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Bob The Magic Custodian
Summary: Everyone knows that when you give your assets to someone else, they always keep them safe. If this is true for individuals, it is certainly true for businesses. Custodians always tell the truth and manage funds properly. They won't have any interest in taking the assets as an exchange operator would. Auditors tell the truth and can't be misled. That's because organizations that are regulated are incapable of lying and don't make mistakes. First, some background. Here is a summary of how custodians make us more secure: Previously, we might give Alice our crypto assets to hold. There were risks:
Alice might take the assets and disappear.
Alice might spend the assets and pretend that she still has them (fractional model).
Alice might store the assets insecurely and they'll get stolen.
Alice might give the assets to someone else by mistake or by force.
Alice might lose access to the assets.
But "no worries", Alice has a custodian named Bob. Bob is dressed in a nice suit. He knows some politicians. And he drives a Porsche. "So you have nothing to worry about!". And look at all the benefits we get:
Alice can't take the assets and disappear (unless she asks Bob or never gives them to Bob).
Alice can't spend the assets and pretend that she still has them. (Unless she didn't give them to Bob or asks him for them.)
Alice can't store the assets insecurely so they get stolen. (After all - she doesn't have any control over the withdrawal process from any of Bob's systems, right?)
Alice can't give the assets to someone else by mistake or by force. (Bob will stop her, right Bob?)
Alice can't lose access to the funds. (She'll always be present, sane, and remember all secrets, right?)
See - all problems are solved! All we have to worry about now is:
Bob might take the assets and disappear.
Bob might spend the assets and pretend that he still has them (fractional model).
Bob might store the assets insecurely and they'll get stolen.
Bob might give the assets to someone else by mistake or by force.
Bob might lose access to the assets.
It's pretty simple. Before we had to trust Alice. Now we only have to trust Alice, Bob, and all the ways in which they communicate. Just think of how much more secure we are! "On top of that", Bob assures us, "we're using a special wallet structure". Bob shows Alice a diagram. "We've broken the balance up and store it in lots of smaller wallets. That way", he assures her, "a thief can't take it all at once". And he points to a historic case where a large sum was taken "because it was stored in a single wallet... how stupid". "Very early on, we used to have all the crypto in one wallet", he said, "and then one Christmas a hacker came and took it all. We call him the Grinch. Now we individually wrap each crypto and stick it under a binary search tree. The Grinch has never been back since." "As well", Bob continues, "even if someone were to get in, we've got insurance. It covers all thefts and even coercion, collusion, and misplaced keys - only subject to the policy terms and conditions." And with that, he pulls out a phone-book sized contract and slams it on the desk with a thud. "Yep", he continues, "we're paying top dollar for one of the best policies in the country!" "Can I read it?' Alice asks. "Sure," Bob says, "just as soon as our legal team is done with it. They're almost through the first chapter." He pauses, then continues. "And can you believe that sales guy Mike? He has the same year Porsche as me. I mean, what are the odds?" "Do you use multi-sig?", Alice asks. "Absolutely!" Bob replies. "All our engineers are fully trained in multi-sig. Whenever we want to set up a new wallet, we generate 2 separate keys in an air-gapped process and store them in this proprietary system here. Look, it even requires the biometric signature from one of our team members to initiate any withdrawal." He demonstrates by pressing his thumb into the display. "We use a third-party cloud validation API to match the thumbprint and authorize each withdrawal. The keys are also backed up daily to an off-site third-party." "Wow that's really impressive," Alice says, "but what if we need access for a withdrawal outside of office hours?" "Well that's no issue", Bob says, "just send us an email, call, or text message and we always have someone on staff to help out. Just another part of our strong commitment to all our customers!" "What about Proof of Reserve?", Alice asks. "Of course", Bob replies, "though rather than publish any blockchain addresses or signed transaction, for privacy we just do a SHA256 refactoring of the inverse hash modulus for each UTXO nonce and combine the smart contract coefficient consensus in our hyperledger lightning node. But it's really simple to use." He pushes a button and a large green checkmark appears on a screen. "See - the algorithm ran through and reserves are proven." "Wow", Alice says, "you really know your stuff! And that is easy to use! What about fiat balances?" "Yeah, we have an auditor too", Bob replies, "Been using him for a long time so we have quite a strong relationship going! We have special books we give him every year and he's very efficient! Checks the fiat, crypto, and everything all at once!" "We used to have a nice offline multi-sig setup we've been using without issue for the past 5 years, but I think we'll move all our funds over to your facility," Alice says. "Awesome", Bob replies, "Thanks so much! This is perfect timing too - my Porsche got a dent on it this morning. We have the paperwork right over here." "Great!", Alice replies. And with that, Alice gets out her pen and Bob gets the contract. "Don't worry", he says, "you can take your crypto-assets back anytime you like - just subject to our cancellation policy. Our annual management fees are also super low and we don't adjust them often". How many holes have to exist for your funds to get stolen? Just one. Why are we taking a powerful offline multi-sig setup, widely used globally in hundreds of different/lacking regulatory environments with 0 breaches to date, and circumventing it by a demonstrably weak third party layer? And paying a great expense to do so? If you go through the list of breaches in the past 2 years to highly credible organizations, you go through the list of major corporate frauds (only the ones we know about), you go through the list of all the times platforms have lost funds, you go through the list of times and ways that people have lost their crypto from identity theft, hot wallet exploits, extortion, etc... and then you go through this custodian with a fine-tooth comb and truly believe they have value to add far beyond what you could, sticking your funds in a wallet (or set of wallets) they control exclusively is the absolute worst possible way to take advantage of that security. The best way to add security for crypto-assets is to make a stronger multi-sig. With one custodian, what you are doing is giving them your cryptocurrency and hoping they're honest, competent, and flawlessly secure. It's no different than storing it on a really secure exchange. Maybe the insurance will cover you. Didn't work for Bitpay in 2015. Didn't work for Yapizon in 2017. Insurance has never paid a claim in the entire history of cryptocurrency. But maybe you'll get lucky. Maybe your exact scenario will buck the trend and be what they're willing to cover. After the large deductible and hopefully without a long and expensive court battle. And you want to advertise this increase in risk, the lapse of judgement, an accident waiting to happen, as though it's some kind of benefit to customers ("Free institutional-grade storage for your digital assets.")? And then some people are writing to the OSC that custodians should be mandatory for all funds on every exchange platform? That this somehow will make Canadians as a whole more secure or better protected compared with standard air-gapped multi-sig? On what planet? Most of the problems in Canada stemmed from one thing - a lack of transparency. If Canadians had known what a joke Quadriga was - it wouldn't have grown to lose $400m from hard-working Canadians from coast to coast to coast. And Gerald Cotten would be in jail, not wherever he is now (at best, rotting peacefully). EZ-BTC and mister Dave Smilie would have been a tiny little scam to his friends, not a multi-million dollar fraud. Einstein would have got their act together or been shut down BEFORE losing millions and millions more in people's funds generously donated to criminals. MapleChange wouldn't have even been a thing. And maybe we'd know a little more about CoinTradeNewNote - like how much was lost in there. Almost all of the major losses with cryptocurrency exchanges involve deception with unbacked funds. So it's great to see transparency reports from BitBuy and ShakePay where someone independently verified the backing. The only thing we don't have is:
ANY CERTAINTY BALANCES WEREN'T EXCLUDED. Quadriga's largest account was $70m. 80% of funds are in 20% of accounts (Pareto principle). All it takes is excluding a few really large accounts - and nobody's the wiser. A fractional platform can easily pass any audit this way.
ANY VISIBILITY WHATSOEVER INTO THE CUSTODIANS. BitBuy put out their report before moving all the funds to their custodian and ShakePay apparently can't even tell us who the custodian is. That's pretty important considering that basically all of the funds are now stored there.
ANY IDEA ABOUT THE OTHER EXCHANGES. In order for this to be effective, it has to be the norm. It needs to be "unusual" not to know. If obscurity is the norm, then it's super easy for people like Gerald Cotten and Dave Smilie to blend right in.
It's not complicated to validate cryptocurrency assets. They need to exist, they need to be spendable, and they need to cover the total balances. There are plenty of credible people and firms across the country that have the capacity to reasonably perform this validation. Having more frequent checks by different, independent, parties who publish transparent reports is far more valuable than an annual check by a single "more credible/official" party who does the exact same basic checks and may or may not publish anything. Here's an example set of requirements that could be mandated:
First report within 1 month of launching, another within 3 months, and further reports at minimum every 6 months thereafter.
No auditor can be repeated within a 12 month period.
All reports must be public, identifying the auditor and the full methodology used.
All auditors must be independent of the firm being audited with no conflict of interest.
Reports must include the percentage of each asset backed, and how it's backed.
The auditor publishes a hash list, which lists a hash of each customer's information and balances that were included. Hash is one-way encryption so privacy is fully preserved. Every customer can use this to have 100% confidence they were included.
If we want more extensive requirements on audits, these should scale upward based on the total assets at risk on the platform, and whether the platform has loaned their assets out.
There are ways to structure audits such that neither crypto assets nor customer information are ever put at risk, and both can still be properly validated and publicly verifiable. There are also ways to structure audits such that they are completely reasonable for small platforms and don't inhibit innovation in any way. By making the process as reasonable as possible, we can completely eliminate any reason/excuse that an honest platform would have for not being audited. That is arguable far more important than any incremental improvement we might get from mandating "the best of the best" accountants. Right now we have nothing mandated and tons of Canadians using offshore exchanges with no oversight whatsoever. Transparency does not prove crypto assets are safe. CoinTradeNewNote, Flexcoin ($600k), and Canadian Bitcoins ($100k) are examples where crypto-assets were breached from platforms in Canada. All of them were online wallets and used no multi-sig as far as any records show. This is consistent with what we see globally - air-gapped multi-sig wallets have an impeccable record, while other schemes tend to suffer breach after breach. We don't actually know how much CoinTrader lost because there was no visibility. Rather than publishing details of what happened, the co-founder of CoinTrader silently moved on to found another platform - the "most trusted way to buy and sell crypto" - a site that has no information whatsoever (that I could find) on the storage practices and a FAQ advising that “[t]rading cryptocurrency is completely safe” and that having your own wallet is “entirely up to you! You can certainly keep cryptocurrency, or fiat, or both, on the app.” Doesn't sound like much was learned here, which is really sad to see. It's not that complicated or unreasonable to set up a proper hardware wallet. Multi-sig can be learned in a single course. Something the equivalent complexity of a driver's license test could prevent all the cold storage exploits we've seen to date - even globally. Platform operators have a key advantage in detecting and preventing fraud - they know their customers far better than any custodian ever would. The best job that custodians can do is to find high integrity individuals and train them to form even better wallet signatories. Rather than mandating that all platforms expose themselves to arbitrary third party risks, regulations should center around ensuring that all signatories are background-checked, properly trained, and using proper procedures. We also need to make sure that signatories are empowered with rights and responsibilities to reject and report fraud. They need to know that they can safely challenge and delay a transaction - even if it turns out they made a mistake. We need to have an environment where mistakes are brought to the surface and dealt with. Not one where firms and people feel the need to hide what happened. In addition to a knowledge-based test, an auditor can privately interview each signatory to make sure they're not in coercive situations, and we should make sure they can freely and anonymously report any issues without threat of retaliation. A proper multi-sig has each signature held by a separate person and is governed by policies and mutual decisions instead of a hierarchy. It includes at least one redundant signature. For best results, 3of4, 3of5, 3of6, 4of5, 4of6, 4of7, 5of6, or 5of7. History has demonstrated over and over again the risk of hot wallets even to highly credible organizations. Nonetheless, many platforms have hot wallets for convenience. While such losses are generally compensated by platforms without issue (for example Poloniex, Bitstamp, Bitfinex, Gatecoin, Coincheck, Bithumb, Zaif, CoinBene, Binance, Bitrue, Bitpoint, Upbit, VinDAX, and now KuCoin), the public tends to focus more on cases that didn't end well. Regardless of what systems are employed, there is always some level of risk. For that reason, most members of the public would prefer to see third party insurance. Rather than trying to convince third party profit-seekers to provide comprehensive insurance and then relying on an expensive and slow legal system to enforce against whatever legal loopholes they manage to find each and every time something goes wrong, insurance could be run through multiple exchange operators and regulators, with the shared interest of having a reputable industry, keeping costs down, and taking care of Canadians. For example, a 4 of 7 multi-sig insurance fund held between 5 independent exchange operators and 2 regulatory bodies. All Canadian exchanges could pay premiums at a set rate based on their needed coverage, with a higher price paid for hot wallet coverage (anything not an air-gapped multi-sig cold wallet). Such a model would be much cheaper to manage, offer better coverage, and be much more reliable to payout when needed. The kind of coverage you could have under this model is unheard of. You could even create something like the CDIC to protect Canadians who get their trading accounts hacked if they can sufficiently prove the loss is legitimate. In cases of fraud, gross negligence, or insolvency, the fund can be used to pay affected users directly (utilizing the last transparent balance report in the worst case), something which private insurance would never touch. While it's recommended to have official policies for coverage, a model where members vote would fully cover edge cases. (Could be similar to the Supreme Court where justices vote based on case law.) Such a model could fully protect all Canadians across all platforms. You can have a fiat coverage governed by legal agreements, and crypto-asset coverage governed by both multi-sig and legal agreements. It could be practical, affordable, and inclusive. Now, we are at a crossroads. We can happily give up our freedom, our innovation, and our money. We can pay hefty expenses to auditors, lawyers, and regulators year after year (and make no mistake - this cost will grow to many millions or even billions as the industry grows - and it will be borne by all Canadians on every platform because platforms are not going to eat up these costs at a loss). We can make it nearly impossible for any new platform to enter the marketplace, forcing Canadians to use the same stagnant platforms year after year. We can centralize and consolidate the entire industry into 2 or 3 big players and have everyone else fail (possibly to heavy losses of users of those platforms). And when a flawed security model doesn't work and gets breached, we can make it even more complicated with even more people in suits making big money doing the job that blockchain was supposed to do in the first place. We can build a system which is so intertwined and dependent on big government, traditional finance, and central bankers that it's future depends entirely on that of the fiat system, of fractional banking, and of government bail-outs. If we choose this path, as history has shown us over and over again, we can not go back, save for revolution. Our children and grandchildren will still be paying the consequences of what we decided today. Or, we can find solutions that work. We can maintain an open and innovative environment while making the adjustments we need to make to fully protect Canadian investors and cryptocurrency users, giving easy and affordable access to cryptocurrency for all Canadians on the platform of their choice, and creating an environment in which entrepreneurs and problem solvers can bring those solutions forward easily. None of the above precludes innovation in any way, or adds any unreasonable cost - and these three policies would demonstrably eliminate or resolve all 109 historic cases as studied here - that's every single case researched so far going back to 2011. It includes every loss that was studied so far not just in Canada but globally as well. Unfortunately, finding answers is the least challenging part. Far more challenging is to get platform operators and regulators to agree on anything. My last post got no response whatsoever, and while the OSC has told me they're happy for industry feedback, I believe my opinion alone is fairly meaningless. This takes the whole community working together to solve. So please let me know your thoughts. Please take the time to upvote and share this with people. Please - let's get this solved and not leave it up to other people to do. Facts/background/sources (skip if you like):
The inspiration for the paragraph about splitting wallets was an actual quote from a Canadian company providing custodial services in response to the OSC consultation paper: "We believe that it will be in the in best interests of investors to prohibit pooled crypto assets or ‘floats’. Most Platforms pool assets, citing reasons of practicality and expense. The recent hack of the world’s largest Platform – Binance – demonstrates the vulnerability of participants’ assets when such concessions are made. In this instance, the Platform’s entire hot wallet of Bitcoins, worth over $40 million, was stolen, facilitated in part by the pooling of client crypto assets." "the maintenance of participants (and Platform) crypto assets across multiple wallets distributes the related risk and responsibility of security - reducing the amount of insurance coverage required and making insurance coverage more readily obtainable". For the record, their reply also said nothing whatsoever about multi-sig or offline storage.
In addition to the fact that the $40m hack represented only one "hot wallet" of Binance, and they actually had the vast majority of assets in other wallets (including mostly cold wallets), multiple real cases have clearly demonstrated that risk is still present with multiple wallets. Bitfinex, VinDAX, Bithumb, Altsbit, BitPoint, Cryptopia, and just recently KuCoin all had multiple wallets breached all at the same time, and may represent a significantly larger impact on customers than the Binance breach which was fully covered by Binance. To represent that simply having multiple separate wallets under the same security scheme is a comprehensive way to reduce risk is just not true.
Private insurance has historically never covered a single loss in the cryptocurrency space (at least, not one that I was able to find), and there are notable cases where massive losses were not covered by insurance. Bitpay in 2015 and Yapizon in 2017 both had insurance policies that didn't pay out during the breach, even after a lengthly court process. The same insurance that ShakePay is presently using (and announced to much fanfare) was describe by their CEO himself as covering “physical theft of the media where the private keys are held,” which is something that has never historically happened. As was said with regard to the same policy in 2018 - “I don’t find it surprising that Lloyd’s is in this space,” said Johnson, adding that to his mind the challenge for everybody is figuring out how to structure these policies so that they are actually protective. “You can create an insurance policy that protects no one – you know there are so many caveats to the policy that it’s not super protective.”
The most profitable policy for a private insurance company is one with the most expensive premiums that they never have to pay a claim on. They have no inherent incentive to take care of people who lost funds. It's "cheaper" to take the reputational hit and fight the claim in court. The more money at stake, the more the insurance provider is incentivized to avoid payout. They're not going to insure the assets unless they have reasonable certainty to make a profit by doing so, and they're not going to pay out a massive sum unless it's legally forced. Private insurance is always structured to be maximally profitable to the insurance provider.
The circumvention of multi-sig was a key factor in the massive Bitfinex hack of over $60m of bitcoin, which today still sits being slowly used and is worth over $3b. While Bitfinex used a qualified custodian Bitgo, which was and still is active and one of the industry leaders of custodians, and they set up 2 of 3 multi-sig wallets, the entire system was routed through Bitfinex, such that Bitfinex customers could initiate the withdrawals in a "hot" fashion. This feature was also a hit with the hacker. The multi-sig was fully circumvented.
Bitpay in 2015 was another example of a breach that stole 5,000 bitcoins. This happened not through the exploit of any system in Bitpay, but because the CEO of a company they worked with got their computer hacked and the hackers were able to request multiple bitcoin purchases, which Bitpay honoured because they came from the customer's computer legitimately. Impersonation is a very common tactic used by fraudsters, and methods get more extreme all the time.
A notable case in Canada was the Canadian Bitcoins exploit. Funds were stored on a server in a Rogers Data Center, and the attendee was successfully convinced to reboot the server "in safe mode" with a simple phone call, thus bypassing the extensive security and enabling the theft.
The very nature of custodians circumvents multi-sig. This is because custodians are not just having to secure the assets against some sort of physical breach but against any form of social engineering, modification of orders, fraudulent withdrawal attempts, etc... If the security practices of signatories in a multi-sig arrangement are such that the breach risk of one signatory is 1 in 100, the requirement of 3 independent signatures makes the risk of theft 1 in 1,000,000. Since hackers tend to exploit the weakest link, a comparable custodian has to make the entry and exit points of their platform 10,000 times more secure than one of those signatories to provide equivalent protection. And if the signatories beef up their security by only 10x, the risk is now 1 in 1,000,000,000. The custodian has to be 1,000,000 times more secure. The larger and more complex a system is, the more potential vulnerabilities exist in it, and the fewer people can understand how the system works when performing upgrades. Even if a system is completely secure today, one has to also consider how that system might evolve over time or work with different members.
By contrast, offline multi-signature solutions have an extremely solid record, and in the entire history of cryptocurrency exchange incidents which I've studied (listed here), there has only been one incident (796 exchange in 2015) involving an offline multi-signature wallet. It happened because the customer's bitcoin address was modified by hackers, and the amount that was stolen ($230k) was immediately covered by the exchange operators. Basically, the platform operators were tricked into sending a legitimate withdrawal request to the wrong address because hackers exploited their platform to change that address. Such an issue would not be prevented in any way by the use of a custodian, as that custodian has no oversight whatsoever to the exchange platform. It's practical for all exchange operators to test large withdrawal transactions as a general policy, regardless of what model is used, and general best practice is to diagnose and fix such an exploit as soon as it occurs.
False promises on the backing of funds played a huge role in the downfall of Quadriga, and it's been exposed over and over again (MyCoin, PlusToken, Bitsane, Bitmarket, EZBTC, IDAX). Even today, customers have extremely limited certainty on whether their funds in exchanges are actually being backed or how they're being backed. While this issue is not unique to cryptocurrency exchanges, the complexity of the technology and the lack of any regulation or standards makes problems more widespread, and there is no "central bank" to come to the rescue as in the 2008 financial crisis or during the great depression when "9,000 banks failed".
In addition to fraudulent operations, the industry is full of cases where operators have suffered breaches and not reported them. Most recently, Einstein was the largest case in Canada, where ongoing breaches and fraud were perpetrated against the platform for multiple years and nobody found out until the platform collapsed completely. While fraud and breaches suck to deal with, they suck even more when not dealt with. Lack of visibility played a role in the largest downfalls of Mt. Gox, Cryptsy, and Bitgrail. In some cases, platforms are alleged to have suffered a hack and keep operating without admitting it at all, such as CoinBene.
It surprises some to learn that a cryptographic solution has already existed since 2013, and gained widespread support in 2014 after Mt. Gox. Proof of Reserves is a full cryptographic proof that allows any customer using an exchange to have complete certainty that their crypto-assets are fully backed by the platform in real-time. This is accomplished by proving that assets exist on the blockchain, are spendable, and fully cover customer deposits. It does not prove safety of assets or backing of fiat assets.
If we didn't care about privacy at all, a platform could publish their wallet addresses, sign a partial transaction, and put the full list of customer information and balances out publicly. Customers can each check that they are on the list, that the balances are accurate, that the total adds up, and that it's backed and spendable on the blockchain. Platforms who exclude any customer take a risk because that customer can easily check and see they were excluded. So together with all customers checking, this forms a full proof of backing of all crypto assets.
However, obviously customers care about their private information being published. Therefore, a hash of the information can be provided instead. Hash is one-way encryption. The hash allows the customer to validate inclusion (by hashing their own known information), while anyone looking at the list of hashes cannot determine the private information of any other user. All other parts of the scheme remain fully intact. A model like this is in use on the exchange CoinFloor in the UK.
A Merkle tree can provide even greater privacy. Instead of a list of balances, the balances are arranged into a binary tree. A customer starts from their node, and works their way to the top of the tree. For example, they know they have 5 BTC, they plus 1 other customer hold 7 BTC, they plus 2-3 other customers hold 17 BTC, etc... until they reach the root where all the BTC are represented. Thus, there is no way to find the balances of other individual customers aside from one unidentified customer in this case.
Proposals such as this had the backing of leaders in the community including Nic Carter, Greg Maxwell, and Zak Wilcox. Substantial and significant effort started back in 2013, with massive popularity in 2014. But what became of that effort? Very little. Exchange operators continue to refuse to give visibility. Despite the fact this information can often be obtained through trivial blockchain analysis, no Canadian platform has ever provided any wallet addresses publicly. As described by the CEO of Newton "For us to implement some kind of realtime Proof of Reserves solution, which I'm not opposed to, it would have to ... Preserve our users' privacy, as well as our own. Some kind of zero-knowledge proof". Kraken describes here in more detail why they haven't implemented such a scheme. According to professor Eli Ben-Sasson, when he spoke with exchanges, none were interested in implementing Proof of Reserves.
And yet, Kraken's places their reasoning on a page called "Proof of Reserves". More recently, both BitBuy and ShakePay have released reports titled "Proof of Reserves and Security Audit". Both reports contain disclaimers against being audits. Both reports trust the customer list provided by the platform, leaving the open possibility that multiple large accounts could have been excluded from the process. Proof of Reserves is a blockchain validation where customers see the wallets on the blockchain. The report from Kraken is 5 years old, but they leave it described as though it was just done a few weeks ago. And look at what they expect customers to do for validation. When firms represent something being "Proof of Reserve" when it's not, this is like a farmer growing fruit with pesticides and selling it in a farmers market as organic produce - except that these are people's hard-earned life savings at risk here. Platforms are misrepresenting the level of visibility in place and deceiving the public by their misuse of this term. They haven't proven anything.
Fraud isn't a problem that is unique to cryptocurrency. Fraud happens all the time. Enron, WorldCom, Nortel, Bear Stearns, Wells Fargo, Moser Baer, Wirecard, Bre-X, and Nicola are just some of the cases where frauds became large enough to become a big deal (and there are so many countless others). These all happened on 100% reversible assets despite regulations being in place. In many of these cases, the problems happened due to the over-complexity of the financial instruments. For example, Enron had "complex financial statements [which] were confusing to shareholders and analysts", creating "off-balance-sheet vehicles, complex financing structures, and deals so bewildering that few people could understand them". In cryptocurrency, we are often combining complex financial products with complex technologies and verification processes. We are naïve if we think problems like this won't happen. It is awkward and uncomfortable for many people to admit that they don't know how something works. If we want "money of the people" to work, the solutions have to be simple enough that "the people" can understand them, not so confusing that financial professionals and technology experts struggle to use or understand them.
For those who question the extent to which an organization can fool their way into a security consultancy role, HB Gary should be a great example to look at. Prior to trying to out anonymous, HB Gary was being actively hired by multiple US government agencies and others in the private sector (with glowing testimonials). The published articles and hosted professional security conferences. One should also look at this list of data breaches from the past 2 years. Many of them are large corporations, government entities, and technology companies. These are the ones we know about. Undoubtedly, there are many more that we do not know about. If HB Gary hadn't been "outted" by anonymous, would we have known they were insecure? If the same breach had happened outside of the public spotlight, would it even have been reported? Or would HB Gary have just deleted the Twitter posts, brought their site back up, done a couple patches, and kept on operating as though nothing had happened?
In the case of Quadriga, the facts are clear. Despite past experience with platforms such as MapleChange in Canada and others around the world, no guidance or even the most basic of a framework was put in place by regulators. By not clarifying any sort of legal framework, regulators enabled a situation where a platform could be run by former criminal Mike Dhanini/Omar Patryn, and where funds could be held fully unchecked by one person. At the same time, the lack of regulation deterred legitimate entities from running competing platforms and Quadriga was granted a money services business license for multiple years of operation, which gave the firm the appearance of legitimacy. Regulators did little to protect Canadians despite Quadriga failing to file taxes from 2016 onward. The entire administrative team had resigned and this was public knowledge. Many people had suspicions of what was going on, including Ryan Mueller, who forwarded complaints to the authorities. These were ignored, giving Gerald Cotten the opportunity to escape without justice.
There are multiple issues with the SOC II model including the prohibitive cost (you have to find a third party accounting firm and the prices are not even listed publicly on any sites), the requirement of operating for a year (impossible for new platforms), and lack of any public visibility (SOC II are private reports that aren't shared outside the people in suits).
Securities frameworks are expensive. Sarbanes-Oxley is estimated to cost $5.1 million USD/yr for the average Fortune 500 company in the United States. Since "Fortune 500" represents the top 500 companies, that means well over $2.55 billion USD (~$3.4 billion CAD) is going to people in suits. Isn't the problem of trust and verification the exact problem that the blockchain is supposed to solve?
To use Quadriga as justification for why custodians or SOC II or other advanced schemes are needed for platforms is rather silly, when any framework or visibility at all, or even the most basic of storage policies, would have prevented the whole thing. It's just an embarrassment.
We are now seeing regulators take strong action. CoinSquare in Canada with multi-million dollar fines. BitMex from the US, criminal charges and arrests. OkEx, with full disregard of withdrawals and no communication. Who's next?
We have a unique window today where we can solve these problems, and not permanently destroy innovation with unreasonable expectations, but we need to act quickly. This is a unique historic time that will never come again.
How to buy Bitcoin and Deposit on Roobet Full Tutorial
Hello! In this thread I will do my very best to explain how to purchase Bitcoin safely and deposit it onto Roobet.com ! If anything is too confusing or you need further instructions feel free to message a mod for help!Be very aware of other users offering to sell you bitcoin or purchase on your behalf.If you are new to Bitcoin in general I strongly recommend watching this quick video on the basics of bitcoin safety https://www.youtube.com/watch?v=2z2xggmeW1AAfter you have watched that or you already understand bitcoin skip to down below! Buying Bitcoin Step 1 Chosing an exchange Ok so you want to buy bitcoin to play on roobet? No problem! Bitcoin is super easy to use once you understand it! The first thing you need to do is pick an exchange to purchase from. I would recommendcoinbaseas it is a very large and trusted exchange.If coinbase does not work in your region then I would recommendBinance The last option if buying online doesn't work would be a local Bitcoin ATM use google to find one close to you. Step 2 Signing up -coinbase Sign up using https://www.coinbase.com/join/carava_zo to get a bonus 10$ btc on your first purchase Once you create an account you will be prompt to verify both a Email & Phone Number *Sometimes a photo id is required* *(It is recommend to add one as it will improve account security and increase your buying limit)* Follow the on screen prompts until you get to Add Payment Method Add your method of payment Once you link a Bank/Credit Card you will now be in the main page https://preview.redd.it/a58hftutv8d51.png?width=1892&format=png&auto=webp&s=9ce87ba198fdcaad10a2da4725c1030fca4d1741
Copy the Bitcoin Address (Your bitcoin address not the one in the screenshot)
Head back to coinbase
You should still have the Sent/Receive tab open if not open it back up
Put in the amount of BTC you wish to send
I like to add a note to keep my purchases organized this is optional
PASTE THE ROOBET DEPOSIT ADDRESS WE COPIED FROM STEP 1
DOUBLE TRIPLE QUADRUPLE CHECK THE ADDRESS IS CORRECT YOU ONLY GET 1 SHOT AT THIS GO SLOW
If everything looks good click send
TRIPLE CHECK BEFORE CLICKING SEND You will be given a confirmation screen again take note of the fees It is easy to get confused especially with currency conversion its always best to look at the BTC amount not the $ amount. (pro tip) Last chance to check everything Once you confirmed everything click send and the BTC is on its way! Go back to roobet and keep an eye on your notifications. Thanks to Roobet Instant funding you only need 1 confirmation before your funds are ready to go! https://preview.redd.it/14x2wwmo59d51.png?width=524&format=png&auto=webp&s=d40212fd1b67555fecb6e7f69c78d47c1abe569f Thats it!!!!You have successfully purchased and added BTC to your roobet account! Things to note Bitcoin is risky be safe take time to learn it Gambling is risky... Crpto is risky this website combines both please take the appropriate steps to ensure not only your financial safety but also your metal health Play Smart Play Safe Thank you for reading!if this helped you at all I would love it if you used my links above when signing up This was my first reddit guide I apologize if it is messy/confusing I will work on the formatting any Feedback is appreciated -Dom
https://preview.redd.it/vrq329h41vs51.png?width=1000&format=png&auto=webp&s=a9cdd74e5bfd8c7ca678fcb6663d37d87bc9f7b2 With the dramatic increase in the number of traders and investors in Canada that are using PrimeXBT, one question has been asked recently more than others which is whether PrimeXBT is safe for Canadian traders. The number of Canadian users at PrimeXBT has been growing rapidly throughout 2020 as a sign that the tools and features on the platform are opening up new opportunities for interacting in the market in more optimal ways. This guide covers whether or not PrimeXBT is safe for Canadian traders, and looks at some of the features and tools of the platform. The Canadian Market in 2020 Like much of the rest of the world, the Canadian market has seen some of the highest levels of all volatility in 2020 that have been seen in many years, or even at all throughout the history of cryptocurrency. The Canadian market has seen renewed growth following the contractions throughout 2018 and much of 2019 when the global bear market in the cryptocurrency space drove many retail investors back out of the market after the exponential growth of 2017. This has led many Canadian traders to wonder whether we are on the brink of another major bull run as was seen both in 2017 as well as 2013, and that would potentially see the price of Bitcoin driven up to the range of $50,000 or more. The Exponential Growth of PrimeXBT With the backdrop of the excitement within the global cryptocurrency market in general, and the Canadian cryptocurrency market more specifically, PrimeXBT has been perfectly positioned for exponential growth since its launch in early 2018. The platform initially launched at the start of 2018 with a waiting list of more than 150,000 traders, and this showed the interest in the platform that was present even before it came onto the market. As a result of the unique tools and features provided by PrimeXBT, it has grown exponentially over the past few years to become the world’s leading multi-asset margin trading platform and today managing up to $2 billion worth of global trade every day. What is PrimeXBT? https://preview.redd.it/iax449j91vs51.png?width=1000&format=png&auto=webp&s=24ea73d33d4f74afedf75a55b5a51967e95dea04 PrimeXBT is a margin trading-centric platform that provides high leverage trading on a wide range of cryptoassets as well as many of the world’s leading traditional assets. Traders at PrimeXBT are able to access up to 100X leverage on a wide range of cryptoassets that include BTC, ETH, XRP, LTC, and EOS. This is whilst also being able to access up to 500X leverage on a range of traditional assets like stock indices such as the S&P500 and FTSE100, forex pairs such as USD/EUR and AUD/CAD, and commodities such as gold and oil. PrimeXBT: Security Features From a security perspective, PrimeXBT is one of the leading trading platforms in the crypto market, and has built a strong reputation for being a safe and reliable platform to trade on. Much of this is as a result of the bank-grade security features that are implemented throughout PrimeXBT that include mandatory Bitcoin address whitelisting and hardware security modules with rating of FIPS PUB 140-2 Level 3 or higher. By working to add advanced security solutions throughout its platform, PrimeXBT has shown a strong commitment to protecting the funds and data of its users. PrimeXBT: Security Track Record While there are many other platforms in the cryptocurrency space that have suffered devastating hacks over the past 2 or 3 years, PrimeXBT is one of a small number of top tier platforms that have remained hack-free throughout this period. A good example of this is the Binance hack in 2019 that saw the platform lose more than $40 million of its users’ funds, and more recently the KuCoin hack where more than $150 million was lost by that platform. In contrast, PrimeXBT has never been hacked and has never been breached by hackers and as such remains as one of the most trusted platforms in the market, having a clean security track record. PrimeXBT: Excellent Customer Support In 2019, a study of the top 5 crypto margin trading platforms found that PrimeXBT has the best customer service of all 5, and also was the only platform out of the 5 to have full marks for all for metrics. These metrics were politeness, responsiveness, helpfulness, and the range of different communication channels that were available to users. By having an excellent customer support structure, PrimeXBT has ensured that its users are able to get fast and easy solutions to the problems and that there is always a direct line of communication open with the admin at the platform to be able to effectively deal with any issues that arise. Other Advantages of Using PrimeXBT PrimeXBT also provides a number of other advantages that are unique to the platform including providing the lowest fee schedule of any major cryptocurrency trading platform in the market with a low flat rate of 0.05% applied to all trades, irrespective of the size of a trade or the asset being traded. As well as this, PrimeXBT’s users can enjoy a robust trading engine that is built into the core of the PrimeXBT platform and that can execute up to 12,000 trades per second with an average trade time of less than 7.02 ms. PrimeXBT also has a unique 4-tier referral program where the traders can generate revenue streams from direct referrals, as well as indirect referrals up to 4 levels deep, with this dramatically increasing the profitability of affiliate activities, and netting the top 3 affiliates on the platform more than $1 million in 2019. In Summary PrimeXBT is a safe and well-reputed trading platform for Canadian traders and this is the reason for its exponential growth of users and volume within Canada over the past months. As well as being a safe platform to trade at, PrimeXBT also provides a range of unique tools and features to use in order to maximize profitability in the cryptocurrency and traditional asset markets. To understand more about the security features on PrimeXBT that have protected its users, check out PrimeXBT’s Security page.
How To End The Cryptocurrency Exchange "Wild West" Without Crippling Innovation
In case you haven't noticed the consultation paper, staff notice, and report on Quadriga, regulators are now clamping down on Canadian cryptocurrency exchanges. The OSC and other regulatory bodies are still interested in industry feedback. They have not put forward any official regulation yet. Below are some ideas/insights and a proposed framework.
Typical securities frameworks will cost Canadians millions of dollars (ie Sarbanes-Oxley estimated at $5m USD/yr per firm). Implementation costs of this proposal are significantly cheaper.
Canadians can maintain a diverse set of exchanges, multiple viable business models are still fully supported, and innovation is encouraged while keeping Canadians safe.
Many of you have limited time to read the full proposal, so here are the highlights:
Effective standards to prevent both internal and external theft. Exchange operators are trained and certified, and have a legal responsibility to users.
Regular Transparent Audits
Provides visibility to Canadians that their funds are fully backed on the exchange, while protecting privacy and sensitive platform information.
Establishment of basic insurance standards/strategy, to expand over time. Removing risk to exchange users of any hot wallet theft.
Background and Justifications
Cold Storage Custody/Management After reviewing close to 100 cases, all thefts tend to break down into more or less the same set of problems: • Funds stored online or in a smart contract, • Access controlled by one person or one system, • 51% attacks (rare), • Funds sent to the wrong address (also rare), or • Some combination of the above. For the first two cases, practical solutions exist and are widely implemented on exchanges already. Offline multi-signature solutions are already industry standard. No cases studied found an external theft or exit scam involving an offline multi-signature wallet implementation. Security can be further improved through minimum numbers of signatories, background checks, providing autonomy and legal protections to each signatory, establishing best practices, and a training/certification program. The last two transaction risks occur more rarely, and have never resulted in a loss affecting the actual users of the exchange. In all cases to date where operators made the mistake, they've been fully covered by the exchange platforms. • 51% attacks generally only occur on blockchains with less security. The most prominent cases have been Bitcoin Gold and Ethereum Classic. The simple solution is to enforce deposit limits and block delays such that a 51% attack is not cost-effective. • The risk of transactions to incorrect addresses can be eliminated by a simple test transaction policy on large transactions. By sending a small amount of funds prior to any large withdrawals/transfers as a standard practice, the accuracy of the wallet address can be validated. The proposal covers all loss cases and goes beyond, while avoiding significant additional costs, risks, and limitations which may be associated with other frameworks like SOC II. On The Subject of Third Party Custodians Many Canadian platforms are currently experimenting with third party custody. From the standpoint of the exchange operator, they can liberate themselves from some responsibility of custody, passing that off to someone else. For regulators, it puts crypto in similar categorization to oil, gold, and other commodities, with some common standards. Platform users would likely feel greater confidence if the custodian was a brand they recognized. If the custodian was knowledgeable and had a decent team that employed multi-sig, they could keep assets safe from internal theft. With the right protections in place, this could be a great solution for many exchanges, particularly those that lack the relevant experience or human resources for their own custody systems. However, this system is vulnerable to anyone able to impersonate the exchange operators. You may have a situation where different employees who don't know each other that well are interacting between different companies (both the custodian and all their customers which presumably isn't just one exchange). A case study of what can go wrong in this type of environment might be Bitpay, where the CEO was tricked out of 5000 bitcoins over 3 separate payments by a series of emails sent legitimately from a breached computer of another company CEO. It's also still vulnerable to the platform being compromised, as in the really large $70M Bitfinex hack, where the third party Bitgo held one key in a multi-sig wallet. The hacker simply authorized the withdrawal using the same credentials as Bitfinex (requesting Bitgo to sign multiple withdrawal transactions). This succeeded even with the use of multi-sig and two heavily security-focused companies, due to the lack of human oversight (basically, hot wallet). Of course, you can learn from these cases and improve the security, but so can hackers improve their deception and at the end of the day, both of these would have been stopped by the much simpler solution of a qualified team who knew each other and employed multi-sig with properly protected keys. It's pretty hard to beat a human being who knows the business and the typical customer behaviour (or even knows their customers personally) at spotting fraud, and the proposed multi-sig means any hacker has to get through the scrutiny of 3 (or more) separate people, all of whom would have proper training including historical case studies. There are strong arguments both for and against using use of third party custodians. The proposal sets mandatory minimum custody standards would apply regardless if the cold wallet signatories are exchange operators, independent custodians, or a mix of both. On The Subject Of Insurance ShakePay has taken the first steps into this new realm (congratulations). There is no question that crypto users could be better protected by the right insurance policies, and it certainly feels better to transact with insured platforms. The steps required to obtain insurance generally place attention in valuable security areas, and in this case included a review from CipherTrace. One of the key solutions in traditional finance comes from insurance from entities such as the CDIC. However, historically, there wasn't found any actual insurance payout to any cryptocurrency exchange, and there are notable cases where insurance has not paid. With Bitpay, for example, the insurance agent refused because the issue happened to the third party CEO's computer instead of anything to do with Bitpay itself. With the Youbit exchange in South Korea, their insurance claim was denied, and the exchange ultimately ended up instead going bankrupt with all user's funds lost. To quote Matt Johnson in the original Lloyd's article: “You can create an insurance policy that protects no one – you know there are so many caveats to the policy that it’s not super protective.” ShakePay's insurance was only reported to cover their cold storage, and “physical theft of the media where the private keys are held”. Physical theft has never, in the history of cryptocurrency exchange cases reviewed, been reported as the cause of loss. From the limited information of the article, ShakePay made it clear their funds are in the hands of a single US custodian, and at least part of their security strategy is to "decline to confirm the custodian’s name on the record". While this prevents scrutiny of the custodian, it's pretty silly to speculate that a reasonably competent hacking group couldn't determine who the custodian is. A far more common infiltration strategy historically would be social engineering, which has succeeded repeatedly. A hacker could trick their way into ShakePay's systems and request a fraudulent withdrawal, impersonate ShakePay and request the custodian to move funds, or socially engineer their way into the custodian to initiate the withdrawal of multiple accounts (a payout much larger than ShakePay) exploiting the standard procedures (for example, fraudulently initiating or override the wallet addresses of a real transfer). In each case, nothing was physically stolen and the loss is therefore not covered by insurance. In order for any insurance to be effective, clear policies have to be established about what needs to be covered. Anything short of that gives Canadians false confidence that they are protected when they aren't in any meaningful way. At this time, the third party insurance market does not appear to provide adequate options or coverage, and effort is necessary to standardize custody standards, which is a likely first step in ultimately setting up an insurance framework. A better solution compared to third party insurance providers might be for Canadian exchange operators to create their own collective insurance fund, or a specific federal organization similar to the CDIC. Such an organization would have a greater interest or obligation in paying out actual cases, and that would be it's purpose rather than maximizing it's own profit. This would be similar to the SAFU which Binance has launched, except it would cover multiple exchanges. There is little question whether the SAFU would pay out given a breach of Binance, and a similar argument could be made for a insurance fund managed by a collective of exchange operators or a government organization. While a third party insurance provider has the strong market incentive to provide the absolute minimum coverage and no market incentive to payout, an entity managed by exchange operators would have incentive to protect the reputation of exchange operators/the industry, and the government should have the interest of protecting Canadians. On The Subject of Fractional Reserve There is a long history of fractional reserve failures, from the first banks in ancient times, through the great depression (where hundreds of fractional reserve banks failed), right through to the 2008 banking collapse referenced in the first bitcoin block. The fractional reserve system allows banks to multiply the money supply far beyond the actual cash (or other assets) in existence, backed only by a system of debt obligations of others. Safely supporting a fractional reserve system is a topic of far greater complexity than can be addressed by a simple policy, and when it comes to cryptocurrency, there is presently no entity reasonably able to bail anyone out in the event of failure. Therefore, this framework is addressed around entities that aim to maintain 100% backing of funds. There may be some firms that desire but have failed to maintain 100% backing. In this case, there are multiple solutions, including outside investment, merging with other exchanges, or enforcing a gradual restoration plan. All of these solutions are typically far better than shutting down the exchange, and there are multiple cases where they've been used successfully in the past. Proof of Reserves/Transparency/Accountability Canadians need to have visibility into the backing on an ongoing basis. The best solution for crypto-assets is a Proof of Reserve. Such ideas go back all the way to 2013, before even Mt. Gox. However, no Canadian exchange has yet implemented such a system, and only a few international exchanges (CoinFloor in the UK being an example) have. Many firms like Kraken, BitBuy, and now ShakePay use the Proof of Reserve term to refer to lesser proofs which do not actually cryptographically prove the full backing of all user assets on the blockchain. In order for a Proof of Reserve to be effective, it must actually be a complete proof, and it needs to be understood by the public that is expected to use it. Many firms have expressed reservations about the level of transparency required in a complete Proof of Reserve (for example Kraken here). While a complete Proof of Reserves should be encouraged, and there are some solutions in the works (ie TxQuick), this is unlikely to be suitable universally for all exchange operators and users. Given the limitations, and that firms also manage fiat assets, a more traditional audit process makes more sense. Some Canadian exchanges (CoinSquare, CoinBerry) have already subjected themselves to annual audits. However, these results are not presently shared publicly, and there is no guarantee over the process including all user assets or the integrity and independence of the auditor. The auditor has been typically not known, and in some cases, the identity of the auditor is protected by a NDA. Only in one case (BitBuy) was an actual report generated and publicly shared. There has been no attempt made to validate that user accounts provided during these audits have been complete or accurate. A fraudulent fractional exchange, or one which had suffered a breach they were unwilling to publicly accept (see CoinBene), could easily maintain a second set of books for auditors or simply exclude key accounts to pass an individual audit. The proposed solution would see a reporting standard which includes at a minimum - percentage of backing for each asset relative to account balances and the nature of how those assets are stored, with ownership proven by the auditor. The auditor would also publicly provide a "hash list", which they independently generate from the accounts provided by the exchange. Every exchange user can then check their information against this public "hash list". A hash is a one-way form of encryption, which fully protects the private information, yet allows anyone who knows that information already to validate that it was included. Less experienced users can take advantage of public tools to calculate the hash from their information (provided by the exchange), and thus have certainty that the auditor received their full balance information. Easy instructions can be provided. Auditors should be impartial, their identities and process public, and they should be rotated so that the same auditor is never used twice in a row. Balancing the cost of auditing against the needs for regular updates, a 6 month cycle likely makes the most sense. Hot Wallet Management The best solution for hot wallets is not to use them. CoinBerry reportedly uses multi-sig on all withdrawals, and Bitmex is an international example known for their structure devoid of hot wallets. However, many platforms and customers desire fast withdrawal processes, and human validation has a cost of time and delay in this process. A model of self-insurance or separate funds for hot wallets may be used in these cases. Under this model, a platform still has 100% of their client balance in cold storage and holds additional funds in hot wallets for quick withdrawal. Thus, the risk of those hot wallets is 100% on exchange operators and not affecting the exchange users. Since most platforms typically only have 1%-5% in hot wallets at any given time, it shouldn't be unreasonable to build/maintain these additional reserves over time using exchange fees or additional investment. Larger withdrawals would still be handled at regular intervals from the cold storage. Hot wallet risks have historically posed a large risk and there is no established standard to guarantee secure hot wallets. When the government of South Korea dispatched security inspections to multiple exchanges, the results were still that 3 of them got hacked after the inspections. If standards develop such that an organization in the market is willing to insure the hot wallets, this could provide an acceptable alternative. Another option may be for multiple exchange operators to pool funds aside for a hot wallet insurance fund. Comprehensive coverage standards must be established and maintained for all hot wallet balances to make sure Canadians are adequately protected.
Current Draft Proposal
(1) Proper multi-signature cold wallet storage. (a) Each private key is the personal and legal responsibility of one person - the “signatory”. Signatories have special rights and responsibilities to protect user assets. Signatories are trained and certified through a course covering (1) past hacking and fraud cases, (2) proper and secure key generation, and (3) proper safekeeping of private keys. All private keys must be generated and stored 100% offline by the signatory. If even one private keys is ever breached or suspected to be breached, the wallet must be regenerated and all funds relocated to a new wallet. (b) All signatories must be separate background-checked individuals free of past criminal conviction. Canadians should have a right to know who holds their funds. All signing of transactions must take place with all signatories on Canadian soil or on the soil of a country with a solid legal system which agrees to uphold and support these rules (from an established white-list of countries which expands over time). (c) 3-5 independent signatures are required for any withdrawal. There must be 1-3 spare signatories, and a maximum of 7 total signatories. The following are all valid combinations: 3of4, 3of5, 3of6, 4of5, 4of6, 4of7, 5of6, or 5of7. (d) A security audit should be conducted to validate the cold wallet is set up correctly and provide any additional pertinent information. The primary purpose is to ensure that all signatories are acting independently and using best practices for private key storage. A report summarizing all steps taken and who did the audit will be made public. Canadians must be able to validate the right measures are in place to protect their funds. (e) There is a simple approval process if signatories wish to visit any country outside Canada, with a potential whitelist of exempt countries. At most 2 signatories can be outside of aligned jurisdiction at any given time. All exchanges would be required to keep a compliant cold wallet for Canadian funds and have a Canadian office if they wish to serve Canadian customers. (2) Regular and transparent solvency audits. (a) An audit must be conducted at founding, after 3 months of operation, and at least once every 6 months to compare customer balances against all stored cryptocurrency and fiat balances. The auditor must be known, independent, and never the same twice in a row. (b) An audit report will be published featuring the steps conducted in a readable format. This should be made available to all Canadians on the exchange website and on a government website. The report must include what percentage of each customer asset is backed on the exchange, and how those funds are stored. (c) The auditor will independently produce a hash of each customer's identifying information and balance as they perform the audit. This will be made publicly available on the exchange and government website, along with simplified instructions that each customer can use to verify that their balance was included in the audit process. (d) The audit needs to include a proof of ownership for any cryptocurrency wallets included. A satoshi test (spending a small amount) or partially signed transaction both qualify. (e) Any platform without 100% reserves should be assessed on a regular basis by a government or industry watchdog. This entity should work to prevent any further drop, support any private investor to come in, or facilitate a merger so that 100% backing can be obtained as soon as possible. (3) Protections for hot wallets and transactions. (a) A standardized list of approved coins and procedures will be established to constitute valid cold storage wallets. Where a multi-sig process is not natively available, efforts will be undertaken to establish a suitable and stable smart contract standard. This list will be expanded and improved over time. Coins and procedures not on the list are considered hot wallets. (b) Hot wallets can be backed by additional funds in cold storage or an acceptable third-party insurance provider with a comprehensive coverage policy. (c) Exchanges are required to cover the full balance of all user funds as denominated in the same currency, or double the balance as denominated in bitcoin or CAD using an established trading rate. If the balance is ever insufficient due to market movements, the firm must rectify this within 24 hours by moving assets to cold storage or increasing insurance coverage. (d) Any large transactions (above a set threshold) from cold storage to any new wallet addresses (not previously transacted with) must be tested with a smaller transaction first. Deposits of cryptocurrency must be limited to prevent economic 51% attacks. Any issues are to be covered by the exchange. (e) Exchange platforms must provide suitable authentication for users, including making available approved forms of two-factor authentication. SMS-based authentication is not to be supported. Withdrawals must be blocked for 48 hours in the event of any account password change. Disputes on the negligence of exchanges should be governed by case law.
Continued review of existing OSC feedback is still underway. More feedback and opinions on the framework and ideas as presented here are extremely valuable. The above is a draft and not finalized. The process of further developing and bringing a suitable framework to protect Canadians will require the support of exchange operators, legal experts, and many others in the community. The costs of not doing such are tremendous. A large and convoluted framework, one based on flawed ideas or implementation, or one which fails to properly safeguard Canadians is not just extremely expensive and risky for all Canadians, severely limiting to the credibility and reputation of the industry, but an existential risk to many exchanges. The responsibility falls to all of us to provide our insight and make our opinions heard on this critical matter. Please take the time to give your thoughts.
I come across many posts on Reddit that questions NDAX's business model. I like to cover it here for reference. 1- Deposits: NDAX does not charge deposits fees because our banks do not charge us a fee 2- Withdrawals Fiat: we charge a flat $25 fee, Our bank charges us a fee and we need to pay those fees Crypto: We charge a flat withdrawal fee to cover Network fees, our custody provider fees 3- Trading Fees: We charge 0.20% trading fees, one of the lowest in the industry 4- Insurance: Besides the multi-signature wallets for cold and hot wallets through ledger vault and Bitgo we also have insurance on Cold wallets and Hot wallets, that keep us feeling safe and keep our customer's assets secure. 5- Min Deposits/ Min withdrawals: These are recommended minimums, they are not enforceable, they are there to protect our customers from unnecessarily trying to withdrawal very small amounts which will cost them all of the withdrawal fees and that could also spam the network. If a customer wants to withdrawal 26$ we let them withdrawal it but typically we advise people to see the recommended minimums. 6- Why does NDAX don't support E-transfer withdrawals: simply because we are regulatory compliant and when you withdrawal to an email address we do not know which account the money went to and that put the company offside when it comes to money laundering. Also in a situation with account takeovers, its impossible to retrieve customers' funds. We Saw what happened to Einstein with over $4M of fraud that left them insolvent. That being said, We do understand that $25 is not reasonable for small withdrawals and we are soon releasing a couple of options to make it affordable to withdrawal smaller amounts in a compliant manner. 7- Customer services/ Support: check google reviews. 8- Transparency: Customers can view our fees, order book, volume before signing up, we do not markup our spreads and surprise the customer after they signup. and go through the KYC 9- My Favourite: Canada does not need a spot BTC/CAD, well i love to disagree there. With regulations coming into place soon, we want to make sure Canadians have an option to buy spot prices as more and more Canadians decide to enter the space. On the contrary, buying Bitcoin and paying 2.5% on a broker site then transferring to Binance to simply buy XRP (example) and pay withdrawal fees, trading fees are ridiculous. 10- With all the above being said, please refer to this medium post which covered the Canadian bitcoin services including deposit, withdrawal, spread. you can see that NDAX by far is one of your best options. this post was done by a competitor by the way https://medium.com/paytrie/canadian-cryptocurrency-landscape-analysis-and-outlook-b00d7c15893f
Weekly Update: 10k ParJar users, PAR on Mercatox, BOMB Announcement, FTM on OKEx... – 28 Jun - 4 Jul'19
Hiya folks! With this update we will be totally caught up with the latest Parachute weekly. Whew! Told ya it will be fun. Thanks for sticking by. Here’s your week at Parachute (28 Jun – 4 Jul’19): ParJar crossed 10k users this week (with 120k total transactions till now). The growth is real! PAR got listed on Mercatox as well. The first Cex listing. Woot! Remember how well researched Benjamin’s BOMB metrics reports were? You are in for a treat. He made a deep dive report on the PAR token metrics as well. Enjoy! CoinsOnFire’s review of Parachute is out too. Have a read! Cap’s Parachute journey article was translated to Spanish by Roberto. The milestone items for July are pargas, new projects, more coverage. Cap announced a competition to design a logo for the Parachute News/Announcement channel. Tons of solid entries. 300k PAR were given out to the top picks. Pedro’s logo was simple yet clear in its message and was the winner of the comp with it becoming the Ann channel logo. Great work on the logos, guys! These look super fresh Ice and Chris rocking that Parachute swag The latest ParJar feature allows you to see price of any coin/token/USD/CAD/EUGBP/PLN/RUB amount to another coin/token/USD/CAD/EUGBP/PLN/RUB. So if you want to see price of 5000 PAR in AXPR or USD, just type /convert 5000 PAR AXPR or /convert 5000 PAR USD. Try it out in PM with the bot. Ketan won this week’s Parena and laid claim to the lion’s share of the 100k PAR pot. Victor’s trivia this week in ParJar was on Animals. 10 questions, 50k PAR. Dayum! Ian hosted an art quiz in ParJar as well. Another 50k PAR given out. The OG Parachute items were finally phased out of the parachute shop this week. Check out the latest gear that arrived in the shop. The Big Chili Race Standings as on 2-July Alexis receiving one of the last shipments of the OG gear aXpire submitted its proposal to be listed on Binance Dex this week. The 100k monthly AXPR burn can be tracked here. Weekly update video is up as well. Have a look. Co-Founder of Huddl, Vishal Karir, wrote about BOMB as deflationary gold in an article on scarce assets. Jason Choi, researcher at The Spartan Group, talked about two "fascinating & underexposed economic experiments in crypto" in a tweet thread this week. One of them was BOMB. Benjamin’s latest BOMB Report is out as well. You can also watch him elaborate on it in this video. Remember, the BOMB video contest that has been ongoing for a few weeks now? Here’s a compilation of 100 submissions. The winners have been selected. A new market stats dashboard will be going live soon. And finally, don’t forget to mark your calendars for July 15th. Zachary will be announcing the next big step for BOMB. This chart from Benjamin’s report seems to back up BOMB’s core idea Horizon State was featured in the blockchain showcase series by Micky News with a detailed background on the project and where they are heading. HST got added to the FlashCoin mobile wallet and its P2P marketplace. The Hydro Pay app’s official video was released this week. Plus, check out the latest app updates here, here and here. The project was also covered in a publish0x article about 3 promising projects in H2 2019. HYDRO has taken the lead in a vote-for-listing competition to get listed on ChangeNOW. Read more about DeFi and how Molecule is a positive force in the DeFi space in Hydro’s article. In District0x-verse, read up on the latest from the District Weekly. Meme Factory’s newest meme contest is underway. Hearthstone fans, don’t forget to catch the gameplay recording of Game of Memes (which uses Meme Factory assets for game cards). Project Manager Alexander wrote about the journey of Meme Factory so far in his blog article. Meme Factory's dankest meme as of 4th July :p Fantom’s FTM token was listed on OKEx, OKEx Korea and Bittrex International this week. If you’ve been living under a rock for the first half of 2019, CMO Michael Chen’s got your back. His half yearly recap article covers all things Fantom. Michael's presentation at ZKLux#1 was featured in Sikoba's blog post. PaperCoins’ review of Fantom was published this week. Check it out! The team also had an AMA with the latest partner, Xangle. Click here for the transcript. Opacity (and Hydro Pay) were added to dApp browser on dapp.com. June recap for Opacity was out this week. Bounty hunters, have a read of the weekly Bounty0x distribution report. Bloom partnered with the platform to provide Bloom verified accounts for Bounty0x users. Bloom verified accounts are more trustworthy and hence get access to higher value bounties compared to unverified accounts. Bloom takes data privacy seriously 1UP will be seeing a major burn of its tokens in the near future. Read more about the updated tokenomics here. Another project will get a chance to be reviewed in detail for free by Uptrennd. Voting started this week. Have a question to ask Enjin CTO Witek Radomski? Uptrennd will be interviewing him soon and your question could make it to the interview. The ETHOS Universal Wallet turned 1 this week. Happy Birthday! Switch’s press releases went live simultaneously on Reuters, The Merkle, Bitcoin PR Buzz, Coinspeaker, Blockmanity and ZyCrypto. ESH was listed on Mercatox and ZooomEx. One of the coolest features on Switch is the option to buy gift cards with altcoins. Catch up with the latest at Switch from their update article. In Birdchain news, get an early preview of the of the SMS feature on the app and its testing snapshots. Details of the 2gether referral program were released this week. Here’s a link for Spanish speakers. And with that, it’s a wrap for the rapid catch up series and for this week at Parachute. Thank you again for being here and God Bless Parachute! See you again with another update. Ciao!
Daily analysis of cryptocurrencies 20191111(Market index 40 — Fear state)
https://preview.redd.it/ng1rc23cm1y31.jpg?width=1080&format=pjpg&auto=webp&s=6b4874423f96506b8ff820b8983e6fac5f093a6a Argentina Sets New Trading Record After Central Bank Bans Bitcoin BuysBitcoin (BTC) trading set new records in two of its most keenly watched South American markets last week, new data has revealed.As monitoring resource Coin Dance confirmed on Nov. 10, the seven days ending Saturday (Nov 9) saw more trading against BTC than ever before in both Venezuela and Argentina.In total, Venezuela traded 142.9 billion sovereign bolivars (VES) last week, while Argentina managed 19.4 million pesos (ARS). Both are firm records over previous levels. Bitcoin Called “First Successful Application Of Blockchain” By State-Run Chinese NewspaperChinese state news agency Xinhua has published a front-page article entitled “Bitcoin: The First Successful Application of Blockchain Technology,” according to Sino Global Capital CEO Matthew Graham.The lengthy article explains the main peculiarities of Bitcoin, an open-source P2P cryptocurrency, describing how BTC transactions and mining work. It also mentions that the price of the top cryptocurrency tends to fluctuate a lot, and it’s difficult to ensure its stability. Canada’s First Legally-Delivered USD Stablecoin Launched By Blockchain Venture CapitalThe Blockchain Venture Capital Inc. (BVCI) has launched CUSD — the first legally delivered USD-stablecoin in Canada.The cryptocurrency is supplemented by a mobile wallet called Bvc Pay which is used to store, exchange, and trade CUSD over-the-counter (OTC).The same company also developed the world’s first stablecoin pegged to the value of the Canadian dollar (CAD) — first launched on Canada Day back on July 1, 2019. Bitcoin Mining Difficulty Sees Biggest 2019 Drop As Hash Rate SpikesBitcoin (BTC) mining difficulty adjusted downwards more than at any time since its 2018 price low on Nov. 8, data shows.As noted by entrepreneur and cryptocurrency commentator Alistair Milne on Monday (Nov 11), difficulty fell by around 7% after the network’s latest readjustment. After a major decline, bitcoin found support near the $8,670 level against the US Dollar. A new monthly low was formed near $8,674 before the price started an upside correction. The price recovered above the $8,800 and $8,900 levels. Moreover, there was a break above the $9,000 resistance area and the 100 hourly simple moving average. The bulls were able to gain strength, but they faced a strong selling interest near the $9,150 and $9,160 levels. A high was formed near $9,146 and the price is currently retreating from the high. It broke the $9,000 support area and the 100 hourly SMA. Additionally, there was a break below the 23.6% Fib retracement level of the recent wave from the $8,674 low to $9,146 high. Review previous articles:https://firstname.lastname@example.org
Encrypted project calendar（November 11, 2019）
PAX/Paxos Standard:Paxos Standard (PAX) 2019 Singapore Financial Technology Festival will be held from November 11th to 15th, and Paxos Standard will attend the conference.Crypto.com Coin (CRO):and 3 others 11 November 2019 Capital Warm-up Party Capital Warm-up Party in Singapore.GoldCoin (GLC):11 November 2019 Reverse Bitcoin Hardfork The GoldCoin (GLC) Team will be “Reverse Hard Forking” the Bitcoin (BTC) Blockchain…”Horizen (ZEN):11 November 2019 (or earlier) Horizen Giveaway — Nodes Horizen Giveaway — Win Free Node Hosting! Entries before November 11th.SINOVATE (SIN):11 November 2019 Roadmap V3 SINOVATE (SIN) Roadmap V3 will be released with new upcoming technologies and proof of concepts!0x (ZRX):11 November 2019 0x V3 Vote Ends “The voting period will end on November 11. Learn more about all the exciting features included in v3 below.”Akropolis (AKRO):and 4 others 11 November 2019 Kucoin Blockchain Day “KuCoin Blockchain Day Berlin 2019” from 5 PM — 9:15 PM (CET) in Berlin.
Encrypted project calendar（November 12, 2019）
BTC/Bitcoin:The CoinMarketCap Global Conference will be held at the Victoria Theatre in Singapore from November 12th to 13thBinance Coin (BNB)and 7 others: 12 November 2019 CMC Global Conference “The first-ever CoinMarketCap large-scale event: A one-of-a-kind blockchain / crypto experience like you’ve never experienced before.”Aion (AION)and 17 others: 12 November 2019 The Capital The Capital conference from November 12–13 in Singapore.Loom Network (LOOM):12 November 2019 Transfer Gateway Update “If you have a dapp that relies on the Transfer Gateway, follow the instructions below to make sure you’re prepared.”Kava (KAVA):12 November 2019 Updated Mainnet Launch “Our updated mainnet launch will be on Tuesday November 12th at 14:00 UTC.”Crypto.com Coin (CRO):12 November 2019 Telegram AMA Live AMA with CRO COO and Kucoin’s Global Community Manager on KuCoin’s official English Telegram channel at 16:00 (UTC+8).Chainlink (LINK):and 1 other 12 November 2019 NYC Meetup “Ontology + Future of Blockchain in China Meetup Presented by Chainlink” in NYC from 6:30 PM — 8:30 PM.
Encrypted project calendar（November 13, 2019）
Fetch.ai (FET):13 November 2019 Cambridge Meetup “Join us for a@Fetch_ai#Cambridge #meetup on 13 November@pantonarms1.”Binance Coin (BNB)and 5 others: 13 November 2019 Blockchain Expo N.A. “It will bring together key industries from across the globe for two days of top-level content and discussion across 5 co-located events…”OKB (OKB):13 November 2019 Dnipro, Ukraine- Talks Join us in Dnipro as we journey through Ukraine for our OKEx Cryptour on 11 Nov.Centrality (CENNZ):13 November 2019 AMA Meetup “Ask our CEO@aaronmcdnzanything in person! Join the AMA meetup on 13 November in Singapore.”OKB (OKB):13 November 2019 OKEx Cryptotour Dnipro “OKEx Cryptour Ukraine 2019 — Dnipro” in Dnipro from 6–9 PM (EET).Vexanium (VEX):13 November 2019 Dapps Incentive Program Vexanium will give an incentive for every Dapps that is submitted during this program period.Egretia (EGT):13 November 2019 Post Consensus Invest “2019 NYC Blockchain Gaming & DeFi Party | Post Consensus Invest” in NYC from 7–9 PM.Holo (HOT):13 November 2019 AMA “Submit your questions before the #AMA on Nov 13th @ 5PM — 5:45PM UTC”
Encrypted project calendar（November 14, 2019）
BTC/Bitcoin:The 2019 BlockShow Asia Summit will be held at Marina Bay Sands, Singapore from November 14th to 15th.Binance Coin (BNB):and 4 others 14 November 2019 BlockShow Asia 2019 BlockShow Asia 2019 at Marina Bay Sands Expo, Singapore from November 14–15.Basic Attention Token (BAT): 14 November 2019 London Privacy Meetup “If you’re in London on Nov. 14th, don’t miss our privacy meetup! The Brave research team, our CPO@johnnyryan, as well as@UoE_EFIHorizen (ZEN):14 November 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.IOTA (MIOTA):14 November 2019 Berlin Meetup From Construction to Smart City: IOTA, Maschinenraum & Thinkt Digital will explain, using concrete use cases, how to gain real value from..Dash (DASH):14 November 2019 Q3 Summary Call “Dash Core Group Q3 2019 Summary Call — Thursday, 14 November 2019”NEO (NEO):14 November 2019 NeoFest Singapore Meetup “Glad to have@Nicholas_Mertenfrom DataDash as our host for #NeoFest Singapore meetup on 14th Nov!”ANON (ANON):14 November 2019 ANONIO Wallet Upgrade In conjunction with the Echelon Update, the ANONIO wallet will also be receiving an upgrade!
Encrypted project calendar（November 15, 2019）
TRON (TRX):15 November 2019 Cross-chain Project “The #TRON cross-chain project will be available on Nov. 15th”Bluzelle (BLZ):15 November 2019 (or earlier) CURIE Release CURIE release expected by early November 2019.Zebi (ZCO):15 November 2019 ZEBI Token Swap Ends “… We will give 90 days to all the ERC 20 token holders to swap out their tokens into Zebi coins.”OKB (OKB):15 November 2019 OKEx Talks — Vilnius “Join us for a meetup on 15 Nov (Fri) for our 1st ever Talks in Vilnius, Lithuania.”Zenon (ZNN):15 November 2019 Awareness Fund Payout “Distribution of the fund takes place every Friday until Pillars Lock-in Phase is completed.”
Encrypted project calendar（November 16, 2019）
Bancor (BNT): and 2 others 16 November 2019 Crypto DeFiance-Singapore “Crypto DeFiance is a new global DeFi event embracing established innovators, financial market disruptors, DApp developers…”NEM (XEM):16 November 2019 Developer’s Event “BLOCKCHAIN: Creation of Multifirma services” from 10:50 AM — 2 PM.
Encrypted project calendar（November 17, 2019）
OKB (OKB):17 November 2019 OKEx Talks — Lagos Join us on 17 Nov for another OKEx Talks, discussing the “Life of a Crypto Trader”.
Encrypted project calendar（November 18, 2019）
Maker (MKR):18 November 2019 MCD Launch “BIG changes to terminology are coming with the launch of MCD on Nov. 18th Say hello to Vaults, Dai, and Sai.”
Encrypted project calendar（November 19, 2019）
Lisk (LSK):19 November 2019 Lisk.js “We are excited to announce liskjs2019 will take place on November 19th. This all day blockchain event will include…”Aion (AION):19 November 2019 Hard Fork “Leading up to the hard fork on November 19th-20th, 2019 the Unity — Aion Kernel will be upgraded by node operators.”
Encrypted project calendar（November 20, 2019）
OKB (OKB):20 November 2019 OKEx Cryptour Odessa Ukr “Join us in Odessa as we journey through Ukraine for our OKEx Cryptour!DAPS Token (DAPS):20 November 2019 Partnership with SWFT “Everyone will have $DAPS mobile wallets, atomic swaps and much more starting on the 20th of November!”
Encrypted project calendar（November 21, 2019）
Cardano (ADA):and 2 others 21 November 2019 Meetup Netherlands (AMS) “This meetup is all about how to decentralize a blockchain, the problems and differences between Proof-of-Work and Proof-of-Stake…”Cappasity (CAPP):21 November 2019 Virtuality Paris 2019 “Cappasity to demonstrate its solution for the interactive shopping experience at Virtuality Paris 2019.”Horizen (ZEN):21 November 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.OKB (OKB):21 November 2019 OKEx Talks — Johannesburg “Join us the largest city of South Africa — Johannesburg where we will host our OKEx Talks on the 21st Nov.”IOST (IOST):22 November 2019 Singapore Workshop Join the Institute of Blockchain for their 2nd IOST technical workshop in Singapore on 22 Nov 2019. The workshop includes IOST’s key tech.OKB (OKB):22 November 2019 St. Petersberg Talks “Join us in St. Petersberg on 22 Nov as we answer your questions on Crypto Security. “
Encrypted project calendar（November 22, 2019）
IOST (IOST):22 November 2019 Singapore Workshop Join the Institute of Blockchain for their 2nd IOST technical workshop in Singapore on 22 Nov 2019. The workshop includes IOST’s key techOKB (OKB):22 November 2019 St. Petersberg Talks “Join us in St. Petersberg on 22 Nov as we answer your questions on Crypto Security. “
Encrypted project calendar（November 27, 2019）
OKB (OKB):27 November 2019 OKEx Cryptour Vinnytsia “Join us in Vinnytsia as we journey through Ukraine for our OKEx Cryptour!”Fetch.ai (FET):27 November 2019 London Meetup “Join us on 27 November@primalbasehqto hear an exciting progress report as we prepare for the launch of our #mainnet”
Encrypted project calendar（November 28, 2019）
Horizen (ZEN):28 November 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.
Encrypted project calendar（November 30, 2019）
Ethos (ETHOS):30 November 2019 (or earlier) Rebranding “In November, we unveil the broker token, a dynamic utility token to power our commission-free crypto trading and broker platform, Voyager.”Digitex Futures (DGTX):30 November 2019 Public Testnet Launch “…We can expect to see the world’s first zero-commission futures trading platform live on the Ethereum public testnet from 30th November.”Monero (XMR):30 November 2019 Protocol Upgrade “Preliminary information thread regarding the scheduled protocol upgrade of November 30.”Chiliz (CHZ):30 November 2019 (or earlier) Fiat to CHZ Exchanges “We will add another two fiat to $CHZ exchanges in November…”Skrumble Network (SKM):30 November 2019 (or earlier) P2P & Group Calling “P2P & Group Video Calling,” during November 2019.Aergo (AERGO):30 November 2019 (or earlier) Mainnet 2.0 Upgrade Mainnet 2.0 Protocol update by end of November.Akropolis (AKRO):30 November 2019 (or earlier) Beta Release “All functionality has been deployed to mainnet.”Nash Exchange (NEX):30 November 2019 (or earlier) Mobile Strategy Phase 2 “Phase 2 of our mobile strategy will be live soon with our wallet and portfolio app hitting stores in November!”
Encrypted project calendar（November 31, 2019）
Wanchain (WAN):31 December 2019 (or earlier) Wanchain 4.0 Release Wanchain 4.0, which introduces private chains integration and multi-coin wallet, released in Dec 2019.QuarkChain (QKC):31 December 2019 (or earlier) Token Testnet Release Testnet for Multi-Native-Token and New Consensuses.
Yazom partners with parachute project. Now you can tip or trade ZOM using Parjar tipping bot.
We have Parjar tipping bot added to Yazom telgram channel. It could be used for an instant tipping of ZOM and token exchange between group members. It can be exchanged with any of the following tokens BTC: Bitcoin, BCH: BitcoinCash DOGE: Dogecoin, ERC20s: PAR: Parachute Token 1UP: Uptrennd 2GB: 2GetherBounty AERGO: Aergo AXPR: aXpire BAT: Basic Attention Token BIRD: BirdCoin BNB: Binance Coin BNTY: Bounty0x BOMB: The BOMB BPT: Blockport BTMX: BitMax CVC: Civic DAG: Constellation DGTX: DigitexFutures DNT: district0x ENJ: EnjinCoin ESH: Switch ETHOS: Ethos FTM: Fantom Token HST: Decision Token HYDRO: Hydro KEY: SelfKey MANA: Decentraland METM: MetaMorph MITX: Morpheus Infrastructure Token MYO: Mycro Token NKN: NKN OMG: OmiseGo OPQ: Opacity OST: OST Platform REQ: Request Network RSR: Reserve Rights SNTR: Silent Notary SNTVT: Sentivate SPF: SportyCo USDC: USDCoin WAND: Wand Token WED: WednesdayCoin WYS: Wysker ZRX: 0x YAZOM:ZOM ETH: EthereumLTC: Litecoin #FAQ #WhatIsParJarWhat is ParJar? ParJar is a Telegram wallet and tip bot that works with /tip messages. All tips happen off-chain. All deposits and withdrawals happen on-chain. The bot is entirely fee less. So ParJar takes no fees for tipping, depositing or withdrawing. Normal gas fees (on-chain mining/transaction fees) are charged by the blockchain for withdrawing crypto from ParJar to another wallet since they are on-chain transactions. Make sure to PM @parjar_bot to check out your own wallet on Telegram. There will be buttons in there to check balance, to deposit crypto to your ParJar wallet, to withdraw to another wallet etc. To tip someone, you simply reply to them with “/tip ” to tip them from your own ParJar wallet balance to theirs. For example, "/tip 100 ZOM".Please note, the tip command only works in groups that already have the ParJar bot added. You can see the list of ParJar supported coins/tokens in PM with the bot (@parjar_bot) You can also check price of ZOM in PM with the bot with the following commands: "/priceZOM" (for price in USD) OR "/priceZOM" followed by BTC/ETH/LTC/XLM/XRP/BCH/CAD/EUGBP/PLN/RUB (for price in one of these currencies and this feature is not available yet) To find value of, say, 10000 ZOM in ETH, use the command: "/convert10000 ZOM ETH" in PM with the botTo find value of, say, 10 USD in ZOM, use the command: "/convert 10 USD ZOM" in PM with the bot When depositing ZOM to your ParJar wallet, make sure to initiate a deposit each time in your ParJar (@parjar_bot) and follow instructions. The ZOM should be sent from a wallet to which you own private keys and not from an exchange. JOIN YAZOM CHANNEL https://t.me/joinchat/FycfwlI1-ZPCUZSjUJXOsg JOIN ZOM OTC CHANNEL https://t.me/otc_zom
Buying Ether in Canada, my experience with different exchanges
Hello, I'm writing about my experiences buying ethereum in Canada, essentially converting CAD to ETH. The goal is to help beginners that are interested in getting started but don't know where to actually buy ether. There's a lot of info out there but most of it seems to be centered around USD, which doesn't always translate for CAD and our banking system. I'm by no means an expert but I figured someone might find this information helpful. I've verified and used the following sites, so I'll be writing about them:
If you just want the gist of it, a super-quick summary of what I found:
Coinbase: great if you just want to try things out. Fast to get ether, fast to verify, high fees.
QuadrigaCX: great if you're looking to get more seriously into cryptocurrency. Most deposit options, lower fees.
Kraken: great if you have a ton of money you want to transfer into cryptocurrency or if you want to play around with trading. Low fees, slow CAD deposit because wire transfer.
Coinsquare: Fees aren't bad, low volume though.
With every one of these sites, there's usually some form of verification. This involves taking a picture of some piece of government ID (usually passport or drivers license), as well as some sort of proof of address such as a utlity bill. Some sites require you to take a selfie with some of that documentation or holding a handwritten sign. It seemed sketchy to me at first, but every place does it. Coinbase This was the first place I tried. Their only payment methods I could find are Visa and MasterCard, of which they charge a 3.75% convenience. With reward cards you might get 1%-2% back, but this is a fairly high fee. The bright side is it's just about instantaneous. One thing I noticed is that their sell price is about ~$5 higher than a few exchanges. For example, as I write this, it's $119.23 on coinbase. On kraken it's 113.99 for a market order. There is a weekly $200 limit on the amount to buy. A 30 day countdown started after I spent $500 to increase the limit. I can't find what the new limit amount will be once that countdown reaches 0 though. So far, I've been with them for over a month and I've bought $600 worth of ether. The first time I bought it only took a minute to get sent to my private address. The second time it took ~40 minutes for it to actually get sent to my private ether address, but this was due to some issues they were having, probably just a fluke. I've bought two more times since then and both times it was instant. To summarize Pros:
Fast to verify, took a couple minutes, seemed to be completely automated
Almost instantly sent funds via Visa/Mastercard
Instantly got the ether I bought
Probably the easiest to use
Generally $5 over Kraken prices
High fees at 3.75%. Might be able to brought lower with a good rewards card
Low $200 weekly limit
QuadrigaCX Hoping to get lower fees, this was the second place I tried. They accept a lot more payments with a variety of fees, I'll list them out:
Electronic Funds Transfer
Min $250, Max $10,000
5 Business Days
Min $500, Max $5,000
Next Business Day
2% + $5
Min $50, Max $2,000
Instant (but may be held 24 hours by security)
1.5% (min. $5)
Min $100,000, Max $500,000
2-4 Business Days
Min $500, Max $500,000
Electronic Funds Transfer replaced their "direct bank transfer" option, and while I think it's great since I think every bank supports it, it unfortunately has a rather high fee at 5%. I don't really see why you would use this though, if you can use Interac Online, it's faster. If you need the higher daily limit, a bank wire would be cheaper too. Interac e-Transfer I'd go with this if your bank doesn't support Interac Online and if you don't mind the 2% fee. If you're doing a large amount, the Bank Wire would be a better choice, depending on how much your bank charges you. Interac Online seems like the best choice for less than $2000. Unfortunately even though my bank card says "Interac" on it, and the bank is listed as supported, I can't use it for Interac Online because the card is both a debit and visa card. I've read that RBC and BMO are the only banks that support this, so it may be worth signing up with them. Bank Wire ended up being what I used (EDIT: back then the minimum for a wire transfer was $500). I wanted to deposit a larger sum, so just paying my bank for the cost of the transfer ended up being worthwhile (about 0.5% fee). The downside is I had to go in person to a branch to send a wire transfer and it's only really worthwhile for larger transfers. Crypto Capital seems like a 3rd party that you can wire to and then transfer that to QuadrigaCX. I don't see the appeal in using this to fund an account since you can just wire to QuadrigaCX directly. I sent the wire transfer a few days ago, and it seems like it will take 3-5 business days for it to complete. I'll update this post if the money somehow just disappears. Wire transfer came through today, no problems :) Once you do get CAD on QuadrigaCX, the fees to buy Ether are 0.5%. Combined with my wire transfer cost, I expect to only have paid a total of 1% in fees. To summarize Pros:
Fast to verify, I was able to verify the same day I made my account
Lots of variety in funding choices
Lower fees compared to coinbase
High daily fund limits
Not as many deposit options if they don't support your bank
0.5% per completed trade is a little high compared to other exchanges
Some transfer options have higher fees than coinbase for low amounts
Some transfer options can take up to 5 days
Kraken The latest site I've tried, they have multiple tiers of verification. You can't deposit CAD until you reach tier 3 verification, which can take up to 48 hours. Tier 1 and tier 2 were verified within the hour but tier 3 was still not verified 3 days later. When I submitted a support ticket, they were very quick to respond the next day and told me I needed to submit a Confirmation ID. Their site listed the Confirmation ID for a few countries and some criteria but it didn't seem like Canada applied to any of the criteria. Regardless, I submitted the Confirmation ID and was verified with tier 3 that same day. The only way to deposit CAD with Kraken is through wire transfer and it seems like there's some unlisted fees based on what their banks charge them to receive a wire transfer (as well as any intermediary bank). I have not done this so I cannot tell what the costs would be. Once you do have CAD on their exchange, their fees are better than QuadrigaCX with a MakeTaker rate at 0.16%/0.26%. I have sent ether to Kraken just for playing around with trading and I've had no problems. To summarize Pros:
Low trading fees
Potentially lower CAD->ETH fee than QuadrigaCX, depending on if there are wire transfer hidden costs. Lower trading fee helps
High fund limits
Only one way to deposit CAD and it's slow
Unclear what the wire transfer costs are
Little confusing verification process for tier3
Min $100, Max $2,000
Instant (withheld for 3 days)
Min $100, Max $3,000
1-3 days (withheld 0-7 days)
Min $20, Max $500
Min $1000, Max $9,000
0-2 days (withheld 0-5 days)
Min $100, Max $1,000
0-2 days (withheld 0-5 days)
Min $10,000, Max $300,000
0-1 day (withheld 0-2 days)
They have this concept of withholding funds, where you basically have to keep the money on the account. You can trade with it as much as you want, but you won't be able to withdraw until after the withholding time. Pros:
Lowish trading fees
Some options are fast to fund
Reasonable fund limits
The direct way to go from CAD->ETH has higher trading fees. Have to go CAD->BTC and then BTC->ETH.
Horrible interface. Until they fix their site, some stuff is broken (unless it works in other browsers?), or if you know how to edit html. Wow! They really fixed their site and it looks great now! Only thing that bothers me is in the advanced section, it lists the CAD/BTC price in terms of bitcoin. So instead of saying $3400/bitcoin, it says 0.00029378BTC
Fairly high withdraw fees (unfortunately I can't find them listed on their site, and I can't find it listed anywhere, but some people have reported it being far too high)
Alternatives There are of course other sites to get ether, and there's always the option of getting bitcoin and exchanging it through an exchange like Kraken or Poloniex for ether. There are bitcoin ATMs scattered around as well, but I can't comment on any fees involved or how close they match exchange prices. Other sites I checked out:
Local Bitcoins - It looks like I'd have to find another user to trade with and prices seem far higher than the exchanges.
Poloniex - Doesn't look like you can deposit CAD.
Gemini - Don't see a way to deposit CAD. Also sent verification 2 days ago and have not been verified.
Bitfinex - Can't wire transfer USD out at this moment and I don't see a way to deposit CAD.
Coinswitch - Can't deposit CAD.
GDAX - Can't deposit CAD.
CEX.IO - Price quotes are signficantly higher than other exchanges, and it looks like it only does USD. Right now, their site says you can buy 1 ETH as $289.25 USD, compare that to GDAX which has them trading at $259.98 USD. You can sell on it too, but again, the price isn't favorable, sell on it for $250 USD vs selling on GDAX for $260 USD.
QuickBT - Only small amounts of ETH, and fees seem to range between 5-9% depending on how much you buy. Only supports interac online and flexepin.
Alt Coins The main sites for getting CAD into the cryptocurrency space like QuadrigaCX, Coinbase, Kraken, and Coinsquare don't have a lot of altcoins. Fortunately once you have ether you can send it to another exchange and trade that for altcoins. These are my favourite ones:
Bittrex - You can't buy ETH with CAD directly, but it has a lot of other cryptocurrencies. I used this until Binance came out. They closed accounts for people unverified or from some countries, so I'd be wary about using it.
Binance - You also can't buy ETH with CAD directly on this one, but it's my favourite for getting into other cryptocurrency coins. Fees are also lower than bittrex if you hold their BNB coin and they add new coins much faster. Referral | Non-Referral
Kucoin - Registration on Binance/Bittrex has been up and down lately and I've had success using this exchange. They seem to add coins even faster than Binance, but the site is a little bit slower and less polished. Still functional and good to pickup a few alts that you can't get elsewhere. Referral | Non-referral
Funnily enough, this whole experience has made me appreciate the flexibility cryptocurrency like ether has and served as a reminder to how slow and cumbersome transactions become once the banking system is involved. EDIT: received wire transfer through QuadrigaCX, made account with coinsquare. EDIT2: added coinsquare section EDIT3: updated QuadrigaCX and coinsquare section, updated alternatives list EDIT4: Added e-transfer for QuadrigaCX! EDIT5: Cleaned up alt coins section.
Safety: unlike other exchanges this one boast of a coin cold storage system and 2fa protection. Security is the major concern of this market and must be taken seriously. • Fiat and Debit card integration: Although, this feature has been in existence from binance to coinbase, coindeck etc. But how do first timers cope with the system? The answer is terrible. What ooobtc brings to the table is an exchange aimed at keeping things easy, giving first-timers understandable access to fiat to crypto exchange Users can make use of the MasterCards or Vervecards to deposit fiat and purchase crypto. Also, they intend to introduce fiat trading against cryptos Example; AUD/LTC, EUOBX, CAD/DASH • Gaming platform: play online games and pay online with the ooobtc token. For more information : https://www.ooobtc.com/
Want to relay my recent experience to help other canucks entering the cryptocurrency scene. I wanted to invest 100K in both main coins and some alt coins. Depositing that amount can’t be done using ETF/bank-transfeetc. – the only reasonably quick way is to wire funds. For wires, most exchanges have a percentage based deposit fee – something that makes absolutely no sense to me. Whether you wire 1K or 1MM, the amount of work for the exchange is identical, so it should be a flat fee. Deciding on an exchange is more complicated than that though: each one has their own rules for minimums/maximums, trading fees, supported coins, holding periods, and withdrawal fees. They also can vary greatly on the amount of time verification takes. One thing to note is that pretty much all exchanges don’t charge a fee for inbound crypto transfers. 2 months ago I signed up for 10 exchanges (Coinbase/GDAX, Binance, Coinsquare, Kraken, ezBTC, QuadrigaCX, Bitfinex, Gemeni, Bittrex, Poloniex) and was verified on 7 of them (I’m still in queue for Gemeni, Bittrex, and Poloniex). Verification times gave me what I thought was a decent indicator of the level and quality of support I would receive. Of these exchanges, some have what I believe to be relatively high trading fees (Gemeni .25%, Bittrex, .25%, ezBTC .30%, QuadrigaCX .50%) vs lower maketaker fees (GDAX 0/.3%, Binance .1/.1%, Gitfinex .1/.2%, Coinsquare .1/.2%, Kraken .16/.26%). Still others have high percentage based wire fees. And finally, there’s a big disparity between withdrawal fees: free on some exchanes, vs fixed rate based on the coin for others, vs Coinsquare’s insane fixed 0.0025 BTC regardless of what coin or the amount being withdrawn. So here are some observations on the exchanges. Please note that the below is not a reflection on any of the people who work at the exchanges. I’m sure they are working as hard as they can and are doing their best. It’s just my experience. It’s also not financial advice. Also, I’m only human so feel free to offer corrections or better advice. Coinsquare: amazingly fast verification time, and for very large deposits seems to likely be the best option as they will let you speak to a human being by phone and will waive the deposit fee (I didn’t know this until later though). I excluded them because of their high 0.5% percentage based deposit fee and their crazy high withdrawal fee. They also only have support for 6 coins. QuadrigaCX: I had a terrible initial experience with QuadrigaCX’s support, so I immediately excluded them. They have high trading fees and there are many complaints of support tickets being ignored or having extremely lengthy wait times. They have a crazy high 1% percentage based CAD wire fee, but offer free USD wires. Note that they only support wires for large amounts. GDAX/Coinbase: Loads of good reviews, but only has support for 4 coins. Seems like they also don’t have a fee for crypto withdrawals. You also can’t seem to wire CAD or USD funds directly to GDAX. I think you may have to wire USD funds to Coinbase and then transfer them over to GDAX (for free). Kraken: I created an account but the verification page just appeared blank for me. After a few days, their support team got back to me telling me that they had a bug and that I needed to create a new account using a different email address and try again. That worked. I decided to use them as they seemed like the best all-around alternative. I was impressed with their support response (they gave me an answer that worked and responded in days as opposed to weeks), they offer a no-fee inbound CAD wire, support 16 coins, and have low (though not free) crypto withdrawal fees. They have also been around a while and have a good reputation (They were picked to handle MtGox claims). Wiring funds to them was a hair-raising experience though. You basically need to send your funds to an unknown bank in Tokyo, Japan. Kraken also has two slightly different sets of wire instructions: one that is on their website, and the other that their support folks send out. Only one of them mentions that you should tell your bank not to use an intermediary that will convert your currency. If you do things properly, and are lucky, you end up only paying ~$40 in fees. But chances are, you don’t, and end up paying 4%! (see https://www.reddit.com/BitcoinCA/comments/7rd6k8/fees_when_sending_to_krakencom/). You also have no idea how much the fees will be until the money finally shows up in your account. That’s tremendously unsettling. Luckily my bank branch manager was familiar with crypto currency wires and helped me do things properly. But, the wire took over 2 weeks to show up (Jan 18th), and Kraken support is so overloaded that they didn’t’ respond, despite me escalating my support ticket several times. I eventually had to resort to a reddit post to get a response to my support ticket. I gave support my wire receipt and answered lots of additional questions to help them try to “locate” it. Perhaps the worst part of my entire experience was that while my wire was being located, the entire crypto market tanked by 50%...and no one would respond to my support ticket…I felt helpless. A Kraken support rep a few days ago said that they are handing >50K new user registrations per day and have >20K new support tickets per day. I feel they should turn off new user registrations until they are capable of servicing existing customers. This is what their competitors have done. I found it disheartening to learn that the only way to get a response to my support ticket was to complain via social media --- many others have found the same. While I was waiting for my wire to appear Kraken had a >48h outage. Prior to the outage, the site was almost unusable as you’d receive constant 50x errors (I found this out prior to wiring my funds). After the outage, I find that their site is still barely usable. Pages take 10-15 seconds to load and when they do load many times they display errors so you have to continually retry until things work. At the end of the day though, they did come through for me: my wire arrived safely. So with my funds in Kraken, I tried to use them to purchase crypto. But no matter what I tried, none of the CAD dollar trading pairs would appear. I logged out and back in a few times and 15 minutes later, it suddenly started appearing. With the flakiness in Kraken’s platform, I had no choice but to transfer everything to a more stable and faster exchange: Binance: These guys have their shit in order. Super simple site navigation once you get used to it, fast verification times, blazingly fast website and trading engine, more than 50 coins supported, etc. But, they don’t support fiat – you must use one of the other exchanges to buy crypto with fiat and then transfer in your crypto. Gotta say it again: everything is super fast. Not just the page loads, but also trading, email confirmations, and withdrawals. Trading takes a bit of getting used to as you aren’t really buying or selling crypto…you are instead “trading” one crypto coin for another. Depending on the coin you want to purchase, you might have to trade your coin for BNB (binance’s own coin) and then trade BNB for the coin you desire. Be Your Own Bank: One final word of advice. Binance is awesome, but don’t trust anyone as despite everyone’s best intentions: no matter how secure a platform is, it can and will be hacked. As soon as you have done your shopping, transfer your coins off to your own wallet. This is why withdrawal fees are important. You might be asking: in hindsight, if I had to do it all over again, what would I do differently? To wire CAD funds I would try to use Coinsquare if it’s a big amount (after re-reading other people’s recent reviews). For USD wires, I might try using Gemeni, but I still haven’t been verified by them and have been waiting for almost 2 months. Before using either I would re-test how long it takes for a support ticket to be responded to. If you do wire funds, don't wire an exact round amount like "10,000.00", instead I would wire "10,070.45" so that it's easier to locate if things go wrong. Once the account has been funded I wouldn’t hesitate to transfer everything to another exchange if I wasn’t happy with the platform, the number of coin offerings, or quality of service I was receiving: you can always come back when things improve. Things change so quickly so not sure how helpful this will be…just wished I had known some of the above before starting.
Cross post from TrustToken. QuadrigaCX was one of two successful methods for me to withdraw CAD. Coinsquare works very well and quickly for me without any troubles. There is a fairly wide spread, low liquidity and withdrawal fees, but I'm happy to pay their fees as I believe they have earned them. They also appear to have their own market making bots, but I can see them, and I'm fine with that as well. Kraken never approved my request for a higher tier that would allow fiat withdrawal. I can still deposit, trade and withdraw there without difficulty. I was not successful in sending the required wire transfer to Gemini in order to withdraw USD. A trouble ticket to them returned an unhelpful reply that their web wire transfer instructions were correct. The teller and manager at my branch couldn't decipher Gemini's wire instructions into their TDCanadaTrust computer terminal. After losing $ on 6 centralized exchanges (maybe 7 if Cryptopia doesn't come back), a popular decentralized exchange where customers retain control over their private keys is desperately needed. Binance is currently in testnet for their eagerly awaited decentralized exchange. One of Binance's supported cryptocurrencies is the stablecoin TrueUSD (TUSD), not to be confused with Tether (USDT). I don't trust Tether. I signed up for TrustToken on Wednesday with account approval in under 5 hours. They are found at https://www.trusttoken.com/trueusd/ (never click some's provided hyperlink for financial activities!). There is a minimum redemption of 1000 USD in order to perform a TrueUSD wire transfer. Thursday, I purchased TrueUSD on Binance against Bitcoin. I'm a DASH guy and had to convert to BTC first. The TrueUSD took 5 minutes to leave Binance into my Ledger Nano S. One point of confusion for me was older internet news posts that state the TrueUSD need to be sent to the "smart contract" and the web page states: "...send the smart contract your TrueUSD tokens from a registered Ethereum address." Well, there are 3 potential addresses: the old one that internet posts from 2018 list, the newer replacement address (that is helpfully referred to as a replacement by the Ethereum block explorer) and the unique redemption address that is presented after entering wire transfer details while signed in to the web page. While crypto veterans may have no trouble recognizing that the unique redemption address is the one to use, newbies might send to one or the other of the two wrong potential addresses. When the TrueUSD was sent for redemption using my Ledger Nano S and MyEtherWallet (MEW), with a manual entry of 150 000 into the gas limit, it confirmed in about 30 seconds on the Ethereum block explorer. Initially, my Ledger Nano S was not recognized by MEW. That meant I needed to update the Ledger Nano S firmware. By the time I clicked over to my email, there was already an email from TrustToken acknowledging the redemption request. Less than an hour and a half later, there was another email reporting that my wire was sent. This morning, Friday, my TDCanadaTrust bank account shows receipt of the USD wire into my USD daily interest account, minus a 17.50 USD fee from TDCanadaTrust. I'm not sure what would happen if I had transferred into a Canadian dollar account, but I presume it would have been converted into CAD by TDCanadaTrust. Opening a USD account just for crypto may be a good idea. A big thanks to the whole team at TrustToken. I'm very impressed at how fast and smooth it was. We Canadians now have another viable method of converting crypto to fiat and fiat to crypto.
Super Beginners Guide to getting started in Cryptocurrency. (written from a Canadians Perspective)
Getting Started in Crypto What is cryptocurrency? In the most basic sense a cryptocurrency is an encrypted currency (generally decentralized but not always) that functions on a blockchain. This was executed first by satoshi nakamoto in 2008 after the financial crisis caused by the crash of the housing market. The creation of bitcoin and blockchain solved the double spending problem, which in turn paved the way for everything that has and will come. What is blockchain? This question can be answered in many ways, for sake of this guide I’m just going to do it in the simplest and if you want more detail I am happy to provide. “The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value”. What that means is that it’s a system the cannot be corrupted, and records everything done on a given exchange network. In terms of currency that means that every transaction is recorded somewhere on the blockchain. In terms of other goods or services there are endless possibilities. Coin vs Token. In its most basic sense a coin is a cryptocurrency unit that is exactly that, a currency. Generally, the early players in the cryptocurrency world are coins. You have coins such as bitcoin, litecoin, and monero. A token on the other hand is a cryptocurrency that has a broader function. These tend to be the new school of crypto and you get things like ether, ripple, raiblocks, and so on. It is important to be able to distinguish between the two so that you know exactly what you end up investing in. Exchanges and Wallets. So, once you finally decide you want to get involved the first steps are to find yourself a wallet and exchange for your desired currency. Wallets can be found online and generally most cryptocurrencies have designated wallets you can find on their website. Exchanges are where your fiat currency (things like cad and usd) and then exchange for whatever you desire. Coinbase is the biggest exchange as of right now, however it isn’t Canadian friendly and only holds 4 currencies as of now (that number will change in the future). I personally use Quadrigacx, it is a Canadian exchange based out of Vancouver where uploading fiat currency is easy once you become verified (submit required documents). It is very secure, and I have had no problems with it to date. Now, quadrigacx only exchanges a handful of currencies so if you are looking for one that isn’t on there these will be your steps. Wire capital to quadrigacx, buy BTC, transfer your BTC to an exchange that carries what you like, and purchase it through there. The list of exchanges I use, and trust include: bittrex, binance, kucoin, yobit, coinexchange.io. kraken, and radar relay. Now once you start to get involved I suggest you stick to quadrigacx, bittrex, binance. Those are the major players and by far the easiest to use. Once you get more accustomed to the environment of trading then I would say branching out is a good idea. What to buy? Fuck, good question. The most important question you must ask yourself is do you want a short or long-term investment. To start your journey, I would say long term would be the best bet. You can purchase some crypto, watch it go, pay attention to the market and what influences it and make some steady gains (hopefully). Long term investments are held (in my opinion) for at minimum three weeks. My rule of thumb for long term investments is that it must fit 3 criteria. It must be a technology I believe in and like, a reputable team must back it, and it MUST BE SCALABLE. If something fits those then I’m in for the long haul. Now short-term investments are not day trading. What I mean by short term investments are small shitcions that have good ideas, followings, and has potential to gain fast traction. Personally, when I choose short term investments I like them to be under 2 dollars and I hold them for 3 days to 3 weeks. If I’m not happy with them at any time within that period, then I’m out. DON’T BE A GREEDY SON OF BITCH Now to elaborate on my previous points, if you have a long-term investment… ITS SUPPOSED TO BE LONG TERM. Now I’m not saying you can never walk away with profit because profit isn’t profit until you pull it out. This is kind of a double-edged sword and this is what distinguishes good traders from average. You need to have the stomach to hold when others pull out and panic sell, and you need to have the brains to pull out before it crashes. In other words, you need to be smart about every single action you make in the crypto world and you need to make every decision for yourself. Not because you read some crackpot of reddit panic selling over a 2% dip. INFORMATION INFORMATION INFORMATION You must understand that cryptocurrency is not stocks. You are not buying into a company, you are purchasing a good. This is imperative to understand. The cryptocurrency world does not sleep like the stock market does, it is constantly moving whether you are paying attention to it or not. This means that sometimes you are going to get lucky and stumble upon something at 2am on a Tuesday night that could make you rich, or maybe you lose out on something because you were sleeping. Shit happens, and you can’t dwell on it. It is a volatile market and you must do the best you can in the present moment and not get caught up in the past or future. Those who try to predict the market lose it all. Be smart all the time and think every decision through. Information is constantly flowing which means you need to be an active member in the community if you want to stay on top of it, this means reddit, google news, telegram, discord, and people. It is so easy to network and get involved, and it really is an overall safe and good community. One of the best parts of cryptocurrency is that everyone involved wants it to succeed, and for it to succeed everyone needs to help everyone. That is why I am writing this for you. You need to constantly be educating yourself. Understand that you can’t be an expert, but you can be educated. There will always be others out there who know more than you, and you must be willing to find and learn from them. Be respectful and ask questions ALL THE TIME. Is it a bubble? Notice how I didn’t ask the question “will it crash” because the answer to that is always going to yes. That is how people buy low and sell high to make money. You want to get in low, and sell before it crashes. In the past 2 months the crypto world has experienced 3 major crashes. All of them has recovered and all of them were great opportunities to make good money. Like I said, be smart and try your best to be ahead of the game. That being said you are going to lose money at times. That is okay, just make sure you learn from it. Sometimes it can be attributed to poor decision making, and other times its just shit luck. ITS OKAY. In my opinion crypto currency is not a bubble. Blockchain technology has the ability to change the world in radical ways we haven’t even thought of yet. For something to be a bubble it must lack utility, but everyday more and more utility comes around for cryptocurrency. Whether it be buying goods with bitcoin or banks implementing ripple into their everyday business life. Safety Now in an online world you must do a lot on your own. This means you must be safe about everything. Double and triple check everything, avoid anything you don’t 100% believe in, and keep everything safe. This means all your passwords and code need to be written down in at least 3 places as well as up your ass for good measure. You lose your shit you lose your money. Simple. Don’t be fucking around and handing anything out to anyone because in an environment where you can make everything in an hour… you can lose more in seconds. So be weary and trust your gut. And that’s it for the basic guide. If you have any more questions or want more in depth knowledge or insight I’m happy to give what I know upon further request. Remember that this is a volatile market and everything I said it just MY opinion and knowledge. Take it with a grain of salt and question everything for yourself. Don’t invest anything you aren’t willing to lose and be involved for the right reasons. Cheers and good luck.
The Dow fell 724.42, or 2.94%, to 23,957.89, the Nasdaq lost 178.61, or 2.43%, to 7,166.68, and the S&P 500 declined 68.24, or 2.52%, to 2,643.69. Stocks tumbled on Thursday as a slew of leery headlines left buyers on the sidelines. The S&P 500 lost 2.5%, dropping into negative territory for the year (-1.1%) and extending its week-to-date decline to 3.9%, while the Nasdaq and the Dow tumbled 2.4% and 2.9%, respectively. There was little doubt as to where the market was headed at Thursday's opening bell, as equity futures were down big in overnight trading. There wasn't a particular catalyst for the negative disposition, but disappointing PMI readings in the eurozone and Japan, an unsatisfying apology from FB CEO Mark Zuckerberg regarding the Cambridge Analytica data breach, and Wednesday's rate hike from the Fed didn't exactly bode well for investor sentiment. The biggest headline catalyst, however, was President Trump's decision to impose tariffs of up to $60 billion on Chinese imports; Mr. Trump officially signed a presidential memorandum on Thursday afternoon. However, the decision wasn't a surprise -- Reuters first reported the president's desire to punish China for intellectual property theft via tariffs last week -- and actually had a silver lining considering the tariffs will only be implemented after a consultation period. Still, the duties do give new energy to the trade war debate. Selling picked up notably in the final hour of the session, with the S&P 500 nearly doubling its earlier loss. The financial sector led the retreat, dropping 3.7%, as Treasury yields tumbled across the curve; the benchmark 10-yr yield declined eight basis points to 2.83%, while the 2-yr yield slid three basis points to 2.28%. The industrial sector (-3.3%) also showed notable weakness, while most of the remaining groups finished with losses of more than 2.0%. The most influential sector, information technology, declined 2.7% -- a discouraging sign for investors who have looked to the sector for leadership; the tech group led last year's rally and is still the top-performing sector of 2018 despite Thursday's slide, up 4.3% year to date. Among the noteworthy gainers was P, which rose 7.8% after Raymond James analyst upgraded the stock two notches to Strong Buy from Market Perform, saying he is positive on Pandora's acquisition of AdsWizz. Among the notable losers was ACN, tumbling 7.3%, despite beating earnings and revenue estimates for its fiscal second quarter and raising its guidance for the fiscal year. Elsewhere, the major stock indices in Europe ended on a lower note, closing at their worst marks of the day; Germany's DAX dropeed 1.790 while UK's FTSE dropped 1.23%. European financials had a woeful showing today, but most notably, DB —the owner of the world's largest derivatives book—slumped to its lowest level since late 2016. In the Asia-Pacific region, equity indices had a mixed outing with Japan's Nikkei (+0.99%) showing relative strength.
The U.S. Dollar Index is up 0.1% at 89.87, clawing back above its 50-day moving average (89.86), which has been an area of congestion over the past few weeks. The yen rose on Thursday, reaching a three-week peak against the dollar, as traders piled into the Japanese currency in a safe-haven move spurred by global trade tension and losses in stocks.
EUUSD: -0.28% to 1.2304
GBP/USD: -0.21% to 1.4108
USD/CAD: -0.03% to 1.2899
U.S. Treasuries ended Thursday on a higher note with 10s showing relative strength while 2s underperformed. Recall that Treasuries climbed into yesterday's close while 2-yr and 5-yr note futures continued rising after the cash session ended. The 10-year Treasury yield fell more than 8 basis points to 2.82 percent, its biggest one-day decline since September of last year. It dropped as low as 2.79 percent at one point.
2-yr: -3 bps to 2.28%
5-yr: -7 bps to 2.63%
10-yr: -8 bps to 2.83%
30-yr: -6 bps to 3.07%
Oil prices fell on Thursday as investors booked profits after this week's rally, but losses were limited by the continuing efforts of OPEC and its allies to curb supplies.
Mar WTI crude oil futures settled -$0.86 at $64.30/barrel on the day
In other energy, Mar natural gas settled -$0.02 at $2.62/MMBtu
Apr gold settled +$6.00 at $1327.60/oz, while Mar silver settled -$0.02 to $16.40/oz
Mar copper settled -$0.04 at $3.02/lb
Hogs: -2.27% to 75.475s
Beans: unchanged to 1029-6s
Bitcoin sank 4.4 percent to $8,506 on Thursday after Japan’s Financial Services Agency was said to be planning to tell Binance, the trading venue founded by Zhao Changpeng, to stop operating in the country without a license.
High Bitcoin transaction fees are inevitable in Bitcoin and even desired because they will one day have to replace the block rewards. This is a demonstration that Bitcoin works and that the world is using it. By adopting the best practices and the right technologies, you will be able to mitigate your costs and accumulate more Bitcoin in the end. Binance cryptocurrency exchange - We operate the worlds biggest bitcoin exchange and altcoin crypto exchange in the world by volume This is our quick guide to just one way to sell Bitcoin. Compare some other options in the table below. Where to sell Bitcoin in Canada. Exchanges and brokers ; Sort by: Name Product Deposit methods Fiat Currencies Cryptocurrencies CoinSmart Cryptocurrency Exchange. Credit card,Debit card,Interac e-Transfer,Bank Wire,Bank Draft CAD 10 cryptocurrencies. Get a $20 bonus in BTC when you open an ... Bitcoin - Canadian Dollar Chart (BTC/CAD) Conversion rate for Bitcoin to CAD for today is CA$20,337. It has a current circulating supply of 18.5 Million coins and a total volume exchanged of CA$40,611,604,919 Convert 1 Bitcoin to Canadian Dollar. Get live exchange rates, historical rates & charts for XBT to CAD with XE's free currency calculator. Binance Coin-Kurs für heute ist $28,04 mit einem 24-stündigen Handelsvolumen von $343.858.796. BNB-Kurs ist um 2.5% gestiegen in den letzten 24 Stunden.Es gibt derzeit eine Gesamtanzahl von 150 Millionen Kryptowährungen und eine maximale Anzahl von 180 Millionen Kryptowährungen. About Binance. Binance is a cryptocurrency exchange launched in 2017 and currently based in Malta. Since early 2018, Binance is considered the biggest cryptocurrency exchange in the world in terms of trading volume. Binance services are offered at one of the lowest rates of fees compared to other cryptocurrency exchange services. Interestingly ... Binance also gives you a feature where you can use BNB tokens to trade. Users will receive 50% discount on their trading fees which is quiet an amount. Binance is one of the easiest apps to use on phones as well. Bitfinex This exchange is one of the oldest sites which offers entry into the trading world of cryptocurrencies. The volume of ...
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