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How to Explain Bitcoin: 3 Tips to Have Better Bitcoin Conversations
BTC Friends, Let’s be honest, Bitcoin is confusing. Not to you (you are on this / after all), but to the people who have no idea what it is. Trying to explain Bitcoin is even harder. I’m sure we’ve all had those long, complicated, drawn-out conversations which leave people more confused than when it started. To aid its adoption WE HAVE TO GET BETTER AT EXPLAINING WHAT BITCOIN IS. Here are a few tips that should, hopefully, help you manage a simple and easy to understand discussion about Bitcoin. Before we get to that, a few things to remember: Bitcoin is afundamentalchange from what most people believe. An explanation about Bitcoin shouldn’t be about “being right” or “winning the argument.” Instead, it should be about helping someone explore a new idea and begin to understand that there are actually different alternatives to the only “money” they’ve ever known. Bitcoin is complicated. It’s important to remember that this is as much of an emotion transformation for someone as it is a logical one. A CONFUSED MIND ALWAYS SAYS NO. If you leave a person confused or frustrated about what Bitcoin is, they are more likely to build up a resistance to it and become close-minded because “it’s just too complicated.” Adoption is a marathon, not a sprint. Don’t feel the need to word vomit all of your intense 1337 cypto-knowledge in a single conversation. Slow and steady. Like a good story-teller, keep them wanting more. Now, some tips to consider: 1. Start with ‘WHAT is Bitcoin?,’ not ‘WHY is Bitcoin?’ A fundamental mistake that people make is to try to justify WHY something exists before even explaining WHAT something is. Your explanations need to act as a building blocks of knowledge which means you have to have a very clear, very easily understood, fundamental premise: Bitcoin is…: Digital coins that exist on the internet that you can spend and save just like the paper money in your wallet. An alternative form of money than what you are given by your local government. That's it. That's Bitcoin. While I’m sure we can, and probably will, argue about what that base, fundamental definition is, it’s important to start with WHAT, not WHY. While hyperinflation, store of value, scarcity, the Federal Reserve, and how the printing of fiat devalues currency are all important, it does not answer the question of WHAT is Bitcoin. If you start with WHY, you are skipping a major building block in the mind of the listener and are on your way to creating confusion. And remember, a confused mind always says no! Here is an example. (Now, don’t go full-internet on me. I’m not degrading this person or this video THANK YOU PERSON FOR MAKING THIS VIDEO. This video is awesome! I only bring it up because it is a recent video that got some attention. It also demonstrates this point.) When asked to explain Bitcoin, here is the opening line: “The FED…is out of control with printing money…” This is a ‘WHY is Bitcoin’ response. Already, the listener is probably thinking, ‘what the heck does the FED have to do with anything? I just wanted to know what Bitcoin was…’ and you may just lose your listener right there. Furthermore, this video never actually says “Bitcoin IS…” While there is an implied comparison to gold, there is never a fundamental definition of WHAT Bitcoin is. Start with a clear, concise definition of WHAT Bitcoin is before moving on to WHY Bitcoin is. 2. Let Them Lead / Gauge Their Interest / Know When To Stop When explaining any topic to someone who doesn’t understand it, there is a very strong temptation to TELL everything you know. This is human nature. We are proud of what we know. We want to display knowledge and proficiency. We must, however, understand that it is counter-productive to the learning process. Imagine that certain math teacher going over that certain math problem. They explain it. They are enthusiastic about it. They write it on the chalkboard. Yet your eyes glaze over. It’s too much too fast. You are just waiting until the end when they finally tell you the answer. All logic and reasoning and understanding is gone. This is similar. Instead of telling them everything you know, LET THEM ASK! Allowing your listener to ASK demonstrates two things: an understanding of the last thing you said and, more importantly, interest! Ultimately, that’s what we want and need; their interest. Believe me, just like that little kid asking, ‘why, why, why…?’ They will give you every opportunity to share a little bit more, and a little bit more. For example: Bitcoiner – “Bitcoin are digital coins that exist on the internet that you can spend and save just like the paper money in your wallet.” (STOP TALKING AND LEAVE SPACE FOR THEM TO ASK!!!) Noob – “Oh…ok…well…why do we need that? What's wrong with the money I have now?” Bitcoiner – “Well, there is a risk that, over time, the money that you keep in your wallet or bank account will actually be worth less and be able to buy less stuff.” (STOP TALKING AND LEAVE SPACE FOR THEM TO ASK!!!) Noob – “Wait, what do you mean?” And we are now on our way to a discussion about these messy and intense concepts of inflation vs deflation, printing of fiat currency, fractional reserve lending, etc. And through it all, LET THEM LEAD. Now this is the tough part. If their eyes glaze over, YOU HAVE TO STOP! When the questions stop, YOU HAVE TO STOP! The last thing you want to do is ramble on once they’ve stopped listening. Instead, ASK them a question: “I’m sorry, did you not understand something I said?” “Did I answer your question?” “Is this interesting to you?” By doing this, you will give them an opportunity to ASK you another question: “…back up…what did you mean when you said ‘store of value’?” Or maybe even make a comment: “…wow…this stuff is pretty complicated…” In either case, this actually helps keep the conversation going. Just back up, explain it again, keeping in mind your base concepts and definitions, and see if you can talk them past where they got stuck. Maybe they shut you down entirely: “you know what, this is crazy, it can’t be true, let’s change the subject…” To which the ONLY correct response is, “Ok!” (we’ll get to this later). Keep in mind that letting your listener lead will allow you to carry the conversation much further than you trying to push it along on your own. 3. Know Your Role / A Little at a Time / Don’t Overcorrect So, what’s the end goal? Is it to have them whip out their phone, download an exchange, and make their first Bitcoin purchase right then and there?! No, of course not. The role of these conversations is to LEAVE THEM WANTING MORE. Your goal should be to spark interest and curiosity. If after talking with you they end up on The Google or The YouTube looking for more information, then you’ve done your part! Movies and TV condition us to want the big payoff at the end: the parade, the teary embrace, the triumphant symphony. That is not real life. Really, the best ending to a Bitcoin conversation might just be your listener making an audible, but clearly deeply contemplative, “…huh…”. You’ve done your job. You’ve got them noodling something they have never noodled before. Even once you understand Bitcoin, there is still an entirely different conversation about what the technology is, how it works, and how people interact with it. And let’s be honest, it’s complex and confusing. Exchanges, blockchain, forks, difficulty adjustments, miners, cold storage… More complicated ideas. More jargon. Make sure you throttle yourself back and explain just A LITTLE AT A TIME. It’s ok to have one conversation about the fundamentals of Bitcoin and then an entirely different conversation about blockchain technology or how people acquire BTC or the difference between storing Bitcoin on an exchange versus a cold wallet. Don’t fall into the trap of thinking you have to tackle all of this at once. While all this is happening, BE CAREFUL NOT TO OVERCORRECT. People know what they know, right? And what people know is always correct, right?? Be sensitive. If your listener makes a comment that isn’t true or is off track, don’t scold them or forcefully correct them. If your listener feels attacked or threatened, conflict will arise, and once that happens, their minds will be completely shut off. No one listens during an argument. Don’t attack. Explain. For example: Noob – “Well, the USD is backed by gold, so that will prevent it from ever devaluing!” Bitcoiner – “You know, it’s pretty interesting, a lot of people think the same thing. The truth is that while the USD was backed by gold for a long period of time, it isn’t anymore. You see, back in 1971…” Keep it simple, factual, and non-confrontational. Going back to our example from before, even if your listener shuts you down entirely, THAT’S OK! They have now experienced a Bitcoin conversation that will percolate around in their brain. And perhaps next time they hear the word Bitcoin, whether on the news or on the internet, they’ll think back to your conversation and what you shared with them. Hopefully you didn’t over-press and their memory of your conversation isn't a negative one which leaves them feeling negative about Bitcoin: “Bitcoin is stupid and people who believe in Bitcoin are arrogant and rude.” Finally, ENCOURAGE THEM TO DO THEIR OWN RESEARCH. The journey doesn’t start and end with you. You are simply a stepping stone along their path. Know that you are playing a part in their story; you are not the main character. Adoption of Bitcoin will occur over a long period of time. The conversations we have with our friends and family will create the buzz, attention, and understanding that is needed, but please be mindful that you are doing it in a helpful and productive way that leaves people wanting to know more. Oh, and step 4: Stack Sats and HODL!
Stop using number of git commits as any metric for anything, it's idiocy
Stop measuring git commits, it is stupid! On so many levels and from so many perspectives is number of commits a super duper terrible metrics. Before I argue my statement, I would like to say that of course, it looks bad with absolutely NO public activity from developers over a long period of time (6-12 months). I say ‘public activity’ because there can be activity, as in code being written, without it being public. More about that below. Some folks seem to be very keen on using the number of commits as an indicator for the success of a project. There are sites highlighting these irrelevant metrics, e.g. https://www.cryptomiso.com/
Short about me:
I have a masters degree in computer science and I've worked professionally as a developer for 9 years. I have developed two crypto libraries, one crypto wallet and I'm working on my second one. I will not mention which ones, primarily because it is irrelevant, secondly, I don't want this post to be downvoted for shilling any specific crypto project.
First let's re-iterate some important concepts
VCS (Version Control System), `git` is the most popular. `svn` is another, but older and not as used any more Git is a VCS protocol, nothing else. Git is not Github. Github uses git Github: is an American for-profit company owned by Microsoft (bought in 2018), it is one of the most popular code hosting platform using the Git protocol Gitlab: an alternative to Github Bitbucket: an alternative to Github, owned by Atlassian, who also develops Jira.
More info about Git:
“git commit”: A commit is like a bookmark, when you read a book, you can either use a bookmark on every page, or read the whole book without any bookmarks. The commit is just saved locally only your computer until you “git PUSH”, see below “git push”: Sending your local commit or commits to any remote git repo, which is a project hosted by any code hosting platform, e.g. Github. “git squash“: Some people like to do many commits while coding, but just prior to pushing the code, they “merge” together all commits into a single one. "commit --amend": Let's say I just commited a change in the README, and then I noticed that I misspelled a word, then I can fix that commit (changing it), and fixing the misspelled word, by using `git commit --amend`. Some developers do that, other just fix the misspelled word in a new commit. The difference is that `git commit --amend` results in one single commit (changed), whereas the latter results in two commits.
Different methodology, but same code:
How often developers commit differs A LOT, and I mean completely. Personally, I tend to code for a couple of hours, days or even weeks without making a single commit (frowned upon by some). Whereas other developers might commit any changed line of code. When the code gets pushed to the VCS remote repo (e.g. Github), it is still the exact same code. But coming from me it can be a single commit, but coming from Alice it can be 1000 commits. Same code but a difference in a number of commits by 3 orders of magnitude.
In the example above, maybe Alice committed 1000 times (whereas I committed once), but Alice also likes to have one single commit per feature/bugfix/improvement she is working on, so she git squashes and merges all here 1000 commits one. So now Alice method and my method ARE EXACTLY the same, when the code is pushed to GitHub. But it is impossible for us others to know that Alice single commit, actually was 1000 commits prior to being squashed.
Even though most crypto projects are open-source, some code might not be open-sourced at first, but might be at a later point in time, so these repositories will be hidden from the public, thus there can be a lot of activity in a certain project without the public knowing about it.
Even though most companies/projects have all their repositories under the same organization in the VCS code hosting platform, some repo's relevant to the project might not be. E.g. if you look at Bitcoin's page on Github, you will find 4 repositories: https://github.com/bitcoin but some of its core developers might write experimental code in separate personal repo's (that might be private). Or repos not yet pushed, i.e. code sitting locally on her computer.
When Alice codes in a distributed project with many contributors it might be most suitable for her to not be using the projects repo directly, but rather a personal version of the whole code project, known as a fork (please not that this has nothing to do with 'forks of a DLT (e.g. blockchain)', as in spawning a new version of said crypto project, e.g. Litecoin and Bitcoin Cash being forks of Bitcoin, I'm talking about 'git fork' here). So Alice codes away in any branch, any number of commits, or a single one, in her own personal (git) fork of e.g. Bitcoin, her own repo. Then after some time (hours, days, weeks, months), she creates a Pull Request to the 'upstream repo' (original/source repo), and if other developers are happy with her work, it gets merged. So there might be activity, many of few commits, in another git repo, being a fork of the original one. The bitcoin C github repo currently has 23,958 git forks: https://github.com/bitcoin/bitcoin/network/members that's actually so many that Github displays this message "Woah, this network is huge! We’re showing only some of this network’s repositories". So in order for you to KNOW that there is NO activity for any developers, you would actually need to go through ALL forks (in this case ~24 thousand) of a repo to see that there have been no commits done recently. But as stated above, not even that is enough (the commits might not have been pushed yet, right?)
Irrelevant "wash" commits
I just coined the term "wash commits", so don't google it (you will only get images of jeans...LOL). Just like there are wash trades, faking volume, any developer can either manually or using some trivial script, at a regular interval just add some character, e.g. a space, in any file of a project, git commit and push that change, and then perform another git commit removing said newly appended character. Then it will look like the project has activity. Hell, you can even do this in 10,000 commits daily, "Wow man! Look at all that activity! This crypto project is the best!" - well, no.
No squash and no amend
Two developers, Alice and Bob, neither uses `git squash`, but Alice uses `git commit --amend` to fix typos an other smaller changes, but Bob does not. Since neither uses `git squash`, over a long period of time this might result in a huge difference in the number of commits.
Rebase vs Merge
When Alice and Bob, working in the same repo, wants to merge together their different features they have been working on, they can do so by using two different methods, either `git merge` or `git rebase`, they former results in one extra commit, a commit of the merge event itself, whereas the latter does not result in any extra commit. These are different styles of working and often debated which is to prefer. Over a long period of time this might result in a huge difference in the number of commits.
More LoC, worse
LoC = Lines of Code. The more lines of code, the worse, okay. Many LoC is NOT at all, in any way, a good thing. The theoretically (however, of course, impossible) best code base, is the code base with 0 lines of code. It is trivial to maintain, you just have to do... nothing. It contains NO bugs. Code is in its natural state buggy. So many commits ADDING new code are not always good. Better with commits removing code, given the same functionality.
"But but but... how can I easily determine which crypto project is best by looking at Gitlab/Bitbucket/Github?"
Well you can't, that is my point. But if you want some tips of what to look for, using these metrics are actually relevant:
Number of contributors
Number of forks
Number of stars
Number of pull requests (PR for short, called "Merge Request" in Gitlab), and how many of them are open? How fast does a PR get merged?
Last commit date: WARNING for false positives! Remember "wash commits" (mentioned above), if the last commit date is recent, it does NOT necessarilty mean that the project is active, have a look at the commit. Does it look trivial or not? A trivial commit is e.g. a commit adding a newline/space in the README.
Nexus Business Development Q&A with Alex El-Nemer 30 August 2019
alexelmo [3:01 PM] Hey @here Ill be around for the next hour or so to answer any questions you have about the UK Embassy and Business development. Alot of people have already sent questions privately so I will answer those first as I imagine many will be similar to others. Fire away! belgianboy [3:02 PM] Oke Alex that would be nice David Walliams [3:02 PM] How are you Alex? alexelmo [3:03 PM] Very well thanks @David Walliams You? David Walliams [3:03 PM] Good thank you. How’s it be going on the business development side? alexelmo [3:04 PM] Very well. We've been working hard and its all starting to come together Ok, heres the first question someone asked and my response Q1 - What's the typical size of use cases that you talk to - startup/small/medium/large? A1 - Over the past year we have talked to a large variety of businesses. From some of the largest businesses in the world, to companies looking to start a new business exclusively building on our blockchain technology: Start ups: Researching which platform to build their new business on (a big decision). The Nexus APIs help here, they differentiate us from blockchains in which a specific coding language needs to be learnt (E.g. Ethereum’s Solidarity). SMEs: looking into blockchain to see if it can provide operation efficiencies to suit their existing systems Large: Large Fortune 500 companies - wishing to explore blockchain in a very specific area, or Proof of Concept / pilot deployments. (edited) Q2 - Are you seeing more inquiries/leads/interest from one size category vs another? A2 - Not particularly, we talk to as many interesting companies as possible and get a good reception across the board. Most of the companies which we have had discussions with are medium to large sized businesses, as they tend to have a greater capacity to explore innovative technologies such as blockchain. (edited) CaptainMAD [3:07 PM] Hi Alex, do Nexus have anything in the pipeline in regards to advertising (besides social media) once main net goes live? David Walliams [3:08 PM] wow new business who want to build on nexus exclusively sounds very cool alexelmo [3:10 PM] @CaptainMAD Social media will drive a large amount og our outreach. However we are also reaching our to our networks in the media to promote the tritium update and its benefit to the wider blockchain space. We are also exploring PR agency options (edited) David Walliams [3:10 PM] is nexus project still engaged with UK pr firm? I think you mentioned them long ago Márcio [3:11 PM] @alexelmo Could you tell us in quantitative terms how many projects currently intend to use NXS both publicly and privately? CaptainMAD [3:12 PM] @alexelmo Thanks alexelmo [3:13 PM] Q3 - What is a pitch deck? What format do you use? What sort of things are included in yours? A3 - Our first meeting will typically be a presentation, which takes place via Google Hangouts and Slides. The initial Nexus intro presentation discusses the following characteristics of Nexus: speed, scalability, LISP, API integration, digital currency element, security. These are discussed in comparison to the other major enterprise providers: Hyperledger, Ethereum, Quorum etc… Márcio [3:14 PM] @alexelmo In terms of the timeline, when will we actually start to have something built on NXS? How is the case with SoundVaudt? Is this our biggest and most important business case yet? alexelmo [3:19 PM] @Márcio Unfortunately we cannot discuss any potential deals, as it could be considered to be done with the intent to affect the price of NXS. If and when a use case is made public via a press release, then we will be able to discuss in detail with you all - assuming our contract with the use case permits. Márcio [3:19 PM] ok, thanks belgianboy [3:24 PM] How many nda's? How many compagnies talking with? Wich sector you focus thé most on? Wich sector asks Nexus thé most for help with thé blockchain. What are thé internal targets for business development? What's your personal best experience while doing this? Is there much interest? While Nexus is still unknow, do compagnies know it? And know what thé 3dc can do and everything that is shown in thé zoomcalls? How do you see thé Future for Nexus and its business development progress? alexelmo [3:26 PM] @Dawca_Mocy could you clarify the question a little? @Márcio The possibility to build anything on live code, until now, has been limited by the main net activation. Currently Dino has built a number of demos in test net to showcase the potential of the Nexus blockchain use cases. With regards to SoundVault, we still have a great working relationship with them, and continue to explore blockchain applications within the music industry. Following the release of the main net, businesses will have the opportunity to build on Nexus, and check out the live running code. (edited) David Walliams [3:29 PM] I noticed there is a student focused use case demo - did the business development side reach out to any universities about the nexus project? alexelmo [3:37 PM] Q4 - How many nda's? How many companies talking with? Which sector you focus the most on? Which sector asks Nexus the most for help with the blockchain. A4 - The first meeting is an introduction meeting, telling them about Nexus and see if there is interest from the other side. If there is interest, a follow up meeting will be arranged - for this follow up we typically get an NDA signed prior to the meeting. This is to protect the business’ idea, and also any of their sensitive information about say how their internal systems operate and also that they are looking into blockchain. This NDA essentially means that Nexus cannot state in any medium, the name of the firm, or provide any detailed information on their business practices or details of the use case which they are exploring with us, to any other party. It also protects Nexus - we provide details on the 3DC for example, which is sensitive information which we do not want being shared with other blockchain providers. As of today, we have signed approximately 50 NDAs with prospective businesses. Essentially this means that we have had a second/third meeting with 50+ different organisations. These organisations are typically based in either the UK or the US, with a few dotted around Europe. To provide a brief overview of the sectors in order of most frequently occurring: Supply chain/logistics tracking, music and IP, consulting, finance, education, insurance and ad-hock. David Walliams [3:39 PM] wow that's like 50 days worth of twitter announcements if they all work out :crossed_fingers: ej [3:44 PM] This is all very exciting news belgianboy [3:44 PM] What is ad-hock? alexelmo [2 hours ago] those not in that list belgianboy [2 hours ago] Ok thanks! David Walliams [3:45 PM] any universities alex? alexelmo [2 hours ago] There have been conversations in the education space (as per Q4) (edited) belgianboy [3:46 PM] Are those smalle compagnies or multi billion ones? alexelmo [2 hours ago] See above Question 1 belgianboy [2 hours ago] Ok alexelmo [3:47 PM] Q5 - Is there much interest in Nexus? While Nexus is still unknown, do companies know it? And know what the 3dc can do and everything that is shown in the zoomcalls? A5 - Yes, there is a great interest from those who truly understand blockchain technology. Nexus is still growing in terms of its recognition, but we do see ourselves as a respected player within the enterprise space, much of this has come through positive word of mouth and Blockchain Working Group events here in the UK in which the major players have learned about us and heard of our unique features. We are building a strong reputation in the business community which is a very positive sign. With regards to the 3DC - the technology is far beyond anything else we have come across, and many businesses agree with this statement. We can happily report that senior tech employees (CTOs) at large companies, have been greatly impressed with the quality and complex depth of Nexus’ technology. ej [3:51 PM] Thanks for all this, Alex ej [3:52 PM] Excellent work paulscreen [3:52 PM] Yup this is gold!! Kendal Cormany [3:52 PM] Good job alexelmo [3:53 PM] Q6 - What does an initial meeting typically go like? Do you pitch Nexus and its features first, or do you start by learning what the use case is trying to achieve and then talk about how Nexus can fit that? A6 - The style of the first meeting really depends on the individual(s) whom the meeting is with and our prior knowledge of the company itself. If our contact at the organisation is a business focused individual (which is almost always the case given that our contacts are in this area) then we will discuss the following:
Our features - speed, scalability, LISP, API integration, digital currency element, security. These are discussed in comparison to the other major enterprise providers: Hyperledger, Ethereum, Quorum etc…
How they could best utilise the technology to benefit their business as a whole (improved speed, transparency, efficiency, fraud reduction, regulatory reporting).
Following the above topics, a follow up meeting is arranged. A technical employee from the other company will usually attend this. Typically Colin or Dino will attend the meeting to discuss the Nexus technicals in much greater detail. The following topics are discussed:
Technical comparisons with other blockchains (Why Nexus Contacts > normal Smart Contracts)
How to integrate with existing systems (Nexus API > Complex Coding languages)
Discussions around the best way to possibly start with the use case (run in parallel to existing systems, private vs public blockchain)
Complex technical questions
If our contact at the business is technical (CTO for example) then Colin or Dino will typically attend the first meeting, alongside Myself or Brian, and this intro meeting will be more technically focused. In essence we adapt to whom the meeting is with. Following meetings will be tailored to their specific company / requirements. We do like to be as tailored as possible early on though, to differentiate from the other providers whom generally look to just sell a fixed product. (edited) pdogg147 [3:53 PM] Yes thanks for providing some details @alexelmo alexelmo [3:55 PM] Q7 - What about subsequent meetings? Do you have a standard pitch presentation or are they tailored for different industries? A7 - Follow up meetings depend on how the potential client wishes to progress. It could be in regards to any of the following:
Follow up questions in regards to why Nexus over other providers (more in general questions or in regards to their specific solution)
Further use case development discussion - best way to develop the use case to maximise associated benefits
Disclosure of their internal systems and what they wish their use case to achieve for this business. An NDA is typically signed prior to the second/third meeting, as sensitive information such as this is disclosed, and needs to be protected.
A key point with Nexus that separates us from the larger players is that with us, we have the capability to tailor everything (right down to the Network Layer). Our meetings reflect this flexibility, so we never try and sell a set product. We will discuss with the business, see what they would like, and see how we can help. alexelmo [4:01 PM] Q8 - Are use cases going to be publicly announced and if so when? A8 - If and when perspective use cases / partnerships have been finalised, and the deal allows public announcement, then we will 100% be releasing this as public information. This is our goal for all use cases, but it is down to the business if, when and how they release this information. We must respect that different businesses have different strategies and timelines. (edited) Q9 - Do you do demo's of the Nexus blockchain in action? If so, who from the organisation does these? A9 - Yes we do sometimes show demos of our Blockchain in action. As Dino has built the Demos he is typically the team member who demonstrates a use case in action (how a supply chain would work on Nexus). Colin has done some speed based demos (showing the speed of the Nexus Blockchain in terms of reads and writes per second). ej [4:05 PM] I am assuming you're not at liberty to disclose if any new usecases/partnerships were indeed finalized due to the reasons previously mentioned. alexelmo [1 hour ago] Unfortunately we cant currently. ej [4:06 PM] Understood And thank you Dawca_Mocy [4:08 PM] @alexelmo How will all this affect the price of nxs? Are we going down all the time? When will nxs be noticed? Can you tell something about investors whose portfolios are smaller by 95% today? alexelmo [1 hour ago] Please see question 9 David Walliams [4:10 PM] I don't think he have crystal ball dawca alexelmo [4:11 PM] Unfortunately not @David Walliams......that would be helpful though! :joy: Dawca_Mocy [4:16 PM] @alexelmo Crystal ball. Hehe. Ok. Therefore, what price do you expect for nxs at the end of the year? I mean your opinion. alexelmo [4:16 PM] Q10 - Please discuss where we are in the process of letting NXS be purchased with fiat (if that is even being worked on) and the hopes of finally decoupling from BTC? A10 - This is certainly a goal, although the main focus for us has been primarily on blockchain use cases recently. The reason for this focus on use cases is that as our adoption improves, we expect that our dependence on Bitcoin will reduce. Generally it is the top ranked coins which are listed with liquid fiat pairs. As the adoption of the Nexus blockchain improves, we hope to increase up the ranks, and look to list with these fiat based exchanges. Currently, BC Bitcoin in the UK has the ability to exchange NXS with a number of fiat currencies and other cryptocurrencies. David Walliams [4:19 PM] anymore news on binance US? (edited) alexelmo [4:22 PM] Q11 - Are we going to be listed on BinanceUS? A11 - I have been in conversations with Binance for a while regarding the developments at BinanceUS. We have worked hard to ensure we meet the requirements for a BinanceUS listing Unfortunately a key requirement that we may fall short on is our trading volume. We expect that only the very highest volume coins will be initially listed as part of the BinanceUS launch. We will keep you informed as this develops. Q12 - How many companies are currently waiting for something specific before getting their feet wet? A12 - The main thing we have been asked for by businesses over the past few months has been in regards to the Tritium main net release. Some of our businesses are waiting for the network to be live before progressing any further, so we are very excited for our potential use cases to see the release and have a deep dive into the live running code soon. We would like to thank @dino for making blockchain demos in the private testnet environment which have really helped given the main net deployment release date has been delayed over the past few months. B l a c k J a c k [4:33 PM] What are some of the other industries we have looked to disrupt, but for which NDAs have not been signed or been followed up on? alexelmo [4:38 PM] Q13 - Have there been cases where Nexus has been preferred to other enterprise-focused blockchains such as Hyperledger, Corda, Ethereum? A13 - In many cases, companies we have talked to have been greatly impressed with Nexus’ technology. Yes, in almost all cases the prospective client has said our technology is superior to that of the major providers, a feat which we are extremely proud of. alexelmo [4:46 PM] Q14 - Can we do anything to help with enterprise efforts? A14 - We always welcome support and input from the community in regards to our business development efforts. I have had messages from a number of community members who have told us about companies looking into blockchain and have also had calls with individuals to discuss how it would be best to approach your personal contacts. Feel free to reach out to me if you think you have a potential business in mind that would be a good fit, I’d be more than happy to jump on a call to discuss. Don’t be afraid to reach out to someone you know we are here to help if needed. I think I've covered all the messages that have been sent to me privately and on here so Im going to call it a night. Thanks for your time guys.
Dash Competitive Basket Index for Tuesday, October 29, 2019. Better yet. Steady improvement is good.
Better than yesterday (again), and now approaching something decent. Big dramatic upward movements are fun, but I will take steady improvement. Check out the transaction graph comparing Dash to BitCoin SV. They’re creaming us, except, they really are not at all. For the previous 7 day time frame:
Dash outperformed 7 of the 18 coins ranked above us (39%). The 30 day SMA* is 31.5%.
Dash outperformed 8 of the 10 coins ranked below us (80%). The 30 day SMA* is 35.3%.
In total, Dash outperformed 15 of the top 28 coins (54%). The 30 day SMA* is 32.9%.
Bitcoin dominance dropped 2/10’s to 66.9%.
6 of the top 28 coins beat Bitcoin (21.4%).
23 of the top 28 cryptos were in the green (85.2%).
George Cao :Let’s welcome lambda team . Xiaoyang and Lucy Lambda: Hello friends from BitMax ~~ I am Lucy Wang, Co-founder and CMO of Lambda. I am very happy to e-meet with you here and thx for George's invitation. I on behalf of Lambda wish all of you a merry Christmas and prosperous new year in 2019 George Cao: Great. I am a bit surprised to see a big volume day yesterday Christmas. Seems our users didn’t take a break even on holidays :) Lambda: I'd like to take this opportunity to introduce myself first, I have over 14 years of progressive career development with global leading enterprise software / service organizations as well as VC-backed start-up ventures, including HP, Oracle, and SAP. Before Lambda I was CMO/GM at two enterprise SaaS start ups in China backed by top VCs. And my partner Mr. He Xiaoyang, who is the founder of Lambda, he is a well-known expert in infrastructure and open source software in China. Prior to Lambda, he was the co-founder of OneAPM, a fast-growing infrastructure software focusing on ITOM (IT operation management) in China. OneAPM is known as the “New Relic or AppDynamics of China” and the company has received strong VC backing from Matrix Partners, Chengwei Capital, and Qiming Venture. Prior to his entrepreneur experiences, Mr. HE worked at BEA as a R&D software engineer. In addition, Mr. HE is also a blogger with strong following in China and some of his articles have been published by major media such as Forbes China, 36Kr, Sina, etc. Lambda idea was born at the end of year 2017 and the product development started from the beginning of 2018. Now let me talk about Lambda idea and what we do Lambda, is the leading decentralized infrastructure project providing secure, reliable, and infinitely scalable decentralized storage network that enables data storage, data integrity check, security verification, and marketplace for storage-related services on the Lambda Chain Consensus Network. In recent years, there have been frequent data leakage problems in major Internet platforms at home and abroad, and even business giants such as Facebook and Marriott have not been spared. Returning the value of data to data owners is an inevitable trend in line with human pursuit of freedom. The block-chain technology with P2P features provides an opportunity for this, and this area will be highly valued by the industry in the next few years. Lambda is the only provider of block-chain storage infrastructure projects in China. It is sometimes referred as “File-coin of China”or “File-coin 2.0”.our vision is to return the value of data to the data owner, with this vision in mind, our mission is to promote the decentralization of the Internet, with the goal of creating a storage infrastructure for the next generation of block-chain. After the Lambda project launch in early 2018, it has received strong support by well-known strategic and financial investors including Bitmain, Viking Capital, FBG Capital, Bluehills, Zhen Fund, FunCity Capital, Ceyuan Digital Fund, BlockVC, INBlockChain, DATA Foundation, Bitcoin World, Reflextion Capital, etc. To date, Lambda has received investment funding in excess of $10M. https://preview.redd.it/ynaos7rps2721.png?width=1267&format=png&auto=webp&s=77360b7cdf06c288e8c25675f94f5fb9d3d02137 n all the existing decentralized storage projects that are aiming to give a solution to this problem worldwide, Lambda is the first ever to announce its LPDP ( Lambda Provable Data Possession ) George Cao: I see we share several investors in common, So 2019 q1-q2 will be a big milestone for lambda Lambda: Provable Data Possession (PDP) and Proofs of Retrievability (POR) are critical to efficient decentralized data storage and its implementation, which is the essential difference between centralized network projects and real decentralized storage. Prior to Inter-planetary File System (IPFS), Lambda launched its minimum viable product (MVP) of core functions in the third quarter of 2018, and has been continuously upgrading and optimizing this in block-chains in a multi-role environment. File-coin is our main competitor, here is a chart shows the progress comparison FYI https://preview.redd.it/ewmyh9tqs2721.png?width=1267&format=png&auto=webp&s=cddc52a6d613196f6c0cbf870da42a5b82a8aaa6 For those who have interest to know more about Lambda's technical innovations, they can be find in our keep updating FAQ document posted on Medium, and I copied her FYI 1.Innovatively designed the Validator role which provides verification service for storage proof and the Validator replaces storage miner as the full-time storage proof result verifier, this greatly improves the performance of the storage and retrieval system. 2.In response to the limitations of the PDP algorithm, Lambda innovatively created a consensus network on the block-chain and used the validators role to replace the "TPA" in the PDP algorithm. 3.Innovatively modified the PDP algorithm from synchronous to asynchronous communication, which greatly reduces the communication traffic for Challenge in the system. Use of chain data as a random seed for storage miners to issue Challenge themselves addresses the randomness of TPA challenges. 4.Innovatively upgraded the PDP algorithm from periodic verification to a verification set generated by the miners to submit the verification result at one time, and fully realize the Proof-Of-Space-Time verification. on top of all the technical, Lambda creates a consensus network where data can be stored, storage space can be rented on the basis of a marketplace built on block-chain. In the Marketplace, the transaction process is: storage miners pledge hard disk sectors to the consensus network, and place orders and sell their own storage space in the Marketplace; storage users initiate purchase requests, complete the matching of storage requests through the Marketplace, and store data in the space of the storage miners. Different from other block-chain applications, Lambda is a storage mining project, we have miners mine on Lambda network. Earn LAMB tokens by contributing on the network, and users who have data storing requirements pay Lamb tokens to purchase services accordingly. The price of Lamb token not only rely on the exchanges but also supported by our miners who are doing works on the network. There are four roles in the Lambda mining network: storage miners (providers of storage space), verification miners (ensuring the integrity and security of data and packaging transactions), retrieval miners (providing download bandwidth), and users (storage buyers). 1024 verification miners promoted from storage miners constitute the Lambda-chain consensus network. So you will see three types of miners serve our users from all over the world. The key milestones we are looking at is the launch of test-net, where miners can start mining and earn testing Lamb tokens, the date will be around end of Jan. 2019 and main network will go live in Q2, 2019, most likely in Apr. Regarding our partnership, In the academic field, we have established a strategic partnership with Beijing Institute of Technology (BIT), which is well known in China for its engineering and computer science research programs, to conduct research into centralized storage. In the commercial field, Lambda has established a strategic collaboration with IOST, a well-known public blockchain project, and Perlin, a super computing platform, and started to conduct pilot projects for decentralized application (DAPP) companies such as DATA and BCV. Lambda also has close ties to many leading Internet data centers (IDCs) in China. They join the Lambda network as miners and take advantage of their surplus server capacity to engage in the Lambda network ecology. Q: Will the rest of the code be open sourced? If so when ? Lambda: we have released the codes of core function module, the test net codes will be released gradually in Jan. pls stay tuned with our official github Q: What can Lamb tokens be used for? Lambda: Lambs are tokens in the Lambda ecosystem, which are mainly used in the following scenarios: A. Users of services in the Lambda ecosystem have to pay with Lambda tokens. B. Providers of storage services in the system have to pledge a certain number of tokens. C. Verification nodes in the system have to pledge a certain number of tokens. D. Verification nodes can obtain a certain number of tokens as accounting rewards. E. Storage nodes get a certain number of tokens based on their storage capacity and their service level agreements (SLAs). F. Other roles in the Lambda ecosystem can also obtain a certain number of tokens based on their contributions. Q: What more incentives does miner gets to mine or rent storage on Lambda? Lambda: every miner stars from storage miner on Lambda network, they get paid by providing storage space, when their business getting bigger, system will select the top 1024 storage miners and promote them to validator, who will get block generation rewards from system. Q: how are the 1024 miners selected? Doesn't this become more centralised? Lambda: we did a survey to the Chinese miners, they mainly fall into two groups, either are waiting FileCoin to go live with purchased mining machine idle at home or they are doing hard drive or graphic cards mining, which has a high requirement to the hardware standard. To mine on Lambda, you need a mining machine ( computer ) that has big storage space ( because the bigger the higher probability you'll be promoted to be a validator ) and the connection to the internet Q: How much is initial supply? Lambda: Lambda did two rounds of fund raising, private investors have a lock up terms of 2+4+4 meaning the first 20% of tokens will only be released 2 months listing on exchange. so on the day one listing till 2 months there will be only around 0.5% initial circulation, and after 2 months, 5% in total. in addition to that, as we are recruiting miners to join our network, actually ppl have been in a situation where they can't wait to mine on our testnet. with the mining mechanism we have, miners need to buy Lamb token to get their mining work started, because a certain amount of pledge need to be made Q: What partnership will lambda and bitmax have in the future? Lambda: We value the way BitMax doing things and care about projects, we feel like we found the right exchange to be listed, in particular an initial listing. we will work with BitMax and do some joint campaigns to boost the community George: We have great chemistry with lambda team. Q: And are you still primary list in there, I heard the list was delay? Is it related to Huobi? Lambda: you are right, it is related to Huobi, but one thing you can be assured of is that our initial listing on BitMax wont change, but most likely a joint listing with Huobi. Q: what about the time of primary list? Lambda: we will primarily list very soon, we are targeting end of this week, now we are in the middle of some technical integration with Huobi George: We can assure everyone that our team will do our best to protect our investors and serve our listing projects. The promise does not change whether or not if we co-list with huobi. Q: We get reward to mine ? Any incentive? For testnet Lambda: Yes, you have two ways obtain Lamb tokens, buy from exchange and earn more from mining, but firstly you have to buy Lamb on BitMax haha. Are you asking the reward from testnet by mining on it? yes, you will get test Lamb token, and they can be redeemed to Lamb token with a ratio that will be specified shortly. on Lambda official website www.lambda.im, we have whitepaper, besides that we also have economic whitepaper to explain how the lambda economic system runs, on Dec. 28 we will launch our yellow paper where we will demonstrate the detailed technical realization and all the parameter setting for mining on Lambda Q: What are the implications if a miners rig goes offline or they decide to stop? Lambda: If miners rig goes off, they will not get the reward from the corresponding generated block, if they do cheating there will be punishment from the system, and if they decide to quit, the pledge will be returned Q: Lambda planning to have own FS? Lambda: Yes, FS and consensus network is separate. validators and marketplace are on the consensus network, while Files are in the File System. Q: Is Lambda GDPR friendly? Lambda: yes, we are Q: Hi can u explain what’s the requirements of decentralized data . Do You think big companies will like to use lambda services .... or it’s for medium level enterprises as big companies will go for their in house system with their reliable nodes ... Lambda: this is a good question, from I seeing it, ppl call out the protection of privacy, it is a trend and it takes steps. Lambda has two big groups of prospects users, one is DAPPs, another is the general industries such as big data, AI, IoT, Games, Financial, etc, as long as they need massive data storage demand, Lambda has the opportunity, data storage is expensive, especially when we are talking about big data, a lot of companies will value the cost in this area very much. currently we have lighthouse customer like DATA, BCV, VVshare, in the very near future, a game that is developed by Lambda team will also go live on Lambda network. from the BD perspective, Lambda will create a satellite network ( you can take it as channel network ) to bring us customers, we have a few reaching out to us already Q: Why suddenly launched on Huobi George Cao: I believe lambda team has its own consideration. Projects esp in bear market are facing pressures from different parties. Investors users exchanges. Not everything is under projects control. What we can do as an exchange is to stand by our partners and fully support them down the road Lambda: thx for the answer Q: I think you have made a great choice working with bitmax. Bitmax have really helped push new coins and their site in general with good PR, marketing and reward/airdrop promotions Lambda: strongly agree with you Q: GDPR has taken over the EU and the UK so that is very important Lambda: you are right, so we see to be GDPR friendly, which is one of our differentiator from FileCoin Q: Being GDPR friendly , European market is a go for lambda Lambda: I have this plan to develop European market by having a Raspberry program, it is still in planning. George Cao: Let’s take a last question and move to lambda community:) And as usual we will pick 3 best questions. We will send out 1000 800 and 500 btmx. @lambda do you want to pick 3 questions ? Q: Recent partnerships are interesting , can you tell us about coming q1 2019 both in terms of technical and marketing developments ? Lambda: from Marketing side, we are focusing on Chinese miners community and potential European market ( like I said still in construction ) Korean market is another, and US market to go along our compliance path, Lambda has been strictly abide by the regulations. from technical side, the most important task we are targeting is the main network launch as planned George Cao: Thanks everyone for your time. It’s a great ama as usual. We do have the best community. We will pick 3 winners and we will announce here after we finish ama in lambda community Lambda: thank you all for your time to participate the AMA, I had a great time with you, see you friends and have a nice day. George Cao: Hello everyone, Merry Christmas:) Lambda: Hello Lambdos. Today we have George, the founder of BitMax to join us for the AMA. Let's give him a warm welcome to do a introduction of BitMax George Cao: I am George Cao, founder of bitmax. I am happy to take the opportunity to talk to everyone here. Thanks to the lambda team. Let me start with a brief introduction about us. Bitmax.io (btmx.io) is an exchange founded by a group of Wall Street veterans. Unlike most projects, we are kinda of old :) core team are in their 30ish - 50ish. The 10 founding member have combined of 150 years of Wall st experience. I have 10+ yrs of high frequency trading experience therefore I know the trading system well. That’s why our match engine can handle 400k tps per second vs huobi 1000 tps. We want to build an exchange that is transparent, robust, and efficient. While our system is the best in class, we offer the lowest trading fees. We believe the current high commission will not sustain and we will see consolidating of the exchanges with better depth and liquidity and lower commission. We are happy to partner with lambda, one of the best projects in 2018. We are committed to serve the project and the community. Alright, I am ready to take questions. Anything you can ask, as tough as you want :) Q: Haha nice platform. George Cao: Thanks. We are young as a platform but we are working to deliver the best Q: I see reverse mining is new , I used many other mining exchange but all have normal mining . How does reverse mining works? George Cao: Reverse mining is an innovative approach that helps the exchange and the project in several ways. 1) the concept of reverse mining is by providing liquidity to the exchange, you get a rebate and deduct out tokens from your account of the same valued. You can think of a otc sell our. 2) the benefit is it removes lots of sell pressure from the secondary market. And provides a strong support for the token price. 3) it introduces lots of liquidity to the exchange and benefits all traders Q: The BTMX used in reverse mining are locked forever? George Cao: Yes so the total number of tokens are always reducing your Q: I've really been enjoying using the bitmax exchange so far especially with the low fees and data usage rewards. Does the exchange plan to bring in a shorting function in the near future? George Cao: Yes we will have margin and futures trading Q: It was supposed to December right ? George Cao: We postponed our margin to Jan. The reason is we want to be more careful on protecting margin call protections. Q: Margin trading and futures is important for BTMX price to drive up George Cao: Totally agree Q: Does BitMax have any activities on New Year's Day? George: We do have multiple promotional events. Including but not limited to airdrops. Please visit our website and stay tuned Q: I saw the whitepaper of bitmax, can you talk more about your dividends the formula is really hard for me ? George Cao: Sure 80% of our commission goes to our fee pool. 1/180 of the total pool will be distributed daily. As long as you are a token holder, the current rate we pay is over 100% annually Q: Oh I see, so the dividends will be smooth, great idea. George Cao: Yes unlike other mining exchanges have huge volatility on div we smooth our curve Q: I've also heard there is a mobile app in the works, is this likely to be released in the near future? George Cao: Almost done. Beta version is in testing Q: What about the north American, will it be available in the future? George Cao: We more cleared our legal path for fiat trading in us. Q1 2019 we will launch in the us Q: Great news I think this will bring a big volume. George Cao: Yes agree. Our team is excited as well Q: With promotional Airdrops that require a certain amount of the BTMX token to be held such as The lamb one that has taken place on the exchange this week. Are tokens that are locked for data usage or in cards taken into account when balance screenshots are taken? George Cao: Yes we will take that into account Q: When will be the private sale tokens be released ? George Cao: As soon as we mined 90m we will start to release Q: So let me get this right .. you give us FREE BTC and ltc and even Lambda EVERYDAY if we hold BTMX and agree to share our data George Cao: Free usdt btc eth Q: Wow. In a bear market, Free btc is the best thing ever George Cao: We share revenue with our users, 90% is usdt. Not sure if you like it:) Q: also consider adding coins like ADA and few from top 30. People need more coins George Cao: We are adding stellar and zcash soon Q: I heard they are insured Unless we give password to someone hehe George Cao: Yes we are using custodian service Q: George are our funds SAFU with you? Exchange insurance? I would say it is With the industry giants backing this exchange George Cao: Sequoia matrix bitmain fbg dhvc are our equity investors Q: What’s to stop People dumping BTMX token after free btc Or stop capital investor dumping on retailer George Cao: They get it every day. Why would they dump? All equity investors can not sell on secondary market. They can only to reverse mining Q: Will margin allow reverse mining instead of normal mining? George Cao: Not initially Q: People do irrational things when btc moves Or whales dumping, I heard there was a lock up token or something. To stop this George Cao: We required lock our tokens to get rewards. You can request to unlock at anytime but it takes 24 hours to process Q: Binance is developing DEX any plans for BitMax ? George Cao: Not anytime soon we have a looong to do:) Q: It's good you have dex in mind , with improved scalability in future maybe bitmax can build good dex George Cao: Agree Q: Retail investors are important , George knows it haha George Cao: We care most of retails Q: It would help if they also burned or locked tokens up George Cao: Yes we permanently locked Q: Seems you have everything thought of.. but how about moving to Malta? George Cao: We priority US. Once us is clear pretty much everywhere is clear Q: Doesn’t any exchange cover US right now? George Cao: Coinbase but they have 0 international coverage and 0 client service Q: What sort of systems are in place for abnormal/suspicious activity on the exchange? George Cao: We prohibit self trading. For unusual trading behavior we ban the account and as for explain in the first violation. For continued violations we permanently ban the account Q: can we get a glimpse of mobile application ? George Cao: There is a beta version you can use but we are keep improving Q: What are the precautions taken to prevent wash trading ? George Cao: We have pre trade and post trade checksums. E.g we don’t just scan one account. We check or related account Q: Will market orders and stop-loss orders be available in the future? George Cao: Yes we are working on it Q: what do you think of lambda project and community George Cao: Lambda is definitely one of the best projects this year. We have been working with lambda for months and have lots of respect ion for the team. Community is also great very well organized. I didn’t talk much but I joined lambda tele group for a while. Great interaction Q: So the trading starts at 8 pm ETC? George Cao: It’s postponed. Please stay tuned for announcements Lambda: We will make announcement giving out time and new date. Q: when please? It's also more professional to be able to give dates and respect them Lambda Cao: we are working hard and aiming the date of Dec. 29, pls stay tuned, thank you George: Unfortunately bitmax and lambda don’t have 100% control of the date and time. Huobi is holding the ball Lambda: The listing dates have been postponed and we don't want to give out a random date. I request you to have patience and wait for official announcement Lambda: we will try everything to protect retails interest Q: Can’t let houbi just arrive late to the party? Lambda: in the long run we may need Huobi to help us better protect us all George Cao: We trust lambda team can make the best decision for all investors Q: Have you been busy with listing recently? Anything else？ George Cao: We have been working 24 hours a day including Chris eve :) Listing and app and margin and lots of new improvements Q: Why would we need huobi with bitmax on our side. George Cao: Trust me we are as upset. However as an exchange our mission is to serve projects and investors. Please join us in fully supporting any decision lambda team made. We have 100% confidence in lambda Q: Are you familiar with the REKTbot and SYSTEM OVERLOAD problems at bitmex George Cao: Yes but still bitmex is the best place to trade future compare with okex Q: Slap that Hayes fool when bitmax start margin and futures.. George Cao: Haha i don’t want to declare war with them. Let’s be a bit patient :) Q: Could bitmax handle That volume and not system overload George Cao: We are 100% confident George Cao: Alright i have to run for another meeting. It’s been a great ama. Thanks everyone. For any trading related questions please contact our client support. We promise to get in touch in 5 mins 7/24. Thank you all! Lambda: thank you for participation, have a nice day!
Stellar Lumens HODL alert: 2017 Round up, Partnerships, Lumens vs. Other Cryptos
Welcome everyone! The future of Stellar Lumens is bright! Today we will look at the accomplishments of Stellar.org in 2017. . . 2017 Round Up • IBM / Stellar Partnership • Kik Messenger’s KIN coin to move from Ethereum to Stellar in 2018 • Stellar ATM introduced in Singapore • Jed McCaleb confirms IBM/Stellar has 30 banks on board (Youtube Video) • Lightyear.io enables forward thinking financial entities to easily join the Stellar ecosystem. • IBM adds 8 new validators from 8 different countries onto the Stellar network (article) • Forbes calls Stellar “venmo, but on a global scale - and for larger bodies like banks and corporations.” • Stellar Lumens Is Up 6,300% Since March and Is Aiming for Big Blockchain Partners (article) • Many new partnerships (listed below) that will be using the Stellar network in 2018. • Binance and GoPax Exchanges Adds Stellar • Ledger Nano S support is now available for Lumens (XLM) • The next coin to break into the top 10 cryptos (article) . . 2017 Partnerships & Financial Institutions • IBM - is an American multinational technology company headquartered in Armonk, New York, United States, with operations in over 170 countries. IBM partnered with Stellar to help financial institutions address the processes of universal cross-border payments, designed to reduce the settlement time and lower the cost of completing global payments for businesses and consumers. • SatoshiPay - a web payment system that helps online publishers monetize digital assets like news articles, videos, or PDFs in tiny increments without friction. • EXCH.ONE - is a FinTech software company based in Switzerland currently working to integrate its platform and its first technology adopter Euro Exchange Securities UK Ltd. into the Stellar network. This addition to the Stellar network will bring access to currency markets of South and Central America,UK and a number of EU countries. • Novati (ASX:NOV) - is an Australian-based software technology and payment services provider. Novatti is currently working to integrate it’s platform into the Stellar network with the ultimate aim to build a global money transfer solution to provide cross border, cross currency and cross asset payments. • Pundi X - is an Indonesia based fintech company that provides POS device, debit card, multi-currency wallet that empowers individuals to buy and sell cryptocurrency at any physical store in the world. They say "buying cryptocurrency should be as easy as buying a bottled water." • MoneyMatch - is a Malaysia based fintech startup that provides a fully-digital peer-to-peer currency exchange platform for customers to transfer and exchange foreign currencies with complete ease and at great value. The company plans to integrate with the Stellar network and enable pay in and pay out from Malaysia. • Streami - is a Korea based fintech company that offers blockchain enabled cross-border remittance service and recently launched a cryptocurrency exchange. The partnership extends both on the exchange side and remittance operations. • Neoframe - is developing and marketing trading solutions for big brokerage firms in Korea and extends its business to blockchain based applications. Neoframe developed high performance centralized cryptocurrency exchange as well as secure wallet solutions and is working with big financial players. The company is planning to launch a remittance business for ASEAN countries (Thailand, Vietnam, Indonesia, Malaysia, Philippines, Singapore, Myanmar (Burma), Cambodia, Laos, Brunei) using Stellar. • SureRemit($RMT) - is a Nigeria based global non-cash remittances company. SureRemit leverages the Stellar blockchain platform to connect immigrants abroad directly with merchants that provide the services needed by their loved ones back home. With Remit tokens, immigrants all over the world can access digital shopping vouchers that can be spent on goods and services at accepting merchants wherever they are. • Cowrie Integrated Systems - is a Nigerian based Value Added Service Provider. Cowrie provides services at the intersection between telecoms and finance. Cowrie recently joined the Stellar network to bring novel fintech services to the African market. • Smartlands - is a Stellar-based platform designed to create a new class of low-risk tokens, secured by real, profitable assets in the real-world economy. Smartlands is designed to promote investments in the agricultural sector by allowing investment in individual projects, agricultural companies or indexes of groups of projects. These investments will be fully collateralized by agricultural real estate, other productive assets such as fruit or nut trees or, in some cases, the actual crop. • Klick-Ex - is an award winning regional cross-border payments system delivering financial infrastructure for emerging markets. It has been responsible for dramatic uptake in digital financial services in unbanked regions of the world, and lowering costs for banks, central banks and consumers in low liquidity currencies. Its key presence is in the Pacific and Europe, and it is a founding member of www.APFII.org processing more than 775,000 transactions per second, per billion of population (source). • Mobius - Mobius connects any app, device, and data stream to the blockchain ecosystem. Our simple and easy to use bidirectional API allows non-blockchain developers to easily connect resources to smart contracts and more. The Mobius MVP acts like Stripe for Blockchain by introducing innovative standards for cross-blockchain login, payment, smart contract management, and oracles. The Mobius Team includes David Gobaud, Jed McCaleb (Stellar.org founder), Jackson Palmer (creator of Dogecoin), and Chandler Guo (notorious Bitcoin & blockchain investor). • Chaineum - Chaineum, the first French ICO Boutique, will use the Stellar network for upcoming ICOs. “Chaineum is positioned as the first “ICO Boutique” in France, providing a range of end-to-end services to companies and international start-ups wishing to develop with this new funding mechanism. Chaineum is preparing 8 ICOs by the end of 2017, for European, North American and Asian companies, of which cumulative amount could reach € 200 million." (source) • Poseidon Foundation - Poseidon will simplify the carbon credit market with the creation of an ecosystem built on Stellar.org’s blockchain technology. This technology will prevent double counting of carbon and will be consistent across jurisdictions, making it easier for companies to deliver and measure progress towards their climate targets or other goals such as deforestation-free commitments. • Remitr - Remitr is a global platform for cross border payments, licensed in Canada. Remitr uses the Stellar network for international settlements for businesses as well as other payment partners. Remitr’s own payout network of 63 countries, comprising several currencies, is extended onto the Stellar network. • MSewa Software Solution (MSS) - MSewa Software Solution (MSS) Payments provides a one-stop digital payment service available across the Globe. MSS Payments aims at serving the consumers (Banked, Unbanked and Underbanked) with mobile banking facilities on the move from anywhere by transferring funds in their mobile phone. • PesaChoice - PesaChoice is a leader in international bill payment services for the African diaspora. PesaChoice aims at making international bill payment process easy, seamless, secure, with reasonable and competitive service fees, and up to date technological advances. • SendX - Singapore based SendX, in partnership with Stellar, is the better way to move money worldwide. The SendX team believes that the future of transactions is decentralized and distributed, bringing true equity to everyone across the value chain. • VoguePay - VoguePay, with offices in the United Kingdom and Nigeria, is partnering with Stellar to become the cheapest and most efficient way to send money between the United Kingdom and Nigeria. In the coming months, they expect to expand this service to other selected African countries. • HashCash - Hashcash consultants build financial solutions for banks and financial institutions over blockchain. We leverage the Stellar platform to build products that vastly improve the remittance and payments experience for banks and their customers. Transfers happen lightning fast at a fraction of current rates and operational cost is significantly reduced. HashCash is headquartered in India, with operations across South Asia and the Gulf. . . Stellar Lumens vs Other Cryptocurrencies • Lumens vs. Bitcoin: Jed McCaleb spoke at Distributed Markets in 2017 about the advantages, but more importantly, the disadvantages of Bitcoin. Listen to the talk here. Jed said, “Bitcoin is this awesome innovation. The first thing it does is converts a real world resource, electricity, into a digital asset. So it takes something from the real world and puts it into the digital realm. The second thing it does is provides immutable public record. It’s basically a database that everyone can see but no one change arbitrarily… That’s great, Bitcoin solves the double spin problem [ of proving possession and transmitting volume]… [However, to fix the problems of bitcoin] you might think well maybe we’ll just kind of keep adding [software] to Bitcoin until we get there, but that’s not really the way software works. You want to have the design from the beginning and solve these simple issues. Bitcoin was designed to be a new currency, it wasn’t really designed to be this unifying universal payment network. So that’s what Stellar does. It solves these three remaining issues.” • Lumens vs. Bitcoin #2: According to wired.com, "Bitcoin mining guzzles energy - and it's carbon footprint just keeps growing." Wired says "Today, each bitcoin transaction requires the same amount of energy used to power nine homes in the US for one day... The total energy use of this web of hardware is huge—an estimated 31 terawatt-hours per year. More than 150 individual countries in the world consume less energy annually. And that power-hungry network is currently increasing its energy use every day by about 450 gigawatt-hours, roughly the same amount of electricity the entire country of Haiti uses in a year." Because Stellar is based on a consensus algorithm rather than mining, it takes much less energy to run the Stellar network. The Poseidon Foundation decided to build their platform on Stellar rather than Ethereum or Bitcoin because of this (twitter source). • Lumens ICO tokens vs. Ethereum ICO tokens: According to Stellar.org, "traditionally, ICO tokens have been issued on the Ethereum network in the form of ERC20 tokens. ERC20 tokens are easy to issue and are infinitely customizable using Ethereum’s smart contracting language. However, recent events have highlighted and exacerbated some weaknesses of the network, including slow transaction processing times for the network during ICOs and increasingly expensive gas prices (by fiat standards) for transactions and smart contract execution. Moreover, many organizations require only basic tokens; they adopt the risk of Ethereum’s Turing complete programming language without taking advantage of many of its benefits." "While Ethereum has the most expressive programming capabilities, we believe Stellar is the best choice for ICOs that do not require complex smart contracts. Stellar’s primary goal is to facilitate issuing and trading tokens, especially those tied to legal commitments by known organizations, such as claims on real-world assets or fiat currency." • Stellar vs. Ethereum #2: The median transaction time on Stellar is 5 seconds, compared to approximately 3.5 minutes on Ethereum (source). Stellar has a negligible transaction fee (.00001 XLM ~= $0.0000002) with no gas fee for computation, while depending on the complexity of the computation, the median cost for a transfer on the Ethereum network is $0.094. Security: While both Stellar and Ethereum run on a decentralized network, the Stellar network has fewer security pitfalls. Stellar uses atomic transactions comprised of simple, declarative operations while Ethereum uses turing complete programming capabilities which produces less auditable code and greater risk of exploitable vulnerabilities(source). Recently, a security flaw in the Ethereum network froze millions of dollars. According to Mobius ariticle written by David Gobaud, "On November 6, 2017, Github user deveps199 'accidentally' triggered a bug in Parity, a popular Ethereum mult-sig wallet, that froze more than $152 million in Ether across 151 addresses. The bug impacted several token sales including Polkadot, which has had ~$98 million out of its recent $145 million sale frozen." "Mobius had none of its ongoing pre-sale Ether frozen because we do not trust Ethereum’s Smart Contract based multi-sig wallets given the vast Turing complete attack surface and did not use one. Security broadly is one of the main reasons the MOBI token that powers the DApp Store is a Stellar Protocol token and not an Ethereum token." • Lumens vs. Ripple: According to Wall Street Bitcoin Exchange, "Many investors like to compare the company [Stellar] to Ripple, and there are a lot of similarities, being that some of the founders worked on the Ripple team. In what can now be looked at as another blockchain development drama that plays out on chat boards and in interviews all across the globe. Stellar declared they fixed Ripple’s problems with their hard fork, however, Ripple has failed to admit to any of the flaws in its design that the Stellar team has pointed out." The article concludes by saying, "We Choose XLM Over XRP For 2018. That is why we are going with Stellar Lumens over Ripple in our portfolio for the rest of 2017 and 2018. After holding Ripple for a long time this year, it just never seems to make the big break like other names with bigger market caps like Bitcoin Cash, Dash, and Litecoin have. While we are holding on most all our larger market caps, we feel that Stellar Lumens will be one of the break out coins for 2018." . . Conclusion The stellar.org team is doing an amazing job making partnerships and pioneering the use of blockchain technology for various types of transactions. What we are seeing is a new technology that can actually be used to solve real-world problems. As a community, we need to continue supporting Stellar and we will quickly see it power transactions across the world. What are your thoughts about Stellar? What do you see in the future of Stellar? Any important news you want to share? Comment below.
The Statue of Liberty, Mystery Babylon, Freemasonry and The New Roman Empire / Fourth Reich
The Mother of Exiles and the Destruction of Babylon
I've always thought Mystery Babylon in Revelations was America. Lots of signs point to that. Inanna/Ishtar was known as the Whore of Babylon and Mother of Prostitutes because she supposedly started the practice of sacred prostitution. Inanna was the goddess of love, beauty, sex, desire, fertility, war, combat, justice, and political power. https://en.wikipedia.org/wiki/Sacred_prostitution
Sacred prostitution, temple prostitution, cult prostitution, and religious prostitution are general terms for a sexual rite consisting of sexual intercourse or other sexual activity performed in the context of religious worship, perhaps as a form of fertility rite or divine marriage (hieros gamos). Some scholars prefer the term sacred sex to sacred prostitution in cases where payment for services was not involved.
But some scholars believe that this practice never existed and has been misunderstood.
The practice of sacred prostitution has not been substantiated in any Ancient Near Eastern cultures, despite many popular descriptions of the habit. Through the twentieth century, scholars generally believed that a form of sacred marriage rite or hieros gamos was staged between the king of a Sumerian city-state and the High Priestess of Inanna, the Sumerian goddess of sexual love, fertility, and warfare, but no certain evidence has survived to prove that sexual intercourse was included. Along the Tigris and Euphrates rivers there was a temple of Eanna, meaning house of heaven dedicated to Inanna in the Eanna District of Uruk.This will be relevant in my next post about the source of Yahweh's narcissism but for now, I'm just using this to illustrate part of the reason I think America is Babylon.
The Sumerians worshipped Inanna as the goddess of both warfare and sexuality. Unlike other gods, whose roles were static and whose domains were limited, the stories of Inanna describe her as moving from conquest to conquest. She was portrayed as young and impetuous, constantly striving for more power than she had been allotted.
An asteroid will pass directly in front of Regulus, one of the brightest stars in our night sky, next Wednesday — briefly blacking out the star in what astronomers are calling a “once in a lifetime” event. Better yet, New York City falls directly within the viewing path which is literally paper-thin on the earths scale. The event is so small, and so brief, that it will only be visible over a sliver of area. And this area happens to encompass millions of people in New York City, Northeast NJ and Long Island.
On Thursday, March 20 2014, Regulus will participate in a rare celestial event when an asteroid passes directly in front of the star, as seen from Earth. The asteroid in question is 163 Erigone. Asteroid 163 Erigone is about 45 miles (72 km) wide, but its "shadow" slanting to Earth's surface will be 67 miles (108 km) wide. Erigone's shadow will move on a southeast-to-northwest trajectory and will extend from New York City as well as western and central Long Island to Oswego in New York State, and then continues northwest, the length of Ontario to the Hudson Bay shore of Manitoba. Those who are within the shadow path and watching at just the right moment with just their eyes will see an amazing sight: Regulus will seem to abruptly disappear as if a switch had been thrown, blotted out by the tiny invisible asteroid. Regulus will remain invisible for up to 14 seconds (for those situated along the center of the path); an incredible, albeit very brief occurrence.
This "once in a lifetime event" eclipsing right over New York. Where the Statue of Liberty is. Revelations 17
There I saw a woman sitting on a scarlet beast that was covered with blasphemous names and had seven heads and ten horns. 4 The woman was dressed in purple and scarlet, and was glittering with gold, precious stones and pearls. She held a golden cup in her hand, filled with abominable things and the filth of her adulteries. 5 The name written on her forehead was a mystery: 15 Then the angel said to me, “The waters you saw, where the prostitute sits, are peoples, multitudes, nations and languages. 16 The beast and the ten horns you saw will hate the prostitute. They will bring her to ruin and leave her naked; they will eat her flesh and burn her with fire. 17 For God has put it into their hearts to accomplish his purpose by agreeing to hand over to the beast their royal authority, until God’s words are fulfilled. 18 The woman you saw is the great city that rules over the kings of the earth.”
America's colors are red, white and blue. Red+Blue = Purple. Purple apparently represents royalty as well as vanity. Scarlet represents the blood of Christ and martyrs.
The color purple is also associated with royalty in Christianity, being one of the three traditional offices of Jesus Christ, i. e. king, although such a symbolism was assumed from the earlier Roman association or at least also employed by the ancient Romans. In Europe and America, purple is the color most associated with vanity, extravagance, and individualism. Among the seven major sins, it represents vanity. It is a color which is used to attract attention
**8.Bartholdi planned for the statue to be covered in gold.**In order to make the statue visible after dark, Bartholdi proposed that Americans raise the money to gild her. However, given how daunting and arduous a task it had been to gather even enough money to place the statue in New York harbor, no one followed through on paying the enormous cost of covering the massive statue in gold.
Not to mention this little interesting fact that brings the 2nd Beasts actions that are spoken of to mind.
:The second beast was given power to give breath to the image of the first beast, so that the image could speak and cause all who refused to worship the image to be killed. :**9. Thomas Edison once had plans to make the statue talk.**When Edison introduced the phonograph to the public in 1878, he told the newspapers that he was designing a “monster disc” for the interior of the Statue of Liberty that would allow the statue to deliver speeches that could be heard up to the northern part of Manhattan and across the bay. Thankfully, no one pursued that strange promise, which would have led to the odd experience of walking in New York and suddenly hearing the Statue of Liberty “talking.” precious stones and pearls.
The sculptor Frédéric Auguste Bartholdi designed the statue to be fully illuminated, a feature that’s suggested in its official name, “La Liberté Eclairant le Monde,” or “Liberty Enlightening the World.” (At first the Statue of Liberty doubled as a lighthouse, given its position in the New York Harbor, but that didn’t last: It was decommissioned as such in 1902.) Originally the lighting scheme was to be red, white, and blue—with a giant searchlight trained on the statue’s face and shoulders. Officials claimed in 19th-century newspaper accounts that they would make the statue so bright as to cast a glow on the clouds of the night sky 100 miles away. The statue’s face was to be lit by a reflector so bright that newspapers described it as “4 million candle power.” Her diadem was meant to sparkle with electric light. These were lofty goals in the dawn of the electrical age, and they carried symbolism that has lost much of its potency now that electricity is taken for granted.
She held a golden cup in her hand, filled with abominable things and the filth of her adulteries.
In the torch, the flames are covered in gold. Looks enough like a cup. Also, in Isaiah 14:12 (another prophecy detailing the fall of Babylon that I didn't bother copying and pasting all of here) it refers to Babylon (or it's king) as "Lucifer, son of the morning". Lucifer means "light bringer" (hence the torch and the statue's original name being Liberty Enlightening the World) or "morning star" which is another name for the planet Venus which is associated with Inanna/Ishtar.
How art thou fallen from heaven, O Lucifer, son of the morning! how art thou cut down to the ground, which didst weaken the nations!
The beast and the ten horns you saw will hate the prostitute. They will bring her to ruin and leave her naked; they will eat her flesh and burn her with fire. 17 For God has put it into their hearts to accomplish his purpose by agreeing to hand over to the beast their royal authority
The 10 kings + the beast = 11.
The seven heads are seven hills on which the woman sits. They are also seven kings.
It has 7 spikes coming out of the head. https://timedotcom.files.wordpress.com/2013/06/01_00240318.jpg?quality=85 We're a very diverse country and Lady Liberty represents us taking in people from all countries. We pretty much control the world (for now) as the 7 hills represents the 7 continents, which is literally what is said they represent. Plus she's literally sitting on an island in the water.
Then the angel said to me, “The waters you saw, where the prostitute sits, are peoples, multitudes, nations and languages.
Masonic theories abound about the Statue of Liberty’s connection to the masons. Those who do ascribe to the theory cite Bartholdi’s and Eiffel’s membership in the Freemasons, that many original plans for the statue demonstrate the link and that many elements of the statue carry symbolic meaning. In addition, the masons presided over the cornerstone laying for the Statue of Liberty, a moment commemorated in a 1984 plaque in dedication to the masons on the 100th anniversary. In 1884, the grand master William A. Brodie laid the cornerstone with grand lodge members present. Brodie is reported to have said, “Why call upon the Masonic Fraternity to lay the cornerstone of such a structure as is here to be erected? No institution has done more to promote liberty and to free men from the trammels and chains of ignorance and tyranny than has Freemasonry.”
Then there's the poem that is inside the base.
The New Colossus Not like the brazen giant of Greek fame,With conquering limbs astride from land to land;Here at our sea-washed, sunset gates shall standA mighty woman with a torch, whose flameIs the imprisoned lightning, and her nameMOTHER OF EXILES. From her beacon-handGlows world-wide welcome; her mild eyes commandThe air-bridged harbor that twin cities frame. "Keep, ancient lands, your storied pomp!" cries sheWith silent lips. "Give me your tired, your poor,Your huddled masses yearning to breathe free,The wretched refuse of your teeming shore.Send these, the homeless, tempest-tost to me,I lift my lamp beside the golden door!"
The Mother of exiles.
Prophecies of the Destruction of Babylon / America / New York
45 “Come out of her, my people!Run for your lives!Run from the fierce anger of the Lord.46 Do not lose heart or be afraidwhen rumors are heard in the land;one rumor comes this year, another the next,rumors of violence in the landand of ruler against ruler.47 For the time will surely comewhen I will punish the idols of Babylon;her whole land will be disgraced
Welcome to General Election 2016 – The Transition The Hegelian Dialectic is the transition of things. And the Illuminati loves to use it. We have been expecting it. We have read about it. And now it is here, in front of our faces. And many are IGNORING it. Folks, we are witnessing Hegelian logic on display. How we got here is an aside, but here we are. The disease is Hillary, and the medicine is Trump. For most folks, that’s all that matters. Case closed. What most citizens do not realize is that this is all a ruse. A mirage. It is being carried by, “they.” “They” are using the illusion, because America was stationary and stubborn. “You can’t New World Order me!” Americans said, “…Because we know about you.” Did the globalists go away and cry in their beer? Nope. They knew this would happen. It was expected. Butsome of the citizens heard a few radio shows that told them, “we’re gonna win.” Hegel’s dialectic utilizes the “mirage.” And then steers the people through its house of mirrors with scary monsters. In America’s case, the monster is a short woman with a trucker’s voice named Hillary. Their task is simple. Globalism. But how do they get there? Simple: Scare them with the Thesis – Hillary / the Enemy of Freedom. And offset her with the Anti-thesis – Donald the Lion-Hearted / Champion of the People. …Next stop – the Synthesis. Ashes with a rising phoenix. It's right there in front of us. Do you see it folks?
“The Double Headed Eagle of Lagash” is the oldest Royal Crest in the World… No emblematic device of today can boast of such antiquity. Its origin has been traced to the ancient city of Lagash. It was in use a thousand years before the Exodus from Egypt and more than two thousand years before the building of “King Solomon’s Temple.” “As time rolled on, it passed from the Sumerians to the men of Akkad, from the men of Akkad to the Hittites, from the denizens of Asia Minor to the Seljukian Sultans from whom it was brought by the Crusaders to the Emperors of the East and West, whose successors were the Hapsburgs and the Romanoffs.” “In recent excavations, the city-emblem of Lagash was disclosed also as a lion headed eagle sinking his claws into the bodies of two lions standing back to back. This is evidently a variant of the other eagle symbol”. “The city of Lagash is in Sumer in Southern Babylonia, between the Euphrates and the Tigris and near the modern Shatra in Iraq, Lagash had a calendar of twelve lunar months, a system of weights and measures, a banking and accounting system and was a center of art, literature, military and political power, five thousand years before Christ”. “In 102 B.C. the Roman Consul Marius decreed that the Eagle be displayed as a symbol of Imperial Rome. Later, as a world power, Rome used the Double-Headed Eagle, one head facing the East the other facing the West, symbolizing the universality and unity of the Empire. The Emperors of the Holy Roman Empire continued its use and the symbol was adopted later in Germany during the halcyon days of conquest and imperial power”. So far as is known, the Double-Headed Eagle was first used in Freemasonry in 1758 by a Masonic Body in Paris – the Emperors of the East and West. During a brief period the Masonic Emperors of the East and West controlled the advanced degrees then in use and became a precursor of the “Ancient Accepted Scottish Rite”. The Latin caption under the Double-Headed Eagle – “Spes Mea in Deo Est” translated is “My Hope Is In God”.
A part of this sounds familiar
“In recent excavations, the city-emblem of Lagash was disclosed also as a lion headed eagle sinking his claws into the bodies of two lions standing back to back. This is evidently a variant of the other eagle symbol”.
In 102 B.C. the Roman Consul Marius decreed that the Eagle be displayed as a symbol of Imperial Rome. Later, as a world power, Rome used the Double-Headed Eagle, one head facing the East the other facing the West, symbolizing the universality and unity of the Empire. The Emperors of the Holy Roman Empire continued its use and the symbol was adopted later in Germany during the halcyon days of conquest and imperial power”. So far as is known, the Double-Headed Eagle was first used in Freemasonry in 1758 by a Masonic Body in Paris – the Emperors of the East and West. During a brief period the Masonic Emperors of the East and West controlled the advanced degrees then in use and became a precursor of the “Ancient Accepted Scottish Rite”
The imperial bird with two heads simultaneously facing East and West has been Russia’s official coat of arms for centuries, with only a break during the Soviet era. The emblem, however, is far older than the country, with roots dating to ancient civilizations. An eagle on a country’s coat of arms is quite common – this bird is as popular a national symbol as the lion. “He is the king of birds; just like the lion is believed to rule all animals, and he is associated with the cult of the sun,” Georgy Vilinbakhov, head of Russia’s Heraldic Council, explains.
Title of article: Get Ready for the Phoenix THIRTY years from now, Americans, Japanese, Europeans, and people in many other rich countries, and some relatively poor ones will probably be paying for their shopping with the same currency. Prices will be quoted not in dollars, yen or D-marks but in, let’s say, the phoenix. The phoenix will be favoured by companies and shoppers because it will be more convenient than today’s national currencies, which by then will seem a quaint cause of much disruption to economic life in the last twentieth century.At the beginning of 1988 this appears an outlandish prediction. Proposals for eventual monetary union proliferated five and ten years ago, but they hardly envisaged the setbacks of 1987. The governments of the big economies tried to move an inch or two towards a more managed system of exchange rates – a logical preliminary, it might seem, to radical monetary reform. For lack of co-operation in their underlying economic policies they bungled it horribly, and provoked the rise in interest rates that brought on the stock market crash of October. These events have chastened exchange-rate reformers. The market crash taught them that the pretence of policy co-operation can be worse than nothing, and that until real co-operation is feasible (i.e., until governments surrender some economic sovereignty) further attempts to peg currencies will flounder The new world economyThe biggest change in the world economy since the early 1970’s is that flows of money have replaced trade in goods as the force that drives exchange rates. as a result of the relentless integration of the world’s financial markets, differences in national economic policies can disturb interest rates (or expectations of future interest rates) only slightly, yet still call forth huge transfers of financial assets from one country to another. These transfers swamp the flow of trade revenues in their effect on the demand and supply for different currencies, and hence in their effect on exchange rates. As telecommunications technology continues to advance, these transactions will be cheaper and faster still. With unco-ordinated economic policies, currencies can get only more volatile. In all these ways national economic boundaries are slowly dissolving. As the trend continues, the appeal of a currency union across at least the main industrial countries will seem irresistible to everybody except foreign-exchange traders and governments. In the phoenix zone, economic adjustment to shifts in relative prices would happen smoothly and automatically, rather as it does today between different regions within large economies (a brief on pages 74-75 explains how.) The absence of all currency risk would spur trade, investment and employment. The phoenix zone would impose tight constraints on national governments. There would be no such thing, for instance, as a national monetary policy. The world phoenix supply would be fixed by a new central bank, descended perhaps from the IMF. The world inflation rate – and hence, within narrow margins, each national inflation rate- would be in its charge. Each country could use taxes and public spending to offset temporary falls in demand, but it would have to borrow rather than print money to finance its budget deficit. With no recourse to the inflation tax, governments and their creditors would be forced to judge their borrowing and lending plans more carefully than they do today. This means a big loss of economic sovereignty, but the trends that make the phoenix so appealing are taking that sovereignty away in any case. Even in a world of more-or-less floating exchange rates, individual governments have seen their policy independence checked by an unfriendly outside world. As the next century approaches, the natural forces that are pushing the world towards economic integration will offer governments a broad choice. They can go with the flow, or they can build barricades. Preparing the way for the phoenix will mean fewer pretended agreements on policy and more real ones. It will mean allowing and then actively promoting the private-sector use of an international money alongside existing national monies. That would let people vote with their wallets for the eventual move to full currency union. The phoenix would probably start as a cocktail of national currencies, just as the Special Drawing Right is today. In time, though, its value against national currencies would cease to matter, because people would choose it for its convenience and the stability of its purchasing power. The alternative – to preserve policymaking autonomy- would involve a new proliferation of truly draconian controls on trade and capital flows. This course offers governments a splendid time. They could manage exchange-rate movements, deploy monetary and fiscal policy without inhibition, and tackle the resulting bursts of inflation with prices and incomes polices. It is a growth-crippling prospect. Pencil in the phoenix for around 2018, and welcome it when it comes.
So it was a random Sunday: bed, eat, repeat until I went online and I saw a link by a new user called @limon. There was a small introduction to a YouTube video which at first glance didn’t look interesting, but what the hell? Lets read this. https://cdn-images-1.medium.com/max/...lLpi-xYDCw.png He talked about an article from The Economist, year 1988, coin, phoenix and then Zoin… wtf? Anyways, I opened the link (don’t open links from strangers) and watched the video in Youtube, (it’s in Spanish) @limon claims in the video (minute 5) that he actually found a not so well know cryptocurrency (yet) by doing some research on an article from 1988 and he is somehow convinced it’s going to be huge. Yes, @limon saw the writing and thought maybe I should check this and find out which is the coin of the future. As crazy as it seems, finding a cryptocurrency by doing research on a 1988 magazine its quite incredible. Is it a coincidence or is it a prediction? Not even @limon knows, but there’s a few things that can blow up your mind here. This is the article from 1988. It claims that there will be a currency (referred as “phoenix”) that will be used by everybody in several countries in 2018. So yes, you all might say “the coin is called the Phoenix”. There’s actually a coin called Phoenixcoin but that didn’t seem to convince @limon once he checked it out in www.coinmarketcap.com (it sucked even for @limon who wanted to believe with all his heart) But @limon didn’t give up, he thought what if its hidden? So he decided to take a closer look at the magazine cover. https://cdn-images-1.medium.com/max/...LKufsoJVug.png He noticed that he could read the letters backward (um…interesting) https://cdn-images-1.medium.com/max/...Ir1KSVOMbw.png He got XIN3ONd NET by reading the cover letter backwards and he said well, XIN is Chinese, and found out in google translator that XIN meant NEW. Then 3ONd he looked at it and thought this is Russian… and it was. That weird word that would not mean anything to someone meant something for @limon so he decided to google translate it. https://cdn-images-1.medium.com/max/...uui5nS3hFg.png Well yeah 3ONd is Russian and means ZOI, but wait is this a coin? @Limon decided to search “ZOI” in www.coinmarketcap.com. https://cdn-images-1.medium.com/max/...LN2UCCLQwg.png WOW, Zoin existed. He ended up with the sentence NEW ZOI NET, in which Zoi was an actual currency. He starting searching now all about Zoin (DYOR) and liked everything he saw. The team, the community and development its very much updated. Got even more carried away when he saw Zoin’s logo: https://cdn-images-1.medium.com/max/...4CV6Ln5sFQ.png https://cdn-images-1.medium.com/max/...y75KEGoyHQ.png And when he researched even deeper, he found out that ZOIN was left by its first developer and got taken over by its community from all over the world. Yes, Zoin emerged from the ashes. What? wait. Zoin is also a Phoenix. Anyways, @limon found all the signs of a prophecy from 1988. He couldn’t wait so he joined Zoin’s community and shared his video. By the way he bought some Zoin. After finding the last lost prophecy he had no plans on missing out. Check all about Zoin in the following links. You can reach out to the team on Discord, website address is www.zoinofficial.com and their twitter @zoinofficial You better don’t miss it. Its a prophecy. Thank you limon. @torrmara
Buying Ether in Canada, my experience with different exchanges
Hello, I'm writing about my experiences buying ethereum in Canada, essentially converting CAD to ETH. The goal is to help beginners that are interested in getting started but don't know where to actually buy ether. There's a lot of info out there but most of it seems to be centered around USD, which doesn't always translate for CAD and our banking system. I'm by no means an expert but I figured someone might find this information helpful. I've verified and used the following sites, so I'll be writing about them:
If you just want the gist of it, a super-quick summary of what I found:
Coinbase: great if you just want to try things out. Fast to get ether, fast to verify, high fees.
QuadrigaCX: great if you're looking to get more seriously into cryptocurrency. Most deposit options, lower fees.
Kraken: great if you have a ton of money you want to transfer into cryptocurrency or if you want to play around with trading. Low fees, slow CAD deposit because wire transfer.
Coinsquare: Fees aren't bad, low volume though.
With every one of these sites, there's usually some form of verification. This involves taking a picture of some piece of government ID (usually passport or drivers license), as well as some sort of proof of address such as a utlity bill. Some sites require you to take a selfie with some of that documentation or holding a handwritten sign. It seemed sketchy to me at first, but every place does it. Coinbase This was the first place I tried. Their only payment methods I could find are Visa and MasterCard, of which they charge a 3.75% convenience. With reward cards you might get 1%-2% back, but this is a fairly high fee. The bright side is it's just about instantaneous. One thing I noticed is that their sell price is about ~$5 higher than a few exchanges. For example, as I write this, it's $119.23 on coinbase. On kraken it's 113.99 for a market order. There is a weekly $200 limit on the amount to buy. A 30 day countdown started after I spent $500 to increase the limit. I can't find what the new limit amount will be once that countdown reaches 0 though. So far, I've been with them for over a month and I've bought $600 worth of ether. The first time I bought it only took a minute to get sent to my private address. The second time it took ~40 minutes for it to actually get sent to my private ether address, but this was due to some issues they were having, probably just a fluke. I've bought two more times since then and both times it was instant. To summarize Pros:
Fast to verify, took a couple minutes, seemed to be completely automated
Almost instantly sent funds via Visa/Mastercard
Instantly got the ether I bought
Probably the easiest to use
Generally $5 over Kraken prices
High fees at 3.75%. Might be able to brought lower with a good rewards card
Low $200 weekly limit
QuadrigaCX Hoping to get lower fees, this was the second place I tried. They accept a lot more payments with a variety of fees, I'll list them out:
Electronic Funds Transfer
Min $250, Max $10,000
5 Business Days
Min $500, Max $5,000
Next Business Day
2% + $5
Min $50, Max $2,000
Instant (but may be held 24 hours by security)
1.5% (min. $5)
Min $100,000, Max $500,000
2-4 Business Days
Min $500, Max $500,000
Electronic Funds Transfer replaced their "direct bank transfer" option, and while I think it's great since I think every bank supports it, it unfortunately has a rather high fee at 5%. I don't really see why you would use this though, if you can use Interac Online, it's faster. If you need the higher daily limit, a bank wire would be cheaper too. Interac e-Transfer I'd go with this if your bank doesn't support Interac Online and if you don't mind the 2% fee. If you're doing a large amount, the Bank Wire would be a better choice, depending on how much your bank charges you. Interac Online seems like the best choice for less than $2000. Unfortunately even though my bank card says "Interac" on it, and the bank is listed as supported, I can't use it for Interac Online because the card is both a debit and visa card. I've read that RBC and BMO are the only banks that support this, so it may be worth signing up with them. Bank Wire ended up being what I used (EDIT: back then the minimum for a wire transfer was $500). I wanted to deposit a larger sum, so just paying my bank for the cost of the transfer ended up being worthwhile (about 0.5% fee). The downside is I had to go in person to a branch to send a wire transfer and it's only really worthwhile for larger transfers. Crypto Capital seems like a 3rd party that you can wire to and then transfer that to QuadrigaCX. I don't see the appeal in using this to fund an account since you can just wire to QuadrigaCX directly. I sent the wire transfer a few days ago, and it seems like it will take 3-5 business days for it to complete. I'll update this post if the money somehow just disappears. Wire transfer came through today, no problems :) Once you do get CAD on QuadrigaCX, the fees to buy Ether are 0.5%. Combined with my wire transfer cost, I expect to only have paid a total of 1% in fees. To summarize Pros:
Fast to verify, I was able to verify the same day I made my account
Lots of variety in funding choices
Lower fees compared to coinbase
High daily fund limits
Not as many deposit options if they don't support your bank
0.5% per completed trade is a little high compared to other exchanges
Some transfer options have higher fees than coinbase for low amounts
Some transfer options can take up to 5 days
Kraken The latest site I've tried, they have multiple tiers of verification. You can't deposit CAD until you reach tier 3 verification, which can take up to 48 hours. Tier 1 and tier 2 were verified within the hour but tier 3 was still not verified 3 days later. When I submitted a support ticket, they were very quick to respond the next day and told me I needed to submit a Confirmation ID. Their site listed the Confirmation ID for a few countries and some criteria but it didn't seem like Canada applied to any of the criteria. Regardless, I submitted the Confirmation ID and was verified with tier 3 that same day. The only way to deposit CAD with Kraken is through wire transfer and it seems like there's some unlisted fees based on what their banks charge them to receive a wire transfer (as well as any intermediary bank). I have not done this so I cannot tell what the costs would be. Once you do have CAD on their exchange, their fees are better than QuadrigaCX with a MakeTaker rate at 0.16%/0.26%. I have sent ether to Kraken just for playing around with trading and I've had no problems. To summarize Pros:
Low trading fees
Potentially lower CAD->ETH fee than QuadrigaCX, depending on if there are wire transfer hidden costs. Lower trading fee helps
High fund limits
Only one way to deposit CAD and it's slow
Unclear what the wire transfer costs are
Little confusing verification process for tier3
Min $100, Max $2,000
Instant (withheld for 3 days)
Min $100, Max $3,000
1-3 days (withheld 0-7 days)
Min $20, Max $500
Min $1000, Max $9,000
0-2 days (withheld 0-5 days)
Min $100, Max $1,000
0-2 days (withheld 0-5 days)
Min $10,000, Max $300,000
0-1 day (withheld 0-2 days)
They have this concept of withholding funds, where you basically have to keep the money on the account. You can trade with it as much as you want, but you won't be able to withdraw until after the withholding time. Pros:
Lowish trading fees
Some options are fast to fund
Reasonable fund limits
The direct way to go from CAD->ETH has higher trading fees. Have to go CAD->BTC and then BTC->ETH.
Horrible interface. Until they fix their site, some stuff is broken (unless it works in other browsers?), or if you know how to edit html. Wow! They really fixed their site and it looks great now! Only thing that bothers me is in the advanced section, it lists the CAD/BTC price in terms of bitcoin. So instead of saying $3400/bitcoin, it says 0.00029378BTC
Fairly high withdraw fees (unfortunately I can't find them listed on their site, and I can't find it listed anywhere, but some people have reported it being far too high)
Alternatives There are of course other sites to get ether, and there's always the option of getting bitcoin and exchanging it through an exchange like Kraken or Poloniex for ether. There are bitcoin ATMs scattered around as well, but I can't comment on any fees involved or how close they match exchange prices. Other sites I checked out:
Local Bitcoins - It looks like I'd have to find another user to trade with and prices seem far higher than the exchanges.
Poloniex - Doesn't look like you can deposit CAD.
Gemini - Don't see a way to deposit CAD. Also sent verification 2 days ago and have not been verified.
Bitfinex - Can't wire transfer USD out at this moment and I don't see a way to deposit CAD.
Coinswitch - Can't deposit CAD.
GDAX - Can't deposit CAD.
CEX.IO - Price quotes are signficantly higher than other exchanges, and it looks like it only does USD. Right now, their site says you can buy 1 ETH as $289.25 USD, compare that to GDAX which has them trading at $259.98 USD. You can sell on it too, but again, the price isn't favorable, sell on it for $250 USD vs selling on GDAX for $260 USD.
QuickBT - Only small amounts of ETH, and fees seem to range between 5-9% depending on how much you buy. Only supports interac online and flexepin.
Alt Coins The main sites for getting CAD into the cryptocurrency space like QuadrigaCX, Coinbase, Kraken, and Coinsquare don't have a lot of altcoins. Fortunately once you have ether you can send it to another exchange and trade that for altcoins. These are my favourite ones:
Bittrex - You can't buy ETH with CAD directly, but it has a lot of other cryptocurrencies. I used this until Binance came out. They closed accounts for people unverified or from some countries, so I'd be wary about using it.
Binance - You also can't buy ETH with CAD directly on this one, but it's my favourite for getting into other cryptocurrency coins. Fees are also lower than bittrex if you hold their BNB coin and they add new coins much faster. Referral | Non-Referral
Kucoin - Registration on Binance/Bittrex has been up and down lately and I've had success using this exchange. They seem to add coins even faster than Binance, but the site is a little bit slower and less polished. Still functional and good to pickup a few alts that you can't get elsewhere. Referral | Non-referral
Funnily enough, this whole experience has made me appreciate the flexibility cryptocurrency like ether has and served as a reminder to how slow and cumbersome transactions become once the banking system is involved. EDIT: received wire transfer through QuadrigaCX, made account with coinsquare. EDIT2: added coinsquare section EDIT3: updated QuadrigaCX and coinsquare section, updated alternatives list EDIT4: Added e-transfer for QuadrigaCX! EDIT5: Cleaned up alt coins section.
How Craig constructed the "message" that he "signed" using Satoshi's key
Craig was a bit clever here. He did not cheat, and did not use modified command line tools. He indeed posted a message signed by Satoshi's key, that validates correctly. This might explain how he fooled a few people. However, that message just so happens to be a hash of an early Bitcoin transaction, not anything proving his identity. Here's how he did it. First, check out Dan Kaminsky's blogpost for less-stupid instructions and an archive of the files you need (instead of having to transcribe hex from Craig's post). Although Dan concludes that the signature does not validate, that's actually only due to the & vs. && bug in the last bash command. If you run the corrected command, it works:
That's just binary junk. It was really signed by Satoshi though. We now know that the signature turned out to correspond to a real Bitcoin transaction (credit to JoukeH). Compare its input script with:
So where did sn7-message.txt come from? To put it together, we need to follow the OP_CHECKSIG documentation. Specifically, the message to be signed is the transaction, but with the input script replaced with the output script of the transaction that sent the coins in the first place, plus the hash type value of '1'. First we download the two transactions:
You can also validate this against the Signature Hash field in webbtc's script debug view. Bitcoin actually does a double SHA-256 here, once as part of the protocol, and once as part of the elliptic curve code. So apply sha256sum again:
... and you get the Signature Hash. Interestingly, the source address of this transaction (the bit cut out from send.bin) is the same as in the example on the OP_CHECKSIG documentation wiki page - so he was too lazy even to pick another address, although he picked a different spend transaction. This is what us security guys call a replay attack. Well played, Craig. Edits: links and spelling. Edit2: to make it clear, as bedstefar points out, this doesn't prove that Craig is not Satoshi. It only proves that his blog post doesn't prove that he is Satoshi, and anyone could've written a similar blog post. Edit3: the blog post does claim that the (incompletely displayed, unverifiable) Sartre text hashes to the same hash as my sig_txn.bin. That much is obviously a lie and patent nonsense, unless you believe he's the first person in the world to come up with a SHA-256 preimage attack. He didn't have to doctor any screenshots or tools for that, the lie is that where he says "The contents of this file have been displayed in the figure below." he's displaying the contents of a different file. Edit4: Wow, thanks for the gold!
bat-brendaneich Admin 12:59 PM Thanks @bat-jennie. As people know we're deep into Mercury phase, with a few people working on Gemini (user-private ads, anonymous revenue share to user). We did the first batch of UGP grants last month and will do more in January. We're working on creator referral awards, to pay YouTubers and site owners who bring new users to the platform as measured by 30 days uptime in Brave. We had a successful pair of bizdev trips to NYC and London over last two months' time, getting close to announcing an ongoing partnership with a top-3 NYC media co. The tide is turning fast with publishers. Three years ago when I was thinking a lot about brave and studying problems in ad tech, I met with publishers and ad tech people in NYC. Some fear of ad blocking but mostly business as usual, even as programmatic plays launched in previous few years were hitting what now look like peaks (and trying to exit via M&A). Two years ago I met as Brave founder and pubs were mostly "you're an ad blocker, we hate you" but a few got the larger play. At that point I was thinking about Bravecoin and met with Stephan Tual and co. at Ethereum's London office; helpful but also clear it was too early to do "Bravecoin". Last year publishers started turning, because their revenue was going down y-o-y, partly from ad blocking but also from G and FB eating the best programmatic ads and owning the user. This year the worm has turned, so to speak -- no one discounts ad blocking and everyone is talking about GDPR + ePrivacy in Europe next year requiring consent for tracking, so with this as background I think we are well-positioned to move into Gemini phase of the BAT roadmap in 1H2018.
bat-jennie Admin 1:06 PM Wow, what an update! This is all very exciting news! I’m sure people are just dying to ask you their questions now! Let’s move onto those 🙂. Our first question comes from Modernity from Rocket Chat:
Why use a separate cryptocurrency (BAT) instead of just using ETH or a more established cryptocurrency?
bat-brendaneich Admin 1:08 PM Thanks, @modernity -- the answer is twofold: 1, to raise funds for the project (no shame in that); 2, to precreate the User Growth Pool before the sale to stake users with tokens, gratis. With ETH or other existing cryptocurrencies we would need a rich benefactor to endow the UGP and none were forthcoming. UGP+reserves wallet present notional value is $122M. I don't know of anyone who was willing to give us that much ETH. When I met with Ethereum folks in July 2015 and talked Bravecoin, I was inspired by "Social Credit" money theory. Give people tokens just for being citizens. That's the UGP.
bat-jennie Admin 1:10 PM @Robert.clark from Rocket Chat asks:
How do you envision the 'moat' of your startup being built? Is it about digging deep into the BAT reward system and creating truly better and more profitable ad experiences for the consumer as well as the advertiser, or more about the privacy focused / decentralized internet browsing experience?
bat-brendaneich Admin 1:13 PM Thanks @robert.clark -- we aim to standardize what we can and hope to work with Apple and Mozilla in W3C on anti-tracking specs in new year, so that's not the moat. The moat is attacking Google's main revenue source directly, while using as much chromium code as possible. That is a durable strategy as Google cannot diversify fast enough, and faces anti-competitive scrutiny in Europe that limits its ability to use MS-like tactics against us. If other browsers want to join in the platform, we will bring them on -- after we have built Gemini phase and specified endpoint as well as on-chain rules. In this light it is crucial we neutralize Chrome in every area where we do not differentiate by blocking by default. Note: blocking invisible trackers as well as all third party ads (and some 1st party that place with Google DFP), this gives 3-7x speedup on Android vs. Chrome, and Android Chrome has no extensions which means no adblockers. Google's "ad filter" is cosmetic and doesn't touch trackers or the ads its core business and public stock price depends upon (they'd be bad fiduciaries if they did hurt their revenue materially; I'd join the class action suit!). My view is G (and FB) are both "stuck"; they have limited ability to disrupt themselves, even ignoring usual big-company and innovator's dilemma problems. When thinking about moats and strategy, I find Mr. Spock's remark that "Military secrets are the most fleeting of all" helpful. Tech alone isn't a moat. Remember when Steve Jobs was rumored to be considering buying Dropbox? Then a bit later he said "that's just a feature" (meaning OS icloud integration)? The durable strategies go against deep conflicts of interest, in Google's case between Chrome users and G's ad business. Btw the latest on G's ad filter makes me think they'll get in legal and possibly antitrust trouble, the way they require verification. But we shall see!
bat-jennie Admin 1:18 PM @Irak from Rocket Chat asks:
Brave is an obvious buyout target for the major browsers and ad revenue companies. What do you believe would happen to BAT if a buyout occurs?
bat-jennie Admin 1:22 PM @Coke from Rocket Chat asks:
What are the Brave team's top three priorities at the moment?
bat-brendaneich Admin 1:24 PM @Coke, thanks. The BAT ones are 1/ more UGP grants, with sybil attack resistance; 2/ creator referral awards; 3/ publisher onboarding (the top-3 nyc media co. and others). For Brave we have 1/ bug fixes; 2/ performance and memory work; 3/ extension support on laptop/desktop.
bat-jennie Admin 1:26 PM @Steve-1 from Rocket Chat asks:
What’s the likelihood of BAT transitioning to its own independent blockchain at some point? Will BAT switch to an alternative Blockchain due to ETH scaling issues?
bat-brendaneich Admin 1:26 PM @steve-1 We have thought about this enough to view it as an option -- no token or coin of value should ever be marooned unless the human element goes wrong. For now we are confident in Ethereum scaling but we're keeping an eye (and will help if we can, as we grow).
bat-jennie Admin 1:27 PM @Decisive from Rocket Chat asks:
Is the UGP script locked in any way to prevent a mass sell off, or developepublisher payout via the smart contract, or is it to the discretion of the BAT team?
bat-brendaneich Admin 1:28 PM Hi @decisive: Currently locked in a wallet with keys held only by trusted/high-integrity founder-level people. We don't like fancy smart contracts; I'm skeptical of on-chain governance as right move for upgrading contracts; we're keeping it simple and vetting keyholders who are known and deeply invested in Brave. Only a few such people; I am one.
bat-jennie Admin 1:30 PM A user from Reddit asks:
How is the BAT browser extension planned or being developed? You have mentioned in the past that he heard Mozilla might be interested in integrating Brave into Firefox. Have there been any updates on that front?
bat-brendaneich Admin 1:31 PM First question may be about the idea of a BAT extension for other browsers, but that is premature. The big problem with UGP grants and Gemini-phase ad revenue shares to users is fraud. Just user-funded contributions has a fraud problem too: as with buy widgets, stolen CC identity => $20 charge to buy BAT => contribution at scale via sybils/mturk-users/bots-with-enough-work => settlement to colluding but verified (small blog) publisher. That's why I mentioned sybil-resistance above. So we can't just make a wish and try monitoring Basic Attention Metrics from an extension, and attributing BAT flows and creating user wallets, from extensions. There can be other problems, which I've noted elsewhere: lack of extension APIs to do all we do for the BAT platform to work (block ads/trackers, HTTPS Everywhere, Fingerprinting Protection, BAM and the ledger), extensions run in JS sandboxes with API limits. So to put first things first, we will build in Brave while keeping our code as separable from chromium (or the mobile webview on iOS) as possible. After we have those endpoing and on-chain specs I mentioned in pretty good shape, we can assess extension feasibility. On Mozilla, I can't speak for them. The friend who contacted after the BAT sale signaled interest but said it would take time, to which I said "same here" (per roadmap). I hope that answers the two reddit questions.
bat-jennie Admin 1:35 PM @badgamer5000 from Rocket Chat asks:
I've worked in the industry on both the publisher and advertiser side. Conceptually the model is fantastic. Cut out the costly middlemen, better rewards the publisher and the user. I'm struggling to see how online advertising moves into a permission-based model. Isn't there great risk of a sharp drop in available inventory for both publishers and advertisers? How do you see this transition period work? Maybe sites use a hybrid during this time? TLDR - How do you avoid short-term pain for publishers - who are already struggling massively - as they transition to BAT? Especially if Brave market share as a browser increases faster than people think.
bat-brendaneich Admin 1:35 PM @badgamer5000 I thought about that for over a year before founding Brave, so good q. Publishers already face ad blocking cohort of size. E.g. I've heard from CN that Wired and Pitchfork see 30% ad blocker cohort tempting to try to turn around, as Page Fair, Sourcepoint and others wanted to have a go at a couple years ago: 3/7 is ~43% lift if you can convert all those users, but you can't. Any on tech sites use a strong ad/tracking blocker such as uBO (which we admire and collab with where we can). They don't react well to hostile dialogs to "whitelist, subscribe, or get lost". Every site that tries that loses Alexa share, lol. So the pitch from us to pubishers is: you lost a large and valuable fraction of your readers -- we can win some back to a paying relationship, pure upside. Make it a positive sum game. On the ad side, we see such garbage, race to bottom, spray-and-pray deals that we don't worry about getting top brands and agencies doing trials next year; we are warming them up rn. The idea of user-private, low frequency (one a day), long-form/high-CPX video+landing page, personalized ads is strong. The local machine learning users get when they consent to the BAT ads can see everything: search queries, Amazon queries and consummations, click logs/tab constellations, absolute above the fold and Z-order visibility and viewability. All together we hope this can notice great opportunities for advertiser and user. E.g. you are shopping for a car, have not quite decided, have tabs open on BMW and Mercedes. You've even set a BMW dealer visit up for 1pm Saturday. Mercedes will pay ~$70 gross for a lead that will take a test drive at their home two hours ahead; 11am Sat we will give the user 70% = $49 in BAT. This is kind of a best-case and we haven't locked this deal down, so take it as a for-instance. But I'm not worried about getting ad trials, and moving to paying deals as we tune the local machine learning agent.
bat-jennie Admin 1:42 PM A user from Reddit asks:
We know that earning BAT isn’t supposed to constitute a full income, but how much money can a user realistically expect to earn per month watching ads?
bat-brendaneich Admin 1:45 PM I don't know. If you assumed every user could get a fixed piece of the ~$80B ad spend on digital in US this year, you might see $80B / 250M (people of age to act on ads) x .2 (programmatic share outside G/FB) x .15 = $9.60 per person year. But that is way low for our users, and take it as a lower bound. Brave's principles are: 1/ consent-based always (user, and publisher if they want to participate); 2/ no tracking data in clear off device to any servers; 3/ revenue share to inventory owner (ad slot owner; "inventory" on "supply side" means ad space) should be 70% (industry standard); 4/ as much or more rev share to user as to Brave, to align interests. So for user private ads, we will give 70% to user via BAT. If we do programmatic ad slots with pub as partner (recovering some of that revenue lost to ad blocking; positive sum game) we will give pub 70% and 15% to user, 15 to us. So suppose our users are more valuable than average (early adopters, web and tech and even crypto savvy); take that $320/person-year figure from above ($80B/250Mppl). 70% of 320 is $224. That is a notional upper bound. My BMW vs. Mercedes lead gen example suggests higher outliers but you don't by a new car every month, lol. Still, attention has not been fairly priced by deep/transparent markets. Let's find out how much users could make. I hope this helps.
bat-jennie Admin 1:49 PM @Tyler from Rocket Chat asks:
What was your reaction to the UGP being claimed so quickly?
bat-brendaneich Admin 1:49 PM Thanks, @tyler. I expected it to go fast and it suggests both high interest, and growth opportunity -- esp. as we add creator rewards for referring users who stick around 30 days.
bat-jennie Admin 1:50 PM A user from Reddit asks:
How does the BAT system differ from Patreon?
bat-brendaneich Admin 1:53 PM Great q, anonymous Reddit person! 1/ we are a user agent so work with any verified creator, whether they sign up with another site or not; 2/ we don't censor first parties (whether sites, accounts on YouTube, Twitch, etc.,) as a browser, beyond things like antiphishing/antimalware protection that all browsers use -- if you can verify you own the payable resource (domain name, account) by challenge/response and/or OAuth APIs, you get verified and your fans can support you. There are still censor risks in (2) at the moment, of course. DNS registrars, account systems, even Brave so we will move toward decentralized and anonymous operation over time -- that is the Apollo phase of the roadmap.
bat-jennie Admin 1:54 PM @Jscrypto89 from Rocket Chat asks:
Will there be function to donate/tip creator on the spot instead of waiting for the monthly payment?
bat-brendaneich Admin 1:55 PM @jscrypto89 That is timely, as our team thinks the ANONIZE2 protocol we use may support such spot contributions without loss of anonymity. The other challenge there is blockchain scaling, of course. With Bitcoin in the beta test, and with BAT on Ethereum now, the fees can add up. We're looking at this but the best anonymity and fee amortization is via the 30-days-of-uptime, private-on-device ledger reconciliation => settlement process.
bat-jennie Admin 1:56 PM @Frosty from Rocket Chat asks:
What is the most interesting thing you’ve encountered so far, and how has it affected your direction?
bat-brendaneich Admin 1:58 PM @frosty i have to say that learning about tokens (from GNT on, as ERC20 was standardized) and realizing I could do "Bravecoin" without having to set up a new blockchain, that was huge (obv. in terms of the token sale but also the UGP). Another interesting win was ANONIZE, created by CS profs who wanted to anonymize their class surveys. We were looking at randomized response and other techniques in 2015, but ZKP won. We look forward to the evolution of blockchains (zCash already has them; Ethereum hot topic) to absorb this area of research and put it into practice for everyone (ZKP = Zero Knowledge Proof).
bat-jennie Admin 2:00 PM @apertus from Rochet Chat asks:
When will BAT be implemented on mobile browsers specifically Android /iOS?
bat-brendaneich Admin 2:02 PM Thanks @apertus, and yes: Android ledgeBAT support is hot 1Q2018 initiative and we shall see about iOS. We have good relations with Apple and do not want to have a bad rejected-app day, so stay tuned.
bat-jennie Admin 2:02 PM @badger from Rocket Chat asks:
How does the BAT team plan to engage with and foster ease of use for non-technical user audiences?
bat-brendaneich Admin 2:04 PM @badger Great question, and we have been a bit short-staffed before 2nd half of this year to answer it well. All new browsers start from what E. von Hippel calls lead users, those who switch browsers fastest and even innovate on web stuff (as web devs, back end pros, power users, etc.). Even for a small-share browser appealing to lead users, we need to smooth out more UX and support more chromium extensions, and we will move fast to do so in 1H2018. For the non-tech users we aim to keep the defaults right and relieve them from having to learn about crypto. Rn funding the user wallet requires crypto -- but we want to make it easy to use a debit or credit card to do small monthly budget out of goodwill (people do $5-20/month). With UGP grants and then BAT ads, we really want the more average-at-scale/non-lead user, every user really, to have the option to let their wallet self-fund via UGP up front and then recurring BAT ad revenue and let it drain to their pinned and automatically-designated-by-BAM creators and sites. That's the steady state we think has simplest user model, no crypto in most users faces unless they want it, etc.
bat-jennie Admin 2:07 PM Thank you so much for all of the thoughtful answers, Brendan! To our dear viewers, we are just about to wrap up today’s AMA! But before we do… Brendan, we have one last question for you: Burnerman from Rocket Chat would like to know:
What color should my lambo be black like Batman or purple like a rapper? 😉 🚘
bat-brendaneich Admin 2:08 PM Black like Batman, of course 👍. Thanks @bat-jennie and everyone! :dancing-penguin:
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