Ultimate glossary of crypto currency terms, acronyms and abbreviations
Will BitMEX Survival Efforts Help Despite The Mandatory KYC?
BitMEX, one of the world’s leading Bitcoin margin trading exchanges, appears to be taking major steps to increase its value proposition. In a couple of recent announcements, the exchange said that it’s going to reduce some of its fees while also adding more cryptocurrencies for trading. This comes months after the exchange had to introduce mandatory KYC procedures and following its clash with US regulators.
BitMEX Reducing Fees and Adding Coins
BitMEX used to be the world’s leading Bitcoin margin trading exchange in terms of daily volumes. Now, according to CoinMarketCap, it rests on the third spot after Binance Futures and Huobi. A couple of days ago, the exchangeannounceda fee reduction on its linear futures contracts. First, the take fees are reduced to 0.075% on the ALTXBT linear futures contracts, while also adjusting the maker fee to -0.025%. Both changes are to take effect today, October 23rd.
“This change, which applies to all future ALTXBT listings, is intended to align the fee structure across our products and optimize the overall trading experience for this product segment.” – Reads the announcement.
Additionally, the exchange is taking extra steps toadd more cryptocurrenciesfor trading. BitMEX will open trading for Binance Coin, Polkadot, and Yearn Finance’s YFI token based on quanto futures contracts starting October 30th, 2020.
“These three contracts aim to provide our users with quality coverage of highly liquid products. We plan to introduce several more altcoin product listings before the end of the year.”
It’s no wonder that BitMEX is doing its best to catch up with its competitors. What was once the world’s leading derivatives trading platform is now taking serious steps to catch up. Related Post:Bitcoin (BTC) Is Inversely Correlated to USD, No Correlation with Stocks: Max Keiser Binance Futures has introduced a myriad of features for its traders, for the time being, with Huobi following suit close by. Meanwhile, BitMEX has other issues to worry as well. Towards the beginning of October, the US Commodities and Futures Trading Commission charged the owner-operators of BitMEX with illegally running a derivatives platform. Shortly after, CEO Arthur Hayes and other top-level executives stepped down, highlighting the seriousness of the situation.
Here is how to play the altcoin game - for newbies & champs
I have been here for many previous altcoin seasons (2013,2017 etc) and wanted to share knowedle. It's a LOOONG article. The evaluation of altcoins (i.e not Bitcoin) is one of the most difficult and profitable exercises. Here I will outline my methodology and thinking but we have to take some things as a given. The first is that the whole market is going up or down with forces that we can't predict or control. Bitcoin is correlated with economic environments, money supply increases, safe havens such as Gold, hype and country regulations. This is an impossible mix to analyze and almost everyone fails at it. That's why you see people valuing Bitcoin from $100 to $500k frequently. Although I am bullish on the prospects of Bitcoin and decentralization and smart contract platforms, this is not the game I will be describing. I am talking about a game where you try to maximize your BTC holdings by investing in altcoins. We win this game even if we are at a loss in fiat currency value. To put it another way:
If you are not bullish in general on cryptocurrencies you have no place in investing or trading cryptocurrencies since it's always a losing proposition to trade in bubbles, a scientifically proven fact. If on the other hand you are then your goal is to grow your portfolio more than you would if holding BTC/ETH for example.
Bitcoin is the big boy
How the market works is not easily identifiable if you haven't graduated from the 2017 crypto university. When there is a bull market everything seems amazingly profitable and things keep going up outgrowing Bitcoin by orders of magnitude and you are a genius. The problem with this is that it only works while Bitcoin is going up a little bit or trades sideways. When it decides to move big then altcoins lose value both on the way up and on the way down. The second part is obvious and proven since all altcoins from 2017 are at a fraction of their BTC value (usually in the range of 80% or more down). Also, when BTC is making a big move upwards everyone exits altcoins to ride the wave. It is possible that the altcoin market behaves as an inversed leveraged ETF with leakage where in a certain period while Bitcoin starts at 10k and ends at 10k for example, altcoins have lost a lot of value because of the above things happening.
We are doing it anyway champ!
OK so we understand the risks and just wanna gambol with our money right? I get it. Why do that? Because finding the ideal scenario and period can be extremely profitable. In 2017 several altcoins went up 40x more than BTC. But again, if you don't chose wisely many of them have gone back to zero (the author has first hand experience in this!), they have been delisted and nobody remembers them. The actual mentality to have is very important and resembles poker and other speculative games: A certain altcoin can go up in value indefinitely but can only lose it's starting investment. Think about it. You either lose 1 metric or gain many many more. Now that sounds amazing but firstly as we said we have the goal to outperform our benchmark (BTC) and secondly that going up in value a lot means that the probability is quite low. There is this notion of Expected Value (EV) that poker players apply in these kind of situations and it goes like that. If you think that a certain coin has a probability let's say 10% to go up 10X and 90% probability it goes to zero it's an even bet. If you think that probability is 11% then it's a good bet, a profitable bet and you should take it. You get the point right? It's not that it can only go 10X or 0X, there is a whole range of probability outcomes that are too mathematical to explain here and it doesn't help so much because nobody can do such analysis with altcoins. See below on how we can approximate it.
How to evaluate altcoins
A range of different things to take into account outlined below will form our decision making. Not a single one of them should dictate 100% of our strategy.
It's all about market cap. Repeat after me. The price of a coin doesn't mean anything. Say it 10 times until you believe it. I can't remember how many times I had conversations with people that were comparing coins using their coin price instead of their market cap. To make this easy to get.
If I decide because the sky is blue to make my coin supply 100 Trillion FoolCoins with a price of $0.001 and there is another WiseCoin with a supply of 100 Million and price of $1 then FoolCoins are more expensive. - Alex Fin's Cap Law
This is done usually in the stock world and it means that each company has some fundamental value that includes it's assets, customers, growth prospects, sector prospects and leadership competence but mostly centered in financial measures such as P/E ratios etc. Valuation is a proper economic discipline by itself taught in universities. OK, now throw everything out of the window!. This kind of analysis is impossible in vague concepts and innovations that are currently cryptocurrencies. Ethereum was frequently priced at the fictional price of gas when all financial systems on earth run on the platform after decades (a bit of exaggeration here). No project is currently profitable enough to justify a valuation multiple that is usually equal to P/E in the thousands or more. As such we need to take other things into account. What I do is included in the list below:
Check Github. You need to make sure there is active development for the platform and it's a very bad sign if the project is either keeping the code closed source or even worse there is simply no development. No projects are "complete".
Check Website. If the website is written in bad English the Chinese google translate type it means that they are not serious enough to produce an unbreakable decentralized project. If you can't write English you can't change the world, period. That's a deal breaker.
Check Team's Linkedin. Numerous projects have either fake Linkedin accounts or the team is comprised mainly by unexperienced employees that are even shown to be working in other companies currently.
Check backers. Projects that have Binance, Coinbase or Silicon Valley VC funds backing them are way more legit but way more overpriced too!
One of my favorite ways to value altcoins that is based on the same principle in the stock market is to look at peers and decide what is the maximum cap it can grow to. As an example you take a second layer Ethereum solution that has an ICO and you want to decide if you will enter or not. You can take a look at other coins that are in the same business and compare their market caps. Thinking that your coin will outperform by a lot the top coins currently is overly optimistic so I usually take a lower valuation as a target price. If the initial offering is directly implying a valuation that is more than that then there is no room to grow according to my analysis and I skip it. Many times this has proven me wrong because it's a game theory problem where if many people think irrationally in a market it becomes a self-fulfilling prophecy. But since there is opportunity cost involved, in the long run, getting in initial offerings that have a lot of room to grow will pay off as a strategy.
In 2017 the sexiest sector was platforms and then coins including privacy ones. Platforms are obviously still a highly rated sector because everything is being built on them, but privacy is not as hot as it used to be. In 2018 DEXes were all they hype but still people are massively using centralized exchanges. In 2020 Defi is the hottest sector and it includes platforms, oracles and Defi projects. What I am saying is that a project gets extra points if it's a Defi one in 2020 and minus points if it's a payment system that will conquer the world as it was in 2017 because that's old news. This is closely related to the next section.
Needless to say that the crypto market is a worse FOMO type of inexperienced trigger happy yolo investors , much worse than the Robinhood crowd that drove a bankrupt company's stock 1200% after they declared bankruptcy. The result is that there are numerous projects that are basically either vaporware or just so overhyped that their valuation has no connection to reality. Should we avoid those kind of projects? No and I will explain why. There are many very good technically projects that had zero hype potential due to incompetent marketing departments that made them tank. An example (without shilling because I sold out a while back) is Quantum Resistant Ledger. This project has amazing quantum resistant blockchain, the only one running now, has a platform that people can build tokens and messaging systems and other magnificent stuff. Just check how they fared up to now and you will get the point. A project *needs* to have a hype factor because you cannot judge it as normal stocks that you can do value investing like Warren Buffet does where a company will inevitable post sales and profitability numbers and investors will get dividends. Actually the last sentence is the most important: No dividends. Even projects that give you tokens or coins as dividends are not real dividends because if the coin tanks the value of the dividend tanks. This is NOT the case with company stocks where you get dollars even if the company stock tanks. All that being said, I would advice against betting on projects that have a lot of hype but little substance (but that should be obvious!).
How to construct your portfolio
My strategy and philosophy in investing is that risk should be proportional to investment capital. That means that if you are investing 100K in the crypto market your portfolio should be very different than someone investing 1K because 10% annual gains are nothing in the latter while they are very significant in the former. Starting from this principle each individual needs to construct a portfolio according to how much risk he wants to take. I will emphasize two important concepts that play well with what I said. In the first instance of a big portfolio you should concentrate on this mantra: "Diversification is the only free meal in finance". In the case of a small portfolio then this mantra is more important: "Concentrate to create wealth, diversify to maintain wealth". Usually in a big portfolio you would want to hold some big coins such as BTC and ETH to weather the ups and downs explained in previous paragraphs while generating profits and keep progressively smaller parts of your portfolio for riskier investments. Maybe 50% of this portfolio could be big caps and 10% very risky initial offerings. Adapting risk progressively to smaller portfolios makes sense but I think it would be irrational to keep more than 30% of a portfolio no matter what tied to one coin due to the very high risk of bankruptcy.
The altseason is supposedly coming every 3 months. Truth is that nobody can predict it but altcoins can be profitable no matter what. Forget about maximalists who are stuck in their dogmas. Altcoins deliver different value propositions and it makes sense because we are very far from a situation where some project offers everything like Amazon and we wouldn't even want that in the first place since we are talking about decentralization and not a winner takes all and becomes a monster kind of scenario! Some last minute advice:
Stay out of paid telegram/discord pump groups. They are deadly for your wallet.
Avoid jumping on overhyped coins that have pumped massively during the last days without any very important news.
Don't keep coins in obscure exchanges for too long or you will get burned with certainty.
Stop thinking that your coin will 1000x and overtake Bitcoin!
P.S If you find value in reading this and want more weekly consider subscribing to my newsletterhere
https://preview.redd.it/vrq329h41vs51.png?width=1000&format=png&auto=webp&s=a9cdd74e5bfd8c7ca678fcb6663d37d87bc9f7b2 With the dramatic increase in the number of traders and investors in Canada that are using PrimeXBT, one question has been asked recently more than others which is whether PrimeXBT is safe for Canadian traders. The number of Canadian users at PrimeXBT has been growing rapidly throughout 2020 as a sign that the tools and features on the platform are opening up new opportunities for interacting in the market in more optimal ways. This guide covers whether or not PrimeXBT is safe for Canadian traders, and looks at some of the features and tools of the platform. The Canadian Market in 2020 Like much of the rest of the world, the Canadian market has seen some of the highest levels of all volatility in 2020 that have been seen in many years, or even at all throughout the history of cryptocurrency. The Canadian market has seen renewed growth following the contractions throughout 2018 and much of 2019 when the global bear market in the cryptocurrency space drove many retail investors back out of the market after the exponential growth of 2017. This has led many Canadian traders to wonder whether we are on the brink of another major bull run as was seen both in 2017 as well as 2013, and that would potentially see the price of Bitcoin driven up to the range of $50,000 or more. The Exponential Growth of PrimeXBT With the backdrop of the excitement within the global cryptocurrency market in general, and the Canadian cryptocurrency market more specifically, PrimeXBT has been perfectly positioned for exponential growth since its launch in early 2018. The platform initially launched at the start of 2018 with a waiting list of more than 150,000 traders, and this showed the interest in the platform that was present even before it came onto the market. As a result of the unique tools and features provided by PrimeXBT, it has grown exponentially over the past few years to become the world’s leading multi-asset margin trading platform and today managing up to $2 billion worth of global trade every day. What is PrimeXBT? https://preview.redd.it/iax449j91vs51.png?width=1000&format=png&auto=webp&s=24ea73d33d4f74afedf75a55b5a51967e95dea04 PrimeXBT is a margin trading-centric platform that provides high leverage trading on a wide range of cryptoassets as well as many of the world’s leading traditional assets. Traders at PrimeXBT are able to access up to 100X leverage on a wide range of cryptoassets that include BTC, ETH, XRP, LTC, and EOS. This is whilst also being able to access up to 500X leverage on a range of traditional assets like stock indices such as the S&P500 and FTSE100, forex pairs such as USD/EUR and AUD/CAD, and commodities such as gold and oil. PrimeXBT: Security Features From a security perspective, PrimeXBT is one of the leading trading platforms in the crypto market, and has built a strong reputation for being a safe and reliable platform to trade on. Much of this is as a result of the bank-grade security features that are implemented throughout PrimeXBT that include mandatory Bitcoin address whitelisting and hardware security modules with rating of FIPS PUB 140-2 Level 3 or higher. By working to add advanced security solutions throughout its platform, PrimeXBT has shown a strong commitment to protecting the funds and data of its users. PrimeXBT: Security Track Record While there are many other platforms in the cryptocurrency space that have suffered devastating hacks over the past 2 or 3 years, PrimeXBT is one of a small number of top tier platforms that have remained hack-free throughout this period. A good example of this is the Binance hack in 2019 that saw the platform lose more than $40 million of its users’ funds, and more recently the KuCoin hack where more than $150 million was lost by that platform. In contrast, PrimeXBT has never been hacked and has never been breached by hackers and as such remains as one of the most trusted platforms in the market, having a clean security track record. PrimeXBT: Excellent Customer Support In 2019, a study of the top 5 crypto margin trading platforms found that PrimeXBT has the best customer service of all 5, and also was the only platform out of the 5 to have full marks for all for metrics. These metrics were politeness, responsiveness, helpfulness, and the range of different communication channels that were available to users. By having an excellent customer support structure, PrimeXBT has ensured that its users are able to get fast and easy solutions to the problems and that there is always a direct line of communication open with the admin at the platform to be able to effectively deal with any issues that arise. Other Advantages of Using PrimeXBT PrimeXBT also provides a number of other advantages that are unique to the platform including providing the lowest fee schedule of any major cryptocurrency trading platform in the market with a low flat rate of 0.05% applied to all trades, irrespective of the size of a trade or the asset being traded. As well as this, PrimeXBT’s users can enjoy a robust trading engine that is built into the core of the PrimeXBT platform and that can execute up to 12,000 trades per second with an average trade time of less than 7.02 ms. PrimeXBT also has a unique 4-tier referral program where the traders can generate revenue streams from direct referrals, as well as indirect referrals up to 4 levels deep, with this dramatically increasing the profitability of affiliate activities, and netting the top 3 affiliates on the platform more than $1 million in 2019. In Summary PrimeXBT is a safe and well-reputed trading platform for Canadian traders and this is the reason for its exponential growth of users and volume within Canada over the past months. As well as being a safe platform to trade at, PrimeXBT also provides a range of unique tools and features to use in order to maximize profitability in the cryptocurrency and traditional asset markets. To understand more about the security features on PrimeXBT that have protected its users, check out PrimeXBT’s Security page.
It is no doubt Grayscale’s booming popularity as a mainstream investment has caused a lot of community hullabaloo lately. As such, I felt it was worth making a FAQ regarding the topic. I’m looking to update this as needed and of course am open to suggestions / adding any questions. The goal is simply to have a thread we can link to anyone with questions on Grayscaleand its products. Instead of explaining the same thing 3 times a day, shoot those posters over to this thread.My hope is that these questions are answered in a fairly simple and easy to understand manner. I think as the sub grows it will be a nice reference point for newcomers. Disclaimer: I do NOT work for Grayscale and as such am basing all these answers on information that can be found on their website / reports. (Grayscale’s official FAQ can be found here). I also do NOT have a finance degree, I do NOT have a Series 6 / 7 / 140-whatever, and I do NOT work with investment products for my day job. I have an accounting background and work within the finance world so I have the general ‘business’ knowledge to put it all together, but this is all info determined in my best faith effort as a layman. The point being is this --- it is possible I may explain something wrong or missed the technical terms, and if that occurs I am more than happy to update anything that can be proven incorrect Everything below will be in reference to ETHE but will apply to GBTC as well.If those two segregate in any way, I will note that accordingly.
ETHE is essentially a stock that intends to loosely track the price of ETH. It does so by having each ETHE be backed by a specific amount of ETH that is held on chain. Initially, the newly minted ETHE can only be purchased by institutions and accredited investors directly from Grayscale. Once a year has passed (6 months for GBTC) it can then be listed on the OTCQX Best Market exchange for secondary trading. Once listed on OTCQX, anyone investor can purchase at this point. Additional information on ETHE can be found here.
So ETHE is an ETF?
No. For technical reasons beyond my personal understandings it is not labeled an ETF. I know it all flows back to the “Securities Act Rule 144”, but due to my limited knowledge on SEC regulations I don’t want to misspeak past that. If anyone is more knowledgeable on the subject I am happy to input their answer here.
How long has ETHE existed?
ETHE was formed 12/14/2017. GBTC was formed 9/25/2013.
How is ETHE created?
The trust will issue shares to “Authorized Participants” in groups of 100 shares (called baskets). Authorized Participants are the only persons that may place orders to create these baskets and they do it on behalf of the investor. Source: Creation and Redemption of Shares section on page 39 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here Note – The way their reports word this makes it sound like there is an army of authorizers doing the dirty work, but in reality there is only one Authorized Participant. At this moment the “Genesis” company is the sole Authorized Participant. Genesis is owned by the “Digital Currency Group, Inc.” which is the parent company of Grayscale as well. (And to really go down the rabbit hole it looks like DCG is the parent company of CoinDesk and is “backing 150+ companies across 30 countries, including Coinbase, Ripple, and Chainalysis.”) Source: Digital Currency Group, Inc. informational section on page 77 of the “Grayscale Bitcoin Trust (BTC) Form 10-K (2019)” – Located Here Source: Barry E. Silbert informational section on page 75 of the “Grayscale Bitcoin Trust (BTC) Form 10-K (2019)” – Located Here
How does Grayscale acquire the ETH to collateralize the ETHE product?
An Investor may acquire ETHE by paying in cash or exchanging ETH already owned.
Cash: The investor pays the subscription amount in cash and the Authorized Participant will use that cash to purchase ETH.
ETH: The investor transfers the ETH to the Authorized Participant, which will contribute the ETH in-kind to the Trust.
Source: Creation and Redemption of Shares section on page 40 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Where does Grayscale store their ETH? Does it have a specific wallet address we can follow?
ETH is stored with Coinbase Custody Trust Company, LLC. I am unaware of any specific address or set of addresses that can be used to verify the ETH is actually there. As an aside - I would actually love to see if anyone knows more about this as it’s something that’s sort of peaked my interest after being asked about it… I find it doubtful we can find that however. Source: Part C. Business Information, Item 8, subsection A. on page 16 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Can ETHE be redeemed for ETH?
No, currently there is no way to give your shares of ETHE back to Grayscale to receive ETH back. The only method of getting back into ETH would be to sell your ETHE to someone else and then use those proceeds to buy ETH yourself. Source: Redemption Procedures on page 41 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Why are they not redeeming shares?
I think the report summarizes it best:
Redemptions of Shares are currently not permitted and the Trust is unable to redeem Shares. Subject to receipt of regulatory approval from the SEC and approval by the Sponsor in its sole discretion, the Trust may in the future operate a redemption program. Because the Trust does not believe that the SEC would, at this time, entertain an application for the waiver of rules needed in order to operate an ongoing redemption program, the Trust currently has no intention of seeking regulatory approval from the SEC to operate an ongoing redemption program.
Source: Redemption Procedures on page 41 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
What is the fee structure?
ETHE has an annual fee of 2.5%. GBTC has an annual fee of 2.0%. Fees are paid by selling the underlying ETH / BTC collateralizing the asset. Source: ETHE’s informational page on Grayscale’s website - Located Here Source: Description of Trust on page 31 & 32 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
What is the ratio of ETH to ETHE?
At the time of posting (6/19/2020) each ETHE share is backed by .09391605 ETH. Each share of GBTC is backed by .00096038 BTC. ETHE & GBTC’s specific information page on Grayscale’s website updates the ratio daily – Located Here For a full historical look at this ratio, it can be found on the Grayscale home page on the upper right side if you go to Tax Documents > 2019 Tax Documents > Grayscale Ethereum Trust 2019 Tax Letter.
Why is the ratio not 1:1? Why is it always decreasing?
While I cannot say for certain why the initial distribution was not a 1:1 backing, it is more than likely to keep the price down and allow more investors a chance to purchase ETHE / GBTC. As noted above, fees are paid by selling off the ETH collateralizing ETHE. So this number will always be trending downward as time goes on. Source: Description of Trust on page 32 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
I keep hearing about how this is locked supply… explain?
As noted above, there is currently no redemption program for converting your ETHE back into ETH. This means that once an ETHE is issued, it will remain in circulation until a redemption program is formed --- something that doesn’t seem to be too urgent for the SEC or Grayscale at the moment. Tiny amounts will naturally be removed due to fees, but the bulk of the asset is in there for good. Knowing that ETHE cannot be taken back and destroyed at this time, the ETH collateralizing it will not be removed from the wallet for the foreseeable future. While it is not fully locked in the sense of say a totally lost key, it is not coming out any time soon. Per their annual statement:
The Trust’s ETH will be transferred out of the ETH Account only in the following circumstances: (i) transferred to pay the Sponsor’s Fee or any Additional Trust Expenses, (ii) distributed in connection with the redemption of Baskets (subject to the Trust’s obtaining regulatory approval from the SEC to operate an ongoing redemption program and the consent of the Sponsor), (iii) sold on an as-needed basis to pay Additional Trust Expenses or (iv) sold on behalf of the Trust in the event the Trust terminates and liquidates its assets or as otherwise required by law or regulation.
Source: Description of Trust on page 31 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Grayscale now owns a huge chunk of both ETH and BTC’s supply… should we be worried about manipulation, a sell off to crash the market crash, a staking cartel?
First, it’s important to remember Grayscale is a lot more akin to an exchange then say an investment firm. Grayscale is working on behalf of its investors to create this product for investor control. Grayscale doesn’t ‘control’ the ETH it holds any more then Coinbase ‘controls’ the ETH in its hot wallet. (Note: There are likely some varying levels of control, but specific to this topic Grayscale cannot simply sell [legally, at least] the ETH by their own decision in the same manner Coinbase wouldn't be able to either.) That said, there shouldn’t be any worry in the short to medium time-frame. As noted above, Grayscale can’t really remove ETH other than for fees or termination of the product. At 2.5% a year, fees are noise in terms of volume. Grayscale seems to be the fastest growing product in the crypto space at the moment and termination of the product seems unlikely. IF redemptions were to happen tomorrow, it’s extremely unlikely we would see a mass exodus out of the product to redeem for ETH. And even if there was incentive to get back to ETH, the premium makes it so that it would be much more cost effective to just sell your ETHE on the secondary market and buy ETH yourself. Remember, any redemption is up to the investors and NOT something Grayscale has direct control over.
Yes, but what about [insert criminal act here]…
Alright, yes. Technically nothing is stopping Grayscale from selling all the ETH / BTC and running off to the Bahamas (Hawaii?). BUT there is no real reason for them to do so. Barry is an extremely public figure and it won’t be easy for him to get away with that. Grayscale’s Bitcoin Trust creates SEC reports weekly / bi-weekly and I’m sure given the sentiment towards crypto is being watched carefully. Plus, Grayscale is making tons of consistent revenue and thus has little to no incentive to give that up for a quick buck.
That’s a lot of ‘happy little feels’ Bob, is there even an independent audit or is this Tether 2.0?
Actually yes, an independent auditor report can be found in their annual reports. It is clearly aimed more towards the financial side and I doubt the auditors are crypto savants, but it is at least one extra set of eyes. Auditors are Friedman LLP – Auditor since 2015. Source: Independent Auditor Report starting on page 116 (of the PDF itself) of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here As mentioned by user TheCrpytosAndBloods (In Comments Below), a fun fact:
The company’s auditors Friedman LLP were also coincidentally TetheBitfinex’s auditors until They controversially parted ways in 2018 when the Tether controversy was at its height. I am not suggesting for one moment that there is anything shady about DCG - I just find it interesting it’s the same auditor.
“Grayscale sounds kind of lame” / “Not your keys not your crypto!” / “Why is anyone buying this, it sounds like a scam?”
Welp, for starters this honestly is not really a product aimed at the people likely to be reading this post. To each their own, but do remember just because something provides no value to you doesn’t mean it can’t provide value to someone else. That said some of the advertised benefits are as follows:
Access to trading within a tax advantaged retirement account
Institutions can easily and safely get exposure to crypto in a more legal-friendly manner
Ease of use for those who are not very technologically savvy
Ease of access for someone who doesn’t want to set up a Coinbase account
Perceived trust in institutional platforms over something like Coinbase or Kraken
Degen traders who just want access to the volatility ETHE provides that have no interest in crypto beyond that
So for example, I can set up an IRA at a brokerage account that has $0 trading fees. Then I can trade GBTC and ETHE all day without having to worry about tracking my taxes. All with the relative safety something like E-Trade provides over Binance. As for how it benefits the everyday ETH holder? I think the supply lock is a positive. I also think this product exposes the Ethereum ecosystem to people who otherwise wouldn’t know about it.
Why is there a premium? Why is ETHE’s premium so insanely high compared to GBTC’s premium?
There are a handful of theories of why a premium exists at all, some even mentioned in the annual report. The short list is as follows:
ETHE is NOT redeeming shares and as such doesn’t have an effective arbitrage mechanism
ETHE has a 1 year wait to be sold on the secondary market, again negating the ability to effectively arbitrage the premium
People may simply be willing to pay a premium for the benefits stated above.
Why is ETHE’s so much higher the GBTC’s? Again, a few thoughts:
ETHE hasn’t been around as long, so there is less secondary market supply to go around
ETHE was listed at an insanely high premium to begin with
ETHE might simply be more popular at the moment
Could just be sheer stupidity (investors think ETHE is a 1:1 ratio not 1:11)
Are there any other differences between ETHE and GBTC?
I touched on a few of the smaller differences, but one of the more interesting changes is GBTC is now a “SEC reporting company” as of January 2020. Which again goes beyond my scope of knowledge so I won’t comment on it too much… but the net result is GBTC is now putting out weekly / bi-weekly 8-K’s and annual 10-K’s. This means you can track GBTC that much easier at the moment as well as there is an extra layer of validity to the product IMO.
I’m looking for some statistics on ETHE… such as who is buying, how much is bought, etc?
There is a great Q1 2020 report I recommend you give a read that has a lot of cool graphs and data on the product. It’s a little GBTC centric, but there is some ETHE data as well. It can be found here hidden within the 8-K filings.Q1 2020 is the 4/16/2020 8-K filing. For those more into a GAAP style report see the 2019 annual 10-K of the same location.
Is Grayscale only just for BTC and ETH?
No, there are other products as well. In terms of a secondary market product, ETCG is the Ethereum Classic version of ETHE. Fun Fact – ETCG was actually put out to the secondary market first. It also has a 3% fee tied to it where 1% of it goes to some type of ETC development fund. In terms of institutional and accredited investors, there are a few ‘fan favorites’ such as Bitcoin Cash, Litcoin, Stellar, XRP, and Zcash. Something called Horizion (Backed by ZEN I guess? Idk to be honest what that is…). And a diversified Mutual Fund type fund that has a little bit of all of those. None of these products are available on the secondary market.
Are there alternatives to Grayscale?
I know they exist, but I don’t follow them. I’ll leave this as a “to be edited” section and will add as others comment on what they know. Per user Over-analyser (in comments below):
As asked by pegcity - Okay so I was under the impression you can just give them your own ETH and get ETHE, but do you get 11 ETHE per ETH or do you get the market value of ETH in USD worth of ETHE?
I have always understood that the ETHE issued directly through Grayscale is issued without the premium. As in, if I were to trade 1 ETH for ETHE I would get 11, not say only 2 or 3 because the secondary market premium is so high. And if I were paying cash only I would be paying the price to buy 1 ETH to get my 11 ETHE. Per page 39 of their annual statement, it reads as follows:
The Trust will issue Shares to Authorized Participants from time to time, but only in one or more Baskets (with a Basket being a block of 100 Shares). The Trust will not issue fractions of a Basket. The creation (and, should the Trust commence a redemption program, redemption) of Baskets will be made only in exchange for the delivery to the Trust, or the distribution by the Trust, of the number of whole and fractional ETH represented by each Basket being created (or, should the Trust commence a redemption program, redeemed), which is determined by dividing (x) the number of ETH owned by the Trust at 4:00 p.m., New York time, on the trade date of a creation or redemption order, after deducting the number of ETH representing the U.S. dollar value of accrued but unpaid fees and expenses of the Trust (converted using the ETH Index Price at such time, and carried to the eighth decimal place), by (y) the number of Shares outstanding at such time (with the quotient so obtained calculated to one one-hundred-millionth of one ETH (i.e., carried to the eighth decimal place)), and multiplying such quotient by 100 (the “Basket ETH Amount”). All questions as to the calculation of the Basket ETH Amount will be conclusively determined by the Sponsor and will be final and binding on all persons interested in the Trust. The Basket ETH Amount multiplied by the number of Baskets being created or redeemed is the “Total Basket ETH Amount.” The number of ETH represented by a Share will gradually decrease over time as the Trust’s ETH are used to pay the Trust’s expenses. Each Share represented approximately 0.0950 ETH and 0.0974 ETH as of December 31, 2019 and 2018, respectively.
French Authorities Arrest 29 Suspected of Using Crypto to Fund Extremists in Syria
Bitfinex Launches Tether-Settled Perpetual Contracts Based on European Equities
Binance CEO Sees Future in DeFi While Bitcoin Volatility Turns Minuscule
Other notable events include: - Blockchain services firm Diginex has become the first crypto exchange operator to list on Nasdaq. - Jack Dorsey said blockchain is the future of Twitter and his latest initiative is looking to hire at least five new roles Also, be sure to check out top altcoin gainers and losers of the week ⬇️ Nasdaq launch Blockchain services firm Diginex has become the first crypto exchange operator to list on Nasdaq. The stock went live Thursday morning under the EQOS ticker symbol, a nod to the firm’s EQUOS.io trading platform. Diginex’s back-door listing came through a merger with a special-purpose acquisition company (SPAC). Diginex CEO Richard Byworth said he expects a mix of global retail and institutional investors to buy shares. Over time, he expects the majority of Diginex shareholders to be U.S. investors because of the Nasdaq listing. Twitter’s blockchain Jack Dorsey said blockchain is the future of Twitter and his latest initiative is looking to hire at least five new roles, while speaking at the virtual Oslo Freedom Forum 2020 on Friday. The CEO of Twitter and Square revealed details of the nonprofit Blue Sky initiative meant to create an open standard for social media. Under this vision, users can contribute to and access data from a decentralized version of Twitter instead of a centralized service where the social media platform hosts content on its website. “Blockchain and bitcoin point to a future, point to a world, where content exists forever,” Dorsey said. “We’re not in the content hosting business anymore, we’re in the discovery business.” https://preview.redd.it/jlmqytvyjar51.jpg?width=1200&format=pjpg&auto=webp&s=17640f2bd6deae91d8ae1fb45cec6effadaf08b1
I’m new into stock trading it’s been real fun ever since I opened up my account about a week ago. It’s up and down and I’ve already been up about 225$ and now I’m back down under my original investment . Anyways I’m still learning and it’s been fun so far so here’s my concern : So this guy at my work comes up to me almost everyday and tells me to get out of the regular stock market trade and invest more into the whole bitcoin gig. He has a list of bitcoin stocks that he told me to invest in but I don’t see any real potential as for me being a new investor I can’t even download and get Binance to work, and honestly I’m having fun with just getting into TD Ameritrade every morning and seeing some action. I feel as though if I don’t download it and invest into some of them I’m getting FOMO and might miss out on some major cash in the future. Is there anyone who thinks or can confirm this? Should I just stick to what I’m doing with the regular stocks and not worry about all that bitcoin stuff through Binance ? Thanks guys
DAILY MEGA THREAD THOUSANDS IN REFERRALS SOFI,CHIME, ASPIRATION +++(GET ADDED TO THE CHAIN WITH VERIFICATION OF COMPLETION, LINKS ROTATE EVERYDAY LET'S MAKE MONEY TOGETHER)
This daily Reddit threads goal is to share referral program links in the form of a chain system. To be included in the referral chain; one must submit verification of referral completion (a screenshot will suffice) and their referral link via pm or in a response to the thread to keep it honest. We should all make money from this community. I aim to include as many referral programs possible. Each referral comes with a warning if there is risk involved. I believe in full transparency. If your looking for the best affiliate program, you've found it! We help each other here and everyday we change the links to share the wealth. All of the refer a friend programs we've found will be listed below. I am trying to create the most amazing referral exchange on the internet with full transparency. Our hope is to help you get paid daily by these Referral programs in exchange for you being the referee! When you ask how to get referrals for websites online, this thread should be your first answer!!! Make sure to include your referral ID when submitting your link referral. Banks Referral link- SoFi Money: $50 for depositing $500 from any source. https://www.sofi.com/invite/money?gcp=e65d8ea1-fd35-40bc-b801-547c3fc6e749 SoFi is a bank/app that give out $50 for anyone who signs up for a SoFi Money (bank) account using a referral code and deposits $500 from any source. So all you have to do is open an account with a referral link, deposit $500, and then instantly collect the bonus and then take it all back. And you can close the account at any time with no fees or consequences referral link- https://www.sofi.com/invite/money?gcp=e65d8ea1-fd35-40bc-b801-547c3fc6e749 SoFi Invest: $50 for $1000 deposit from any source, and $25 worth of bitcoin for buyin g $10 worth of bitcoin on SoFi Crypto. https://www.sofi.com/share/invest/3285551 Chime: $50 for $200 direct deposit (can easily get around direct deposit requirement, please see details below). Chime is a bank/app which pays you a $50 bonus for opening an account via a referral code making a $200 direct deposit. There are no catches, and you can close the account at any time fee free as soon as you register their debit card (gotta wait a few days to get it in the mail). A "direct deposit" technically means that they want you to deposit the money right from payroll, Social Security, or other direct payment, but you can actually meet this requirement simply by transferring in $200 from virtually any source including bank accounts, cashapp, etc. referral link- https://chime.com/jesselewis11 Aspiration: $50 for spending $250 with their debit card within 3 months, and extra $100 for $1000 spend in 3 months. https://my.aspiration.com/app/token/referral/6VPHJ09AP6QEV78Jb Aspiration is an online bank which is offering a free $50 bonus for simply opening an account via a referral link and spending $250, and an extra $100 for $1000 spend in 3 months. So all you have to do is open an account using a referral link, spend $250/1000 using their debit card within 3 months, and then you will get $50/150 added to your account! No fees and close whenever you want. referral link- https://my.aspiration.com/app/token/referral/6VPHJ09AP6QEV78J Stash: $20 for $5 deposit from any source. https://get.stash.com/jesse_gqcj7qh Stash is a finance app that gives out $20 for anyone who signs up for the Stash bank or Stash Invest account via this referral link and deposits at least $5 from any source. So all you have to do to get the bonus is open an account with a referral link and deposit $5. We recommend opening a beginner account for $1 a month, and to then close your account after 1 month after you get your $20 bonus. referral link- https://get.stash.com/jesse_gqcj7qh N26 To earn 5 dollars: All you have to do is use your new N26 card to make a purchase of $10 or more. https://n26.com/jessel0355 Card.com This referral program is very easy all you have to do is set up $200 worth of direct deposits in 30 days and you will receive a $50 bonus. https://www.card.com/referral-invite/10153558?chn=raf-f&raf_version=8dfad0e
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Available for iOS or Android only. referral link- https://dough.com/referrals?referral=5BKGKBR95V&referredby=Jesse TradeUP: 1 free stock worth $2.50-250 just for opening an account, and an optional second stock worth $8-$1000 for making a $100 deposit from any source. https://tradeup.marsco.com/activity/market/us-open-price/#/share?invite=T8WH47 TradeUP is a commission free stock trading app which gives you a free stock (valued $2.50-250) for opening an account via a referral link. No deposit required. Additionally, they will give you a second stock (valued $8-$1000) for making a $100 deposit. Available for iOS or Android only. referral link- https://tradeup.marsco.com/activity/market/us-open-price/#/share?invite=T8WH47 Robinhood: 1 free stock worth $2.50- $200 for opening an account. No deposit required. https://join.robinhood.com/jessel2353 Robinhood is a stock trading platform/app which gives you a free stock (valued $2.50 - $200) when you open an account via a referral link. No initial deposit is required. Available on iOS and Android, or you can use their website. referral link- https://join.robinhood.com/jessel2353 Acorns: $5 for $5 deposit from any source (additional steps required, please see below details). https://www.acorns.com/invite/9B9FGQ Acorns is an online investing app (iOS or Android) which is offering a free $5 bonus for simply opening an account via a referral link, depositing $5, and keeping the money in the account until the 15th of the following month. You can then withdraw the money and close the account, fee free! If you keep the account longer, they may charge you a $3 fee, so be sure to close it after the 15th on the following month from when you signed up. Acorns is available on iOS and Android, or you can use their website. referral link- https://www.acorns.com/invite/9B9FGQ Cryptocurrency Voyager: Free $25 worth of Bitcoin for trading $100 on the app. Open these link from mobile: IOS: I recommend investing in litecoin last month it hit a high of $60 and it's trading for 45 right now. Android: I'm inviting you to start investing in crypto with Voyager. Download the app and trade $100 to get $25 of free Bitcoin. 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Who the DeFi leaders are and how to earn on Maker, Compound, Aave, Curve, Synthetix and QDAO DeFi
The DeFi ecosystem has already recreated traditional financial instruments in a new ‘unchained’ decentralized structure. This year, a huge number of DeFi-related projects gained the attention of crypto enthusiasts. The leaders of the race are Maker, Compound, Aave, Curve, Synthetix and QDAO DeFi. These projects provide a significant number of opportunities to earn money. So let’s find out what the DeFi market mood is right now and how you can increase your holdings in 2020.
the purchase of tokenized stocks of popular listed companies (e.g. Google, Facebook, Netflix, etc.).
On top of that, QDAO DeFi has its own native cryptocurrencies: USDQ stablecoin (tied to the US dollar). It is also used on the platform and QDAO. QDAO is a cryptocurrency that provides significant bonuses for Deposits, Crypto Loans and other services inside QDAO DeFi. Additional features such as governance of the ecosystem and fee payments within the ecosystem are in the long-term development roadmap. QDAO DeFi offers 17 currencies and the interface is user-friendly and convenient. You can open a Secure Personal QDAO DeFi Account and start earning passive income from the very first day. The interest is paid out daily with no fees. Users can withdraw funds after they reach the minimum withdrawal amount in a specific cryptocurrency. You can open a deposit in just a few minutes, click the link to find out how.
What’s next for DeFi projects?
Earning on DeFi platforms is easy and convenient. The major players offer a great variety of services to help you find the best way to trade, mint and stake. Billionaire Bitcoin bull, Tim Draper says, “The DeFi world is almost as technologically advanced as the dollar and when it is, there will be no one who will want to accept a politically manipulable currency like dollars anymore.” Will DeFi fully replace all the traditional financial instruments? Opinions are divided. However, it can become the basis of a new digital banking system and return the trust to the financial system. Want to be the first to hear QDAO DeFi news and updates? Visit ourwebsiteand stay in touch with us on social media:Twitter,Facebook,TelegramandLINE(for the Japanese-speaking community).
Weekly Update: 4th Parachute League on Crypto Leagues, $ESH on CoinBene, Sentivate + NordVPN, Wibson at EthereumBA…– 29 May - 4 Jun'20
Sup folks! Here’s Part III of VI of our May-June update catchup (29 May - 4 Jun'20): For this week's #fridayprompt Jason got Parachuters to talk about items "from your childhood that you hold very dear to your heart" and why. Super congrats to Evan (TheEnjineer) for winning this week’s Parena and taking home a cool 20k $PAR. Naj hosted a 2 part trivia in TTR for 10k $PAR in prizes. Peace Love held his “Big Trivia” on Sunday. Victor hosted one in Tiproom as well. The Crex24 exchange peeps were nice enough to add $PAR as one of the contenders in their latest vote-for-listing round. Parachuters put up a great fight even though we didn’t make it in the end. But it was fun. The 4th Parachute League with a prize pool of 100k $PAR will be going live on Crypto Leagues next week. Paper trade your way to glory! For Two-For-Tuesday Gian got folks to share music that had "bands or song titles whose name has a number in it" for 500 $PAR. Like always, Sebastian volunteered to set up the playlist. Enjoy! LordHades' collection of Turbo Cards were his entry to this week's #fridayprompt Matthew from aXpire wrote about LEDES and why it mattered for eBilling. This week saw 200k $AXPR burned as part of the monthly burn event. 2gether CEO Ramon Ferraz shared about some of the recent challenges that they had to overcome in order to keep the ship sailing. The latest #XIOSocial prompt was focused on Citizens and we got to know more about the people behind some of the active XIDs. Dash shared an update on the newest developments on the dApp. Birdchain team published an important reminder for everyone about avoiding scams. If you missed Voyager CEO Stephen Ehrlich’s crypto investment webinar last week, fret not. You can watch it here. The June interest rates look pretty enticing. Still considering whether to get into Voyager? This article might help. Josh from Switch was interviewed by Bitcoin.com exchange this week. $ESH got listed on CoinBene. Folks new to Fantom can watch this intro video for a quick roundup. Uptrennd’s $1UP token was chosen for HitBTC’s latest token listing poll. Uptrennd continues to feature among the top monetized social media platforms by monthly pageloads. For the latest news roundup, click here. The team also announced a partnership with Global Digital Assets to expand market reach and user growth. A new update to the Opacity platform was released this week. Click here to read the latest District0x weekly report. Hydrogen integrated identity verification solution IDology to its platform for KYC checks. Don’t forget to check out Hydro’s report on Payments as a Service (PaaS) and how it will play a key role in Fintech. The ecosystem is growing too with 26 companies applying for Hydro grants to build on the platform. Silent Notary’s Ubikiri released a crowdfunding solution this week. The fintech space continues to grow at breakneck speed: Source: Hydro’s PaaS report Harmony turned 1 this week and announced that Binance’s $BUSD stablecoin will be added to its mainnet. The first ever HRC20 token went live on Harmony as well. ThreeFold announced support for Open Staking on its grid. In addition to $KEY as mentioned above, $ONE was listed on Swapzone as well. Edge and Atomic Wallet will support $ONE as well. All foundational node tokens have been committed to Open Staking. 3.5+ Bn $ONE are now staked by 195 validators. Congratulations to the winners of the Flash Quiz from last week. The team also sat down for an AMA with CoinDCX. The latest community proposal was discussed in a fireside chat. And what a fun way to represent your team. Haha. Did I miss out something? Check out the news roundup in case I did. Intellishare will be creating a fund to support products on its mainnet in order to build the $INE ecosystem. Read the detailed May update for GET Protocol here. $COTI got listed on Indodax. The first recipients of COTI Staking 2.0 rewards received anywhere between 28% to 43% in annualized returns. Read all about it here. Another round of KuCoin staking was launched this week. And if you already didn’t know, node operators can set their own full node fee on the COTI network. DoYourTip’s $DYT token got listed on Txbit exchange with eight different fiat trading pairs. Woohoo! Yup, that’s the Harmony team. Good Luck figuring them out :D SelfKey published a guide to key concepts in crypto lending. Australian crypto-lending solution Helio Lending joined the Loans Marketplace. $KEY was added to My Crypto Stats tracker and Swapzone exchange aggregator. The May progress report was published as well. To keep track of the dev updates, you can also check CoinCodeCap. For a high level understanding of how data flows are handled by Constellation, watch this video explainer by Wyatt. All the moving parts of the Hypergraph ecosystem were listed out here. Pynk’s crowdfunding campaign (which went live last week) was overfunded by 133% of the target within 9 hours. The team also did an AMA with the community as the fundraise went on. If you missed it, you can watch it here. CEO Seth Ward’s thoughts on the effects of COVID-19 on the tech sector was published in a Business Leader article. CyberFM completed its May payments this week. Click here to watch Wibson’s presentation at the Ethereum Buenos Aires event from last week. Wibson Marketing Manager Fiorella Scantamburlo spoke about digital identity at the Latam Blockchain Summit this week. Plus, here’s a handy guide to find out if your Facebook account is truly private. Sentivate’s first technology partner was revealed – it is NordVPN. This was quickly followed by a significant update. The development on the Mycro Hunter App continues unabated. And with that, we have to close for this week! See you again with another update. Bye!
Weekly Update: 2gether has 40k users, $BOMB on Uniswap, Ghost data service, Constellation State of the Union…– 5 Jun - 11 Jun'20
Hey everyone! This is Part IV of VI from our May-June update catchup series (5 Jun - 11 Jun'20): Yosma's Cheerful Cassowary beat Eva's Bright Beetle in a quick finale to win this week's Parena which had a massive $PAR pot thanks to a generous donation from Tony. Gamer Boy’s “Random Gk” and “Renewal from January” quizzes in Tiproom were fun as always. Plus, there were 10k $PAR in prizes. Cool! Charlotte’s “Mega Trivia” got everyone scratching their heads. CoD Mobile gamers were in for an epic time this week with Tavo hosting a tournament with a 3k $PAR pot in the Parachute War Zone. Two-for-Tuesday slid into the "rap, reggae and reggaeton" mode this week. Click here to listen to the playlist. Thanks Sebastian for setting it up! If you have been around for a while, you’ll know that Clinton’s charity, For Living Independence, does some amazing work. So the next time you shop on Amazon, don’t forget to show some love though AmazonSmile. Cap and crew made their voices heard in NYC this week in solidarity with George Floyd Congratulations to 2gether for crossing the 40k user mark this week. A new way for account top ups was introduced as well. This week’s CEO email covers news on the latest UX and the 2GT token. Youtuber Funontheride featured the email in his video. Filippo Angeloni covered the latest updates in his newest video as well. Founder Savador Casquero wrote about crypto staking in an Investing.com article. MakerDAO covered the 2gether card in its blog post on crypto debit cards. Following the XIO dApp update from last week, Citizens brainstormed about the UI this week. Citizens also talked about some of their contrarian beliefs in crypto. Bomb community started a Uniswap rewards program. Voyager raised USD 2.1M through a private placement from investors such as Streamlined Ventures, Susquehanna, Market Rebellion etc. Their stock has seen some enormous growth this year too. CEO Stephen Ehrlich shared his thoughts on the crypto market in a recent Bloomberg article. The team also took inputs from the community on which crypto to list next. John McAfee announced a Ghost cell phone data service to be released in September. Check out how the eSIM will work from the sneak peek video. The list of supported phones is mentioned here. And hope you had good fun in ParJar Gaming while winning some cool $ESH. A new set of upgrades were pushed to the Fantom Wallet. For the latest technical update on the project, click here. This week, I also wrote a Hackernoon article (with my co-author Rohit) exploring projects which had unique variations to Proof-of-Stake for their chain consensus. Among the projects featured were Fantom, COTI and Harmony. Jeff from Uptrennd will be speaking at the LA Blockchain Summit in October this year. The winners of the Blockchain Awards were announced. The newest Opacity release allows expired accounts to be revived within 2 months of expiry. Fantom, Harmony and COTI take up a tiny but growing slice in the global staking pie Catch up on the latest District0x weekly update and dev update from here and here respectively. The Q1 2020 report was released as well. The project is still sitting on a healthy crypto asset base of USD 4M+. Hydro team shared a guide to choosing a prepaid debit card program manager. Their PaaS report was also covered by Finovate this week. A new research page for featuring all of Hydro’s fintech research material was released. The successful applicants of the Project Hydro Decentralization Ambassador Program (which started in May) were voted upon this week and 7 DAs were elected. Silent Notary, Ubikiri and IDL integrations were completed this week with Silent Notary now appearing in Applications section of Ubikiri. A roundup of the latest updates was published as well. Sentivate founder Thomas Marchi sat down for an interview with MineYourBiz Monday’s NrdGrl007. Mycro announced that Chaia.io will be hosting a campaign on the Mycro Hunter App soon. SelfKey’s Data Breach compendium was updated this week. And if you’re a Product Designer looking for remote work, don’t forget to check out this opening at SelfKey. What next for Constellation? Watch the Constellation Network State of The Union to find out. Their educational group Startdust Collective made a brand video and a high level explainer article on the HyperGraph Transport Protocol. Pynk is thinking about doing a global crowdfunding campaign as opposed to one that is restricted to certain countries only. In light of this, the Pynk Crowd Wisdom was put to work to find out the best way to go about this. Results of the Project Hydro DA Elections Wibson’s latest app update was covered by Cointelegraph and Europe World News. Click here to catch up on this week’s detailed work thread from the Harmony project. A recent Harmony ecosystem is the SmartStake dashboard to check staking stats. Sprout Wallet now supports core utilities of HRC20 tokens. The team sat down for an AMA with Binance India and KuCoin this week. Next week they will be doing another AMA with the larger Binance community. Some insights about the Harmony grants were shared in this week’s community call. Read up on Intellishare founder Raymond Xiong’s thoughts on DAOs which he shared as part of a speaker panel at the 2020 Digital Innovation Project Exchange Conference. The team also published a post on how they aim to solve the DeFi congestion. The TestNet is expected to arrive soon as well. After the latest livestream of DI-RECT’s concert which saw ~10k attendees, GET Protocol announced that they will be facilitating tickets to the follow-up show as well. A recap of the COTI journey was published to mark the one-year anniversary of the project and the occasion was celebrated with a fun trivia. DoYourTip community voted to have liquidity rewards for pooling $DYT on Uniswap. And with that, it’s a wrap! See you again with another update. Ciao!
https://preview.redd.it/1v6z6af9jcf51.png?width=963&format=png&auto=webp&s=5b29763a9609c95dc0941c1a9edc443b2e3c1127 A cryptocurrency exchange is the meeting point where traders exchange their cryptocurrencies for fiat money or other cryptos. These online exchanges, where the market price is generated, mark the value of cryptocurrencies based on supply and demand. It is a virtual space that allows the purchase and sale of cryptocurrencies. Since the appearance of Bitcoin in January 2009, cryptocurrencies have quickly demanded the use of this type of platform to access decentralized assets. The first cryptocurrency exchange was developed in March 2010 under the name of Bitcoinmarket. Since then, many proposals have emerged in the crypto space to provide quality options to cryptocurrency traders worldwide. Listing One of the important achievements of a Blockchain platform is getting your currency listed on a major cryptocurrency exchange in the digital finance arena. According to the Cambridge Dictionary, in the stock market, the term ‘listing’ refers to a place in a list of companies whose shares are bought and sold on a particular stock market, or the act of putting a company on a list. In the case of cryptocurrencies, the native tokens or coins of a blockchain platform represent those ‘shares’ of the platform. However, being listed on exchanges, especially on major ones, is neither easy nor straightforward. Many cryptocurrency exchanges have well-defined listing criteria to list the cryptocurrencies of credible projects, and not all projects meet the criteria the exchanges present. How exchanges operate Cryptocurrency exchanges can be classified into different types, but they all share something in common. They are all platforms designed to facilitate the participation of their users in the alternative cryptocurrency market. For this, they have fundamental and technical analysis tools and a large number of indicators so that traders can make the best decisions at all times within the market. Depending on the type of exchange used, transactions work on the platform or user side, all based on the benefits offered by blockchain technology. Most of the exchanges charge a commission on the buy-sell operation established by the trader. Also, those transactions are confirmed in the native blockchain of currency on which it is operated. Thus, for example, if you deposit or withdraw a certain amount of BTC in Binance, you will have to wait for the confirmation of the bitcoin blockchain network. You can see the corresponding balance successfully reflected after your transaction is confirmed. What is the difference between a CEX and DEX As we mentioned earlier, there are many categories of cryptocurrency exchanges, but fundamentally two large groups dominate the scene: centralized «CEX» and decentralized «DEX» exchanges. The first group corresponds to traditional exchanges, where access to buy or sell their tokens according to the market price. Compared to DEX, they are highly regulated platforms that must meet KYC(Know Your Customer) and AML(Anti money laundering) standards. It means that there is no privacy on their platforms since users are forced to reveal their identity to trade. Coinbase, Binance, Kraken, Bithumb, and Bitfinex are examples of this type of exchange. Moreover, CEX charges for its services, and some of them offer funding alternatives through traditional bank accounts or conventional credit cards. By charging commissions, CEX keeps the platform functioning and generating income. In the case of decentralized exchanges or DEX, they are a direct evolution of the traditional ones. Although they work in a similar way to the CEX, they are able to operate in a decentralized way thanks to smart contracts. It indicates that there are no intermediaries, and the platform is self-supporting due to its programming. In addition to this, DEX usually has high levels of privacy and even anonymity since it does not require KYC or AML. Some of the examples of DEX are AirSwap, Bancor, UniSwap, and Bisq. However, despite its mentioned qualities, there are defects that traders are reluctant to use DEX exchange. In many cases, its interface is difficult to use for the average trader to operate, and it has limited order types. Also, its low liquidity that generates high spreads drives away the users. Where FLETA is listed In the case of the FLETA token, we can find it available in a large number of exchanges globally. Since our first listing on the GDAC Exchange with the FLETA / KRW pair, the token is now available on five more exchanges for a total of enlistment in 08 pairs within six global exchanges. Below you can find the complete list of token availability in cryptocurrency exchanges in the market: ● Bithumb «FLETA / KRW» ● Coinone «FLETA / KRW» ● Bithumb Global «FLETA / USDT» ● Bittrex «FLETA / BTC» ● DigiFinex «FLETA / ETH» ● DigiFinex «FLETA / BTC» ● GDAC «FLETA / KRW» ● Bitsonic «FLETA / KRW» **
The power players of consumer finance in the 21st century will be crypto-native companies who build with blockchain technology at their core.
The crypto landscape is still nascent. We’re still very much in the fragmented, unbundled phase of the industry lifecycle. Beyond what Genesis Block is doing, there are signs of other companies slowly starting to bundle financial services into what could be an all-in-one bank replacement. So the key question that this series hopes to answer:
Which crypto-native company will successfully become the bank of the future?
We obviously think Genesis Block is well-positioned to win. But we certainly aren’t the only game in town. In this series, we’ll be doing an analysis of who is most capable of thwarting our efforts. We’ll look at categories like crypto exchanges, crypto wallets, centralized lending & borrowing services, and crypto debit card companies. Each category will have its own dedicated post. Today we’re analyzing big crypto exchanges. The two companies we’ll focus on today are Coinbase (biggest American exchange) and Binance (biggest global exchange). They are the top two exchanges in terms of Bitcoin trading volume. They are in pole position to winning this market — they have a huge existing userbase and strong financial resources. Will Coinbase or Binance become the bank of the future? Can their early success propel them to winning the broader consumer finance market? Is their growth too far ahead for anyone else to catch up? Let’s dive in. https://preview.redd.it/lau4hevpm7f51.png?width=800&format=png&auto=webp&s=2c5de1ba497199f36aa194e5809bd86e5ab533d8
The most formidable exchange on the global stage is Binance (Crunchbase). All signs suggest they have significantly more users and a stronger balance sheet than Coinbase. No other exchange is executing as aggressively and relentlessly as Binance is. The cadence at which they are shipping and launching new products is nothing short of impressive. As Tushar Jain from Multicoin argues, Binance is Blitzscaling. Here are some of the products that they’ve launched in the last 18 months. Only a few are announced but still pre-launch.
Binance is well-positioned to become the crypto-powered, all-in-one, bundled solution for financial services. They already have so many of the pieces. But the key question is:
Can they create a cohesive & united product experience?
Binance is strong, but they do have a few major weaknesses that could slow them down.
Traders & Speculators Binance is currently very geared for speculators, traders, and financial professionals. Their bread-and-butter is trading (spot, margin, options, futures). Their UI is littered with depth charts, order books, candlesticks, and other financial concepts that are beyond the reach of most normal consumers. Their product today is not at all tailored for the broader consumer market. Given Binance’s popularity and strength among the pro audience, it’s unlikely that they will dumb down or simplify their product any time soon. That would jeopardize their core business. Binance will likely need an entirely new product/brand to go beyond the pro user crowd. That will take time (or an acquisition). So the question remains, is Binance even interested in the broader consumer market? Or will they continue to focus on their core product, the one-stop-shop for pro crypto traders?
Controversies & Hot Water Binance has had a number of controversies. No one seems to know where they are based — so what regulatory agencies can hold them accountable? Last year, some sensitive, private user data got leaked. When they announced their debit card program, they had to remove mentions of Visa quickly after. And though the “police raid” story proved to be untrue, there are still a lot of questions about what happened with their Shanghai office shut down (where there is smoke, there is fire). If any company has had a “move fast and break things” attitude, it is Binance. That attitude has served them well so far but as they try to do business in more regulated countries like America, this will make their road much more difficult — especially in the consumer market where trust takes a long time to earn, but can be destroyed in an instant. This is perhaps why the Binance US product is an empty shell when compared to their main global product.
Disjointed Product Experience Because Binance has so many different teams launching so many different services, their core product is increasingly feeling disjointed and disconnected. Many of the new features are sloppily integrated with each other. There’s no cohesive product experience. This is one of the downsides of executing and shipping at their relentless pace. For example, users don’t have a single wallet that shows their balances. Depending on if the user wants to do spot trading, margin, futures, or savings… the user needs to constantly be transferring their assets from one wallet to another. It’s not a unified, frictionless, simple user experience. This is one major downside of the “move fast and break things” approach.
BNB token Binance raised $15M in a 2017 ICO by selling their $BNB token. The current market cap of $BNB is worth more than $2.6B. Financially this token has served them well. However, given how BNB works (for example, their token burn), there are a lot of open questions as to how BNB will be treated with US security laws. Their Binance US product so far is treading very lightly with its use of BNB. Their token could become a liability for Binance as it enters more regulated markets. Whether the crypto community likes it or not, until regulators get caught up and understand the power of decentralized technology, tokens will still be a regulatory burden — especially for anything that touches consumers.
Binance Chain & Smart Contract Platform Binance is launching its own smart contract platform soon. Based on compatibility choices, they have their sights aimed at the Ethereum developer community. It’s unclear how easy it’ll be to convince developers to move to Binance chain. Most of the current developer energy and momentum around smart contracts is with Ethereum. Because Binance now has their own horse in the race, it’s unlikely they will ever decide to leverage Ethereum’s DeFi protocols. This could likely be a major strategic mistake — and hubris that goes a step too far. Binance will be pushing and promoting protocols on their own platform. The major risk of being all-in on their own platform is that they miss having a seat on the Ethereum rocket ship — specifically the growth of DeFi use-cases and the enormous value that can be unlocked. Integrating with Ethereum’s protocols would be either admitting defeat of their own platform or competing directly against themselves.
The crypto-native company that I believe is more likely to become the bank of the future is Coinbase (crunchbase). Their dominance in America could serve as a springboard to winning the West (Binance has a stronger foothold in Asia). Coinbase has more than 30M users. Their exchange business is a money-printing machine. They have a solid reputation as it relates to compliance and working with regulators. Their CEO is a longtime member of the crypto community. They are rumored to be going public soon.
Let’s look at what makes them strong and a likely contender for winning the broader consumer finance market.
Different Audience, Different Experience Coinbase has been smart to create a unique product experience for each audience — the pro speculator crowd and the common retail user. Their simple consumer version is at Coinbase.com. That’s the default. Their product for the more sophisticated traders and speculators is at Coinbase Pro (formerly GDAX). Unlike Binance, Coinbase can slowly build out the bank of the future for the broad consumer market while still having a home for their hardcore crypto traders. They aren’t afraid to have different experiences for different audiences.
Brand & Design Coinbase has a strong product design team. Their brand is capable of going beyond the male-dominated crypto audience. Their product is clean and simple — much more consumer-friendly than Binance. It’s clear they spend a lot of time thinking about their user experience. Interacting directly with crypto can sometimes be rough and raw (especially for n00bs). When I was at Mainframe we hosted a panel about Crypto UX challenges at the DevCon4 Dapp Awards. Connie Yang (Head of Design at Coinbase) was on the panel. She was impressive. Some of their design philosophies will bode well as they push to reach the broader consumer finance market.
Early Signs of Bundling Though Coinbase has nowhere near as many products & services as Binance, they are slowly starting to add more financial services that may appeal to the broader market. They are now letting depositors earn interest on USDC (also DAI & Tezos). In the UK they are piloting a debit card. Users can now invest in crypto with dollar-cost-averaging. It’s not much, but it’s a start. You can start to see hints of a more bundled solution around financial services.
Let’s now look at some things that could hold them back.
Slow Cadence In the fast-paced world of crypto, and especially when compared to Binance, Coinbase does not ship very many new products very often. This is perhaps their greatest weakness. Smaller, more nimble startups may run circles around them. They were smart to launch Coinbase Ventures where tey invest in early-stage startups. They can now keep an ear to the ground on innovation. Perhaps their cadence is normal for a company of their size — but the Binance pace creates quite the contrast.
Institutional Focus As a company, we are a Coinbase client. We love their institutional offering. It’s clear they’ve been investing a lot in this area. A recent Coinbase blog post made it clear that this has been a focus: “Over the past 12 months, Coinbase has been laser-focused on building out the types of features and services that our institutional customers need.” Their Tagomi acquisition only re-enforced this focus. Perhaps this is why their consumer product has felt so neglected. They’ve been heavily investing in their institutional services since May 2018. For a company that’s getting very close to an IPO, it makes sense that they’d focus on areas that present strong revenue opportunities — as they do with institutional clients. Even for big companies like Coinbase, it’s hard to have a split focus. If they are “laser-focused” on the institutional audience, it’s unlikely they’ll be launching any major consumer products anytime soon.
Coinbase Wrap Up
At Genesis Block, we‘re proud to be working with Coinbase. They are a fantastic company. However, I don’t believe that they’ll succeed in building their own product for the broader consumer finance market. While they have incredible design, there are no signs that they are focused on or capable of internally building this type of product. Similar to Binance, I think it’s far more likely that Coinbase acquires a promising young startup with strong growth.
Other US-based exchanges worth mentioning are Kraken, Gemini, and Bittrex. So far we’ve seen very few signs that any of them will aggressively attack broader consumer finance. Most are going in the way of Binance — listing more assets and adding more pro tools like margin and futures trading. And many, like Coinbase, are trying to attract more institutional customers. For example, Gemini with their custody product.
Coinbase and Binance have huge war chests and massive reach. For that alone, they should always be considered threats to Genesis Block. However, their products are very, very different than the product we’re building. And their approach is very different as well. They are trying to educate and onboard people into crypto. At Genesis Block, we believe the masses shouldn’t need to know or care about it. We did an entire series about this, Spreading Crypto. Most everyone needs banking — whether it be to borrow, spend, invest, earn interest, etc. Not everyone needs a crypto exchange. For non-crypto consumers (the mass market), the differences between a bank and a crypto exchange are immense. Companies like Binance and Coinbase make a lot of money on their crypto exchange business. It would be really difficult, gutsy, and risky for any of them to completely change their narrative, messaging, and product to focus on the broader consumer market. I don’t believe they would ever risk biting the hand that feeds them. In summary, as it relates to a digital bank aimed at the mass market, I believe both Coinbase and Binance are much more likely to acquire a startup in this space than they are to build it themselves. And I think they would want to keep the brand/product distinct and separate from their core crypto exchange business. So back to the original question, is Coinbase and Binance a threat to Genesis Block? Not really. Not today. But they could be, and for that, we want to stay close to them. ------ Other Ways to Consume Today's Episode:
Round up of Cryptocurrency News #2 Week 13/07 - 19/07
So much has happened this week! We saw a capitulation point of bitcoin before bears took over and we saw the selling pressure push Bitcoin down toward the $9000USD mark then move back up above $9100USD So far it has been a stable hold, however we may see some more action within the coming weeks.
Widespread scamming within the Twitter-sphere, Youtube and other platforms as Bitcoin and other cryptocurrencies may seem like fair game. Cryptocurrencies providing big payouts for scammers without the ability for reversals of accounts. Remember if something seems too good to be true, do some research or just plain do not respond/believe it. Stay safe and careful with your funds!
On the brightside, there has been even more adoption of cryptocurrencies as rumours of Paypal utilising cryptocurrency has been confirmed as they are developing crypto capabilities. In addition to this we received exciting news at the start of this week about Binance partnering with Swipe (SXP) and offering a debit card to spend BNB, SXP, BTC and BUSD. ( I will be keeping a swift eye on BNB and Swipe as its utilisation as tokens has just increased 43 fold).
Positive news for the Bitcoin network as its hashrate reaches all time high which helps to secure the network further even though mining profits have dropped by 50% from the recent halving. If you didn't know already the last Bitcoin will be expected to be mined in 2140 with its difficulty ever increasing and each time securing the network further. Processing units will have to become faster, stronger and most importantly more cost effective to continue to entice miners for the block rewards and further renewable energy practices.
Furthermore we can see Central banks and countries discussing and developing Central Bank Digital Currencies (CBDC). Read more about it here https://www.investopedia.com/terms/c/central-bank-digital-currency-cbdc.asp and check out some of the developments in the world above. This shows the popularity and strong nature of cryptocurrencies. As the saying goes "If you cant beat them, JOIN them".
Overall, very solid week full of adoption, animation and anticipation. Another post next week for a weekly round up! See you then but in the mean time join us at our Gravychain Discord. - DISCORD LINK: https://discord.gg/zxXXyuJ 🍕 Bring some virtual pizza to share 🍕 Come have a chat, stimulate a discussion, ask a question or share some knowledge. We are all friendly crypto enthusiasts up for a chat, supportive and want to help each other with knowledge and investments! Big thanks to our Telegram and My Crypto HQ for the constant news updates! - The Gravychain Collective: https://t.me/gravychain - My Crypto HQ: https://t.me/My_Crypto_HQ Important/Notable/Highlights:
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