most damaging. Bitconnect was a Bitcoin-based project that rose to an all-time high of $463 per token on the back of a fictitious trading bot. The Bitconnect scam operated by paying dividends to users, proportional to the number of tokens they held and the number of referrals they made. The BCC tokens were exchanged for the users’ Bitcoin, and the highly sophisticated and wildly successful trading bot would trade BTC for them and distribute profits as dividends. The value of the dividends offered was approximately 1% of the initial investment per day. In other words, that is approximately 3,780% per year in cumulative gain! The referral system was capitalized upon most heavily by many of the biggest crypto YouTube channels, including CryptoNick and Trevon James, both of whom are now under investigation by the Federal Bureau of Investigation. Shortly after the Bitconnect Token reached its all-time high, they received cease and desist orders from the security regulators of Texas and North Carolina, which caused the owners of the Bitconnect exchange to shut down operations, and the price to plummet.
Davorcoin: Davorcoin was a lending platform very similar to Bitconnect. And Davorcoin was farcically promoted by the same Trevon James crypto Youtuber who promoted Bitconnect, and is currently under investigation by the FBI for promoting Ponzi schemes. The Texas State Securities Board, in likening Davor to Bitconnect, stated that “DavorCoin is telling investors they can earn lucrative profits by investing in a lending program based on a new cryptocurrency known as davorcoin. Investors allegedly purchase davorcoin and then lend it to DavorCoin”. Davorcoin promptly plunged from an all-time high of $180 to very close to zero after a cease and desist order was made against them on the 2nd of February 2018. Useless Ethereum Token: Despite brazenly stating in the name of the project that the token has no use, the UET managed to raise $340,000 in its crowdsale, and saw a significant pump of over 300% on the HitBTC exchange in February of 2018. The scam was an obvious case of pump and dump, with the total trading volume for UET crashing back down to as low as $3 per day, after reaching as high as $350,000 per day during the pump.
It is currently an unfortunate consequence of the decentralized nature of cryptocurrency, but there is a distinct lack of recourse for scammed investors. It is wise to become as well-acquainted with the various indicators of good and bad ICOs as you possibly can. In weighing the factors that will allow you to avoid expensive mistakes, ask yourself in whose favor are the terms of the ICO slanted, yours or the teams? To what extent are you actually likely to profit from this investment? Cryptocurrency is inherently a grey area, whether you are investing in it or not. Investing is another inherently grey area, no matter what the area or object of investing might be. Laws and regulations are not always able to keep up. Trying to define and prove what was or was not a scam is not likely to be as simple as the scammed investor would want it to be. A project can be set up in certain ways to avoid being technically classified or provable as a scam, but the unprepared investor can still be burnt or scammed just as badly. Now we look at more individual indicators that can help you form a valid impression whether or not an ICO or even a fully-fledged exchange-listed coin is a scam or a bona fide investment opportunity.
Common Signposts
Contrasting Scam & Legitimate Projects
Presale Bonus/Token Release If the ICO allots massive bonuses to team members, you may leave yourself open to getting dumped on by presale investors if you buy when the project tokens are listed on an exchange. Likewise, if the project has a short lock-up period for developers and founders, you run the risk of them selling as soon as the token is listed on a major exchange. The token release schedule for the founders of a worthwhile project should show long-term team commitment to that project. The Jibrel Network team tokens will be locked up for 5 years before release, and they had no early investor bonus in the main sale. Both of these factors instilled confidence in the JNT ICO investors, and the tokens were sold out weeks before the ICO was due to end. No Presale lock up If Presale investor tokens are not locked up at all for any period after listing, that could easily be a set up for an exit scam after the initial listing. No presale lockup for early investor tokens is a crystal clear warning, the project may be fatally rigged toward those in the inner circle, with little commitment to the long term health or success of that project.
Unsolicited Offers or Unasked for Additions to Groups Characters running scam projects will often add you to Telegram groups out of the blue or send you unsolicited emails with information about their project. Telegram is the most widely used messaging app in the cryptocurrency community and you should familiarize yourself with it to keep yourself in the loop for specific projects in which you invest as well as all kinds of other relevant crypto info. You can adjust the settings on the Telegram app to disallow anonymous additions to cryptocurrency projects if you find yourself bombarded with offers by scammers. Reputable projects at the ICO stage will spread by word of mouth, or by eloquent and meaningful articles posted on their Medium page. A project with serious potential does not need to actively seek participants for their ICO like that. They will often be able to fill their ICO hard cap in a matter of hours, or even just minutes!
Anonymous Team
Alarm bells, again, immediately, if the project has minimal online presence. The individual team members could be mere fabrications. The entire project could be a farce by utterly inexperienced characters. What if the project leaders are simply unaware of the importance of a strong social media profile? That in itself would be too strange to ignore. Top-level projects will have team members with experience in crypto and the LinkedIn accounts for those members will be easily accessible right there on the project website. You should be able to easily see and evaluate each individual’s experience in their field and ascertain what they bring to the project team. Bitconnect’s anonymous team should have been the only deterrent prospective investors needed to discourage them from putting money into that doomed project. Ethhorse, a current project with anonymous founders and operators should be steered clear of at all costs for the same reasons.
Community Atmosphere
The subreddits or Telegram groups of scam projects will often feature moderators that do not allow any kind of criticism in the group chat. If, in the process of your due diligence, you encounter didactic admins that only wish to silence your questioning of certain aspects of the whitepaper or mechanism of the tokenomics
, you should be concerned. Similarly if you see a coherent critical reply attacked by many different users who refuse to engage the substance of the point being made, that may be a subreddit infested with bots. Projects that have nothing to hide will allow free debate in the chat. Ideally, they hope to develop a positive community that is itself an asset to the long-term success and overall strength of the project. Good projects do not need to automatically brand all criticism as Fear Uncertainty and Doubt (FUD).
Whitepaper
One common tactic of scammers is to produce a whitepaper that uses too many buzzwords, and deliberately obfuscates and overcomplicates the explanation of the problem and/or its solution. A good whitepaper clearly and concisely lays out the problem and answer, as well as provides compelling arguments why a Blockchain solution is preferable to the current solution. Another point of concern is a whitepaper that gives unrealistic time frames and goals. Bitconnect’s almost comically optimistic profit projections are a prime example of this, as are the 1,354% yearly gains promised by Plexcoin. Respectable projects will set out development timescales in terms of quarters or years, rather than offering immediate profit projections, which are simply a red flag.
Advisors/Connections in the Cryptoworld
The most prestigious projects will already have partnerships made before the ICO stage, and the worst ones, i.e. the scams, will not mention any such partnerships. Icon (ICX) for example was spawned from a South Korean project named The Loop, a collaboration between 3 Korean universities and the DAYLIFinancial Group. They boasted an advisory panel consisting of the legendary investor Don Tapscott, Jehan Chu and crowdfunding expert Jason Best. On top of a solid team of advisors, good projects will also be visible at major Blockchain events such as the Consensus, and the World Blockchain Forum, etc. Scam projects will be unable to inspire this same level in confidence. As an investor, you should sense a certain presence and expect a certain feeling of trust that should guide you in your investments. After all, it is actually a people-to-people thing you are doing.
Key Stress points upon the Timeline to Identify Scam Projects Post Whitepaper Release The period in the immediate aftermath of the release of the whitepaper can also be decisive in establishing the validity of a project. How a team copes with the roadmap that they have laid out for themselves is key. Valuable insight into the operational efficiency and commitment to the project can be gleaned from the quality of and amount of code committed to GitHub. If you have any experience in computer programming you can see how clean and orderly the code is, which gives insight into the skill of the developers, and in turn the quality of project leaders’ decision-making in hiring team members. Scam projects will have little or no code committed to GitHub, or at best it will be copied and pasted from other projects just to cover their tracks. Start of ICO Sometimes, a scam project, or other project in which you would be better off not investing, will change the terms of the ICO just before the ICO starts. The Key (TKY) ICO doubled the price of tokens on the day before the ICO was due to take place, because the price of NEO had risen so drastically. Currently, the TKY token price is still only half of its ICO price. Initial investors are faced with the prospect of a 50% loss on their investment.
Exchange Listing
Some particularly greedy scammers will create a scam project with the intent of selling tokens in the ICO for BTC and ETH, and then pumping and dumping their share of the tokens immediately after listing. The team of fraudsters behind Monero Gold used this method after the crowdfunding of their useless ERC-20 token. After listing on CoinExchange.io, the team dumped their tokens until the exchange finally ceased trading. Although it is not uncommon for ICO tokens to sold after listing (just like can happen with shares of stock after an IPO), if the price does not stabilize and massive sell walls are continually placed, a scam is likely taking place and the token is being dumped.
Fake Ethereum Twitter giveaway
You may have noticed Ethereum creator Vitalik Buterin’s twitter handle has been changed to Vitalik “Not giving away Eth” Buterin in recent months. This is because a group of devious scammers had created fake accounts with almost exact replicas of his profile (deviating by only one character). The fake accounts promised to deposit 1 whole ETH for every 0.1 ETH the potential sucker deposited into the wallet address provided by the scammer. These fake account “Ether giveaway” scam tweets were set up to be sent in just a matter of seconds after the real person tweeted, and usually always appear immediately after the tweet of the real public figure. Fake bot profiles then came into play, thanking the fake Vitalik, or fake Elon Musk, for holding up their end of the bargain and depositing the ETH as promised. One scammer, or group of scammers, managed to fill a wallet up with almost $20 thousand worth of ETH, which they transferred out, never to be seen or heard from again.
Effect of Scam Customers, Upon the Affected Parties
Of course, this is no fun for the targeted public figure either. They need to take steps to avoid being targeted again. This will mean changing their handle, their username, or making their accounts private. However, the injured party with whom we are most concerned is the unfortunate scammed social media user, who has no chance whatsoever of getting his or her funds back, ever. It is a harsh lesson to learn. But it is a fact of crypto reality. Nearly every one that trades crypto will at least be exposed to frauds or scams in one way or another. In this case, we think it is better to learn about scams by studying them, rather than learn from your own unfortunate and expensive experience. In the case of Mr. Buterin, these incidents were awful public relations for the Ethereum project. It had only been a few years since cryptocurrency as a whole was primarily associated with criminality and seedy transactions on the Darkweb. Any connection with unscrupulous behavior is best avoided at all costs. Negative associations could have been particularly damaging for Ethereum’s brand because the vast majority of ICO fraud is committed using the ERC-20 token as the template for the scam tokens.
Any and all the scamming or fraudulent behavior in the cryptocurrency ecosystem is bound to have a negative impact on the speed at which mainstream uptake finally takes place. Cryptocurrencies, as an emerging asset class, will be painted in the worst possible light. Crypto is aiming to, and is in fact in the process of, causing great disruption in traditional centralized finance and business. Mainstream media organizations are also part of that traditional centralized economy. Press coverage will be damning. Something is happening here, but Mr. Jones doesn’t know what it is.
Legal Recourse for Scams
We clearly understand, there is a possibility of being scammed. We know the scams are happening. The SEC has made some arrests and actually charged people for operating fraudulent ICOs. But it is a struggle to deal with the flood of ICOs coming from anywhere at any time. The SEC filed charges against two founders of a purported financial services startup for orchestrating a fraudulent ICO that raised more than $32million from thousands of investors. As you know from the ICOs we have covered so far, the lack of regulation allows for direct contact and dealing between the entrepreneurs, business owners and potential investors. While we believe this is a blessing according to the founding principles of Bitcoin and other alternate Cryptocurrencies, because it frees us from traditional roadblocks, middle-men, and all kinds of time-consuming procedures; it also leaves investors in a place where there is often little to no hope of ever recovering funds lost in fraudulent schemes.
Actions after a Successful ICO
Good post-ICO practice is characterized by stringent security, well thought-out legal strategy and clear communication. Many projects have paid the price in damage to their reputation for failing to adequately guard customer information, leaving themselves open to phishing attacks by fraudsters. Investors in the Enigma project had half a million dollars stolen from them; and a whopping $8.4 million was defrauded from investors in Veritaseum via phishing attacks. After a successful token distribution, the team’s main focus is initially on switching the enterprise from one primarily focused on fundraising, to superficially at least, a fully-fledged, functioning business. This involves removing most of the token sale-related content from their main webpage, sending newsletters to all successful ICO participants, and sending refunds to those who may have missed the deadline or the hardcap. Then, with the stressful and complicated fundraising stage finally concluded, a portion of the funds raised can be assigned to fuel the growth of the project community. This can involve hiring community managers, forum admins, and social media managers to outsource the job of keeping investors in the loop. The founders can focus on growth strategy and product development. The cultivation of a thriving and energetic community is extremely important. The community will give you free marketing for your product and your business. Community members who believe in the project, and are engaged by professional moderators, can give you very effective promotion to other prospective investors. Communication with community members is a great way to test ideas and gauge sentiment related to various aspects of your project.
The project leads must set aside adequate funds for lawyers. The project will need to address potential future or imminent problems with regulators, at the very least. The transition from fundraising project to full-fledged business can be incredibly challenging, and even more stressful than the ICO itself. The main thing to remember is that your pre-sale and ICO investors are not just silent investors waiting for a return. They are the early adopters of your solution, of your product; they are the community and promoters of your project; and they are the individuals with a vested interest in the financial success of your venture. The ICO environment is not as heavily regulated, so quarterly and/or semi-annual reporting is not required the way it is in the traditional world. That means your own style of effective communication about the progress and key developments on your project matters even more. In the ICO world, you communicate with your press releases, social media, and Medium posts. You also communicate by the very nature of your relations with your exchange, and relationships with your cornerstone investors. Effective communication and good business relationships can play a prominent role in the success or failure of your venture (by token liquidity and valuation).
If your investors start to lose interest, and stop trading your token on the exchange, liquidity will dry up and cause increasingly volatile price swings. You need to keep certain things in mind, and follow effective practices to maintain a happy and motivated community.
Social Media & Medium
In addition to your website, your social media & Medium blog most likely formed a significant part of your ICO preparations. Your purpose pivots after the ICO from one of promotion to one of communication. Consistent, informative and material Medium blogs, also Facebook and Twitter updates, ensure that investors remain engaged and well-informed of what the company is up to. Frequent activity in this space makes investors feel much more comfortable. You can foster a kind of organic community expansion that is consistently advertising your project to potential new members.
Cornerstone Investors & Exchanges
As we mentioned, your relationship with investors in the ICO world is different from that of the traditional silent IPO minority equity partners. Consistent, Transparent & Honest communication is incredibly important here. Even if an ICO is struggling to overcome a problem or whatever issues are occurring, honest communication from the team is key to business survival. You should think of and treat your exchange like a business partner too, a very important one at that. Exchanges provide liquidity for you and your investors. That liquidity is like the blood for your business. Many top exchanges demand nothing less than absolute honesty and integrity, it is imperative to maintain strong and comfortable relationships with exchanges. Everything we have said so far, also applies to your Telegram channel and forums too. These give you another great opportunity to build a thriving community. Team members and investors can enjoy lively debates in their Telegram channels. This can be constructive discussion, or critical commentary too. But it is always valuable as a direct link between the team and the community. It is always good to know how people are feeling and what they expect from you and your project. You are able to use your Telegram channel and forums to consistently adapt your marketing and communication strategy. Keep your investors as happy and comfortable as possible, and you will be more likely to attract new investors and allocations. Other forums around the internet operate more or less in the same manner as Telegram.
After a successful funding round with the hardcap reached and time to spare, legal counsel has been secured, and the community is flourishing, the team will prepare for their first listing by paying the exchange fee and waiting for the announcement by the exchange. Unless they are willing to pay exorbitant fees for an immediate listing on Binance for example, teams will usually settle for an initial listing on a second-tier exchange. The fee charged by an exchange depends on many different factors that we will cover in more detail in the next section.
ICO Company actions after a Successful ICO
Real World Case Study
The Basic Attention Token (BAT) project, when used in conjunction with the Brave Browser, allows users to pay micro-fees in BAT to their most-used sites. The idea was conceived by Brendan Eich, the inventor of Javascipt and former CEO of Mozilla Firefox. Investors absolutely pounced on it at ICO and the project raised an amazing $35million in under 30 seconds. The BAT/Brave project has delivered on time on nearly all of its targets, helped in no small part by having a working product, the Brave Browser, for over a year before the token launch. The project secured a listing on the premier exchange, Binance, in November 2017.
A project can suffer through a disappointing funding phase and, for example, fail to reach 75% of its hardcap. The team will be only partially funded. Though they may be able to initiate the project, the value proposition of the token has been compromised, potentially forever. The market has spoken. There is limited faith in the team’s ability to complete or carry out their project. Failure to reach a hardcap is a serious obstacle on the project road map. This will mean massive revisions to the timescales for development and listing. Such a project may have to be content listing on decentralized exchanges for a period of time and they will lose any post-ICO hype that could have helped the project price to “moon” early on. There is less money to be allocated. Each section of the business will be underfunded compared to the original plan. There can be delays in code development, exchange listing, marketing and community development as well.
Calling the Tezos ICO a disappointment might seem strange considering they raised over $232million. But this open-source, smart contracts fintech platform became a victim of its own success post-ICO by devolving into multiple class-action lawsuits between the founders and its foundation chairman. They suffered from a distinct lack of clearly defined roles and expectations on key positions. There was infighting at the boardroom level. This all caused an as yet unresolved delay in listing and development. This is also one example why a capped ICO can be more desirable for investors than an uncapped ICO. If the team have a set amount of capital to work with, an amount that isn’t absolutely ridiculous, like in the case of Tezos, perhaps the resultant greed and discord is less likely. Although it may not be so easy for speculative investors to make a profit from an uncapped ICO with such a massive initial market cap, it is a very impressive feat of fundraising nonetheless. Tezos’s post ICO market cap of $232million is already 64th of all projects, and would have to perform brilliantly on listing to maintain this position.
Company actions after a Failed ICO
Failed ICOs can mean either fundraising initiatives that have failed to reach the softcap and will therefore not be economically viable, or fraudulent projects whose sole intention was to steal from investors and do an exit scam. We’ve already covered scams and fraud projects in detail, but what happens when an ICO just fails to raise the requisite funds? Projects that are legitimate, with honest founders and developers, refund the ETH or BTC deposited by investors as quickly as possible if the softcap is not reached. The same process that is followed by ICOs that are oversubscribed is employed by those that have failed to raise enough capital. The process of returning funds back to the sender ideally should take a period of days, but more likely will take a few weeks. The Sappy Network, advised by Dan Tapscott, failed to come anywhere near to their funding goals. They are currently in the process of sending all investor funds back to the wallets from which they came. The statement from the founders read as a textbook example of how you should react to failure with the founder stating “In the spirit of transparency and honesty, we are sharing with the community that we did not reach the soft cap, and thus we will be honoring our terms and conditions and returning the Ethers to all contributors”
Exchange Listing
A bottleneck developed in the ICO market after the explosion of crypto prices in 2017. There was a massive increase of ICO teams on all stages along the pathway from start-up to fully listed crypto asset. Certainly, a huge part of the value proposition for both the token and the project depends on securing a listing on an exchange. It is precisely the liquidity of the token as a valuable asset on a free market exchange, that determines or even defines its value. The liquidity is what makes tokens attractive to investors, but that liquidity simply does not exist without a platform for the exchange. Unfortunately for new projects, the balance of power is heavily weighted in favor of large centralized exchanges that can pick and choose which tokens to list, and the timescale within which listing will occur. Each large exchange has its own list of pros and cons as well as its own specific procedure for coin/token listing. They also have their own particular ethos regarding the type of projects they prefer to list. ERC-20 tokens will be available for trade immediately on decentralized exchanges (IDEX Forkdelta) but those platforms are generally quite low volume, and certainly not a long term solution. Projects must often pay huge fees to be listed on the larger centralized exchanges. At first those fees will be prohibitive. The usual route is to initially list on a more reasonably priced smaller exchange like Kucoin or Gate.io.
Listing Process
Major centralized exchanges have the power to list anything they want, and they also each have a unique structure that projects must adhere to if they wish to be listed. Each potential new listing will undergo a rigorous examination by the exchange operators to test the feasibility for listing the token. An exchange will likely have forms available on its website that you can fill out to give them all the necessary initial information. If a particular project and token qualify for listing, the team will invariably be put under a NDA, Non-Disclosure Agreement, to avoid any insider trading or other regulatory problem
s. In the case of larger exchanges like Binance, there is a period within which owners of a newly listed coin or token can transfer them to the exchange in preparation for trading. This is a fantastic opportunity for traders to make use of the likely pump that occurs after a new token is listed on a large exchange. It is common to see up to 100% increases on the first day of trading, and a subsequent dump of up to 50% or more can follow. This allows traders holding the coin already, to sell for a good profit, and maybe buy back in at a much lower price too, if they think that is a good idea.
Exchange Fees
There are no definitive figures available to the public regarding fees that major exchanges charge new projects to list. Binance, Bitfinex, Kraken and Bittrex have all been quoted as saying that they do not charge any fee at all but this is almost definitely untrue. Knowledgeable industry insiders estimate between $500,000 and $1,000,000 USD for listing on a top-tier exchange. (There have been more rumors of 7 figure exchange listing fees since January 2018 too). This figure will vary greatly from project to project. Various factors can affect how an exchange determines the fee for a particular project. These are some of the most important ones: Market Maker Service Required Whether or not the client project requires liquidity services directly from the exchange, or can connect proprietary ones via API, will lead to a huge reduction in listing cost.
Type of Token (ERC-20 NEP-5 or DAG) Not all tokens are created equal in the listing process. ERC-20 tokens and BTC based tokens have code architecture that will almost certainly be preferred by the exchange. NEO based tokens (NEP-5) such as Ontology will be far most costly to integrate because separate new wallets have to be built to facilitate NEO transactions. The costs involved in integrating Direct Acyclic Graph projects such as Nano into the exchange structure are even worse. Expected Daily Volume Exchanges derive their profits largely from transaction fees and withdrawal fees. The trading volume a new token is likely to bring in will have a great influence on the computation of the exchange listing fee. Exchange Listing Procedures Evaluation Different exchanges have different rules for new listings. A new project must of course abide by specific rules for that exchange before they are allowed to list there. There are procedures that must generally be followed for the most noteworthy exchanges. You can get a good idea of the hurdles to be overcome before listing can take place.
Ongoing relationship with Exchanges
Exchanges, usually Huobi or Kucoin, will sometimes make it essential for newly listed tokens to engage in “trading competitions” after listing. Competitions can last between 2 weeks, or a month or more, aiming to increase the trading volume for that token, thereby increasing trading fees collected by the exchange, and giving the project extra publicity too. The whales may have made a nice profit already and be very happy about it; but the project token can still get stuck in a long period of stagnation and a loss of post-ICO hype. Once a coin or token has been successfully registered for trading on a particular exchange, the project must focus on maintaining regulatory compliance and paying things like annual maintenance fees too. Exchanges can investigate and delist coins or tokens to see if they have fallen below a certain standard set by the exchange. The exchange is concerned about such things as: an extended period with an extremely low volume; a team member connection to an exit scam; or other such immoral/illegal behavior.
Post ICO Company Evaluation
After a presumably successful ICO, the necessary funds have been obtained, and the real business, the real team challenge is now, to bring the project to life as a bona fide disruptive Blockchain endeavor! The core advantage of the ICO method of funding business startups is the lack of regulatory hurdles to navigate with regards to fundraising and fund allocation. The funds that have been raised have, in effect, been freely given to the project leads to do with what they will in a no-strings-attached transaction. Of course, there are still strings attached in that the team are tasked with making that money grow for the investors. But there is no regulatory oversight of the process. The regulatory freedom is a double edge sword. It gives a good team freedom to work however they want; and it also allows for unscrupulous thieves to use the ICO process to defraud investors of their ETH and BTC.
Advantages of being Post ICO From Investor Perspective
You should have little to fear in terms of fraud from a project in which you have invested, if you have done your due diligence correctly. You can expect the tokens to be distributed, and the exchange listing to take place as expected. And you know your project is totally legitimate. There are different ways to think about your ICO tokens after the crowd sale has concluded. If you are a speculative investor looking for a quick flip, you can gauge the correct moment and sell anytime you like, assuming the ICO has been well-received by the markets.
From Team Perspective
The post-ICO period is, from the point of view of the team, a period where stress and responsibility for the safety of investor funds is passed, in the form of ICO tokens, from the team to the investors themselves. This responsibility for tokens is replaced with the stress of building the actual company itself, and succeeding in the business as planned. A small portion of the responsibility for the project’s success is also passed on to the exchange that has listed the tokens. This is especially true if market makers have been employed by the team or the exchange to provide liquidity. After the ICO has concluded, all funds are released to the project team immediately, so they can start building their business brand, and tackling each step on the road map right away. The freedom with which startups can operate is one of the main reasons behind the explosion in Blockchain businesses in 2017. With the ICO funds safe, and money being put to work on various areas essential to the growth of the project, and the tokens already distributed to investors, the risk of fraud is greatly diminished. If KYC and Anti-money Laundering procedures have been followed correctly during the ICO phase, the risk of phishing attacks and theft will also be marginal now. At any rate, with tokens safely delivered to all participants, the responsibility has passed from the team to the investor.
From Team Perspective
The release of all funds and the freedom to allocate them with no supervision, as cited above, is certainly a tremendous advantage empowering the team to fulfil the entire breadth of their vision unimpeded. But it does have its drawbacks. If there is a mistake made in the allocation of funds, or an unforeseen problem arises, there is nowhere to turn to, and no means of generating further money via crowdfunding. The ICO is over; it is finished. The project simply has to work with what it has. Your community can sometimes turn against you when the market is going down. Times like that just add to the already intense pressure of presiding over a startup Blockchain business.
Solution: DAICO
The DAICO, or Decentralized Autonomous Organization Initial Coin Offering, is a means to integrate a more specific, rigorous and regimented smart contract schedule into the ICO process. Doing so will eliminate fraudulent ICOs, exit scams, pump and dumps, and many of the other disadvantages listed above. The DAICO method, proposed by Ethereum creator, Vitalik Buterin, will merge the core concepts of both an ICO and a DAO to leverage the most relevant features of both, in order to solve the main problems in the ICO method. For example, to eliminate the risk of an exit scam, the release of funds will be spread out over a period of time, with the next allotment only being released when a certain set of parameters are met.
Buterin explains that the DAICO method will provide user protection in a manner not present in the current ICO model, ensuring funds are not misspent or used in any way contrary to the intention of investors. In simpler terms the DAICO will operate as follows: The DAICO will start with a smart contract by its executors that can set whether this is to be a capped or uncapped round of fundraising (amongst many other options) as well as including KYC requirements. After these settings have been configured, the DAICO is set into “contribution mode” and presented to the public. This stage will function identically to a normal ICO with ETH exchanged for project tokens. Once the funding period has elapsed, or the hardcap has been met, investors will have the ability to set the “tap” for the collected funds. This will set the amount per second, or amount per minute, that will be available to the executor to develop that specific portion of the project to which those funds have been assigned. If investors believe at any point that the team is misspending funds or otherwise wasting time, etc., the investors have significant options to take. Of course they could choose to release more funds to the team. But, they could also stop the tap altogether, and stop the entire ICO, by voting, and actually release all unused funds back to their own wallets from which the investment had first been made!
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Our most recent AMA with CEO William Heyn discussing key topics, including his experiences and vision, FX Trading and more!

Our most recent AMA with CEO William Heyn discussing key topics, including his experiences and vision, FX Trading and more!

AMA with CEO William Heyn
“Good Morning fellow, TIOnauts, Bill here, getting ready to answer your questions in the upcoming AMA
I wanted to get an early start by addressing one big question we have been getting. It is always a bit unsettling when a big name leaves a company's board, we understand. However, please remember, there is a lot more to being on a corporate board than just advising a company on its business path. There are meetings, board votes, board minutes and so on, all of the things that the public doesn't see that directors do - and spend a lot of time on.
But let's be honest about what you all want from a big player like Chien, you want him to be involved in advising the company and helping us move forward and grow, right? Do you care if he is going to cast a vote to second the board motion to approve the minutes from the last board meeting?
So as we have said, Chien is going to stay involved as an advisor, he is just letting go on some of the more mundane aspects of being a board member. As most of you know, Chien is a rock star and we are lucky to have had him on the board for the last year, now he is going to spend some of his time on other things - most importantly Forbes Crypto, which directly benefits trade.io - but he is still going to be involved in the strategic direction of the company.”
Q. how much trade.io own from Forbes?A. Hi Pacimaker, got it, thanks for the question, so all I can say is that it is a meaningful amount - beyond that I am not at liberty to say
Q. Bill what are your thoughts on both trade.io for 2019 & the crypto market in general?A. Thanks for the question CB, so I mentioned in my first letter that I am a market optimist, I feel that crypto in general will find its natural bottom and come back. As for trade.io, we are looking forward to a great year with lots of things to develop and improve
Q. What are the changes in the company strategy with the recent changes in trade.io management and the crypto market as well?A. I don't think that we have changed a lot in the company strategy, we just have some new faces to help move the company forward as we see best
Q. Why do much dump? Just because of Chien Lee?A. You got me Ironfist - I don't know why anyone would be dumping - it sure wasn't me
Q As trade.io is into many initiatives it is good to know how much already spent and how much they have reserves.
A. Agreed and understood, please keep faith, we are committed to transparency and openness, we are in good shape for now, but some things we need to keep a little quiet on - so no exact number just yet
Q. Hope it won't seem too negative but I'm wondering if in the future the company will try more to consider the optics of moving around the big names. Maybe the news that Mr Presissler was stepping down could have been done at the same time as this latest announcement to get it all over with instead of pulling off the band-aid much slower.
A. Thanks for the question, so you are completely right, optics are important, and I think you will believe me when I say if there was a way for it to be less painful we would have found it but in these cases we need to be transparent - so for example, waiting a significant amount of time after I took over just to make it one announcement with Chien wouldn't have been responsible.
Krisoffer added “Thanks guys, I appreciate the answer. But as you know, a lot of people might just see the headlines and make decisions based on that, that was my concern. But thank you!”
Bill “Agreed Kristoffer, but we need to balance being as transparent as possible with what is easy, right?”
Jim P added: “Agreed, but we are still working closely with Bill. We are in constant communication.”
Q. Who do you think is the most difficult thing to be done now?A. So, I'm not sure my fingers would take the typing of the full list here, lots to be done, but in general, I look at it like this, trade.io is growing up, companies go through stages and we are entering a new one, we have grown so fast and done so many great things we need to take stock now and see what is working and what is not going exactly as planned and then adjust - very typical for a company of this stage
Q. Is the Forex platform planned before the end of this year?
A. That is planned for Q1 2019
Q. Bill, what was your previous experience in the management of startups like trade.io? You look like to me like a SP500 guy.....that’s the reason of my question.
A. I'm not ashamed to admit were talking about my favorite subject now (me) - So Carlos, boiling it down to the most relevant, I left Merrill Lynch in 2001 after working there and at JP Morgan and Morgan Stanley and founded my own investment bank, just me and a computer. I have built that up over the last 17 years into a full service registered investment bank - so I have done lots of other startups in the past but I think that is most relevant
Q. So u are better than Jim?
A. Pacimaker - Jim and I have been friends for nearly 30 years... you trying to break that up?
Kidding aside, Pacimaker, Jim and I have worked together for almost 20 years now
Q. How are things going to be any different with you as CEO as opposed to Jim?
A. We have different skill sets and have always used them in conjunction with each other on projects, just like now. Between the two of us, Jim is an idea and inception guy, he is brilliant with coming up with new ideas, launching them and getting them through their first stages. I am more of the second stage development guy. Once the company is up and running that's where I can add value. I'll admit, not nearly as exciting as what Jim does but we feel what trade.io needs at this stage.
Q. Do you think at some time trade.io will focus also on Advertise itself on communities whose tokens are listed here? Ex: OMG, BAT etc.... I personally asked this in their TG group and they seemed neither aware that we are listing their tokens.
A. So many of these tokens are already listed on other exchanges, we are working to differentiate ourselves by offering more product, the LP, FX trading etc., we need to get these up and running first
Q. Okay the exchange is getting pretty damn good, now I feel like it’s time to be innovative like setting up a "crypto/forex university" where folks are drawn to and can learn and communicate and plan the future together, is there a timetable for the "learn platform"? And what are your main marketing strategies?
A. Something like this?

Preview

Preview
Q. Is this accessible somewhere already?
A. No we are still developing it. It's in the pipeline and I didn't want to share until it was further along (within a few weeks of deployment) but I figured since you asked now is as just a good of time as any.
Q. Where u can see trade.io in next 3 months?
A. So three months, you have seen all of the timelines and things we are planning to roll out so I won’t repeat them - but more importantly within three months we will have taken stock of the company - like I have said, what is going well, what, if anything isn't and we will hopefully have fixed or being on the way to fixing everything that we can.
Q. Why did you take this challenge?
A. Got it, thanks Carlos, I love challenges, so that's easy, this is what I like to do, help build new companies, so this challenge is right up my alley. Why this one as opposed to others? I genuinely believe that DLT is going to upend the finance world that I have been a part of for decades, I want to be a part of that
Q. Good morning Bill. I think one pressing question on everyone's mind, is the state of finances of the company. We see not much trading going on, so obviously no revenue there, and we don’t have any idea of the other areas making profit... The bear market can be long and drawn out, and those companies that can weather the storm, will prosper obviously. Question is straightforward.... do you feel comfortable that trade.io is in a position to continue operating for 6 more months under current conditions?
A. Hi Dustin, good morning, and thanks for the question. Easy answer is yes, I'm comfortable that we are good to go for 6 months and beyond, the bear market is rough on all of us but our reserves are just fine. But this is always something we focus on, every day making sure that we are keeping operations running
Q. One other thing I know everyone wants an explanation of: is how the liquidity providers work on the exchange. We see lots of small trades by bots that appear as wash trading, which is one thing trade.io has always been against.. Can you give a brief explanation of how that works?
A. Sure, very briefly, as you know the market markers are there to create liquidity and orderly markets - just like the old time guys on the floor of the NYSE, right? So while it may look like a wash, it should only be liquidity and matching - keeping the market moving. That's the market theory, if you want more of the technical aspects of how they work I might have to leave that for our tech guys
Q. Great... I know it is a major question for everyone, and to understand how that works would be a great help
A. From Jim P market makers are there to create an orderly market, and provide a minimal level of liquidity. That’s what ours are doing. We are not manipulating the tape, fake buy walls or sell walls, spoofing, or inflating with millions of fake volume like many others.
Q. Bill Do you think the future is the STO’s?
A. So the STO question is a good one, and really boils down to all of the regulatory issues out there, as the markets have changed and regulations have been maturing I do think that STO's will be part of the path forward - basically between the ICO and the traditional IPO, but there is a lot of evaluation left to do and regulations are changing
Thank you all, I do have to run, it has been a pleasure talking with you all this morning (for me), I look forward to working with you all going forward
Q. Do we have any bombastic announcements to the short and mid terms???
A) We always may have some surprises, but for now we’re focused on executing the initiatives outlined in https://howsitcoming.trade.io in a timely manner.
Q: According to Jim Preissler, trade.io had plans to dual-list traditional stocks on our exchange at some point in the future. There isnt much talk about it anymore. Is that something that we could expect next year?
A) Yes, the goal has always been having a multi-asset platform; we are still hopeful that we will have this running in 2019, but do not have a specific timeline yet.
Q: What coins will be available for depositing on FX platform of trade.io in first time?
A) Ethereum, Bitcoin, TIOx with reduced commissions for TIOx users.
Q: When will fiat be available for depositing on FX platform?
A) Targeting early Q1 2019
Q: Why hasn't the company endorsed and advertised trade.io into communities of the Tokens that we are listing (BAT, OMG etc...)? Thx
A) There is no specific reason, and I agree we need to do a better job of doing this going forward, as it gains more exposure to to trade.io and TIOx.
Q: Hi Mr. William Heyn. May I know when does the "Stop Limit" function to be added into our platform? As a trader, I believe that becoming more important as trading in the downtrend market now.
A) Targeting Q1 2019
Q: Will the launch of forex be a beta or Full version?
A) We’re expecting full version, with standalone FX sites to be up in early Q1 2019.
Q. Will trade.io become dex in the future?
A) Possibly, but its not on our timeline at this point.
Q. What do you think of the idea to take another fast token as the base like XRP or maybe even something like nano? That would still be pretty unique…
A) Something we are considering.
Q. When we can use TIOx to get discount when we trade( same like BNB)?
A) TIOx is used for the LIquidity Pool, and can be used on the FX platform, once released, for discounted commissions.
Q. Any news about that stores where TIOx should be implement this year?
A) We will be starting with our NEST shared workspaces where TIOx can be used for payment and significant discounts.
Q. What is the reason trade.io list so hard ERC- 20?
A) We’re starting to ramp up roll outs of tokens, as you witnessed last week, we added 4 new ERC-20’s including a stable coin. New chains are on the horizon, as well, as can be seen in our timeline.
Q. My question is related to trading competitions. Lastly we added MITH token but at the same time Binance added the same with trading competition. Then how new traders will be attracted towards trade.io? Not a single trading competition since exchange launch!
A) I’ve already spoken to the team about the trading competition and agree its needed, and have given them directives to launch a trading competition in Q1 of 2019.
Q. December-Q1 sounds like an amazing month with lots of good stuff, but do you have a rough time-frame for when the exchange will be able to accept fiat? That's a feature I'm really looking forward to.
A) Q1 as well, as you noted there is a lot that I have the team working on, with tight timelines, as I want to see progress in a fairly short amount of time.
Q. But what is not fair is they are using the API is open to these and not to the other traders? These are trade.io or third party partners?
A) API will be open for everyone, very, very shortly.
submitted by tradeio to TradeIOICO [link] [comments]

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Crypto Arbitrage 101 - Bitcoin Python Binance Crypto Trading Bot - Ch 5.15

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