coincidence? - The Bitcoin Street Journal

Name a 2017 / 2018 moonshot IEO that was initially popular and is now either dead or ghosting away - I'll start, SVD

SVD is Savedroid. Savedroid was an ICO in 2018 right at the peak of the mania, not quite at the top price wise, but still when greed was insanely high.
Now SVD raised an incredible $50 million, for an app that simply automates your saving. That's it. In today's environment I can see that going for maybe $500k or so, IF that. Maybe they could call themselves a Defi food coin instead and get some money in via uniswap.
Demand was very high, with all tokens sold in a week. So all it would do is you would set some criteria - say, if I do 10 push ups a day I want to save $1 into BTC, you'll input that and the app would buy the bitcoin with $1. (I have no idea why you couldn't do that manually, but anyway).
Things got off to a bad start when on day 1 the CEO, Yassin Hankir decided to pull a "fake exit scam", with a twitter message "thanks guys, over and out" with the website replaced with the message "...and its gone". He then back pedalled and said actually it was a joke and meant to show case other scammy projects. Investors weren't particularly amused, especially as this coincided with the coin listing, causing the price to plunge into the eternal depths of hell faster than Grin Coin or an FTX listing.
Well that doesn't really matter because the project seems to have died, with the founder moving onto another project, leaving behind an app that is apparently barely functional, and doesn't even allow ICO investors to use their SVD on the platform.
The ICO price was 1 cent - pretty cheap right? Well no, apparently the token price is now $0.0000541 with a daily volume of zero. Market cap it $158k, but no idea how that is calculated. Not exactly a great way to save if you were an investor!
Naturally they have been delisted from all but a couple of obscure DEXes and even there volume is dead (this is despite various promises of top exchanges).
And the cherry on top - last week the project rebranded as "Trumpbit", a new app that does the same thing (converts your money into BTC) by a certain amount each time Trump tweets. Only problem is people are having trouble moving their funds across from one platform to another, lost email addresses etc. I have no idea what happens if Trump loses the election, maybe it will be come Bidenbit or something. This is of course leaving aside the fact that your $50M ICO has rebranded to a coin named after Trump (not a political comment but a bit of a head scratcher).
You can even pop by their reddit sub, where there have been around 4 comments in 1 year, or if you are bold, visit their telegram group to see various howls of outrage and people wondering where their investment has gone.
Name and shame your preferred coin of death!
submitted by Cryptodragonnz to CryptoCurrency [link] [comments]

Bittrex Review: One of the First Crypto Exchanges| Final Part

Bittrex Review: One of the First Crypto Exchanges| Final Part

4. Transaction Fees

Transferring funds across the blockchain and withdrawing them from Bittrex costs a fee for customers, with the rate unique for every coin.
Bittrex Global charges no commission for deposits. Please keep in mind that some tokens or cash may be required to perform a transaction by a crypto coin or token’s community. Bittrex crypto exchange can’t keep away from it.
Every token or coin has a blockchain transaction fee that is built in it, and the Bittrex fee is a small amount to cover this charge. You can view the fee percentage for every coin or token by clicking Withdrawal near to the coin. There you will see a transaction fee you will be charged for withdrawing a specific coin or token.
In the example below, the withdrawal fee amounts to 1 USDT
https://preview.redd.it/209uz2p64zh51.jpg?width=974&format=pjpg&auto=webp&s=9ee9355c4d75d41931a3073b8a230bd1ffddaf08
The transaction fee for Bitcoin came to 0.00050000 BTC
https://preview.redd.it/vh7zbe884zh51.jpg?width=974&format=pjpg&auto=webp&s=e6293650b46a7e0ba661478bd2467471b8b213f9

5. Trading Fees

The fee schedule below provides the applicable rate based on the account's 30-Day Volume and if the order is a maker or taker.
Bittrex Global Fee30 Day Volume (USD)MakerTaker$0k - $50k0.2%0.2%$50k - $1M0.12%0.18%$1M - $10M0.05%0.15%$10M - $60M0.02%0.1%$60M+0%0.08%>$100MContact TAM representative
Trading expenses are incurred when an order is prepared by means of the Bittrex worldwide matching engine. While an order is being executed, the purchaser and the vendor are charged a rate primarily based on the order’s amount. The fee charged by Bittrex exchange is calculated by the formula amount * buy rate * fee. There aren't any charges for placing an order which is not being executed so far. Any portion of an unfinished order will be refunded completely upon order cancelation.
Prices vary depending on the currency pair, monthly trade volume, and whether the order is a maker or taker. Bittrex reserves the right to alternate fee quotes at any time, including offering various discounts and incentive packages.

Monthly Volume

Your buying and selling volume affects the fee you pay for every order. Our expenses are built to encourage customers who ensure liquidity in the Bittrex crypto exchange markets. Your buying and selling charges are reduced according to your trade volume for the last 30 years in dollars.
Bittrex calculates the 30-day value every day, updating every account's volume calculation and buying and selling charge between of 12:30 AM UTC and 01:30 AM UTC every day.
You can check your monthly trade volume by logging in and opening Account > My Activity.
https://preview.redd.it/n1djh2ob4zh51.jpg?width=974&format=pjpg&auto=webp&s=2eebb9c9ac63de207c4dd2e49bc45aeb53a8dec8

6. Withdrawing Funds

Withdrawing any type of funds is likewise simple. You can profit by buying and selling Bitcoin, Ether, or any other cryptocurrency.
You determine the crypto address—to which the amount will be credited—and the transaction amount. The withdrawal fee will be automatically calculated and shown right away.
After confirming the transaction, the finances will be sent to the specified addresses and all that you need to do is to wait for the community to confirm the transaction.
If the 2FA is enabled, then the user receives a special code (via SMS or application) to confirm the withdrawal.

7. How to Trade on Bittrex Global

Currency selling and buying transactions are performed using the Sell and Buy buttons, accordingly.
To begin with, the dealer selects a currency pair and sees a graph of the rate dynamics and different values for the pair.
Below the chart, there is a section with orders where the user can buy or sell a virtual asset.
To create an order, you just need to specify the order type, price, and quantity. And do not forget about the 0.25% trade fee whatever the quantity.
For optimum profit, stay with liquid assets as they can be quickly sold at a near-market rate effective at the time of the transaction. Bittrex offers no referral program; so buying and selling crypto is the easiest way to earn.
https://preview.redd.it/hopm6fih4zh51.jpg?width=1302&format=pjpg&auto=webp&s=68c0aaae86f64c3e6b9d351c3df2a9c331f94038

Order Types

Bittrex helps you alternate Limit and Stop-Limit orders.
A limit order or a simple limit order is performed when the asset fee reaches—or even exceeds—the price the trader seeks. To execute such an order, it is required that there's a counter market order on the platform that has the identical fee as the limit order.

Differences between Limit Order and Stop Limit Order

A stop limit order is a mixture of a stop limit order and a limit order. In such an application, charges are indicated—a stop charge and the limit.

Stop Limit Order Purpose

https://preview.redd.it/hlxvy9ti4zh51.jpg?width=1141&format=pjpg&auto=webp&s=064a77459a4dcb4555a885cbc56629aae10fc38b

Trade Terminal

Let’s discuss how you could trade conveniently with our service.
The key features include a user-friendly interface and precise currency pair statistics (timeframe graphs, network data, trade volumes, and so forth).
The platform’s top-notch advantage is handy, easy-to-analyze, customizable charts. There is also a column for quick switching between currency pairs and an order panel beneath the fee chart. Such an all-encompassing visual solution helps compare orders efficiently and in one place.
You can use the terminal in a day or night mode; when in the night mode, the icon in the upper-right corner changes and notice the Bittrex trading terminal in night mode is displayed. The main menu consists of 4 sections: Markets, Orders, Wallets, Settings.
Markets are the trade section. Bittrex allows handling over 270 currency pairs.
Orders. To see all open orders, go to OrdersOpen.
To see completed orders, go to OrdersCompleted.
Wallets. The Wallets tab displays many wallets for all cryptocurrencies supported by the exchange and the current balance of each of them.
After refilling the balance or creating a buy or sale order, you will see all actions in the section. Bittrex allows creating a separate wallet for every coin. Additionally, you can see how the coin price has changed, in terms of percentage, throughout the day.
Here’s what you can also do with your wallets:
  • Hide zero balances: hide currencies with zero balance
  • Green and red arrows: replenish balance/withdraw funds
  • Find: search for a cryptocurrency
The Settings section helps manage your account, verification, 2FA, password modification, API connection, and many more.

How to Sell

The process of selling crypto assets follows the same algorithm. The only difference is that after choosing the exchange direction, you need to initiate a Sell order. All the rest is similar: you select the order type, specify the quantity and price, and click Sell *Currency Name* (Sell Bitcoin in our case).
If you scroll the screen, the entire history of trades and orders will be displayed below.

LONG and SHORT

You can make a long deal or a short deal. Your choice depends on whether you expect an asset to fall or rise in price.
Long positions are a classic trading method. It concerns purchasing an asset to profit when its value increases. Long positions are carried out through any brokers and do not require a margin account. In this case, the trader’s account must have enough funds to cover the transaction.
Losses in a long position are considered to be limited; no matter when the trade starts, the price will not fall below zero with all possible errors. Short positions, in contrast, are used to profit from a falling market. A trader buys a financial instrument from a broker and sells it. After the price reaches the target level, the trader buys back the assets or buys them to pay off the initial debt to the broker.
A short position yields profit if the price falls, and it is considered unprofitable the price matches the asset value. Performing a short order requires a margin account as a trader borrows valuable assets from a broker to complete a transaction. Long transactions help gain from market growth; short from a market decline.

Trade via API

Bittrex also supports algorithmic trading through extensive APIs (application programming interface), which allows you to automate the trading process using third-party services.
To create an API key, the user must enable the two-factor authentication 2FA, verify their account, and log in to the site within 3 minutes.
If all the requirements of the system are fulfilled, you can proceed to generate the API key. Log in to your Bittrex account, click Settings. Find API Keys. Click Add new key (Create a new key).
Toggle on / off settings for READ INFO, TRADE, or WITHDRAW, depending on what functionality you want to use for our API key.
Click Save and enter the 2FA code from the authenticator → Confirm.
The secret key will be displayed only once and will disappear after the page is refreshed. Make sure you saved it!
To delete an API key, click X in the right corner for the key that you want to delete, then click Save, enter the 2FA code from the authenticator and click Confirm.

Bittrex Bot, a Trader’s Assistant

Robotized programs that appeared sometimes after the appearance of cryptocurrency exchanges save users from monotonous work and allow automating the trading process.
Bots for trading digital money work like all the other bots: they perform mechanical trading according to the preset parameters.
Currently, one of Bittrex’s most popular trading bots is Bittrex Flash Crash Buyer Bot that helps traders profit from altcoin volatility without missing the right moment.
The program monitors all the market changes in the market every second; also, it even can place an order in advance. The Bittrex bot can handle a stop loss—to sell a certain amount of currency when the rate changes in a favorable direction and reaches a certain level.

8. Secure Platform

Bittrex Global employs the most reliable and effective security technologies available. There are many cases of theft, fraud. It is no coincidence that the currency is compared to the Wild West, especially if we compare the 1800s when cowboys rushed to the West Coast of America to earn and start something new in a place that had no rules.
Cryptocurrency is still wild. One can earn and lose money fast. But Bittrex has a substantial security policy thanks to the team’s huge experience in security and development for companies such as Microsoft, Amazon, Qualys, and Blackberry.
The system employs an elastic, multi-stage holding strategy to ensure that the majority of funds are kept in cold storage for extra safety.
Bittrex Global also enables the two-factor authentication for all users and provides a host of additional security features to provide multiple layers of protection.
Bittrex cold wallet: https://bitinfocharts.com/en/bitcoin/address/385cR5DM96n1HvBDMzLHPYcw89fZAXULJP

How to Pass IP Verification

To ensure higher security of your Bittrex Global account, the system requires all users to approve each new IP address through an email confirmation. This IP verification procedure is required every time you attempt to log in from a new IP Address.
Confirming your IP address.
https://preview.redd.it/rnl730z75zh51.jpg?width=971&format=pjpg&auto=webp&s=bd13fba0a844ab01cadc40003f5ea5de7439cbf9
The new IP address must be confirmed from the device that you are using to access Bittrex Global. This means that you must follow the CLICK HERE TO LOGIN link in an email on the device that you want to use to access your account.
https://preview.redd.it/tq9eje795zh51.jpg?width=607&format=pjpg&auto=webp&s=160b2ebfd1b9e0a287d4d2b99017dd45518ef2f7
To ensure even more security, Bittrex Global supports whitelisting of IP addresses and Crypto addresses. These two features can help protect the account in the event of credentials or API key loss.

How to Add IP Address to Whitelist

By setting one or more whitelisted addresses, you are telling Bittrex Global to only authorize trades or withdrawals from those IPs. This concerns both the global.bittrex.com web interface and API-based trades or withdrawals. To do this, click IP Whitelist in Site Settings.
https://preview.redd.it/m2klahja5zh51.jpg?width=971&format=pjpg&auto=webp&s=7cfb941ecb5284973baed1a2b0301459e36a0ab6

How to Add Crypto Address to Whitelist

By setting a withdrawal address, you are telling Bittrex Global to authorize withdrawals only to that address.
This concerns both the global.bittrex.com web interface and API based withdrawals.
Note that when opting into this feature, you need to specify a withdrawal address would like to withdraw funds from for every currency. To do this, click Withdrawal Whitelist in the Site Settings section. The example below shows a BTC address.
https://preview.redd.it/yrror8zd5zh51.jpg?width=974&format=pjpg&auto=webp&s=179dd7da9f6e59d3fca628cbfcd2c3962562f911

Afterword

Bittrex Global is a reliable and advanced platform for trading digital assets with a respected reputation, long history, and active market presence and development nowadays. The exchange is eligible to be used globally, including the US and its territories.
The legal component of Bittrex Global is one of the most legitimate among numerous crypto-asset exchanges.
The Bittrex team has had great ambitions and managed to deliver promises and more. The exchange staff comprises forward-thinking and exceptional individuals whose success is recognized in the traditional business and blockchain sector.
Bittrex's purpose is to be the driving force in the blockchain revolution, expanding the application, importance, and accessibility of this game-changing technology worldwide.
The exchange fosters new and innovative blockchain and related projects that could potentially change the way money and assets are managed globally.
Alongside innovation, safety will always be the main priority of the company. The platform utilizes the most reliable and effective practices and available technologies to protect user accounts. Bittrex customers have always primarily been those who appreciate the highest degree of security.
Because of the way the Bittrex trading platform is designed, it can easily scale to always provide instant order execution for any number of new customers.
Bittrex supports algorithmic trading and empowers its customers with extensive APIs for more automated and profitable trading.
One of the common features which is not available on the exchange is margin trading. No leverage used however adds up to the exchange's stability and prevents fast money seekers and risky traders from entering the exchange.
Bittrex is a force of the blockchain revolution and an important entity of the emerging sector.
The full version
First part
Second part
submitted by mPrestige to revain_org [link] [comments]

Got malware/virus after using thaiphoon burner

I know lots of people are going to jump on and downvote me and say thaiphoon is safe. and to be honest, I'm not 100% sure that thaiphoon is what caused this, but the timing between the events make it hard to think it was just a coincidence. So please please hear me out first:

I was talked into syncing my memories because my BF5 stuttering "must be a memory syncing issue", and multiple people both referred me to this video "https://www.youtube.com/watch?time_continue=376&v=KOqhyVNPhaM&feature=emb_logo". Which askes users to download thaiphoon burner and the DRAM calculator developed by a guy in Ukraine.
When I try to execute the programs, windows warned me against it since it was trying to make changes to my system, so I hesitated and looked around online, and most people say that thaiphoon burner is known to be safe and will trigger most antivirus as false positive, so I went against my guts and ran it.
I am usually a very very careful person but I was desperate to try to fix my stuttering issues, and the fact that everyone is using it and it's recommended by a youtube with 400k subscribers, what could go wrong right? So I let that program run.
The next morning when I was trying to do a virus scan (which I should have before I ran it) I found all my antivirus programs, avira, windows defenders, ALL DELETED, without a trace, vanished, windows won't update, system got corrupted, windows defender is blank screen, all gone, antivirus, firewall? Gone. And running that program was absolutely the only thing that could possibly have caused this, the only thing else I did yesterday was watched some youtube videos , absolutely no other changes to my system what so ever, de nada. And even the night before my avira and windows defender were both still running.
When I tried to update my windows it would give me an error code and would not allow me to update to fix me security issues, and when I reinstsalled avira clicking on "security scan" does absolutely nothing. I honestly have no idea what could have caused this besides having ran thaiphoon burner, it's just too big of a coincidence.
Oh, and 2 days after that, I got a blackmail email (looks auto generated) with my old windows password telling me they got lots of my other passwords too and if I don't want to have embarrassing videos/photos of me distributed to my friends on "that social media site you use"(no seriously, those were their exact words, lol), I was to give 2000 dollar worth of bitcoin to them.
All this just seems... way too convenient to be a coincidence.


I waited 2 weeks to talk about this, because I thought that the only reply I will get is people telling me how thaiphoon couldn't have done that and I must have done something else to cause the malware/virus. But look, I really am generally a very careful person (due to my paranoia), I keep my av and malwarebytes up to date and scan regularly and I am careful with what links I click on and such. I am generally very careful and this was the only mistake I know I could have made.
I still decided to post about this because A. If there's anyone who can help / give me an ease of mind, I think you guys would be it. B. If this really IS a security issue, I would like to let you guys know.
I can't remember the version of thaiphoon burnedram calculator I downloaded, but it was whatever it was about 2 weeks ago.
I have already formatted my SSD and reinstalled windows, but I can never know if this really fixed the issue, I can never know if other devices on my wifi also got virus, if it's still lingering in my network, I have a backup folder that I don't even dare opening because I'm worried it would spread the virus back to my new system, and who knows what personal info has already been stolen from me, if I could go back 2 weeks ago, I would not buy the lottery or make money off of stocks, I would tell myself not to download or run thaiphoon burner so that I can focus on studying instead of stressing over this for 2 weeks.


TL:DR: Ran thaiphoon burner and DRAM calculator 2 weeks ago, next morning when I check my antivirus programs they were all uninstalled.

Update:

I found this older thread on this sub:
https://www.reddit.com/overclocking/comments/c0xutx/trojan_in_thaiphoon_burne
It seems like they indeed had some security concerns on their website regarding its certificate and actually having some malicious executable, I wonder if it is still the case?


submitted by killerofpain to overclocking [link] [comments]

RESEARCH REPORT ABOUT KYBER NETWORK

RESEARCH REPORT ABOUT KYBER NETWORK
Author: Gamals Ahmed, CoinEx Business Ambassador

https://preview.redd.it/9k31yy1bdcg51.jpg?width=936&format=pjpg&auto=webp&s=99bcb7c3f50b272b7d97247b369848b5d8cc6053

ABSTRACT

In this research report, we present a study on Kyber Network. Kyber Network is a decentralized, on-chain liquidity protocol designed to make trading tokens simple, efficient, robust and secure.
Kyber design allows any party to contribute to an aggregated pool of liquidity within each blockchain while providing a single endpoint for takers to execute trades using the best rates available. We envision a connected liquidity network that facilitates seamless, decentralized cross-chain token swaps across Kyber based networks on different chains.
Kyber is a fully on-chain liquidity protocol that enables decentralized exchange of cryptocurrencies in any application. Liquidity providers (Reserves) are integrated into one single endpoint for takers and users. When a user requests a trade, the protocol will scan the entire network to find the reserve with the best price and take liquidity from that particular reserve.

1.INTRODUCTION

DeFi applications all need access to good liquidity sources, which is a critical component to provide good services. Currently, decentralized liquidity is comprised of various sources including DEXes (Uniswap, OasisDEX, Bancor), decentralized funds and other financial apps. The more scattered the sources, the harder it becomes for anyone to either find the best rate for their trade or to even find enough liquidity for their need.
Kyber is a blockchain-based liquidity protocol that aggregates liquidity from a wide range of reserves, powering instant and secure token exchange in any decentralized application.
The protocol allows for a wide range of implementation possibilities for liquidity providers, allowing a wide range of entities to contribute liquidity, including end users, decentralized exchanges and other decentralized protocols. On the taker side, end users, cryptocurrency wallets, and smart contracts are able to perform instant and trustless token trades at the best rates available amongst the sources.
The Kyber Network is project based on the Ethereum protocol that seeks to completely decentralize the exchange of crypto currencies and make exchange trustless by keeping everything on the blockchain.
Through the Kyber Network, users should be able to instantly convert or exchange any crypto currency.

1.1 OVERVIEW ABOUT KYBER NETWORK PROTOCOL

The Kyber Network is a decentralized way to exchange ETH and different ERC20 tokens instantly — no waiting and no registration needed.
Using this protocol, developers can build innovative payment flows and applications, including instant token swap services, ERC20 payments, and financial DApps — helping to build a world where any token is usable anywhere.
Kyber’s fully on-chain design allows for full transparency and verifiability in the matching engine, as well as seamless composability with DApps, not all of which are possible with off-chain or hybrid approaches. The integration of a large variety of liquidity providers also makes Kyber uniquely capable of supporting sophisticated schemes and catering to the needs of DeFi DApps and financial institutions. Hence, many developers leverage Kyber’s liquidity pool to build innovative financial applications, and not surprisingly, Kyber is the most used DeFi protocol in the world.
The Kyber Network is quite an established project that is trying to change the way we think of decentralised crypto currency exchange.
The Kyber Network has seen very rapid development. After being announced in May 2017 the testnet for the Kyber Network went live in August 2017. An ICO followed in September 2017, with the company raising 200,000 ETH valued at $60 million in just one day.
The live main net was released in February 2018 to whitelisted participants, and on March 19, 2018, the Kyber Network opened the main net as a public beta. Since then the network has seen increasing growth, with network volumes growing more than 500% in the first half of 2019.
Although there was a modest decrease in August 2019 that can be attributed to the price of ETH dropping by 50%, impacting the overall total volumes being traded and processed globally.
They are developing a decentralised exchange protocol that will allow developers to build payment flows and financial apps. This is indeed quite a competitive market as a number of other such protocols have been launched.
In Brief - Kyber Network is a tool that allows anyone to swap tokens instantly without having to use exchanges. - It allows vendors to accept different types of cryptocurrency while still being paid in their preferred crypto of choice. - It’s built primarily for Ethereum, but any smart-contract based blockchain can incorporate it.
At its core, Kyber is a decentralized way to exchange ETH and different ERC20 tokens instantly–no waiting and no registration needed. To do this Kyber uses a diverse set of liquidity pools, or pools of different crypto assets called “reserves” that any project can tap into or integrate with.
A typical use case would be if a vendor allowed customers to pay in whatever currency they wish, but receive the payment in their preferred token. Another example would be for Dapp users. At present, if you are not a token holder of a certain Dapp you can’t use it. With Kyber, you could use your existing tokens, instantly swap them for the Dapp specific token and away you go.
All this swapping happens directly on the Ethereum blockchain, meaning every transaction is completely transparent.

1.1.1 WHY BUILD THE KYBER NETWORK?

While crypto currencies were built to be decentralized, many of the exchanges for trading crypto currencies have become centralized affairs. This has led to security vulnerabilities, with many exchanges becoming the victims of hacking and theft.
It has also led to increased fees and costs, and the centralized exchanges often come with slow transfer times as well. In some cases, wallets have been locked and users are unable to withdraw their coins.
Decentralized exchanges have popped up recently to address the flaws in the centralized exchanges, but they have their own flaws, most notably a lack of liquidity, and often times high costs to modify trades in their on-chain order books.

Some of the Integrations with Kyber Protocol
The Kyber Network was formed to provide users with a decentralized exchange that keeps everything right on the blockchain, and uses a reserve system rather than an order book to provide high liquidity at all times. This will allow for the exchange and transfer of any cryptocurrency, even cross exchanges, and costs will be kept at a minimum as well.
The Kyber Network has three guiding design philosophies since the start:
  1. To be most useful the network needs to be platform-agnostic, which allows any protocol or application the ability to take advantage of the liquidity provided by the Kyber Network without any impact on innovation.
  2. The network was designed to make real-world commerce and decentralized financial products not only possible but also feasible. It does this by allowing for instant token exchange across a wide range of tokens, and without any settlement risk.
  3. The Kyber Network was created with ease of integration as a priority, which is why everything runs fully on-chain and fully transparent. Kyber is not only developer-friendly, but is also compatible with a wide variety of systems.

1.1.2 WHO INVENTED KYBER?

Kyber’s founders are Loi Luu, Victor Tran, Yaron Velner — CEO, CTO, and advisor to the Kyber Network.

1.1.3 WHAT DISTINGUISHES KYBER?

Kyber’s mission has always been to integrate with other protocols so they’ve focused on being developer-friendly by providing architecture to allow anyone to incorporate the technology onto any smart-contract powered blockchain. As a result, a variety of different dapps, vendors, and wallets use Kyber’s infrastructure including Set Protocol, bZx, InstaDApp, and Coinbase wallet.
Besides, dapps, vendors, and wallets, Kyber also integrates with other exchanges such as Uniswap — sharing liquidity pools between the two protocols.
A typical use case would be if a vendor allowed customers to pay in whatever currency they wish, but receive the payment in their preferred token. Another example would be for Dapp users. At present, if you are not a token holder of a certain Dapp you can’t use it. With Kyber, you could use your existing tokens, instantly swap them for the Dapp specific token and away you go.
Limit orders on Kyber allow users to set a specific price in which they would like to exchange a token instead of accepting whatever price currently exists at the time of trading. However, unlike with other exchanges, users never lose custody of their crypto assets during limit orders on Kyber.
The Kyber protocol works by using pools of crypto funds called “reserves”, which currently support over 70 different ERC20 tokens. Reserves are essentially smart contracts with a pool of funds. Different parties with different prices and levels of funding control all reserves. Instead of using order books to match buyers and sellers to return the best price, the Kyber protocol looks at all the reserves and returns the best price among the different reserves. Reserves make money on the “spread” or differences between the buying and selling prices. The Kyber wants any token holder to easily convert one token to another with a minimum of fuss.

1.2 KYBER PROTOCOL

The protocol smart contracts offer a single interface for the best available token exchange rates to be taken from an aggregated liquidity pool across diverse sources. ● Aggregated liquidity pool. The protocol aggregates various liquidity sources into one liquidity pool, making it easy for takers to find the best rates offered with one function call. ● Diverse sources of liquidity. The protocol allows different types of liquidity sources to be plugged into. Liquidity providers may employ different strategies and different implementations to contribute liquidity to the protocol. ● Permissionless. The protocol is designed to be permissionless where any developer can set up various types of reserves, and any end user can contribute liquidity. Implementations need to take into consideration various security vectors, such as reserve spamming, but can be mitigated through a staking mechanism. We can expect implementations to be permissioned initially until the maintainers are confident about these considerations.
The core feature that the Kyber protocol facilitates is the token swap between taker and liquidity sources. The protocol aims to provide the following properties for token trades: ● Instant Settlement. Takers do not have to wait for their orders to be fulfilled, since trade matching and settlement occurs in a single blockchain transaction. This enables trades to be part of a series of actions happening in a single smart contract function. ● Atomicity. When takers make a trade request, their trade either gets fully executed, or is reverted. This “all or nothing” aspect means that takers are not exposed to the risk of partial trade execution. ● Public rate verification. Anyone can verify the rates that are being offered by reserves and have their trades instantly settled just by querying from the smart contracts. ● Ease of integration. Trustless and atomic token trades can be directly and easily integrated into other smart contracts, thereby enabling multiple trades to be performed in a smart contract function.
How each actor works is specified in Section Network Actors. 1. Takers refer to anyone who can directly call the smart contract functions to trade tokens, such as end-users, DApps, and wallets. 2. Reserves refer to anyone who wishes to provide liquidity. They have to implement the smart contract functions defined in the reserve interface in order to be registered and have their token pairs listed. 3. Registered reserves refer to those that will be cycled through for matching taker requests. 4. Maintainers refer to anyone who has permission to access the functions for the adding/removing of reserves and token pairs, such as a DAO or the team behind the protocol implementation. 5. In all, they comprise of the network, which refers to all the actors involved in any given implementation of the protocol.
The protocol implementation needs to have the following: 1. Functions for takers to check rates and execute the trades 2. Functions for the maintainers to registeremove reserves and token pairs 3. Reserve interface that defines the functions reserves needs to implement
https://preview.redd.it/d2tcxc7wdcg51.png?width=700&format=png&auto=webp&s=b2afde388a77054e6731772b9115ee53f09b6a4a

1.3 KYBER CORE SMART CONTRACTS

Kyber Core smart contracts is an implementation of the protocol that has major protocol functions to allow actors to join and interact with the network. For example, the Kyber Core smart contracts provide functions for the listing and delisting of reserves and trading pairs by having clear interfaces for the reserves to comply to be able to register to the network and adding support for new trading pairs. In addition, the Kyber Core smart contracts also provide a function for takers to query the best rate among all the registered reserves, and perform the trades with the corresponding rate and reserve. A trading pair consists of a quote token and any other token that the reserve wishes to support. The quote token is the token that is either traded from or to for all trades. For example, the Ethereum implementation of the Kyber protocol uses Ether as the quote token.
In order to search for the best rate, all reserves supporting the requested token pair will be iterated through. Hence, the Kyber Core smart contracts need to have this search algorithm implemented.
The key functions implemented in the Kyber Core Smart Contracts are listed in Figure 2 below. We will visit and explain the implementation details and security considerations of each function in the Specification Section.

1.4 HOW KYBER’S ON-CHAIN PROTOCOL WORKS?

Kyber is the liquidity infrastructure for decentralized finance. Kyber aggregates liquidity from diverse sources into a pool, which provides the best rates for takers such as DApps, Wallets, DEXs, and End users.

1.4.1 PROVIDING LIQUIDITY AS A RESERVE

Anyone can operate a Kyber Reserve to market make for profit and make their tokens available for DApps in the ecosystem. Through an open reserve architecture, individuals, token teams and professional market makers can contribute token assets to Kyber’s liquidity pool and earn from the spread in every trade. These tokens become available at the best rates across DApps that tap into the network, making them instantly more liquid and useful.
MAIN RESERVE TYPES Kyber currently has over 45 reserves in its network providing liquidity. There are 3 main types of reserves that allow different liquidity contribution options to suit the unique needs of different providers. 1. Automated Price Reserves (APR) — Allows token teams and users with large token holdings to have an automated yet customized pricing system with low maintenance costs. Synthetix and Melon are examples of teams that run APRs. 2. Fed Price Reserves (FPR) — Operated by professional market makers that require custom and advanced pricing strategies tailored to their specific needs. Kyber alongside reserves such as OneBit, runs FPRs. 3. Bridge Reserves (BR) — These are specialized reserves meant to bring liquidity from other on-chain liquidity providers like Uniswap, Oasis, DutchX, and Bancor into the network.

1.5 KYBER NETWORK ROLES

There Kyber Network functions through coordination between several different roles and functions as explained below: - Users — This entity uses the Kyber Network to send and receive tokens. A user can be an individual, a merchant, and even a smart contract account. - Reserve Entities — This role is used to add liquidity to the platform through the dynamic reserve pool. Some reserve entities are internal to the Kyber Network, but others may be registered third parties. Reserve entities may be public if the public contributes to the reserves they hold, otherwise they are considered private. By allowing third parties as reserve entities the network adds diversity, which prevents monopolization and keeps exchange rates competitive. Allowing third party reserve entities also allows for the listing of less popular coins with lower volumes. - Reserve Contributors — Where reserve entities are classified as public, the reserve contributor is the entity providing reserve funds. Their incentive for doing so is a profit share from the reserve. - The Reserve Manager — Maintains the reserve, calculates exchange rates and enters them into the network. The reserve manager profits from exchange spreads set by them on their reserves. They can also benefit from increasing volume by accessing the entire Kyber Network. - The Kyber Network Operator — Currently the Kyber Network team is filling the role of the network operator, which has a function to adds/remove Reserve Entities as well as controlling the listing of tokens. Eventually, this role will revert to a proper decentralized governance.

1.6 BASIC TOKEN TRADE

A basic token trade is one that has the quote token as either the source or destination token of the trade request. The execution flow of a basic token trade is depicted in the diagram below, where a taker would like to exchange BAT tokens for ETH as an example. The trade happens in a single blockchain transaction. 1. Taker sends 1 ETH to the protocol contract, and would like to receive BAT in return. 2. Protocol contract queries the first reserve for its ETH to BAT exchange rate. 3. Reserve 1 offers an exchange rate of 1 ETH for 800 BAT. 4. Protocol contract queries the second reserve for its ETH to BAT exchange rate. 5. Reserve 2 offers an exchange rate of 1 ETH for 820 BAT. 6. This process goes on for the other reserves. After the iteration, reserve 2 is discovered to have offered the best ETH to BAT exchange rate. 7. Protocol contract sends 1 ETH to reserve 2. 8. The reserve sends 820 BAT to the taker.

1.7 TOKEN-TO-TOKEN TRADE

A token-to-token trade is one where the quote token is neither the source nor the destination token of the trade request. The exchange flow of a token to token trade is depicted in the diagram below, where a taker would like to exchange BAT tokens for DAI as an example. The trade happens in a single blockchain transaction. 1. Taker sends 50 BAT to the protocol contract, and would like to receive DAI in return. 2. Protocol contract sends 50 BAT to the reserve offering the best BAT to ETH rate. 3. Protocol contract receives 1 ETH in return. 4. Protocol contract sends 1 ETH to the reserve offering the best ETH to DAI rate. 5. Protocol contract receives 30 DAI in return. 6. Protocol contract sends 30 DAI to the user.

2.KYBER NETWORK CRYSTAL (KNC) TOKEN

Kyber Network Crystal (KNC) is an ERC-20 utility token and an integral part of Kyber Network.
KNC is the first deflationary staking token where staking rewards and token burns are generated from actual network usage and growth in DeFi.
The Kyber Network Crystal (KNC) is the backbone of the Kyber Network. It works to connect liquidity providers and those who need liquidity and serves three distinct purposes. The first of these is to collect transaction fees, and a portion of every fee collected is burned, which keeps KNC deflationary. Kyber Network Crystals (KNC), are named after the crystals in Star Wars used to power light sabers.
The KNC also ensures the smooth operation of the reserve system in the Kyber liquidity since entities must use third-party tokens to buy the KNC that pays for their operations in the network.
KNC allows token holders to play a critical role in determining the incentive system, building a wide base of stakeholders, and facilitating economic flow in the network. A small fee is charged each time a token exchange happens on the network, and KNC holders get to vote on this fee model and distribution, as well as other important decisions. Over time, as more trades are executed, additional fees will be generated for staking rewards and reserve rebates, while more KNC will be burned. - Participation rewards — KNC holders can stake KNC in the KyberDAO and vote on key parameters. Voters will earn staking rewards (in ETH) - Burning — Some of the network fees will be burned to reduce KNC supply permanently, providing long-term value accrual from decreasing supply. - Reserve incentives — KNC holders determine the portion of network fees that are used as rebates for selected liquidity providers (reserves) based on their volume performance.

Finally, the KNC token is the connection between the Kyber Network and the exchanges, wallets, and dApps that leverage the liquidity network. This is a virtuous system since entities are rewarded with referral fees for directing more users to the Kyber Network, which helps increase adoption for Kyber and for the entities using the Network.
And of course there will soon be a fourth and fifth uses for the KNC, which will be as a staking token used to generate passive income, as well as a governance token used to vote on key parameters of the network.
The Kyber Network Crystal (KNC) was released in a September 2017 ICO at a price around $1. There were 226,000,000 KNC minted for the ICO, with 61% sold to the public. The remaining 39% are controlled 50/50 by the company and the founders/advisors, with a 1 year lockup period and 2 year vesting period.
Currently, just over 180 million coins are in circulation, and the total supply has been reduced to 210.94 million after the company burned 1 millionth KNC token in May 2019 and then its second millionth KNC token just three months later.
That means that while it took 15 months to burn the first million KNC, it took just 10 weeks to burn the second million KNC. That shows how rapidly adoption has been growing recently for Kyber, with July 2019 USD trading volumes on the Kyber Network nearly reaching $60 million. This volume has continued growing, and on march 13, 2020 the network experienced its highest daily trading activity of $33.7 million in a 24-hour period.
Currently KNC is required by Reserve Managers to operate on the network, which ensures a minimum amount of demand for the token. Combined with future plans for burning coins, price is expected to maintain an upward bias, although it has suffered along with the broader market in 2018 and more recently during the summer of 2019.
It was unfortunate in 2020 that a beginning rally was cut short by the coronavirus pandemic, although the token has stabilized as of April 2020, and there are hopes the rally could resume in the summer of 2020.

2.1 HOW ARE KNC TOKENS PRODUCED?

The native token of Kyber is called Kyber Network Crystals (KNC). All reserves are required to pay fees in KNC for the right to manage reserves. The KNC collected as fees are either burned and taken out of the total supply or awarded to integrated dapps as an incentive to help them grow.

2.2 HOW DO YOU GET HOLD OF KNC TOKENS?

Kyber Swap can be used to buy ETH directly using a credit card, which can then be used to swap for KNC. Besides Kyber itself, exchanges such as Binance, Huobi, and OKex trade KNC.

2.3 WHAT CAN YOU DO WITH KYBER?

The most direct and basic function of Kyber is for instantly swapping tokens without registering an account, which anyone can do using an Etheruem wallet such as MetaMask. Users can also create their own reserves and contribute funds to a reserve, but that process is still fairly technical one–something Kyber is working on making easier for users in the future.

2.4 THE GOAL OF KYBER THE FUTURE

The goal of Kyber in the coming years is to solidify its position as a one-stop solution for powering liquidity and token swapping on Ethereum. Kyber plans on a major protocol upgrade called Katalyst, which will create new incentives and growth opportunities for all stakeholders in their ecosystem, especially KNC holders. The upgrade will mean more use cases for KNC including to use KNC to vote on governance decisions through a decentralized organization (DAO) called the KyberDAO.
With our upcoming Katalyst protocol upgrade and new KNC model, Kyber will provide even more benefits for stakeholders. For instance, reserves will no longer need to hold a KNC balance for fees, removing a major friction point, and there will be rebates for top performing reserves. KNC holders can also stake their KNC to participate in governance and receive rewards.

2.5 BUYING & STORING KNC

Those interested in buying KNC tokens can do so at a number of exchanges. Perhaps your best bet between the complete list is the likes of Coinbase Pro and Binance. The former is based in the USA whereas the latter is an offshore exchange.
The trading volume is well spread out at these exchanges, which means that the liquidity is not concentrated and dependent on any one exchange. You also have decent liquidity on each of the exchange books. For example, the Binance BTC / KNC books are wide and there is decent turnover. This means easier order execution.
KNC is an ERC20 token and can be stored in any wallet with ERC20 support, such as MyEtherWallet or MetaMask. One interesting alternative is the KyberSwap Android mobile app that was released in August 2019.
It allows for instant swapping of tokens and has support for over 70 different altcoins. It also allows users to set price alerts and limit orders and works as a full-featured Ethereum wallet.

2.6 KYBER KATALYST UPGRADE

Kyber has announced their intention to become the de facto liquidity layer for the Decentralized Finance space, aiming to have Kyber as the single on-chain endpoint used by the majority of liquidity providers and dApp developers. In order to achieve this goal the Kyber Network team is looking to create an open ecosystem that garners trust from the decentralized finance space. They believe this is the path that will lead the majority of projects, developers, and users to choose Kyber for liquidity needs. With that in mind they have recently announced the launch of a protocol upgrade to Kyber which is being called Katalyst.
The Katalyst upgrade will create a stronger ecosystem by creating strong alignments towards a common goal, while also strengthening the incentives for stakeholders to participate in the ecosystem.
The primary beneficiaries of the Katalyst upgrade will be the three major Kyber stakeholders: 1. Reserve managers who provide network liquidity; 2. dApps that connect takers to Kyber; 3. KNC holders.
These stakeholders can expect to see benefits as highlighted below: Reserve Managers will see two new benefits to providing liquidity for the network. The first of these benefits will be incentives for providing reserves. Once Katalyst is implemented part of the fees collected will go to the reserve managers as an incentive for providing liquidity.
This mechanism is similar to rebates in traditional finance, and is expected to drive the creation of additional reserves and market making, which in turn will lead to greater liquidity and platform reach.
Katalyst will also do away with the need for reserve managers to maintain a KNC balance for use as network fees. Instead fees will be automatically collected and used as incentives or burned as appropriate. This should remove a great deal of friction for reserves to connect with Kyber without affecting the competitive exchange rates that takers in the system enjoy. dApp Integrators will now be able to set their own spread, which will give them full control over their own business model. This means the current fee sharing program that shares 30% of the 0.25% fee with dApp developers will go away and developers will determine their own spread. It’s believed this will increase dApp development within Kyber as developers will now be in control of fees.
KNC Holders, often thought of as the core of the Kyber Network, will be able to take advantage of a new staking mechanism that will allow them to receive a portion of network fees by staking their KNC and participating in the KyberDAO.

2.7 COMING KYBERDAO

With the implementation of the Katalyst protocol the KNC holders will be put right at the heart of Kyber. Holders of KNC tokens will now have a critical role to play in determining the future economic flow of the network, including its incentive systems.
The primary way this will be achieved is through KyberDAO, a way in which on-chain and off-chain governance will align to streamline cooperation between the Kyber team, KNC holders, and market participants.
The Kyber Network team has identified 3 key areas of consideration for the KyberDAO: 1. Broad representation, transparent governance and network stability 2. Strong incentives for KNC holders to maintain their stake and be highly involved in governance 3. Maximizing participation with a wide range of options for voting delegation
Interaction between KNC Holders & Kyber
This means KNC holders have been empowered to determine the network fee and how to allocate the fees to ensure maximum network growth. KNC holders will now have three fee allocation options to vote on: - Voting Rewards: Immediate value creation. Holders who stake and participate in the KyberDAO get their share of the fees designated for rewards. - Burning: Long term value accrual. The decreasing supply of KNC will improve the token appreciation over time and benefit those who did not participate. - Reserve Incentives:Value creation via network growth. By rewarding Kyber reserve managers based on their performance, it helps to drive greater volume, value, and network fees.

2.8 TRANSPARENCY AND STABILITY

The design of the KyberDAO is meant to allow for the greatest network stability, as well as maximum transparency and the ability to quickly recover in emergency situations. Initally the Kyber team will remain as maintainers of the KyberDAO. The system is being developed to be as verifiable as possible, while still maintaining maximum transparency regarding the role of the maintainer in the DAO.
Part of this transparency means that all data and processes are stored on-chain if feasible. Voting regarding network fees and allocations will be done on-chain and will be immutable. In situations where on-chain storage or execution is not feasible there will be a set of off-chain governance processes developed to ensure all decisions are followed through on.

2.9 KNC STAKING AND DELEGATION

Staking will be a new addition and both staking and voting will be done in fixed periods of times called “epochs”. These epochs will be measured in Ethereum block times, and each KyberDAO epoch will last roughly 2 weeks.
This is a relatively rapid epoch and it is beneficial in that it gives more rapid DAO conclusion and decision-making, while also conferring faster reward distribution. On the downside it means there needs to be a new voting campaign every two weeks, which requires more frequent participation from KNC stakeholders, as well as more work from the Kyber team.
Delegation will be part of the protocol, allowing stakers to delegate their voting rights to third-party pools or other entities. The pools receiving the delegation rights will be free to determine their own fee structure and voting decisions. Because the pools will share in rewards, and because their voting decisions will be clearly visible on-chain, it is expected that they will continue to work to the benefit of the network.

3. TRADING

After the September 2017 ICO, KNC settled into a trading price that hovered around $1.00 (decreasing in BTC value) until December. The token has followed the trend of most other altcoins — rising in price through December and sharply declining toward the beginning of January 2018.
The KNC price fell throughout all of 2018 with one exception during April. From April 6th to April 28th, the price rose over 200 percent. This run-up coincided with a blog post outlining plans to bring Bitcoin to the Ethereum blockchain. Since then, however, the price has steadily fallen, currently resting on what looks like a $0.15 (~0.000045 BTC) floor.
With the number of partners using the Kyber Network, the price may rise as they begin to fully use the network. The development team has consistently hit the milestones they’ve set out to achieve, so make note of any release announcements on the horizon.

4. COMPETITION

The 0x project is the biggest competitor to Kyber Network. Both teams are attempting to enter the decentralized exchange market. The primary difference between the two is that Kyber performs the entire exchange process on-chain while 0x keeps the order book and matching off-chain.
As a crypto swap exchange, the platform also competes with ShapeShift and Changelly.

5.KYBER MILESTONES

• June 2020: Digifox, an all-in-one finance application by popular crypto trader and Youtuber Nicholas Merten a.k.a DataDash (340K subs), integrated Kyber to enable users to easily swap between cryptocurrencies without having to leave the application. • June 2020: Stake Capital partnered with Kyber to provide convenient KNC staking and delegation services, and also took a KNC position to participate in governance. • June 2020: Outlined the benefits of the Fed Price Reserve (FPR) for professional market makers and advanced developers. • May 2020: Kyber crossed US$1 Billion in total trading volume and 1 Million transactions, performed entirely on-chain on Ethereum. • May 2020: StakeWith.Us partnered Kyber Network as a KyberDAO Pool Master. • May 2020: 2Key, a popular blockchain referral solution using smart links, integrated Kyber’s on-chain liquidity protocol for seamless token swaps • May 2020: Blockchain game League of Kingdoms integrated Kyber to accept Token Payments for Land NFTs. • May 2020: Joined the Zcash Developer Alliance , an invite-only working group to advance Zcash development and interoperability. • May 2020: Joined the Chicago DeFi Alliance to help accelerate on-chain market making for professionals and developers. • March 2020: Set a new record of USD $33.7M in 24H fully on-chain trading volume, and $190M in 30 day on-chain trading volume. • March 2020: Integrated by Rarible, Bullionix, and Unstoppable Domains, with the KyberWidget deployed on IPFS, which allows anyone to swap tokens through Kyber without being blocked. • February 2020: Popular Ethereum blockchain game Axie Infinity integrated Kyber to accept ERC20 payments for NFT game items. • February 2020: Kyber’s protocol was integrated by Gelato Finance, Idle Finance, rTrees, Sablier, and 0x API for their liquidity needs. • January 2020: Kyber Network was found to be the most used protocol in the whole decentralized finance (DeFi) space in 2019, according to a DeFi research report by Binance. • December 2019: Switcheo integrated Kyber’s protocol for enhanced liquidity on their own DEX. • December 2019: DeFi Wallet Eidoo integrated Kyber for seamless in-wallet token swaps. • December 2019: Announced the development of the Katalyst Protocol Upgrade and new KNC token model. • July 2019: Developed the Waterloo Bridge , a Decentralized Practical Cross-chain Bridge between EOS and Ethereum, successfully demonstrating a token swap between Ethereum to EOS. • July 2019: Trust Wallet, the official Binance wallet, integrated Kyber as part of its decentralized token exchange service, allowing even more seamless in-wallet token swaps for thousands of users around the world. • May 2019: HTC, the large consumer electronics company with more than 20 years of innovation, integrated Kyber into its Zion Vault Wallet on EXODUS 1 , the first native web 3.0 blockchain phone, allowing users to easily swap between cryptocurrencies in a decentralized manner without leaving the wallet. • January 2019: Introduced the Automated Price Reserve (APR) , a capital efficient way for token teams and individuals to market make with low slippage. • January 2019: The popular Enjin Wallet, a default blockchain DApp on the Samsung S10 and S20 mobile phones, integrated Kyber to enable in-wallet token swaps. • October 2018: Kyber was a founding member of the WBTC (Wrapped Bitcoin) Initiative and DAO. • October 2018: Developed the KyberWidget for ERC20 token swaps on any website, with CoinGecko being the first major project to use it on their popular site.

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Hide and Seek

An old friend of mine emailed this to me a while back with the subject line “Hide and Seek” and I’ve been hesitant to post it for reasons that should become obvious as you read it. That said, I feel that enough time has gone by for this to be safe so I’m going to post it here. The only edits I’ve made were swapping out names and formatting, otherwise it’s all exactly as he sent it.
T, if you’re reading this then message me. I want to know if you’re alright, and if you are I know you’ll be looking for this story to show up.
This is what the email said:
Rijento,
I’m writing this story because I feel like I need an outlet. I swear to god that you better actually check your email for once in your damn life!
Please…
As for if you actually are reading this, I want you to wait as long as your (admittedly) better judgment tells you to wait and then post this story online. I know it’s a bit vain, but I want people to know my story. Hell, it might be the last one I ever tell. Double hell, it might actually even help some poor soul out.
I’m going to disappear after sending this, hopefully the good kind of disappear and not the death kind. I know nobody but you is going to believe this story but damn if typing this out didn’t make my sorry ass feel better. You were right about that man, I’m sorry for giving you shit for writing so much…
This is the attached file. “Hide and Seek”:
Before I get in to the ‘hiding’ and ‘seeking’ I have a bit of a confession that needs to be made. I work as a transporter for a deep web black market site… I hope it doesn’t change your opinion of me too much, sorry for not telling you sooner.
I’m the guy they call when they get an order for something they can’t send through the mail. Guns and live animals are two good examples. You’d be pretty hyped to know how many rich assholes just order lions and tigers from the dark web.
For obvious reasons, I can’t go in to too much detail, I don’t want to make any dangerous enemies and even after this I still don’t want to lose my job. It’s a pretty sweet gig all things considered, all I have to do is pick up from the seller and deliver to the buyer. I can even choose what jobs I want to take, lets me cling to what little principles I still have. And I DO have principles. After a few years working for the site, my two rules were: no people and no crossing borders.
Anyways, I got into a bit of a bind with the cryptocurrency crash that happened early this year. The site mostly pays in Bitcoin and, well, I decided to let my wallet sit and grow. By the time I realized what happened, my savings were destroyed. Nobody expected it to crash that hard… And it probably wouldn’t have been as much of a problem if I hadn’t also gotten used to living a life full of the finer things. I didn’t really ‘save’ all that much to begin with either. So when my savings finally ran dry and the market was still down, I decided to… Lower my standards a bit and take a riskier, higher paying job.
Organ transport.
I haven’t done it before… I hadn’t been that broke in a long time. Organ jobs pay well too, and I figured I still wasn’t strictly breaking my ‘no people’ rule if it was just their organs. So, I hopped on the site and browsed through the pitiful number of requests in my area till I found what I was looking for. A rich buyer who: had shady connections, was in need of some organs, and lacked either the time or patience to wait for them to come legally. As far as these sort of requests went, this was pretty much the norm from what I’d heard. So I accepted the job and got an email with some additional details about the order: the customer needed two kidneys (which was what I was to transport) and a liver (which they had made a separate request for).
From what other people on the site have told me, what should have happened was the job would move to the ‘seeking seller’ section and I’d be on hold till someone… ‘_acquired_’ the kidneys.
What actually happened probably should have tipped me off to use my monthly free withdraw… I got a notification two hours later that there was a seller.
Rijento, I don’t know how much you know about medicine, but if you do know anything then you’re probably squirming in your own skin about right now. For those who may or may not be reading this that are not in the know, not only do the donor and receiver have to have compatible blood types but kidneys only last about a day outside of a warm body.
Not exactly a product you can stockpile.
I got another email, about the pickup this time, and began the internal debate between the bad feeling in my gut and my empty wallet… You can probably guess which one of them won out… Anyways, I planned my route; one hour to get to the seller and four hours to get from there to the buyer. I sent the site my plan and within minutes they approve of it and set up an actual meeting point. I sighed and grabbed my things, trying to swallow my nerves the entire hour it took me to reach the meeting point.
I sat down on a bench in a city park and waited for what seemed like ages before I felt someone staring at me. It took me a solid minute to pick out who it was even though there were only a few people around. He was sitting with his back to me at a picnic table about ten yards away from me and whenever I looked away I could feel his eyes on me. When we eventually did make eye-contact he bounced excitedly in his seat and waved me over; my heart sank as he also slid a small case into my line of sight.
I forced myself to smile, walked over, sat down, and hid my annoyance. Most of the buyers on the site were practically carbon copies of each other. Probably because you could only become a buyer if another buyer knew and endorsed you. The sellers, on the other hand, were all certifiably insane.
None of the other transporters I’d chatted with had ever met with a ‘normal’ seller. Because of this, all of them quickly learned to keep conversation to a minimum and to not under any circumstances piss any of them off. I decided to follow in their example.
The man sitting in front of me looked friendly enough, overly so if anything. He was scrawny, didn’t look like he would be strong enough to… well… kill someone and harvest their insides. He had a strange smile on his face, and even now I can’t get it out of my head. The kind of overly friendly, wide toothed smile that mothers warned their children to stay away from. It somehow managed to be both inviting and creepy at the same time.
I smiled back and spoke up, “So you’re the seller then?” I asked, and the man nodded.
He nodded and responded in a sickeningly sweet voice… He sounded like a child in a toy store, his voice strained with excitement and wonder as he droned on to his parents about what toys he wanted.
“Oh I’m so glad you found me. For a minute there I thought I’d have to call ‘olly olly oxen free.’” He said with a pleased sigh, pushing the case to my side of the table. “You know… Over the years I’ve gotten quite good at playing hide and seek. So good, in fact, that I’ve never been found. Not. Even. Once. Do you want to know my secret?” the man asked, his voice still just as unsettlingly sweet as his smile.
“Sure, what’s your secret?” I asked. I really, really didn’t want to know what the hell he was talking about; but if it kept him happy then…
He clapped rapidly and bounced in place, “Oh I’m so glad that you’re a curious one. My secret is that the seekers never know that they’re playing.”
“Makes sense…” I said, opening the case momentarily to verify. Two kidneys in pristine condition, doused with preserving fluid, wrapped in plastic. and packed in ice. “If the seeker doesn’t know they’re playing then how would they know to start looking?” I said, leaving out the fact that it would just be stalking at that point before swallowing hard when I thought about where these kidneys came from.
“You’re a smart one…” he said with a smile as I sent a message confirming the pickup. All that was left was to wait for the transaction to process. “I was worried about this last one though… she came right up to me. This. Close.” he said, leaning in till our faces almost touched.
I struggled to keep my composure, and managed to keep from jumping or pushing him away. “So what did you do?” I asked as he leaned back, my suspicions about these kidneys being all but confirmed.
“Why, nothing of course…” He said, a slightly bewildered expression on his face. He looked as though I just asked him how to breathe. I glanced down at my phone to see if the transaction had been verified yet and he snapped his fingers like he remembered something. “Oh I must apologize!” he said, making me look up, “I forgot that you don’t play much… I simply held my breath, closed my eyes, and wished that she would just… go away.”
“You’re right… You are good at hide and seek...” I said, wishing to myself that he would just go away and hearing the familiar ding of a successful transaction sound on both of our phones as if to answer my prayers. I reached out my hand as a formality and he grabbed it and shook it vigorously. I forced a smile and stood, although what he said next made my blood nearly freeze.
“You’re the first person to find me in oh so long…” He trailed off as he said it, his voice slowly shifting from that of an exited child to the cold blooded maniac that he was. “Maybe my games won’t be so one sided from now on,” He said, his voice disturbingly normal. Although, even without looking back I could tell that the same sickeningly sweet smile was glued to his face. I kept walking but waved my arm as though saying goodbye.
The worst part was that I could feel him watching me as I walked back to my car… Not just at first, like if he was watching me leave, but the entire way back, and even as I got in my car. I took a moment to look around and sighed as I saw nothing. It might not sound like much to you. I don’t know, I can still hardly describe it myself, but he had this… creepy way of getting under your skin just by talking to you.
I wrote it off as me just being paranoid, the guy harvests organs from people for a living so of course everything he says is creepy. I groaned and started my car, but it wasn’t until I hit the freeway that I was finally able to shake the feeling of his gaze. It’s not like he could’ve been following me, by then I was already paranoid enough to be checking for that, making a few detours just to be sure of it.
And because of my detours, I ended up being about an hour past the scheduled drop off with the buyer… Lost my chance at a tip for sure, guy was furious and there was nothing I could tell him to calm him down. I’m pretty sure, ‘sorry I’m late, but the seller was a total psycho and I wanted to make sure he wasn’t following me,’ wouldn’t have been a very good excuse.
Whatever, I had my money and the buyer had his organs and plenty of time for whatever operation that used them. Not much to complain about on either side, well except for the fact that I already knew I wouldn’t be sleeping that night. Especially because the feeling of being watched had returned as soon as I set foot out of my car which was, again, impossible. The site never tells the sellers anything about the buyers or transporters, so there’s no way he could have known where I was headed to and no way that he could have followed me.
I hopped back in my car and started to head for home, hoping that a few tabs of melatonin would be enough for at least a few hours of sleep. And again, I could feel eyes on me as I drove and I saw his eerie smile everywhere until I hit the highway. I felt a weight lift off of my shoulders then, although I made sure to take the most winding path home that I could afford gas for (which was quite a bit after a job like that). By the time I did get home it was starting to get dark, and I had made a few loops around my apartment just to be sure I didn’t still feel his eyes on me.
Luckily, my apartment building has a public parking garage attached to it so even if I was being followed I felt safe enough that nobody would be able to find my room. But Just to be sure, I took the stairs for the first time in months.
Have any of you ever climbed seven flights of stairs out of paranoia before Rijento? Well in case you haven’t let me tell you what it’s like. Do you remember running up the stairs from the basement after turning off the lights as a kid? That feeling of unease and terror? Well it’s like that, but you aren’t a kid anymore. It’s not the dark or what imaginary monsters could be lurking in it that frightens you anymore. Instead, you’re worried about who could be hiding in the darkness, what real monster could be following you up those stairs… I’m no slouch when it comes to exercise but it still drained everything out of me hauling my body up those stairs on my hands and feet like an animal as fast as I could.
I got inside and locked the door securely behind me, panting, covered in sweat, but I sighed in relief with the fact that I hadn’t felt anyone watching me at all during my climb. I took a moment to catch my breath, slumping down by the door and chuckling to myself while shaking my head. I couldn’t believe that I’d let that freak get so deep under my skin.
Once I had caught my breath, I stood up and made my way to my couch before flopping onto it. I wanted nothing more than to go to sleep then and there, but I had to be smart with my money this time. I immediately cashed the Bitcoin out. Better to pay myself out in small increments, but I had bills to pay and I’d already learned my lesson about leaving things in Bitcoin.
Once business was taken care of, I grabbed the remote control and flicked on the TV. The familiar faces of the local news anchors greeted me and I began drifting off to sleep while listening to the happenings of our city.
It was around seven a.m. when I was woken up by the sound of the ‘breaking news’ alert coming on.
“We are just receiving reports of a ghastly murder of one [yeah, I’m not gonna put her name or age here] year old college student living on her own. Police investigators say that several of her organs were found to be missing and that they found evidence of someone living in her home without her knowledge for quite some time before the murder…”
The reporters kept talking about how much of a tragedy the situation was… But I wasn’t listening. How could I listen…
I’ve never been less happy to be right then I was at that moment. I shuddered thinking about it. My thoughts and paranoia regarding the man I’d met the other day bubbling back up to the surface. It was then that the reality of what I’d done hit me like a freight train. By accepting that contract I doomed that girl to die… All because I needed some quick cash.
I stood up and went to the kitchen and opened my liquor cabinet. Without looking, I grabbed a bottle of something with shaking hands and fumbled with the top while trying to keep my mind clear of thoughts. Once I had the cap off I took several deep swigs from the bottle, spilling quite a bit down my chin before I set it down and gasped for air.
The burn of the alcohol in my throat gave me something to focus on while it worked its magic on the rest of my body. As my mind slowly clouded I found my way to a chair and found it easier to think about what happened without panicking.
My first thought was that I needed to do something. I knew the guy’s face, I should go to the cops! It was at this moment that the… Less impulsive side of my brain kicked in. I go to the cops and all I do is give myself a one way ticket to an early grave. My employers don’t take kindly to police interactions.
I slowly resigned myself to the fact that I was going to have to live with the consequences of this job for the rest of my life… I’m a coward, I know.
Anyways, the next few days passed by slowly. I was… Not in a good place mentally and I’m sure you remember how much alcohol my cabinets were stocked with. I blacked out more than once only to wake up gasping for breath from drinking too much. It was honestly a miracle that I didn’t kill myself through alcohol poisoning.
But I… Managed to come to terms with everything. Don’t get me wrong, I still had nightmares where I was the guy hiding in that girls closet… But I wasn’t drinking my problems away anymore, although I think that was more because of the fact that I’d run out of liquor than any meaningful character development.
It was about a week later that I was able to get my first night of actual sleep. I didn’t dream about anything either so that was a plus. I know it probably sounds bad, but I was starting to feel normal again… Like I could maybe find a way to just be myself…
Either way, even after all that I still wanted to keep my job. I just added a new rule: no organs.
From there I fell back into more or less my old routine. I went to eat out almost every day though, I thought any excuse that got me cleaned up and out of my place was worth taking…
And then, I began to feel it again. That skin-crawling sensation of eyes on me from somewhere that I felt the day I met Mr. Hide&Seek. I didn’t think much of it at first, I only felt the eyes when I was surrounded by other people so of course one or two would be looking my way right? I thought I was just guilty and paranoid.
But no matter what I did, I would always feel like I was being watched whenever other people were around. So I started driving more and more and eating out less and less. Not driving anywhere in particular, just driving… I felt safe on the open road, I couldn’t feel any eyes on me… For about a week.
It started small. A shiver down my spine here and there. A sharp sensation that made my eyes snap to one car or another. Then it came more frequently, and I began to get more and more paranoid as the feeling became stronger and stronger.
I started driving less and less, and whenever I did, I kept my eyes on the cars around me. Trying desperately to find where that feeling was coming from. To find who was watching me… Trying to catch a glimpse of his face in a passing car.
I even thought I did see him a few times… Except that was just paranoia… I hope.
Eventually, I stopped driving unless I had to. I shut myself in my apartment, only going out to get groceries and always, always making sure that I didn’t feel anyone watching me before I parked. But that feeling would always find me whenever I went out.
This went on for about a month. I started to drink again, I didn’t go out to eat or drive anymore. I paid someone to deliver my groceries to the garage of my building. All I did was eat, sleep, drink, and watch movies or play games… I’d be living the dream, if I didn’t think a serial killer was stalking me.
Part of me believed that I was just being paranoid and to be honest I desperately wanted to believe that part of me… But not enough to stake my life on it. And after another week of living like a shut-in the feeling of being watched started to re-surface.
Like before it started off small. I felt a ping of eyes on me and from then on I kept the blinds securely closed. Even then, the feeling persisted for days, gradually gathering in strength. So I emptied out all of my closets and cabinets daily… Eventually I just left all of the doors open and everything on the floor so that I could look in to any hiding spot in an instant…
But that feeling still persisted.
I stopped drinking because I was terrified of being attacked. I started sleeping less and less and when I had to sleep, I slept inside of my closet and barred the doors shut from the inside. I ate and drank only when I felt hungry and always with my back to a corner of the room or locked in my closet… But I could still feel eyes on me, feel His eyes on me the same way I had back at the park.
It was about a month later when I finally discovered my haven. The one place left that I didn’t feel watched. The stairwell of my building. I found that whenever I went down and back up the stars to get my groceries – as I’d long since stopped using the elevator – that I would have a brief respite from the feeling of being watched.
I started to spend all of my waking hours there, sat on one of the stairs without a care in the world. I only left them to eat and sleep and whenever I entered the building proper I would feel eyes on me almost immediately. But having those stairs to return to made my life almost bearable. It had been a long time since I had anywhere I felt safe, and like every place before it I kept waiting form the feeling of being watched to follow me into the stairwell…
But it never did.
For another month, I fell into a somewhat bearable rhythm. I’d wake up in my closet feeling watched, I’d eat in the corner of my kitchen feeling watched, and then I’d scurry off to the stairwell where I could blessedly feel alone – Especially near the top floors where the stairs were seldom used.
But all good things must come to an end and all that, and while I never did feel watched in the stairs, I did run out of money. Apartments and cars don’t pay for themselves after all, and while I managed a few months on the blood money from my last job it was finally time to get back to work.
In the months since I last logged on to the site, things had calmed down significantly and there were now plenty of jobs that didn’t break any of my rules… So I decided to go with a route that I’d done before a couple of times. A gun run. The seller always treated me to a drink or two at his bar and was also always well armed so I felt that it would be a nice and easy job that I could feel safe doing.
After confirming the job I closed my laptop, pulled on a fresh set of clothing, and headed out the door. I wanted to get this over and done with, and thankfully the feeling of being watched was rather light that day. I do admit, however, that I lingered in the stairwell for a bit before heading out. I wanted a bit of time alone before being out in the open for the first time in months.
Anyways, I hopped in my car after about thirty minutes of blessed stairwell time and headed to the bar. After about two hours of paranoid and twisting driving I managed to make it just on time and pulled my car into the alleyway behind the bar.
The owner greeted me with a smile as I got out of my car, “T, long time no see!” he said, his smile fading as I walked up and he got a better look at me. “Holy shit man, are you feeling okay?” he asked, genuine worry in the eyes of the large man.
“No… I’m pretty far from okay…” I said with an exhausted sigh. I could still feel the faintest hint of eyes on me even now, though I know that the owner wouldn’t let me be jumped at his bar. “It’s a long story,” I offered, realizing for the first time that it might be nice to actually tell someone what happened.
“Is that so.” he said with a hint of a smile and a shake of his head. “Well, hows about we get you a drink while the boys get ready to load up your car.” He offered in return, making me smile. “There’s always plenty of time for stories at my bar.” He said proudly.
“I’d like that…” I said with another exhausted sigh, managing to keep the smile up as he put an arm around me and lead me in the back door of the bar.
“Oh, by the way, how did you hold up during the bitcoin crash? I heard it hit a couple of transporters pretty hard.” he said, making me chuckle as we made our way through the kitchen.
“Funny you should mention that,” I said, making him raise an eyebrow, “because that’s how my long story star—” I began, only to stop short when I looked at the bar.
HE was siting there, sipping on a beer without a care in the world. He noticed me out of the corner of his eye and that same sickeningly sweet smile crept onto his face as his eyes met mine.
I froze. There was no way that this was a coincidence. There was no way that he just happened to be at this bar at this time.
I was broken from my trance by the bar owner waving his hand in front of my face and saying my name, “Hello? T, you alright?”
I quickly ducked back into the kitchen and started to hyperventilate. How did he know? How could he possibly have known that I would be here? Did he follow me?
“Did who follow you?” The owner’s voice brought me back to reality once again as I realized I’d been thinking out loud. His face was concerned, bordering on scared.
“How long has that guy been at the bar?” I asked, hoping that the owner knew who I was talking about.
“If you mean tall, thin, and creepy then about an hour… What is going on T?” He asked, as I slumped against the wall.
I started crying. I broke down and burst back into the bar only to see that Mr. Hide&Seek he was already gone. “I… I need to go. I need to get home!” I said, pushing past the owner and running to my car. He called after me, trying to get me to stay and explain what the hell was happening but I wasn’t listening. For all I know, Mr. Hide&Seek could be breaking in to my apartment already.
I drove straight home and threw open the door to my apartment. It had still been locked, but I wasn’t taking any chances. I grabbed a knife from the kitchen and checked everywhere. But he wasn’t there.
Then, my phone rang and scared the living hell out of me. I checked the number and gulped when I saw that it was blocked. I considered not answering but in the end I picked up the call.
“H-Hello?” I asked tentatively.
“T… What the hell happened at the bar?” a modulated voice rang through the speaker in my ear, making me wince. It was one of the site admins for sure.
I was silent for a moment before telling the admin everything. I couldn’t see the man, but I could feel a sudden change when I mentioned seeing Mr. Hide&Seek at the bar.
“T,” the admin began, a serious edge to his voice. “I need you to log in to the site… _Now_” he said, and something in me told me to listen. I booted up my laptop and hopped on to the site. As soon as I logged in a dialog appeared that I’d never seen before.
ADMIN would like to take control of this computer. Do you consent to this?’ With two buttons. One for yes. One for no.
I clicked yes and watched as my cursor began to move on it’s own. “Thank you T. This will only take a moment…” the admin said, a practiced calm in his voice as he downloaded several files and began to do… Something on my laptop.
A minute later a dialog box popped up that said, ‘Threat detected!’ and the admin sighed and his voice sharpened as he spoke. “T… You’ve been compromised. You’ve had a nasty piece of spyware installed on your machine, for about a month by the looks of things. It’s been recording your keystrokes and giving someone remote access to your camera…” the admin explained, making me gulp as I realized that all of my information was insecure.
“B-but, there’s no way! I haven’t download anything!” I said, making the admin mutter something as a bout of typing could be heard coming through the phone.
The admin’s voice was cold and calculated when he spoke next. “No… No you didn’t…” he said, making me gulp. “This software was installed via _USB_…” the admin said, making my heart nearly stop.
Hide&Seek had been in my home! He had been here without me noticing and put that program on my laptop. Even after all of my paranoia, he still found his way into my room without me knowing.
“I’m going to delete the program,” the admin said, and a few keystrokes later, “done… What the—”
As the admin deleted the program, thousands of windows began popping up on the screen of my laptop. All of them saying the same thing…
‘olly olly oxen free’
After that, I threw my laptop in the trash and got a new one as well as a new phone, sim card and all. I was taking no chances. I got all new accounts for everything and the admin told me he revoked Mr. Hide&Seek’s membership personally.
But I’m going to disappear all the same, I have a plane ticket to somewhere and my bags are already packed.
Don’t look for me, and if you ever start to feel like you’re being watched… It’s because you are.
submitted by rijento to DrCreepensVault [link] [comments]

Understanding Tether: Why it accounts for a substantial part of the crypto market cap and why its the #1 outstanding issue in crypto markets today

In this post I will go in-depth on:
  1. How Tether got to be what it is today
  2. Why Tether's market cap is a lot more than 0.5% of the total market cap for crypto you see on CoinMarketCap
  3. Tether printing timing
  4. Tether reserves
  5. What could happen to the market if Tether is found to not be backed by reserves
Tether is incredibly important to the cryptocurrency market ecosystem and I've noticed far too few people understand what is going on.
Very little actual discussion of the 2nd biggest crypto by volume happens here and whenever someone starts a discussion they most often got slapped for "FUD". Tether themselves recently hired the major New York based PR firm 5W to spread positive information online and take down critics, I'm sure some of their operatives are probably on Reddit.
But its absolutely critical you understand the risks behind Tether and especially now with the explosion in reserve liability, breakdown in relationship with banks and their auditor and recently announced subpoena.

What exactly is Tether and what happened so far?

Tether is a cryptocurrency asset issued by Tether Limited (incorporated in the British Virgin Islands and a sister company of Bitfinex), on top of the Bitcoin blockchain through the Omni Protocol Layer. It is meant to give people a "stablecoin", for example a merchant who accepts bitcoin but fears its volatility could shift bitcoin into tether, which can be easier to do than exchanging bitcoin for dollars. Recently they've also added an Ethereum-based ERC20 token. Tether Ltd claims that each one of the tokens issued is backed by actual US dollar (and more recently Euro) reserves. The idea is that when a business partner deposits US dollars in Tether’s bank account, Tether creates a matching amount of tokens and transfers them to that partner, it is NOT a fractional reserve system.
Tether makes the two following key promises in its whitepaper on which the entire premise is build:
Each tether issued will be backed by the equivalent amount of currency unit (one USDTether equals one dollar).
Professional auditors will regularly verify, sign, and publish our underlying bank balance and financial transfer statement.
Tether is centralized and dependent on your trust of Bitfinex/Tether Limited, and that the people behind it are honest people. For the new entrants to this market it will be greatly beneficial understand the timeline of Tether and their connection to Bitfinex.
A brief timeline:

Most common misconception: Tether is only a small part of the total market cap

One of the most common misconception people have about cryptocurrencies is that the "market cap" amount they see on CoinMarketCap.com is actually the amount of money that is invested in each coin.
I often hear people online dismiss any issue with tether by simply claiming its not big enough to cause any effect, saying "Well Tether is only $2.2 billion on CoinMarketCap and the market is 400 billion, its only 0.5% of the market".
But this misunderstands what market capitalization for cryptocurrency is, and just how different the market cap for Tether is to every other token. The market cap is simply the last trade price times the circulating supply. It doesn't take into account the order book depth at all. The majority of Bitcoin (and most coins) are held by those who either mined or purchased for a very low price early on and simply held on as very small portions of the total supply was rapidly bid up to their current price.
An increase in market cap of X does NOT represent an inflow of X dollars invested, not even close. A 400 billion dollar market cap for crypto does NOT mean that there is 400 billion dollars underwriting the assets. Meanwhile a 2 billion dollar Tether market cap means there should be exactly $2 billion backing up the asset.
Nobody can tell for sure exactly how much money has been invested in cryptocurrency market, but analysts from JPMorgan found that there was only net inflow of $6 billion fiat that resulted in $300 billion market cap at the time. This gives us a roughly 50:1 ratio of market cap to fiat inflow. Prominent crypto evangelist Julian Hosp gives the following estimate: "For a cryptocurrency to have a market cap of $1 billion, maybe only $50 million actually moved into the cryptocurrency."
For Tether however the market cap is simply the outstanding supply, 2.2 billion USDT is actually equal to 2.2 billion USD. In order to get $50 USDT you have to deposit $50 real U.S. dollars and then 50 completely new tokens will be issued, which never existed before on the market.
What is also often ignored is that Bitfinex allows margin trading, at a 3.3x leverage. Bitfinexed did an excellent analysis on how tether is entering Bitfinex to fund margin positions
There are $2.2 billion in Tether outstanding and the current market cap of the entire market is $400 billion according to CoinMarketCap. You can actually calculate Tether as a % of total fiat invested in the market according to the JP Morgan estimate, the following table outlines for a scenario of no margin lending and 15/25% of tether being on a 3.3x leverage margin account:
Fiat Inflow/Market Cap Ratio Tether as % of total market (no margin) Tether as % of total market (15% on margin) Tether as % of total market (25% on margin)
JP Morgan estimate (50:1) 27.5 % 36.9 % 43.3 %
Even without any margin lending Tether is underwriting the worth of about 27.5% of the cryptocurrency market, and if we assume only 25% was leveraged out at 3.3x on margin we have a whole 43% of the market cap being driven by Tether inflow.
A much better indicator on CoinMarketCap of just how influential Tether is actually the volume, its currently the 2nd biggest cryptocurrency by volume and there are even days where its volume exceeds its market cap.
What this all means is that not only is the market cap for cryptocurrencies drastically overestimating the amount of actual fiat capital that is underwriting those assets, but a substantial portion of the entire market cap is being derived from the value of Tether's market cap rather than real money.
Its incredibly important that more new investors realize that Tether isn't a side issue or a minor cog in the machine, but one of the core underlying mechanisms on which the entire market worth is built. Ensuring that whoever controls this stablecoin is honest and transparent is absolutely critical to the health of the market.

Two main concerns with Tether

The primary concerns with Tether can be split into two categories:
  1. Tether issuance timing - Does Tether Ltd issue USDT organically or is it timed to stop downward selling pressure?
  2. Reserves - Does Tether Ltd actually have the fiat reserves at a 1:1 ratio, and why is there still no audit or third party guarantee of this?

Does Tether print USDT to prop up Bitcoin and other cryptocurrencies?

In the last 3 months the amount of USDT has nearly quadrupled, with nearly a billion being printed in January alone. Some people have found the timing of the most recent batch of Tether as highly suspect because it seemed to coincide with Bitcoin's price being propped up.
https://www.nytimes.com/2018/01/31/technology/bitfinex-bitcoin-price.html
This was recently analyzed statistically:
Author’s opinion - it is highly unlikely that Tether is growing through any organic business process, rather that they are printing in response to market conditions.
Tether printing moves the market appreciably; 48.8% of BTC’s price rise in the period studied occurred in the two-hour periods following the arrival of 91 different Tether grants to the Bitfinex wallet.
Bitfinex withdrawal/deposit statistics are unusual and would give rise to further scrutiny in a typical accounting environment.
https://www.tetherreport.com
I'm still undecided on this and I would love to see more statistical analysis done, because the price of Bitcoin is so volatile while Tether printing only happens in large batches. Simply looking at the Bitcoin price graph over the last 3 months and then the Tether printing its pretty clear there is a relationship but it doesn't seem to hold over longer periods.
Ultimately to me this timing isn't that much of an issue, as long Tether is backed by US dollars. If Bitfinex was timing the prints then it accounts to not much more than an organized pumping scheme, which isn't a fundamental problem. The much more serious concern is whether those buy order are being conducted on the faith of fictitious dollars that don't exist, regardless of when those buy orders occur.

Didn't Tether release an audit in September?

Some online posters have recently tried to spread the notion that Tether has actually been audited by Friedman LLP and that a report was released in September 2017. That was actually just a consulting engagement, which you can read here:
https://tether.to/wp-content/uploads/2017/09/Final-Tether-Consulting-Report-9-15-17_Redacted.pdf
They clearly state that:
This engagement does not contemplate tests of accounting records or the performance of other procedures performed in an audit or attest engagement. Our procedures performed are not for the purpose of providing assurance...In addition, our services do not include determination of compliance with laws and regulations in any jurisdiction.
They state right from the beginning that this is a consultancy job (not an audit), and that its not meant to be assurance to third parties. Doing a consultancy job is just doing a task asked by your customer. In a consultancy job you take information as true from the client, and you have no mandate to verify whether your customer's claims are true or not. The way they checked is simply asking Tether to provide them the information:
All inquiries made through the consulting process have been directed towards, and the data obtained from, the Client and personnel responsible for maintaining such information.
Tether provided a screenshots of twp bank balances. One of these is in the name of Tether Limited, and while the other is a personal account of an individual who Tether Limited claims has a trust agreement with them:
As of September 15, 2017, the bank held $60,919,810 in an account in the name of an in individual for the benefit of Tether Limited. FLPP obtained an engagement letter for an interim settlement plan between that individual and Tether Limited and that according to Tether Limited, is the relevant agreement with the trustee. FLLP did not evaluate the substance of the letter and makes no representation about its legality.
Even worse is that later on in Note 1, they clearly claim that there is no actual evidence that this engagement letter or trust has any legal merit:
Note 1: FLLP makes no representations about sufficiency or enforceability of any trust agreement between the trustee and the Client
Essentially what this is saying is that the trust agreement may not even be worth the paper it’s printed on.
And most importantly… Note 2:
FLLP did not evaluate the terms of the above bank accounts and makes no representations about the clients ability to access funds from the accounts or whether the funds are committed for purposes other than Tether token redemptions
Basically Tether gave them a name of an individual with $60 million in their account according to a screenshot, Tether then gave them a letter saying that there is a trust agreement between this individual and Tether Limited. They also have account with $382 million but no guarantee that this account holds to any lien or other commitments, or that it can be accessed.
Currently Tether has 2.2 billion USDT outstanding and we have absolutely no idea whether this is actually backed by anything, and the long promised audit is still outstanding.

What happens if its revealed that Tether doesn't have its US dollar reserves?

According to Thomas Glucksmann, head of business development at Gatecoin: "If a tether debacle unfolds, it will likely cause quite a devastating ripple effect across many of the exchanges that see most of their volumes traded against the supposedly USD-backed cryptocurrency."
According to Nicholas Weaver, a senior researcher at the International Computer Science Institute at Berkeley: "You could see a spike in prices in tether-only bitcoin exchanges. So, on those exchanges only you will see a run up in price compared to the bitcoin exchanges that actually work with actually money. So you would see a huge price diverge as people see that only way they can turn tether into real money is to buy other cryptocurrency then move to another exchange. That is a bank run."
I definitely see the crypto equivalent of a bank run, as people actually try to secure their gains an realize that this money doesn't actually exist within the system:
If traders lose confidence in it and its value starts to drop, “people will run for the door,” says Carlson, the former Wall Street trader. If Tether can’t meet all its customers’ demand for dollars (and its Terms of Service suggest that in many cases it won’t even try), tether holders will try to snap up other cryptocurrencies instead, temporarily causing prices for those currencies to soar. With tether’s role as an inter-exchange facilitator compromised, investors might lose faith in cryptocurrencies more generally. “At the end of the day, people would be losing substantial sums, and in the long term this would be very bad for cryptocurrencies,” says Emin Gun Sirer, a Cornell professor and co-director of its Initiative for Cryptocurrencies and Smart Contracts.
Another concern is that Bitfinex might simply shut down, pocketing the bitcoins it has allegedly been stockpiling. Because people who trade on Bitfinex allow the exchange to hold their money while they speculate, these traders could face substantial losses. “The exchanges are like unregulated banks and could run off with everyone’s money,” says Tony Arcieri, a former Square employee turned entrepreneur trying to build a legally regulated exchange.
https://www.wired.com/story/why-tethers-collapse-would-be-bad-for-cryptocurrencies/
The way I see it, this would be how it plays out if Tether collapses:
  1. Tether-enabled exchanges will see a massive spike in Bitcoin and cryptocurrency prices as everyone leaves Tether. Noobs in these exchanges will think they are now millionaires until they realize they are rich in tethers but poor in dollars.
  2. Exchanges that have not integrated Tether will experienced large drops in Bitcoin and alts as experienced investors flee crypto into USD.
  3. There will be a flight of Bitcoin from Tether-integrated exchanges to non-Tether exchanges with fiat off-ramps. Exchanges running small fractional reserves will be exposed, further increasing calls for greater reserves requirements.
  4. The exchanges might slam the doors shut on withdrawals.
  5. Many exchanges that own large balances of Tether, especially Bitfinex, will likely become insolvent.
  6. There will be lawsuits flying everywhere and with Tether Limited being incorporated on a Carribean Island whose solvency and bankruptcy laws will likely ensure they don't ever get much back. This could take years and potentially push away new investors from entering the space.

Conclusion

We can't be 100% completely sure that Tether is a scam, but its so laiden with red flags that at this point I would call it the biggest systematic risk in the crypto space. Its bigger than any nation's potential regulatory steps because it cuts right into the issue of trust across the entire ecosystem.
Ultimately Tether is centralizing one of the very core mechanics of the cryptocurrency markets and asking you to trust one party to be the safekeeper, and I really see very little reason to trust Bitfinex given their history of lying and screwing over their own customers. I think that Tether initially started as a legit business to facilitate the ease of moving money and avoiding regulations, but somewhere along the lines greed and/or incompetence took over (something that seems common with Bitfinex's previous actions). Right now we're playing proverbial hot potato, and as long as people believe that Tether is worth a dollar everything is fine, but as some point the Emperor will have to step out from hiding and somebody will point out they have no clothes.
In the long term I really hope once Tether collapses we can move on and get the following two implemented which would greatly improve the market for all investors:
  1. Actual USD fiat pairings on the major exchanges for the major currencies
  2. Regulatory rules on exchange reserve requirements
I had watched the Bitconnect people insist for the last 2 years that everything about Bitconnect made perfect sense because they were getting paid daily. The scam works until one day it suddenly doesn't.
Tether could still come clean and avoid all of this "FUD" by simply getting a simple review of their banking, they don't even need a full audit. If everything was legit with Tether, it would be incredibly easy to have a segregated bank account with the funds used solely to back up Tether, then have an third party accounting firm simply review the account and a bank reconciliation statement then spend a few hours in contact with the bank to ensure no outstanding liabilities are held on that balance. This is extremely basic stuff, it would take a few hours to set up and wouldn't take a lot of man-hours for a qualified account to do, and yet they don’t do it. Why? Why hire a major PR firm and spend god knows how much money to pay professional PR representatives to attack "FUD" online instead?
I think I know why.
submitted by arsonbunny to CryptoCurrency [link] [comments]

Bitcoin Private (BTCP) Is Easy to 51 Percent Attack and Has a Hidden 2.04 Million Coin Premine

Bitcoin Private (BTCP) Is Easy to 51 Percent Attack and Has a Hidden 2.04 Million Coin Premine

https://preview.redd.it/qrb6gjkz2p621.png?width=690&format=png&auto=webp&s=408b4882eac543cadcbe8c295d459688b7b2dedf
https://cryptoiq.co/bitcoin-private-btcp-is-easy-to-51-percent-attack-and-has-a-hidden-2-04-million-coin-premine/
The War On Shitcoins Episode 8: Bitcoin Private (BTCP). The war on shitcoins is a Crypto.IQ series that targets and shoots down cryptocurrencies that are not worth investing in either due to their being scams, having serious design flaws, being centralized, or in general just being worthless copies of other cryptocurrencies. There are thousands of shitcoins that are ruining the markets, and Crypto.IQ intends to expose all of them. The crypto space needs an exorcism, and we are happy to provide it.
Bitcoin Private (BTCP) is one of numerous Bitcoin forks but is perhaps one of the more well-known forks. Bitcoin Private (BTCP) launched in March 2018, and in April, briefly attained a market cap of $1.5 billion. However, Bitcoin Private (BTCP) is a good example of how market cap is a poor measure of the legitimacy or usefulness of a cryptocurrency.
In October, a hacker live streamed a 51 percent attack against Bitcoin Private (BTCP) for fun, using hash power rented from a cloud mining site. Now it has come to light that the Bitcoin Private developer team minted an extra 2.04 million BTCP during the genesis fork and hid this fact from the public. Essentially, Bitcoin Private (BTCP) is a shitcoin because it lacks security and has corrupt developers, as we’ll explain in this article.
Anyone Could 51 percent Attack Bitcoin Private (BTCP)
A hacker who uses the pseudonym “Geocold” wanted to prove to the world how easy it is to 51 percent attack a cryptocurrency, even a cryptocurrency with a market cap in excess of $50 million at the time, one like Bitcoin Private (BTCP).
Perhaps Geocold was inspired by Crypto51, a website that calculates how affordable it is to perform a 51 percent attack on various cryptocurrencies. Currently Bitcoin Private is still extremely vulnerable to a 51 percent attack since the total network hash rate is seven MH/s and uses the equihash algorithm.
Crypto51 indicates it costs a mere $48 to 51 percent attack Bitcoin Private (BTCP) for an hour, so perhaps for less than $200 a hacker could perform a sustained and devastating attack that would decimate Bitcoin Private (BTCP). It seems like most major exchanges have delisted Bitcoin Private (BTCP) after Geocold’s initial livestream, but several exchanges still offer Bitcoin Private (BTCP), which is a true disservice to their customers and puts the exchange itself at risk.
The Geocold livestream 51 percent attack of Bitcoin Private (BTCP) caused a media frenzy in the crypto space. Many thought it should be illegal to attack a cryptocurrency, and indeed Twitch and Stream.me banned Geocold’s account. Geocold obtained 62.5 percent of the Bitcoin Private (BTCP) hash rate and was successfully mining blocks and was ready to perform the double spend attack, but he only stopped because he lost his streaming account.
As we’ve mentioned, anyone with $50 and a little programming knowledge could perform a successful 51 percent double spend attack on Bitcoin Private (BTCP). Geocold was doing the crypto space a service by exposing this truth. In general, people should do research before investing or trading a cryptocurrency to ensure it is actually secure. In this case, Bitcoin Private (BTCP) obviously lacks security, yet it still has a market cap of tens of millions of dollars and hundreds of thousands of dollars of daily trading volume.
Bitcoin Private (BTCP) Developers Secretly Premined 2.04 Million Coins
The fact that Bitcoin Private (BTCP) can be so easily attacked makes it a shitcoin, but the revelation that the developers secretly mined 2.04 million BTCP during the genesis fork is the nail in the coffin.
The whole idea behind Bitcoin Private is that it is Bitcoin integrated with Zclassic (similar to Zcash) privacy technology. This means there are stealth addresses and transparent addresses. The developers used this to their advantage, they minted 2.04 million BTCP and hid it in stealth addresses. Further, the developers released supply auditing checks for BTCP that purposely missed the hidden premine.
It has been over 9 months since Bitcoin Private launched, and this is only being discovered now. The total supply of Bitcoin Private (BTCP) is supposed to be 21 million coins like Bitcoin, but there are already 22.6 million BTCP in existence and mining continues.
It appears 300,000 BTCP from the hidden premine were dumped onto the market between July and August, coinciding with a price crash from $10 to $3. It is estimated that these dumped BTCP from the hidden premine netted the developers between $1 million and $3 million, while simultaneously the total BTCP market cap lost over $100 million.
There is nothing to stop the developers from dumping the other 1.74 million BTCP that they have in their not-so-hidden premine. The market is reacting to this revelation, and the price of BTCP has dropped to $2. If the developers were to actually cash out this premine all at once it would completely saturate the order books and drop the price of BTCP to near zero.
Even at this lower price the market cap of Bitcoin Private (BTCP) is in excess of $40 million. This makes zero sense for a cryptocurrency that can easily be 51 percent attacked by any script kiddie, while simultaneously the market could be sucked dry at any moment by the corrupt developers.
submitted by turtlecane to CryptoCurrency [link] [comments]

Bitcoin prediction and the CCP thought.

So the Chinese seem to be tossing in a “we like blockchain” obstacle To BTC adoption. This to me is a sign that that the CCP would like to divert Chinese attention away from real crypto. This blow coincides at a time when some miners (I assume) are cashing out due to their razor thin margins and their calculation of what a halving would mean for future profits. If a run up occurs as a result of decreased flow of new bitcoins, the vacuum of miners (assumed) would create a huge strain on transaction speeds. The lack of speed and the introduction of a state owned crypto that is faster could give pause to many would be Chinese adopters of real crypto. If you were the Chinese, wouldn’t you love the idea of creating fiat crypto from thin air and exchanging it for non fiat Crypto? I’m reminded of the forced ejection from silver backed dollars in the face of worthless fiat that occurred 40 something years ago. I think the Chinese have that part of history earmarked in their playbook. So, two things could precipitate. I would think: The Chines people or the CCP could dump their BTC purchased by the new flow of Chinese crypto at that point OR they could flush out the crypto market in China to a large extent, taking demand way down at a crucial time . Does the CCP have their people totally dialed in that well? Am I making too many assumptions about how they would use a state backed Crypto? Am I selling the Chinese people short. Pardon the pun. Maybe the Chinese will release their new currency just weeks before the halving?
submitted by chadcansell to Bitcoin [link] [comments]

SPOILERS [S3E10] The loop of Elliot "saving the company / stopping the hack" in S1E1, the logistics "mirage" of S3, and Hot Carla's take on Elliot in Red Wheelbarrow

SUMMARY - When Elliot is heralded as a hero for "saving" something, he is actually hacking and/or destroying it, and the pattern continues. This premise builds Elliot's loops, hacks, and undo/restarts, and he's not done. Here is what I think really happened in S3 and where things will go in S4. Like Tyrell said, "old habits, they die hard".
Remember the pilot where everyone on the show congratulated Elliot for "saving the company" (Allsafe) and "stopping the hack" (ecorp)? Elliot was heralded as being a savior for stopping the big hack, when in fact he was starting another hack that would later end Allsafe and severely damage ecorp. Elliot's trip to the Dulles server farm to stop the big ecorp hack was the cover he used, and that is where he actually planted the .dat file, right in front of us, under our noses, that would later be exploited.
https://www.usanetwork.com/mrrobot/timeline-gallery/mr-robot-season-1-easter-eggs
Elliot's actions and patterns throughout the series mirror the rootkit that was the cause of that big ecorp hack of the pilot, with Elliot as the rootkit physically and digitally.
E: I think they got a rootkit sitting inside the servers.
A: What's a rootkit?
L: ...it's a malicious code that completely takes over their system. It could delete system files, install programs, - viruses, worms -
A: How do we stop it?
E: That's the thing, it's fundamentally invisible. You can't stop it.
L: All of their servers are timing out. None of them are coming back up. This means every time we restart a server the virus replicates itself during boot-up, then crashes the host.
L: How are we supposed to bring up the network if we can't restart the servers?
E: We can't, which is what they wanted. By defending ourselves, we ended up spreading the virus everywhere.
This kind of deceptive loop of Elliot taking action to "save" something, and TELLING US he is saving something, while he is doing something entirely different is a pattern for him, and is augmented by the fact that Elliot TELLS US he hacks everyone and lies to us, so we do know that is one truth of the show....Elliot HACKS and LIES. We see Elliot do this with Stage 2, where only he knows the whole plan and Tyrell/Darlene are left wondering what is happening, even though they are both working for Elliot. We see it with Elliot's Stage 3 fakeout to own the Dark Army.

To continue that pattern, we see Elliot take control of the ecorp logistics system under the guise of creating a "paper record mirage" to keep the paper records from being blown up by his own work (allegedly as Mr. Robot) in Stage 2, in which Elliot ended up "failing". But that isn't the ONLY result of that hack. Here is what I believe really happened.

Remember that at the fancy dinner attended by Zhang/WhiteRose and Price in S3E6-7, Zhang/WR assigned a task to Price: shipping her project to the Congo using ecorp's logistics system. The very same logistics system we saw Elliot own when he started working at ecorp.....and STILL OWNS in the S3E10 finale. Elliot needed to own ecorp's logistics system and make it seem like he had a purpose for it other than his goal later on, much like his trip to the Dulles server farm in the pilot, for a later move and payout. In the case of the logistics system, Elliot needed it as the first part of his plan to get to the side of WhiteRose, since he is the ONLY PERSON who can bust through the logistics issue of getting her project to the Congo. We don't know yet HOW Elliot knows WR will want to move her project to the Congo or how long he might have known of it (possibly since childhood if he got wind of it when visiting his dad at ecorp, which we were subtly told he did in S2E6's scene w/young Elliot and Edward in the car outside the Mr. Robot store), or if he knows because he is working fowith another high-level player (like Price) that hasn't been disclosed yet, so this will need to be addressed in S4, but Elliot knows WR has a project to move to the Congo before he hacks the DA. Back to the point, this logistics move only gets Elliot one-third the way there.

Unfortunately, this means Elliot has to produce another set of circumstances that will challenge the shipping of WR's project to the Congo. What is that block? MARTIAL LAW. Martial law circumvents a lot of current DA operatives and bribes because there are a new set of players/rules/circumstances put into effect that are too new and numerous for the DA to get control of quickly enough to overcome this obstacle.

Why is there martial law in effect? Because the 71 buildings blew up. Unpleasant as it is to think about, Elliot needed those 71 buildings to blow in order to create the martial law situation, so I believe that no matter what any form of Elliot told us, we were witnessing a loop similar to the pilot hack. I believe that Elliot was NOT trying to actually stop the buildings from blowing at all, but had another agenda that needed to be started under cover of the hoodie-clad rioter chaos (and I don't think those rioters in HOODIES were any coincidence, especially on the only ecorp workday where Elliot NEVER took his hoodie off....) in the main ecorp building, and completed in the 2nd ecorp building that he snuck into after the chaos of the bomb threat that he called in, after he was fired and his access to ecorp allegedly revoked (providing a cover story and plausible deniability for Elliot should anyone suspect or try to pin things on him). What Elliot did there has yet to be revealed, but I strongly suspect that he owned ECOIN and perhaps something else that we haven't yet seen...possibly the new technology prototype that Tyrell spoke of in his "prep for Price pitch" that we saw in S1E3", possibly WHITEROSE'S PROJECT. Whatever it is, I believe we are due for another big ecorp hack reveal in S4.

So while Elliot kept our confidence and sympathy, and earned the sympathy of Darlene and Angela in his apparently valiant attempts to stop his own Stage 2 plan, I believe that Elliot NEEDED Stage 2 to happen exactly as it did....with the full force of the Dark Army taking out the 71 buildings....because this series of events facilitated martial law being imposed and allowed Elliot to own one or more things that haven't yet been revealed. Without the martial law blockade, Elliot cannot get to the side of WhiteRose with his "miraculous save" that he offered - and apparently delivered - at the end of S3. And creating a plan that one DELIBERATELY SABOTAGES is an EXCELLENT way to trace response preparedness/power pathways/players and test loyalties along the way, which is exactly what Elliot did with Stage 2 and in S3. We got a small-scale sample of that when Elliot was released from prison in S2 and wanted Cisco to arrange a meet with Xun, where Elliot asked about Stage 2. I believe Elliot knew full well what Stage 2 was (despite what he told us), thus causing intended confusion among the players ("this will get them talking"). Sam Esmail and the cast mentioned over and over that loyalty was a key theme in S3, and indeed it was. In the end of S3, Elliot has much more information about players, pathways, and the bottom line of the desires/motivations/loyalties of people in his realm, including Angela and Darlene.

There was one more component to Elliot's solution to WhiteRose, which was the Stage 3 deception that he already admitted to us was a ruse to own the DA. Elliot still owns everything DA at the end of S3, they have no time/way to recover before the end of the season, and he impresses WR enough that she sacrifices Grant to keep Elliot around, which is exactly where Elliot wants to be.

Elliot's attempts to "save" something literally blow up....but I believe those were the intended consequences the whole time. We hear Elliot and Mr. Robot occasionally comment over the 3 seasons about casualties, persistence, the losses, and the cost to get to that point, especially in their last subway conversation of S3. And in that conversation, we HEAR Elliot literally say that he did all this "for ME...I'm doing this FOR ME." That line is classic Mr. Robot, because even though Elliot tells Mr. Robot/us DIRECTLY that he did all this for himself, the context used to frame up what he did and why he did it, and the brilliant acting of Rami Malek that imbues those words with such pained sincerity, leave us feeling like Elliot really wants to try to fix things by undoing the hack. So at the end of S3, we see Elliot send the encryption key to some general ecorp address. But, as many posters here have written, and the Parsons-educated prostitute notes in the post-credit scene of S3, undoing the hack will not be beneficial, and will make things worse. As smart and thorough as Elliot is, I believe he already knows this, I don't think he is in any way ignorant of that fact. Not sure exactly what he has in store, but I'm guessing it isn't what he told us in S3. If Elliot owns Ecoin, he could lock up all the wallets (like we saw with Ray's situation of S2) and then restore debt with the ecorp records, inciting outrage among the masses as they would have no access to money. Whatever it is, it will probably be the fuel to fire a full-scale revolution that Mr. Robot told us about in the pilot, especially since Elliot has even more ways to kill the public's confidence in ecorp, which is so deeply embedded in the world's economy that destroying it will rouse the whole world to revolution.

Side note - I also think that between Elliot's "metadata" hack of the FBI of S3E4 and the access to FBI's Sentinel that Elliot was literally given (by Dom, under protest) as a way to get the encryption keys (which he had the whole time...and I believe he knew it), Elliot probably owns SENTINEL. Sentinel is a key database not just for the FBI, but NSA and the CIA as well, so if Elliot owns that, he is much closer to god access than he ever was before. I believe that Elliot had his "key" plan in motion and spotlighted Romero as the pathway to get into Sentinel under the guise of trying to find the encryption keys, which would also support the idea that many folks have had on the sub, that Elliot is ultimately responsible for Romero's death. And let's not forget that last we knew, Elliot still owned Vera's whole operation, we never saw him actually turn anything over to the authorities...that was just dropped. Vera also showed back up in the post-credit scene of S3, so will be very interesting to see where that leads in S4.

So by the end of S3, Elliot STILL owns ecorp, as he has since S1, and has increased his access there, and he likely owned Ecoin before S3 ever ended right under our noses. Elliot still owns the DA. Elliot likely owns Sentinel. Elliot may well still own Vera's operation, maybe he has also procured funds/resources from other criminals he turned in before he turned them in (I think he was creating the problems for Ray's site/hot-cold wallet system that caused Ray to seek out Elliot's help in prison, and I'm betting Elliot might still have some of that bitcoin). Elliot might even own WR's project, or be positioning himself to do that (even if WR suspects that is what Elliot will do, which she has to at this point). And Elliot managed to own ALL OF THIS while telling and/or showing us he was doing something different, or for a different purpose than he said he was doing it, just like he did in the pilot. So Elliot is repeating his loops and starting new ones, going back to the beginning. As the S3 finale title command told us...."shutdown -r"....shutdown and restart...just like the rootkit from the pilot, spreading the virus everywhere.

On to HOT CARLA. In the companion book RED WHEELBARROW, Hot Carla heralds and admires Elliot, writing about how he changed the world for the better, essentially "saving" it (in the past tense). We don't know yet exactly what Hot Carla defines as changing the world "for better" or why she regards Elliot as a savior, and it might actually line up with something Elliot did. It is possible that Hot Carla might want to see the world burn since she is a pyro who has apparently led a life filled with challenges and "saves" books by burning them. But if the pattern Elliot has demonstrated time and time again holds true, then it is likely that Elliot's "changing the world for the better" or "saving the world" is similar to Elliot "saving Allsafe", which resulted in Allsafe's total destruction, and "stopping the ecorp hack", in which Elliot was hobbling ecorp and just getting started....

ETA:
Another point to consider is why Elliot is using complicated, convoluted routes to get to his end goals, and thanks to u/bwandering for bringing up some specific questions on this here. If we follow the patterns of the show so far, we see people going to great lengths to avoid being spied on and followed. Angela zig-zags her way across town to meet with Darlene in the smart house in S2. We watch Darlene get on/off the same subway train or go to a different car to avoid followers. The DA drives Darlene and Trenton by limo to Cisco in S1 even though Darlene knows full well where he lives. Tasks are also separated and delegated, with no one having the full picture of what is going on except Elliot (even if he tells us he doesn't know), and introducing middlemen where it doesn't even seem they are really necessary, like Cisco. The convoluted route as cover for a plan so complex would be necessary so that no one could track or anticipate where Elliot or his project are going and keep him separated from evidence and interference. The show has even followed that route, giving us scenes out of order, leaving things ambiguous and not sure where things are going while Elliot is moving forward with his plans, even while in jail, while we try to keep up. This is why I believe the indirect, complex routes are chosen, as cover.

I have written before about things related to these ideas in other posts and comments, but I wanted to update and pull it together here heading toward S4. I know thinking of Elliot doing these kinds of things can be unpleasant (going to apologize in advance to u/The_Firmament and u/yeswithanh) because they are NOT attractive prospects. This character who is so near and dear to us, whose pain and loneliness we see - and which I do think is real, BTW, because you can't be that calculating of a person and take all those actions and be mentally healthy - seems to still be hacking the world and hacking us, and, as Elliot told us, "even if it's him (Mr. Robot), it's ME".

In fact, Elliot is SO GOOD at hacking people, that despite him telling and showing us what he is doing over and over, telling us that he lies and hacks everyone, we still root for him. We still feel for him. We still care for him. We still BELIEVE him. We want him to succeed in his battle with himself and take down the top 1% if 1%, even when he IS the one playing god without permission. It mirrors Elliot's hack of Krista where he literally tells her he hacks her and everyone else, yet because of how he related to her in his "just like me" expressions of loneliness, and how expertly he hacked and pivoted the Lenny Shannon situation to his advantage so that Krista would process that information/hack as Elliot being protective of her, she gives Elliot a pass AND continues to be his therapist. By the time we get to the end of S3 where we see the Mr. Robot persona literally confess Elliot's involvement in the 5/9 hack and the 71 buildings blowing, KRISTA DOES NOT BELIEVE THE CONFESSION. Says it sounds like delusions of grandeur. Granted, the show could still go this route and have none of this stuff be happening, but for now, I'm working with the premise it is less likely. So Krista continues to root for Elliot and so do we, because we relate to him. When Irving told his car salesman how to relate using simple phrases and objects like the "world's best dad" mug to "make the sale", he noted EXACTLY how to do it, and underscored the hacking method Elliot has been using with everyone since the pilot. If I am near the mark, then how safe and secure can we be in our own world if we can't tell the good guys from the bad ones on TV?

I have grappled with the thought of Elliot as VILLAIN (which is literally spelled out on the movie poster Elliot shows up undenext to 3 times in the pilot - https://imgur.com/a/diGFpNv) with respect to things I recently read about how closely Sam Esmail relates to the character of Elliot, while still following this particular path of clues from the show. While I am only guessing, I do suspect that Sam was/is trying to tell a bigger cautionary tale, especially with his comments about how technology opens the world up to more vulnerabilities than we are prepared to recognize/combat, and how that kind of hacking could affect the world (which ended up being utterly prophetic by the time the show was released). And since Sam was also inspired by the events of Arab Spring, in which a sense of hope for so many people and nations tragically didn't work across the board, leaving many with worse circumstances in the end than they started with, I think this could line up. After all, in this world of virtual reality, one often has to experience things personally to truly be able to relate and metabolize them. I don't know if this is what Sam is trying to say with this beautiful show, but I think at least part of his message must want us to come away as more aware, more decent, and better prepared humans. Maybe Mr. Robot is OUR empathy, or gullibility, test.

So whatever Elliot's definitions of "undo", "restart", or "save" actually are, they will be complicated and create more chaos and undesireable results that only Elliot might understand or want. Elliot is certainly sitting with a lot more power going into S4, and even if he takes down WR and the other 1%, which I think he will, he has become the monster he told us that he allegedly sought to destroy in the process. In the end, Elliot might have to "save" us from himself.
submitted by MaryInMaryland to MrRobot [link] [comments]

r/Bitcoin recap - April 2019

Hi Bitcoiners!
I’m back with the 28th monthly Bitcoin news recap.
For those unfamiliar, each day I pick out the most popularelevant/interesting stories in Bitcoin and save them. At the end of the month I release them in one batch, to give you a quick (but not necessarily the best) overview of what happened in bitcoin over the past month.
You can see recaps of the previous months on Bitcoinsnippets.com
A recap of Bitcoin in April 2019
Adoption
Development
Security
Mining
Business
Education
Archeology (Financial Incumbents)
Price & Trading
Fun & Other
submitted by SamWouters to Bitcoin [link] [comments]

Bitcoin Market Cycle: Headed Towards Point of Maximum Financial Opportunity

Author: CoinLive News Team Jun 18, 2018 at 12:47
(Click the link to visualize the article from the original source)
There are many venues one can venture when it comes to analyzing the state of affairs in a particular market. However, from a psychological perspective, it is human nature to see repetitive patterns play out over and over. In this article, we want to bring to the readers' attention the psychology behind a market cycle, how it tends to trick one's emotions, and what stage the crypto space might be at.

Understanding the Psychology of a Market Cycle

Credit goes to Karen Bennett, writer at cheatsheet.com, whose chart (below) on the psychology of a market cycle has become an absolute classic to explain the different emotional phases of any volatile market. The chart illustrates the type of feelings and sentiment traders and investors alike experience as the price fluctuates. These inevitable human emotions, coupled with market fundamentals, help to explain the price dynamics and what we should expect based on the type of emotional phase we project to be in.
In this article, we will attempt to draw some parallels between the chart of Bitcoin and the psychological cycles investors go through as described by Karen Bennett. Let's, first of all, explore the chart below and extract a few insights out of it. It is of cardinal importance to always be reminded that markets go through periods of expansion and contraction, which describes the times where the market alternates between trending in a defined direction and moving sideways. This phenomenon can be extrapolated to multiple facets of our lives (thermal, matter, solid, liquids...).
It is during the periods of most contraction that the majority of the market crowd will leave by selling their holding (weak-handed players) to those that are interested in buying to accumulate at what is perceived as attractive prices. The contraction of the market partly occurs due to the compressive effect of those strong-handed players absorbing selling orders.
![](https://coinlive.io/ckeditor_assets/pictures/1000/content_psychology_cycles.png)

Applying Market Cycle Psychology to Bitcoin & Market Cap

By comparing the psychology of market moves and its emotions to the rollercoaster seen in Bitcoin ever since its peak from its irrationally exuberant rally from Dec-Jan, we have taken the initiative to draw what we believe could be some common parallels that may provide some extra insights about the potential market phase we might be at, as perceived by market participants. In our opinion, a period of depression, which leads up to disbelief might be the most accurate terrain we find ourselves at this moment in time, especially after the harsh sell-off resumption seen ever since mid-May.
![](https://coinlive.io/ckeditor_assets/pictures/1003/content_btc01.png)
We can best define this period as the one that sees a consistent loss of hope, with investors no longer expecting a significant upward correction in the near future that may get them out of the deep hole they find themselves in. A significant portion of market participants give up on the idea that their capital has been wisely invested. We seem to have entered a phase where investors aim to save whatever funds left in desperation even if they realize that cutting the losses for whatever capital is left will still represent a major setback.
This phase leads to a potential paradigm shift in their belief about the underlying fundamentals that they first considered so disruptive, or they simply come to the realization that the only reason they invested was out of an adrenaline-led hype vs a proper understanding of the technology and its revolutionary consequences to advance society as we know it. This loss in the overall interest keeps prices at depressed levels, which tends to coincide, at times, with the lowest point in the current cycle.
Stable prices in a compressed range tend to follow, in what might be an arduous and torturous stage lasting quite some time before a new bullish trend re-emerges. Note how the ATR has been consistently compressing since the peak, which suggests we are gradually heading towards the compression phase and point of maximum financial opportunity.

Keep in Mind Return to the 'Mean'

Another critical component to understand is the term "return to the mean". Given that the price of Bitcoin is now way below the most widely followed moving averages (5, 100, 200-Daily Moving Average), one could apply the usefulness of drawing trending lines to estimate where the fair value or mean may be located. Note, different interpretations (lines drawn) should be considered.
By connecting the most number of highs /lows from various price sequences, we come up with at least 3 different trendlines that serve as an estimate to calculate where the market may perceive the mean or fair value of Bitcoin. No one can really tell whether the first green box is the one the market is paying most attention to (follow volumes for valuable tips). However, this exercise helps us determine, from a market cycle/mean reversion standpoint, that the range between $6.5k and $3k appears to be an area where a period of accumulation (perception of value) will most likely occur.
![](https://coinlive.io/ckeditor_assets/pictures/1005/content_btc02.png)
Mean reversion is extremely critical. Over a short span, the markets can behave in such an erratic manner, and anything can happen, however, when we scan the market conditions as part of an extended period of time, which may go from months to years - that's when statistics and certain patterns tend to more accurately play out, with 2 plus 2 more often than not equal 4. Performance that is well above average eventually reverts back to an equilibrium point as it no longer can defy gravity, while performance that is well below average has a tendency to improve.
At CoinLive we are always open for interpretations that can be logically explained and have a mathematical backing. We have been long endorsing the approach taken by the user of BitcoinTalk that goes by the name Trolololo and its logarithmic non-linear mean regression chart. According to the chart below, we might be closer to the upper edge of the $6.5k-$3k range, although as usual, a caveat applies. In the past, the price of Bitcoin has had a tendency to spend significant periods of time in an undervalued area below the mean reversion (red line).
![](https://coinlive.io/ckeditor_assets/pictures/1006/content_btc03.png)
The formula%2Fweeks)+-+8.81809) that utilizes can also be applied to the total crypto market capitalization (currently at $270b), which can be found below:
![103.23720 log((weeks since Friday, January 9, 2009/week) - 8.81809)](http://www4d.wolframalpha.com/Calculate/MSP/MSP131ei58i8420g3f1eh00005h2a3221h21b15i6?MSPStoreType=image/gif&s=37) = ![1.78×1011](http://www4d.wolframalpha.com/Calculate/MSP/MSP171ei58i8420g3f1eh00002icb526a8ff605ie?MSPStoreType=image/gif&s=37)
Twitter user @TommyWorldPower, a crypto influencer and Creator of @energicrypto, notes: "My observations of the market is that current fair value of market: $175B. Current growth rate ~150%/yr (decaying at 20%/yr, so next year would be ~120% growth). Thus, though we are overvalued now, we would reach fair market value in about 8 months at current valuation. I'm hodling."

What Can We Learn from the Analysis?

Some of the main takeaways from this analysis include:
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Bitcoin and Litecoin Survival Guide My favorite coin for 2018 aside from Verge BlockChainSilver - YouTube MicLabTv - YouTube A little history of money - Is bitcoin the next step?

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Bitcoin and Litecoin Survival Guide

Money is an economic technology that solves the double coincidence of wants problem. (Check out our video “Love vs. Money” on that) That means it allows us to separate barter into two ... Calculating Crypto Mile Markers! - Duration: 20 minutes. 42 views ; 2 weeks ago; 17:10. Tezos and Chainlink the "Power Couple!" - Duration: 17 minutes. 913 views; 3 weeks ago; 12:29. BCH and LTC ... Bitcoin & Litecoin Survival Guide Review http://tinyurl.com/BitcoinLitecoinSurvivalGuide How to thrive in the new digital 'Wild West' of crypto-currencies..... Explained - This is How Alan Hudson Finds Amanda Holden Signed Card on Britain's Got Talent 2020 - Duration: 9 minutes, 23 seconds. Here is a video about the Bitcoin to Ripple Ratio and how it can help you to acquire more Bitcoin or Ripple. This video is for fun and entertainment only. I am not a financial adviser and this is ...

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