Simple Guide to Bitcoin Arbitrage Opportunities in 2020 ...

Ultimate glossary of crypto currency terms, acronyms and abbreviations

I thought it would be really cool to have an ultimate guide for those new to crypto currencies and the terms used. I made this mostly for beginner’s and veterans alike. I’m not sure how much use you will get out of this. Stuff gets lost on Reddit quite easily so I hope this finds its way to you. Included in this list, I have included most of the terms used in crypto-communities. I have compiled this list from a multitude of sources. The list is in alphabetical order and may include some words/terms not exclusive to the crypto world but may be helpful regardless.
2FA
Two factor authentication. I highly advise that you use it.
51% Attack:
A situation where a single malicious individual or group gains control of more than half of a cryptocurrency network’s computing power. Theoretically, it could allow perpetrators to manipulate the system and spend the same coin multiple times, stop other users from completing blocks and make conflicting transactions to a chain that could harm the network.
Address (or Addy):
A unique string of numbers and letters (both upper and lower case) used to send, receive or store cryptocurrency on the network. It is also the public key in a pair of keys needed to sign a digital transaction. Addresses can be shared publicly as a text or in the form of a scannable QR code. They differ between cryptocurrencies. You can’t send Bitcoin to an Ethereum address, for example.
Altcoin (alternative coin): Any digital currency other than Bitcoin. These other currencies are alternatives to Bitcoin regarding features and functionalities (e.g. faster confirmation time, lower price, improved mining algorithm, higher total coin supply). There are hundreds of altcoins, including Ether, Ripple, Litecoin and many many others.
AIRDROP:
An event where the investors/participants are able to receive free tokens or coins into their digital wallet.
AML: Defines Anti-Money Laundering laws**.**
ARBITRAGE:
Getting risk-free profits by trading (simultaneous buying and selling of the cryptocurrency) on two different exchanges which have different prices for the same asset.
Ashdraked:
Being Ashdraked is essentially a more detailed version of being Zhoutonged. It is when you lose all of your invested capital, but you do so specifically by shorting Bitcoin. The expression “Ashdraked” comes from a story of a Romanian cryptocurrency investor who insisted upon shorting BTC, as he had done so successfully in the past. When the price of BTC rose from USD 300 to USD 500, the Romanian investor lost all of his money.
ATH (All Time High):
The highest price ever achieved by a cryptocurrency in its entire history. Alternatively, ATL is all time low
Bearish:
A tendency of prices to fall; a pessimistic expectation that the value of a coin is going to drop.
Bear trap:
A manipulation of a stock or commodity by investors.
Bitcoin:
The very first, and the highest ever valued, mass-market open source and decentralized cryptocurrency and digital payment system that runs on a worldwide peer to peer network. It operates independently of any centralized authorities
Bitconnect:
One of the biggest scams in the crypto world. it was made popular in the meme world by screaming idiot Carlos Matos, who infamously proclaimed," hey hey heeeey” and “what's a what's a what's up wasssssssssuuuuuuuuuuuuup, BitConneeeeeeeeeeeeeeeeeeeeeeeect!”. He is now in the mentally ill meme hall of fame.
Block:
A package of permanently recorded data about transactions occurring every time period (typically about 10 minutes) on the blockchain network. Once a record has been completed and verified, it goes into a blockchain and gives way to the next block. Each block also contains a complex mathematical puzzle with a unique answer, without which new blocks can’t be added to the chain.
Blockchain:
An unchangeable digital record of all transactions ever made in a particular cryptocurrency and shared across thousands of computers worldwide. It has no central authority governing it. Records, or blocks, are chained to each other using a cryptographic signature. They are stored publicly and chronologically, from the genesis block to the latest block, hence the term blockchain. Anyone can have access to the database and yet it remains incredibly difficult to hack.
Bullish:
A tendency of prices to rise; an optimistic expectation that a specific cryptocurrency will do well and its value is going to increase.
BTFD:
Buy the fucking dip. This advise was bestowed upon us by the gods themselves. It is the iron code to crypto enthusiasts.
Bull market:
A market that Cryptos are going up.
Consensus:
An agreement among blockchain participants on the validity of data. Consensus is reached when the majority of nodes on the network verify that the transaction is 100% valid.
Crypto bubble:
The instability of cryptocurrencies in terms of price value
Cryptocurrency:
A type of digital currency, secured by strong computer code (cryptography), that operates independently of any middlemen or central authoritie
Cryptography:
The art of converting sensitive data into a format unreadable for unauthorized users, which when decoded would result in a meaningful statement.
Cryptojacking:
The use of someone else’s device and profiting from its computational power to mine cryptocurrency without their knowledge and consent.
Crypto-Valhalla:
When HODLers(holders) eventually cash out they go to a place called crypto-Valhalla. The strong will be separated from the weak and the strong will then be given lambos.
DAO:
Decentralized Autonomous Organizations. It defines A blockchain technology inspired organization or corporation that exists and operates without human intervention.
Dapp (decentralized application):
An open-source application that runs and stores its data on a blockchain network (instead of a central server) to prevent a single failure point. This software is not controlled by the single body – information comes from people providing other people with data or computing power.
Decentralized:
A system with no fundamental control authority that governs the network. Instead, it is jointly managed by all users to the system.
Desktop wallet:
A wallet that stores the private keys on your computer, which allow the spending and management of your bitcoins.
DILDO:
Long red or green candles. This is a crypto signal that tells you that it is not favorable to trade at the moment. Found on candlestick charts.
Digital Signature:
An encrypted digital code attached to an electronic document to prove that the sender is who they say they are and confirm that a transaction is valid and should be accepted by the network.
Double Spending:
An attack on the blockchain where a malicious user manipulates the network by sending digital money to two different recipients at exactly the same time.
DYOR:
Means do your own research.
Encryption:
Converting data into code to protect it from unauthorized access, so that only the intended recipient(s) can decode it.
Eskrow:
the practice of having a third party act as an intermediary in a transaction. This third party holds the funds on and sends them off when the transaction is completed.
Ethereum:
Ethereum is an open source, public, blockchain-based platform that runs smart contracts and allows you to build dapps on it. Ethereum is fueled by the cryptocurrency Ether.
Exchange:
A platform (centralized or decentralized) for exchanging (trading) different forms of cryptocurrencies. These exchanges allow you to exchange cryptos for local currency. Some popular exchanges are Coinbase, Bittrex, Kraken and more.
Faucet:
A website which gives away free cryptocurrencies.
Fiat money:
Fiat currency is legal tender whose value is backed by the government that issued it, such as the US dollar or UK pound.
Fork:
A split in the blockchain, resulting in two separate branches, an original and a new alternate version of the cryptocurrency. As a single blockchain forks into two, they will both run simultaneously on different parts of the network. For example, Bitcoin Cash is a Bitcoin fork.
FOMO:
Fear of missing out.
Frictionless:
A system is frictionless when there are zero transaction costs or trading retraints.
FUD:
Fear, Uncertainty and Doubt regarding the crypto market.
Gas:
A fee paid to run transactions, dapps and smart contracts on Ethereum.
Halving:
A 50% decrease in block reward after the mining of a pre-specified number of blocks. Every 4 years, the “reward” for successfully mining a block of bitcoin is reduced by half. This is referred to as “Halving”.
Hardware wallet:
Physical wallet devices that can securely store cryptocurrency maximally. Some examples are Ledger Nano S**,** Digital Bitbox and more**.**
Hash:
The process that takes input data of varying sizes, performs an operation on it and converts it into a fixed size output. It cannot be reversed.
Hashing:
The process by which you mine bitcoin or similar cryptocurrency, by trying to solve the mathematical problem within it, using cryptographic hash functions.
HODL:
A Bitcoin enthusiast once accidentally misspelled the word HOLD and it is now part of the bitcoin legend. It can also mean hold on for dear life.
ICO (Initial Coin Offering):
A blockchain-based fundraising mechanism, or a public crowd sale of a new digital coin, used to raise capital from supporters for an early stage crypto venture. Beware of these as there have been quite a few scams in the past.
John mcAfee:
A man who will one day eat his balls on live television for falsely predicting bitcoin going to 100k. He has also become a small meme within the crypto community for his outlandish claims.
JOMO:
Joy of missing out. For those who are so depressed about missing out their sadness becomes joy.
KYC:
Know your customer(alternatively consumer).
Lambo:
This stands for Lamborghini. A small meme within the investing community where the moment someone gets rich they spend their earnings on a lambo. One day we will all have lambos in crypto-valhalla.
Ledger:
Away from Blockchain, it is a book of financial transactions and balances. In the world of crypto, the blockchain functions as a ledger. A digital currency’s ledger records all transactions which took place on a certain block chain network.
Leverage:
Trading with borrowed capital (margin) in order to increase the potential return of an investment.
Liquidity:
The availability of an asset to be bought and sold easily, without affecting its market price.
of the coins.
Margin trading:
The trading of assets or securities bought with borrowed money.
Market cap/MCAP:
A short-term for Market Capitalization. Market Capitalization refers to the market value of a particular cryptocurrency. It is computed by multiplying the Price of an individual unit of coins by the total circulating supply.
Miner:
A computer participating in any cryptocurrency network performing proof of work. This is usually done to receive block rewards.
Mining:
The act of solving a complex math equation to validate a blockchain transaction using computer processing power and specialized hardware.
Mining contract:
A method of investing in bitcoin mining hardware, allowing anyone to rent out a pre-specified amount of hashing power, for an agreed amount of time. The mining service takes care of hardware maintenance, hosting and electricity costs, making it simpler for investors.
Mining rig:
A computer specially designed for mining cryptocurrencies.
Mooning:
A situation the price of a coin rapidly increases in value. Can also be used as: “I hope bitcoin goes to the moon”
Node:
Any computing device that connects to the blockchain network.
Open source:
The practice of sharing the source code for a piece of computer software, allowing it to be distributed and altered by anyone.
OTC:
Over the counter. Trading is done directly between parties.
P2P (Peer to Peer):
A type of network connection where participants interact directly with each other rather than through a centralized third party. The system allows the exchange of resources from A to B, without having to go through a separate server.
Paper wallet:
A form of “cold storage” where the private keys are printed onto a piece of paper and stored offline. Considered as one of the safest crypto wallets, the truth is that it majors in sweeping coins from your wallets.
Pre mining:
The mining of a cryptocurrency by its developers before it is released to the public.
Proof of stake (POS):
A consensus distribution algorithm which essentially rewards you based upon the amount of the coin that you own. In other words, more investment in the coin will leads to more gain when you mine with this protocol In Proof of Stake, the resource held by the “miner” is their stake in the currency.
PROOF OF WORK (POW) :
The competition of computers competing to solve a tough crypto math problem. The first computer that does this is allowed to create new blocks and record information.” The miner is then usually rewarded via transaction fees.
Protocol:
A standardized set of rules for formatting and processing data.
Public key / private key:
A cryptographic code that allows a user to receive cryptocurrencies into an account. The public key is made available to everyone via a publicly accessible directory, and the private key remains confidential to its respective owner. Because the key pair is mathematically related, whatever is encrypted with a public key may only be decrypted by its corresponding private key.
Pump and dump:
Massive buying and selling activity of cryptocurrencies (sometimes organized and to one’s benefit) which essentially result in a phenomenon where the significant surge in the value of coin followed by a huge crash take place in a short time frame.
Recovery phrase:
A set of phrases you are given whereby you can regain or access your wallet should you lose the private key to your wallets — paper, mobile, desktop, and hardware wallet. These phrases are some random 12–24 words. A recovery Phrase can also be called as Recovery seed, Seed Key, Recovery Key, or Seed Phrase.
REKT:
Referring to the word “wrecked”. It defines a situation whereby an investor or trader who has been ruined utterly following the massive losses suffered in crypto industry.
Ripple:
An alternative payment network to Bitcoin based on similar cryptography. The ripple network uses XRP as currency and is capable of sending any asset type.
ROI:
Return on investment.
Safu:
A crypto term for safe popularized by the Bizonnaci YouTube channel after the CEO of Binance tweeted
“Funds are safe."
“the exchage I use got hacked!”“Oh no, are your funds safu?”
“My coins better be safu!”


Sats/Satoshi:
The smallest fraction of a bitcoin is called a “satoshi” or “sat”. It represents one hundred-millionth of a bitcoin and is named after Satoshi Nakamoto.
Satoshi Nakamoto:
This was the pseudonym for the mysterious creator of Bitcoin.
Scalability:
The ability of a cryptocurrency to contain the massive use of its Blockchain.
Sharding:
A scaling solution for the Blockchain. It is generally a method that allows nodes to have partial copies of the complete blockchain in order to increase overall network performance and consensus speeds.
Shitcoin:
Coin with little potential or future prospects.
Shill:
Spreading buzz by heavily promoting a particular coin in the community to create awareness.
Short position:
Selling of a specific cryptocurrency with an expectation that it will drop in value.
Silk road:
The online marketplace where drugs and other illicit items were traded for Bitcoin. This marketplace is using accessed through “TOR”, and VPNs. In October 2013, a Silk Road was shut down in by the FBI.
Smart Contract:
Certain computational benchmarks or barriers that have to be met in turn for money or data to be deposited or even be used to verify things such as land rights.
Software Wallet:
A crypto wallet that exists purely as software files on a computer. Usually, software wallets can be generated for free from a variety of sources.
Solidity:
A contract-oriented coding language for implementing smart contracts on Ethereum. Its syntax is similar to that of JavaScript.
Stable coin:
A cryptocoin with an extremely low volatility that can be used to trade against the overall market.
Staking:
Staking is the process of actively participating in transaction validation (similar to mining) on a proof-of-stake (PoS) blockchain. On these blockchains, anyone with a minimum-required balance of a specific cryptocurrency can validate transactions and earn Staking rewards.
Surge:
When a crypto currency appreciates or goes up in price.
Tank:
The opposite of mooning. When a coin tanks it can also be described as crashing.
Tendies
For traders , the chief prize is “tendies” (chicken tenders, the treat an overgrown man-child receives for being a “Good Boy”) .
Token:
A unit of value that represents a digital asset built on a blockchain system. A token is usually considered as a “coin” of a cryptocurrency, but it really has a wider functionality.
TOR: “The Onion Router” is a free web browser designed to protect users’ anonymity and resist censorship. Tor is usually used surfing the web anonymously and access sites on the “Darkweb”.
Transaction fee:
An amount of money users are charged from their transaction when sending cryptocurrencies.
Volatility:
A measure of fluctuations in the price of a financial instrument over time. High volatility in bitcoin is seen as risky since its shifting value discourages people from spending or accepting it.
Wallet:
A file that stores all your private keys and communicates with the blockchain to perform transactions. It allows you to send and receive bitcoins securely as well as view your balance and transaction history.
Whale:
An investor that holds a tremendous amount of cryptocurrency. Their extraordinary large holdings allow them to control prices and manipulate the market.
Whitepaper:

A comprehensive report or guide made to understand an issue or help decision making. It is also seen as a technical write up that most cryptocurrencies provide to take a deep look into the structure and plan of the cryptocurrency/Blockchain project. Satoshi Nakamoto was the first to release a whitepaper on Bitcoin, titled “Bitcoin: A Peer-to-Peer Electronic Cash System” in late 2008.
And with that I finally complete my odyssey. I sincerely hope that this helped you and if you are new, I welcome you to crypto. If you read all of that I hope it increased, you in knowledge.
my final definition:
Crypto-Family:
A collection of all the HODLers and crypto fanatics. A place where all people alike unite over a love for crypto.
We are all in this together as we pioneer the new world that is crypto currency. I wish you a great day and Happy HODLing.
-u/flacciduck
feel free to comment words or terms that you feel should be included or about any errors I made.
Edit1:some fixes were made and added words.
submitted by flacciduck to CryptoCurrency [link] [comments]

ETHE & GBTC (Grayscale) Frequently Asked Questions

It is no doubt Grayscale’s booming popularity as a mainstream investment has caused a lot of community hullabaloo lately. As such, I felt it was worth making a FAQ regarding the topic. I’m looking to update this as needed and of course am open to suggestions / adding any questions.
The goal is simply to have a thread we can link to anyone with questions on Grayscale and its products. Instead of explaining the same thing 3 times a day, shoot those posters over to this thread. My hope is that these questions are answered in a fairly simple and easy to understand manner. I think as the sub grows it will be a nice reference point for newcomers.
Disclaimer: I do NOT work for Grayscale and as such am basing all these answers on information that can be found on their website / reports. (Grayscale’s official FAQ can be found here). I also do NOT have a finance degree, I do NOT have a Series 6 / 7 / 140-whatever, and I do NOT work with investment products for my day job. I have an accounting background and work within the finance world so I have the general ‘business’ knowledge to put it all together, but this is all info determined in my best faith effort as a layman. The point being is this --- it is possible I may explain something wrong or missed the technical terms, and if that occurs I am more than happy to update anything that can be proven incorrect
Everything below will be in reference to ETHE but will apply to GBTC as well. If those two segregate in any way, I will note that accordingly.
What is Grayscale? 
Grayscale is the company that created the ETHE product. Their website is https://grayscale.co/
What is ETHE? 
ETHE is essentially a stock that intends to loosely track the price of ETH. It does so by having each ETHE be backed by a specific amount of ETH that is held on chain. Initially, the newly minted ETHE can only be purchased by institutions and accredited investors directly from Grayscale. Once a year has passed (6 months for GBTC) it can then be listed on the OTCQX Best Market exchange for secondary trading. Once listed on OTCQX, anyone investor can purchase at this point. Additional information on ETHE can be found here.
So ETHE is an ETF? 
No. For technical reasons beyond my personal understandings it is not labeled an ETF. I know it all flows back to the “Securities Act Rule 144”, but due to my limited knowledge on SEC regulations I don’t want to misspeak past that. If anyone is more knowledgeable on the subject I am happy to input their answer here.
How long has ETHE existed? 
ETHE was formed 12/14/2017. GBTC was formed 9/25/2013.
How is ETHE created? 
The trust will issue shares to “Authorized Participants” in groups of 100 shares (called baskets). Authorized Participants are the only persons that may place orders to create these baskets and they do it on behalf of the investor.
Source: Creation and Redemption of Shares section on page 39 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Note – The way their reports word this makes it sound like there is an army of authorizers doing the dirty work, but in reality there is only one Authorized Participant. At this moment the “Genesis” company is the sole Authorized Participant. Genesis is owned by the “Digital Currency Group, Inc.” which is the parent company of Grayscale as well. (And to really go down the rabbit hole it looks like DCG is the parent company of CoinDesk and is “backing 150+ companies across 30 countries, including Coinbase, Ripple, and Chainalysis.”)
Source: Digital Currency Group, Inc. informational section on page 77 of the “Grayscale Bitcoin Trust (BTC) Form 10-K (2019)” – Located Here
Source: Barry E. Silbert informational section on page 75 of the “Grayscale Bitcoin Trust (BTC) Form 10-K (2019)” – Located Here
How does Grayscale acquire the ETH to collateralize the ETHE product? 
An Investor may acquire ETHE by paying in cash or exchanging ETH already owned.
Source: Creation and Redemption of Shares section on page 40 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Where does Grayscale store their ETH? Does it have a specific wallet address we can follow? 
ETH is stored with Coinbase Custody Trust Company, LLC. I am unaware of any specific address or set of addresses that can be used to verify the ETH is actually there.
As an aside - I would actually love to see if anyone knows more about this as it’s something that’s sort of peaked my interest after being asked about it… I find it doubtful we can find that however.
Source: Part C. Business Information, Item 8, subsection A. on page 16 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Can ETHE be redeemed for ETH? 
No, currently there is no way to give your shares of ETHE back to Grayscale to receive ETH back. The only method of getting back into ETH would be to sell your ETHE to someone else and then use those proceeds to buy ETH yourself.
Source: Redemption Procedures on page 41 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Why are they not redeeming shares? 
I think the report summarizes it best:
Redemptions of Shares are currently not permitted and the Trust is unable to redeem Shares. Subject to receipt of regulatory approval from the SEC and approval by the Sponsor in its sole discretion, the Trust may in the future operate a redemption program. Because the Trust does not believe that the SEC would, at this time, entertain an application for the waiver of rules needed in order to operate an ongoing redemption program, the Trust currently has no intention of seeking regulatory approval from the SEC to operate an ongoing redemption program.
Source: Redemption Procedures on page 41 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
What is the fee structure? 
ETHE has an annual fee of 2.5%. GBTC has an annual fee of 2.0%. Fees are paid by selling the underlying ETH / BTC collateralizing the asset.
Source: ETHE’s informational page on Grayscale’s website - Located Here
Source: Description of Trust on page 31 & 32 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
What is the ratio of ETH to ETHE? 
At the time of posting (6/19/2020) each ETHE share is backed by .09391605 ETH. Each share of GBTC is backed by .00096038 BTC.
ETHE & GBTC’s specific information page on Grayscale’s website updates the ratio daily – Located Here
For a full historical look at this ratio, it can be found on the Grayscale home page on the upper right side if you go to Tax Documents > 2019 Tax Documents > Grayscale Ethereum Trust 2019 Tax Letter.
Why is the ratio not 1:1? Why is it always decreasing? 
While I cannot say for certain why the initial distribution was not a 1:1 backing, it is more than likely to keep the price down and allow more investors a chance to purchase ETHE / GBTC.
As noted above, fees are paid by selling off the ETH collateralizing ETHE. So this number will always be trending downward as time goes on.
Source: Description of Trust on page 32 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
I keep hearing about how this is locked supply… explain? 
As noted above, there is currently no redemption program for converting your ETHE back into ETH. This means that once an ETHE is issued, it will remain in circulation until a redemption program is formed --- something that doesn’t seem to be too urgent for the SEC or Grayscale at the moment. Tiny amounts will naturally be removed due to fees, but the bulk of the asset is in there for good.
Knowing that ETHE cannot be taken back and destroyed at this time, the ETH collateralizing it will not be removed from the wallet for the foreseeable future. While it is not fully locked in the sense of say a totally lost key, it is not coming out any time soon.
Per their annual statement:
The Trust’s ETH will be transferred out of the ETH Account only in the following circumstances: (i) transferred to pay the Sponsor’s Fee or any Additional Trust Expenses, (ii) distributed in connection with the redemption of Baskets (subject to the Trust’s obtaining regulatory approval from the SEC to operate an ongoing redemption program and the consent of the Sponsor), (iii) sold on an as-needed basis to pay Additional Trust Expenses or (iv) sold on behalf of the Trust in the event the Trust terminates and liquidates its assets or as otherwise required by law or regulation.
Source: Description of Trust on page 31 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Grayscale now owns a huge chunk of both ETH and BTC’s supply… should we be worried about manipulation, a sell off to crash the market crash, a staking cartel? 
First, it’s important to remember Grayscale is a lot more akin to an exchange then say an investment firm. Grayscale is working on behalf of its investors to create this product for investor control. Grayscale doesn’t ‘control’ the ETH it holds any more then Coinbase ‘controls’ the ETH in its hot wallet. (Note: There are likely some varying levels of control, but specific to this topic Grayscale cannot simply sell [legally, at least] the ETH by their own decision in the same manner Coinbase wouldn't be able to either.)
That said, there shouldn’t be any worry in the short to medium time-frame. As noted above, Grayscale can’t really remove ETH other than for fees or termination of the product. At 2.5% a year, fees are noise in terms of volume. Grayscale seems to be the fastest growing product in the crypto space at the moment and termination of the product seems unlikely.
IF redemptions were to happen tomorrow, it’s extremely unlikely we would see a mass exodus out of the product to redeem for ETH. And even if there was incentive to get back to ETH, the premium makes it so that it would be much more cost effective to just sell your ETHE on the secondary market and buy ETH yourself. Remember, any redemption is up to the investors and NOT something Grayscale has direct control over.
Yes, but what about [insert criminal act here]… 
Alright, yes. Technically nothing is stopping Grayscale from selling all the ETH / BTC and running off to the Bahamas (Hawaii?). BUT there is no real reason for them to do so. Barry is an extremely public figure and it won’t be easy for him to get away with that. Grayscale’s Bitcoin Trust creates SEC reports weekly / bi-weekly and I’m sure given the sentiment towards crypto is being watched carefully. Plus, Grayscale is making tons of consistent revenue and thus has little to no incentive to give that up for a quick buck.
That’s a lot of ‘happy little feels’ Bob, is there even an independent audit or is this Tether 2.0? 
Actually yes, an independent auditor report can be found in their annual reports. It is clearly aimed more towards the financial side and I doubt the auditors are crypto savants, but it is at least one extra set of eyes. Auditors are Friedman LLP – Auditor since 2015.
Source: Independent Auditor Report starting on page 116 (of the PDF itself) of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
As mentioned by user TheCrpytosAndBloods (In Comments Below), a fun fact:
The company’s auditors Friedman LLP were also coincidentally TetheBitfinex’s auditors until They controversially parted ways in 2018 when the Tether controversy was at its height. I am not suggesting for one moment that there is anything shady about DCG - I just find it interesting it’s the same auditor.
“Grayscale sounds kind of lame” / “Not your keys not your crypto!” / “Why is anyone buying this, it sounds like a scam?” 
Welp, for starters this honestly is not really a product aimed at the people likely to be reading this post. To each their own, but do remember just because something provides no value to you doesn’t mean it can’t provide value to someone else. That said some of the advertised benefits are as follows:
So for example, I can set up an IRA at a brokerage account that has $0 trading fees. Then I can trade GBTC and ETHE all day without having to worry about tracking my taxes. All with the relative safety something like E-Trade provides over Binance.
As for how it benefits the everyday ETH holder? I think the supply lock is a positive. I also think this product exposes the Ethereum ecosystem to people who otherwise wouldn’t know about it.
Why is there a premium? Why is ETHE’s premium so insanely high compared to GBTC’s premium? 
There are a handful of theories of why a premium exists at all, some even mentioned in the annual report. The short list is as follows:
Why is ETHE’s so much higher the GBTC’s? Again, a few thoughts:

Are there any other differences between ETHE and GBTC? 
I touched on a few of the smaller differences, but one of the more interesting changes is GBTC is now a “SEC reporting company” as of January 2020. Which again goes beyond my scope of knowledge so I won’t comment on it too much… but the net result is GBTC is now putting out weekly / bi-weekly 8-K’s and annual 10-K’s. This means you can track GBTC that much easier at the moment as well as there is an extra layer of validity to the product IMO.
I’m looking for some statistics on ETHE… such as who is buying, how much is bought, etc? 
There is a great Q1 2020 report I recommend you give a read that has a lot of cool graphs and data on the product. It’s a little GBTC centric, but there is some ETHE data as well. It can be found here hidden within the 8-K filings.Q1 2020 is the 4/16/2020 8-K filing.
For those more into a GAAP style report see the 2019 annual 10-K of the same location.
Is Grayscale only just for BTC and ETH? 
No, there are other products as well. In terms of a secondary market product, ETCG is the Ethereum Classic version of ETHE. Fun Fact – ETCG was actually put out to the secondary market first. It also has a 3% fee tied to it where 1% of it goes to some type of ETC development fund.
In terms of institutional and accredited investors, there are a few ‘fan favorites’ such as Bitcoin Cash, Litcoin, Stellar, XRP, and Zcash. Something called Horizion (Backed by ZEN I guess? Idk to be honest what that is…). And a diversified Mutual Fund type fund that has a little bit of all of those. None of these products are available on the secondary market.
Are there alternatives to Grayscale? 
I know they exist, but I don’t follow them. I’ll leave this as a “to be edited” section and will add as others comment on what they know.
Per user Over-analyser (in comments below):
Coinshares (Formerly XBT provider) are the only similar product I know of. BTC, ETH, XRP and LTC as Exchange Traded Notes (ETN).
It looks like they are fully backed with the underlying crypto (no premium).
https://coinshares.com/etps/xbt-provideinvestor-resources/daily-hedging-position
Denominated in SEK and EUR. Certainly available in some UK pensions (SIPP).
As asked by pegcity - Okay so I was under the impression you can just give them your own ETH and get ETHE, but do you get 11 ETHE per ETH or do you get the market value of ETH in USD worth of ETHE? 
I have always understood that the ETHE issued directly through Grayscale is issued without the premium. As in, if I were to trade 1 ETH for ETHE I would get 11, not say only 2 or 3 because the secondary market premium is so high. And if I were paying cash only I would be paying the price to buy 1 ETH to get my 11 ETHE. Per page 39 of their annual statement, it reads as follows:
The Trust will issue Shares to Authorized Participants from time to time, but only in one or more Baskets (with a Basket being a block of 100 Shares). The Trust will not issue fractions of a Basket. The creation (and, should the Trust commence a redemption program, redemption) of Baskets will be made only in exchange for the delivery to the Trust, or the distribution by the Trust, of the number of whole and fractional ETH represented by each Basket being created (or, should the Trust commence a redemption program, redeemed), which is determined by dividing (x) the number of ETH owned by the Trust at 4:00 p.m., New York time, on the trade date of a creation or redemption order, after deducting the number of ETH representing the U.S. dollar value of accrued but unpaid fees and expenses of the Trust (converted using the ETH Index Price at such time, and carried to the eighth decimal place), by (y) the number of Shares outstanding at such time (with the quotient so obtained calculated to one one-hundred-millionth of one ETH (i.e., carried to the eighth decimal place)), and multiplying such quotient by 100 (the “Basket ETH Amount”). All questions as to the calculation of the Basket ETH Amount will be conclusively determined by the Sponsor and will be final and binding on all persons interested in the Trust. The Basket ETH Amount multiplied by the number of Baskets being created or redeemed is the “Total Basket ETH Amount.” The number of ETH represented by a Share will gradually decrease over time as the Trust’s ETH are used to pay the Trust’s expenses. Each Share represented approximately 0.0950 ETH and 0.0974 ETH as of December 31, 2019 and 2018, respectively.

submitted by Bob-Rossi to ethfinance [link] [comments]

Particl Marketplace - short and easy.

Particl Marketplace is a decentralized marketplace for trading goods and services.
Every installation becomes an independent node of this network and is helping to distribute it.
Payments are made private and anonymous under the aid of its own cryptocurrency named PART. It utilizes CT and RING CT for privacy. Furthermore, it shares the as most secure comprehended privacy technologies from the industry-leading electronic currency Monero and makes its security features available on the Bitcoin codebase.
Additionally for the metadata needed to list products and to let users communicate with each other an encrypted protocol named SMSG is utilized. Only corresponding parties are able to decrypt its content. This benefits the marketplace to be able to scale.

Problems Particl Marketplace solves

The use-cases and problems getting solved are multidimensional.

Saving money for its participants

No revenue share fee, no final value fees (sales commissions), no payment processing fees, no subscription fees, no participation fees, no value based listing fees, instant settlement -no retention of payments for vendors

Self-sovereign commerce

Free markets, no censorship, self governance, no product-listing manipulations

Privacy and security first

No user-data, no data misuse, scam and fraud protection with two-party escrow system, custom storefronts with custom access-rules, protection of supply chains & intellectual property, DDoS protection

Enable untapped markets

Empowering and protecting companies to make OTC (Over the counter) deals with unknown/untrusted business partners of any industry, without the risk of being scammed. Of course this is not limited to companies.

True global arbitrage without intermediary

Obtain global arbitrage opportunities for trading goods with a local price-fixation by utilizing local price advantages.
Read more about the fundamentals and values: https://www.reddit.com/Particl/comments/ffbzfw/particl_chart_prior_to_its_massive_update/
submitted by rsysreddit to Particl [link] [comments]

particl short and easy

Particl Marketplace - short and easy.
📷Education
Particl Marketplace is a decentralized marketplace for trading goods and services.
Every installation becomes an independent node of this network and is helping to distribute it.
Payments are made private and anonymous under the aid of its own cryptocurrency named PART. It utilizes CT and RING CT for privacy. Furthermore, it shares the as most secure comprehended privacy technologies from the industry-leading electronic currency Monero and makes its security features available on the Bitcoin codebase.
Additionally for the metadata needed to list products and to let users communicate with each other an encrypted protocol named SMSG is utilized. Only corresponding parties are able to decrypt its content. This benefits the marketplace to be able to scale.
Problems Particl Marketplace solves
The use-cases and problems getting solved are multidimensional.
Saving money for its participants
No revenue share fee, no final value fees (sales commissions), no payment processing fees, no subscription fees, no participation fees, no value based listing fees, instant settlement -no retention of payments for vendors
Self-sovereign commerce
free markets, no censorship, self governance, no product-listing manipulations
Privacy and security first
no user-data, no data misuse, scam and fraud protection with two-party escrow system, custom storefronts with custom access-rules, protection of supply chains & intellectual property, DDoS protection
Enable untapped markets
Empowering and protecting companies to make OTC (Over the counter) deals with unknown/untrusted business partners of any industry, without the risk of being scammed.
True global arbitrage without intermediary
Obtain global arbitrage opportunities for trading goods with a local price-fixation by utilizing local price advantages.
www.particl.io
submitted by alissafransen to TradingSiteReviewsCom [link] [comments]

Iamsatoshi.global and Arbitrage.is: Big MLM Scams

The growing popularity of bitcoin or other virtual currency attracting the people and on the other hand many scam investment companies are emerging every day just like rainy frogs. Everyone keeps on proving how the benefits offered by their company are better.
However, the number of people caught in such breathtaking claims is very huge in the world. Everyone knows that such companies can be a scam, yet many people do not feel any difficulty in losing their hard-earned money in such companies.
For this reason, in the discussion of whether such companies are scams or not, we also would not like to waste our time.
Now the point of discussion is only, that investing in which company can be less risky.
Today in this article we will discuss iamsatoshi.global and arbitrage.is. From the primary point of view, both concepts are Ponzi schemes only.
The difference is that iamsatoshi.global is being claimed to be a Decentralized block-chain smart contract, and arbitrage.is collect the investment in the usual way.

Let us know about iamsatoshi.global

The most important thing here is that IAMSATOSHI.GLOBAL is far ahead of ARBITRAGE.IS, to attract investors. Their website and presentations are very good and can easily catch the investor in their trap. But all the big claims are being made by iamsatoshi.global, are absolutely false.
iamsatoshi.global is claimed that Satoshi Nakamoto (believed to be the creator of bitcoin) is behind this business, although this is unlikely to be the case at all. Why the person like Satoshi Nakamoto need to start a Ponzi scheme? See the screenshot below, what is in the headings and what is the body text ... This is where lies are caught.
Read more
submitted by growideindia to u/growideindia [link] [comments]

My personal experience of why a DECENTRALIZED currency is not only a trend, but also a HUMAN RIGHT.

I consider myself as a casual crypto trader. I read about the block chain technology, invested some of my fiat to crypto and at the same time, do some arbitrages. However, before what happened just a few hours ago, I'm not sure if I believe that being decentralized is that big of a deal. I had lived by doing pretty well relying strictly on the traditional financial system. Reputable commercial banks are everywhere. I live in Taiwan, which is a democratic country and I had felt completely secured about my financial assets before today.

I have traded on P2P OTC sites for bitcoins regularly. I just want to make like a few percentage off my Bitcoin by doing so. There is this person who I've traded regularly for the past month. He first traded with me on this OTC site but after a few trades, we decided to trade on our own to avoid fees. Everything looks normal until today that I went to my bank trying to transfer some funds. I was told that my funds were "frozen" and I had to ask the authority to know exactly what happens.

I was surprised but since I have only 3 to 4k USD left in that account, it sucks but not unbearable. Later on in the same afternoon, I logged into another bank account of mine. FROZEN AGAIN! My third bank account, FROZEN. I was in disbelief! I immediately went to the police station tried to figure out what happened. The police officer told me that someone had sued me for civil fraud. I told the police officer that I've done some bitcoin transactions over the counter with a lot of people but I did pay every time. The reply I got is that I have to wait until the court's approval so that I can have access to my accounts.

I was furious. There is no search warrant. There is no investigation. NO DUE PROCESS whatsoever. All my personal wealth has been frozen without any proof of me doing anything wrong. The police officer then told me that I may be involved in a tripartite scam. I looked up online and this looks so ridiculous to be true. If you want to mess with someone, you can just send him like 100 bucks to his personal account and file for defraud, then there is a possibility that he will be deprived for his rights to all his accounts. I don't know if this is a world standard but this is what happens in Taiwan, which I consider one of the most liberal country in Asia.

To put everything into perspective, I have made a total of roughly 5 to 7k the most off selling bitcoin over the counter. The amount which is being frozen now is over 100K USD. This is just so unfair in the modern world that this can be done in today's society. I don't know that much about laws but in my opinion, it also clearly violates the principle of proportionality.

After this incidence, I truly believe that it is essential to have control over your financial assets or currencies. People work hard for what they have and they should have 100% control over it. At the very least, everyone should allocate some of the assets to crypto so that they can have some thing to live off for in a situation like this. I'm glad that I have invested in some bitcoins so that I can at least selling some of it for cash for daily spending. Hope that my lesson can help some people about the importance of being your own bank.
submitted by aalluubbaa to Bitcoin [link] [comments]

Notes from the Hearing Today

Apologies for typos and grammatical errors; wanted to get this out as soon as possible for those that weren't able to watch the live stream. Cleaned up formatting to make it more readable.

While this isn't a 100% word-for-word transcript, the overtone of the meeting should have been conveyed. SEC and CFTC want protections for consumers, but don't want to outright ban crypto. I was under the impression that both agencies were well-educated, but understaffed. They both want to introduce protections for customers and investors and go after scam artists, but don't want to impose any restrictions or regulations that would be bad for crypto as a whole (both from a security perspective, and a technological innovation perspective). Overall a huge positive.

Crapo
Brown
Clayton
Giancarlo
Crapo
Clayton
Giancarlo
Crapo
Clayton
Giancarlo
Crapo
Brown
Clayton
Brown
Clayton
Brown
Clayton
Brown
Clayton
Brown
Clayton
Brown
Clayton
Sen. Shelby
Clayton
Giancarlo
Sen. Shelby
Clayton
Sen. Shelby
Giancarlo
Clayton
Sen. Shelby
Sen Reed
Clayton
Giancarlo
Sen Reed
Giancarlo
Clayton
Sen Reed
Rounds
Clayton
Rounds
Giancarlo
Ms. Warren
Clayton
Ms. Warren
Clayton
Ms. Warren
Clayton
Ms. Warren
Clayton
Ms. Warren
Clayton
Ms. Warren
Perdue
Clayton
Perdue
Giancarlo
Perdue
Clayton
Giancarlo
Donnelly
Giancarlo
Clayton
Donnelly
Giancarlo
Donnelly
Giancarlo
Clayton
Donnelly
Giancarlo
Clayton
Sen. Kennedy
Giancarlo
Sen Kennedy
Giancarlo
Sen Kennedy
Giancarlo
Sen Kennedy
Clayton
Sen Kennedy
Warner
Clayton
Giancarlo
Warner
Clayton
Warner
Giancarlo
Clayton
Cotton
Giancarlo
Clayton
Cotton
Giancarlo
Clayton
Cotton
Clayton
Cotton
Menendez
Giancarlo
Menendez
Giancarlo
Menendez
Giancarlo
Menendez
Clayton
Menendez
Clayton
Moran
Ms. Masto
Clayton
Giancarlo
Ms. Masto
Clayton
Giancarlo
Ms. Masto
Sen Shelby
Clayton
Sen Shelby
Clayton
Giancarlo
Ms. Warren
Clayton
Ms. Warren
Clayton
Ms. Warren
Clayton
Crapo
submitted by cembry90 to CryptoCurrency [link] [comments]

Overview of Asset-Backed Tokens

Overview of Asset-Backed Tokens


https://preview.redd.it/xkr918vqkjl11.png?width=1084&format=png&auto=webp&s=0ddee44da9e6ae06026ea4c9b7243c11e05e03fd

What are asset-backed tokens?

Asset-backed tokens, a growing class of tokens, are by definition worth exactly what they are backed by. For instance, a representative token that corresponds to a real-world asset such as a unit of fiat currency, a security or even gold, will be valued at a 1:1 ratio. They are assets represented as tokens to be transferred and traded trustfully on a blockchain. Although tokens, most of the asset-backed tokens are classified as securities throughout the globe. More obvious is the tokenization of real estate, art, derivatives markets, attention, and other non-fungible assets that are currently festering in illiquid markets that are ripe with middlemen who assume counterparty risk. With $256 trillion of real-world assets in the world, the opportunity for asset-backed tokens is truly massive, especially with regards to asset classes like real estate and fine art that have historically suffered from limited commerce and liquidity.
Asset-backed tokens also offer an alternative to traditional cryptocurrencies (e.g. stablecoins), as well as traditional crypto investing (e.g. crypto-trackers, coin traded indices). Various kind of asset-backed tokens have emerged these past months, and we aim to provide with a short overview of these.

Various kinds of asset-backed tokens

· Fiat Stablecoins: Tether (USD backed), EURS by Statis (EUR backed), TrueUSD (USD backed)
Fiat stablecoins are crypto-assets that maintain a stable value against a target price (e.g. USD). Different kind of stablecoins exist (e.g. asset-backed, algorithmic and hybrid). Stablecoins aim to solve the volatility challenge posed by cryptocurrencies. Volatility, among others, is one of the key factor preventing the widespread adoption of cryptocurrencies as a mean of payment. With cryptocurrencies subject to large fluctuations, business owners are less tempted to accept digital currencies. With stablecoins, whether backed by fiat or real world assets, blockchain entrepreneurs are facilitating the massive adoption of cryptocurrencies.
· Metal Stablecoins: Digix Gold Tokens (Gold backed), Goldmint (Gold backed), Tiberius (Backed by a basket of physically-deliverable metals)
Similar to fiat stablecoins, metal stablecoins maintain a stable value against a selected metal. For instance, in the case of gold, they are issued tokens representing a value of gold (for example 1 gram of gold equals 1 coin). The gram of gold is stored by a trusted custodian (preferably third party), and can be traded with other crypto holders. Gold has proved itself as a stable asset over the past decades, and gold stablecoins are one of the most interesting alternatives to fiat ones at the moment.
· Cryptos: C20 (Top 20 weighted market cap backed), TaaS (Tokenized Crypto Asset Management), BCAP (Tokenized VC Fund), Trakx Crypto Trackers
Asset-backed tokens allow for the creation of tokenized investment vehicles where the token represent shares into the fund. Several crypto funds with different strategies have appeared, with the specific goal to invest in assets related to the cryptocurrency and blockchain space. These companies may invest into Bitcoin, Ethereum, Ripple, Litecoin and other major cryptocurrencies directly. They may purchase altcoins at ICO or pre-ICO sales. Some funds invest in emerging blockchain startups, others still invest in companies that benefit from the boom in crypto. Some more, like Trakx, aim to offer simple and cheap crypto passive investment solutions.
· Real estate, art and other real-world assets: Property Coin (Real Estate backed), Maecenas (Tokenized Art Platform), KWHCoin (Clean energy backed)
Tokenization is also happening with real things like KWH of energy, art, real estate, and even identity. It brings tremendous efficiency by creating liquidity pools thereby eliminating liquidity premium and driving price discovery. Asset-backed token, when regulated, will bring a truly new opportunity to these very illiquid asset classes.
· Equity and Debt tokens: tZero (Preferred equity token), Kairos Class T (Equity asset-backed), Steem Dollars (Debt token)
Equity and debt tokens represent ownership in a real-world security, whether that is equity, debt. As a fundraising vehicle, security tokens allow companies to raise capital without having to lean on investment banks and stock exchanges as intermediaries. Given the oversight from regulatory bodies that security tokens are subject to, investors are able to invest in an opportunity without worrying about lack of transparency and potential scams.

Why good practices are important

Examples above also include some disputable asset-backed tokens. Some, although widely used (such as Tether), have come to a point where the community is heavily doubting their real backing. Our view is that good practices in this domain are important if we would like to see emerging a real asset-backed token market. At Trakx, our plan is to implement good practice in terms of transparency and management of our crypto-trackers:
• With reserves maintained in one-to-one ratio, Trakx.io crypto trackers should not face any market risk such as liquidity crunches and Black Swan events.
• One-to-one backing of offers the benefit of an easy understanding for non-technical users
• Trakx.io will offer a total transparency of its reserves. At any given time, the balance held in reserves will be equal to the number of crypto trackers in circulation, and easily verifiable. As the custodian of the backing asset, Trakx.io will act as a trusted third party responsible for that asset. The corresponding total amount of crypto held in reserves for crypto trackers will be proved by regularly publishing our balance and undergoing periodic audits by renown professionals (Big 4).
  • Market makers will be able to intervene and benefit from arbitrage opportunities, always guaranteeing that our crypto tracker trade at their net asset value.
Trakx is building a one-stop shop for Crypto Trackers. Discover more about our project on our website and social media channels, such as Telegram http://t.me/trakx_io.
submitted by Trakx_io to Trakx [link] [comments]

On the new batch of comments to the SEC about the SolidX ETF, some honorable mentions, and some negative comments

The SEC just posted a new batch of 286 comments on the SolidX ETF, bringing the total to 1147. I am skimming through them and posted some of the best already to this sub.
The vast majority are short comments, obviously submitted in response to some mail-in campaign. The names sound very much like the invented ones of spam emails that I have been receiving for years. A telling detail is the lack of a middle initial.
They also mostly repeat the same arguments, and many are obviously written by people who don't understand what is the ETF, only that if that SEC thing approves it then the bitcoin price will go to the moon. I have just seen a dozen that start with the same phrase "I hearby[sic] state my acceptance and full support..."
Some are so sloppy that they submit with one name but sign with a different name.
Here are some honorable mentions:
A few negative comments:
submitted by jstolfi to Buttcoin [link] [comments]

How To Invest in Cryptocurrencies: The Ultimate Beginners Guide

All statements are based on the author’s experiences. I take pride in informing the public and helping as many as I can through sharing my experiences with my readers. That said, no one except you can take responsibility for your Cryptocurrency Investing decisions, so do think it through before investing.
If you would like to learn more about the techlogogy behind cryptocurrencies, please check out our blockchain courses on crypto.
When I first started taking an interest in cryptocurrency I thought I was so lost in this huge sea of unknowns. Where do I start? What are the useful keywords to look up and keep in mind? What are the available helpful resources? This cryptocurrency investing guide is written so that in just 20 minutes, you would have a sense of what to expect of your upcoming crypto journey, and how to best go about starting it. Enjoy it, it might just be the most exhilarating ride of your life.

Rise of the Cryptocurrencies
As the tech literacy of the population increases, acceptance of crypto as a legitimate store of value follows, and it boomed. Titles along the lines of ‘Bitcoin price hits new all-time high’ and ‘Ethereum price surges’ are starting to perforate the general public’s news feed. What we know for sure is that people who were once skeptical of Bitcoin and the technology behind it are slowly understanding and getting increasingly involved with crypto. As at the time of writing, the market cap of the entire crypto space is at 30.9 billion USD. It was 20 billion just four months ago. What would it be four months from now?
Current Makeup of the Cryptocurrency Space
You would have heard of Bitcoin and the ‘altcoins.’ How this naming convention started was because back in the days of 2011, forks of Bitcoin appeared in the markets. The forks, or clones, each aspire to serve a niche area, aiming to be ‘better’ than Bitcoin. Since then countless new crypto has emerged, eroding away Bitcoin’s crypto market cap dominance. These altcoins are gaining market share at an alarming speed. Ten times or more growth has been observed in a time span as short as six weeks (see PIVX, an altcoin).
Cryptocurrency, Stocks, and Fiat
The currencies we know are referred to as ‘fiat’ by the cryptocurrency community. Although having ‘currency’ in its name, cryptocurrencies share more similarities with stocks than currencies. When you purchase some cryptocurrency, you are in fact buying some tech stock, a part of the blockchain and a piece of the network.
Cryptocurrency Exchanges
The most common place where people buy and trade cryptocurrency is on the exchanges. Exchanges are places where you may buy and sell your crypto, using fiat. There are multiple measures to judge the reliability and quality of an exchange, such as liquidity, spread, fees, purchase and withdrawal limits, trading volume, security, insurance, user-friendliness. Out of all these, I find Coinbase as the best exchange hands down. It has a beginner-friendly user interface, and an unbeatable 100% crypto insurance.
After setting up an intermediary bank account and verifying your details with Coinbase, you are only five simple steps away from a Bitcoin purchase:
  1. Access the ‘Buy/Sell Bitcoin’ tab
  2. Select the payment method using the drop-down menu
  3. Enter the desired amount
  4. Click ‘Buy Bitcoin Instantly.’
  5. View your credited Bitcoins on your dashboard
When you get acquainted with buying crypto and start to itch for some crypto trading (e.g. BTC/ETH), simply perform an instant transfer from Coinbase to GDAX free of charge and start trading. Think of Coinbase as the place to conveniently buy and store your crypto and GDAX as your margin trading platform. Transfers between the two are instant and free.
As you slowly get familiar with other currencies, you might want to have the option of investing in them. Bittrex and Polo are two exchanges that offer a wide selection range.
When signing up on these exchanges for the first time, do make it a point to verify your account with the required documents early, as you do not want to be caught in the middle of some tedious and slow admin work when the trading opportunity comes. Verification on these exchanges may take days, and purchase/withdraw limits may only increase gradually as you trade.
An additional point to note: if you are using a currency other than USD, do check out the exchange’s ease of funding and withdrawal. You do not want your exchange to come into fiat withdrawal problems like Bitfinex did recently.
Cryptocurrency Wallets
Exchanges have inbuilt online wallets to keep the cryptocurrency you purchased. However, for those who heard of the Mt. Gox hack, you might feel uneasy to put on an exchange. If you do not wish to keep your crypto holdings on the exchange, you have the option to either use a paper wallet service like myetherwallet.com or spend 99 USD on a hardware wallet like KeepKey. Both serve the purpose of removing platform risk, at the cost of taking up the responsibility of keeping your cryptocurrency safe.
To transfer your crypto from exchanges to your hardware wallet for long term storage, simply follow these steps, using Coinbase and KeepKey as an example:
  1. Plug in your KeepKey USB cable
  2. Open your KeepKey Client (on Google Chrome under Apps)
  3. Find your wallet address on the KeepKey Client UI
  4. Access Coinbase ‘Send/Request’ tab and input your KeepKey wallet address
  5. Confirm amount and click ‘Send Funds’
Take note to first send a tiny amount (e.g. 0.0001 BTC) for testing before sending the bulk, lest an error occurred and the transfer amount is lost. A small network transfer fee might be charged.
Personally, I own a hardware wallet, as I love the feeling of a having around a tangible reminder of my crypto holdings. Also, the hardware wallet’s user interface makes it easy to keep multiple coins, which is especially handy when you participate in ICOs (Initial Coin Offering) in the future.

Cryptocurrency as a Percentage of Your Investment Portfolio

This part will be wildly subjective. Crypto has the potential to realize many ‘rags to riches’ stories, but its volatility makes it unpredictable. As a precaution, the money you put in crypto should be money that you are fine with losing. I cannot emphasize the importance of this as we often underestimate how the volatility affects our emotional capacities. The upside is huge, but it comes with lots of risks and, if I may put it, emotional torment.
A conservative portfolio I would suggest is as follows:
< 30 years old (max) 30% Crypto, 50% Traditional Investments
30 – 40 years old (max) 20% Crypto, 60% Traditional Investments
> 40 years old (max) 10% Crypto, 70% Traditional Investments
This is not meant to be age discriminatory but considers the fact that one takes up more financial responsibilities (mortgage, family) as he grows older.
Within the designated crypto share of your portfolio, you may diversify your coins based on your risk appetite.

Show Me the Money! Cryptocurrency Investing

Now, this is where it gets exciting.
How do we pick the winner? How do we avoid picking the loser?
Note that crypto is now in a huge bull market and anything could rise over time. Also, do not dismiss the possibility that we may be in a bubble like the-dot-com boom back in 2000. Still, ask yourself these questions before you decide to invest in a coin:
Short Term Trading with Margin
Once you get familiarized with crypto, you may want to trade on your ‘stash’ in hopes of increasing it. For the experienced forex traders, this is nothing new. But for the new crypto investor, you may want to brief up on how to make a leveraged trade.
Short-term trading takes advantages of incoming news to make a quick buck. If you foresee good news from an upcoming release of a coin, you may want to open a long and see how it goes. Remember, buy the rumor, sell the news; act fast and be daring if you wish to make a profit with short term trading.
Mining
For those who are more comfortable with a predictable form of reward, mining is the way. Mining involves setting up of a rig, consisting of GPUs or CPUs and an investment in the electricity. Mining is only possible on cryptocurrencies that follow the Proof of Work protocol. It takes some effort to setup and gets things running, but it is attractive as a long-term passive income as long as you frontload the work.
Staking
Staking is the Proof of Stake version of ‘mining.’ Think of this as making dividends on your stock. The reward rate and staking method differ greatly among Proof of Stake coins, but in general, it takes less effort as compared to mining.
Arbitraging
As you get a hand in multiple exchanges, you may wish to buy from one exchange and sell on another to make ‘arbitrage’ gains when you spot an arbitraging opportunity. Take note of two things if you wish to do so: remember to factor in fees, and remember that the price could change when you are transferring your coin between exchanges, especially during volatile times. USD tends to be liquid so this happens less for it, but for other currencies such as CAD (Canadian dollar) and SGD (Singapore dollar), there may exist more arbitraging opportunities to exploit.
That’s about all I have, for now, invest smart and most importantly, don’t forget to have fun!
submitted by alifkhalil469 to BtcNewz [link] [comments]

Here is All IN 1 Quick Guide for people with less time!

The Absolute Beginner’s Guide to Cryptocurrency Investing

References are made wherever possible. All statements are based on the author’s experiences. I take pride in informing the public and helping as many as I can through sharing my experiences with my readers. That said, no one except you can take responsibility for your Cryptocurrency Investing decisions, so do think it through before investing. If you would like to learn more about the techlogogy behind cryptocurrencies, please check out our blockchain courses on crypto.
When I first started taking an interest in cryptocurrency I thought I was so lost in this huge sea of unknowns. Where do I start? What are the useful keywords to look up and keep in mind? What are the available helpful resources? This cryptocurrency investing guide is written so that in just 20 minutes, you would have a sense of what to expect of your upcoming crypto journey, and how to best go about starting it. Enjoy it, it might just be the most exhilarating ride of your life.
Rise of the Cryptocurrencies
As the tech literacy of the population increases, acceptance of crypto as a legitimate store of value follows, and it boomed. Titles along the lines of ‘Bitcoin price hits new all-time high’ and ‘Ethereum price surges’ are starting to perforate the general public’s news feed. What we know for sure is that people who were once skeptical of Bitcoin and the technology behind it are slowly understanding and getting increasingly involved with crypto. As at the time of writing, the market cap of the entire crypto space is at 30.9 billion USD. It was 20 billion just four months ago. What would it be four months from now?
Current Makeup of the Cryptocurrency Space
You would have heard of Bitcoin and the ‘altcoins.’ How this naming convention started was because back in the days of 2011, forks of Bitcoin appeared in the markets. The forks, or clones, each aspire to serve a niche area, aiming to be ‘better’ than Bitcoin. Since then countless new crypto has emerged, eroding away Bitcoin’s crypto market cap dominance. These altcoins are gaining market share at an alarming speed. Ten times or more growth has been observed in a time span as short as six weeks (see PIVX, an altcoin).
Cryptocurrency, Stocks, and Fiat
The currencies we know are referred to as ‘fiat’ by the cryptocurrency community. Although having ‘currency’ in its name, cryptocurrencies share more similarities with stocks than currencies. When you purchase some cryptocurrency, you are in fact buying some tech stock, a part of the blockchain and a piece of the network.
Cryptocurrency Exchanges
The most common place where people buy and trade cryptocurrency is on the exchanges.Exchanges are places where you may buy and sell your crypto, using fiat. There are multiple measures to judge the reliability and quality of an exchange, such as liquidity, spread, fees, purchase and withdrawal limits, trading volume, security, insurance, user-friendliness. Out of all these, I find Coinbase as the best exchange hands down. It has a beginner-friendly user interface, and an unbeatable 100% crypto insurance.
After setting up an intermediary bank account and verifying your details with Coinbase, you are only five simple steps away from a Bitcoin purchase:
  1. Access the ‘Buy/Sell Bitcoin’ tab
  2. Select the payment method using the drop-down menu
  3. Enter the desired amount
  4. Click ‘Buy Bitcoin Instantly.’
  5. View your credited Bitcoins on your dashboard
When you get acquainted with buying crypto and start to itch for some crypto trading (e.g. BTC/ETH), simply perform an instant transfer from Coinbase to GDAX free of charge and start trading. Think of Coinbase as the place to conveniently buy and store your crypto and GDAX as your margin trading platform. Transfers between the two are instant and free.
As you slowly get familiar with other currencies, you might want to have the option of investing in them. Bittrex and Polo are two exchanges that offer a wide selection range.
When signing up on these exchanges for the first time, do make it a point to verify your account with the required documents early, as you do not want to be caught in the middle of some tedious and slow admin work when the trading opportunity comes. Verification on these exchanges may take days, and purchase/withdraw limits may only increase gradually as you trade.
An additional point to note: if you are using a currency other than USD, do check out the exchange’s ease of funding and withdrawal. You do not want your exchange to come into fiat withdrawal problems like Bitfinex did recently.
Cryptocurrency Wallets
Exchanges have inbuilt online wallets to keep the cryptocurrency you purchased. However, for those who heard of the Mt. Gox hack, you might feel uneasy to put on an exchange. If you do not wish to keep your crypto holdings on the exchange, you have the option to either use a paper wallet service like myetherwallet.com or spend 99 USD on a hardware wallet like KeepKey. Both serve the purpose of removing platform risk, at the cost of taking up the responsibility of keeping your cryptocurrency safe.
To transfer your crypto from exchanges to your hardware wallet for long term storage, simply follow these steps, using Coinbase and KeepKey as an example:
  1. Plug in your KeepKey USB cable
  2. Open your KeepKey Client (on Google Chrome under Apps)
  3. Find your wallet address on the KeepKey Client UI
  4. Access Coinbase ‘Send/Request’ tab and input your KeepKey wallet address
  5. Confirm amount and click ‘Send Funds’
Take note to first send a tiny amount (e.g. 0.0001 BTC) for testing before sending the bulk, lest an error occurred and the transfer amount is lost. A small network transfer fee might be charged.
Personally, I own a hardware wallet, as I love the feeling of a having around a tangible reminder of my crypto holdings. Also, the hardware wallet’s user interface makes it easy to keep multiple coins, which is especially handy when you participate in ICOs (Initial Coin Offering) in the future.

Cryptocurrency as a Percentage of Your Investment Portfolio

This part will be wildly subjective. Crypto has the potential to realize many ‘rags to riches’ stories, but its volatility makes it unpredictable. As a precaution, the money you put in crypto should be money that you are fine with losing. I cannot emphasize the importance of this as we often underestimate how the volatility affects our emotional capacities. The upside is huge, but it comes with lots of risks and, if I may put it, emotional torment.
A conservative portfolio I would suggest is as follows:
< 30 years old (max) 30% Crypto, 50% Traditional Investments
30 – 40 years old (max) 20% Crypto, 60% Traditional Investments
> 40 years old (max) 10% Crypto, 70% Traditional Investments
This is not meant to be age discriminatory but considers the fact that one takes up more financial responsibilities (mortgage, family) as he grows older.
Within the designated crypto share of your portfolio, you may diversify your coins based on your risk appetite.

Show Me the Money! Cryptocurrency Investing

Now, this is where it gets exciting.
How do we pick the winner? How do we avoid picking the loser?
Note that crypto is now in a huge bull market and anything could rise over time. Also, do not dismiss the possibility that we may be in a bubble like the-dot-com boom back in 2000. Still, ask yourself these questions before you decide to invest in a coin:
Short Term Trading with Margin
Once you get familiarized with crypto, you may want to trade on your ‘stash’ in hopes of increasing it. For the experienced forex traders, this is nothing new. But for the new crypto investor, you may want to brief up on how to make a leveraged trade.
Short-term trading takes advantages of incoming news to make a quick buck. If you foresee good news from an upcoming release of a coin, you may want to open a long and see how it goes. Remember, buy the rumor, sell the news; act fast and be daring if you wish to make a profit with short term trading.
Mining
For those who are more comfortable with a predictable form of reward, mining is the way. Mining involves setting up of a rig, consisting of GPUs or CPUs and an investment in the electricity. Mining is only possible on cryptocurrencies that follow the Proof of Work protocol. It takes some effort to setup and gets things running, but it is attractive as a long-term passive income as long as you frontload the work.
Staking
Staking is the Proof of Stake version of ‘mining.’ Think of this as making dividends on your stock. The reward rate and staking method differ greatly among Proof of Stake coins, but in general, it takes less effort as compared to mining.
Arbitraging
As you get a hand in multiple exchanges, you may wish to buy from one exchange and sell on another to make ‘arbitrage’ gains when you spot an arbitraging opportunity. Take note of two things if you wish to do so: remember to factor in fees, and remember that the price could change when you are transferring your coin between exchanges, especially during volatile times. USD tends to be liquid so this happens less for it, but for other currencies such as CAD (Canadian dollar) and SGD (Singapore dollar), there may exist more arbitraging opportunities to exploit.

Link the original blog post: https://blockgeeks.com/cryptocurrency-investing/
submitted by Tokenberry to NewbieZone [link] [comments]

USI Tech

I wrote this to a friend who attempted to recruit me into USI Tech.
heres my opinion
USI Tech has a lot of similarities with very problematic business models.
its ownership has problematic connections; it operates a multilevel marketing model that relies on the recruitment of new investors; i havent seen convincing proof that their software truly works the way they say it works.
ive found a lot of cloak and dagger having done a couple weeks of research on the company and my conclusion is that
for me personally there are too may red flags to invest. ive consumed a lot of material on the subject of their legitimacy from both sides of the argument. this is a complex question and it has a complex answer.
the objective truth of whether or not the company is a scam will be regarded as a matter of opinion until history reveals itself; as of right now you believe they are an honest enterprise, and i disagree. that is totally fine, we are both friends and we respect eachothers opinions and we want the best for one another; either of us could be wrong and it won't affect our friendship.
for me, the decision to forego the investment came from these red flags:
1.) Who. its hard to get an official document of exactly who owns the company however these are a few names that come up as people who have either seemed to own it or have at one point promoted it, all of which cast shade over themselves: Mike Kiefer, Ralf Gold, Joao Severino, Charles Scoville.
USI Tech is registered in Dubai and while that is not problematic on its own, there are devastating amounts of internet ponzis registered or operating out of Dubai, specifically foreign exchange trading scams.
2.) How. multilevel marketing. i despise MLM, i believe it is a predatory recruitment method that exploits people's hope and greed. while pyramid schemes can make money, very very very very very often the actual money making mechanism is the recruitment of new members and their subsequent purchase investments. even with a really shitty product you can make this go far so long as the hype is strong enough to feed recruitment.
my family was ruined when i was ten after my parents claimed bankrupcy over a zealous series of investments in Melaluca, an organic lotions MLM. this will always affect my bias.
3.) What. USI Tech's bitcoin product, what is it? do they offer a crypto trading software that works like their forex robot? as far as i can tell, there is no direct evidence of the actual trades that their software allegedyly engages in. my bottom line is here i can't come up with any evidence of a tangible product that truly does what they say it does which is problematic because they are offering a ROI which is apparently based on this robot's performance. moreover, if USI Tech is attempting some clever loophole trickery to avoid having registered with the SEC for selling securities, i have no idea what it is and that is alarming.
finally, 4.) Why. ponzi. if you do not know how a ponzi scheme works on a technical level, learn it, it is very simple. a multilevel marketing company out of Dubai that offers a cloaked software product raises supreme concern for me. their shelflife looks to have been extended by having added an anonymous and unregulated currency into the mix.
i don't doubt that at some level they are trying to make honest money, maybe that is what their mining operation is about. if they start offering cloud mining, that will be another red flag.
money can be made in a ponzi, i just believe its dishonest money. the operative is to discontinue reinvestment at a safe time. i cant put my btc in it because i believe it will contribute to the propagation of the business, which i believe to be malevolent.
__
for me, the magic is in bitcoin. not a robot that trades bitcoin. not a robot that trades in fiat markets.
i dont even speculate in arbitrage because the magic isnt even in the investment opportunity.
if what they say is true, and there is a robot that can consistently pull value out of crypto markets, then that is an innovative and lucrative achievement, but i don't buy it. if they use a robot to pull value out of forex, then my investment is directly participating in that system of currency that i don't trust.
you're a good dude, and obviously i have no hard feelings about your involvement, you will make money in it even which is great. like i said you can still make money in it and of course its tempting to invest so i might even buy a pack depending on how greedy i get, but my opinion isn't likely to change about the nature of USI Tech until i learn more.
submitted by beartowitness to Scams [link] [comments]

Apocalypse of Plustoken

Apocalypse of Plustoken

https://preview.redd.it/4ed0ie0c3g831.jpg?width=1280&format=pjpg&auto=webp&s=14d0727fd907a44782065cdb3fba52d50247022f
One day before Plustoken fall apart, the official account of Shenzhen Police Department got “attack” from some investors .
https://preview.redd.it/xipidl8d3g831.jpg?width=1080&format=pjpg&auto=webp&s=c5386f7be64bf25b5e8a9a0a266e1115c217c1e4
"We all use it as Yu'E Bao and the earnings return to account on time every day. Why it stops working out of sudden?” He Xiaoli did not know what to do. She’s afraid to tell the news to her husband and mother, because there are hundreds of thousands of money was supposed to be the elderly pension money.
Behind the meltdown of the Plustoken is the disappearance of ¥30 billion from 3 million users.
No one knows how much money in there is the elderly pension money, how much money in there is the children's education reserve fund, how much money in there is the savings from years of hard working life, no one even know how much money in there is through usurious loans, small loans or even net loans to get the money.
Not only are these users facing losses on their investments, but they are also facing loans that they may not be able to pay interest on, plunging them into a terrible blackhole of loan that they cannot come back on their feet again
To be honest, those people who participate in Plustoken are not t stupid. On the contrary, they are very smart.
They are just greedy. About the Plustoken - No.1 fund plate in token field, what is the rules of it? I didn't really get involved, but I got the general idea. After all, it was pretty much the same.
Plustoken is a capital project of tokens which was created in April 2018(crowdfunding started in Feb.). The full name of Plustoken is Plustoken digital currency arbitrage quantitative trading wallet, whose declared business model is to carry out arbitrage in different exchanges.
In short, users purchase bitcoin, Ethereum and other mainstream tokens in the exchange. Transfer money to the Plustoken and obtain the corresponding divided – Plustoken token.
How do you get the profit?
Just as mentioned above, it is the same as Yu’E Bao. All you have to do is put the token in the account and then you can receive dividends every day with a monthly yield of 10% and an annual yield of more than 100%. They claimed that there were professional teams to carry out risk-free arbitrage activities such as doing basic transaction, arbitrage and quantification. If you think that return is high enough, then you still underestimate the power of the game. At the same time, the Plustoken rises constantly, which is said to increase by hundreds of times at the highest point.
Huge profits naturally cause huge desire so what if you’re still not satisfied with all the profits? You can invite others to join you:

https://preview.redd.it/rzzd8poe3g831.jpg?width=690&format=pjpg&auto=webp&s=982d408e283c216632ecfafef2df13811ffbb9d0
Invite one person to get 100% of al-dog’s profit.
Invite 10 person to get 10% of al-dog’s profit from the second to the tenth.
Large user’s demand is 10 level of al-dog worth $200,000 and infinite 5% of al-dog’s profit.
Next level is to invite 3 large users and get infinite 10% of al-dog’s profit.
The biggest one is to invite 3 smaller levels and get infinite 15% of al-dog’s profit.
Simply speaking, the more people you bring in, the higher return you will get. With an acceptable approach of money and enough bonus of inviting people and the development to small cities and even villages, Plustoken continues to be used. And to be maintained, it need to make more and more people especially those who already make profits here to fully trust Plustoken.and to keep investing, making the bubble bigger.
However, there is no practical value behind the whole game so at the end of day, it’s still nothing but a Ponzi Scheme, waiting to fall apart.
Besides Plustoken, there is another well-known scheme calld Qubu that only picking up people from small place. At the beginning of Qubu, it collects a batch of funds through real-name authentication to finance its own team operation. Later, through a so-called earnings by walking to attract a number of ignorant people to participate. If these people stop putting more money in the account, there is no money-lost for them. If they keep adding money to the account, they are waiting to be scammed. Then it’s basically the same way to attract more people, pyramid selling and individual investing companies.
It’s always the same trap with different names, including the viral mode-coins, resonance coins and so on. There are others trending modes in the industry such as cloud-mining and cloud-calculating which are all scams. Of course, there are some legit platform but not many actually have mines and mining machines.
Stay on guard.
The reason we are concerned about the recent events is that we have found that some common concepts in the industry like “digital tokens”, “blockchain” and “quantitative trading” have been used in many schemes. And every time they crash, the headline in the news always involves digital tokens so there are many people believe token itself is a scam.

https://preview.redd.it/bedt82df3g831.jpg?width=600&format=pjpg&auto=webp&s=e52d3dff31b5dd37b1f0edc9d9db882e9ca0b85d
In fact, there have been a lot of people think this way. They would tell you to be careful if you tell them you are in the game.
Such scams increasingly illustrate two things – the concept of blockchain is trending and the fact that digital token is indeed a particularly good asset transfer tool.
There is no need to further explain the first one. The concept of blockchain is just a popular concept. Those pyramid selling teams used a lot of different concepts. From the earliest Amway derived health care products scam to the subsequent equity investment scam to later P2Pnand other internet finance, they like use the same routine and they can even create a project that fits into a national policy. For example, there was a project focusing on the western before the development of the western regions and a project to enter the west was created and later there was the Belt and Road Initiative project for the program.
The name is always changing and an reasonable high yield and promises are constant.
Here is the logic behind it:
Promise you a high return. You may not believe at first but with a variety of high-end technology projects and blurry words to brainwash you to accept their whole idea. Once you believe them, you will spontaneously pyramid selling to your friends in order to chase a higher return.
Secondly, it is known to all that it’s obvious that token would be used for scam due to its anonymity. 3M was the first to use bitcoin to play a pyramid scheme on a global scale, which made many people find out how easy to use bitcoin for scheme. The collection is not transparent so it cannot be frozen by the bank and it’s easy to just carry on and run away.
These are the two reasons why there are so many pyramid schemes using tokens and blockchain.
In fact, most of people know this kind of high return does not exist. The market is free and an extreme high return will naturally flow in with more capital, eventually adjusting all the profit back to a normal level. But there are still a lot people chose to believe and invest more than they can afford. Why? Probably greed.
Victims are pitiful. Let’s just hope there won’t be any victims any more.
submitted by infini2019 to u/infini2019 [link] [comments]

Becomes harder and harder to hold on...

I had been trading and doing bunch of other things in crypto as a hobby. But When BTC hit 15-20k I decided that I should become a company, pay my taxes and provide for my family in crypto. It worked out well for couple months. But right after I became a company, BTC went down pretty bad and it`s been gradually going down since then. So I can`t really provide a life through crypto anymore. The last 3 months, I made less than half of what I made in November, December, an January. Don`t get me wrong. I strongly believe in Crypto and am an early adopter. I love the volatility, the community, the cause and the technology. But I have to pay my bills and I don`t wanna look for a job again. So here`s what I~ve been doing so far...
1- Currently I have 2 different bots running which neighter of them really makes money at all. Because they`re still at the trial stages and I`m not sure if it`ll ever work out or not. So I can`t put so much money in them.
2- I tried arbitrage for a while but there`s not much of that anymore. Even if you can find an opportunity, you either have to risk tons of money (in 6 digits) or you have to wait in a low volume market to see if anyone buys your high sell order. So the arbitrage doesnt really do anything anymore either for little people like me.
3- I`m still manually trading between 3-4 main currencies but as you know no coin is going high against dollar nor BTC. So I just buy and wait... then it goes down even more. I just don`t know how long is this downtrend going to stay? If it goes for another month, I will have to look for other options, other than crypto to provide for my family and pay my bills.
4- I made pretty good money on the airdrops during Nov-Dec-Jan but now that market is suffering too. Based on a pretty recent study, 85% of the ICOs are scam. 12% of them barely have actual coins and only 2 something percent of them actually goes into an exchange and become dumpable. As we all know almost all new coins suffer on the value. So there`s almost no opportunity in airdrops and forks anymore either.
5- I have a Facebook group with 50k members which brings in a small income from ads. But that amount wont even pay one bill.
So I`ll greatly appreciate if anyone gives any advises on what other ways out there in crypto world to money off of? Now, I should mention that I have morals and ethics. I won`t scam people, create ICOs, do any kind of fraud, participate in any kind of "adult" project.
Thank you Bitcoin Community for always being there through thick and thin 📷
submitted by Playboy_BTC to CryptoCurrency [link] [comments]

Becomes harder and harder to hold on...

I had been trading and doing bunch of other things in crypto as a hobby. But When BTC hit 15-20k I decided that I should become a company, pay my taxes and provide for my family in crypto. It worked out well for couple months. But right after I became a company, BTC went down pretty bad and it`s been gradually going down since then. So I can`t really provide a life through crypto anymore. The last 3 months, I made less than half of what I made in November, December, an January. Don`t get me wrong. I strongly believe in Crypto and am an early adopter. I love the volatility, the community, the cause and the technology. But I have to pay my bills and I don`t wanna look for a job again. So here`s what I~ve been doing so far...
1- Currently I have 2 different bots running which neighter of them really makes money at all. Because they`re still at the trial stages and I`m not sure if it`ll ever work out or not. So I can`t put so much money in them.
2- I tried arbitrage for a while but there`s not much of that anymore. Even if you can find an opportunity, you either have to risk tons of money (in 6 digits) or you have to wait in a low volume market to see if anyone buys your high sell order. So the arbitrage doesnt really do anything anymore either for little people like me.
3- I`m still manually trading between 3-4 main currencies but as you know no coin is going high against dollar nor BTC. So I just buy and wait... then it goes down even more. I just don`t know how long is this downtrend going to stay? If it goes for another month, I will have to look for other options, other than crypto to provide for my family and pay my bills.
4- I made pretty good money on the airdrops during Nov-Dec-Jan but now that market is suffering too. Based on a pretty recent study, 85% of the ICOs are scam. 12% of them barely have actual coins and only 2 something percent of them actually goes into an exchange and become dumpable. As we all know almost all new coins suffer on the value. So there`s almost no opportunity in airdrops and forks anymore either.
5- I have a Facebook group with 50k members which brings in a small income from ads. But that amount wont even pay one bill.
So I`ll greatly appreciate if anyone gives any advises on what other ways out there in crypto world to money off of? Now, I should mention that I have morals and ethics. I won`t scam people, create ICOs, do any kind of fraud, participate in any kind of "adult" project.
Thank you Bitcoin Community for always being there through thick and thin 📷
submitted by Playboy_BTC to Bitcoin [link] [comments]

(LocalBitcoins.com) A hard learned tip for even the more experienced Bitcoiner - don't get caught out. Be careful.

So I got scammed and I'm down what I'd consider a considerable amount. I don't want sympathy, it was my fault completely. I want to warn others who may make the same mistake.
I've been "in" Bitcoin on and off since about 2012... I recently got into trading and was doing pretty well - making 3 to 5 percent almost daily - I'd well over tripled my money and was feeling confident, strong and extremely positive about the future. Hindsight red flag No. 0.5 - delusions of grandeur certainly rear their little heads when you least expect it.
My plan was to accumulate BTC, regardless of the USD price. I believe in this currency, in this technology, in the shift within the very fabric of our society that Bitcoin represents, when I think about it long enough my very bones shake with the possibilities it could bring, and I wanted in.
I wanted in a little faster than I currently was, and this is where I became my own enemy.
See I'd like to think of myself as logical, analytical, critical and level headed. I'm not one to get carried away in my day-to-day life - I'm sure a lot of you reading this are the same. I'm the kind of person who reads stories like this and thinks "Pah! Moron... red flags!" - but alas.
Last week, on LocalBitcoins, I came across a buyer who wanted to buy my Bitcoins at a premium (hindsight red flag No.1) via PayPal (hindsight red flag No.2). Immediately I figured that I could sell mine at a premium, and buy back in. Why wait for the market to move when you can just arbitrage the shit out of it?!
I saw dollar signs. I checked the buyers feedback, 70 transactions - all positive.
Having done PayPal trades before, I was confident, what could go wrong? The buyer's terms stated that I should tell him if I wanted the PayPal transaction to be "Goods and Services" or "Friends and Family", of course, I hit the button and immediately made it clear I wanted to do G&S.
"Oh, I am very very sorry! I tried to be fast and sent as F&F :(" comes a message. Hindsight red flag No.3.
At this point, I should have refunded the transaction and asked him to send it G&S. Better still, I should have walked away. But I didnt. I'd just made enough money to pay off a bunch of debts and have a bloody great Christmas.
I clicked release bitcoins, thanked the buyer and popped off to the shop to get a couple of celebratory beers.
By the time I got back, the PayPal charge-back had been initiated. My heart sank. I've never felt grief over money before but this has been something else.
Thinking it must be some mistake, I messaged the buyer.
"It is maybe because I logged in from Wireless IP." he messages back. At this point I know I've been scammed but I can't quite believe I've let myself.
I ask the buyer if he'd consider returning my Bitcoins once PayPal refunds his money... he agrees and swiftly blocks me.
Over the next few days his Feedback on LocalBitcoins has more and more people being scammed. More and more people falling for that premium rate, just like I did.
At the end of the day, I can't for 100% certain say that this person is a criminal who's robbed me out of malice. Maybe they have a kid who's ill or maybe they live in a place they can't escape without money and to them this is life or death? I just don't know. What I DO know, is had I have taken the process slower, more analytically and listened to my gut, I would have carried on making little trades on proper exchanges and be looking forward to the future.
So, I'm licking my wounds. I've reported the buyer, maybe LocalBitcoins can help, maybe they can't. Maybe the seller will suddenly find a conscience and return them, but I fully expect he wont.
So folks, if you're going to trade on LocalBitcoins for PayPal, for god sake do it in SMALL amounts across MULTIPLE traders. Make sure they send the money Goods & Services. Make sure they have hundreds, if not THOUSANDS of positive feedback comments.
Even better, use a trusted & audited exchange. It may take a little longer but you have more recourse if things go wrong.
Stay safe out there.
tl;dr Got scammed on LocalBitcoins because I'm a dickead - should have listened to my own advice. Don't be a dickhead - If someone is buying at a premium then think logically.... hell, assume everyone is out to scam you & stay safe. Peace.
edit: The buyers name on LocalBitcoins is BTCguycincinnati513
edit 2: Album of screenshots
submitted by keepcalmandPOE to Bitcoin [link] [comments]

Blockchain Wallets

Hello! My name is Inna Halahuz, I am a sales manager at Platinum, the largest listing service provider for the STO and ICO projects. We know all about the best and most useful STO and ICO marketing services.
By the way, we developed the best blockchain platform:
[Platinum.fund] (https://platinum.fund/sto/)
We also created the UBAI, the unique educational project with the best and most useful online courses. We not only share our knowledge but also help the best graduates to find a job! After finishing our courses you will know all about crypto securities, ICO and STO advertizing and best blockchain platforms.
What a Blockchain Wallet is? What is its purpose?
Find the answer after reading this article.
Public/Private Key
The public key is the digital code you give to someone that wants to transfer ownership of a unit of cryptocurrency to you; and a private key is what you need to be able to unlock your own wallet to transfer a unit of a cryptocurrency to someone else. The encoding of information within a wallet is done by the private and public keys. That is the main component of the encryption that maintains the security of the wallet. Both keys function in simultaneous encryption systems called symmetric and asymmetric encryption. The former, alternatively known as private key encryption, makes use of the same key for encryption and decryption. The latter, asymmetric encryption, utilizes two keys, the public and private key, wherein a message-sender encrypts the message with the public key, and the recipient decodes it with their private key. The public key uses asymmetric algorithms that convert messages into an unreadable format. A person who possesses a public key can encrypt the message for a specific receiver.
Accessing wallets
Methods of wallet access vary depending on the type of wallet being used. Various types of currency wallets on an exchange will normally be accessed via the exchange’s entrance portal, normally involving a combination of a username/password and optionally, 2FA (Two factor authentication, which we explain in more detail later). Whereas hardware wallets need to be connected to an internet enabled device, and then have a pin code entered manually by the user in possession of the hardware wallet in order for access to be gained. Phone wallets are accessed through the device on which the wallet application has been downloaded. Ordinarily, a passcode and/or security pattern must be entered before entry is granted, in addition to 2FA for withdrawals.
Satoshi Nakamoto built the Satoshi client which evolved into Bitcoin in 2009. This software allowed users to create wallets and send money to other addresses. However, it proved to be a nightmarish user experience, with many transactions being sent to incorrect addresses and private keys being lost. The MtGox (Magic the Gathering Online exchange, named after the original intended use of the exchange) incident, which will be covered in greater detail later, serves as a reminder of the dangers present in the cryptosphere regarding security, and the need to constantly upgrade your defenses against all potential hacks. The resulting loss of 850k BTC is a still unresolved problem, weighing heavily on the victims and the markets at large. This caused a huge push for a constantly evolving and improving focus on security. Exchanges that developed later, and are thus considered more legitimate and secure, such as Gemini and Coinbase, put a much greater emphasis on vigilance as a direct result of the MtGox hacking incident. We also saw the evolution of wallet security into the physical realm with the creation of hardware wallets, most notable among them the Ledger and Trezor wallets.
Types of Wallets & Storage Methods
The simplest way to sift through the dozens of cryptocurrency storage methods available today, is to divide them up into digital and non-digital, software and hardware wallets. There are also less commonly used methods of storage of private keys, like paper wallets and brain wallets. We will examine them all at least briefly, because in the course of your interaction with cryptocurrencies and Blockchain technology, it is essential to master all the different types of hardware and software wallets. Another distinction must be made between hot wallets and cold wallets. A hot wallet is one that is connected to the internet, and a cold wallet is one that is not. Fun fact: The level below cold storage, deep cold storage has just recently been implemented by the Regal RA DMCC, a subsidiary of an internationally renowned gold trading company licensed in the Middle East. After having been granted a crypto trading license, Regal RA launched their “deep cold” storage solution for traders and investors, which offers the ability to store crypto assets in vaults deep below the Almas Tower in Dubai. This storage method is so secure that at no point is the vault connected to a network or the internet; meaning the owners of the assets can be sure that the private keys are known only to the rightful owners.
Lets take a quick look at specific features and functionality of varieties of crypto wallets. Software wallets: wallet applications installed on a laptop, desktop, phone or tablet. Web Wallets: A hot wallet by definition. Web Wallets are accessible through the web browser on your phone or computer. The most important feature to recognize about any kind of web wallet, is that the private keys are held and managed by a trusted third party. MyEtherWallet is the most commonly used non-exchange web wallet, but it can only be used to store Ethereum and ERC-20 tokens.
Though the avenue of access to MEW is through the web, it is not strictly speaking a web wallet, though this label will suffice for the time being. The MEW site gives you the ability to create a new wallet so you can store your ETH yourself. All the data is created and stored on your CPU rather than their servers. This makes MEW a hybrid kind of web wallet and desktop wallet. Exchange Wallets: A form of Web Wallet contained within an exchange. An exchange will hold a wallet for each individual variety of cryptocurrency you hold on that exchange. Desktop Wallets: A software program downloaded onto your computer or tablet hard drive that usually holds only one kind of cryptocurrency. The Nano Wallet (Formerly Raiwallet) and Neon wallet for storage of NEO and NEP-5 tokens are notable examples of desktop wallets Phone Wallets: These are apps downloaded onto a mobile phone that function in the same manner as a desktop wallet, but actually can hold many different kinds of cryptocurrency. The Eidoo Wallet for storing Ethereum and its associated tokens and Blockchain Wallet which currently is configured to hold BTC, ETH and Bitcoin Cash, are some of the most widely used examples.
Hardware wallets — LedgeTrezoAlternatives
Hardware wallets are basically physical pathways and keys to the unique location of your crypto assets on the Blockchain. These are thought to be more secure than any variety of web wallet because the private key is stored within your own hard wallet, an actual physical device. This forcibly removes the risk your online wallet, or your exchange counter party, might be hacked in the same manner as MtGox. In hardware wallet transactions, the wallet’s API creates the transaction when a user requests a payment. An API is a set of functions that facilitates the creation of applications that interact and access features or data of an operating system. The hardware then signs the transaction, and produces a public key, which is given to the network. This means the signing keys never leave the hardware wallet. The user must both enter a personal identification number and physically press buttons on the hardware wallet in order to gain access to their Blockchain wallet address through this method, and do the same to initiate transfers.
Paper Wallets
Possibly the safest form of cryptocurrency storage in terms of avoiding hacking, Paper Wallets are an offline form of crypto storage that is free to set up, and probably the most secure way for users, from beginners to experts, to hold on to their crypto assets. To say it simply, paper wallets are an offline cold storage method of storing cryptocurrency. This includes actually printing out your public and private keys on a piece of paper, which you then store and save in a secure place. The keys are printed in the form of QR codes which you can scan in the future for all your transactions. The reason why it is so safe is that it gives complete control to you, the user. You do not need to worry about the security or condition of a piece of hardware, nor do you have to worry about hackers on the net, or any other piece of malware. You just need to take care of one piece of paper!
Real World Historical Examples of Different Wallet Types
Web Wallet: Blockchain.info Brief mechanism & Security Blockchain.info is both a cryptocurrency wallet, supporting Bitcoin, Ethereum and Bitcoin cash, and also a block explorer service. The wallet service provided by blockchain.info has both a Web Wallet, and mobile phone application wallet, both of which involve signing up with an email address, and both have downloadable private keys. Two Factor Authentication is enabled for transfers from the web and mobile wallets, as well as email confirmation (as with most withdrawals from exchanges). Phone Wallet: Eidoo The Eidoo wallet is a multi-currency mobile phone app wallet for storage of Ethereum and ERC-20 tokens. The security level is the standard phone wallet level of email registration, confirmation, password login, and 2 factor authentication used in all transfers out. You may find small volumes of different varieties of cryptocurrencies randomly turning up in your Eidoo wallet address. Certain projects have deals with individual wallets to allow for “airdrops” to take place of a particular token into the wallet, without the consent of the wallet holder. There is no need to be alarmed, and the security of the wallet is not in any way compromised by these airdrops.
Neon Wallet
The NEON wallet sets the standard for web wallets in terms of security and user-friendly functionality. This wallet is only designed for storing NEO, Gas, and NEP-5 tokens (Ontology, Deep Brain Chain, RPX etc.). As with all single-currency wallets, be forewarned, if you send the wrong cryptocurrency type to a wallet for which it is not designed, you will probably lose your tokens or coins. MyEtherWallet My Ether Wallet, often referred to as MEW, is the most widely used and highly regarded wallet for Ethereum and its related ERC-20 tokens. You can access your MEW account with a hardware wallet, or a different program. Or you can also get access by typing or copying in your private key. However, you should understand this method is the least safe way possible,and therefore is the most likely to result in a hack. Hardware: TrezoLedger Brief History Mechanism and Security A hardware wallet is a physical key to your on-chain wallet location, with the private keys contained within a secure sector of the device. Your private key never leaves your hardware wallet. This is one of the safest possible methods of access to your crypto assets. Many people feel like the hardware wallet strikes the right balance between security, peace of mind, and convenience. Paper Wallet Paper wallets can be generated at various websites, such as https://bitcoinpaperwallet.com/ and https://walletgenerator.net/. They enable wallet holders to store their private keys totally offline, in as secure a manner as is possible.
Real World Example — Poor Practices
MtGox Hack history effects and security considerations MtGox was the largest cryptocurrency exchange in the world before it was hacked in 2014. They were handling over 70% of BTC transactions before they were forced to liquidate their business. The biggest theft of cryptocurrency in history began when the private keys for the hot wallets were stolen in 2011 from a wallet.dat file, possibly by hacking, possibly by a rogue employee. Over the course of the next 3 years the hot wallets were emptied of approximately 650000 BTC. The hacker only needed wallet.dat file to access and make transfers from the hot wallet, as wallet encryption was only in operation from the time of the Bitcoin 0.4.0 release on Sept 23rd 2011. Even as the wallets were being emptied, the employees at Mt Gox were apparently oblivious to what was taking place. It seems that Mt Gox workers were interpreting these withdrawals as large transfers being made to more secure wallets. The former CEO of the exchange, Mark Karpeles, is currently on trial for embezzlement and faces up to 5 years in prison if found guilty. The Mt Gox hack precipitated the acceleration of security improvements on other exchanges, for wallets, and the architecture of bitcoin itself. As a rule of thumb, no small-to-medium scale crypto holders should use exchange wallets as a long-term storage solution. Investors and experienced traders may do this to take advantage of market fluctuations, but exchange wallets are perhaps the most prone to hacking, and storing assets on exchanges for an extended time is one of the riskiest ways to hold your assets.
In a case strikingly similar to the MtGox of 2011–2014, the operators of the BitGrail exchange “discovered” that approximately 17 million XRB ($195 million worth in early 2018) were missing. The operators of the exchange were inexplicably still accepting deposits, long after they knew about the hack. Then they proceeded to block withdrawals from non-EU users. And then they even requested a hard fork of the code to restore the funds. This would have meant the entire XRB Blockchain would have had to accept all transactions from their first “invalid” transaction that were invalid, and rollback the ledger. The BitGrailexchange attempted to open operations in May 2018 but was immediately forced to close by order of the Italian courts. BitGrail did not institute mandatory KYC (Know your customer) procedures for their clients until after the theft had been reported, and allegedly months after the hack was visible. They also did not have 2 factor authentication mandatory for withdrawals. All big, and very costly mistakes.
Case Study: Good Practice Binance, the Attempted Hack
During the 2017 bull run, China-based exchange Binance quickly rose to the status of biggest altcoin exchange in the world, boasting daily volumes that surged to over $4 billion per day in late December. Unfortunately, this success attracted the attention of some crafty hackers. These hackers purchased domain names that were confusingly similar to “binance.com”. And then they created sufficiently convincing replica websites so they could phish traders for their login information. After obtaining this vital info, the scammers created API keys to place large buy orders for VIAcoin, an obscure, low volume digital currency. Those large buy orders spiked VIA’s price. Within minutes they traded the artificially high-priced VIA for BTC. Then they immediately made withdrawal requests from the hacked BTC wallets to wallets outside of the exchange. Almost a perfect fait accompli! But, Binance’s “automating risk management system” kicked in, as it should, and all withdrawals were temporarily suspended, resulting in a foiled hacking attempt.
Software Wallets Web/Desktop/Phone/Exchange Advantages and Limitations
As we said before, it is inadvisable to store crypto assets in exchange wallets, and, to a lesser extent, Web Wallets. The specific reason we say that is because you need to deliver your private keys into the hands of another party, and rely on that website or exchange to keep your private key, and thus your assets, safe. The advantages of the less-secure exchange or web wallets, are the speed at which you can transfer assets into another currency, or into another exchange for sale or for arbitrage purposes. Despite the convenience factor, all software wallets will at some point have been connected to the internet or a network. So, you can never be 100% sure that your system has not been infected with malware, or some kind of keylogging software, that will allow a third party to record your passwords or private keys. How well the type of storage method limits your contact with such hazards is a good way to rate the security of said variety of wallet. Of all the software wallets, desktop and mobile wallets are the most secure because you download and store your own private key, preferably on a different system. By taking the responsibility of private key storage you can be sure that only one person has possession of it, and that is you! Thereby greatly increasing the security of your crypto assets. By having their assets in a desktop wallet, traders can guard their private key and enjoy the associated heightened security levels, as well keep their assets just one swift transfer away from an exchange.
Hardware Wallets Advantages and Limitations
We briefly touched on the features and operation of the two most popular hardware wallets currently on the market, the Ledger and Trezor wallets. Now it will be helpful to take a closer look into the pros and cons of the hardware wallet storage method. With hardware wallets, the private keys are stored within a protected area of the microcontroller, and they are prevented from being exported out of the device in plain text. They are fortified with state-of-the-art cryptography that makes them immune to computer viruses and malware. And much of the time, the software is open source, which allows user validation of the entire performance of the device. The advantages of a hardware wallet over the perhaps more secure paper wallet method of crypto storage is the interactive user experience, and also the fact that the private key must at some stage be downloaded in order to use the paper wallet. The main disadvantage of a hardware wallet is the time-consuming extra steps needed to transfer funds out of this mode of storage to an exchange, which could conceivably result in some traders missing out on profits. But with security being the main concern of the vast majority of holders, investors and traders too, this slight drawback is largely inconsequential in most situations.
Paper Wallets Advantages and Limitations
Paper wallets are thought by some to be the safest way to store your crypto assets, or more specifically, the best method of guarding the pathways to your assets on the Blockchain. By printing out your private key information, the route to your assets on the Blockchain is stored 100% offline (apart from the act of printing the private key out, the entire process is totally offline). This means that you will not run the risk of being infected with malware or become the victim of keylogging scams. The main drawback of using paper wallets is that you are in effect putting all your eggs in one basket, and if the physical document is destroyed, you will lose access to your crypto assets forever.
Key things to keep in mind about your Wallet Security: Recovery Phrases/Private Key Storage/2FA/Email Security
Recovery phrases are used to recover the on-chain location for your wallet with your assets for hardware wallets like ledgers and Trezors that have been lost. When you purchase a new ledger for example, you just have to set it up again by entering the recovery phrase into the display and the lost wallets will appear with your assets intact. Private key storage is of paramount importance to maintain the safety of your on-chain assets! This should be done in paper wallet form, or stored offline on a different computer, or USB device, from the one you would typically use to connect to the 2 Factor Authentication (2FA) sometimes known as “two step authentication”. This feature offers an extra security layer when withdrawing funds from cryptocurrency wallets. A specialized app, most commonly Google Authenticator, is synced up to the exchange to provide a constantly changing code. This code must be entered within a short time window to initiate transfers, or to log into an exchange, if it has also been enabled for that purpose.
You must always consider the level of fees, or the amount of Gas, that will be needed to carry out the transaction. In times of high network activity Gas prices can be quite high. In fact, in December 2017 network fees became so high that some Bitcoin transactions became absolutely unfeasible. But that was basically due to the anomalous network congestion caused by frantic trading of Bitcoin as it was skyrocketing in value. When copying wallet addresses, double check and triple check that they are correct. If you make a mistake and enter an incorrect address, it is most likely your funds will be irretrievably lost; you will never see those particular assets again. Also check that you haven’t input the address of another one of your wallets that is designed to hold a different variety of cryptocurrency. You would similarly run the very great risk of losing your funds forever. Or, at the very least, if you have sent the wrong crypto to a large exchange wallet, for example on Coinbase, maybe you could eventually get those funds back, but it would still entail a long and unenjoyable wait.
How to Monitor Funds
There are two ways to monitor you funds and your wallets. The first is by searching for individual wallet addresses on websites specifically designed to let you view all the transactions on a particular Blockchain. The other is to store a copy of your wallet contents on an application that tracks the prices of all cryptocurrencies. Blockchain.info is the block explorer for Bitcoin, and it allows you to track all wallet movements so you can view your holdings and all the historical transactions within the wallet. The Ethereum blockchain’s block explorer is called Ether scanner, and it functions in the same way. There is a rival to Ether scanner produced by the Jibrel Network, called JSearch which will be released soon. JSearch will aim to offer a more streamlined and faster search method for Ethereum blockchain transactions. There are many different kinds of block explorer for each individual crypto currency, including nanoexplorer.io for Nano (formerly Rai Blocks) and Neotracker for NEO. If you simply want to view the value of your portfolio, the Delta and Blockfolio apps allow you to easily do that. But they are not actually linked to your specific wallet address, they just show price movements and total value of the coins you want to monitor.
That’s not all! You can learn how to transfer and monitor the funds in and out of your wallet by clicking on the link.
To be continued!
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CryptoCurrency Arbitrage (Arbitrage Machine is a Scam) Bitcoin Predictions by Majority! ⚠⚠ ARBITRAJE EXCHANGE ?⚠⚠ - BTCCHANGEX SCAM!!! How to Make Money from Crypto Currency Arbitrage - YouTube ARB CEO Jeremy Rounsville Finally Convicted of Arbitrage Crypto Securities Fraud?

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