Is Forex scam, fraud or cheating? Black list of Forex Brokers

Forex Trading in Kenya.

Someone posted on here a few days ago asking about forex and forex trading in Kenya, I have gone through the responses and clearly, most people don’t have an idea. It is 3am in the morning and am in a good mood so let me make this post. This will be a comprehensive and lengthy post so grab a pen and paper and sit down. We’ll be here a while.
FIRST OF ALL, who am I..?
I am a forex trader, in Nairobi, Kenya..i have been actively involved in forex since I found out about it in Feb 2016 when I somehow ended up in a wealth creation seminar (lol) in pride inn Westlands, the one close to Mpaka Rd. Luckily for me, it was not one of those AIM global meetings or I’d be on Facebook selling God knows what those guys sell. I did not take it seriously till August of the same year and I have been active ever since.
I don’t teach, mentor or sell a course or signals, I trade my own money. I am also posting from a throwaway account because I don’t want KRA on my ass.
What the fuck is forex and forex trading.
In simple plain English, forex is like the stock market but for currencies. Stock Market = Shares, forex = currencies. If you want more in-depth explanation, google is your friend.
These currencies are pegged on specific countries, united states- dollar, UK- pound, euro zone- euro, Switzerland- Swiss franc, Kenya- Kenya shilling.. you get the point. Now, there are specific events and happenings between these economies that affect the movement and values of the currencies, driving their value (purchasing power up and down). Forex trading exploits these movements to make money. When the value is going up, we buy and vice versa (down –sell)
Is forex trading illegal in Kenya? Is it a scam?
Illegal, no. scam, no. All the banks in the world do it (KCB made about 4 billion from trading forex in 2019)
Have there been scams involving forex in Kenya?
Yes. Here is one that happened recently. This one is the most infamous one yet. Best believe that this is not the end of these type of scams because the stupidity, greed and gullibility of human beings is unfathomable.
However, by the end of this post, I hope you won’t fall for such silliness.
What next how do I make it work..?
Am glad you asked. Generally, there are two ways to go about it. One, you teach yourself. This is the equivalent of stealing our dad’s car and hoping that the pedal you hit is the brake and not the accelerator. It is the route I took, it is the most rewarding and a huge ego boost when you finally make it on your own. Typically, this involves scouring the internet for hours upon hours going down rabbit holes, thinking you have made it telling all your friends how you will be a millionaire then losing all your money. Some people do not have the stomach for that.
The second route is more practical, structured and smarter.
First Learn the basics. There is a free online forex course at www.babypips.com/learn/forex this is merely an introductory course. Basically it is learning the parts of a car before they let you inside the car.
Second, start building your strategy. By the time you are done with the babypips, you will have a feel of what the forex market is, what interests you, etc. Tip..Babypips has a lot of garbage. It is good for introductory purposes but not good for much else, pick whatever stick to you or jumps at you the first time. Nonsense like indicators should be ignored.
The next step is now the most important. Developing the skill and building your strategy. As a beginner, you want to exhaust your naivety before jumping into the more advanced stuff. Eg can you identify a trend, what is a pair, what is position sizing, what is metatrader 4 and how to operate it, what news is good for a currency, when can I trade, what are the different trading sessions, what is technical analysis, what is market sentiment, what are bullish conditions what is emotion management, how does my psychology affect my trading (more on this later) an I a swing, scalper or day trader etc
Mentors and forex courses.. you have probably seen people advertising how they can teach and mentor you on how to trade forex and charging so much money for it. Somehow it seems that these people are focused on the teaching than the trading. Weird, right..? Truth is trading is hard, teaching not quite. A common saying in the industry is “Those who can’t trade, teach” you want to avoid all these gurus on Facebook and Instagram, some are legit but most are not. Sifting the wheat from the chaff is hard but I did that for you. The info is available online on YouTube, telegram channels etc. am not saying not to spend money on a course, if you find a mentor whose style resonates with you and the course is reasonably priced, please, go ahead and buy..it will cut your learning curve in half. People are different. What worked for me might not work for you.
Here are some nice YouTube channels to watch. These guys are legit..
  1. Sam sieden
  2. Cuebanks
  3. TheCoinFx
  4. The trading channel
  5. Astro
  6. Forex family
  7. Wicksdontlie
Advanced stuff
  1. ICT
After a short period of time, you will be able to sniff out bs teachers with relative ease. You will also discover some of your own and expand the list. Two tips, start with the oldest videos first and whichever of these resonates with you, stick with till the wheels fall off.
How long will it take until things start making sense
Give yourself time to grow and learn. This is all new to you and you are allowed to make mistakes, to fail and discover yourself. Realistically, depending on the effort you put in, you will not start seeing results until after 6 months. Could take longeshorter so there is no guarantee.
Social media, Mentality, Psychology and Books
Online, forex trading might not have the best reputation online because it takes hard work and scammers and gurus give it a bad name. However, try to not get sucked into the Instagram trader lifestyle as it is nowhere close to what the reality is. You will not make millions tomorrow or the day after, you might never even make it in this market. But that is the reality of life. Nothing is promised, nothing is guaranteed.
Your mentality, beliefs and ego will be challenged in this market. You will learn things that will make you blood boil, you will ask yourself daily, how is this possible, why don’t they teach this in school..bla bla bla..it will be hard but growth is painful, if it wasn’t we’d all be billionaires. Take a break, take a walk, drink a glass of whatever you like or roll one..detox. Chill with your girl (or man) Gradually you will develop mental toughness that will set you up for life. Personally, I sorta ditched religion and picked up stoicism. Whatever works for you.
Psychology, this is unfortunately one of the most neglected aspects of your personal development in this journey. Do you believe in yourself? Can you stand by your convictions when everyone is against you? Can you get up every day uncertain of the future? There will be moments where you will question yourself, am I even doing the right thing? the right way? It is normal and essential for your growth. People who played competitive sports have a natural advantage here. Remember the game is first won in your head then on the pitch.
Books: ironically, books that helped me the most were the mindset books, Think and grow rich, trading for a living, 4 hour work week, the monk who sold his Ferrari..just google mindset and psychology books, most trading books are garbage. Watch and listen to people who have made it in the investing business. Ray Dalio, warren, Bill Ackman and Carl Icahn.
This is turning out to be lengthier than I anticipated so I’ll try to be brief for the remaining parts.
Brokers
You will need to open up an account with a broker. Get a broker who is regulated. Australian ones (IC Market and Pepperstone) are both legit, reliable and regulated. Do your research. I’d avoid local ones because I’ve heard stories of wide spreads and liquidity problems. International brokers have never failed me. There are plenty brokers, there is no one size fits all recommendation. If it ain’t broke..don’t fix it.
Money transfer.
All brokers accept wire transfers, you might need to call your bank to authorize that, avoid Equity bank. Stanchart and Stanbic are alright. Large withdrawals $10k+ you will have to call them prior. Get Skrill and Neteller if you don’t like banks like me, set up a Bitcoin wallet for faster withdrawals, (Payoneer and Paypal are accepted by some brokers, just check with them.)
How much money can I make..?
I hate this question because people have perceived ceilings of income in their minds, eg 1 million ksh is too much to make per month or 10,000ksh is too little. Instead, work backwards. What % return did I make this month/ on this trade. Safaricom made 19.5% last year, if you make 20% you have outperformed them. If you reach of consistency where you can make x% per month on whatever money you have, then there are no limits to how much you can make.
How much money do I need to start with..?
Zero. You have all the resources above, go forth. There are brokers who provide free bonuses and withdraw-able profits. However, to make a fulltime income you will need some serious cash. Generally, 50,000 kes. You can start lower or higher but if you need say 20k to live comfortably and that is a 10% return per month, then you can do the math on how big your account should be. Of course things like compound interest come into play but that is dependent on your skill level. I have seen people do spectacular things with very little funds.
Taxes..?
Talk to a lawyer or an accountant. I am neither.
Family? Friends?
Unfortunately, people will not understand why you spend hundreds of hours watching strangers on the internet so it is best to keep it from them. Eventually you will make it work and they will come to your corner talking about how they always knew you’d make it.
The journey will be lonely, make some trading buddies along the way. You’d be surprised at how easy it is when people are united by their circumstances (and stupidity) I have guys who are my bros from South Africa and Lebanon who I have never met but we came up together and are now homies. Join forums, ask questions and grow. That is the only way to learn. Ideally, a group of 5-10 friends committed to learning and growth is the best model. Pushing each other to grow and discovering together.
Forex is real and you can do amazing things with it. It is not a get rich quick scheme. If you want a quick guaranteed income, get a job.
And now it is 5am, fuck.
This is oversimplified and leaves out many many aspects.
Happy to answer any questions.
submitted by ChaliFlaniwaNairobi to Kenya [link] [comments]

[META] Recent scam/spam trends.. Or, a peak inside what it's like to moderate /r/forex

After a few...especially trying...interactions with unhappy ban recipients today, I thought it would be fun to share a little info on what moderators do to keep this place clean. :)
The forex industry is full of shady characters. Any industry sitting on the intersection of financial independence, work, and money, is bound to attract them. There are many reasons for this; the lower barrier to entry compared to other markets, the lack of public knowledge on the subject, and greedy human nature to name a few.
Moderating a subreddit dedicated to forex (or anything trading realted for that matter,) presents extra challenges beyond your regular sub. Marketers and scammers are super motivated, and MLM / referral marketing is extremely popular right now, which can turn everyday regular users into sources of spam.
How we currently tackle this problem involves technology (scripts, bots, and automod,) a mod review workflow, and some smart sleuthing when needed.
The mod team and our scripts aren't perfect though... but the few false positives we get are a very, very small fraction of all mod actions taken (~1%.) Unfortunately, that means some otherwise sincere members get handled roughly, and that can really suck.. I wish there was a better way, but the alternative is this place becomes a wild west and starts looking like your gmail spam folder.
That said, here's my personal stats for JUST the last 24 hours:
And I'm just one of the mods. . .
So what scammer and marketing trends are we seeing lately?
Honestly, it can be really frustrating at times.. luckily the scripts we have in place make weeding out ~80% of these jokers quite easy and quick. Heck, we had one scammer who blew through 12+ accounts over the last few days trying to scam people but none of their posts ever saw the light of day thanks to the spam triggers I've written.
What motivates the mod team to keep this place clean? That's an easy answer: The majority of users here are new to trading. Making sure they aren't food for the wolves is important.
But even with all the measures we take, some bad actors still get through.
So here's where you can help: Use the report button! Anytime you see something that you think fits the descriptions listed above, or violates our sidebar rules, just report it. Even if you're not 100% sure, don't be afraid to use the report tool.. The worst thing that can happen is the mod team reviews and approves it, but the best outcome is you directly help keep this place clean and humming! :)
And the mod team is always looking to improve where it can: I've already talked about what we do to scrub away bad actors, but one place we could do better is education. The plan is to rewrite a good portion of the wiki to include the following sections:
(Titles above are a work in progress ;P)
Are you a good writer and want to help out with this? Think you can write up a killer wiki article on spotting scam artists? Message the mods and let us know!
Finally, a reminder, we are still interested in taking on more moderators and will be revisiting that very shortly. If you'd be interested, read through this post and reply accordingly: https://www.reddit.com/Forex/comments/h7ok6k/seeking_more_mods_recruitment_thread/
submitted by finance_student to Forex [link] [comments]

Lost $$$ on automated forex algorithm trading by Victor Ang of Algoinsight

Lost $$$ on automated forex algorithm trading by Victor Ang of Algoinsight
Reference to this posting on HWZ, https://forums.hardwarezone.com.sg/money-mind-210/warning-about-stocks-forex-guru-trading-courses-market-5294637-51.html, Victor Ang is listed as #35.
  1. Victor Ang (Alg0insight) (Sell you Expensive EA and cahoot with broker to earn from you Gao Gao)
Recently, his website (https://algoinsights.com/who-we-are/) came up again and he is trying to sell his algo and trading services, this is after he told his past clients that he was RETIRING for good.
Regards to his past clients, he made promises that this algo can 1. make lots of $ and 2. can run 100% automatically but when the market went through much trending due to Brexit and other major events, he left clients to figure out what to do, even asking them to manual close trades when they are already not profitable, leading to many clients having significant losses and getting their life savings wiped out.
He closed his FB page, FB personal page, website when clients ask why their losses were escalating. At the end of it all, he even blamed clients for their losses when his algo FAILED TO DELIVER.
And now after letting down so many clients with his empty promises, he still dare to come back to the market by reviving his website. But notice now he dare not put up his photos anymore. Why?
If you wonder who is this Victor Ang, this is his picture.
Victor Ang - Algoinsight - Forex Algo that will help you lose $
Past clients, you are welcome to add on your story, we must not let scammers continue to scam others.
If you're considering to invest with Victor, PLS DON'T, you will regret for life.
To be fair to the Forex market, yes you can make money from it but you need to be skilled and well researched.
submitted by forex_algo_scammed to u/forex_algo_scammed [link] [comments]

Cromton Tech Recovery Company

Out of the hundreds of binary options brokers in the world, there is only a handful that we currently recommend. These recommendations are based on my experience with the websites, the companies that operate them, and the features and quality each broker offers. Trust is always the number one essential criterion .
Those hundreds of brokers that do not make our recommended list have a variety of problems. Some of them simply do not offer enough in terms of features, while others are incompetently operated. Many however are actually flat-out untrustworthy. They are run by malicious individuals out to rob you. They are scammers, plain and simple. There are a lot of ways that binary options brokers scam customers.
Sell you useless systems and alert services. This is not really a scam you take action on if the systems were provided as a “free” benefit at a certain account tier, and it is questionable whether you could ever report them for it even if you did purchase them. Why? Because in the small print they invariably mention that the system does not guarantee results.
Manipulate expiry times and prices. This is one of the most common binary options scams and Forex scams. You are in a certain trade, and it is set to expire in a few minutes. At the time that the trade is meant to expire, you are in the money. But then for some unimaginable reason, the clock keeps running. A few seconds later, it stops, but the trade is a loser. The broker will claim it is a site error and point toward terms and conditions stating they are not responsible, but it is almost certainly malicious.
Refuse to pay out your money. This is another very common scam. You try to get your money out of your account and get a huge runaround. Either you find yourself wading through excessively complicated terms which are impossible to meet, you keep having to send in paperwork even though you already submitted everything, or the broker just ignores your withdrawal request and possibly disappears after absconding with your money.
What do you do if you think your binary options broker is scamming you?
Well, first off, you have to make sure they are scamming you. It is always a good idea to try to resolve the issue before you assume your broker is maliciously operating. If you cannot get the problem solved, though, you will have to take action against the company.
You can take the case further to a recovery company for them to assist you in recovering your funds from the fraudulent broker and the best company to achieve that for you is Cromton tech.
Cromtontech.org is a recovery company that assist victims of scams and bogus investment platforms to recover their private key and funds back in no time. With proof of transaction you carried out with these bogus investments cromton tech can track this transaction and bring these scammers to justice. With the help of Taintchain ( a new tech that is used by law enforcement to track wallet address), cromton tech has been able to track wallet address and recover funds from those wallet address. Contact cromton tech today for fast and reliable recovery and the best part is that you don’t have to pay for their service charge until your funds have been recovered. I hope this answers your question
submitted by Markdug123 to u/Markdug123 [link] [comments]

Is Karatbit and Karatbars a scam?

On Tuesday 16th July, just a few weeks ago I was invited to attend a Karatbit, Karatbars/Karatbank presentation. The presentation was touting everything including a blockchain mobile phone. Someone had approached me over the weekend to investigate an investment, they had made with Karatbit/Karatbars. I attended the presentation with some research which, to be honest, was not that favourable to the company but nevertheless still went with an open mind.
KaratBank, a Singapore-based financial organization, has propelled another digital currency that it claims is bound to real physical gold. Is this a progressive thought – or a trick?
KaratBank, an organization located in Singapore, has quite recently declared the dispatch of KaratBank Coins (KBC), another digital currency it said is attached to gold. Be that as it may, not just the cost of gold, as different monetary forms — to real bits of gold: they're embedded in plastic cards or banknotes. In any event, that is the way it appears upon first sight.
KaratBank is a sister company of KaratBars International, located in Germany. KaratBars really sells gold in exceptionally small quantities (like 0.1g to 1g bullions), inserted into plastic cards (Karatbars) or money like notes (CashGold). The notes are famously overpriced: back when 1 gram of gold was $40, the 1g CashGold note cost $65.
As per KaratBank whitepaper, 10,000 KBC can be traded for 0.1g CashGold notes.
The initial coin offering kicked off earlier this year and proceeded until March 21, with the ICO starting March 22 (1 KBC = $0.05), Coin Telegraph reports.
Be that as it may, KaratBars International as an organization is emphatically connected with scams. A basic search for KaratBars on Google returns three connections with the word "scam" in them on the first page. KaratBars was prohibited in Canada in 2014 over an Autorité des marchés agents (AMF) with a Scam warning.
The Canadian government found that KaratBars executes some kind of multi-layered marketing (MLM), or "pyramid" scheme organisation that urged individuals to get new recruits and profit from their sales, promising a return of $15,000 to $136,000 every month.
In any case, Is KaratBank is a different story? All things considered, yes and no. Upon a more intensive look at the organization's whitepaper, one finds the following:
"United States of America citizens, residents (tax or otherwise) or green card holders, as well as residents of Canada, the People's Republic of China or the Republic of Singapore, are not qualified to partake in the KaratBank ICO."
As indicated by the Behind MLM site, the explanation behind this may lie in the way that those nations have actualized strict regulation on ICOs, and KaratBank does not have any desire to have anything to do with them.
"ICOs are not unlawful in the US or Canada. In the US, however, ICOs are ordinarily viewed as securities and require registration with the [Securities and Exchange Commission]," the site reads. "Singapore hasn't prohibited ICOs however it is one of the nations KaratBars International works in through the shell companies KaratPay and KaratBars Singapore. Singapore regulators closing those organizations down would cripple KaratBars International. The board most likely figure it's best not to take any risks."
To work lawfully in any purview, KaratBars International would need to register itself with the proper securities regulator in that jurisdiction, which the organization appears to need to abstain from, raising doubts.
From one's point of view what is disheartening is that blockchain is a great new technology and companies like this seem to mix their existing business with cryptocurrencies. Knowing full well that the general public does not really understand cryptocurrencies, let alone blockchain or Distributed Ledger Technology (DLT). As a blockchain consultant, one feels obligated to pose some questions anyone thinking of getting involved should be asking.
At the presentation, I heard the presenters say “ Karatbars is giving its members the opportunity to buy gold in small quantities. They also encourage you to save in gold instead of paper money. This can easily be done by buying as little as 0.1 gram of gold or 1 gram - 2.5 gram or 5 grams.”
They said members can keep their gold in Karatbars' vault or ask them to send it to you. Cash gold is the most popular form of buying gold as the gold is embedded in a banknote. 24kt gold 99.9% pure makes it easier for anyone to accumulate wealth.
Karatbars is also involved in cryptocurrency and got their own coins, namely KBC and KCB coins. I'm going to get very deep into this, but the main thing to remember is that they say, “these coins are increasing in value and that it is backed by gold”. whereas and another Cryptocurrency is backed by nothing.
As a self-proclaimed proponent of blockchain and a graduate of Digital Forensics, I feel obligated to say a few words about this presentation on Karatbit or at least as a conscious citizen of this global world of technology users. Blockchain is a magnificent emerging technology that can be harnessed to do so many things. But most importantly it is a technology that provides one single source of truth. If groups are using this single source of truth technology to spread untruths, someone concerned must come out to say something. Blockchain is a technology that can put everyone on an even playing field but it seems very few understand it. The individuals with even the fleeting basic understanding can influence the general public perception of cryptocurrencies. This leads me to ask a great quote from a book called Richest Man in Babylon …. “if you want advice on investing in expensive jewels, why would you go to a butcher?”
The following is what the masses are being manipulated to attach their hopes and dreams. It is that “a further drop in the value of Bitcoin and other cryptocurrencies has recently left investors nursing heavy losses. Many proponents are holding out for a new breakout “if their digital assets can go mainstream.”
The most important part of that statement is “if their digital assets can go mainstream”. This made me ask some questions about Karatbit and this is what I came up with.
Something is fishy!! Can someone clarify the following?
Claim 1: Gold mine worth $900 million provides security.
Can’t find any official source as proof.
Reference: https://www.youtube.com/watch?v=TyKQIckXyIU
Claim 2: Backed by a gold mine in Africa
Can’t find any official source as proof.
Reference: https://www.youtube.com/watch?v=d5Q3ZvR4b04
Claim 3: Audit report by MM Revisors for a gold mine in Madagascar
Can’t find proof that MM Revisors exists. Not sure if this report was published by Karatbars Int (can’t find it on their official website), but this is being circulated by some investors as if it were.
Reference: https://karatbars-me.webnode.es/\_files/200000070-01d6002d18/audit.pdf
Claim 4: Karatcoin Bank is a fully licensed crypto bank and is situated in Miami
Can’t find proof that they are registered as a licensed financial institute in Miami, Florida.
Can’t find Karatcoin Bank as a registered corporation, but found Karat Coin Corp.
Reference: http://search.sunbiz.org/Inquiry/CorporationSearch/SearchResults?inquiryType=EntityName&searchNameOrder=KARATBANK&searchTerm=Karatbank
Reference: https://www.youtube.com/watch?v=YXip2Fizz5U&t=152s
Claim 5: Not a pyramid scheme
Karatbit describes this as an affiliate program but clearly is a pyramid scheme at best, see links below;
Canada: https://www.newswire.ca/news-releases/karatbars-quebec-activities-covered-by-prohibition-orders-514201571.html
Namibia: https://economist.com.na/43874/extra/karatbars-international-is-a-scamsays-central-bank/
Netherlands: https://www.afm.nl/en/nieuws/2014/mei/waarschuwing-karatbars
Claim 6: 100KBC = 1g of Gold at $40 per gram (1 KBC = $0.40) (guaranteed)
Total supply = 12,000,000,000 KBC (can’t find figures of circulating, so using supply instead)
Total gold needed to cover buy back of all coins:
12,000,000,000 / 100 = 120 000 000g = 120 tons (South Africa as a whole produced 139.9 tons of Gold in 2017).
Total money needed to buy back all the coins:
120 000 000g x $40 = $4.8 Billion
Can’t find proof that they have 120 tons of gold in storage (or backed up by the mines as claimed) or that they are at least worth $4.8 Billion to buy the gold?
Taking a more conservative approach:
According to icobench.com, they raised $100 000 000 with their ICO from 60% of the total supply.
Let’s assume the 60% of 12,000,000,000 is in circulation. This equals to 7,200,000,000 KBC.
Total gold needed for the buyback of 7,200,000,000 KBC:
7,200,000,000 / 100 = 72 000 000g = 72 tons
Total money needed to buy back all coins:
72 000 000g x $40 = $2.88 Billion
Loss for buying back the KBC that were sold during the ICO:
$100,000,000 - $2,880,000,000 = - $2,780,000,000
A potential loss of $2,78 Billion!!! Or am I taking crazy pills?
Reference: https://www.youtube.com/watch?v=KgeHjhlMfn0
Reference: https://icobench.com/ico/karatgold-coin
Claim 7: This Forbes.com article gives credibility to the KBC coin
This article was written by a Contributor.
Reference: https://www.forbes.com/sites/joresablount/2019/05/31/10-blockchain-companies-to-watch-in-2019/#308b507e543f
There is no traditional editing of contributors’ copy, at least not prior to publishing. If a story gets hot or makes the homepage, a producer will “check it more carefully,” DVorkin said.
Reference: https://www.poynter.org/reporting-editing/2012/what-the-forbes-model-of-contributed-content-means-for-journalism/
“Blogging for Forbes requires being what is commonly referred to as a "self-starter."
So far, nobody has said, "Um, you can't do that," or, "Oh, my God, no!"
Reference: https://www.forbes.com/sites/susannahbreslin/2011/04/06/how-to-become-a-forbes-blogge#231bb9972862
“Warning over 'scammers paradise' as watchdog reveals victims lost £27m to bitcoin, cryptocurrency and forex frauds last year”
• Some 1,850 cases were reported to Action Fraud, a 250% increase on 2017-18
• Victims lost an average of £14,600 - with fewer than 1 in 20 getting money back
• Investors are often initially told they've made a profit
• They are then encouraged to put in more money - at which point the fraudsters run off with their cash
Potential victims have been warned over bogus online 'get rich quick' schemes as it emerged people lost more than £27million to cryptocurrency and foreign exchange scams last year.
Fraudsters promise high returns to those who invest, according to Action Fraud and the Financial Conduct Authority.
Victims lost an average of £14,600 in 2018-19 and stand little chance of getting their money back.
Reports of cryptocurrency and forex investment scams increased by nearly 250 per cent in 2017-18, from 530 to nearly 1,850.
The scams work by criminals promoting get-rich-quick online trading platforms through social media. Posts often use fake celebrity endorsements and images of luxury items like expensive watches and cars.
Beat the scammers:
These then link to professional-looking websites where consumers are persuaded to invest.
Often investors are led to believe their first investment has successfully returned a profit, and are then enticed to invest more money or introduce friends in return for greater profits.
But the returns stop, the customer account is closed, and the scammer disappears with no further contact.
'Anyone handing over their hard-earned cash should make sure they understand what they're getting into, they've checked it's a legitimate investment, and not rely on hype and excitement from friends or social media.
'Investing isn't a get-rich-quick scheme - and anything that uses fear of missing out or requires you to invest before thinking is best to be avoided.'
Those considering an investment to check the following for tips on how to avoid investment fraud at www.fca.org.uk/scamsmart.
Scammers can be very convincing so always do your own research into any firm you are considering investing with, to make sure that they are the real deal.
'It's vital that people carry out the necessary checks to ensure that an investment they're considering is legitimate.
UK consumers are being increasingly targeted by crypto asset-related investment scams.
Certain crypto assets, like Bitcoin and Ether (also known as cryptocurrencies), are not regulated in the UK. This means that buying, selling or transferring these crypto-assets falls outside FCA remit. The same is true for the operation of a cryptocurrency exchange.
However, some types of crypto-asset products may be or may involve regulated investments depending on their nature and how they are structured. For example, firms that sell regulated investments with an underlying crypto asset element may need to be authorised by the FCA to do so.
In recent months, the FCA claims it has received an increasing number of reports about crypto-asset investment scams. Some of them may involve regulated activities, others don’t, but all use similar tactics.
How crypto-asset investment scams work
Cryptoasset fraudsters tend to advertise on social media – often using the images of celebrities or well-known individuals to promote cryptocurrency investments. In this case, laughably they said KaratBit was endorsed by Barak Obama’s sister. Who is she and what does she know about cryptocurrencies and blockchain? The ads then link to professional-looking websites. Consumers are then persuaded to make investments with the firm using cryptocurrencies or traditional currencies.
The firms operating the scams are usually based outside the UK but will claim to have a UK presence, often a prestigious City of London address.
Scam firms can manipulate software to distort prices and investment returns. They may scam people into buying the non-existent crypto asset. They are also known to suddenly close consumers’ online accounts and refuse to transfer the funds to them or ask for more money before the funds can be transferred.
Action Fraud has also issued a warning on cryptocurrency scams.
How to protect yourself
Be wary of adverts online and on social media promising high returns on investments in a crypto asset or crypto asset-related products.
Most firms advertising and selling investments in crypto-assets are not authorised by the FCA. This means that if you invest in certain crypto assets you will not have access to the Financial Ombudsman Service or the Financial Services Compensation Scheme if things go wrong.
The FCA doesn’t regulate crypto assets like Bitcoin or Ether which are vastly the most recognized cryptocurrencies, let alone KBC, they do regulate certain crypto-asset derivatives (such as futures contracts, CFDs and options), as well as those crypto assets I would consider securities. A firm must be authorised by FCA to advertise or sell these products in the UK – check FCA Register to make sure the firm is authorised. You can also check the FCA Warning List of firms to avoid.
You should do further research on the product you are considering and the firm you are considering investing with. Check with Companies House to see if the firm is registered as a UK company and for directors' names. To see if others have posted any concerns, search online for the firm's name, directors' names and the product you are considering.
If you’ve already decided you want to invest in gold, this might not be a bad company to side with. But if you’re just looking for an opportunity to earn a sustainable income and become financially independent, there are better options out there.
submitted by fourfingaz to u/fourfingaz [link] [comments]

CRYPTOCURRENCY BITCOIN

CRYPTOCURRENCY BITCOIN
Bitcoin Table of contents expand: 1. What is Bitcoin? 2. Understanding Bitcoin 3. How Bitcoin Works 4. What's a Bitcoin Worth? 5. How Bitcoin Began 6. Who Invented Bitcoin? 7. Before Satoshi 8. Why Is Satoshi Anonymous? 9. The Suspects 10. Can Satoshi's Identity Be Proven? 11. Receiving Bitcoins As Payment 12. Working For Bitcoins 13. Bitcoin From Interest Payments 14. Bitcoins From Gambling 15. Investing in Bitcoins 16. Risks of Bitcoin Investing 17. Bitcoin Regulatory Risk 18. Security Risk of Bitcoins 19. Insurance Risk 20. Risk of Bitcoin Fraud 21. Market Risk 22. Bitcoin's Tax Risk What is Bitcoin?
Bitcoin is a digital currency created in January 2009. It follows the ideas set out in a white paper by the mysterious Satoshi Nakamoto, whose true identity is yet to be verified. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government-issued currencies.
There are no physical bitcoins, only balances kept on a public ledger in the cloud, that – along with all Bitcoin transactions – is verified by a massive amount of computing power. Bitcoins are not issued or backed by any banks or governments, nor are individual bitcoins valuable as a commodity. Despite it not being legal tender, Bitcoin charts high on popularity, and has triggered the launch of other virtual currencies collectively referred to as Altcoins.
Understanding Bitcoin Bitcoin is a type of cryptocurrency: Balances are kept using public and private "keys," which are long strings of numbers and letters linked through the mathematical encryption algorithm that was used to create them. The public key (comparable to a bank account number) serves as the address which is published to the world and to which others may send bitcoins. The private key (comparable to an ATM PIN) is meant to be a guarded secret and only used to authorize Bitcoin transmissions. Style notes: According to the official Bitcoin Foundation, the word "Bitcoin" is capitalized in the context of referring to the entity or concept, whereas "bitcoin" is written in the lower case when referring to a quantity of the currency (e.g. "I traded 20 bitcoin") or the units themselves. The plural form can be either "bitcoin" or "bitcoins."
How Bitcoin Works Bitcoin is one of the first digital currencies to use peer-to-peer technology to facilitate instant payments. The independent individuals and companies who own the governing computing power and participate in the Bitcoin network, also known as "miners," are motivated by rewards (the release of new bitcoin) and transaction fees paid in bitcoin. These miners can be thought of as the decentralized authority enforcing the credibility of the Bitcoin network. New bitcoin is being released to the miners at a fixed, but periodically declining rate, such that the total supply of bitcoins approaches 21 million. One bitcoin is divisible to eight decimal places (100 millionths of one bitcoin), and this smallest unit is referred to as a Satoshi. If necessary, and if the participating miners accept the change, Bitcoin could eventually be made divisible to even more decimal places. Bitcoin mining is the process through which bitcoins are released to come into circulation. Basically, it involves solving a computationally difficult puzzle to discover a new block, which is added to the blockchain and receiving a reward in the form of a few bitcoins. The block reward was 50 new bitcoins in 2009; it decreases every four years. As more and more bitcoins are created, the difficulty of the mining process – that is, the amount of computing power involved – increases. The mining difficulty began at 1.0 with Bitcoin's debut back in 2009; at the end of the year, it was only 1.18. As of February 2019, the mining difficulty is over 6.06 billion. Once, an ordinary desktop computer sufficed for the mining process; now, to combat the difficulty level, miners must use faster hardware like Application-Specific Integrated Circuits (ASIC), more advanced processing units like Graphic Processing Units (GPUs), etc.
What's a Bitcoin Worth? In 2017 alone, the price of Bitcoin rose from a little under $1,000 at the beginning of the year to close to $19,000, ending the year more than 1,400% higher. Bitcoin's price is also quite dependent on the size of its mining network since the larger the network is, the more difficult – and thus more costly – it is to produce new bitcoins. As a result, the price of bitcoin has to increase as its cost of production also rises. The Bitcoin mining network's aggregate power has more than tripled over the past twelve months.
How Bitcoin Began
Aug. 18, 2008: The domain name bitcoin.org is registered. Today, at least, this domain is "WhoisGuard Protected," meaning the identity of the person who registered it is not public information.
Oct. 31, 2008: Someone using the name Satoshi Nakamoto makes an announcement on The Cryptography Mailing list at metzdowd.com: "I've been working on a new electronic cash system that's fully peer-to-peer, with no trusted third party. The paper is available at http://www.bitcoin.org/bitcoin.pdf." This link leads to the now-famous white paper published on bitcoin.org entitled "Bitcoin: A Peer-to-Peer Electronic Cash System." This paper would become the Magna Carta for how Bitcoin operates today.
Jan. 3, 2009: The first Bitcoin block is mined, Block 0. This is also known as the "genesis block" and contains the text: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks," perhaps as proof that the block was mined on or after that date, and perhaps also as relevant political commentary.
Jan. 8, 2009: The first version of the Bitcoin software is announced on The Cryptography Mailing list.
Jan. 9, 2009: Block 1 is mined, and Bitcoin mining commences in earnest.
Who Invented Bitcoin?
No one knows. Not conclusively, at any rate. Satoshi Nakamoto is the name associated with the person or group of people who released the original Bitcoin white paper in 2008 and worked on the original Bitcoin software that was released in 2009. The Bitcoin protocol requires users to enter a birthday upon signup, and we know that an individual named Satoshi Nakamoto registered and put down April 5 as a birth date. And that's about it.
Before Satoshi
Though it is tempting to believe the media's spin that Satoshi Nakamoto is a solitary, quixotic genius who created Bitcoin out of thin air, such innovations do not happen in a vacuum. All major scientific discoveries, no matter how original-seeming, were built on previously existing research. There are precursors to Bitcoin: Adam Back’s Hashcash, invented in 1997, and subsequently Wei Dai’s b-money, Nick Szabo’s bit gold and Hal Finney’s Reusable Proof of Work. The Bitcoin white paper itself cites Hashcash and b-money, as well as various other works spanning several research fields.
Why Is Satoshi Anonymous?
There are two primary motivations for keeping Bitcoin's inventor keeping his or her or their identity secret. One is privacy. As Bitcoin has gained in popularity – becoming something of a worldwide phenomenon – Satoshi Nakamoto would likely garner a lot of attention from the media and from governments.
The other reason is safety. Looking at 2009 alone, 32,489 blocks were mined; at the then-reward rate of 50 BTC per block, the total payout in 2009 was 1,624,500 BTC, which at today’s prices is over $900 million. One may conclude that only Satoshi and perhaps a few other people were mining through 2009 and that they possess a majority of that $900 million worth of BTC. Someone in possession of that much BTC could become a target of criminals, especially since bitcoins are less like stocks and more like cash, where the private keys needed to authorize spending could be printed out and literally kept under a mattress. While it's likely the inventor of Bitcoin would take precautions to make any extortion-induced transfers traceable, remaining anonymous is a good way for Satoshi to limit exposure.
The Suspects
Numerous people have been suggested as possible Satoshi Nakamoto by major media outlets. Oct. 10, 2011, The New Yorker published an article speculating that Nakamoto might be Irish cryptography student Michael Clear or economic sociologist Vili Lehdonvirta. A day later, Fast Company suggested that Nakamoto could be a group of three people – Neal King, Vladimir Oksman and Charles Bry – who together appear on a patent related to secure communications that were filed two months before bitcoin.org was registered. A Vice article published in May 2013 added more suspects to the list, including Gavin Andresen, the Bitcoin project’s lead developer; Jed McCaleb, co-founder of now-defunct Bitcoin exchange Mt. Gox; and famed Japanese mathematician Shinichi Mochizuki.
In December 2013, Techcrunch published an interview with researcher Skye Grey who claimed textual analysis of published writings shows a link between Satoshi and bit-gold creator Nick Szabo. And perhaps most famously, in March 2014, Newsweek ran a cover article claiming that Satoshi is actually an individual named Satoshi Nakamoto – a 64-year-old Japanese-American engineer living in California. The list of suspects is long, and all the individuals deny being Satoshi.
Can Satoshi's Identity Be Proven?
It would seem even early collaborators on the project don’t have verifiable proof of Satoshi’s identity. To reveal conclusively who Satoshi Nakamoto is, a definitive link would need to be made between his/her activity with Bitcoin and his/her identity. That could come in the form of linking the party behind the domain registration of bitcoin.org, email and forum accounts used by Satoshi Nakamoto, or ownership of some portion of the earliest mined bitcoins. Even though the bitcoins Satoshi likely possesses are traceable on the blockchain, it seems he/she has yet to cash them out in a way that reveals his/her identity. If Satoshi were to move his/her bitcoins to an exchange today, this might attract attention, but it seems unlikely that a well-funded and successful exchange would betray a customer's privacy.
Receiving Bitcoins As Payment
Bitcoins can be accepted as a means of payment for products sold or services provided. If you have a brick and mortar store, just display a sign saying “Bitcoin Accepted Here” and many of your customers may well take you up on it; the transactions can be handled with the requisite hardware terminal or wallet address through QR codes and touch screen apps. An online business can easily accept bitcoins by just adding this payment option to the others it offers, like credit cards, PayPal, etc. Online payments will require a Bitcoin merchant tool (an external processor like Coinbase or BitPay).
Working For Bitcoins
Those who are self-employed can get paid for a job in bitcoins. There are several websites/job boards which are dedicated to the digital currency:
Work For Bitcoin brings together work seekers and prospective employers through its websiteCoinality features jobs – freelance, part-time and full-time – that offer payment in bitcoins, as well as Dogecoin and LitecoinJobs4Bitcoins, part of reddit.comBitGigs
Bitcoin From Interest Payments
Another interesting way (literally) to earn bitcoins is by lending them out and being repaid in the currency. Lending can take three forms – direct lending to someone you know; through a website which facilitates peer-to-peer transactions, pairing borrowers and lenders; or depositing bitcoins in a virtual bank that offers a certain interest rate for Bitcoin accounts. Some such sites are Bitbond, BitLendingClub, and BTCjam. Obviously, you should do due diligence on any third-party site.
Bitcoins From Gambling
It’s possible to play at casinos that cater to Bitcoin aficionados, with options like online lotteries, jackpots, spread betting, and other games. Of course, the pros and cons and risks that apply to any sort of gambling and betting endeavors are in force here too.
Investing in Bitcoins
There are many Bitcoin supporters who believe that digital currency is the future. Those who endorse it are of the view that it facilitates a much faster, no-fee payment system for transactions across the globe. Although it is not itself any backed by any government or central bank, bitcoin can be exchanged for traditional currencies; in fact, its exchange rate against the dollar attracts potential investors and traders interested in currency plays. Indeed, one of the primary reasons for the growth of digital currencies like Bitcoin is that they can act as an alternative to national fiat money and traditional commodities like gold.
In March 2014, the IRS stated that all virtual currencies, including bitcoins, would be taxed as property rather than currency. Gains or losses from bitcoins held as capital will be realized as capital gains or losses, while bitcoins held as inventory will incur ordinary gains or losses.
Like any other asset, the principle of buying low and selling high applies to bitcoins. The most popular way of amassing the currency is through buying on a Bitcoin exchange, but there are many other ways to earn and own bitcoins. Here are a few options which Bitcoin enthusiasts can explore.
Risks of Bitcoin Investing
Though Bitcoin was not designed as a normal equity investment (no shares have been issued), some speculative investors were drawn to the digital money after it appreciated rapidly in May 2011 and again in November 2013. Thus, many people purchase bitcoin for its investment value rather than as a medium of exchange.
However, their lack of guaranteed value and digital nature means the purchase and use of bitcoins carries several inherent risks. Many investor alerts have been issued by the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), the Consumer Financial Protection Bureau (CFPB), and other agencies.
The concept of a virtual currency is still novel and, compared to traditional investments, Bitcoin doesn't have much of a long-term track record or history of credibility to back it. With their increasing use, bitcoins are becoming less experimental every day, of course; still, after eight years, they (like all digital currencies) remain in a development phase, still evolving. "It is pretty much the highest-risk, highest-return investment that you can possibly make,” says Barry Silbert, CEO of Digital Currency Group, which builds and invests in Bitcoin and blockchain companies.
Bitcoin Regulatory Risk
Investing money into Bitcoin in any of its many guises is not for the risk-averse. Bitcoins are a rival to government currency and may be used for black market transactions, money laundering, illegal activities or tax evasion. As a result, governments may seek to regulate, restrict or ban the use and sale of bitcoins, and some already have. Others are coming up with various rules. For example, in 2015, the New York State Department of Financial Services finalized regulations that would require companies dealing with the buy, sell, transfer or storage of bitcoins to record the identity of customers, have a compliance officer and maintain capital reserves. The transactions worth $10,000 or more will have to be recorded and reported.
Although more agencies will follow suit, issuing rules and guidelines, the lack of uniform regulations about bitcoins (and other virtual currency) raises questions over their longevity, liquidity, and universality.
Security Risk of Bitcoins
Bitcoin exchanges are entirely digital and, as with any virtual system, are at risk from hackers, malware and operational glitches. If a thief gains access to a Bitcoin owner's computer hard drive and steals his private encryption key, he could transfer the stolen Bitcoins to another account. (Users can prevent this only if bitcoins are stored on a computer which is not connected to the internet, or else by choosing to use a paper wallet – printing out the Bitcoin private keys and addresses, and not keeping them on a computer at all.) Hackers can also target Bitcoin exchanges, gaining access to thousands of accounts and digital wallets where bitcoins are stored. One especially notorious hacking incident took place in 2014, when Mt. Gox, a Bitcoin exchange in Japan, was forced to close down after millions of dollars worth of bitcoins were stolen.
This is particularly problematic once you remember that all Bitcoin transactions are permanent and irreversible. It's like dealing with cash: Any transaction carried out with bitcoins can only be reversed if the person who has received them refunds them. There is no third party or a payment processor, as in the case of a debit or credit card – hence, no source of protection or appeal if there is a problem.
Insurance Risk
Some investments are insured through the Securities Investor Protection Corporation. Normal bank accounts are insured through the Federal Deposit Insurance Corporation (FDIC) up to a certain amount depending on the jurisdiction. Bitcoin exchanges and Bitcoin accounts are not insured by any type of federal or government program.
Risk of Bitcoin Fraud
While Bitcoin uses private key encryption to verify owners and register transactions, fraudsters and scammers may attempt to sell false bitcoins. For instance, in July 2013, the SEC brought legal action against an operator of a Bitcoin-related Ponzi scheme.
Market Risk
Like with any investment, Bitcoin values can fluctuate. Indeed, the value of the currency has seen wild swings in price over its short existence. Subject to high volume buying and selling on exchanges, it has a high sensitivity to “news." According to the CFPB, the price of bitcoins fell by 61% in a single day in 2013, while the one-day price drop in 2014 has been as big as 80%.
If fewer people begin to accept Bitcoin as a currency, these digital units may lose value and could become worthless. There is already plenty of competition, and though Bitcoin has a huge lead over the other 100-odd digital currencies that have sprung up, thanks to its brand recognition and venture capital money, a technological break-through in the form of a better virtual coin is always a threat.
Bitcoin's Tax Risk
As bitcoin is ineligible to be included in any tax-advantaged retirement accounts, there are no good, legal options to shield investments from taxation.
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Related Terms
Satoshi
The satoshi is the smallest unit of the bitcoin cryptocurrency. It is named after Satoshi Nakamoto, the creator of the protocol used in block chains and the bitcoin cryptocurrency.
Chartalism Chartalism is a non-mainstream theory of money that emphasizes the impact of government policies and activities on the value of money.
Satoshi Nakamoto The name used by the unknown creator of the protocol used in the bitcoin cryptocurrency. Satoshi Nakamoto is closely-associated with blockchain technology.
Bitcoin Mining, Explained Breaking down everything you need to know about Bitcoin Mining, from Blockchain and Block Rewards to Proof-of-Work and Mining Pools.
Understanding Bitcoin Unlimited Bitcoin Unlimited is a proposed upgrade to Bitcoin Core that allows larger block sizes. The upgrade is designed to improve transaction speed through scale.
Blockchain Explained
A guide to help you understand what blockchain is and how it can be used by industries. You've probably encountered a definition like this: “blockchain is a distributed, decentralized, public ledger." But blockchain is easier to understand than it sounds.
Top 6 Books to Learn About Bitcoin About UsAdvertiseContactPrivacy PolicyTerms of UseCareers Investopedia is part of the Dotdash publishing family.The Balance Lifewire TripSavvy The Spruceand more
By Satoshi Nakamoto
Read it once, go read other crypto stuff, read it again… keep doing this until the whole document makes sense. It’ll take a while, but you’ll get there. This is the original whitepaper introducing and explaining Bitcoin, and there’s really nothing better out there to understand on the subject.
“What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party

submitted by adrian_morrison to BlockchainNews [link] [comments]

NEX AMA Answers!

Some of the NEX team went through the questions asked a couple of days ago, but due to the answers being posted sporadically, i thought it might be better collating answers and reposting for visibility!
I highly recommend reading through if you are interested in NEX!
    NEX team marked as
U = u/Unignorant, C = u/Canesin, L = u/Localalhost_coz  
Original post here
Q: What is the NEX marketing plan to grow in terms of a customer base ? And how far is the team away from a finished product? During most of the interviews I noticed the team reference comparison to Binance, how does the interface match binance in a decentralized environment? (u/sheldonbraganza)
(U)We will have a complete product out on TestNet in Q2, and a fully working cross-chain exchange on the NEO and Ethereum networks in Q3.
NEX is marketing to two primary groups of users: (1) Mainstream users who want an easier experience buying altcoins with cryptocurrency. Through our network of banking partners, we will make it easy for anyone in the world to buy tokens on NEO, ETH (and eventually other chains) using their national currencies. (2) Bots and traders: we aim to have best-in-class trading APIs for high performance, computational trading. We will have better and faster APIs than today's centralized exchanges, with the added benefit of these systems running on decentralized networks
The point of our off-chain matching engine tech is to enable the same (or better!) usability as an exchange like Binance, while keeping around the decentralized model. The off-chain engine makes trading just as performant as today's centralized exchanges, and makes it much easier to support the kind of cross-chain trading functionality that has long been a pipe dream for decentralized exchanges. We are very much inspired by other exchanges like Coinbase in this regard, and we will be the first DEX to achieve this.
(C) Just to remember that NEX is also going after costumers that usually are not considered by other exchanges with its features to facilitate peer to peer payments requests, invoicing and tipping/gifts.
Q:Can you elaborate on NEX staking? The whitepaper was fuzzy about it and had terms like "staking percentage". (u/r3dh4r7)
(U) The NEX staking rate will be from 25-75%. Committing to stake for one day gives a rate of 25%, which increases linearly to a rate of 75% if you are willing to stake for 2 years By staking rate, we mean the percentage of revenue you will get from NEX fee collection proportional to the tokens you hold. For example, if you hold 10% of all NEX tokens and are staking at a rate of 75%, then you will receive .10 * .75 = 7.5% of all fee revenue generated by NEX over that period.
We will confirm these details in an updated white paper release coming out today or tomorrow. ~ If you commit for two years, the first year will still be at 75%.
Q:How soon do you introduce Fiat pairs? (u/coinonymous1)
(U) Our network of banking partners will begin to go live in Q2. That means users will be able to enter the ecosystem with national currencies through the NEX extension and web-based exchange interface.
(C) To clarify, this are not direct trading pairs on the exchange itself (i.e. JPY/NEX) but a easy method to on ramp and cashout using the tools. Users will be able to acquire NEO and GAS with fiat and any other tokens traded at NEX will be using the exchange itself.
Q: The chrome extension is great but why should I still rely on desktop to access NEX interface ? When can we expect Iphone/ Android App? (u/cryptobuddy_1712)
(U) We are planning native android/iOS apps. Depending on how fast we can grow, they may be out by Q3.
(C) Mobile presence is a complex topic, depending of how much of the full experience you want to provide - that will depend on the support shown by 3rd party wallets, if they adopt NEX APIs.
Q: Will you guys be supporting Ledger integration any time soon? Nex chrome add-on, Nex exchange integration...?! Plans to list the Nex token on other exchanges before the release of your own? What are the plans to continue supporting Neon wallet now that Nex came out with their extension for chrome? Will Nex exchange introduce fiat deposits/withdrawals? (u/mihai_ss)
(U) Yes, ledger is on the roadmap. We cannot comment on other exchange listings right now. We love and will continue to support Neon wallet (you are speaking to its creator :) as a great desktop wallet and complementary partner to our extension. NEX will support national currencies in/out of the exchange through our network of banking partners.
(C) Not only ledger but hardware wallets in general. Ledger is priority currently given that it is quite popular in NEO. We have to have in mind that NEX is trying to do a lot of different things to make usage easier to new users (that probably don't have a ledger!), there is currently about 96k users of it (more than this sub) so we will focus on fixing the corner cases and issues that appears frequently with such large user base first.
Q:More and more people are using mobile apps for trading. Don't you think nex should also have its own iOS and Android app. Are the API being developed future proof to integrate with mobile apps for trading and seeing candle charts. (u/Cryptobanku)
(U) We agree with the power for mobile, and future proofing the API is 100% on our mind. Longer term, we are planning native iOS/android apps.
Q:So NEX is a security right? What does that mean exactly? The Token only will be available on the neon exchange? In order to get the exchange dividends are we gonna be forced to put our tokens on stake mode? If so, once we put our tokens on stake mode does that mean we are not gonna be able to move them or sell them for a specific period of time? (u/sersimovi)
(U) NEX is a registered European security. It will be traded on NEX exchange, but that is not the only place it will be traded (I cannot say more than that right now). Being a registered security is amazing for investors. It means that all of the sketchy things that so often happen with cryprocurrencies/tokens (things like market manipulation or insider trading) are made explicitly illegal. It also means that we, as a company, go through an extensive audit. For that, we have partnered with the top tier accounting firm Ernst and Young.
The staking model means that you commit to staking your NEX for a certain amount of time to receive a share of fee revenue. The minimum amount of time you can stake NEX is one day. The maximum time you can stake is two years. While staked, you cannot move or sell the NEX tokens.
(C) All that plus the investor don't need to fear it will crash because someone classified it as a security in the future.
Q:When will the official sale date be announced and when will the official tokens per neo be determined? (u/rborsb9)
(L) We are still working with our legal partners to determine a final sale date, but it will be sometime at the end of April. The tokens per Neo/Gas will be determined from the 10 day moving average of the price before the sale begins.
Q:What do you think sets NEX apart from the countless other DEXs that are starting up right now? Why should people invest in NEX vs Switcheo/Etherdelta/Binance(once they release)?
(U) NEX will be the first usable, performant, and cross-chain DEX. Out of all the exchanges you mentioned, none of them are using an off-chain matching engine, which quite simply means none of them can do what we are doing.
In addition to that, NEX has by far the most generous revenue share model of any exchange you have mentioned. This is because we are embracing being a security (not hiding behind some questionably legal utility token). The people who invest in us will be treated very well by this model.
As for competitors: Switcheo unfortunately doesn't work. There is no volume, and the SC is broken (or at least didn't work when I tried it; the transaction failed and it stole the small amount of GAS I tried to trade). Etherdelta has higher volume but still ridiculously low overall. And again, just try to use Etherdelta... it is a usability disaster. There is really no comparison here. Binance might do something interesting, if they decide to do anything. But we have better technical talent than Binance, so I am not too worried.
Q:What % volume neon exchange will support compared with top centralized exchanges? Thanks big neo fan! (u/myfriendbaubau)
(U) We will support just as much volume as today's centralized exchanges.
Q: Will NEX have a stable coin? (u/masi252)
(U) We have looked into various implementations and ideas surrounding stable coins and have determined that it is not something we are planning on doing in the near future.
Cont: What about when Alchemint releases? (u/Bing0to)
(C) We wanted to do a fundamental strong stable coin that was capital efficient. Unfortunately there is some pre-requisites for that to be possible that currently is lacking in crypto markets. We will continue to monitor how this space evolves and our ideas are stored waiting the future when they can be applied.
Q:Can we expect the erc20 token trading earlier than q3? (u/markerizza)
(U) Q3 is the current roadmap projection. It is possible it will happen earlier depending on our growth.
Q: Will the token sale be via smart contract, so that we recieve our tokens right away? (u/Ebrii)
(U) Yes
Q: will you guys have an official subreddit and telegram anytime soon? (u/markerizza)
(U) No, we dislike the idea of project oriented telegrams. There are too many opportunities for scammers. We may have a subreddit in the future, but not anytime soon.
Q: What is the plan to get liquidity on the platform? It seems to be the biggest problem with current DEXs. (u/Mutedtommy)
(U) We have strategic partnerships for this. We are also working with other partners to develop some nice APIs for high performance trading.
Q: On the site you say that the ORIGINAL winners can participate in the second round (9000$) options, do you mean only the first round lottery winners or the first and second round winners combined? (u/FrancoisFrancis)
(U) Any lottery winners (whether first or second draw) have the opportunity to participate in both rounds 1 and 2. Please see this medium post for clarification: https://medium.com/neon-exchange/nex-extension-and-lottery-q-a-667e56f58e4a
Q: If you chose to participate in round 2 from the KYC process, does that mean you are guaranteed a spot? The medium article seems to indicate there will be an additional lottery from those who selected that option to see who from round one is eligible for round 2. (u/DwyerMatt)
No one is guaranteed a spot in round 2. It is even possible (though extremely unlikely) that all NEX is sold out in round one. This would happen if everyone who is selected goes through KYC and participates at 100%. (U)
Q: Will NEX tokens only be tradeable on NEX or is there a chance of it being listed on other exchanges like Binance? (u/Frank_Sinatra88)
(U) See an answer above. Not just NEX, but I can't say more than that right now.
Q: How do you see NEO compare to other coins on its network ? Like another coin could be valued more than NEO itself ? And will NEX always be bound to NEO? (u/BN_Boi)
(U) It is unlikely but possible that a NEP5 token could eventually achieve a higher marketcap than NEO itself.
NEX is not bound to NEO much at all. Our token will live as a NEP5 on NEO, and that is how users will receive staking rewards, but we will support trading very early on Ethereum as well.
(C) Google runs atop of other companies infrastructure (telecom providers), but it is valued more than all of them. The same thing can (and probably will) happen in token land, it will just take a while - when infrastructure becomes less important than applications and platforms atop of it. Like with the internet.
NEX behind the scenes (as the DEX is cross-chain from start) is using NEO capabilities, but the future of both is broad and uncertain. As a long term strategy the NEX company will do what it can to improve its underling technology and remove risk from its business.
Q: Is there a vesting period for the half of available NEX tokens that will not be sold during the ICO? (u/ETHERjimbo)
(U) The founder and employee tokens (25%) will vest over two years.
Q: Whitepaper uses an example $100m in the fee distribution calculation. If NEX is truly a security token and the whitepaper is your prospectus then you must provide further data on fwd looking statements. The NEX token gives the right to fee distribution. Given this you must provide assumption based forecasts on expedited fees over the next 3 years. This will support price discovery. How can the market properly price the token when fee expectations are unknown.(u/nsheahan82)
(C) Fee structure is defined on whitepaper and version v1.1 contains a example section as stated. Version v2.0 (to be released very soon) contains the actual staking portion (25% to 75% linear over two years growth on staking).
Guess work on the volume would in reality be very indigenous, look at volume behavior market wise (https://coinmarketcap.com/currencies/bitcoin/#charts) so much variation. Following the 3 years trend we could say trading volume will be bigger than the world economy, clearly that is not happening.
Q: Would NEX Staking be a 50% or 75% as stated on the whitepaper? (u/GMDaddy)
(C)See answer above, it starts at 25% and goes up to 75%. The increase is linear and maximum period is 2 years.
Cont: By linear, you mean like as an option where the user has the choice on picking whether to stake it from 25% up into 75%?
(C)No, when you start staking it starts at 25% and by linear I mean it increases at a constant rate of about 2.08% per month for two years until it reach 75%.
(U)To clarify fabio's comment: yes, you can choose a fixed rate of 75% by committing to stake for two years.
Q: A massive attraction to NEX is the prospect of decentralised banking. What makes decentralised banking better than traditional banking? (u/kabelofthe3rd)
(C)Our goal is to facilitate crypto trading at large, this touches from usage of applications to investing passing by funds management and invoicing solutions. What this enables is a digital cashless economy, we call it the smart economy. In the smart economy users are in control of their funds using this advanced technological tools to perform the tasks above and current banking solutions are no longer needed.
Q: Once NEX is rolled out, what will be the easiest way for US residents to buy some stake? I'm aware it's going to be issued as a security so I'm thinking the NEX token will only be tradable on NEX itself because most non decentralized exchanges will not list security's or tokens that don't pass the Howet Test. Is this correct?(u/Cozmo525)
(C)You are correct, for US persons you will need to wait other licensed exchanges list NEX or we acquire the proper licenses to allow US people to trade securities. Whatever happens first =)
Q: Can I stake only NEX or also other Token f.e. NEO? (u/masi252)
(C) NEO doesn't need to be staked, you already can claim GAS on NEX extension.
Q: How do you plan to compete with Switcheo when they have first movers advantage and will be live for months before your platform will be? (u/toneeey1)
(C)We plan to compete with anyone in our market by providing better products.
Q: Will TNC be utilized? (u/molly1nora)
(C)That is not planned, NEX has it own custom scaling solutions already in development.
Q: Do you see exchanges not listing NEX, due to the fact that you guys are direct competition? (u/detnah)
(C)That is a tricky question, I believe competition will not be with every exchange - in special centralized ones, as CEX they will more focused in national markets and we are going after broad chain level trade.
Q: Is there a chance in the future you will also introduce other coins to the exchange sich as ERC-20 tokens etc? If so you'd blow all competition out the water. (u/Frank_Sinatra88)
(C)Yes, ERC-20 tokens will be supported by Q3 together with NEP-5.
Q: Will NEX APIs support mobile Dapps or Wallets? (u/johndon96)
(C)Both, APIs are in general not target to a specific application, is up to the developers to use it in their products.
Q: What are the team's plans to make NEX the best decentralized exchange and one of the best projects ever released? (u/its_me_TAG)
(C)We will be working close to our costumers, never afraid of breaking status quo and never ending improvements. NEX will never be done.
Q: Are there any plans to open up some Nex-Stores in several spots around the Globe? (u/michaeluebelhart)
(C)No, but will have a online swag store :D
Q: Is it possible that in the long future to have forex pairs listed on NEX? (u/BR8889)
(C)In a future where fiat has token representations or stable coins are indeed stable.
Q: When will we see the updated Whitepaper? (I know for example that you plan to integrate ERC20 tokens earlier than mentioned in the original Whitepaper) (u/mambor)
(C) Target is this weekend. We could delay if redacting detects things that should be changed/improved.
Q: What is your go-to-market strategy? (u/Dux_AMS)
(C) We already have >100k users. ;)
submitted by menofthenorth to NEO [link] [comments]

Best Cryptos to Invest in the Year 2019

Looking back in recent history, it seems as though big investors and financial organizations are changing their attitudes towards Bitcoin and altcoins. The media coverage worldwide illuminated the vast returns being had in the cryptocurrency markets, with many coins up over 100x since their conception. This certainly has garnered the attention from both legacy and newcomer investors. Currently, everyone is waiting to see if cryptocurrencies can continue on their path to new all time highs.
2017 turned out to be a whirlwind year, with most cryptocurrencies soaring to new all time highs at the end of 2017 and early 2018. The media coverage of cryptocurrencies was nonstop, with news reports on financial programs almost daily. In addition, many movies and tv shows mentioned cryptocurrency, including the technology oriented show “Silicon Valley.” So far, 2018 has seen a vast pullback in the cryptocurrency markets. Many of the smaller altcoins are down over 90% with Bitcoin, the crypto leader, still being down over 60% from all time highs.
Even with the overall market pullback, many investors are still very bullish on cryptocurrencies going into 2019. Many big name institutions are jumping head first into crypto, with NYSE announcing a new crypto exchange, BAAKT. Also Fidelity has announced a crypto support platform for their customers. Even legendary Ivy league university Yale has announced a new 400 million dollar investment fund geared towards cryptocurrency.
With so much bullish news adding up rapidly, almost everyone seems to expect a very profitable year for crypto leading into 2019. While Bitcoin is still currently the market leader there are also some big name altcoins that expect 2019 to be a huge year for them.
The Altcoin Hierarchy
Before investing in the crypto market, let us go through the basic classes of cryptocurrencies that exist in the market. While every class has the potential to have impressive returns, some coins have more impressive use cases and concepts, In addition to more qualified and funded development teams. Simply put, not all altcoins were created the same.
The Penny Stocks of Crypto
These are the bottom tier altcoins that could possibly become worthless in the near future. They operate much like penny stocks, advertising big promises of ‘guaranteed gains’. Eventually, many fail to offer a fraction of their promised returns. One of the ways to identify these is to look at their team members, their past experiences, objectives of the project, probability of mass adoption, actual use of the coins and many more.
The reasons for their failure is usually because of unwillingness to work for the vision they once promised in the first place, bad wealth management, inclusion of scammers in their team, unrealistic expectation from the project and also making money via pump and dump schemes.
Some of these coins are Trumpcoin, Russia Coin and Verge.
Average Coins
According to the ‘coinmarketcap’ website, there are currently more than 2000 cryptocurrencies listed on their website. Among those, there are around 500 of them that can be considered in this ‘average’ category.
These are the coins that do have a purpose/objective to work on but fail to maintain a good development team. They and their coins don’t really have any kind of purpose in the crypto market and fail to finalize any kind of legitimate deals and partnerships with good investors. This makes their performance very limited as compared to other altcoins in the market.
Some of these coins are Deep Brain Chain, Funfair, Decred, Navcoin, Populous, Cryptonex.
Good Coins
There are around 500 of such good coins in the market that do offer a good objective for the project, a solid team with good experience to execute such tasks, a good marketing strategy to reach out to masses to share their ideas and quality contacts to make some good partnerships in the market.
The only reason why they are only classified as ‘good coins’ is due to the lack of uniqueness that the other ‘very good coins’ offer. They don’t really have that ‘point of parity’ in their project/product that separates them from their counterparts.
Some of these coins are NEM, Stratis, Monero, and BAT.
Very Good Coins
There are around 100 such ‘very good coins’ in the market. Their objectives are well defined with a solid team to execute their tasks perfectly. Along with that, their marketing teams are also well-qualified to make their ideas reach to the masses. Because of such a wonderful blend, they are able to make better and strong partnerships with a number of good companies.
What separates them from the ‘Good Coins’ category is their USPs (Unique Selling Points). They are unique in what they do and that’s what makes the difference.
Such coins are NEO, Stellar, Cardano, Ripple
Top Tier Cryptocurrencies
These are the top tier coins that provide the best functionalities. They have real-world usage, objectives to solve a real-world problem, strong fundamental teams to execute the mission of the project, marketing teams to spread the ‘idea’ and collaboration with a number of media channels to gain early investors.
Also, due to a good PR team, they are able to make a very strong partnership with a lot of Fortune 500 companies that give them an extra edge over rest of the projects in the market.
Some of these coins are VeChain, Ethereum, Bitcoin, IOTA, Icon, EOS, Kinesis.
Promising Projects Going Into the New Year
With more than 2000 cryptocurrencies out there in the crypto market, only a couple 100 of them qualify to be a top tier investment. It can be quite the challenge to find a worthy project among the thousands of choices. These next projects are some that show a lot of promise heading into 2019.
Always remember the 3’S’ of the investment – Sane, Smart and Sensible. An investor who is sane, smart and sensible will always look into the facts before he invests in any business or project.
Kinesis
This is one of the most promising upcoming projects in crypto. The broad overview of the coin is to offer an alternate and better evolutionary step beyond the basic monetary and banking system available today.
In short, it is a cryptocurrency that is backed by precious metals like gold and silver. According to the CEO of the company, Thomas Coughlin, the Kinesis coin is basically divisible units of allocated gold and silver which you can use as a currency.
There will be two stable Kinesis coins in the market backed by Gold and Silver. The stable Kinesis coins backed by Gold will be tagged as KAU and the stable Kinesis coins backed by Silver will be tagged as KAG.
These stablecoins backed by the precious metals like Gold and Silver are real game changers as these 2 precious metals are definable stores of value for use in trade and investment in the real-world economies.
The Kinesis coin is based on the Bespoke Blockchain Technology, a blockchain network forked off from the Stellar Blockchain Technology in order to suit the requirements of the Kinesis coin.
The cryptocurrency project is headed by Thomas Coughlin who is also the CEO of the Kinesis company. He has 15 years experience in the investment, funds management and capital markets. Before being the CEO of the Kinesis company, he held similar positions for the Bullion Capital and TRAC Financial Group as well.
Apart from Thomas Coughlin, there are other great members in the team as well. Their team consists of people like:
Michael Coughlin, Chief Financial Officer, having 41 years experience as a CPA in the accountancy and financial services professions.
Eric Maine, Chief Strategy Officer, having more than 30 years experience in Senior Management in the exchange and financial markets.
Ryan Case, Head of Sales & Trading in Kinesis, having extensive experience as Head of sales trading & partnership and also valuable experience in commodity, cryptocurrency, forex and derivative markets.
Jai Bifulco, Chief Marketing Officer, having a full-fledged 12 years of experience in award-winning full-stack marketer in Finance. He previously held roles of directors in multiple brokerages, consulting and Fintech sectors.
There are more than 30 different team members in this project spanning their roles from The Executive Committee to the Advisory Board to the Operations and Development team.
The coins are very limited in number as compared to other cryptocurrencies where the softcap is limited to just 15,000 KVT coins and HardCap is limited to 300,000 KVT coins. Minimum token that one can buy is set to 1 KVT which is equal to $1000.
So far, more than 57,000 KVT tokens have been sold which roughly equals to a whopping sum of $57 Million. With such a huge investment already deployed for the development of the project, there are still 30 more days left for the ICO sale period to end.
Also, apart from the investments gained, the Kinesis cryptocurrency is also focusing much on the partnerships with the top companies in the industry. These include companies like ABX (Allocated Bullion Exchange), MLG (Blockchain Consulting), Sigma Prime, Etherlabs and Fine Metal Asia Limited.
This cryptocurrency is certainly the one to watch out for in 2019.
VeChain
Broad Overview – In simple layman terminology, Vechain is a supply chain protocol to track logistics inventory. It has successfully implemented blockchain technology in various sectors like agriculture and industries like luxury goods and liquor.
They basically strive to solve real-life problems by providing solutions in various industries like:
Logistics: In this sector, VeChain implements the blockchain technology to improve the flow of information from one department to another by breaking silos yet maintaining the data privacy of every department. Government: There are more than 111 VeChain nodes deployed worldwide. The municipal governments participate in the VeChain blockchain network as nodes. The VeChain blockchain network offers decentralization and immunity against the data hacking that allows room for transparent information exchange. This indeed improves the efficiency of the municipal governments. The technologies used to track the logistics are:
Assigning digital identities to physical stocks that can be stored on the VeChain blockchain network Usage of RFID (Radio Frequency Identification) NFC (Near Field Communication) Proof Of Authority Consensus In-House Temperature Controlled Tracking Quick Response Codes (QR Codes) The future potential of the VeChain cryptocurrency looks quite promising as the coin is signing new partnerships every month or so. Some of its partners are PricewaterhouseCoopers, DNV GL, Renault Group, KUEHNE + NAGEL, D.I.G, China Unicom and the State Tobacco Monopoly Administration of China.
Every single company with whom VeChain partnered has millions of customers that will use the VeChain technology embedded in their system. This makes the coin solve real-life problems and have mass adoption.
VeChain indeed makes a big difference in the logistics business. However, given the kind of turmoil that the entire cryptomarket is facing where the total market capitalization has fallen from $800 Billion to just around $200 Billion, no one can give any kind of assurance on the returns in your investment in the crypto assets. However, stablecoins like Kinesis has a reward yield system that incentivizes its investors for holding, depositing and also referring new users. Hence, the investors always stay on the benefit side even if the market collapses for a short duration.
IOTA
In simple terms, IOTA is a cryptocurrency which is designed for the Internet of Things. The cryptocurrency was developed to root a new direction to IoT by establishing a standardization called, ‘Ledger of Everything’ which means that the data exchange between sensor-equipped machines would be enabled to populate IoT.
IOTA has the potential to make transactions easy. A basic use case of IOTA can be seen in IOTA enabled vending machines. These machines can dispense the items without involving the associated transaction costs. Some other use cases of IOTA are Reddit Chains etc.
Technology Behind IOTA Surprisingly, IOTA does not use the traditional Blockchain technology for its design and development. In fact, a new platform called ‘Tangle Technology’ is being used for IOTA to operate on. The Tangle Technology deploys a mathematical concept called Directed Acyclic Graphs (DAG) which resolves both the scalability and transaction fees issues which we face in blockchain based cryptocurrencies.
In IOTA, for a transaction to be valid, each node present in DAG Tangle must approve the previous two transactions occurring at the other node. And adding to a note, this process removes the chances of mining and makes the system fully decentralized.
Future Potential Keeping in mind the remarkable result of IOTA, there exists a promising scope for it in the near future in various applications and platforms. IOTA would be standing tall and different in the future world full of cryptocurrencies vulnerable to quantum computers. IOTA has a lot of companies that it is working with. Some of them include Bosch, Volkswagen,Fujitsu, Accenture, Poyry and many more.
When viewed from a macro perspective, so far IOTA looks to be fee-less, scalable and fast which makes it next to perfect. However, if you own IOTA, the chances of you liquidating it into fiat currency via a ‘debit card’ and buying something from a grocery store is quite low. In order to fill this gap of actually buying something from the street market and becoming the global currency, Kinesis has introduced its Kinesis Debit Cards that enables the Kinesis token holders to exchange their tokens against FIAT currency and simultaneously buy products from a grocery shop, something which IOTA fails to offer.
ICON ICX
Broad Overview: ICON is a South Korean based company that develops blockchain technology and accompanies the cryptocurrency called ‘ICX’. ICON is a network framework which has been designed to allow independent blockchains to interact with each other. It allows interconnected blockchain networks to participate in a decentralized system which converges at a central point.
Technology: ICX token is built on the Ethereum blockchain network. ICON has developed a loop-chain platform that connects different blockchain communities through the ICON Republic which serves as the governing head for the Federation of other independent blockchain bodies.
All the communities are linked to Republic through C-Reps (Community Representatives) which then connects to Nexus. C-Reps functions as the portals to the communities to establish a connection with Nexus. And this way the entire procedure is carried out.
Future Scope: It is believed that ICON has plans to provide platforms to financial, security, insurance, healthcare, educational industries which can help them to carry transactions on a single network. Thus, ICON (ICX) can be seen having a good time in the coming days.
Also, it has been successful in signing a partnership deal with the tech-giant Samsung where it will be using ICON’s own Chain ID for a new Samsung project called ‘Samsung Pass’. Apart from Samsung, ICON has also signed deals with PORTAL NETWORK & W Foundation.
However, it is notable that ICON is built on the Ethereum network and is an ERC20 token. Hence, the transaction speed greatly depends on the Ethereum network. Currently, Ethereum can execute 15 transactions per second which is quite low in terms of what ICON (ICX) is currently aiming for. However, to fill this gap, we have Kinesis Bespoke Technology that offers a whopping speed of 3000 transactions per second. This lightning fast speed keeps the Kinesis token way ahead than ICX token.
Enjin
Broad Overview The native cryptocurrency of the Enjin Network, the Enjin Coin (popularly known as only ENJ) follows the ERC20 token standard and is used with a smart contract-based blockchain platform. Its typical users include content creators, game developers, and other members of the gaming community, who need to use virtual tokens to manage and trade virtual goods in the gaming world.
Technology behind Enjin As an ERC20-compliant token, the ENJ functions in accordance with the rules an Ethereum contract has to implement. It is used on a dedicated platform that is designed to support open-source software development kits (SDKs), applications, plug-ins, and payment gateways. As for its users, they will be able to efficiently participate in developing, launching, managing, and trade content and game-related products on the Enjin Network, without having to deal with the technical complexities.
Summary of Potential The ENJ is expected to solve some performance issues in using similar cryptocurrencies on the market today, including payment frauds where goods are not actually delivered, slow transaction processes, lack of ownership of virtual goods, lack of transaction standards, and centralization problems.
According to its creators, the ENJ coin, which is based on a blockchain, will create a distributed, trustworthy, and secure framework where transactions can be executed smoothly and quickly with minimal transaction fees. Its autonomous and decentralized system will ensure that all offers and deals will be honored.
Conclusion Generally speaking, the Enjin Coin is good. It helps bring the benefits of blockchain to millions of people participating in the virtual goods market. Its creators are working hard to prevent fraud in the gaming world.
However, it is still a relatively new project. As such, it is still volatile. This means that you still have to take utmost care and be wise when using it.
EOS
Broad Overview EOS is considered by many people who are participating in the virtual goods market as one of the best cryptocurrencies to use, supported by a powerful infrastructure for decentralized applications. Basically, the EOS blockchain is used for the development, execution, and hosting of decentralized applications (dApps) that are traded virtually.
Technology behind EOS The EOS system is composed of two key components, which are the EOS.IO and the EOS token. As for the former, it functions like a computer’s operating system in managing and controlling the EOS blockchain, with the use of an architecture that enables horizontal and vertical dApps. As for the latter, it is held (instead of spent) by the users to be able to become eligible of building, running, and trading apps, as well as using EOS network resources.
While EOS still does not have an official full form, it supports all core functionalities to allow individuals and businesses to create and trade blockchain-based apps.
It also runs on a web toolkit for interface development, just like Apple’s App Store and Google Play Store.
Summary of Potential While there are already a lot of cryptocurrencies based on Ethereum similar to it, the EOS system focuses on the critical and problematic points of the blockchain. Specifically, it attempts to solve the problems of scalability, speed, and flexibility that often cause transaction processes to slow down, which is a common issue in blockchain-based systems.
According to its creators, EOS.IO could also address other problems that come with the ever-increasing size of the dApps ecosystem, such as limited availability of resources, constrained networks, spamming, false transactions, and limited computing power.
It is said to be able to support thousands of commercial-scale dApps without hitting performance bottlenecks by using asynchronous communication methodologies and parallel execution across its network.
Conclusion The EOS system is very advanced. It is designed to address common problems with standard blockchain-based networks. But like other new cryptocurrency platforms on the virtual market today, it still has some weak points to improve. Also, there is again the exposure to volatility, as users hold the tokens to be eligible to trade virtually.
Nebulas
Broad overview Nebulas (NAS) is a new generation blockchain and is open for public collaborations for decentralized application (dApp) development. Its adaptability and scalability are the two characteristics that could propel NAS to be one of the top cryptocurrencies, thus giving it enough leverage to compete in the market.
Technology behind Nebulas Nebulas is the first crypto running on a 3rd generation blockchain, thus making it the dominant player of the new platform. This makes Nebulas highly flexible and scalable, even giving a good leverage in future-proofing their code. That could help avoid hard forking whenever some issues come up during scaling processes.
Summary of potential Adaptability, scalability and search-ability are three of the biggest potential NAS has to offer. With the 3rd generation blockchain it uses, it can allow the adaption of other codes based from Nebulas. This means that other cryptos can adapt to its platform soon enough.
Moreover, it can also act as a blockchain search engine. This can let users search particular blockchains based on efficiency and community strength.
Finally, its goal to provide fair incentives to Decentralized Application (dApp) developers is something that collaborators could expect. This means that more developers are expected to come, thus strengthening NAS even further.
Conclusion Nebulas (NAS) is a promising crypto especially with its adaptability, scalability and search-ability potentials. It can help with the fluidity of crypto into this new generation platform. However, it still lacks the value stability that Kinesis or stablecoins hold. NAS is still unpredictable, unlike Kinesis that backs it value with real gold.
Sky
Broad overview SkyCoin is a full environment system of blockchain technology, and has the goal of endorsing the actual usage of cryptocurrency.
Technology behind Sky Sky has its own algorithm, the Obelisk, which uses the web of trust dynamics to spread influence all throughout the network to come up with a consensus decision. The consensus decision depends on each node, by valuing its influence score. The influence score of each node is determined by the number of network nodes connected to it. This depicts the importance of the node to the network.
Aside from the Obelisk, Sky also operates its own cryptocurrency which is SkyCoin, its own ICO platform Fiber, a decentralized social media platform called BBS, and a decentralized messenger called Sky-Messenger.
Summary of potential Sky focuses its potential on being a full ecosystem of blockchain technology that encourages actual usage of crypto. Through its unique algorithm which is the Obelisk and some other dApps associated with it, Sky is a promising crypto technology and could be considered as the most complete one as of today.
Conclusion Sky, SkyCoin and the Obelisk is definitely a massive platform that could be considered as a full ecosystem of crypto and its related technology. Nonetheless, the SkyCoin depends its value on node influence scores, which could change from time to time as well. This makes Kinesis and Stablecoins still a better choice, especially for investors who want clear investments without hassle.
Crypto Predictions for 2019
While 2017 had the masses captivated and investing large amounts of capital, 2018 has seen price drops and sagging hopes. While the returns in 2017 exceeded anyone’s expectations, a strong pullback was predicted by many. Whether or not this bear market continues from here is the real question many investors face today.
Bitcoin’s rapid rise and fall exposed many problems, and the developers of the top cryptocurrencies in 2019 took note. When considering your crypto investments for 2019, factor in the following trends we predict will influence investments:
More Pullbacks According to the CEO of Vellum Capital, Eric Kovalak, the price of cryptos will reach new lows before they will rebound to new heights. This includes the biggest cryptocurrencies in the market, including Bitcoin. Kovalak believes that it will be priced below $3,500 before it will find its way back up. However, there are many mixed opinions on the current price of BTC, with some arguing the bottom for the crypto markets have already been seen.
Due to Bitcoin-based remittances, uncertainty in global economies like Asia, Turkey and Venezuela, and mobile penetration, there will be a surge in interest and the price of the digital currency.
A Flood of Institutional Investors
Institutional investors have been waiting on the sideline for the ETF to rule in favor of Bitcoin. According to Mike Novogratz, CEO of Galaxy Capital, once the ETF arrives, “institutional fomo’ will start flooding the market.”
Another factor is Kinesis, the investment blockchain that provides investors with a safe and reliable alternative. Pegged against precious metals, it provides protection against volatility that may be caused by political instability.
The Kinesis Monetary System lets you own real gold or silver when you purchase the digital currency. Your ownership is then digitized and then made available for spending, trading, and transfer. What is even better, the monetary system can be used internationally, ensuring reliability of money around the world.
With the recent crisis around the Turkish Lira, the price of gold has significantly increased.
Mass adoption of crypto by consumers In January 2019, blockchain technology will be 10 years old. It remains a speculative investment to this day but 2019 could be the year of mass adoption for digital currencies.
For this to happen, however, there has to be some triggers.
Speculation should become a real utility. People must use blockchain projects in everyday life so they will gain widespread use. Decentralized applications (DApps) must gain mainstream status to promote widespread adoption of cryptocurrencies. Improved payment processing, addressing the issue on the current situation of slow transaction times and high transaction fees. Scalability of blockchain technology with little to no impact on its efficiency. To date, slow transaction times are due to the growing number of users and transaction sizes. This calls for blockchain to grow and have the ability to compete with Mastercard, PayPal, or Visa. Introduction of off-chain solutions that allow users to complete a transaction through peer-to-peer payment channel instead of within the blockchain. This will address slow transaction times. Security will be provided by the parent blockchain. Gold Is Still The Standard Despite the promises and unique functions of many cryptocurrencies, there is still uncertainty in these new markets.
Gold has remained the best form of investment throughout history, and the best store of value, especially through times of crisis in politics and economies.
Kinesis pegs its value to gold which has proven to be the safest investment in history. Therefore Kinesis stands to gain from the stability gold offers while simultaneously fusing it with the unique features of this cutting edge crypto technology.
With the Kinesis Monetary System, investing in gold is no longer the slow process that many older investors are used to. This cryptocurrency is backed by gold and silver and supports precious metals trade.
It has three essential assets.
Tokens that represent an investors ownership of gold and silver. The inherited system where performance is done. Complete blockchain security that supports investments and paves the way for the creation of new assets protected in a banking system. Most importantly, the Kinesis Monetary System allows thousands of transactions to be completed per second in a completely secure channel.
The Near Future
Even a decade later, cryptocurrencies are still very much in their infancy. At this time, no one is sure what shape this growing sector will take in the future. Many cryptocurrencies will come and go but the ones that show the most promise, that fulfill their use cases, will stick around for the long term. With any emerging technology, we have to watch how it evolves and how it merges with our everyday life, changing the way we interact with everything around us.
submitted by National_Association to CryptoMarkets [link] [comments]

Mga pasimuno ng sisiw investment scam timbog! SGP DRAGON TRADING / DRAGON GRANDEUR CORP. AND REQUIZA POULTRY CERTIFIED SCAMMERS!

Mga pasimuno ng sisiw investment scam timbog! SGP DRAGON TRADING / DRAGON GRANDEUR CORP. AND REQUIZA POULTRY CERTIFIED SCAMMERS!
  • INVESTMENT SCAM!
\"SGP DRAGON TRADING / DRAGON GRANDEUR CORP. AND REQUIZA POULTRY\"
\" CERTIFIED SCAMMERS \"
NBI special action forces with the help of SEC conducted a company raid on Dragon Grandeur Corporation currently owned by the name of Kieran Parson. The said company was rumored to be an investment scam which was proved by the raid. Dragon Grandeur Corporation was advised by SEC that they must not accept any investors, money, or conduct seminar without them knowing it, but the company still insist of accepting any investors to make money. The company was filled with employees coaching an investor who’s trying to learn Forex trading before investing to learn more on the tradethat was happening on the company’s Facebook page. The promise made by Dragon Grandeur Corporation to all its target investors was very interesting since you only need to put money on their company and you’ll receive a set percentage of the money coming in from the company’s live trading, assuming that you invest 1k to 300k pesos 1 to 1.5% is your guaranteed income in dollar currency every day, you can also view the movement of your investment through the dashboard that the company will provide after signing the Memorandum of Agreement and the amount of investment money. The percentage also rises the more you invest to their company, you can also make money by inviting any potential investors, the more you invite, the more you receive.
READ THIS ARTICLES FROM " ABS-CBN "
https://news.abs-cbn.com/news/08/16/19/mga-pasimuno-ng-sisiw-investment-scam-timbog
They also conduct free seminar about Forex trading for their investors so that they can mask their grotesque intentions. The company streams their live trading on their Facebook page every 10pm PH time, but it’s so confusing to watch without proper knowledge since you only follow the flow of charts flying all over the software used by the company. Unfortunately, The CEO/President of the company “Kieran Parson” was not present on the day of the raid, the employees of the company were arrested under the Securities of Exchange Code and Falsification of Documents. On the other hand, NBI and SEC also raided Requiza Poultry because of a suspicious advertisement reported by a potential investor that you’ll get 50% worth of income when you buy chicks to their company.
https://preview.redd.it/ogplebbzqrh31.jpg?width=1242&format=pjpg&auto=webp&s=1c42f058e9b39a4968528751a94a97faa5fd80cf
That statement became Requiza’s downfall because of the exaggerated percentage of income you will receive from them in a span of 60 days. Darlito Dela Cruz Marquez and his minions are still on the loose! No matter how many companies the authority raids, he can still build a company on any person’s name. We must stay vigilant at all times because we cannot differentiate a sheep and a wolf wearing sheep’s hide. He can blend in anytime, while waiting for the perfect chance to strike and sink its fangs to its victims.
  • WATCH THE FULL VIDEO :
https://www.facebook.com/antiponzi/posts/2392249041032813
https://www.facebook.com/antiponzi/videos/1366084693547826/
This is a warning to everyone trying to invest on companies mentioned by this article. In order to know the legitimacy of a company, we must not base our conclusions to hearsay, rumors, or people that benefits on a certain company. Securities and Exchange Commission is the only way of proving that a company is legit and is safe to invest your money into.
  • LIST OF SCAM BUSINESS :
https://www.facebook.com/requizafarmph/
https://www.facebook.com/Dragonchannelcorp/
ANTI PONZI SCAMMERS!
submitted by ajyap11 to u/ajyap11 [link] [comments]

About IML or IMarketsLive.

Hey. I'm not really a Forex trader and I haven't been introduced to it until today, but I've been offered to use IML and after some investigation my gears are definitely grinded. I'm from Latin America and IML is trying desperately to reach out to young people in my country and I found warnings about IML from the trade commissions and financial authorities of Belgium, Spain, France and the UK, but NONE from the SEC or FINRA (Sorry if I got the names wrong, I'm not well versed in this stuff). How come? I'll leave the links below. I thought to leave them here for anyone that has been offered sevices by IML.
I hope I'm not breaking any rules here. I just wanted to leave a warning against these scammers.
submitted by LifesGood51 to Forex [link] [comments]

I want to talk about Bitcoin scams

EDIT: I edited the name out of a screencap. sorry about that.
pardon the wall of text but this is super important to me.
i am a hardcore bitcoin evangelist and my entire facebook friend list probabaly associates me with bitcoin because i spend a great deal of time educating people and discussing it on social media. my background is computer network engineering and web developing; i've studied bitcoin for a few years now.
first i wanna talk about USI Tech.
not long ago i was asked to invest some bitcoin via a company called USI Tech. at the time, USI Tech's only relation to bitcoin was that they sold cryptic "bitcoin packages" that would return 140% over 140 days. that means if i gave them 1 BTC today, they would give me 1% of a bitcoin for 140 days, meaning that after 100 days, my initial investment would be recovered, and then all i get to do is wait for those 40 days to see my profit.
when i was first recruited, it was before they rebranded themselves. this was just a few weeks ago. prior to this rebranding, there was no indication from the company regarding exactly how they were able to provide that kind of return on investment. at the time their only product other than these "bitcoin packages" was a license that provided access to a very special very secretive robot that harnessed artificial intelligence to yield apparently handsome returns via speculative arbitrage in the foreign exchange market. there are zero trades attributed to this "robot" and in fact there is zero evidence of a robot at all. they do have software for their customers that apparently track gains however there is zero correlation between these numbers and their apparent source.
since their rebranding, they are now marketing these "bitcoin packages" as having generated income via cloud mining. keep in mind that USI Tech does not sell hashrate, nor even techinically access to remote hardware; USI Tech sells "bitcoin packages" however how these packages specifically relate to hashrates accessed on remote hardware, or cloud mining, is not at all explained. in fact, here on their website they say that details will be released and then reference a date that has already passed..
to be blunt, cloud mining is a meme. mining cryptocurrency for a profit is generally difficult even for the big boys in China. that bitcoin could be worth more in the future than it is now is the reason why miners mine; the energy spent mining bitcoin costs more than the value of those mined bitcoins.
how does USI Tech not only mine so successfully that they themselves can be profitable, but so that customers who purchase this mining remotely can be successful to the tune of 140% over 140 days?
also they are in pre-sale for their own ICO,
also they have zero registration documents filed with the SEC,
also the names that used to be on their masthead, Ralf Gold and Joao Severino, were involved in past scams,
also their business is registered in Dubai, just like almost every single forex ponzi,
also like i said there is zero proof that they trade anything at all, anywhere.
i really thought i knew my shit. is there a more experienced bitcoin user that can point to any situation where that sort of profitibility can be achieved by cloud mining?
if the question seems rhetorical for the high bitcoin minds on this sub, then maybe i've done my duty by exposing USI Tech's dubious claims and raising suspicion which brings me to my next point:
secondly i wanna talk about the tactics used by this company to fool people.
primarily i should say that USI Tech operates a multilevel marketing structure that rewards recruitment through commission. it is not a coincidense that ponzi schemes use MLM structures to grow; ponzis require a continuous flow of new investment in order to work. to be blunt, MLM is a predatory business approach that exploits people's hope and greed. all MLM use the same tactic of targeting people's desperation to earn passive income.
USI Tech takes advantage of a population of people who are desperate to invest in a technology they do not comprehend. this is how they can get away with selling something that there is no evidence of. people now have a very dire desire to be involved in bitcoin because they have seen the news. people that do not know enough about investments, let alone cryptography, are aching to enter the space before all the potential is claimed.
there is much fertile potential to scam people who don't know that hyperbole like "smart contracts made off-chain that return high yield arbitration via intelligent algorithms backed by authenticated crypto-asset bonds.." is all bullshit. in most cases, even if they could, there is no code to review, no whitepaper to digest, and in the case of USI Tech, not even satisfacory rhetoric to substantiate anything being sold by these scammers.
earlier today, i went into a facebook group called USI TECH BITCOIN TEAM SUCCESS, and i asked a question. i said "i'm interested in joining USI Tech, and as a programmer and bitcoin nerd, i want to know the details of their mining operation." immediately the reaction was two-fold. promptly some were chiming in with agreeable sentiments like 'i've also wondered' and 'yes there is a lack of transparency', and others were already indignant with stuff like 'they said they are working on transparency give them a break' and 'troll detected, usi tech is not a scam because look i made money'.
okay fair enough the conversation was started and i was pretty quickly banned from the group. i had a dozen or so people in my ear at this point asking me what happened, people that have invested real money in this company. i spent hours discussing this with some of them. i had a conversation with the group's admin, here it is. he basically says that he doesn't want to upset people that have found a way to make money, and that my questions should be directed somewhere else.
i've sent exhaustive emails pondering specifics to USI Tech to no avail.
in conclusion, bitcoin has provided rich new opportunities for scamming people.
let me be clear: yes money can be made in a ponzi scheme. the operative to earning money in a ponzi is to know when to discontinue reinvestment. by all means, partake in the ponzi even, so long as you know what you are contribtuing to. the number one argument that people will make in favor of the ponzi they're in is
"but i made money".
it is our duty as crypto-enthusiasts to spread responsible education regarding bitcoin. i say to people "if you are interested in bitcoin, invest in bitcoin, because that is where the actual innovation is".
TL;DR: fuck bitcoins ponzis like USI Tech, stay alert, stay safe.
submitted by beartowitness to Bitcoin [link] [comments]

A financial expert's very negative outlook on Bitcoin.

Hello there people of reddit!
I have translated this blog post which I would like to share with you all. The original blog post appeared in a rather famous hungarian financial blog and it posed some interesting questions. It would be really good if the intelligent people of reddit would start a debate on these topics. There is a big learning opportunity here. I personally disagree with many of the points made in the post while I agree with some of them.
I think that it is important to listen to the negative opinions because we can grow from them and we can either strengthen our opinions by disproving the counter-arguments of others or we can formulate and fine-tune our opinions by accepting partial truths from the opposing opinion. (Maybe we can even change our opinions alltogether in some cases) I post this in the hopes of having an intelligent conversation about the topic and it would be a bit sad if this would get downvoted because then the conversation wouldn’t be able to unfold.
I say let's examine the other side, let's look at their arguments, let's try to understand them and let’s try to learn from them so that we may become smarter, better, and more well informed.
Also this can be a very good test if you think about investing in Bitcoin. If this discourages you then your fundamental knowledge of cryptocurrencies or Bitcoin may not be satisfactory yet or you may be thinking about investing with money what you cannot afford to loose
So without further to do here is the actual blog post translated from kiszamolo.hu.
RTT314
I am writing about Bitcoin. I didn’t want to at all but since everybody is talking about it I had to.
Translator's note: There was a previous blog post about Bitcoin which got a massive amount of feedback in the hungarian community.
The general feedback I received about my previous post on Bitcoin wonderfully resembled the the feedback I got when I wrote about Kairos, Emgoldex, Quaestor and Sitetalk. (these were all scams in their times)
In case you don’t have time to read the comments on my previous post I’ll summarize them for you. Its quite simple because people basically write the same thing all over again (Bitcoin or Emgoldex it doesn’t matter.) The comment categories are as follows:
It’s a good idea to look at those people who wrote these comments a few years back. The people of Kairos who came here (to his blog) taunting and showing off their earnings with Kairos. And then all of a sudden it became apparent that it was just another scam and they lost all the money in a heartbeat.
What did I cover in the previous blog post on Bitcoin?
I wrote, that you don’t know anything about Bitcoin, that you don’t know who is behind it or whether there is someone behind it or not. What gives actually Bitcoin’s value? How do we know that its better than the other cryptocurrencies? How do we know if one BTC is expensive for 1000 dollars or cheap? For a long time people bought it for 1 dollar, then for a long time for 100, then 1000 and now 16 thousand. Which price is the realistic one? Or none of it is realistic and its still cheap? How can I find it out?
I have basically nothing at all to which I could compare its price. Just like in the dotcom bubble when it came to evaluating the .com companies. The normal method of evaluation didn’t work when it came to these companies because everybody wanted to think, that these companies can conquer the whole world. And because of that basically no price was too expensive for a share. And then it became apparent, that in fact even a single dollar was too much for 95% of them.
Just because something is revolutionary and new it doesn’t mean that it has value too. Especially when anybody can copy it freely. This happened with the .com companies too. Everybody learned fast, that just because they are innovative and revolutionary they can’t make a profit and most of them didn’t even worth a penny.
And the .com companies were 100 times easier to evaluate than Bitcoin. At least they had expenses, profits, employees, products and patents. You could at least calculate with something.
Why is Bitcoin considered money? Currently it has none of the properties of money - you can’t pay with it everywhere, it’s exchange rate is not stable at all and because of that it is not suitable for accumulating wealth in it (just in the past 12 hours the price of one BTC was between $16.123 and $17.023 and today is one of the calmer days.)
Anybody can invent a newer Bitcoin and people do so too. There’s almost ten times more cryptocurrencies today than normal currencies in the world and almost every day a new one gets listed. This is because anybody can make a cryptocurrency. You don’t have to have a whole country behind it with its total assets, government, and financial traffic. If you have good marketing you will be a millionaire from a new cryptocurrency. Currently there are 1324 cryptocurrencies and there is almost no day when no new ones are added. On the contrary there is only 180 types of traditional currencies in the world.
I also mentioned, that governments can limit the use of cryptocurrencies any time by illegalizing the exchange of cryptocurrencies to real money. And if that happens all cryptocurrencies will be worthless in a blink of an eye.
I don’t want to get into new ideological debates. I just want to place Bitcoin amongst all the hype into the world’s financial traffic. Where does Bitcoin stand compared to the current world’s financial traffic and does it look like a bubble? Will it really change the world’s financial system and will it really change the old technologies?
Bitcoin’s total market cap was 15,49 billion dollars on 2017 January the 1st and what’s at least as important is that the daily traffic volume was 92 million dollars.
https://imgur.com/a/kI0Ru
Bitcoin’s current market cap (17 thousand dollars) is 289 billion dollars and the daily traffic volume is 12.135 million dollars so the daily traffic grew 131-fold since January the 1st.
One of the world’s biggest bank - the Bank of America’s - market cap is also 300 billion dollars and that is accompanied by 2,228 billion dollars worth of assets which gives one of the basis of the actual evaluation. Bitcoin has zero assets. Bank of America every four months (!!!) profits 22,3 billion dollars and one fifth of this is net profit. The profit of Bitcoin is zero and the net profit of Bitcoin is also zero.
Europe’s 16th biggest economy, Finland has a yearly GDP of 236 billion dollars.
If Bitcoin’s market cap doubles again, it’s market cap will be equal to Hungary’s, Ukraine’s, Slovakia’s, Luxemburg’s, Croatia’s, Bulgaria’s and Latvia’s GDP all together. Or at least on paper. (Of course the actual BTC's market cap and the GDP is very different, but i guess you can still feel the nonsense in this)
People make 337 thousand daily transactions with Bitcoin.
Just Visa alone makes 468 million transactions per day and this is just a tiny slice from the total world’s transactions.
The SWIFT system which is used by banks to make international transfers even 12 years ago made 5 thousand billion dollars worth of traffic. Daily.(!) The similiar Fedwire payment system which works in the USA had a daily traffic of 2,1 thousand billion dollars, the CHIPS had 1,4 thousand billion dollars. And these numbers are 12 years old so you can easily double them to get to the present numbers. And this data is only of three clearing houses out of a dozen! All the national clearing houses in total can have multiple hundred times more traffic than these ones.
Even if we would like to use Bitcoin for just one tenth of the traffic of Visa we would soon have to store a few gigabytes then terabytes of data for each Bitcoin. The whole electricity generation and bandwidth of the world wouldn’t be enough if we would want to manage and transmit this much data constantly. (Even now the Bitcoin network uses more power than Bulgaria. The investors who mine Bitcoin spend money mostly on video cards and electricity. The biggest benefitors of Bitcoin are the chinese electricity providers and the video card companies. Even a whole bank system doesn’t use this much electricity and they execute multiple hundred thousand times more transactions than the Bitcoin’s network.)
The technology is unsuitable for microtransactions. There are cryptocurrencies which are suitable for this but what will happen with you investment in Bitcoin when everybody starts to use one of these currencies?
The future of the blockchain technology is completely different from the future price of Bitcoin which currently is just one out of 1324 cryptocurrencies and for which you paid a bunch of money. Somehow the people who kick back and leave their future on the price of Bitcoin don’t want to understand this.
Just so you understand: I don’t argue whether or not blockchain technology (which is used by Bitcoin too) will be used in the future financial system. I argue whether or not one Bitcoin values 17 thousand dollars or even one dollar as a matter of fact.
Do you think there will be a single bank which will choose exactly Bitcoin when it wants to switch to this new technology when Bitcoin is a completely unsuitable candidate? Or do you think that the bank will choose another cryptocurrency? Won’t the bank simply make its own one?
The total value of all the dollar bills in circulation is 1,59 trillion dollars or 1590 billion dollars. If we look at the M3 (unbounded money in bank accounts, bills etc.) instead of only the bills we get 11 trillion dollars. But even this is only a tiny bit compared to the total assets in the american economy which is 220 trillion dollars.
The daily size of the forex market is (!) 5.100.000.000.000 dollars.
So think again when you see numbers which suggest that Bitcoin is the future. I wrote these numbers just so you can get a sense of the big Bitcoin which is about to knock down the world’s banking system. Just so you can understand the big Bitcoin’s place in the financial food chain.
I’d also like to talk about a common misconception. Many people think that the value of Bitcoin comes from the fact that it’s very expensive to maintain. The mining is expensive. This is called an expense and it has no relation to value whatsoever. Things don’t represent value because they are costly to maintain. This is exactly the opposite of value. The more expensive is something to maintain the less valuable it is. Companies which have small costs value more than companies which have big costs with the same profits.
There’s an old trick in the stocks market called pooling. A few scammers organize into a pool, they choose a smaller stock and they start to trade amongst each other with higher and higher prices. They just have to be careful not to catch attention. They have to increase the price gradually and slowly and the pool has to be big enough in order to stay undetected.
When the whole world goes crazy because of the huge gains on the pooled stock and when everybody wants to be a part of the miracle the pool quietly sell the whole stack of stocks and disappear.
The “investors” which are driven by greed don’t even care about the fact that the evaluation of the stock flied far above the actual value of the stock. How much simpler is this whole move when the given thing doesn’t even have a quantifiable value to which you can compare it to? Bitcoin is exactly like this.
I wonder how are Bitcoins divided amongst the wallets? Could you drive up its value by getting into pools? You can’t drive up its value because it doesn’t even have any inherent value. The value of Bitcoin only comes from the people who are willing to pay for it. Bitcoin only has a price because people want to look at it as money even if it cannot function as money.
The american dollar will have value until the United States exists and its government collects taxes in dollars from the world’s biggest economy and it pays its payouts in dollars. And if someone doesn’t want to pay the requested taxes in dollars the government has the power to imprison the person.
The expression of total financial ignorance is when the believers of Bitcoin state that the real currencies are also based on nothing. The real currencies are just paper too without any value. Every real currency is backed by real value: the given country’s economy, assets, government, tax system give real value to the real currency. No cryptocurrency can present anything like this ever because cryptocurrencies are made out of thin air.
Real currencies can function exactly because of this: because they have value too not just a price. This is why they can be a store of value, this is why they can be accepted in trade. Because tomorrow they will be worth just as much as today. They’re not just empty ping pong balls which are moved based on the needs and wants of the buyer. Potentially 10-20% per day.
(Just for the sake of the smartpants: of course after world wars a real currency can lose value too just like how the syrian fiat lost value too when the value was essentially bombed out of it. The country’s economy collapsed and half of the taxpayers died or fled out of the country. But even this shows exactly the fact, that the price of the currency changes if the inherent value changes. And also the the price of the safety fiats (swiss franc) can be pumped up if investors are panicking. But we only know that their price is high compared to what their value is because it has a value.)
Just because I invent the Reddit coin and create a lot but finite real physical coins it won’t be a currency which has value. Not even if the coins are unfalsifiable. Not even if there will be people who are willing to pay real money for my coins. Not even if other people realize that they can make coins just like me any time (that’s why there are already 1324 types of cryptocurrencies on the market) It won’t be real money even if following the current trend I create this Reddit coin as a cryptocurrency. Money doesn’t become money because I say its money. Neither does it become money because other people believe its money.
But let's take a look at the bitcoin wallets amongst the investors:
https://imgur.com/a/WN163
So basically 97,2% of the wallets doesn’t even own a single bitcoin! And 55,5% of the wallets doesn’t even contain 0,001 bitcoin!
Of course a wallet is not necessarily a person but its apparent that there are many small fish in the sea of Bitcoin. It's good to know this when you read all the comments from the people who try to defend Bitcoin no matter what. Most of them don’t even own 700 bucks worth of bitcoin but they will become rich for life from this investment.
0,01% of the investors - 1.677 people own nearly 40% of the total bitcoins available. (Or it may be that these 1.677 wallets are owned by one person or twenty. We can’t even know that) but even 85% of the total bitcoins is in less than 1% of the wallets. In stocks lingo this is called a low free float.
These people are the ones who manipulate the prices however they want it to. But of course they don’t want it to because why would they want such a thing? The prices are rising just because Bitcoin is the future.
If Bitcoin wouldn’t be the Holy Bitcoin it would be simply called a Ponzi scheme. How does a Ponzi scheme look exactly? They build up a system which is new, which is alluring and about which people can believe that it’s the future. From this you’ll become rich. If you pay enough money now then you’ll be the part of the money rain too. Until more people are buying in than out the Ponzi scheme works great. Nobody realizes that there’s nothing behind it. Just the money of the depositors gives it value.
Bitcoin is genial because it never even stated that there is some sort of value behind it so you can’t even expect it in the first place. Until more people want to put money in than out the price of Bitcoin will rise. I’ll say this again Bitcoin is alive because people want to treat it as money. “This is the money of the future, you are lagging behind if you don’t understand this. Why do you try to find the inherent value of it and the evaluation of it? You are an old prick who has no clue. This is a new world. Deal with it. You have to just believe this and don’t ask any questions.” Do you know how many times have I heard this from the faithful “investors” of the kairos, sidetalk, emgoldex ponzi schemes?
A lot of people wait a lot from the december 18th stock appearance of Bitcoin but it can bring more bad than good. If the big speculators start to go hard on it they can double the price or drag it down to 0 within days. It's rather easy for them because there is no value behind it. Just a price tag. If the British Pound was attacked what do you think what will they do with Bitcoin? Here there is no national bank which will change the interest rates or pull other tricks from its sleeves to defend its own currency from falling or from a rising. Also here the investors won’t be able to say that a bitcoin is definitely worth more than this or not because the whole english economy is not behind it so they don’t have a guide for its inherent value. If Bitcoin was volatile so far you can prepare yourself for even bigger storms.
You think whatever you want and you pay money for whatever you want. You know what? Even I’m telling you that knowing the madness, dumbness, and greed of people it is not unimaginable that Bitcoin will rise to 150 thousand dollars within the next year. But not because its value is that much but because there are too many greedy people who feel like they were left out of a great opportunity but it's not too late to jump in.
But also don’t be amazed if its price will be 1 dollar again.
submitted by RTT314 to Bitcoin [link] [comments]

[uncensored-r/Bitcoin] I want to talk about Bitcoin scams

The following post by beartowitness is being replicated because the post has been silently greylisted(for 2.5 hours).
(It was approved by the mods at: 2017-11-04T01:26:17.000Z)
The original post can be found(in censored form) at this link:
np.reddit.com/ Bitcoin/comments/7amu9s
The original post's content was as follows:
EDIT: I edited the name out of a screencap. sorry about that.
pardon the wall of text but this is super important to me.
i am a hardcore bitcoin evangelist and my entire facebook friend list probabaly associates me with bitcoin because i spend a great deal of time educating people and discussing it on social media. my background is computer network engineering and web developing; i've studied bitcoin for a few years now.
first i wanna talk about USI Tech.
not long ago i was asked to invest some bitcoin via a company called USI Tech. at the time, USI Tech's only relation to bitcoin was that they sold cryptic "bitcoin packages" that would return 140% over 140 days. that means if i gave them 1 BTC today, they would give me 1% of a bitcoin for 140 days, meaning that after 100 days, my initial investment would be recovered, and then all i get to do is wait for those 40 days to see my profit.
when i was first recruited, it was before they rebranded themselves. this was just a few weeks ago. prior to this rebranding, there was no indication from the company regarding exactly how they were able to provide that kind of return on investment. at the time their only product other than these "bitcoin packages" was a license that provided access to a very special very secretive robot that harnessed artificial intelligence to yield apparently handsome returns via speculative arbitrage in the foreign exchange market. there are zero trades attributed to this "robot" and in fact there is zero evidence of a robot at all. they do have software for their customers that apparently track gains however there is zero correlation between these numbers and their apparent source.
since their rebranding, they are now marketing these "bitcoin packages" as having generated income via cloud mining. keep in mind that USI Tech does not sell hashrate, nor even techinically access to remote hardware; USI Tech sells "bitcoin packages" however how these packages specifically relate to hashrates accessed on remote hardware, or cloud mining, is not at all explained. in fact, here on their website they say that details will be released and then reference a date that has already passed..
to be blunt, cloud mining is a meme. mining cryptocurrency for a profit is generally difficult even for the big boys in China. that bitcoin could be worth more in the future than it is now is the reason why miners mine; the energy spent mining bitcoin costs more than the value of those mined bitcoins.
how does USI Tech not only mine so successfully that they themselves can be profitable, but so that customers who purchase this mining remotely can be successful to the tune of 140% over 140 days?
also they are in pre-sale for their own ICO,
also they have zero registration documents filed with the SEC,
also the names that used to be on their masthead, Ralf Gold and Joao Severino, were involved in past scams,
also their business is registered in Dubai, just like almost every single forex ponzi,
also like i said there is zero proof that they trade anything at all, anywhere.
i really thought i knew my shit. is there a more experienced bitcoin user that can point to any situation where that sort of profitibility can be achieved by cloud mining?
if the question seems rhetorical for the high bitcoin minds on this sub, then maybe i've done my duty by exposing USI Tech's dubious claims and raising suspicion which brings me to my next point:
secondly i wanna talk about the tactics used by this company to fool people.
primarily i should say that USI Tech operates a multilevel marketing structure that rewards recruitment through commission. it is not a coincidense that ponzi schemes use MLM structures to grow; ponzis require a continuous flow of new investment in order to work. to be blunt, MLM is a predatory business approach that exploits people's hope and greed. all MLM use the same tactic of targeting people's desperation to earn passive income.
USI Tech takes advantage of a population of people who are desperate to invest in a technology they do not comprehend. this is how they can get away with selling something that there is no evidence of. people now have a very dire desire to be involved in bitcoin because they have seen the news. people that do not know enough about investments, let alone cryptography, are aching to enter the space before all the potential is claimed.
there is much fertile potential to scam people who don't know that hyperbole like "smart contracts made off-chain that return high yield arbitration via intelligent algorithms backed by authenticated crypto-asset bonds.." is all bullshit. in most cases, even if they could, there is no code to review, no whitepaper to digest, and in the case of USI Tech, not even satisfacory rhetoric to substantiate anything being sold by these scammers.
earlier today, i went into a facebook group called USI TECH BITCOIN TEAM SUCCESS, and i asked a question. i said "i'm interested in joining USI Tech, and as a programmer and bitcoin nerd, i want to know the details of their mining operation." immediately the reaction was two-fold. promptly some were chiming in with agreeable sentiments like 'i've also wondered' and 'yes there is a lack of transparency', and others were already indignant with stuff like 'they said they are working on transparency give them a break' and 'troll detected, usi tech is not a scam because look i made money'.
okay fair enough the conversation was started and i was pretty quickly banned from the group. i had a dozen or so people in my ear at this point asking me what happened, people that have invested real money in this company. i spent hours discussing this with some of them. i had a conversation with the group's admin, here it is. he basically says that he doesn't want to upset people that have found a way to make money, and that my questions should be directed somewhere else.
i've sent exhaustive emails pondering specifics to USI Tech to no avail.
in conclusion, bitcoin has provided rich new opportunities for scamming people.
let me be clear: yes money can be made in a ponzi scheme. the operative to earning money in a ponzi is to know when to discontinue reinvestment. by all means, partake in the ponzi even, so long as you know what you are contribtuing to. the number one argument that people will make in favor of the ponzi they're in is
"but i made money".
it is our duty as crypto-enthusiasts to spread responsible education regarding bitcoin. i say to people "if you are interested in bitcoin, invest in bitcoin, because that is where the actual innovation is".
TL;DR: fuck bitcoins ponzis like USI Tech, stay alert, stay safe.
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

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Your Forex Broker is probably on this list! How to avoid ...

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