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Binomo Review Vietnam
Established in the year 2014, the Binomo.com website is a leading online trading platform that lets the user trade raw materials as well as cryptocurrency. Speaking more about it, this trading platform has clients from 133 countries. Besides, it has emerged as a popular broker for online traders from Turkey, Vietnam, India, Indonesia, and Ukraine. https://preview.redd.it/9bcpq2m4nnr51.jpg?width=1198&format=pjpg&auto=webp&s=587d3c8abfcd1e499992a0134a96a52e344e7d0c The platform is owned by Dolphin Corp, located in the St. Vincent and the Grenadines. Binomo trading platform witnesses around 30,000,000 traders every week and also enjoys more than 850,000 daily active online traders. The platform has been a category A member of the International Finance Commission since May 2018, this means it is reliable and guarantees its traders’ high-quality services, transparency, and protection while they generate profit. Binomo offers various attractive features like the low trade requirements, wide-range of financial assets, analytical services, highly efficient client support staff, professional level tutorials helping both experienced and novice traders. Binomo platform also offers quotes from the leading world news agencies as they understand how important the quality of trading is to trace commercial success. This is because Binomo lays emphasis on providing impeccable and a wide spectrum of services. Additionally, this online trading platform dedicates a huge amount of attention to the professional preparation of beginner traders, while at the same time providing the highest-level needs of the most sophisticated users in the market. Other than this, a demo account with USD 10 and different welcome bonuses are some of the significant benefits that you can enjoy with this Binomo platform. To know more about what is Binomo and to understand whether Binomo reliable trading platform or not, please go through this comprehensive Binomo review. Learn more about why Binomo can be an excellent choice.
Some traders might have heard about various Binomo fake news. But most of them are not true. If you visit the Binomo website, you will find that the broker is well-regulated. Binomo is regulated by the IFC- International Financial Commission and comes under the Category A. That means, Binomo reaffirms its commitment to maintaining the highest standards of commercial honor and best business practices. And if anything goes wrong, IFC will compensate the fund for the members. Apart from this, Binomo has successfully passed an audit by Verify My Trade (VMT) and received a certificate of quality of trades. Verify My Trade is a specialized service that certifies the quality of trade execution. This organization works in collaboration with The Financial Commission, making it possible to transparently and reliably assess the quality of trade execution with the trading platforms. Every year, the Binomo trading platform is audited by the Verify My Trade. It may be noted the last audit was carried out on 13th February 2020. Is Binomo safe? Well, the above information says the platform is safe to use. You won’t face any issues or fraud while trading on the Binomo platform.
Registration and Authorization
If you already have an account with Binomo, then you can just use Binomo login details to start trading. For new users, they need to open an account. The process of signing up with the Binomo trading platform is quite easy.
Visit https://binomo.com/ and simply click on the sign-in option. Now you need to fill up the online account and hit on create account. You can also use Google or Facebook accounts for registration.
After completion of the registration process, you will get an email on your registered email ID. Open that mail and click on the given link to verify and activate your account. Once done, you can now start trading by depositing money on the account. What more you get $ 1,000 in a demo account.
Binomo comes with an simple to use and fully accessible demo account allowing novice traders to learn the trading skill and learn how to use Binomo platform to earn extra income. You can use this account just by using your email ID. The user will get USD 1000, and they can top up it at any time. All the functions available in the real account are available in the demo account too. Use the demo account, improve your trading skill, and then switch to real account for some serious trading business.
Deposit, commission, and bonuses
The minimum deposit amount is USD 10. If you have a standard account, you can get a new status. To receive a GOLD status, a deposit of a total amount of USD 500 is required and for VIP status, the total deposit amount should be equal to USD 1000. Money can be deposited through:
Neteller, and more.
As is standard with most online trading platforms, Binomo does not charge any fee to use its services and does not charge a commission. Despite there being many positive things about the Binomo trading platform, there are several drawbacks as well. The platform has limited assets, especially for the ones who want to trade in cryptocurrency. There are limited trade types, insights, signals, or social trading not available. Also, there is always a risk of losing part or all the invested capital with online trading platforms. Online trading seems deceptively easy combined with lower costs and higher speeds. This can lead traders to trade too frequently and sell the best picks when they are just getting started. So, it is advised that you first get acquainted with using the Binomo online trading platform, know about the risks associated and only then invest to achieve income.
The withdrawal time is fast and easy. As the site has SSL, your data will remain encrypted. The entire withdrawal process takes around 2 to 7 days to get complete.
Binomo mobile App
To make the trading a lot convenient and accessible, Binomo offers its users its own Binomo trading app. The app is available for both iOS and Android mobile platforms. The app has a push notification feature that keeps you updated with all the recent happenings, promotional offers, and more. You won’t get this feature on the web platform. The Binomo app is very easy to use and has all the required features. In fact, it is themed to match the desktop version. So, you can download the Binomo trading app now and start trading.
Binomo platform offers several options to avail the customer support. Users can use a chat window for live chat, and you can send request in support an email at [email protected] to get a solution.
Binomo offers to educate its user about using the platform. There are two options:
Self-directed learning is all about using the demo account and use strategies offered by the platform. On the other hand, the mentored learning option is available only for VIP and Gold users, and they can trade with the help of a personal mentor. So, it can be said that the education offered by Binomo is quite useful.
Why you should try Binomo?
If you are looking for a reliable and certified online trading platform, then Binomo can be a perfect option as the platform has all the features and offer 24x7 hours support to both beginners and veteran. From the platform’s side, there is no fee and commission, thus attracting more people to use the trading platform. The minimum deposit of USD 10 and the minimum trading amount of USD 1 is very attractive. Furthermore, they have an easy to use demo account where you can enhance your trading strategy. So, you should try Binomo and get new experience. #binomo việt nam, #đầu tư binomo, #binomo là gì, #hướng dẫn chơi binomo, #cách sử dụng binomo, #binomo đăng nhập, #tải binomo, #rút tiền binomo
Taproot! Everybody wants to have it, somebody wants to make it, nobody knows how to get it! (If you are asking why everybody wants it, see: Technical: Taproot: Why Activate?) (Pedants: I mostly elide over lockin times) Briefly, Taproot is that neat new thing that gets us:
Multisignatures (n-of-n, k-of-n) that are just 1 signature (1-of-1) in length!! (MuSig/Schnorr)
Better privacy!! If all contract participants can agree, just use a multisignature. If there is a dispute, show the contract publicly and have the Bitcoin network resolve it (Taproot/MAST).
Activation lets devs work get back to work on the even newer stuff like!!!
Cross-input signature aggregation!! (transaction with multiple inputs can have a single signature for all inputs) --- needs Schnorr, but some more work needed to ensure that the interactions with SCRIPT are okay.
Block validation - Schnorr signatures for all taproot spends in a block can be validated in a single operation instead of for each transaction!! Speed up validation and maybe we can actually afford to increase block sizes (maybe)!!
SIGHASH_ANYPREVOUT - you know, for Decker-Russell-Osuntokun ("eltoo") magic!!!
OP_CHECKTEMPLATEVERIFY - vaulty vaults without requiring storing signatures, just transaction details!!
So yes, let's activate taproot!
The SegWit Wars
The biggest problem with activating Taproot is PTSD from the previous softfork, SegWit. Pieter Wuille, one of the authors of the current Taproot proposal, has consistently held the position that he will not discuss activation, and will accept whatever activation process is imposed on Taproot. Other developers have expressed similar opinions. So what happened with SegWit activation that was so traumatic? SegWit used the BIP9 activation method. Let's dive into BIP9!
bit - A field in the block header, the nVersion, has a number of bits. By setting a particular bit, the miner making the block indicates that it has upgraded its software to support a particular soft fork. The bit parameter for a BIP9 activation is which bit in this nVersion is used to indicate that the miner has upgraded software for a particular soft fork.
timeout - a time limit, expressed as an end date. If this timeout is reached without sufficient number of miners signaling that they upgraded, then the activation fails and Bitcoin Core goes back to the drawing board.
Now there are other parameters (name, starttime) but they are not anywhere near as important as the above two. A number that is not a parameter, is 95%. Basically, activation of a BIP9 softfork is considered as actually succeeding if at least 95% of blocks in the last 2 weeks had the specified bit in the nVersion set. If less than 95% had this bit set before the timeout, then the upgrade fails and never goes into the network. This is not a parameter: it is a constant defined by BIP9, and developers using BIP9 activation cannot change this. So, first some simple questions and their answers:
Why not just set a day when everyone starts imposing the new rules of the softfork?
This was done classically (in the days when Satoshi was still among us). But this might argued to put too much power to developers, since there would be no way to reject an upgrade without possible bad consequences. For example, developers might package an upgrade that the users do not want, together with vital security bugfixes. Either you live without vital security bugfixes and hire some other developers to fix it for you (which can be difficult, presumably the best developers are already the ones working on the codebase) or you get the vital security bugfixes and implicitly support the upgrade you might not want.
Sure, you could fork the code yourself (the ultimate threat in the FOSS world) and hire another set of developers who aren't assholes to do the dreary maintenance work of fixing security bugs, but Bitcoin needs strong bug-for-bug compatibility so everyone should really congregate around a single codebase.
Basically: even the devs do not want this power, because they fear being coerced into putting "upgrades" that are detrimental to users. Satoshi got a pass because nobody knew who he was and how to coerce him.
Suppose the threshold were lower, like 51%. If so, after activation, somebody can disrupt the Bitcoin network by creating a transaction that is valid under the pre-softfork rules, but are invalid under the post-softfork rules. Upgraded nodes would reject it, but 49% of miners would accept it and include it in a block (which makes the block invalid) And then the same 49% would accept the invalid block and build on top of that, possibly creating a short chain of doomed invalid blocks that confirm an invalid spend. This can confuse SPV wallets, who might see multiple confirmations of a transaction and accept the funds, but later find that in fact it is invalid under the now-activated softfork rules.
Thus, a very high threshold was imposed. 95% is considered safe. 50% is definitely not safe. Due to variance in the mining process, 80% could also be potentially unsafe (i.e. 80% of blocks signaling might have a good chance of coming from only 60% of miners), so a threshold of 95% was considered "safe enough for Bitcoin work".
Why have a timeout that disables the upgrade?
Before BIP9, what was used was either flag day or BIP34. BIP34 had no flag day of activation or a bit, instead, it was just a 95% threshold to signal an nVersion value greater than a specific value. Actually, it was two thresholds: at 75%, blocks with the new nVersion would have the new softfork rules imposed, but at 95% blocks with the old nVersion would be rejected (and only the new blocks, with the new softfork rules, were accepted). For one, between 75% and 95%, there was a situation where the softfork was only "partially imposed", only blocks signaling the new rules would actually have those rules, but blocks with the old rules were still valid. This was fine for BIP34, which only added rules for miners with negligible use for non-miners.
The reasons miners signalled support was because they felt they were being pressured to signal support. So they signalled support, with plans to actually upgrade later, but because of the widespread signalling, the new BIP66 version locked in before upgrade plans were finished. Thus, the timeout that disables the upgrade was added in BIP9 to allow miners an escape hatch.
The Great Battles of the SegWit Wars
SegWit not only fixed transaction malleability, it also created a practical softforkable blocksize increase that also rebalanced weights so that the cost of spending a UTXO is about the same as the cost of creating UTXOs (and spending UTXOs is "better" since it limits the size of the UTXO set that every fullnode has to maintain). So SegWit was written, the activation was decided to be BIP9, and then.... miner signalling stalled at below 75%. Thus were the Great SegWit Wars started.
BIP9 Feature Hostage
If you are a miner with at least 5% global hashpower, you can hold a BIP9-activated softfork hostage. You might even secretly want the softfork to actually push through. But you might want to extract concession from the users and the developers. Like removing the halvening. Or raising or even removing the block size caps (which helps larger miners more than smaller miners, making it easier to become a bigger fish that eats all the smaller fishes). Or whatever. With BIP9, you can hold the softfork hostage. You just hold out and refuse to signal. You tell everyone you will signal, if and only if certain concessions are given to you. This ability by miners to hold a feature hostage was enabled because of the miner-exit allowed by the timeout on BIP9. Prior to that, miners were considered little more than expendable security guards, paid for the risk they take to secure the network, but not special in the grand scheme of Bitcoin.
ASICBoost was a novel way of optimizing SHA256 mining, by taking advantage of the structure of the 80-byte header that is hashed in order to perform proof-of-work. The details of ASICBoost are out-of-scope here but you can read about it elsewhere Here is a short summary of the two types of ASICBoost, relevant to the activation discussion.
Overt ASICBoost - Manipulates the unused bits in nVersion to reduce power consumption in mining.
Covert ASICBoost - Manipulates the order of transactions in the block to reduce power consumption in mining.
Now, "overt" means "obvious", while "covert" means hidden. Overt ASICBoost is obvious because nVersion bits that are not currently in use for BIP9 activations are usually 0 by default, so setting those bits to 1 makes it obvious that you are doing something weird (namely, Overt ASICBoost). Covert ASICBoost is non-obvious because the order of transactions in a block are up to the miner anyway, so the miner rearranging the transactions in order to get lower power consumption is not going to be detected. Unfortunately, while Overt ASICBoost was compatible with SegWit, Covert ASICBoost was not. This is because, pre-SegWit, only the block header Merkle tree committed to the transaction ordering. However, with SegWit, another Merkle tree exists, which commits to transaction ordering as well. Covert ASICBoost would require more computation to manipulate two Merkle trees, obviating the power benefits of Covert ASICBoost anyway. Now, miners want to use ASICBoost (indeed, about 60->70% of current miners probably use the Overt ASICBoost nowadays; if you have a Bitcoin fullnode running you will see the logs with lots of "60 of last 100 blocks had unexpected versions" which is exactly what you would see with the nVersion manipulation that Overt ASICBoost does). But remember: ASICBoost was, at around the time, a novel improvement. Not all miners had ASICBoost hardware. Those who did, did not want it known that they had ASICBoost hardware, and wanted to do Covert ASICBoost! But Covert ASICBoost is incompatible with SegWit, because SegWit actually has two Merkle trees of transaction data, and Covert ASICBoost works by fudging around with transaction ordering in a block, and recomputing two Merkle Trees is more expensive than recomputing just one (and loses the ASICBoost advantage). Of course, those miners that wanted Covert ASICBoost did not want to openly admit that they had ASICBoost hardware, they wanted to keep their advantage secret because miners are strongly competitive in a very tight market. And doing ASICBoost Covertly was just the ticket, but they could not work post-SegWit. Fortunately, due to the BIP9 activation process, they could hold SegWit hostage while covertly taking advantage of Covert ASICBoost!
UASF: BIP148 and BIP8
When the incompatibility between Covert ASICBoost and SegWit was realized, still, activation of SegWit stalled, and miners were still not openly claiming that ASICBoost was related to non-activation of SegWit. Eventually, a new proposal was created: BIP148. With this rule, 3 months before the end of the SegWit timeout, nodes would reject blocks that did not signal SegWit. Thus, 3 months before SegWit timeout, BIP148 would force activation of SegWit. This proposal was not accepted by Bitcoin Core, due to the shortening of the timeout (it effectively times out 3 months before the initial SegWit timeout). Instead, a fork of Bitcoin Core was created which added the patch to comply with BIP148. This was claimed as a User Activated Soft Fork, UASF, since users could freely download the alternate fork rather than sticking with the developers of Bitcoin Core. Now, BIP148 effectively is just a BIP9 activation, except at its (earlier) timeout, the new rules would be activated anyway (instead of the BIP9-mandated behavior that the upgrade is cancelled at the end of the timeout). BIP148 was actually inspired by the BIP8 proposal (the link here is a historical version; BIP8 has been updated recently, precisely in preparation for Taproot activation). BIP8 is basically BIP9, but at the end of timeout, the softfork is activated anyway rather than cancelled. This removed the ability of miners to hold the softfork hostage. At best, they can delay the activation, but not stop it entirely by holding out as in BIP9. Of course, this implies risk that not all miners have upgraded before activation, leading to possible losses for SPV users, as well as again re-pressuring miners to signal activation, possibly without the miners actually upgrading their software to properly impose the new softfork rules.
BIP91, SegWit2X, and The Aftermath
BIP148 inspired countermeasures, possibly from the Covert ASiCBoost miners, possibly from concerned users who wanted to offer concessions to miners. To this day, the common name for BIP148 - UASF - remains an emotionally-charged rallying cry for parts of the Bitcoin community. One of these was SegWit2X. This was brokered in a deal between some Bitcoin personalities at a conference in New York, and thus part of the so-called "New York Agreement" or NYA, another emotionally-charged acronym. The text of the NYA was basically:
Set up a new activation threshold at 80% signalled at bit 4 (vs bit 1 for SegWit).
When this 80% signalling was reached, miners would require that bit 1 for SegWit be signalled to achive the 95% activation needed for SegWit.
If the bit 4 signalling reached 80%, increase the block weight limit from the SegWit 4000000 to the SegWit2X 8000000, 6 months after bit 1 activation.
The first item above was coded in BIP91. Unfortunately, if you read the BIP91, independently of NYA, you might come to the conclusion that BIP91 was only about lowering the threshold to 80%. In particular, BIP91 never mentions anything about the second point above, it never mentions that bit 4 80% threshold would also signal for a later hardfork increase in weight limit. Because of this, even though there are claims that NYA (SegWit2X) reached 80% dominance, a close reading of BIP91 shows that the 80% dominance was only for SegWit activation, without necessarily a later 2x capacity hardfork (SegWit2X). This ambiguity of bit 4 (NYA says it includes a 2x capacity hardfork, BIP91 says it does not) has continued to be a thorn in blocksize debates later. Economically speaking, Bitcoin futures between SegWit and SegWit2X showed strong economic dominance in favor of SegWit (SegWit2X futures were traded at a fraction in value of SegWit futures: I personally made a tidy but small amount of money betting against SegWit2X in the futures market), so suggesting that NYA achieved 80% dominance even in mining is laughable, but the NYA text that ties bit 4 to SegWit2X still exists. Historically, BIP91 triggered which caused SegWit to activate before the BIP148 shorter timeout. BIP148 proponents continue to hold this day that it was the BIP148 shorter timeout and no-compromises-activate-on-August-1 that made miners flock to BIP91 as a face-saving tactic that actually removed the second clause of NYA. NYA supporters keep pointing to the bit 4 text in the NYA and the historical activation of BIP91 as a failed promise by Bitcoin developers.
We have discussed BIP8: roughly, it has bit and timeout, if 95% of miners signal bit it activates, at the end of timeout it activates. (EDIT: BIP8 has had recent updates: at the end of timeout it can now activate or fail. For the most part, in the below text "BIP8", means BIP8-and-activate-at-timeout, and "BIP9" means BIP8-and-fail-at-timeout) So let's take a look at Modern Softfork Activation!
Modern Softfork Activation
This is a more complex activation method, composed of BIP9 and BIP8 as supcomponents.
First have a 12-month BIP9 (fail at timeout).
If the above fails to activate, have a 6-month discussion period during which users and developers and miners discuss whether to continue to step 3.
Have a 24-month BIP8 (activate at timeout).
The total above is 42 months, if you are counting: 3.5 years worst-case activation. The logic here is that if there are no problems, BIP9 will work just fine anyway. And if there are problems, the 6-month period should weed it out. Finally, miners cannot hold the feature hostage since the 24-month BIP8 period will exist anyway.
PSA: Being Resilient to Upgrades
Software is very birttle. Anyone who has been using software for a long time has experienced something like this:
You hear a new version of your favorite software has a nice new feature.
Excited, you install the new version.
You find that the new version has subtle incompatibilities with your current workflow.
You are sad and downgrade to the older version.
You find out that the new version has changed your files in incompatible ways that the old version cannot work with anymore.
You tearfully reinstall the newer version and figure out how to get your lost productivity now that you have to adapt to a new workflow
If you are a technically-competent user, you might codify your workflow into a bunch of programs. And then you upgrade one of the external pieces of software you are using, and find that it has a subtle incompatibility with your current workflow which is based on a bunch of simple programs you wrote yourself. And if those simple programs are used as the basis of some important production system, you hve just screwed up because you upgraded software on an important production system. And well, one of the issues with new softfork activation is that if not enough people (users and miners) upgrade to the newest Bitcoin software, the security of the new softfork rules are at risk. Upgrading software of any kind is always a risk, and the more software you build on top of the software-being-upgraded, the greater you risk your tower of software collapsing while you change its foundations. So if you have some complex Bitcoin-manipulating system with Bitcoin somewhere at the foundations, consider running two Bitcoin nodes:
One is a "stable-version" Bitcoin node. Once it has synced, set it up to connect=x.x.x.x to the second node below (so that your ISP bandwidth is only spent on the second node). Use this node to run all your software: it's a stable version that you don't change for long periods of time. Enable txiindex, disable pruning, whatever your software needs.
The other is an "always-up-to-date" Bitcoin Node. Keep its stoarge down with pruning (initially sync it off the "stable-version" node). You can't use blocksonly if your "stable-version" node needs to send transactions, but otherwise this "always-up-to-date" Bitcoin node can be kept as a low-resource node, so you can run both nodes in the same machine.
When a new Bitcoin version comes up, you just upgrade the "always-up-to-date" Bitcoin node. This protects you if a future softfork activates, you will only receive valid Bitcoin blocks and transactions. Since this node has nothing running on top of it, it is just a special peer of the "stable-version" node, any software incompatibilities with your system software do not exist. Your "stable-version" Bitcoin node remains the same version until you are ready to actually upgrade this node and are prepared to rewrite most of the software you have running on top of it due to version compatibility problems. When upgrading the "always-up-to-date", you can bring it down safely and then start it later. Your "stable-version" wil keep running, disconnected from the network, but otherwise still available for whatever queries. You do need some system to stop the "always-up-to-date" node if for any reason the "stable-version" goes down (otherwisee if the "always-up-to-date" advances its pruning window past what your "stable-version" has, the "stable-version" cannot sync afterwards), but if you are technically competent enough that you need to do this, you are technically competent enough to write such a trivial monitor program (EDIT: gmax notes you can adjust the pruning window by RPC commands to help with this as well). This recommendation is from gmaxwell on IRC, by the way.
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Traders can not need additional than fifteen-twenty minutes to watch daily trade activities and trends (with the help of the bot). It is instructed to open trade at the start of the day and shut it by the top of the day. Though the method is automated (it can save your efforts and burden), during the time of the volatile market, maintaining a tally of the trend and staying updated can add a heap to your profit. Plus, if you've got earned a profit, withdraw it as soon as doable. Never ever invest every penny of your profit, have a most of the number in liquid type. Is bitcoin rush Legit? Nearly each bitcoin rush review on the internet agrees with the actual fact that bitcoin rush is a legitimate Bitcoin trading platform. Bitcoin Rush, since its introduction to the market in 2013, has been serving traders quite well. The trading platform trusted by investors. Google reviews and bitcoin rush reviews out there on the internet says that the trading software is straightforward to use, operate, and helps in earning profit. bitcoin rush also claims to work consistently with an accuracy of ninety nine.5percent. Traders state that they can create a profit in virtually each market condition with Bitcoin Rush. However, the share/volume of profit might vary as per the expertise, trade order, and volatility. As way as the fees and commission are involved, it does not charge for using the software. However, traders could should pay a little proportion as a commission on the profits created. bitcoin rush platform has return up with a tremendous system in terms of payouts. Customers are charged with a small commission on profits in Bitcoin Rush. If the system does not earn cash, the platform users do not earn. And vis-à-vis. This is often very assuring, credible, and reliable. The verification system of the bitcoin rush is sturdy and intact. It assures the traders that every one the profiles using the platform are valid and true. This can be important for Bitcoin Rush, too, as it saves the platform from unwanted breach attempts, overall adding to the market name. The verification system of the bitcoin rush is speedier There are not any hidden charges that traders need to face while trading on Bitcoin Rush. Traders only should pay a minimal commission amount to the platform post every deposit created for trading and profit. If you check the official bitcoin rush website, you will see some reviews of the important-life bitcoin rush users. These folks have left positive reviews about the trading platform. One of the reviews talks about how bitcoin rush helps the trader to retire early and live all her dreams. Another review talks regarding how the trading platform helped the trader to earn higher than $120zero daily, and he no more worries about the bank balance. Overall the picture looks promising from customers’ points of read. https://preview.redd.it/uab575gl5te51.png?width=382&format=png&auto=webp&s=0d5d65c4acb3a581209cdcc69ddc2557af0f5b13
TkeyNet: release date, a brief analysis of the system, future plans
https://preview.redd.it/ayym7cl9c1b51.png?width=700&format=png&auto=webp&s=367792bdc6acdcc670345cf1d6e12865d681b21b During the development of the project, we published 3 documents about the technology that we are developing and preparing for the market. Some decisions were changed, but the main idea and goal remained the same — effective financial management. Since the ICO boom, several years have passed, blockchain and cryptocurrencies have become synonymous and are perceived only as a means of earning money and the obvious advantages of using the technology itself in combination with others are of little interest to anyone. A user, business representatives, or some government officials associate the word “blockchain” directly with cryptocurrency or Bitcoin, without thinking about using systems built on a distributed registry in the current reality. As we mentioned above, during the development of the project, several documents were published in which we announced our technology and clearly said that we are mixing modern concepts and approaching the market from an economic and scientific point of view, borrowing the best from Bitcoin, Ethereum, DASH, and other alternative currencies. It is important to note that the concept of Bitcoin or Monero will be different from the concept of TkeyNet. These are other areas and practical application that some market participants may perceive as similar, but this is far from the case.
The idea of Bitcoin is beautiful, even if it has not yet been accepted by society as planned, but at least the idea of using Bitcoin as a means of accumulating value and storing savings has a place to be. Bitcoin actively strives for a high price mark and dominates the market by more than 50%, and this is a great result. Bitcoin set the necessary vector for many developers around the world, people were able to review the systems used and make their own decisions based on the Bitcoin core, for example, DASH or Ethereum, and users, in turn, learned about such a phenomenon as cryptocurrency. In General, what was this introduction for? That TKEY should be considered as a universal asset, without defining it as a cryptocurrency. The question may immediately arise, why is this so? It doesn’t have explicit currency properties? Bitcoin also does not have the properties of cash but is called a cryptocurrency, and the types of applications of the peer-to-peer payment system Bitcoin and TkeyNet can differ significantly from each other. https://preview.redd.it/3qfe582cc1b51.png?width=700&format=png&auto=webp&s=406f3c93314c473f9b9c9512e543fa33c6211067 The purpose of this publication is to tell you about the new features of TkeyNet, when the official transition to the new Protocol will take place, and why TKEY is a universal asset that simply needs liquidity? In General, we will talk about the clear advantages of switching to new technologies that we have been striving for so long and about your benefits of using them accordingly.
What is TkeyNet, and what are its advantages?
TkeyNet is an infrastructure that combines various solutions for users, businesses, and the public sector. Secure corporate networks, payment processors, liquidity, cross-border payments, trading tools, information security, instant exchanges, investment tools. One platform — millions of opportunities. https://preview.redd.it/bwewihsdc1b51.png?width=700&format=png&auto=webp&s=4bfc1343b46a1eb51f0b972cac509cc1893f3fa4 When creating TkeyNet, we immediately turned to e-cash protocols, concepts of electronic currencies, considered the movements of Bank international transfers, and also drew attention to the obvious complexity of these systems. Therefore, to build a high-quality architecture of TkeyNet, the team took as a basis — blockchain technology, cryptography, payment and banking system, electronic cash protocols, exchanges, stock markets, DHT, and other p2p networks. Now more than ever, businesses, users, and most financial market participants need reliable and modern systems that will meet the needs of the market. For example, a user wants to quickly send funds to another user, and they do not want to think about how the blockchain works and who the “miners” are and what they do for the network. Any of us want to open the app and click a few buttons on the screen to pay for a particular service or send money to relatives abroad and the most importantly, know that the funds will reach you quickly and with a minimum Commission. Or let’s say you came to India, you have some funds in Bitcoin, but you would like to pay for your purchases in the local currency — the Indian rupee without extra conversions. You are the owner of a payment system or Bank, and you want to receive % for conversion transactions, or banks want to create their consortium for cross-border payments. Either you are an entrepreneur and plan to open an exchange or trading platform for trading various assets, not necessarily digital, but, for example, gold and diamonds, or you are a young and purposeful startup team and want to quickly launch your Digital Bank, or you do not want to do business, and you have several million euros or dollars, you want to get % of their use. https://preview.redd.it/hkv2xcpfc1b51.png?width=626&format=png&auto=webp&s=4ae497765a2d02b66046d5a112eb0dd4f1eeb0bc TkeyNet makes these features available to all participants. As we can see with you, there are quite a lot of use cases, and it may seem that TKEY is again torn into 100500 different directions, but this is far from the case. Here, a specific and clear direction is Finance and its movement.
How TkeyNet works
Remember, we said that — “to develop the platform on a global level, it is necessary to reach a consensus between government regulation, business, and society. We understand that it is impossible to achieve 100% of this, but it is possible to create favorable conditions favorable to all parties.” How will the system work? All participants are connected to the system using TkeyNet technology that allows the financial gateway to control their transactions with increased speed, transparency, and efficiency. Independent verification servers constantly compare their transaction records. To hack the system, you will need to get access to all the devices that are logged in. https://preview.redd.it/ltwgjrhhc1b51.png?width=700&format=png&auto=webp&s=413d03504eafa2b496cf99d837b6a2a1c9ba6818 TkeyNet solutions offer a cryptographically secure, end-to-end payment flow with the immutability of transactions and redundancy of information contained in them. It is developed to meet each financial gateway’s risk, privacy, and compliance requirements. Since the software is developed to be easily integrated into the existing financial infrastructure, it minimizes any integration costs and failures, and also meets international standards (ISO, etc.).
TkeyNet can be a neutral utility for financial institutions and systems
A gateway is an organization that allows users to invest money and take money out of a pool of liquidity. The gateway accepts currency deposits from users and issues balances to the TkeyNet blockchain. TkeyNet Protocol provides a single source of truth for counterparties while maintaining the confidentiality of payment data of Bank clients. TKEY is a universal bill (digital obligation) in the distributed registry TkeyNet. Gateways install specialized software for interacting with the distributed registry and other system participants. Users, brokers, and other participants interact with the system via mobile or web interfaces. Gateways act as a link between the distributed registry, brokers, users, and other services that allow you to make quick transactions. https://preview.redd.it/igdiw4tjc1b51.png?width=700&format=png&auto=webp&s=3a25f8f6b74a0cebf2450d05a7bf7c675547e624 The participants of the system make payments between themselves by using cryptographically signed transactions denominated in digital obligation. This type of transaction uses an internal registry. In the case of working with Fiat currency and other assets, such as securities and precious metals, the registry records the amounts owed with assets presented as debt obligations. All accounts and transactions are cryptographically secure and verified algorithmically. Payments can only be authorized by the account holder, and all payments are processed automatically, without any third parties or intermediaries. The TkeyNet Protocol checks balances and accounts inside the system for transferring payments and sends payment notifications with minimal delay, which ensures fast calculations in the system. For more specialized solutions can be created by the Central gateways and the gateways just. A Central gateway is an organization that allows users to invest money and take money out of the liquidity pool. Gateway is an organization that interacts with the Central gateway. Accepts and exchanges digital liabilities for other assets, such as securities. TkeyNet globally reduces the number of different expenses and automates operational tasks, simplifies and reduces the cost of conducting monetary transactions, and improves traditional financial services. We understand that it is not easy to tell all the principles of the TkeyNet system in a single publication, especially one that deals with neither one nor two issues. Therefore, you should consider this material as a basis, a base that will help you learn the information that is related to the TkeyNet Protocol most easily after the release of TkeyNet. Moving a little away from corporate solutions, we suggest you recall some theses from our roadmap, which was published on the official website in the period from September 2018 to November 2019:
As before, you can easily and quickly send TKEY to any member of the network and TKEY will have liquidity on the exchange also, TKEY allows you to fast exchange for euros, dollars, or other currencies. https://i.redd.it/qapkdnvoc1b51.gif For the interface, the applications will display functions of digital assets 1:1 to a particular currency, for example, TKEY to RUB, TKey to EUR, or TKEY to Dirhams or TKEY to the pound and vice versa, respectively. https://preview.redd.it/0ipx86fqc1b51.png?width=700&format=png&auto=webp&s=a406e9c0f181a5d0b1ecde347511954ba61bf433 Therefore, as we said above, TKEY should not be regarded as a cryptocurrency, it is a universal unit inside the system TkeyNet, which may refer to transaction information as exchanges of obligations between banks and transaction TKEY -> TKEY between users, or to carry information about the exchange on the exchange or the exchange of digital assets or gold variations quite a lot, for most of the functions we describe in the release day TkeyNet.
What are the advantages for companies and developers?
First of all, we strive to open the doors for all platform participants. Only through synergy and cooperation can we accelerate the pace of development of the entire system and the introduction of new technologies in the market. The platform will open doors for developers, who in turn can create technological solutions based on TkeyNet. A working environment will be created, and integration with the TkeyNet platform will be as easy as with the documented SDK or plug-ins. In the course of development, API documentation and ready-made SDKs for developers will be published. https://i.redd.it/31x1k7gsc1b51.gif This will make it easy to use and implement TkeyNet technology in various types of applications, for example, you want to create fast exchanges, we provide you with a framework, back-end, and API, and you create a front-end and launch your service, get your Commission, and are an independent project in the market. An important point is that integration into the existing infrastructure takes place while maintaining the decentralization of the TkeyNet system so that all its internal and external operations remain confidential and verified at the same time.
What are the advantages for users?
This means getting a universal tool for working with financial markets and easily converting an asset into any other asset: euro, dollars, or gold. https://preview.redd.it/ol4964huc1b51.png?width=626&format=png&auto=webp&s=7fedfc9009201cb8c392be3f214f285d003c0d95 Also, TKEY owners should clearly understand that the more the system develops and there are more participants, namely the corporate segment, projects, and partners, the company will be more stable and thus the project assets will grow stronger. The popularity of the platform and trust in it directly affects the price of assets, these are the key points of growth signs, the wider and more influential the spread of the company in various areas, the higher its performance in the market.
When will the long-awaited transition to TkeyNet take place?
What changes will be made to the products?
As you understand, everything will change, and this is for the better. At a minimum, products will become faster, lighter, safer, and more versatile. Changes and new releases will be released as soon as they are ready. In TkeySpace, the TKEY libraries will be rewritten under TkeyNet. A web version of the wallet will appear, and eventually, an application with an exchange interface will be released for quick trading and exchange of various assets, not limited to digital ones. The Tkey Messenger will be adapted for TkeyNet and will be released for previously announced platforms: iOS, Android, Linux, macOS, Windows immediately with the ability to translate directly in the messenger. We will tell you about the messenger architecture on the release day.
All changes and releases will be published and announced after the release of TkeyNet.
What is radically new in TkeyNet?
There will be funds, the Protocol will become much more universal, as well as the TKEY itself. The Protocol will also exclude the possibility of attacks that could have been in Core 1.0, also, the principles of the platform will change. We will publish all technical specifications on the day of release.
Timeline for switching to TkeyNet
The transition to TkeyNet will not take place until August 2020. We will release news and instructions for switching to TkeyNet, so we recommend that you subscribe to the newsletter immediately: https://tkeycoin.com/en/newslette.
Listing on crypto exchanges
The liquidity of the TKEY asset is urgently needed for the development of the entire TkeyNet system, so the company will provide trading platforms for TKey trading and exchange.
The introduction of technologies using digital currencies will create the fastest transition of users and the corporate market to a new level. FinTech direction makes it possible to manage finances in the most efficient and secure way, without violating the law. This system simplifies, reduces the cost of conducting monetary transactions, and actually improves traditional financial services. The solution is interesting to everyone who works with money and is used to getting maximum efficiency from it: business, investors, traders, users of banking solutions, the corporate segment, etc. When using the system, large businesses get solutions for interacting with customers online, without using specialized points. We, in turn, are open to various offers and cooperation on flexible terms. If you have any suggestions or interesting concepts, please contact us at [[email protected]](mailto:[email protected]).
ArCoin from Arca: how the first tokenized US government bonds work
ArCoin from Arca: how the first tokenized US government bonds work On July 6, digital asset manager Arca registered his private crypto fund Arca U.S. Treasury Fund at the US Securities and Exchange Commission (SEC). The fund invests most of its funds in short-term US bonds, while the fund’s shares are represented in the form of ArCoin Ethereum tokens of the new ERC1404 format, which fully comply with securities legislation.
Why SEC registration is important for Arca U.S. Treasury Fund.
Arca U.S. Treasury Fund is a closed-end hedge fund owned by the American digital asset management company Arca. It aims to combine the regulatory, legal and operational standards of the traditional financial sector with the efficiency of the blockchain. The company believes that actively managed hedge funds are the best way to address the volatility, immaturity, and rapidly changing nature of cryptocurrencies as an investment asset. Registration with the SEC was not easy for the fund — Arca agreed on the form of its digital shares within 20 months. But now the fund’s securities comply with the 1940 Investment Companies Act, which regulates the work of investment funds, including those issuing their own securities. For investors, SEC approval is an opportunity to receive guarantees from the traditional financial market: broker control by the regulator, independent audit and regular reporting, as well as the right to return their money in the event of a broker’s bankruptcy. For an investment fund, registration with the SEC imposes obligations to provide information on the company’s financial position, investment policy and current operations, meet liquidity requirements, conduct an independent audit and transfer control over assets to an independent board of trustees. But this is what allowed Arca to release an institutional-grade product.
How Arca U.S. Treasury Fund works
Arca U.S. Treasury Fund invests 80% of its assets in short-term US Treasury bonds. The rest of the funds are invested in fixed income debt securities. As the fund plans to invest in low-risk assets, the ArCoin price is expected to be stable. The fund operates just like any other fund holding US debt securities, but with the addition of blockchain to manage stocks. Investors do not invest their money directly in securities, but purchase shares of the fund — ArCoin tokens (ARCT). They were created by a special division of the company — Arca Labs. TokenSoft, a crypto startup that helps companies launch and sell tokens, has become a technical service provider. ArCoin sets a new standard for Ethereum tokens — ERC1404. It is specifically designed to meet regulatory requirements. Unlike the universal ERC20 standard, ERC1404 is more strictly controlled: such a token can be frozen, and the addresses to which users can send it must also be predefined. This “whitelist” of permitted addresses allows the SEC to almost completely control and track their circulation and ensures that tokens are not transferred outside of regulatory oversight. Each ArCoin grants the right to one share in the fund. The price of the coin is $1 with a minimum investment of $1000. A total of 100 million ArCoins will be available. Accrued interest is paid directly to ArCoin holders every quarter. You can buy shares directly through the website after passing the KYC / AML check. At the same time, investors can trade tokens with each other — the blockchain allows you to do without a broker. The fund’s shares will not be available for trading on stock exchanges and for secondary trading on crypto exchanges. Notably, the prospectus filed with the SEC in April 2019 states that in the future, Arca coins “may be traded on a public decentralized or centralized electronic exchange platform that is registered with the SEC as an alternative trading system, although there is no guarantee that such systems or platforms will be available.” But, apparently, this situation did not suit the regulator, and in the latest version of the document it was changed. The standard investor commission for fund management is 3.22%, but during the first year it will be reduced to 0.75%. Investors can keep ArCoin in their own wallets, but if the private keys from them are lost or compromised, the fund will replace the lost tokens with new ones. The digital assets are held in tokenized asset-oriented investment bank DTAC LLC, launched by TokenSoft last December. ArCoin offers companies and investors several use cases and wide integration of the coin into the work of structures. Individuals can use ArCoin to hedge their cryptocurrency portfolio against volatility, and financial institutions and other companies can use ArCoin to clear, settle, pay and lend “more efficiently, less costly, faster and with the ability to directly track all transactions.” The ability to pay for goods and services with tokens on US Treasury bonds is a revolutionary step that narrows the space between payment and investment funds.
Fight for a new trillion dollar market
US Treasuries, to which ArCoin is tied, are issued by the US Treasury Department and serve as a government debt financing instrument. Traditionally, they have a credit rating equal to or close to the maximum AAA, and are considered one of the safest and most reliable assets in the world. This makes US Treasuries highly sought after by central banks, financial companies, and private investors around the world, as they act as a safe haven from volatility in stock and corporate bond markets in times of geopolitical or economic turmoil. The SEC cleared ArCoin linkage to US Treasuries makes the asset the safest and most regulated token on the market. This is a great choice in turbulent financial times. The launch of Arca U.S. Treasury Fund is targeting one of Wall Street’s oldest outposts — investing in the US Treasury bond market.According to Brookings, its value is about $18 trillion. ArCoin is a modern alternative to existing methods of investing in Treasury securities (buying bonds from a broker or purchasing shares from an investment fund). Arca is clearly looking forward to the emergence and growth of a new market for fully regulated and SEC-approved digital shares in traditional assets. Moreover, their competitors are not other crypto funds, but traditional exchange-traded funds and ETFs. The Arca team is made up of Wall Street veterans and knows what a product needs to be that will be successful. Blockchain aims to show investors that it simplifies, cheaper and speeds up the process compared to the traditional market. On the site, the Arca team describes ArCoin as a “blockchain-traded fund”, or BTF. In comments to CoinDesk in February this year, CEO Ryan Steinberg said that Arca hopes to see large institutional investors as early buyers. It was for them that the company fought so long and hard to get registered with the SEC — it had to increase confidence in the products. “The answer to the question of why there are so few institutions in the crypto industry is simple: there are no institutional-grade products on the market,” Steinberg said, noting that ArCoin is just right for the needs of large investors. “This is a huge leap forward in legitimizing securities on the blockchain. Huge round of applause for the Arca team, great talent and domain expertise paired with great execution.” — TokenSoft CEO Mason Borda praised the Arca team. However, the Arca team understands that success is not guaranteed. Treasury digital assets are a new and untested market. In its filing with the SEC, Arca recognizes the potential risks for investors. For example, digital asset markets may not have the liquidity that US Treasury investors currently enjoy in traditional markets. “The use of blockchain is relatively new and untested. Therefore, investors should initially expect greater price volatility in the secondary market than would be the case if the shares had greater liquidity, ”the application says. Other risks include congestion on the Ethereum network and “the possibility of breakdowns and trading stops as a result of undiscovered technological deficiencies.”
To the conclusion
SEC-registered crypto investment products are nothing new. Cryptocurrency investment fund Grayscale Investments, for example, is one of the largest bitcoin funds that is regularly audited by the SEC. But the point is, Arca offers its own cryptocurrency, not Bitcoin. ArCoin is set to become just the first asset in the portfolio of SEC-approved financial products to be released by Arca. The increase in the number of such initiatives can convince the SEC that their launch does not carry enormous risks. For several years now, this regulator has refused to launch bitcoin ETFs, arguing this by the lack of a legal environment in the market, manipulation of asset prices, difficulties with liquidity, storage and arbitration, and non-compliance with the regulator’s rules. Now, amid the emergence of products such as ArCoin, the SEC may reconsider its opinion on Bitcoin ETFs. The SEC approval for Arca has potentially opened the door to new and innovative blockchain-based financial products. Regulatory registration can be a challenge for many companies, but Arca has shown how to achieve it. The project has taken a pioneering and revolutionary step towards combining traditional finance with digital investments. Subscribe to our Telegram channel
The offshore broker 10CFDS is situated in Belize. It provides many trading instruments, consist of more than forty FX pairs and binary CFDs. The leverage is up to 1:200 and is provided on a web-based trading terminal. However, it's regulatory and license status is not at all promising. If any of you are willing to trade with it, make sure to read this 10CFDS review first.
The broker 10CFDS provides all sorts of trading instruments. It involves forty-six FX pairs viz SD/HKD, USD/MXN, USD/CZK, USD/RUB, USD/SEK, USD/NOK, USD/SGD, USD/PLN, USD/ZAR, USD/TRY, and USD/DKK. It also provides CFDs on natural resources, the farm produces, twenty-four indexes, shares, and cryptocurrencies. The leverage offered by this broker is 1:200. Many Markets Authority has decided to allow the maximum leverage of 1:30. The broker's offerings miss on the regulator’s directives. The payment can be made by cards, wire transfer, PaySafeCard, Neteller, Skrill, and Western Union. Unfortunately, the broker does not accept payment via bitcoins. To start trading with 10CFDS traders are required to deposit $250 only. This requirement is acceptable but several regulated brokers in the market accept very low initial deposits. The SPEED SOLUTIONS Ltd is the owner of the 10CFDS trademark and is registered in Belize. The firm claims to be regulated by the local International Financial Services Commission. The client's payments are processed by the Estonian firm named SPEED PAYMENTS OU. The IFSC does not require strict prerequisites to offer regulation. It also loosely oversees such brokers. Hence there is no guarantee for the safety of funds. All reputed regulators have banned controversial trading bonuses but the broker under consideration offers several bonuses. These bonuses are merged with uncontrolled trading practices such as the requirement of the specified trading volume. If these conditions are not fulfilled, the broker can cancel your trading account, locking invested funds. Furthermore, the withdrawal process at 10CFDS may take up to 21 working days to be processed. This time frame is lengthy. Also, the withdrawal is charged with a 3.5% service fee, $ 1.5 is charged as a profit clearance fee, and an additional $ 20 is applicable as a monthly maintenance fee. A regulated broker does not have such practices. The provided spread of 3 pips can be seen on EURUSD FX pair while checking the web-based trading platform. This spread is high and attractive but it raises the cost of trading. For higher profit, tighter spreads are anticipated. The broker claims to offer to trade on the MT platform but in reality, it offers some web-based platform.
Is 10CFDS scam or legit?
The above discussion indicates several flaws of this broker. The regulation of this broker does not cover investment refunds. The broker is also offshore. We are convinced that the broker is hazardous to the trader's fund and can be a forex scam broker. Staying away from this broker is advised.
I brought up Ripple and my parents recognised the name from Ellen, so I wrote them this email.
Ripple created a digital asset called XRP, the intention was to create an asset that could be transacted more efficiently than current global payment systems are able to do. XRP settles all payments in 4 seconds, for 0.00001 XRP (0.03c), and is far more energy efficient than the current system. XRP is transacted through the blockchain but is private and has a 0% error rate. But none of that really matters. XRP just the asset, and like all assets, it holds value. Right now, the market value of 1 XRP is 0.2943c. Let’s break down what the Company Ripple is doing. Ripple has three major projects xVia, xCurrent and xRapid. xCurrent is an end-to-end tracking and messaging system that allows banks to communicate in real-time. This is an automated process that ensures all payments are properly tracked and accounted for. xRapid is the program that uses XRP, when banks want to send global payments xRapid sources liquidity from XRP in the first market (AUD) and then sells the XRP in the new market (USD). This lowers the cost of the transaction, increases the speed and reduces the risk of holding some currencies. xVia, this software is what brings it all together. XVia acts like a plugin on chrome. All you have to do is install it. The Chrome interface is the same and you didn’t have to retrain or learn anything new, but you have the added functionality. Today, Ripples’ Global Head of Strategic Accounts Marcus Treacher announced that Ripple has signed over 100 production contracts. Meaning that over 100 Banks/finical institutions are or will use Ripple technology. Some customers include MUFG, Santander, Westpac & American Express. Earlier this year Ripples CTO left and founded Coil. Coil pays content creators like Youtubers, Authors and Bloggers for the time people spend viewing the content. Right now, it is hard to for independent content creators to earn an income from their work, but coil solves this. Coil uses XRP to pay content creators as regular payment solutions would make it uneconomical. The programs that use XRP (xRapid and Coil) haven’t been launched yet but are expected to later this year Q3 – Q4. On October 1st, 2018 Ripple is hosting an event called Swell and it “brings together leaders in banking and blockchain who are committed to changing the way the world moves money today”. Swell is going to be MASSIVE. Here are some of the key speakers at Swell (an event run by, and about Ripple) • President Bill Clinton • Gene Sperling · National Economic Council Director and National Economic Advisor · (1996-2001, 2011-2014 • Ed Metzger · Head of Innovation at Banco Santander § Banco Santander is the ninth-largest financial service company • Richard Teng • CEO of Abu Dhabi Global Markets Those are just the people speaking the event is going to be packed with the world’s wealthiest and influential people in the financial sector. So why do I care about this? The price of XRP like most assets is determined by demand. When more people want it, the price goes up. During the last Cryptocurrency explosion, Ripple reached above $3 per XRP if someone had bought 1000 XRP for $300 they would have made a profit of around $2700. $2700 is a lot of money but why didn’t it go higher? Here are 3 reasons Reason 1: There wasn’t enough liquidity in the market. There simply weren’t enough platforms that allowed users to buy and sell. Brokers had to close registrations because they couldn’t handle the capacity. Since January 2018 dozens of trading platforms and wallets have been launched. (capital is not investing like that into collapsing markets) Reason 2: The price of XRP has been/is tied to the price of Bitcoin. This is because Bitcoin has a 54% dominance over other cryptocurrencies. Meaning the market value of Bitcoin is 54% higher than the rest of the market combined. Therefore, when the sentiment of Bitcoin falls, and people sell (decreasing demand) the demand for XRP also falls. XRP is no longer ‘just another cryptocurrency’. This kind of innovation and implementation is unlike anything else in the space. XRP is about to completely blow up in value and it’s only a matter of time. Reason 3: There wasn’t a strong proof of concept. The technology was their but no one new how it was going to be used or what to do with it. People wanted to buy XRP for the value, but there was no value without utilisation of the coin. This is solved with the development of xRapid and Coil. I wouldn’t give you investment advice because nothing is a guarantee and the price of XRP could go to 0 but if you want to know anything more about it or want help investing let me know. It’s impossible to predict how high the price of XRP is going to go but predictions range anywhere from $8 to $589 but most point to a ~$50 price. If you invested $100 and the price went to • $8 ~ $2600 • $50 ~ $16 600 • $580 ~ $193 300 If you invest $500 and the price went to • $8 ~ $13 300 • $50 ~ $83 300 • $580 ~ $966 600 Would this be good to send to my parents? They know about Ripple from the appearance on Ellen so I decided to follow up and educated them on it. How many of you are trying to spread the word? Edit:
Ripple didn’t make XRP... that’s embarrassing. It’s strange how much of the XRP community believes that they did.
Predictions: 2020 The USMC will adopt Lululemon PT uniforms. The new trend in flash mob performances will be speed metal rock and mosh pits. “Duck face” will be required on all passport photos. Amtrak will open new lines and reinvent itself using popular themes. All northern lines will Polar Express trains. All southern routes will be Chattanooga Choo-Choo trains. All West Coast trains will be called Orient Express. And all other lines will be called Thomas the Tank Engine routes and will include animatronic faces on the fronts of all trains that can answer passenger questions. “This is the reality of operating in Fantasyland today,” will say the Director of the Amtrak Board.
UsToo, #ThemToo and #YouToo will be the new viral social media phenomena.
TRUMP will open on Broadway. Taylor Swift will be named Democratic Party candidate for POTUS. Armed teachers will proliferate in rural counties and school districts across the US. So will tactical shooting schools and courses, for teachers and students. Many school districts will open and manage their own shooting ranges. Shooting teams, rifle, pistol and shotgun, precision and tactical, will become the hot new sports in rural schools. Personal bubbles will become hot new products and services. They will sell by the millions. These will be actual bubbles that people wear when they leave the sanctuary of their homes. They will come in various sizes, colors, and several ballistic and acoustic ratings. They will offer defense not only from bullets and knives, but also from antagonistic ideas, annoying co-workers, troubling truths and mean parents. Fortnite will unveil a “permanent residence” option, including sustenance, hygiene and employment options, allowing for users to never have to leave the game. Robots will replace nurses in nursing homes. A majority of residents will claim the robots are better than their “biofamilies.” The American Baptist Association will re-issue warnings to all faithful to be careful during sex, lest dancing spontaneously happen. LeBron James will hold a press conference and ask all NBA fans, “How the hell did I become the old man of basketball?” To which Michael Jordan will tweet, “Dude…” Trump will announce that each US citizen will be issued a firearm of their choice, any make, caliber or model, but with the stipulation that participants must prove that they do not already own any firearms. “We’re not adding to anyone’s collection,” Trump will say at a White House press conference. “We just need more good guys and good gals out there with the tools to engage the bad guys.” “Oh, fuck me,” most law enforcement officers will say to each other. Tactical body armor with roll over the fashion industry like a ceramic plate typhoon. Pete Buttigieg and Tulsi Gabbard will be seen leaving a hotel room early one morning after a Democratic Party debate, leading to all sorts of media questions and speculations, and to calls by the Gay and Lesbian Legitimacy Board for investigations. The American Psychiatric Association will announce that anxiety is actually a treatment for depression. A report from the Coalition of Conservative Scientists will claim that all existing species of animals, and also some plants, engage in rape, and so did the dinosaurs, and thus it is part of the natural order. “So, get over it.” Scientific American, Science News and National Geographic will all publish editorials, in response, claiming that the same can be said of homosexual behavior, documented in hundreds of other animals species, in nature. “So, you first.” Greenland will become the new Florida. Florida will become the new Atlantis. Gondoleer will become a hot new job opportunity in Miami, New Orleans and New York. The entire Sackler family will have their last name legally changed to Gonzalez. India will announce a new campaign to reform Jammu and Kashmir into the “Indian Switzerland,” complete with quaint mountain villages, lots of ski resorts and hundreds of new mountain gondolas and aerial trams. Prime Minister Modi will announce contests to select a new cheese, new beer and Hindu mountain lederhausen to support the new Jammu and Kashmir brand. The first SETI signal will be received from aliens claiming that they have Jeffrey Epstein and that they would like to return him. But, they still want to hang onto Elvis for a while longer, if that is OK. Boeing’s stock will rebound and surge after they rebrand the 737 Max to the 737 Maxine. Greta Thunberg will appear in the next X-Men movie as ClimaRage and will beat down Magneto with guilt and shame. Joe Biden will be diagnosed with Alzheimer’s, but will not pull out of the race. “Does it even matter anymore?” he will say at the press conference announcing the diagnosis. Hong Kong will go dark and become the worlds largest abandoned mall. Disney will announce its purchase of the Notre Dame Cathedral. The entertainment behemoth will claim that only it has the resources to successfully complete the renovation of the fire-damaged landmark, and the culture to maintain French history and tradition. Tours of the site will begin soon after and will be led by Snow White and Mickey Mouse. Disney will also announce that it has purchased Stonehenge, the Pyramids, Machu Picchu and the Great Wall of China, and that all these new properties will be anchors for new entertainment megahubs. Disney spokespeople will claim that only Disney has the resources to maintain these historical and cultural marvels, and at the same time better leverage their tourism revenue potentials. And they also have animated feature length movies for each site, coincidentally. A Religious Liberty bill will be signed into law reassigning all non-Christians to their new Christian denominations. Buddhists will become Baptists. Muslims will become Methodists. The Hindus will become Congregationalists. Mormons will become Presbyterians. “What about us?” the Unitarians will ask in a barely heard voice, to which the official response will be, “Go talk to the Catholics. Maybe they want you.” Pay day loans, reverse mortgages and high frequency trading will be recognized by the SEC, FTC and Justice Department as key corruptions and cancers to capitalism. Nonetheless, they will spread and proliferate like weeds. New types and styles of snake oils and shell games will join them in the disfigurement of capitalism. A growing number and majority of stores, restaurants and businesses in general will no longer accept cash, preferring credit cards and digital currency. Most panhandlers, prostitutes and drug dealers will also stop accepting cash and will instead require PayPal, Venmo or Bitcoin. Surveillance will become ubiquitous as all devices in our lives - phones, doorbells, coffeemakers, tablets, speakers, watches, TVs, thermostats, crockpots, electrical plugs, litter boxes, remote controls, dog collars, security systems, vibrators, cars, weapons, (the list is growing) etc. - will harvest data about our lives and behaviors and feed that data to “data brokers” who analyze and sell that to other corporations. In response to this growing threat, personal data security companies will emerge that will require customers to register their personal data with them and will promise to protect that data. People will fall for this. Online social influencer and personal data broker will become top paying jobs. The first inter-species hybrid human will come to light in a gene-splicing lab somewhere in China. It will be either a pigboy or a monkeygirl. Scientific and medical authorities around the world will express their outrage. Meanwhile, millions will clamor to place orders for puppyboys and kittygirls. The U.S. Department of Defense will officially begin planning strategies to weaponize the Internet. PornhubDoD.mil will be announced as the “nuclear option.” The Republican and Democratic parties will assume new nicknames, the Hatfields and McCoys. “Oh, puh-lease,” will say 89-year-old Dolly Hatfield, granddaughter of “Devil” Anse Hatfield, of Possum Holler, Kentucky, to reporters from her nursing home, “we was never as bad as all them DC politicians. They’re downright crazy. We was just a mite pissed off.” Dating apps will go the way of porn magazines as mating algorithms begin populating our phones and browsers with photos of candidates in our lane, based on various demographic variables. Amazon and Google will provide online weddings, will even provide avatars to act as bridesmaid and best-man. Digisex will trend as the new safe alternative to physical sex. The $15.5 trillion US corporate debt bubble, 74% of US GDP, will burst, throwing the US into economic chaos. Celebrations, by those who have dreamed of the event, will be short-lived when it is realized that no one’s phones work. Nancy Pelosi and Bill Maher will be the first residents to check in at a luxurious new reeducation camp outside of Fairbanks. The string of new American Gulags with be a booming new industry and will provide many jobs for patriotic Alaskans. Many US churches will begin installing security checkpoints, gun emplacements and sniper overwatch. Many schools will implement TCPs, Traffic Control Points, manned by armed security personnel, except at rural schools, where TCPs will be manned by armed teachers and parents, and in some districts, students. The PSC, Private Security Corporation, industry will surge and boom like a high school band at halftime at a Friday night football game. High school bands will begin wearing tactical body armor at Friday night halftimes. Hillary Clinton will finally reveal the location of Jimmy Hoffa’s body. “I told her not to do it!” Bill will say at her trial. Trump will get reelected and will immediately sign an executive order establishing The Department of Truth, whose mandate will be to officially and legally determine which facts are truths and which are lies. Using the term “alternative facts” will become illegal. The Democratic Party candidates for president will switch from debates to playing concerts as a band, during which each gets a solo spotlight, during which they have 5 minutes to play their instrument and riff on politics. Squabbles over who plays lead guitar and the drums will follow the band throughout their tour. Buttigieg will never stop complaining about having to play the flute. A startup company will release a new product called the Emonilometer, which will measure a person’s emotional and spiritual depth and flow. Various plans ands price points will be available. Sales will soar as customers catch on that the more you pay the deeper your flow. (Note: A “nilometer” is used to measure river depth and flow, was first used by the ancient Egyptians.) Multiple sources within the White House will claim that Trump’s favorite new phrase is “It’s good to be the king.” Sources close to Mel Brooks will claim that his favorite new phrase is, “Oy vey.” A new extinct human species will be discovered. Homo idioticus will answer a lot of burning questions regarding the human tree of evolution, and the current state of humanity. The collapse of the dairy industry, due to unmanageable costs and ratios, will lead scientists and farmer to look for other sources of milk, beyond almond and oat. New options will include shark milk, beetle milk, flamingo milk and even spider milk, for which demand will quickly out-strip supplies, due to consumers hoping for spider super powers. A joint Chinese-Israeli-SpaceX project will start building a lunar station on the moon. The station will be focused on research and mining, but also will offer “Do It On the Moon” romantic get-away packages for couples. The Labor Secretary will quip during a press conference that “retirement is for pussies.” US Space Command will begin selecting and training its first class of Space Rangers. LSD and psilocybin will be the new cure-all super-drugs, for everything from depression, addiction and dementia. Doctors and pharmacists will take to referring to these as Timothy Leary treatments. Members of the Leary family will demand a cut of the action. Coach Orgeron and LSU will replace Saban and Alabama as the defining college football program, and will set new standards in 2020 when LSU becomes the first to sign a QB right out of middle school. Other schools will soon follow. Elizabeth Warren and Bernie Sanders will make a soft porn short film together in an attempt to connect with American voters. Copyright Jeff Forker 2020
In order to create an account on BitMEX, users first have to register with the website. Registration only requires an email address, the email address must be a genuine address as users will receive an email to confirm registration in order to verify the account. Once users are registered, there are no trading limits. Traders must be at least 18 years of age to sign up. https://preview.redd.it/0v13qoil3cc41.jpg?width=808&format=pjpg&auto=webp&s=e6134bc089c4e352dce10d754dc84ff11a4c7994 However, it should be noted that BitMEX does not accept any US-based traders and will use IP checks to verify that users are not in the US. While some US users have bypassed this with the use of a VPN, it is not recommended that US individuals sign up to the BitMEX service, especially given the fact that alternative exchanges are available to service US customers that function within the US legal framework. How to Use BitMEX BitMEX allows users to trade cryptocurrencies against a number of fiat currencies, namely the US Dollar, the Japanese Yen and the Chinese Yuan. BitMEX allows users to trade a number of different cryptocurrencies, namely Bitcoin, Bitcoin Cash, Dash, Ethereum, Ethereum Classic, Litecoin, Monero, Ripple, Tezos and Zcash. The trading platform on BitMEX is very intuitive and easy to use for those familiar with similar markets. However, it is not for the beginner. The interface does look a little dated when compared to newer exchanges like Binance and Kucoin’s. Once users have signed up to the platform, they should click on Trade, and all the trading instruments will be displayed beneath. Clicking on the particular instrument opens the orderbook, recent trades, and the order slip on the left. The order book shows three columns – the bid value for the underlying asset, the quantity of the order, and the total USD value of all orders, both short and long. The widgets on the trading platform can be changed according to the user’s viewing preferences, allowing users to have full control on what is displayed. It also has a built in feature that provides for TradingView charting. This offers a wide range of charting tool and is considered to be an improvement on many of the offering available from many of its competitors. https://preview.redd.it/fabg1nxo3cc41.jpg?width=808&format=pjpg&auto=webp&s=6d939889c3eac15ab1e78ec37a8ccd13fc5e0573 Once trades are made, all orders can be easily viewed in the trading platform interface. There are tabs where users can select their Active Orders, see the Stops that are in place, check the Orders Filled (total or partially) and the trade history. On the Active Orders and Stops tabs, traders can cancel any order, by clicking the “Cancel” button. Users also see all currently open positions, with an analysis if it is in the black or red. BitMEX uses a method called auto-deleveraging which BitMEX uses to ensure that liquidated positions are able to be closed even in a volatile market. Auto-deleveraging means that if a position bankrupts without available liquidity, the positive side of the position deleverages, in order of profitability and leverage, the highest leveraged position first in queue. Traders are always shown where they sit in the auto-deleveraging queue, if such is needed. Although the BitMEX platform is optimized for mobile, it only has an Android app (which is not official). There is no iOS app available at present. However, it is recommended that users use it on the desktop if possible. BitMEX offers a variety of order types for users:
Limit Order (the order is fulfilled if the given price is achieved);
Market Order (the order is executed at current market price);
Stop Limit Order (like a stop order, but allows users to set the price of the Order once the Stop Price is triggered);
Stop Market Order (this is a stop order that does not enter the order book, remain unseen until the market reaches the trigger);
Trailing Stop Order (it is similar to a Stop Market order, but here users set a trailing value that is used to place the market order);
Take Profit Limit Order (this can be used, similarly to a Stop Order, to set a target price on a position. In this case, it is in respect of making gains, rather than cutting losses);
Take Profit Market Order (same as the previous type, but in this case, the order triggered will be a market order, and not a limit one)
The exchange offers margin trading in all of the cryptocurrencies displayed on the website. It also offers to trade with futures and derivatives – swaps.
Futures and Swaps
A futures contract is an agreement to buy or sell a given asset in the future at a predetermined price. On BitMEX, users can leverage up to 100x on certain contracts. Perpetual swaps are similar to futures, except that there is no expiry date for them and no settlement. Additionally, they trade close to the underlying reference Index Price, unlike futures, which may diverge substantially from the Index Price. BitMEX also offers Binary series contracts, which are prediction-based contracts which can only settle at either 0 or 100. In essence, the Binary series contracts are a more complicated way of making a bet on a given event. The only Binary series betting instrument currently available is related to the next 1mb block on the Bitcoin blockchain. Binary series contracts are traded with no leverage, a 0% maker fee, a 0.25% taker fee and 0.25% settlement fee.
BitMEX allows its traders to leverage their position on the platform. Leverage is the ability to place orders that are bigger than the users’ existing balance. This could lead to a higher profit in comparison when placing an order with only the wallet balance. Trading in such conditions is called “Margin Trading.” There are two types of Margin Trading: Isolated and Cross-Margin. The former allows the user to select the amount of money in their wallet that should be used to hold their position after an order is placed. However, the latter provides that all of the money in the users’ wallet can be used to hold their position, and therefore should be treated with extreme caution. https://preview.redd.it/eg4qk9qr3cc41.jpg?width=808&format=pjpg&auto=webp&s=c3ca8cdf654330ce53e8138d774e72155acf0e7e The BitMEX platform allows users to set their leverage level by using the leverage slider. A maximum leverage of 1:100 is available (on Bitcoin and Bitcoin Cash). This is quite a high level of leverage for cryptocurrencies, with the average offered by other exchanges rarely exceeding 1:20.
BitMEX does not charge fees on deposits or withdrawals. However, when withdrawing Bitcoin, the minimum Network fee is based on blockchain load. The only costs therefore are those of the banks or the cryptocurrency networks. As noted previously, BitMEX only accepts deposits in Bitcoin and therefore Bitcoin serves as collateral on trading contracts, regardless of whether or not the trade involves Bitcoin. The minimum deposit is 0.001 BTC. There are no limits on withdrawals, but withdrawals can also be in Bitcoin only. To make a withdrawal, all that users need to do is insert the amount to withdraw and the wallet address to complete the transfer. https://preview.redd.it/xj1kbuew3cc41.jpg?width=808&format=pjpg&auto=webp&s=68056f2247001c63e89c880cfbb75b2f3616e8fe Deposits can be made 24/7 but withdrawals are processed by hand at a recurring time once per day. The hand processed withdrawals are intended to increase the security levels of users’ funds by providing extra time (and email notice) to cancel any fraudulent withdrawal requests, as well as bypassing the use of automated systems & hot wallets which may be more prone to compromise.
BitMEX operates as a crypto to crypto exchange and makes use of a Bitcoin-in/Bitcoin-out structure. Therefore, platform users are currently unable to use fiat currencies for any payments or transfers, however, a plus side of this is that there are no limits for trading and the exchange incorporates trading pairs linked to the US Dollar (XBT), Japanese Yen (XBJ), and Chinese Yuan (XBC). BitMEX supports the following cryptocurrencies:
Bitcoin Cash (BCH)
Ethereum Classic (ETC)
Ripple Token (XRP)
EOS Token (EOS)
BitMEX also offers leverage options on the following coins:
5x: Zcash (ZEC)
20x : Ripple (XRP),Bitcoin Cash (BCH), Cardano (ADA), EOS Token (EOS), Tron (TRX)
HDR Global Trading, the company which owns BitMEX, has recently announced a partnership with Trading Technologies International, Inc. (TT), a leading international high-performance trading software provider. The TT platform is designed specifically for professional traders, brokers, and market-access providers, and incorporates a wide variety of trading tools and analytical indicators that allow even the most advanced traders to customize the software to suit their unique trading styles. The TT platform also provides traders with global market access and trade execution through its privately managed infrastructure and the partnership will see BitMEX users gaining access to the trading tools on all BitMEX products, including the popular XBT/USD Perpetual Swap pairing. https://preview.redd.it/qcqunaby3cc41.png?width=672&format=png&auto=webp&s=b77b45ac2b44a9af30a4985e3d9dbafc9bbdb77c
The BitMEX Insurance Fund
The ability to trade on leverage is one of the exchange’s main selling points and offering leverage and providing the opportunity for traders to trade against each other may result in a situation where the winners do not receive all of their expected profits. As a result of the amounts of leverage involved, it’s possible that the losers may not have enough margin in their positions to pay the winners. Traditional exchanges like the Chicago Mercantile Exchange (CME) offset this problem by utilizing multiple layers of protection and cryptocurrency trading platforms offering leverage cannot currently match the levels of protection provided to winning traders. In addition, cryptocurrency exchanges offering leveraged trades propose a capped downside and unlimited upside on a highly volatile asset with the caveat being that on occasion, there may not be enough funds in the system to pay out the winners. To help solve this problem, BitMEX has developed an insurance fund system, and when a trader has an open leveraged position, their position is forcefully closed or liquidated when their maintenance margin is too low. Here, a trader’s profit and loss does not reflect the actual price their position was closed on the market, and with BitMEX when a trader is liquidated, their equity associated with the position drops down to zero. In the following example, the trader has taken a 100x long position. In the event that the mark price of Bitcoin falls to $3,980 (by 0.5%), then the position gets liquidated with the 100 Bitcoin position needing to be sold on the market. This means that it does not matter what price this trade executes at, namely if it’s $3,995 or $3,000, as from the view of the liquidated trader, regardless of the price, they lose all the equity they had in their position, and lose the entire one Bitcoin. https://preview.redd.it/wel3rka04cc41.png?width=669&format=png&auto=webp&s=3f93dac2d3b40aa842d281384113d2e26f25947e Assuming there is a fully liquid market, the bid/ask spread should be tighter than the maintenance margin. Here, liquidations manifest as contributions to the insurance fund (e.g. if the maintenance margin is 50bps, but the market is 1bp wide), and the insurance fund should rise by close to the same amount as the maintenance margin when a position is liquidated. In this scenario, as long as healthy liquid markets persist, the insurance fund should continue its steady growth. The following graphs further illustrate the example, and in the first chart, market conditions are healthy with a narrow bid/ask spread (just $2) at the time of liquidation. Here, the closing trade occurs at a higher price than the bankruptcy price (the price where the margin balance is zero) and the insurance fund benefits. Illustrative example of an insurance contribution – Long 100x with 1 BTC collateral https://preview.redd.it/is89ep924cc41.png?width=699&format=png&auto=webp&s=f0419c68fe88703e594c121b5b742c963c7e2229 (Note: The above illustration is based on opening a 100x long position at $4,000 per BTC and 1 Bitcoin of collateral. The illustration is an oversimplification and ignores factors such as fees and other adjustments. The bid and offer prices represent the state of the order book at the time of liquidation. The closing trade price is $3,978, representing $1 of slippage compared to the $3,979 bid price at the time of liquidation.) The second chart shows a wide bid/ask spread at the time of liquidation, here, the closing trade takes place at a lower price than the bankruptcy price, and the insurance fund is used to make sure that winning traders receive their expected profits. This works to stabilize the potential for returns as there is no guarantee that healthy market conditions can continue, especially during periods of heightened price volatility. During these periods, it’s actually possible that the insurance fund can be used up than it is built up. Illustrative example of an insurance depletion – Long 100x with 1 BTC collateral https://preview.redd.it/vb4mj3n54cc41.png?width=707&format=png&auto=webp&s=0c63b7c99ae1c114d8e3b947fb490e9144dfe61b (Notes: The above illustration is based on opening a 100x long position at $4,000 per BTC and 1 Bitcoin of collateral. The illustration is an oversimplification and ignores factors such as fees and other adjustments. The bid and offer prices represent the state of the order book at the time of liquidation. The closing trade price is $3,800, representing $20 of slippage compared to the $3,820 bid price at the time of liquidation.) The exchange declared in February 2019, that the BitMEX insurance fund retained close to 21,000 Bitcoin (around $70 million based on Bitcoin spot prices at the time). This figure represents just 0.007% of BitMEX’s notional annual trading volume, which has been quoted as being approximately $1 trillion. This is higher than the insurance funds as a proportion of trading volume of the CME, and therefore, winning traders on BitMEX are exposed to much larger risks than CME traders as:
BitMEX does not have clearing members with large balance sheets and traders are directly exposed to each other.
BitMEX does not demand payments from traders with negative account balances.
The underlying instruments on BitMEX are more volatile than the more traditional instruments available on CME.
Therefore, with the insurance fund remaining capitalized, the system effectively with participants who get liquidated paying for liquidations, or a losers pay for losers mechanism. This system may appear controversial as first, though some may argue that there is a degree of uniformity to it. It’s also worth noting that the exchange also makes use of Auto Deleveraging which means that on occasion, leveraged positions in profit can still be reduced during certain time periods if a liquidated order cannot be executed in the market. More adventurous traders should note that while the insurance fund holds 21,000 Bitcoin, worth approximately 0.1% of the total Bitcoin supply, BitMEX still doesn’t offer the same level of guarantees to winning traders that are provided by more traditional leveraged trading platforms. Given the inherent volatility of the cryptocurrency market, there remains some possibility that the fund gets drained down to zero despite its current size. This may result in more successful traders lacking confidence in the platform and choosing to limit their exposure in the event of BitMEX being unable to compensate winning traders.
How suitable is BitMEX for Beginners?
BitMEX generates high Bitcoin trading levels, and also attracts good levels of volume across other crypto-to-crypto transfers. This helps to maintain a buzz around the exchange, and BitMEX also employs relatively low trading fees, and is available round the world (except to US inhabitants). This helps to attract the attention of people new to the process of trading on leverage and when getting started on the platform there are 5 main navigation Tabs to get used to:
**Trade:**The trading dashboard of BitMEX. This tab allows you to select your preferred trading instrument, and choose leverage, as well as place and cancel orders. You can also see your position information and view key information in the contract details.
**Account:**Here, all your account information is displayed including available Bitcoin margin balances, deposits and withdrawals, and trade history.
**Contracts:**This tab covers further instrument information including funding history, contract sizes; leverage offered expiry, underlying reference Price Index data, and other key features.
**References:**This resource centre allows you to learn about futures, perpetual contracts, position marking, and liquidation.
**API:**From here you can set up an API connection with BitMEX, and utilize the REST API and WebSocket API.
BitMEX also employs 24/7 customer support and the team can also be contacted on their Twitter and Reddit accounts. In addition, BitMEX provides a variety of educational resources including an FAQ section, Futures guides, Perpetual Contracts guides, and further resources in the “References” account tab. For users looking for more in depth analysis, the BitMEX blog produces high level descriptions of a number of subjects and has garnered a good reputation among the cryptocurrency community. Most importantly, the exchange also maintains a testnet platform, built on top of testnet Bitcoin, which allows anyone to try out programs and strategies before moving on to the live exchange. This is crucial as despite the wealth of resources available, BitMEX is not really suitable for beginners, and margin trading, futures contracts and swaps are best left to experienced, professional or institutional traders. Margin trading and choosing to engage in leveraged activity are risky processes and even more advanced traders can describe the process as a high risk and high reward “game”. New entrants to the sector should spend a considerable amount of time learning about margin trading and testing out strategies before considering whether to open a live account.
Is BitMEX Safe?
BitMEX is widely considered to have strong levels of security. The platform uses multi-signature deposits and withdrawal schemes which can only be used by BitMEX partners. BitMEX also utilises Amazon Web Services to protect the servers with text messages and two-factor authentication, as well as hardware tokens. BitMEX also has a system for risk checks, which requires that the sum of all account holdings on the website must be zero. If it’s not, all trading is immediately halted. As noted previously, withdrawals are all individually hand-checked by employees, and private keys are never stored in the cloud. Deposit addresses are externally verified to make sure that they contain matching keys. If they do not, there is an immediate system shutdown. https://preview.redd.it/t04qs3484cc41.jpg?width=808&format=pjpg&auto=webp&s=a3b106cbc9116713dcdd5e908c00b555fd704ee6 In addition, the BitMEX trading platform is written in kdb+, a database and toolset popular amongst major banks in high frequency trading applications. The BitMEX engine appears to be faster and more reliable than some of its competitors, such as Poloniex and Bittrex. They have email notifications, and PGP encryption is used for all communication. The exchange hasn’t been hacked in the past.
How Secure is the platform?
As previously mentioned, BitMEX is considered to be a safe exchange and incorporates a number of security protocols that are becoming standard among the sector’s leading exchanges. In addition to making use of Amazon Web Services’ cloud security, all the exchange’s systems can only be accessed after passing through multiple forms of authentication, and individual systems are only able to communicate with each other across approved and monitored channels. Communication is also further secured as the exchange provides optional PGP encryption for all automated emails, and users can insert their PGP public key into the form inside their accounts. Once set up, BitMEX will encrypt and sign all the automated emails sent by you or to your account by the [[email protected]](mailto:[email protected]) email address. Users can also initiate secure conversations with the support team by using the email address and public key on the Technical Contact, and the team have made their automated system’s PGP key available for verification in their Security Section. The platform’s trading engine is written in kdb+, a database and toolset used by leading financial institutions in high-frequency trading applications, and the speed and reliability of the engine is also used to perform a full risk check after every order placement, trade, settlement, deposit, and withdrawal. All accounts in the system must consistently sum to zero, and if this does not happen then trading on the platform is immediately halted for all users. With regards to wallet security, BitMEX makes use of a multisignature deposit and withdrawal scheme, and all exchange addresses are multisignature by default with all storage being kept offline. Private keys are not stored on any cloud servers and deep cold storage is used for the majority of funds. Furthermore, all deposit addresses sent by the BitMEX system are verified by an external service that works to ensure that they contain the keys controlled by the founders, and in the event that the public keys differ, the system is immediately shut down and trading halted. The exchange’s security practices also see that every withdrawal is audited by hand by a minimum of two employees before being sent out.
BitMEX Customer Support
The trading platform has a 24/7 support on multiple channels, including email, ticket systems and social media. The typical response time from the customer support team is about one hour, and feedback on the customer support generally suggest that the customer service responses are helpful and are not restricted to automated responses. https://preview.redd.it/8k81zl0a4cc41.jpg?width=808&format=pjpg&auto=webp&s=e30e5b7ca93d2931f49e2dc84025f2fda386eab1 The BitMEX also offers a knowledge base and FAQs which, although they are not necessarily always helpful, may assist and direct users towards the necessary channels to obtain assistance. BitMEX also offers trading guides which can be accessed here
There would appear to be few complaints online about BitMEX, with most issues relating to technical matters or about the complexities of using the website. Older complaints also appeared to include issues relating to low liquidity, but this no longer appears to be an issue. BitMEX is clearly not a platform that is not intended for the amateur investor. The interface is complex and therefore it can be very difficult for users to get used to the platform and to even navigate the website. However, the platform does provide a wide range of tools and once users have experience of the platform they will appreciate the wide range of information that the platform provides. Visit BitMEX
#6 lessons for newcomers: My 1 year XRP journey. Fundamentals, FOMO, FUD & Greed on the path to $5 and beyond.
6 crucial things I learned in 2017.
As I find it difficult to share this story with friends and family so I turn to this community. They either don’t understand or think everything that sounds like crypto is a bubble.
Also I hope that this story might help others to avoid the mistakes I made.
TLDR: * I fundamentally believe in XRP and ~10x’ed my FIAT so far (compared to $), * Could have 15x’ed if I would have not have made emotional decisions based on greed, fomo and FUD, * Make rules for yourself and stick to them. Period, * I will buy XRP till $5, * Bitstamp is a great exchange but at some point definitely secure your holdings with some level of paranoia.
This story is about my personal journey on the XRP train. A story about fundamental analysis, FOMO (fear of missing out), FUD (fear uncertainty and doubt), my greed, emotional trading, belief in XRP and patience.
My journey started with bitcoin actually in ~ 2013. I had this friend who kept talking about this bitcoin that will change the world.
It was around $600 at the time, I told him he was crazy and it was a bubble, without even researching it I waved his words away.
The higher BTC rose, the more effort I made to tell him it was a bubble and it would crash.
At some point it did, after reaching ~1200 or so. Major crash. I was right!
In ~ 2014 I had to buy a few BTC to perform a transaction on a infamous dark web market place that is no longer.
After that, I forgot about bitcoin and crypto currencies….
Fast forward to January 2017. Crypto is on my radar again, it’s still there…
I start reading and following the rapid growth of BTC until April 2017. I don’t understand BTC craze. Of course, it was the first, the tech is revolutionary but there are some problems for me;
High transaction fees,
Centralised mining power,
No immediate real world use case,
Distribution graph of BTC wallet holdings favours a small percentage,
Incredibly bad for the environment.
Also I found out about this ‘other thing’, XRP.
The more I read the more I believe in the fundamentals;
Ripple Labs, Inc. is venture backed by Google, Andreesen & Horrowitz, Accenture, SBI (USD 100M of funding);
Aiming to replace SWIFT (Society for Worldwide Interbank Financial Telecommunication, founded in 1973!);
Ripple Labs, Inc’s digital token XRP has transaction speeds of under 5 seconds and fees of less than a cent $;
Works together with banks in stead of against them.
I soon figure out this crucial part:
If banks adopt Ripple’s software and later XRP as a bridge for international transfers they will likely need to purchase XRP to execute these transfers
If banks for example need to send $10 Billion, there needs to be sufficient liquidity in the XRP market for such a large USD amount to flow through XRP.
In May 2017, XRP is 0.22 USD with a market cap of ~ 9 Billion USD.
How the hell will banks be able to send large amounts of FIAT through XRP without causing massive price swings?
They cannot. I figured that if banks were going to use XRP to send let’s say USD 1 trillion on a daily basis XRPs unit price would need to be WAAAYY higher.
Let’s Imagine 75% of the coins is being held and not actively trading. 25% of the total supply is being traded on a daily basis. For 1 trillion USD to pass through that 25% should be at least valued at 1 Trillion USD. But likely higher because everyone involved in this want a stable price.
I thought that if Ripple succeeds and banks adopt Ripple’s software, it is likely that Ripple will convince banks to use XRP as well.
Betting on Ripple the company I believed that XRP was massively undervalued at .22 USD, especially in comparison with coins such as BTC, LTC and some others.
After reading up on Ripple and XRP for 2 months straight I decided to buy in for 20% of my net worth (yes, huge gamble and not recommended).
I buy Bitcoin at a local broker with a ~4% spread and send the BTC to Bitstamp. Upon arrival on Bitstamp a few hours later I realise that some of my BTC is missing. High transaction fees and a relatively big spread between the broker’s price and the price on bitstamp I find out later.
I told myself to hold XRP for 5 years.
This is how my journey goes after that:
End of may 2017, purchased XRP at .22$,
Two weeks later: sending 50% of XRP to another exchange and FOMO it into ETH,
End of August I panic sell my ETH for FIAT with a 30% loss, I invested more than I could afford to lose at that time,
Between August and October FUD hits me, this coin is going nowhere. I even accomplish to forget about crypto for a few weeks.
October 18, I FOMO into XRP again during SWELL and tripple my holdings at .27$,
Dec 6, XRP is going nowhere still, was I wrong? Everything rises but not us..
I read on Reddit that diversifying is good and I plan on spreading my crypto holdings (ETH, NEO, XBR, ADA and IOTA)
I send 10% of my XRP to another exchange to buy ADA at .09$,
I send 10% of my XRP to another exchange to buy IOTA (FOMO) at 3.5$
Within a few days I sell my IOTA at 4.27$ and leave that particular exchange, it’s a shitty exchange,
Dec 13, I get greedy with my XRP profit and sell at .38$, hoping to buy back lower,
Dec 13, price rises and I FOMO and buy back XRP at .39$,
Dec 14, I increase my XRP holding by 50% coming from FIAT,
At this point I am still high in profits (could be more if I did not sell though..)
Dec 14, ADA moons.
Dec 14, XRP rises further, I feel incredibly smart and get greedy. I will now day trade and make even more gains. I think it will correct and sell 30% of my holdings at .65$, I will buy back lower I think,
Dec 14, XRP rises further and I am FOMO again, buy back the 30% at .78$,
I feel so stupid,
Dec 17, I sell ADA for BTC at ATH of .55$, I am so smart,
I convert it all back to XRP,
Dec 21, greed hits again and I want to buy back lower after the correction. I sell 20% at .92$ and place by orders at .80$,
Dec 22, XRP moons and I FOMO once more, I buy back at 1.24$,
As of now I feel very happy with 10x gains on the total FIAT amount I put in. However I also feel stupid for not sticking to my plan of holding XRP for 5 years without trading. If I had stuck to my plan I would have been up 15x by now.
My new plan:
I toke all my XRPs offline and stored it very securely with tin-hat + hyper paranoia mentality,
Increase my XRP holdings and buy with FIAT until $5 and diversify my storage into multiple places/ledgers,
At $10, cash out all FIAT investments I made, all the paper profit and loss is on the house from now on,
Hold my XRP at least till end of 2020, all or nothing.
I learned some things:
Make your own plan and stick to it,
Consider all your investment in XRP or any other crypto to be lost,
NEVER EVER make any financial decision when you emotional (panic, euphoric, greedy, etc..),
If you believe in the fundamentals of XRP just hold, be patient,
If you are not a trader by profession don’t think you will be a good crypto trader after reading some stuff online, it is very unlikely that you will be able to time the market, you might make some profits in the short run for sure but the stress and emotion is real and you’re basically just gambling even more than when you are only holding (that’s already enough of a gamble),
Reflect on your own behaviour once in a while, what caused you to buy/sell?
Hopefully this story might be of some use.
To all /Ripple'ers, big thanks; especially to those answering questions from newcomers and to those keeping thus sub high quality and free of memes and other low quality posts.
Wishing everyone a great start of 2018 and happy holding!
Hello people 👋 I wanted to start a feedback cycle on a platform I am currently building. The platform is currently in its infancy and built on lightning, so I thought that this subreddit might be a great place to make initial contact with the community. Short backstory Before working on the lighting network, my co-founder and I met working for one of the largest cryptocurrency liquidity providers. Working there we realised many proprietary trading firms, retail brokers and market makers that traded bitcoin only focused on trading strategy or financial instruments. Using the underlying technology of the cryptocurrency they traded to improve their strategy or provide a better user experience for their counter-parties (if they had them) came second. I also worked briefly at a well-backed crypto derivatives exchange and it was amazing to see that even now, the only differentiating factors were 'we offer more products than exchange X and our tech is built for institutions, no one else does that!' (or do they 🤔). As a result there are only a few cryptocurrency trading platforms that focus on improving the experience for their end users by providing crypto-native features. That's how we got started building LayerTwo, a trading platform that focuses on creating features that are crypto native. This means we primarily focus on the following features
Since trying to solve everything at once is not feasible, we want to focus on specific aspects of our vision sequentially. I know many of you might be thinking: a solution to the above mentioned points would be a decentralised exchange! However, we don't believe that they currently provide an optimal user experience. Instead we are suggesting that there can be a transitional model where counterparty risk (leaving money on an exchange) can be minimised rather than eradicated by encouraging users to withdraw their funds as soon as they have finished trading. Kind of like the dude playing poker with Justin Timberlake in the movie ‘In Time’, where the two only deposit the amount they want to wager for the poker game, and instantly withdraw when the game is complete. https://media.giphy.com/media/giRTinM12HaKEB3c1u/giphy.gif Lightning somewhat lends itself for this quite naturally. Our initial feature set includes the following
Deposit/Withdraw instantly and without cost, trustlessly
Trade with as little as one Satoshi
Go long and short on different pairs without having to own the underlying asset.
Essentially, enabling users to deposit instantly and costlessly from a non-custodial wallet and trade (in theory) highly liquid derivatives contracts. Questions we are getting asked the most are: Why are we using lightning over other layer two solutions? Currently, Bitcoin is the most used and accepted crypto currency. Depending on how other scaling solutions develop we are planning on supporting them as long as they don't jeopardize the user experience. Why derivatives? Again, we use derivatives because they seem to be most popular. The most liquid crypto product is currently Bitmex's XBT/USD swap (at least that what the data suggests). They allow people to go long or short as well as use leverage. And yes, we are aware of the fact that the pricing mechanisms behind derivatives are not trivial. Yet, we still believe that if explained effectively, and used responsibly, they provide a great user experience. And allow those that may only hold bitcoin, the ability to enjoy the price volatility of other cryptocurrencies using small amounts of capital when using leverage. Above all, we figured that high leverage + Satoshi trades are quite a bit of fun :D. We have a more data driven piece in the pipeline that we are likely to publish on Medium in the next couple of weeks. We will use transactional data as well as exchange data we have gathered to support our hypothesis that a platform with the above mentioned features might be a good idea. We are planning on running our first cohort of beta testers in the upcoming weeks. So, if you want to be kept up to date on our progress and are interested in testing the platform as a beta tester, please join our Telegram group and/or our mailing list. You can find a link to either of these on our website https://layertwo.info We appreciate any feedback or ideas you have! Also, if you have any questions feel free to ask or just drop us a line on Telegram! TL;DR Essentially, we believe that in crypto an exchange should only be a feature that is baked into a non-custodial wallet. That’s what we are trying to do with LayerTwo. Join our beta or keep up to date with our progress here: https://layertwo.info/
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