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Over the course of mere months, the DeFi space has grown to the tune of billions in 2020. While DeFi has earned its title as the next hottest crypto trend, its popularity has shown to be a double-edged sword. Reports of scams and “rug pulls” have volleyed into crypto news outlets, social media, and discussion groups, damaging the reputation of the DeFi space.
DeFi is unique in that the tenets of trust and decentralization has normalized the practice of anonymity to the point where nearly every single DeFi team launches anonymously. While the freedom to create DeFi tools does support the notion that anyone should be able to create an honest financial protocol for the goodwill of the people, the opposite effect often occurs. If the past few months has proven anything, it’s that the normalization of anonymity has acted as both the greatest weapon and the greatest defence for fraudulent actors and dishonest entities. Because of this, DeFi is often seen as a free-for-all minefield as countless exit scams and “rugpulls” have become the norm. Having this as an accepted vice of DeFi shouldn’t mean investors should normalize risk of losses. It should inspire projects to set a higher standard in the DeFi space.
We are excited to announce that the YFDAI team has taken the tenets of decentralized finance and expanded on them. As a DeFi protocol, we champion decentralization and the collective action of the community to pave the road towards true transparency and security for all. After countless hours of legal counseling, we’re proud to announce that we will be among the very few DeFi projects to go public and among the first to set a new precedent for the DeFi space.
Say hello to the YFDAI team.
Meet Pritha Paul (Olivia) — Chief Strategic — Volunteer
Olivia is both a software engineer and a Businesswoman. Having been an avid fan of blockchain and trader of cryptocurrencies, Olivia felt the need to contribute her expertise to the cryptocurrency space. This desire prompted her to create YFDAI, one of DeFi’s most secure and trusted protocols. Seeing the cryptocurrency space as a professional programmer, Olivia knows the importance of making a clean and secure DeFi protocol.
With the rate of fraudulent projects ascending contemporaneously with the rise of DeFi, Olivia knew it was crucial to have a trusted and well-secured protocol that can guide as an example for other projects to follow. Along with this idea, Olivia felt that for DeFi to reach its highest potential, there needed to be an ecosystem that protects investors and supports DeFi projects looking to bring real value to the space. With this in mind, Olivia came up with YFDAI’s signature SafeSwap and LaunchPad platforms.
Olivia has a number of qualifications and holds a bachelor’s in Computer Applications. Some of her advanced programming languages include: C, C++, JAVA, Python, Oracle.
Meet Tapas Paul (Rocky) — Lead Dev — Volunteer
Doubling as a software developer and website designer, Tapas carries ample experience in web development and design. Having been familiar with cryptocurrencies for years, his initial descent into the space came in the golden year of 2017. Since then, Tapas has been engaged in crypto and felt the need to create a truly honest and secure DeFi platform together with Pritha. Tapas’s vast expertise in web development and blockchain gives YFDAI an edge in becoming one of the top DeFi protocols in the space.
Tapas has a diverse range of tech experience that range from creating web applications and front-end designs for various startups to working as a senior blockchain developer for distributed solidity systems for complicated DAPPs. Since then, Tapas has provided Ethereum and TRON consulting to multiple blockchain startups entering the space.
Meet Ankit Ruthala (Thore) — Chief Business Development — Volunteer
Thore carries a Bachelor’s in Mechanical Engineering with fundamental engineering and dynamics experience. He has extensive background experience in both engineering and blockchain development. With the ever-increasing level of innovation that is occurring in the blockchain and cryptocurrency space, Thore felt the need to contribute his own knowledge and expertise to the field. Thore’s extensive experience in the field is projected into the YFDAI project with the end-user in mind. Being proficient in both blockchain literacy and technical analyses, Thore understands the cryptocurrency space from both a developer and investor perspective.
Meet Wesley — Security Consultant — Volunteer
Wesley specializes in Infrastructure and security management with a background in economics. Having been involved in the cryptocurrency scene for over three years, Wesley has had ample exposure to the world of blockchain and cryptocurrencies. Since 2017, Wesley has worked as an agent for BTC Direct and in Binance community management.
Meet Cristian- Graphic Designer — Volunteer
Despite his previous work experience as a computer programmer, Cristian found his niche excelling in graphic design and maximizing brand identity. After winning over 400 graphic design competitions, Cristian now works as a dedicated graphic designer. Living by the mantra of “every profession is an act of service”, Cristian’s passion is manifested through his works in design, brand awareness, and customer satisfaction.
Meet Cris Content Writer — Volunteer
Cris first began his cryptocurrency journey in the summer of 2017. Since then, he has been obsessed with everything cryptocurrency and blockchain related. After being featured on a series of cryptocurrency publications on Medium, Cris found his way into writing and managing a variety of cryptocurrency startups. Cris now continues pursuing his passion in cryptocurrency while balancing life as a university student.
Meet Christof Waton — Business Development Consultant — Volunteer
Christof currently holds a bachelor’s in data communication and is currently completing his masters in Digital Currencies. His initial descent into cryptocurrencies came when he first bought Bitcoin in 2014. Since then, Christof has led his professional career in a variety of fields in and out of the crypto space. Within the crypto space, Christof has held positions as chief business development officer for both ExMarkets and CoinMargin. Outside of the crypto space Christof led as a consultant for both Dubai Hills Fund and Verifo, an e-money institution. After years of experience in both the financial and crypto industry, Christof has experienced cryptocurrency through the lens of a professional, investor, and an enthusiast.
Meet Philip Dow — Head Advisor — Volunteer
Phil operates as a strategic executive with a high-level background in project management, business development, and marketing. Phil first brought his expertise to the cryptocurrency field in 2016. Phil carries a wealth of knowledge as his years in crypto garnered him key connections with a variety of different cryptocurrency partners ranging from, developers, project CEOs, and marketing.
For the past 4 years Phil has brought coverage to a multitude of different blockchain companies, each offering unique expertise and applications in a wide variety of fields.
Now that the team identities have been released this dispels the “Elephant in the room”. The fact that the team chose to become non-anon opens up many doors that would otherwise be closed. The specifics of those opportunities will be made clear in the upcoming whitepaper and future announcements.
Even though the names and faces of the founders behind the project have been revealed, please note that there are many people who are working on the YFDAI project on a contractual basis and volunteer basis who have not been included in the disclosure. There are experts and advisors in the fields of business development, economics, law, and other areas vital to any business that play a major role in the success of YFDAI and who share the vision of the founders to clean up the DeFi space and offer a safe, reliable, and secure suite of DeFi products to the public.
While the team behind a crypto project is vital, the ultimate success of any DeFi project relies on the technology, the code, and the community. YFDAI’s technology and code have been designed to be bulletproof in order to maximize the safety and security for the end user. In the not too distant future, YFDAI’s business model envisions the everyday decisions to ultimately be made by you, the community, by way of the DAO as governance is turned over to the token holders.
To ensure we are operating as securely and compliantly as possible YFDAI has been incorporated as a Technology business in Singapore:
Company Name — Tejster Technologies PTE. LTD. Registration No — 202031933C Address — 50,Raffles Place,#37–00,Singapore Land Tower, Singapore (048623)
To finalise the compliance aspect YFDAI is in the process of obtaining full Financial Services regulation by means of receiving compliance and registration in the Republic of Estonia.
This will be a two stage process with an initial Virtual Currency Exchange and E-Wallet licence currently being sought. YDFAI’s legal representatives have moved this to an advanced stage and expect this to be finalized in Q4 2020. It is at this point that the team shall resume their full job titles and the term “Volunteer” will no longer be required.
The licenses will open up a plethora of opportunities which will be fully detailed in our soon to be released whitepaper and will also provide YFDAI with a level of accreditation that will provide users with full peace of mind.
Once YFDAI secures the Financial Services accreditation listed above, YFDAI will have full insurance coverage of the project’s financial holdings and transactions, including project wallets and user funds.
Thank you for your support and we look forward to setting a new standard of self regulation that will revolutionize the DeFI arena and level the playing field for all participants while minimizing the fraud and desecration of the bad actors who have infiltrated the DeFi space.
- YFDAI Team
Visit us on our website and chat with us on Telegram!
Telegram Community: https://t.me/yfdaifinance
Telegram Announcements: https://t.me/yfdai
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1. What is Bitcoin (BTC)?
2. Bitcoin’s core featuresFor a more beginner’s introduction to Bitcoin, please visit Binance Academy’s guide to Bitcoin.
Unspent Transaction Output (UTXO) modelA UTXO transaction works like cash payment between two parties: Alice gives money to Bob and receives change (i.e., unspent amount). In comparison, blockchains like Ethereum rely on the account model.
Nakamoto consensusIn the Bitcoin network, anyone can join the network and become a bookkeeping service provider i.e., a validator. All validators are allowed in the race to become the block producer for the next block, yet only the first to complete a computationally heavy task will win. This feature is called Proof of Work (PoW).
The probability of any single validator to finish the task first is equal to the percentage of the total network computation power, or hash power, the validator has. For instance, a validator with 5% of the total network computation power will have a 5% chance of completing the task first, and therefore becoming the next block producer.
Since anyone can join the race, competition is prone to increase. In the early days, Bitcoin mining was mostly done by personal computer CPUs.
As of today, Bitcoin validators, or miners, have opted for dedicated and more powerful devices such as machines based on Application-Specific Integrated Circuit (“ASIC”).
Proof of Work secures the network as block producers must have spent resources external to the network (i.e., money to pay electricity), and can provide proof to other participants that they did so.
With various miners competing for block rewards, it becomes difficult for one single malicious party to gain network majority (defined as more than 51% of the network’s hash power in the Nakamoto consensus mechanism). The ability to rearrange transactions via 51% attacks indicates another feature of the Nakamoto consensus: the finality of transactions is only probabilistic.
Once a block is produced, it is then propagated by the block producer to all other validators to check on the validity of all transactions in that block. The block producer will receive rewards in the network’s native currency (i.e., bitcoin) as all validators approve the block and update their ledgers.
Block productionThe Bitcoin protocol utilizes the Merkle tree data structure in order to organize hashes of numerous individual transactions into each block. This concept is named after Ralph Merkle, who patented it in 1979.
With the use of a Merkle tree, though each block might contain thousands of transactions, it will have the ability to combine all of their hashes and condense them into one, allowing efficient and secure verification of this group of transactions. This single hash called is a Merkle root, which is stored in the Block Header of a block. The Block Header also stores other meta information of a block, such as a hash of the previous Block Header, which enables blocks to be associated in a chain-like structure (hence the name “blockchain”).
An illustration of block production in the Bitcoin Protocol is demonstrated below.
Block time and mining difficultyBlock time is the period required to create the next block in a network. As mentioned above, the node who solves the computationally intensive task will be allowed to produce the next block. Therefore, block time is directly correlated to the amount of time it takes for a node to find a solution to the task. The Bitcoin protocol sets a target block time of 10 minutes, and attempts to achieve this by introducing a variable named mining difficulty.
Mining difficulty refers to how difficult it is for the node to solve the computationally intensive task. If the network sets a high difficulty for the task, while miners have low computational power, which is often referred to as “hashrate”, it would statistically take longer for the nodes to get an answer for the task. If the difficulty is low, but miners have rather strong computational power, statistically, some nodes will be able to solve the task quickly.
Therefore, the 10 minute target block time is achieved by constantly and automatically adjusting the mining difficulty according to how much computational power there is amongst the nodes. The average block time of the network is evaluated after a certain number of blocks, and if it is greater than the expected block time, the difficulty level will decrease; if it is less than the expected block time, the difficulty level will increase.
What are orphan blocks?In a PoW blockchain network, if the block time is too low, it would increase the likelihood of nodes producingorphan blocks, for which they would receive no reward. Orphan blocks are produced by nodes who solved the task but did not broadcast their results to the whole network the quickest due to network latency.
It takes time for a message to travel through a network, and it is entirely possible for 2 nodes to complete the task and start to broadcast their results to the network at roughly the same time, while one’s messages are received by all other nodes earlier as the node has low latency.
Imagine there is a network latency of 1 minute and a target block time of 2 minutes. A node could solve the task in around 1 minute but his message would take 1 minute to reach the rest of the nodes that are still working on the solution. While his message travels through the network, all the work done by all other nodes during that 1 minute, even if these nodes also complete the task, would go to waste. In this case, 50% of the computational power contributed to the network is wasted.
The percentage of wasted computational power would proportionally decrease if the mining difficulty were higher, as it would statistically take longer for miners to complete the task. In other words, if the mining difficulty, and therefore targeted block time is low, miners with powerful and often centralized mining facilities would get a higher chance of becoming the block producer, while the participation of weaker miners would become in vain. This introduces possible centralization and weakens the overall security of the network.
However, given a limited amount of transactions that can be stored in a block, making the block time too longwould decrease the number of transactions the network can process per second, negatively affecting network scalability.
3. Bitcoin’s additional features
Segregated Witness (SegWit)Segregated Witness, often abbreviated as SegWit, is a protocol upgrade proposal that went live in August 2017.
SegWit separates witness signatures from transaction-related data. Witness signatures in legacy Bitcoin blocks often take more than 50% of the block size. By removing witness signatures from the transaction block, this protocol upgrade effectively increases the number of transactions that can be stored in a single block, enabling the network to handle more transactions per second. As a result, SegWit increases the scalability of Nakamoto consensus-based blockchain networks like Bitcoin and Litecoin.
SegWit also makes transactions cheaper. Since transaction fees are derived from how much data is being processed by the block producer, the more transactions that can be stored in a 1MB block, the cheaper individual transactions become.
The legacy Bitcoin block has a block size limit of 1 megabyte, and any change on the block size would require a network hard-fork. On August 1st 2017, the first hard-fork occurred, leading to the creation of Bitcoin Cash (“BCH”), which introduced an 8 megabyte block size limit.
Conversely, Segregated Witness was a soft-fork: it never changed the transaction block size limit of the network. Instead, it added an extended block with an upper limit of 3 megabytes, which contains solely witness signatures, to the 1 megabyte block that contains only transaction data. This new block type can be processed even by nodes that have not completed the SegWit protocol upgrade.
Furthermore, the separation of witness signatures from transaction data solves the malleability issue with the original Bitcoin protocol. Without Segregated Witness, these signatures could be altered before the block is validated by miners. Indeed, alterations can be done in such a way that if the system does a mathematical check, the signature would still be valid. However, since the values in the signature are changed, the two signatures would create vastly different hash values.
For instance, if a witness signature states “6,” it has a mathematical value of 6, and would create a hash value of 12345. However, if the witness signature were changed to “06”, it would maintain a mathematical value of 6 while creating a (faulty) hash value of 67890.
Since the mathematical values are the same, the altered signature remains a valid signature. This would create a bookkeeping issue, as transactions in Nakamoto consensus-based blockchain networks are documented with these hash values, or transaction IDs. Effectively, one can alter a transaction ID to a new one, and the new ID can still be valid.
This can create many issues, as illustrated in the below example:
Since the transaction malleability issue is fixed, Segregated Witness also enables the proper functioning of second-layer scalability solutions on the Bitcoin protocol, such as the Lightning Network.
Lightning NetworkLightning Network is a second-layer micropayment solution for scalability.
Specifically, Lightning Network aims to enable near-instant and low-cost payments between merchants and customers that wish to use bitcoins.
Lightning Network was conceptualized in a whitepaper by Joseph Poon and Thaddeus Dryja in 2015. Since then, it has been implemented by multiple companies. The most prominent of them include Blockstream, Lightning Labs, and ACINQ.
A list of curated resources relevant to Lightning Network can be found here.
In the Lightning Network, if a customer wishes to transact with a merchant, both of them need to open a payment channel, which operates off the Bitcoin blockchain (i.e., off-chain vs. on-chain). None of the transaction details from this payment channel are recorded on the blockchain, and only when the channel is closed will the end result of both party’s wallet balances be updated to the blockchain. The blockchain only serves as a settlement layer for Lightning transactions.
Since all transactions done via the payment channel are conducted independently of the Nakamoto consensus, both parties involved in transactions do not need to wait for network confirmation on transactions. Instead, transacting parties would pay transaction fees to Bitcoin miners only when they decide to close the channel.
One limitation to the Lightning Network is that it requires a person to be online to receive transactions attributing towards him. Another limitation in user experience could be that one needs to lock up some funds every time he wishes to open a payment channel, and is only able to use that fund within the channel.
However, this does not mean he needs to create new channels every time he wishes to transact with a different person on the Lightning Network. If Alice wants to send money to Carol, but they do not have a payment channel open, they can ask Bob, who has payment channels open to both Alice and Carol, to help make that transaction. Alice will be able to send funds to Bob, and Bob to Carol. Hence, the number of “payment hubs” (i.e., Bob in the previous example) correlates with both the convenience and the usability of the Lightning Network for real-world applications.
Schnorr Signature upgrade proposalElliptic Curve Digital Signature Algorithm (“ECDSA”) signatures are used to sign transactions on the Bitcoin blockchain.
However, many developers now advocate for replacing ECDSA with Schnorr Signature. Once Schnorr Signatures are implemented, multiple parties can collaborate in producing a signature that is valid for the sum of their public keys.
This would primarily be beneficial for network scalability. When multiple addresses were to conduct transactions to a single address, each transaction would require their own signature. With Schnorr Signature, all these signatures would be combined into one. As a result, the network would be able to store more transactions in a single block.
The reduced size in signatures implies a reduced cost on transaction fees. The group of senders can split the transaction fees for that one group signature, instead of paying for one personal signature individually.
Schnorr Signature also improves network privacy and token fungibility. A third-party observer will not be able to detect if a user is sending a multi-signature transaction, since the signature will be in the same format as a single-signature transaction.
4. Economics and supply distributionThe Bitcoin protocol utilizes the Nakamoto consensus, and nodes validate blocks via Proof-of-Work mining. The bitcoin token was not pre-mined, and has a maximum supply of 21 million. The initial reward for a block was 50 BTC per block. Block mining rewards halve every 210,000 blocks. Since the average time for block production on the blockchain is 10 minutes, it implies that the block reward halving events will approximately take place every 4 years.
As of May 12th 2020, the block mining rewards are 6.25 BTC per block. Transaction fees also represent a minor revenue stream for miners.
Contentssubmitted by D-platform to u/D-platform [link] [comments]
Proof of Work (commonly abbreviated to PoW) is a mechanism for preventing double-spends. Most major cryptocurrencies use this as their consensus algorithm. That’s just what we call a method for securing the cryptocurrency’s ledger.
Proof of Work was the first consensus algorithm to surface, and, to date, remains the dominant one. It was introduced by Satoshi Nakamoto in the 2008 Bitcoin white paper, but the technology itself was conceived long before then.
Adam Back’s HashCash is an early example of a Proof of Work algorithm in the pre-cryptocurrency days. By requiring senders to perform a small amount of computing before sending an email, receivers could mitigate spam. This computation would cost virtually nothing to a legitimate sender, but quickly add up for someone sending emails en masse.
What is a double-spend?A double-spend occurs when the same funds are spent more than once. The term is used almost exclusively in the context of digital money — after all, you’d have a hard time spending the same physical cash twice. When you pay for a coffee today, you hand cash over to a cashier who probably locks it in a register. You can’t go to the coffee shop across the road and pay for another coffee with the same bill.
In digital cash schemes, there’s the possibility that you could. You’ve surely duplicated a computer file before — you just copy and paste it. You can email the same file to ten, twenty, fifty people.
Since digital money is just data, you need to prevent people from copying and spending the same units in different places. Otherwise, your currency will collapse in no time.
For a more in-depth look at double-spending, check out Double Spending Explained.
Why is Proof of Work necessary?If you’ve read our guide to blockchain technology, you’ll know that users broadcast transactions to the network. Those transactions aren’t immediately considered valid, though. That only happens when they get added to the blockchain.
The blockchain is a big database that every user can see, so they can check if funds have been spent before. Picture it like this: you and three friends have a notepad. Anytime one of you wants to make a transfer of whatever units you’re using, you write it down — Alice pays Bob five units, Bob pays Carol two units, etc.
There’s another intricacy here — each time you make a transaction, you refer to the transaction where the funds came from. So, if Bob was paying Carol with two units, the entry would actually look like the following: Bob pays Carol two units from this earlier transaction with Alice.
Now, we have a way to track the units. If Bob tries to make another transaction using the same units he just sent to Carol, everyone will know immediately. The group won’t allow the transaction to be added to the notepad.
Now, this might work well in a small group. Everyone knows each other, so they’ll probably agree on which of the friends should add transactions to the notepad. What if we want a group of 10,000 participants? The notepad idea doesn’t scale well, because nobody wants to trust a stranger to manage it.
This is where Proof of Work comes in. It ensures that users aren’t spending money that they don’t have the right to spend. By using a combination of game theory and cryptography, a PoW algorithm enables anyone to update the blockchain according to the rules of the system.
How does PoW work?Our notepad above is the blockchain. But we don’t add transactions one by one — instead, we lump them into blocks. We announce the transactions to the network, then users creating a block will include them in a candidate block. The transactions will only be considered valid once their candidate block becomes a confirmed block, meaning that it has been added to the blockchain.
Appending a block isn’t cheap, however. Proof of Work requires that a miner (the user creating the block) uses up some of their own resources for the privilege. That resource is computing power, which is used to hash the block’s data until a solution to a puzzle is found.
Hashing the block’s data means that you pass it through a hashing function to generate a block hash. The block hash works like a “fingerprint” — it’s an identity for your input data and is unique to each block.
It’s virtually impossible to reverse a block hash to get the input data. Knowing an input, however, it’s trivial for you to confirm that the hash is correct. You just have to submit the input through the function and check if the output is the same.
In Proof of Work, you must provide data whose hash matches certain conditions. But you don’t know how to get there. Your only option is to pass your data through a hash function and to check if it matches the conditions. If it doesn’t, you’ll have to change your data slightly to get a different hash. Changing even one character in your data will result in a totally different result, so there’s no way of predicting what an output might be.
As a result, if you want to create a block, you’re playing a guessing game. You typically take information on all of the transactions that you want to add and some other important data, then hash it all together. But since your dataset won’t change, you need to add a piece of information that is variable. Otherwise, you would always get the same hash as output. This variable data is what we call a nonce. It’s a number that you’ll change with every attempt, so you’re getting a different hash every time. And this is what we call mining.
Summing up, mining is the process of gathering blockchain data and hashing it along with a nonce until you find a particular hash. If you find a hash that satisfies the conditions set out by the protocol, you get the right to broadcast the new block to the network. At this point, the other participants of the network update their blockchains to include the new block.
For major cryptocurrencies today, the conditions are incredibly challenging to satisfy. The higher the hash rate on the network, the more difficult it is to find a valid hash. This is done to ensure that blocks aren’t found too quickly.
As you can imagine, trying to guess massive amounts of hashes can be costly on your computer. You’re wasting computational cycles and electricity. But the protocol will reward you with cryptocurrency if you find a valid hash.
Let’s recap what we know so far:
That’s where public-key cryptography comes in. We won’t go into depth in this article, but check out What is Public-Key Cryptography? for a comprehensive look at it. In short, we use some neat cryptographic tricks that allow any user to verify whether someone has a right to move the funds they’re attempting to spend.
When you create a transaction, you sign it. Anyone on the network can compare your signature with your public key, and check whether they match. They’ll also check if you can actually spend your funds and that the sum of your inputs is higher than the sum of your outputs (i.e., that you’re not spending more than you have).
Any block that includes an invalid transaction will be automatically rejected by the network. It’s expensive for you to even attempt to cheat. You’ll waste your own resources without any reward.
Therein lies the beauty of Proof of Work: it makes it expensive to cheat, but profitable to act honestly. Any rational miner will be seeking ROI, so they can be expected to behave in a way that guarantees revenue.
Proof of Work vs. Proof of StakeThere are many consensus algorithms, but one of the most highly-anticipated ones is Proof of Stake (PoS). The concept dates back to 2011, and has been implemented in some smaller protocols. But it has yet to see adoption in any of the big blockchains.
In Proof of Stake systems, miners are replaced with validators. There’s no mining involved and no race to guess hashes. Instead, users are randomly selected — if they’re picked, they must propose (or “forge”) a block. If the block is valid, they’ll receive a reward made up of the fees from the block’s transactions.
Not just any user can be selected, though — the protocol chooses them based on a number of factors. To be eligible, participants must lock up a stake, which is a predetermined amount of the blockchain’s native currency. The stake works like bail: just as defendants put up a large sum of money to disincentivize them from skipping trial, validators lock up a stake to disincentivize cheating. If they act dishonestly, their stake (or a portion of it) will be taken.
Proof of Stake does have some benefits over Proof of Work. The most notable one is the smaller carbon footprint — since there’s no need for high-powered mining farms in PoS, the electricity consumed is only a fraction of that consumed in PoW.
That said, it has nowhere near the track record of PoW. Although it could be perceived as wasteful, mining is the only consensus algorithm that’s proven itself at scale. In just over a decade, it has secured trillions of dollars worth of transactions. To say with certainty whether PoS can rival its security, staking needs to be properly tested in the wild.
Closing thoughtsProof of Work was the original solution to the double-spend problem and has proven to be reliable and secure. Bitcoin proved that we don’t need centralized entities to prevent the same funds from being spent twice. With clever use of cryptography, hash functions, and game theory, participants in a decentralized environment can agree on the state of a financial database.
https://preview.redd.it/6in97egosnx31.png?width=800&format=png&auto=webp&s=d2e4d1b052b295cb3da49f604fab7a6113321210submitted by reslavr to u/reslavr [link] [comments]
I wrote this lecture on the methodology of successful trading, and more specifically on tactics, strategies, subtleties and recommendations, based on 2 years of work on Bitmex, Binance, Gate, Okex bitcoin cryptocurrency exchanges in real combat conditions. Guided by this technique, I managed to earn 500% in excess of the deposit for 7 days of trading (i.e. I increased the deposit amount by 5 times!). These are not fairy tales, but reality, that is, confirming statistics of exchange transactions on the account of the crypto-exchange.
I believe that the knowledge provided in this course will help a beginner to master successful trading only if the course is not only read, but also outlined. It will be important to follow punctually, commenting on your actions in your notes.In separate consultations, I could give personal instructions on the nuances of technical analysis on various timeframes, signals on entry points, information on trade automation software (algorithmic trading robots), and other tools useful in the work of a trader. But, despite a lot of additional software, my experience has shown that the most effective speculation model on the cryptocurrency and stock exchange, which everyone chooses for themselves based on practical experience, is directly in the online trading mode on exchange terminals. Each exchange is good in its own way, but also has its drawbacks. I chose the best solution for myself and am sure that this is temporary. Perhaps in the future there will be more progressive decentralized exchanges with good liquidity and they will replace the existing platforms managed by market leaders.
Various digital designations, such as: — in what percentage of the deposit do you enter into a particular transaction; — where to put stop limit or market (Market) (market) orders (and whether to place them at all), where to exit the transaction and how. Again, I note that all the selected values are usually individual and depend both on the time trading intervals (TimeFrame) (1m 3m 15m 1h 3h 4h 6h 1 d 1w 1m) and on the deductible amount of the bet in % percentage of the amount of your deposit.
It is important to remember that trading in the cryptocurrency market is a high-risk investment activity that everyone chooses and carries out at their own risk. Remember that with a big bet on the whole, as they say, a patty, and even with 100x-500x leverage, you risk losing your entire deposit right away. An exchange machine or a well-tuned and trained professional broker robot does not cost anything to go against the trend with a tidbit — easy prey. Do not be hamsters i.e. naive simpletons — do not merge the deposit into zero due to elementary greed, incontinence, ardor and other factors that contradict the qualities that a professional trader needs to succeed in trading, namely: cold-bloodedness, endurance, accuracy, punctuality, tact, quick reaction , the ability to quickly enter numbers and timely press the desired buttons.
You ask me: “Hey … guy, you are so smart … I wonder how much you earned from trading or how much you earn or why you don’t do it yourself … why do you need competitors?” — I will answer you: it is no secret that AI (artificial intelligence) has been working on the exchange for a long time and it is constantly improving, but this still does not prevent a person from continuing to beat him. I hope that in the future this trend will not stop otherwise — we have disappeared. And as regards competition — do not worry so much for me, because there is still a trading idea, program or terminal that I have not yet implemented and not reported in this guide after its publication and, perhaps, it will not deprive me of future trading opportunities.So, the instructions that I follow in the process of trading cryptocurrencies on the exchange terminal in online mode.
In fact, any market situation should be beneficial for you due to successful risk management*!*For successful online trading, it is very important to use candlestick and technical analysis*, which help to more accurately determine the entry point to the transaction (purchase or sale).*You cannot act at random when the market is hard to predict and often ready to follow your footsteps.If you lose, then I do not recommend immediately going to recoup*, because trade should ultimately be break even. In ardor, you are likely to enter into an unsuccessful deal and lose even more than before. This situation will make you very sad, so do not make this mistake. She is famous.*Use a modern powerful laptop or desktop computer with a convenient side numeric keypad, a large screen and a convenient manipulator (mouse) so that when you press the buttons you have as little physical braking and stops as possible. Practice in advance to work in the browser on the exchange terminal without making a deposit on futures trading from the exchange wallet. This training practice will reduce your losses.Hello from Ukraine, Kramatorsk city ( “War is peace / freedom is slavery [and] ignorance is strength.”)
Reslav Cryptotrader (if you need find me look around — me be i near ;).
To be continued…
Nowadays, money strives to be counted more and more. Using the information technology of databases with indexes, it has become possible to automatically and instantly capture and display the information that was previously collected by entire departments of the state within a month and after manual entry was displayed on the screens of industrial monitors and public television. The era of the Internet has come, the time of the accessibility and decentralization of information.
Today we see stock chart quotes of stock prices of leading world companies online. Everyone has the opportunity to invest their money in these stocks and earn on the difference in exchange rates of their value. A speculative market was formed on this basis, where leaders appeared who were able to act most efficiently and, accordingly, earn money. Many specialists are studying the nature of success in speculative markets.
Many works on methods of achieving success in trading are morally obsolete due to the emergence of new technologies for calculating and controlling the money supply, for example, such as Bitcoin. After all, back in 2009 for 1309.03 BTC they gave 1 dollar. Today 1 BTC costs $ 9,000. This is due to the fact that since the appearance of bitcoin has never been hacked and the technology has shown its reliability and consistency, as a measure of the money invested in it. I will not go into the details and subtleties of Bitcoin technology, but I will note one thing — this is cryptographic software that was used in the banking sector as Swift payments, but transformed into a P2P peer-to-peer network of private computers, as a result, like Bittorent, it became public, hard controlled, commons. Bitcoin provides for a complexity bomb, which complicates each year, and therefore makes it more expensive, its limited production, and this is one of the main reasons for its rise in price. As well as the fact that Bitcoin is convenient for storing funds, as it is liquid and it can be easily sent without quantity restrictions and with high transaction (transfer) speed. All details about Bitcoin are available in open sources and you can find out everything about it on the Internet, as well as the alternative coin market (altcoins / coins), such as Ethereum, USDT (dollar tokens confirmed by a US company with real dollars in bank accounts) etc.
Around this market of bitcoin cryptocurrencies, the same speculative matrix (network / exchange) arose as around ordinary currencies and created such a strong competition for traditional assets that many governments adopted it and began to use and implement technologies that arose in their turn base. Cryptocurrencies or blockchain (cryptographic chain / blocks / chain) began to be introduced in public sectors of the economy for calculating and controlling public commons, such as electricity, land, etc.
Further, on the basis of this market, the need for regulation arose and the US authorities were very worried about the uncontrolled development of technology, on the basis of which a news background (negative or positive) arose, which powerfully affects cryptocurrency rates. In the era of information, this network began to act as a money pump, skillfully pumping money from the hands of inept speculators into the pockets of experienced traders.
As a result of reading a lot of books, watching various telecasts in the industry of bitcoin trading analytics, I came to the conclusion that successfully trading cryptocurrencies is akin to art and as statistics have shown, only 20% in 2–3 years are able to consistently earn money, and of which, in turn, only 2 -3% become billionaires.
I bring to your attention a technique by which you can enter the ranks of these 20% successful traders and possibly, jointly, open the door to those notorious 2–3% successful traders who are fortunate enough to touch the notorious golden fleece and discover the world of unlimited financial opportunities.
All knowledge is available in open sources and collected by me in the book “Basics of Bitcoin Trading from Reslav” (2019), most of them are available.
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The March Of Derivatives Through Times And MarketsThe abundance of terms available on the financial market is as scary as it is confusing for the average, uninitiated trader seeking to start making a fortune on their assets. The knowledge of a starting trader who was used to the cozy and familiar confines of the checkout at the local grocery store will turn into a wild rollercoaster ride the moment they step into the crazy world of financial instruments. But the financial devil is not as terrifying as he is made out to be.
Orders, derivatives, contracts, futures, shorts, stops and so on are the terms that threaten starting traders to to shatter dreams and haunt their nightmares, drenching their backs with cold sweat at the sight of ominous Japanese Candles and convoluted geometrical figures on frightening charts. But it is not that horrifying as the theory of virtually every single financial instrument is tightly knit into the fabric of everyday life. The simplest and most common instrument that every single person who has ever watched even a moment of financial news has heard of is the basic derivative.
The derivative is just a fancy name for a contract relying its value on a large variety of instruments on the financial market that are better known as stocks, bonds, commodities, currencies, interest rates and other variables. In fact, there are derivatives on virtually anything imaginable and a very simple example can be betting, where the profit of one party to the contract is placed on the outcome of a certain event.
The Long WayThe history of derivative contracts goes back to ancient times. The instrument has come a long way since its primitive form as a verbal agreement between merchants seeking to attract funding for their adventures. One of the oldest known examples is that of Babylonian merchants who concluded risk sharing agreements and received loans for their caravans. The loans could be repaid if the goods were successfully delivered and sold in distant lands. The Templars used a further development of loans as they used to give money to pilgrims traveling to the Holy Land and would later charge interest on the funds. The Conquistadors were no better, as they signed futures contracts with the Spanish Crown and wealthy Spaniards for their ventures into the New World, where the booty and plunder pilfered from the hapless natives would serve as the payoff. The first modern derivative contracts appeared on the London Stock Exchange in the 1830s, and the United States entered them into practice in the 1850s.
Derivatives, mostly the swaps, served as the reason for the 2008 mortgage crisis in the United States as the involvement of counterparty risks simply spiraled out of control.
In the cryptocurrency world, the first derivatives were issued on BTC as Bitcoin futures and options are successfully traded on the Chicago Mercantile Exchange (CME Group), the Chicago Board Options Exchange (CBOE), as well as on a number of cryptocurrency exchanges, in particular, on Binance, BitMex, BitFinex, OKCoin and others.
Types of DerivativesThere are a number of types of derivatives that are available to traders. Most of them operate on the same principles with several differences that are tailored to specific requirements the traders put forward.
Futures contracts are some of the most common types of derivatives. A futures contract is an agreement between two parties for the purchase and delivery of some kind of asset at an agreed upon price at some date specified in the future. Futures are traded on exchanges as standardized forms. This type of derivative is usually used by traders to hedge risks or for speculation on prices of various assets. A classic example are speculations on the price of oil, gold or the price of the US dollar or British pound.
The expiration date of the delivery of the asset is not always the date of contract termination, since many derivatives are settled on cash. Basically, the gain or loss in trade is a positive or negative cash flow for the trader. Interest rate futures, stock index futures, and many more are also called cash settled contracts.
Forward are the next important kind of derivative and are quite similar to futures, much like most other derivatives. Forward contracts are not traded on exchanges, but on OTC. Under a forward contract, the buyer and seller can customize the terms of the deal, its volume and the settlement process. Counterparty risks, or the risk that one of the parties will not be able to fulfill their obligations are inherent to futures. An important aspect of forwards is that more than two parties can be involved in the contract to offset the risks.
Swaps are a derivative under which it is possible to swap one kind of cash flow with another. For example, it is possible to switch from a variable interest rate loan to a fixed interest rate loan, or vice versa. These are very popular for offsetting risks and are extremely useful when dealing with currencies.
Options are agreements between two parties to buy or sell an asset at a predetermined future date for a specified price. Under this type of derivative, the buyer is not obligated to call the contract, while the seller has to either buy or sell the asset if the buyer chooses to exercise the contract. Hence the name. Options are commonly used for hedging or price speculation on assets.
The Echoes On DerivativesThe opinions of market specialists on derivatives vary diametrically as many herald them as the be-all of the market, while others blame them for excessive volatility and other market troubles. Derivatives do have their limitations as they are quite difficult to value. Since the price of derivatives is based on the price of assets, their value is subject to a variety of external factors. The risks for OTC derivatives include counterparty risks that are difficult to predict. The expiration time, the cost of holding the asset, and the interest rates are also factors that affect the value of derivatives. Matching the value of a derivative with the underlying asset is made difficult by this combination of factors. The supply and demand of a derivative can make its value to rise and fall in value even if all other factors, including the price of the asset are kept constant. And this is called speculation.
The most recent criticism was directed at Bitcoin futures, which have caused the value of Bitcoin to jump, but eventually failed to maintain its price in the plus in the long run. The call from every set of lips on the market was that Bitcoin was a bubble and its end was nigh. The failure of Bitcoin futures contracts to have any serious long term effect on the asset’s price can be attributed to the immense news background determining the price of such an asset, once again proving the limitations of derivatives on classical exchanges and their amalgamations on the crypto market.
Zennon Kapron, managing director of Shanghai-based consulting firm Kapronasia said “It is rare that you see something more volatile than Bitcoin, but we found it: Bitcoin futures.”
Since Bitcoin does not have any physical underlying assets, many experts on the market believe that the advent of futures contracts for Bitcoin is not good for the crypto market in the long run. The arrival of institutional investors is supposed to be the panacea the market is waiting for. The lack of any requirements on the ownership of Bitcoins on the part of the seller of the futures contract is considered to be the main drawback hampering the application of derivatives for such assets.
Those siding with the futures on Bitcoin claim that their arrival will help stabilize the market and provide better order execution, thus bringing a more civilized nature of trade to the entire market. Another important argument in favor of derivatives with crypto assets is the trust factor. Crypto enthusiasts are certain that the introduction of such instruments on regulated and reputable exchanges will help garner trust from institutional investors and attract them to the market of crypto assets, thus generating liquidity and minimizing volatility.
The MoonTrader ApproachTrading is an art form, but there are plenty of techniques and ways of streamlining and smoothing out the learning curve necessary to becoming a true maître. MoonTrader will offer an abundance of instruments necessary for beginning traders to start making sense of the market and earning on their assets.
The world of finance and trading is not that scary if properly explained. In fact, most of the realities found in the world of trading are situations we encounter in daily life and have gotten used to. The situations simply acquire different titles and applications in the world of trading.
MoonTrader intends to offer its users a wide variety of instruments so they can start trading freely and safely on the market, and is determined to attract new participants by simplifying and minimizing the risks the trade of crypto derivatives can pose.
Jump to Part 1.
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BAB: Hey all, we are gearing up for conference season. I have a list of places we hope to attend but need to know who besides @joshuam and @Haon are willing to do public speaking, willing to work booths, or help out at them? You will need to be well versed on not just what is Decred, but the history of Decred etc... DM me if you are interested. (#event_planning)
The Decred project is looking for ambassadors. If you are looking for a fun cryptocurrency to get involved in send me a DM or come talk to me on Decred slack. (@marco_peereboom, longer version here)
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Swiss Financial Markets Authority: Blockchain-based business model should not bypass existing regulatory frameworksThe Swiss Financial Market Regulatory Authority (FINMA) announced today a guide to regulatory requirements for blockchain payments for financial services providers. The Virtual Asset Service Provider (VASP) guidelines cover blockchain service providers, such as exchanges, wallet providers, and trading platforms, and require existing anti-money laundering rules to apply to such service providers as well. FINMA pointed out that blockchain-based business models are not allowed to bypass existing regulatory frameworks, which is particularly applicable to the regulation of money laundering and terrorist financing.
Digital currency is coming soon, or it will give birth to bitcoin big bull marketMu Changchun, deputy director of the Paying Division of the People’s Bank of China, delivered a speech at the 3rd China Financial 40th Yichun Forum, saying that the central bank’s digital currency (CBDC) is on the horizon. This move is seen as a manifestation of China’s initiative to respond to the Libra challenge. The introduction of the central bank’s digital currency may give birth to a bitcoin big bull market. Through the realization of the central bank’s digital currency, it can be guessed that the central bank is likely to design the lowest level of technical standards, such as the most core encryption algorithms and public and private key systems, and then each bank or operating agency design features at the lowest level of the architecture. Rich wallet and other application forms. If the final central bank digital currency adopts a block-chain public-private key system, it is undoubtedly a major positive for the cryptocurrency market.
Financial Times: Blockchain technology can improve risk management and control capabilities in the commercial factoring industryThe Financial Times today issued a document “Business Factoring Steps into Adjusting the Peak Period, Science and Technology Helps Consolidate Wind Control.” According to the article, with the development of technologies such as big data and cloud computing, the penetration rate of technology into the financial industry is increasing day by day, especially in the areas of risk prevention and control and anti-fraud. The business factoring industry is no exception. At present, the cross-border integration of financial technology and commercial factoring is becoming more and more in-depth. More and more commercial factoring companies are applying new technologies such as big data and blockchain to improve their risk management and control capabilities. Blockchain technology addresses industry core data breaches. In addition, the blockchain has the characteristics that the data cannot be falsified. In the factoring business, a set of processes of financing, credit risk management, accounts receivable management and collection services are written on the blockchain, which can enable financial institutions and factoring. The company tracks its data and the flow of funds throughout the chain, which in turn significantly reduces risk.
Encrypted project calendar（August 26, 2019）
ICX/ICON: ICON(ICX)ICONists will vote for P-Reps and receive ICX awards starting August 26. MBL/Moviebloc: MovieBloc will share details about the MovieBloc service and wallet features in MovieBloc Service Preview 2 on August 26th. ETHOS/ETHOS Token: ETHOS Token (ETHOS) BitMart The first ETHOS Token Trading Contest will be closed on August 26, and participating users can divide 50,000 ETHOS.
Encrypted project calendar（August 27, 2019）
MAID/MaidSafeCoin: MaidSafeCoin Internet Coin (MAID) will host the 2019 Turing Festival in Edinburgh from August 27th to 29th. SC/Siacoin: Siacoin (SC) Pluralsight LIVE was held in Salt Lake City from August 27th to 29th, 2019.
Encrypted project calendar（August 28, 2019）
NULS/NULS: The NULS 2.0 Beta hackathon will be held from July 8th to August 28th, 2019. ZLA/Zilla: ZILLA (ZLA)’s complimentary $3,500 GD Token event will end on August 28.
Encrypted project calendar（August 29, 2019）
ICX/ICON: ICON(ICX)ICON will meet with HPB_Global in Korea on August 29th, and Asian Market Business Director Daniel Kwak will deliver a speech and will answer questions with participants. TYPE/Typerium: A 100-day countdown from Typerium will end on August 29th, and the project officially calls SecondComing. ONE/Harmony: The first phase of the Pangea project launched by Harmony is over, and the second phase will begin on August 29. KICK/KickCoin: KickCoin will be exchanged for KickToken for an exchange time of August 29, which will receive nearly 150% of the reward.
Encrypted project calendar（August 30, 2019）
XDCE/XinFin Network: 2019 TraceFinancial webinar will be held on August 30th WAX/WAX Token: WAX TokenSwap (WAX) to August 30, ERC-20 WAX Token token converted to WAX Token Cutoff UGAS/Ultrain: Ultrain community news, after the main network mapping starts on August 7, all UGAS holders must complete the registration of the Ultrain main wallet account by August 30th.
Encrypted project calendar（August 31, 2019）
ADX/AdEx: ADEX (ADX) will release the Validator Stack version 2.0 in August DADI/DADI: DADI will release the network CLI on August 31, with Stargates to support network services; and release Self Onboarding on the same day to allow the network to be more open. MITH/Mithril: The Mithril (MITH) team decided to implement the first MITH token destruction program on August 31. COS/Contentos: Contentos test network v0.5 “Jupiter” will be launched on August 31, this is the last version of the test before the main online line, alternate release.
Encrypted project calendar（September 01, 2019）
XLM/Stellar: Stellar (XLM) will conduct equity awards in binance on September 1st
Encrypted project calendar（September 02, 2019）
AE/Aeternity: The third phase of Aeternity token (AE) main network migration will end on September 2ndhttps://preview.redd.it/5b6vq3hzfsi31.png?width=567&format=png&auto=webp&s=940b9e9dcf7f4062bc16e859f474367ff0ca471a
BTC is currently reporting $10,360, an increase of 2.89% during the day. In response to the current trend, today’s BTC hour line breaks through the daily high point and the second highest point to extend the line quickly, and it is easy to form a triangle convergence behind the big Yang line. The end of the convergence will re-select the direction and will be gradually applied to Fibonacci’s 61.8% or 10174 pressure line. The position that the BTC will return to in the future is 10174. At the same time, considering that the daily line level has reached 4 times near the 9900 under the box, Bitcoin has a higher probability of a new low point reaching below $9,900. Observed from the wave structure, after the emergence of the high point 13968, the ABC wave has already fallen out of the daily trend. The current sideways volatility is in the 2 wave rebound range of the 5 wave falling in the C wave wave shape. The third wave of declines on the level 5 wave will generally fall beyond the 1 wave. At present, the observation of 1 wave has fallen by more than 2000 points, so the magnitude of the 3 waves may exceed this range. Therefore, Bitcoin still has the possibility of reaching around 8500 points.
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Binance Trading Platform Binance Futures and Derivatives. Binance Futures, which was launched in 2019, enables traders to speculate on the price of (rather than to purchase and sell) Bitcoin and various popular altcoins, including Bitcoin Cash, Ethereum, Litecoin, Ripple and more.. The platform allows leveraged trading of up to 125x, which means that traders can multiply their profits (but ... On this guide, we’ll teach you how to buy EOS from Binance Exchange. At the same time, EOS is one of the most advanced and revolutionary networks in the space because it has a unique way to approach the challenges of governance in decentralized systems. If you want to learn more about EOS, you can do it in the guide we wrote about what is EOS. Best Wallet For EOS Tokens. Due to the fact that ... Like all exchanges, Binance assigns you a virtual “wallet” to hold your funds. In reality, your wallet is a collection of individual blockchain addresses – one for each asset or currency – held and maintained by the exchange. One of the basic rules of crypto is to only keep your trading funds in your exchange wallet. It’s safer ... Binance Coin (), the digital asset created to be used on the Binance ecosystem and crypto exchange, has been in a bullish trend during the last few months.The virtual currency has been growing since November when it dropped with all the crypto market after the Bitcoin Cash contentious hard fork.Analysts are now wondering how far this digital asset can grow in the future. First of all, Binance is one of the leading cryptocurrency exchanges in the market due to different reasons.After being released in 2017 before the massive bull run that Bitcoin experienced in December. Since that moment, the platform started to offer services to users that wanted to trade digital assets in different jurisdictions.One of the main characteristics of this cryptocurrency exchange ... Bitcoin futures trading volume indefinitely after BitMEX at the time of writing. For a platform that has been launched less than three months, this is yet another success of Binance. Currently, the Binance exchange has 2 futures trading platforms. The first is the Binance Futures platform that BTA is introducing to everyone. [This guide was updated in August 2019] Stellar Lumens (XLM) is one of the largest cryptocurrencies in the market in terms of valuation. Despite the fact that it is currently among the top 11 digital assets, there are many investors around the world that do not know how to purchase this virtual currency. At the same time, XLM still has a lot of room to grow. Many are excited about Stellar’s ... Bitcoin Exchange Guide is a hyperactive hybrid of heavy-handed cryptocurrency content curation creators from christened community contributors who focus on delivering today's bitcoin news, cryptoasset user guides and latest blockchain updates. Latest News. Token Foundry's Consumer & Security Tokens Blockchain Tokenization Platform. Applications Bitcoin Exchange Guide News Team-April 16, 2018 0 ... Bitcoin (short: BTC) has been the world’s first crypto currency. All subsequent crypto currencies are referred to as Altcoins (alternative coins). Bitcoin is both a currency and a means of payment. In contrast to Fiat money, e.g. the euro or the US dollar, there is no central bank that prints the money and regulates the cash flow. Cryptocurrencies with South Africa trading pairs on Binance: Bitcoin (BTC) Binance Coin (BNB) Binance USD (BUSD) Ethereum (ETH) Tether (USDT) Binance South Africa Fees and Limits. Most bitcoin exchanges charge fees for using the platform. Unlike some exchanges that have an expensive fee structure, Binance charges minimal fees. Here is a breakdown of Binance fees for users in South Africa. ZAR ...
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BITCOIN THE FUTURE CURRENCY If you want to trade Bitcoin and you still don't have an account in Binance Exchange, the world's biggest crytocurrency exchang... https://www.binance.com/en/register?ref=12327366 ref link or ref number 12327366 future 125x %10 kickback commission. bitcoin and 200+ altcoin. using bnb to ... In this video I'm gonna show how to register on binance, and then how to deposit some cryptocurrency there and then how to exchange that currency into other currency and how to withdraw the ... Register with Binance: https://www.binance.com/?ref=12121686 Welcome to CryptoRobert's complete idiots guide to the Binance Trading platform. Does looking at... I missed out on bitcoin back in the day but I will not miss out on any more! Ripple is the next up and coming virtual currency. Ripple is making deals with Amex and many banks and list just doesn ...